Civic Intelligence

Grand Rapids Family Credit Union

990 • Fiscal year 2013 • EIN 38-0593365

Jan 01, 2013 to Dec 31, 2013 • Filed on May 06, 2014

Organization Profilewww.grfamilycu.org
1815 Breton Rd SE49506

(616) 456-8848

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

57th percentile

0.89x

Higher debt load relative to assets than 57% of similar nonprofits.

2013 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2013

Liabilities / Revenue

25th percentile

16.11x

Higher debt load relative to revenue than 25% of similar nonprofits.

2013 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2013

Net Margin

6th percentile

-18%

Higher net margin than 6% of similar nonprofits.

2013 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2013

Top Officer Pay

82nd percentile

$126,329

Higher top officer pay than 82% of similar nonprofits.

Top officer pay equals 6.0% of source-year revenue.

2013 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2013

Asset Growth

32nd percentile

-0.2%

Faster asset growth than 32% of similar nonprofits.

2013 filings • 501(c)14 • $25M-$50M nonprofits • Annualized from 2012 to 2013

Revenue Growth

21st percentile

-10%

Faster revenue growth than 21% of similar nonprofits.

2013 filings • $25M-$50M nonprofits • Annualized from 2012 to 2013

Balance Sheet
Liabilities / Assets57th percentile

Assets

Down

$38,256,617

Down $69,414 (-0.2%) from 2012

Net Assets

Down

$4,291,911

Down $376,390 (-8.1%) from 2012

Liabilities

Up

$33,964,706

Up $306,976 (+0.9%) from 2012

Revenue And Expenses
Liabilities / Revenue25th percentileNet Margin6th percentile

Revenue

Down

$2,108,926

Down $240,802 (-10%) from 2012

Expenses

Down

$2,485,316

Down $275,805 (-10.0%) from 2012

Net Income

Up

-$376,390

Up $35,003 (+8.5%) from 2012

Historical Trend

Balance Sheet Trend

Asset Growth32nd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$40M$30M$20M$10M$0Assets 2010: $32,519,558Liabilities 2010: $27,697,457Net Assets 2010: $4,822,1012010Assets 2011: $36,288,004Liabilities 2011: $31,208,310Net Assets 2011: $5,079,6942011Assets 2012: $38,326,031Liabilities 2012: $33,657,730Net Assets 2012: $4,668,3012012Assets 2013: $38,256,617Liabilities 2013: $33,964,706Net Assets 2013: $4,291,9112013Assets 2014: $37,071,967Liabilities 2014: $35,316,553Net Assets 2014: $1,755,4142014

Highlighted filing

2013

Assets$38,256,617
Liabilities$33,964,706
Net Assets$4,291,911
Open 2013 Filing

Operations Trend

Revenue Growth21st percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0M-$4.0MExpenses 2010: $1,844,4542010Expenses 2011: $1,962,6882011Revenue 2012: $2,349,728Expenses 2012: $2,761,121Net Income 2012: -$411,3932012Revenue 2013: $2,108,926Expenses 2013: $2,485,316Net Income 2013: -$376,3902013Revenue 2014: $1,897,437Expenses 2014: $4,433,934Net Income 2014: -$2,536,4972014

Highlighted filing

2013

Revenue$2,108,926
Expenses$2,485,316
Net Income-$376,390
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
May 6, 2014
Return Version
2013v3.1
Gross Receipts
$2,108,926
Mission and Program Overview

Mission

Provide financial services and products to members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$24,563,082$22,815,312▼ $1,747,770
Savings and Temporary Cash Investments$4,612,251$7,018,325▲ $2,406,074
Rtn Earn Endowment Incm Other Fnds$4,668,301$4,291,911▼ $376,390
Investments Other Securities$5,146,100$4,054,100▼ $1,092,000
Land, Buildings, and Equipment, Net$2,058,801$2,490,190▲ $431,389
Cash and Non-Interest-Bearing Accounts$545,025$628,414▲ $83,389
Prepaid Expenses and Deferred Charges$22,723$22,197▼ $526
Accounts Receivable-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$38,326,031$38,256,617▼ $69,414
Other Assets Total$1,378,049$1,228,079▼ $149,970
Liabilities
Other Liabilities$33,292,226$33,425,569▲ $133,343
Accounts Payable and Accrued Expenses$365,504$539,137▲ $173,633
Total Liabilities$33,657,730$33,964,706▲ $306,976
Net Assets / Fund Balance
Total Net Assets Fund Balance$4,668,301$4,291,911▼ $376,390
Total Liabilities and Net Assets / Fund Balance$38,326,031$38,256,617▼ $69,414

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,102,375$314,134$2,416,509
Equipment$163,223$271,145$434,368
Land$222,702-$222,702
Other Land Buildings$1,890$63,109$64,999
Leasehold Improvements-$35,031$35,031
Compensation and Service Providers
Top Officer Pay82nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kimberly A WilsonPresident & CEOFT$113,700$12,629$126,329

Board Members and Trustees

NameTitle
Marilyn CutraraChairperson
James E TurnerV. Chairperson
Bruce A SullivanDirector
Donna VanderVriesDirector
Jeffrey G SmithDirector
Victor VasquezDirector
David VanHoutenSecretary
Desiree FosterTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
LaMacchia Group LLCConsulting & Design-$210,052
CU Answers IncData Processing-$152,458
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,962,912
Investment Income
$102,494
Other Revenue
$43,520
Change in Net Assets
$-376,390
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,690,651
Salaries, Compensation, and Employee Benefits$794,665
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$473,087
Office Expenses---$169,580
Interest---$152,401
Occupancy---$142,345
Depreciation Depletion---$132,843
Current Officers, Directors, Trustees, and Key Employees---$126,329
Other Employee Benefits---$95,973
Information Technology---$90,225
Payroll Taxes---$60,853
Fees for Services Legal---$47,874
Pension Plan Contributions---$38,423
Advertising---$35,327
Fees for Services Accounting---$21,813
All Other Expenses---$20,875
Other Expenses---$20,471
Insurance---$10,540
Travel---$9,824
Total Functional Expenses$0$0$0$2,485,316
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Share Accounts$25,997,042
Member Deposit Accounts$7,428,527
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder

“Section 501c(14) Credit Union is composed of members.”

Form 990, Part VI, Line 7A: How Members or Shareholders Elect Governing Body

“Members vote on bylaw and charter changes. Members vote and elect Board members at annual meeting.”

Form 990, Part VI, Line 7B: Describe Decisions of Governing Body Approval by Members or Shareholders

“Mergers are voted on by entire membership.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“Management reviews tax returns and forwards US Form 8879-EO to tax preparer. Board reviews filed tax returns at next scheduled meeting.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Employee loans are Management approved. Management loans are Board approved. Loans to Board members are approved by the Board minus the lendee.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“Executive and employee salaries are Board reviewed and approved. Board of directors are not compensated.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Credit union bylaws and conflict of interest policy are available upon request at the credit union's main office. Quarterly financial statements are displayed in the lobby which is accessible to the general public. Quarterly financial performance (Call) reports are also available at www.ncua.gov for all federally insured credit unions.”

Filing and Contact Details

Filer

EIN
38-0593365
Phone
6164568848

Signing Officer

Name
Desiree Foster
Title
Treasurer
Signed
2014-05-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kimberly A Wilson
Formed
1935
Legal Domicile
Mi
Voting Board Members
8
Independent Board Members
8
Employees
21
Volunteers
15

Preparer

Preparer
Robin Rivers
Phone
8005225820
Supplemental Narrative

Additional Explanations

Part II - Signature Block

“The principal officer, Kinberly Wilson, left the organization in 2014 prior to this return preparation and is currently unavailable to sign it.The signer is the person who was the organization's Treasurer for 2013.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/OtherRevenueMiscGrp/Desc2Other Unrelated Income
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt020677
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt022042
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt110376
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt22102
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt01365
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt110376
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt22102
IRS990/OtherRevenueTotalAmt034520
IRS990/OtherSalariesAndWagesGrp/TotalAmt0473087
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt024563082
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt022815312
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/TotalAmt060853
IRS990/PensionPlanContributionsGrp/TotalAmt038423
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliciesReferenceChaptersInd0true
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt022723
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt022197
IRS990/PrincipalOfficerNm0Kimberly A Wilson
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0522100
IRS990/ProgramServiceRevenueGrp/BusinessCd1522100
IRS990/ProgramServiceRevenueGrp/BusinessCd2522100
IRS990/ProgramServiceRevenueGrp/BusinessCd3522100
IRS990/ProgramServiceRevenueGrp/BusinessCd4522100
IRS990/ProgramServiceRevenueGrp/Desc0Courtsey Non-Return Fee
IRS990/ProgramServiceRevenueGrp/Desc1Interest on Loans
IRS990/ProgramServiceRevenueGrp/Desc2NMS FNMA Loans
IRS990/ProgramServiceRevenueGrp/Desc3Other Program Revenue
IRS990/ProgramServiceRevenueGrp/Desc4VISA & MC Debit Income
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0129210
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt11395775
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt290860
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt3110444
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt4174001
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0129210
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt11395775
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt290860
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt3110444
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt4174001
IRS990/ProgSrvcAccomActy2Grp/Desc0The Credit Union provides a variety of loans to members including real estate, credit card, vehicle and other. The total number of loans outstanding at 12/31/2013 was 2,518.
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt0112096
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt02014952
IRS990/PYOtherRevenueAmt047217
IRS990/PYProgramServiceRevenueAmt02190415
IRS990/PYRevenuesLessExpensesAmt0-411393
IRS990/PYSalariesCompEmpBnftPaidAmt0746169
IRS990/PYTotalExpensesAmt02761121
IRS990/PYTotalRevenueAmt02349728
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-376390
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/RealAmt09000
IRS990/ReportInvestmentsOtherSecInd0true
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt04668301
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt04291911
IRS990/SavingsAndTempCashInvstGrp/BOYAmt04612251
IRS990/SavingsAndTempCashInvstGrp/EOYAmt07018325
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt02102375
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0314134
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt02416509
IRS990ScheduleD/EquipmentGrp/BookValueAmt0163223
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0271145
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0434368
IRS990ScheduleD/LandGrp/BookValueAmt0222702
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0222702
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt035031
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt035031
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt01890
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt063109
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt064999
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt07428527
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt125997042
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Member Deposit Accounts
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Member Share Accounts
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02490190
IRS990ScheduleD/TotalBookValueSecuritiesAmt04054100
IRS990ScheduleD/TotalLiabilityAmt033425569
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Section 501c(14) Credit Union is composed of members.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Members vote on bylaw and charter changes. Members vote and elect Board members at annual meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Mergers are voted on by entire membership.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Management reviews tax returns and forwards US Form 8879-EO to tax preparer. Board reviews filed tax returns at next scheduled meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Employee loans are Management approved. Management loans are Board approved. Loans to Board members are approved by the Board minus the lendee.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Executive and employee salaries are Board reviewed and approved. Board of directors are not compensated.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Credit union bylaws and conflict of interest policy are available upon request at the credit union's main office. Quarterly financial statements are displayed in the lobby which is accessible to the general public. Quarterly financial performance (Call) reports are also available at www.ncua.gov for all federally insured credit unions.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7The principal officer, Kinberly Wilson, left the organization in 2014 prior to this return preparation and is currently unavailable to sign it.The signer is the person who was the organization's Treasurer for 2013.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Part II - Signature Block
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxableDistributionsInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt038326031
IRS990/TotalAssetsEOYAmt038256617
IRS990/TotalAssetsGrp/BOYAmt038326031
IRS990/TotalAssetsGrp/EOYAmt038256617
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt021
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt02485316
IRS990/TotalGrossUBIAmt013843
IRS990/TotalLiabilitiesBOYAmt033657730
IRS990/TotalLiabilitiesEOYAmt033964706
IRS990/TotalLiabilitiesGrp/BOYAmt033657730
IRS990/TotalLiabilitiesGrp/EOYAmt033964706
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt04668301
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt04291911
IRS990/TotalOtherCompensationAmt012629
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt062622
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt062622
IRS990/TotalProgramServiceRevenueAmt01962912

Document Assets

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Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$38,256,617
Liabilities
$33,964,706
Net assets
$4,291,911
Revenue
$2,108,926
Expenses
$2,485,316
Net income
-$376,390
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2014Detailed filing. Detailed filing data is available for this year.$37.1$35.3$1.76$1.90$4.43$2.54
2013Detailed filing. Detailed filing data is available for this year.$38.3$34.0$4.29$2.11$2.49$0.38
2012Summary only. Only limited summary data is available for this year.$38.3$33.7$4.67$2.35$2.76$0.41
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$36.3$31.2$5.08$1.96
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$32.5$27.7$4.82$1.84