Civic Intelligence

Grand Rapids Family Credit Union

990 • Fiscal year 2014 • EIN 38-0593365

Jan 01, 2014 to Dec 31, 2014 • Filed on May 11, 2015

Organization Profilewww.grfamilycu.org
1815 Breton Rd SEGrand Rapids, MI 49506

(616) 456-8848

Siviq Scores

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

Liabilities / Assets

100th percentile

0.95x

Higher debt load relative to assets than 100% of similar nonprofits.

2014 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2014

Liabilities / Revenue

41st percentile

18.61x

Higher debt load relative to revenue than 41% of similar nonprofits.

2014 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2014

Net Margin

1st percentile

-134%

Higher net margin than 1% of similar nonprofits.

2014 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2014

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2014

Asset Growth

12th percentile

-3.1%

Faster asset growth than 12% of similar nonprofits.

2014 filings • 501(c)14 • $25M-$50M nonprofits • Annualized from 2013 to 2014

Revenue Growth

6th percentile

-10%

Faster revenue growth than 6% of similar nonprofits.

2014 filings • 501(c)14 • $25M-$50M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets100th percentile

Assets

Down

$37,071,967

Down $1,184,650 (-3.1%) from 2013

Net Assets

Down

$1,755,414

Down $2,536,497 (-59%) from 2013

Liabilities

Up

$35,316,553

Up $1,351,847 (+4.0%) from 2013

Revenue And Expenses
Liabilities / Revenue41st percentileNet Margin1st percentile

Revenue

Down

$1,897,437

Down $211,489 (-10%) from 2013

Expenses

Up

$4,433,934

Up $1,948,618 (+78%) from 2013

Net Income

Down

-$2,536,497

Down $2,160,107 (-574%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth12th 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

2014

Assets$37,071,967
Liabilities$35,316,553
Net Assets$1,755,414
Open 2014 Filing

Operations Trend

Revenue Growth6th 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

2014

Revenue$1,897,437
Expenses$4,433,934
Net Income-$2,536,497
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
May 11, 2015
Return Version
2014v5.0
Gross Receipts
$1,897,437
Mission and Program Overview

Mission

Provide financial services and products to members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$22,815,312$18,346,846▼ $4,468,466
Savings and Temporary Cash Investments$7,018,325$10,758,829▲ $3,740,504
Investments Other Securities$4,054,100$5,241,100▲ $1,187,000
Rtn Earn Endowment Incm Other Fnds$4,291,911$1,755,414▼ $2,536,497
Land, Buildings, and Equipment, Net$2,490,190$1,278,344▼ $1,211,846
Cash and Non-Interest-Bearing Accounts$628,414$658,369▲ $29,955
Prepaid Expenses and Deferred Charges$22,197$0▼ $22,197
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$38,256,617$37,071,967▼ $1,184,650
Other Assets Total$1,228,079$788,479▼ $439,600
Liabilities
Other Liabilities$33,425,569$33,768,469▲ $342,900
Accounts Payable and Accrued Expenses$539,137$1,548,084▲ $1,008,947
Total Liabilities$33,964,706$35,316,553▲ $1,351,847
Net Assets / Fund Balance
Total Net Assets Fund Balance$4,291,911$1,755,414▼ $2,536,497
Total Liabilities and Net Assets / Fund Balance$38,256,617$37,071,967▼ $1,184,650

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$873,649$356,129$1,229,778
Equipment$63,958$384,539$448,497
Land$214,336-$214,336
Other Land Buildings$34,241$77,407$111,648
Leasehold Improvements$92,160$-46,080$46,080
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kimberly WilsonCEOFT$95,077$4,711$99,788

Board Members and Trustees

NameTitle
Donna VanderVriesChairperson
Victor VasquezVice Chair
James E TurnerDirector
Marilyn CutraraDirector
Bruce A SullivanSecretary
Desiree FosterTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
CU Answers IncData Processing6000 28th Street SE, Grand Rapids, MI 49546$153,768
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,719,124
Investment Income
$141,083
Other Revenue
$37,230
Change in Net Assets
$-2,536,497
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,694,742
Salaries, Compensation, and Employee Benefits$739,192
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$476,775
Occupancy---$246,860
Depreciation Depletion---$238,430
Office Expenses---$220,146
All Other Expenses---$214,999
Other Expenses---$210,097
Information Technology---$136,317
Interest---$125,617
Current Officers, Directors, Trustees, and Key Employees---$99,788
Other Employee Benefits---$77,725
Fees for Services Legal---$69,165
Payroll Taxes---$55,479
Pension Plan Contributions---$29,425
Advertising---$26,353
Insurance---$25,993
Fees for Services Accounting---$6,785
Travel---$3,655
Total Functional Expenses$0$0$0$4,433,934
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$26,252,028
Member Deposit Accounts$7,516,441
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

Filer Name
Grand Rapids Family Credit Union
EIN
38-0593365
Phone
6164568848
Address
1815 Breton Rd SE, Grand Rapids, MI 49506

Signing Officer

Name
Desiree Foster
Title
Treasurer
Signed
2015-05-11
Discuss with paid preparer
No

Organization Details

Principal Officer
Kimberly Wilson
Formed
1935
Legal Domicile
Mi
Voting Board Members
6
Independent Board Members
6
Employees
27
Volunteers
15

Preparer

Firm
Financial Standards Group Inc
Address
3615 NEWBURG ROAD, LOUISVILLE, KY 40218
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 2014.”

Raw XML AppendixShowing 400 of 424 raw XML fields

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/ProgramServiceRevenueGrp/BusinessCd4522100
IRS990/ProgramServiceRevenueGrp/Desc0Courtsey Non-Return Fee
IRS990/ProgramServiceRevenueGrp/Desc1Interest on Loans
IRS990/ProgramServiceRevenueGrp/Desc2NSF, StopPay, OD Fees
IRS990/ProgramServiceRevenueGrp/Desc3Other Program Revenue
IRS990/ProgramServiceRevenueGrp/Desc4VISA & MC Debit Income
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0132990
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt11179333
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt266977
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt393817
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt4189721
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0132990
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt11179333
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt266977
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt393817
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt4189721
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 12/31/2014 was 2,143.
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt0102494
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt01690651
IRS990/PYOtherRevenueAmt043520
IRS990/PYProgramServiceRevenueAmt01962912
IRS990/PYRevenuesLessExpensesAmt0-376390
IRS990/PYSalariesCompEmpBnftPaidAmt0794665
IRS990/PYTotalExpensesAmt02485316
IRS990/PYTotalRevenueAmt02108926
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-2536497
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/RealAmt05250
IRS990/ReportInvestmentsOtherSecInd0true
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt04291911
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt01755414
IRS990/SavingsAndTempCashInvstGrp/BOYAmt07018325
IRS990/SavingsAndTempCashInvstGrp/EOYAmt010758829
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt0873649
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0356129
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01229778
IRS990ScheduleD/EquipmentGrp/BookValueAmt063958
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0384539
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0448497
IRS990ScheduleD/LandGrp/BookValueAmt0214336
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0214336
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt092160
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0-46080
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt046080
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt034241
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt077407
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0111648
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt07516441
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt126252028
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Member Deposit Accounts
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Member Share Accounts
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01278344
IRS990ScheduleD/TotalBookValueSecuritiesAmt05241100
IRS990ScheduleD/TotalLiabilityAmt033768469
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 2014.
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
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxableDistributionsInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt038256617
IRS990/TotalAssetsEOYAmt037071967
IRS990/TotalAssetsGrp/BOYAmt038256617
IRS990/TotalAssetsGrp/EOYAmt037071967
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt027
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt04433934
IRS990/TotalGrossUBIAmt012643
IRS990/TotalLiabilitiesBOYAmt033964706
IRS990/TotalLiabilitiesEOYAmt035316553
IRS990/TotalLiabilitiesGrp/BOYAmt033964706
IRS990/TotalLiabilitiesGrp/EOYAmt035316553
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt04291911
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01755414
IRS990/TotalOtherCompensationAmt04711
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt056286
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt056286
IRS990/TotalProgramServiceRevenueAmt01719124
IRS990/TotalReportableCompFromOrgAmt095077
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01884794
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01897437
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt012643
IRS990/TotalVolunteersCnt015
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt038256617
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt037071967
IRS990/TransactionWithControlEntInd0false
IRS990/TravelGrp/TotalAmt03655
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0true
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01815 Breton Rd SE
IRS990/USAddress/CityNm0Grand Rapids
IRS990/USAddress/StateAbbreviationCd0MI
IRS990/USAddress/ZIPCd049506
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0www.grfamilycu.org
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02016-02-25 16:41:14Z

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$37,071,967
Liabilities
$35,316,553
Net assets
$1,755,414
Revenue
$1,897,437
Expenses
$4,433,934
Net income
-$2,536,497
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