Civic Intelligence

Credit Unions Chartered in the State of Michigan Northwood Credit Union

990 • Fiscal year 2013 • EIN 38-1362844

Jan 01, 2013 to Dec 31, 2013 • Filed on Nov 10, 2014

Organization Profilewww.northwoodcu.com
30606 Woodward Ave48073

(248) 549-3200

Siviq Scores

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

Liabilities / Assets

36th percentile

0.85x

Higher debt load relative to assets than 36% of similar nonprofits.

2013 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2013

Liabilities / Revenue

24th percentile

14.54x

Higher debt load relative to revenue than 24% of similar nonprofits.

2013 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2013

Net Margin

27th percentile

-2.1%

Higher net margin than 27% of similar nonprofits.

2013 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2013

Top Officer Pay

85th percentile

$96,891

Higher top officer pay than 85% of similar nonprofits.

Top officer pay equals 8.7% of source-year revenue.

2013 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2013

Asset Growth

8th percentile

-4.5%

Faster asset growth than 8% of similar nonprofits.

2013 filings • 501(c)14 • $10M-$25M nonprofits • Annualized from 2012 to 2013

Revenue Growth

32nd percentile

-1.9%

Faster revenue growth than 32% of similar nonprofits.

2013 filings • $10M-$25M nonprofits • Annualized from 2012 to 2013

Balance Sheet
Liabilities / Assets36th percentile

Assets

Down

$19,061,395

Down $900,216 (-4.5%) from 2012

Net Assets

Down

$2,924,918

Down $23,395 (-0.8%) from 2012

Liabilities

Down

$16,136,477

Down $876,821 (-5.2%) from 2012

Revenue And Expenses
Liabilities / Revenue24th percentileNet Margin27th percentile

Revenue

Down

$1,110,030

Down $21,168 (-1.9%) from 2012

Expenses

Up

$1,133,426

Up $193,937 (+21%) from 2012

Net Income

Down

-$23,396

Down $215,105 (-112%) from 2012

Historical Trend

Balance Sheet Trend

Asset Growth8th percentile

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

$20M$15M$10M$5.0M$0Assets 2010: $19,207,504Liabilities 2010: $16,412,481Net Assets 2010: $2,795,0232010Assets 2011: $18,897,532Liabilities 2011: $16,140,928Net Assets 2011: $2,756,6042011Assets 2012: $19,961,611Liabilities 2012: $17,013,298Net Assets 2012: $2,948,3132012Assets 2013: $19,061,395Liabilities 2013: $16,136,477Net Assets 2013: $2,924,9182013

Highlighted filing

2013

Assets$19,061,395
Liabilities$16,136,477
Net Assets$2,924,918
Open 2013 Filing

Operations Trend

Revenue Growth32nd percentile

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

$1.5M$1.0M$500K$0-$500KExpenses 2010: $1,097,8762010Expenses 2011: $1,156,0102011Revenue 2012: $1,131,198Expenses 2012: $939,489Net Income 2012: $191,7092012Revenue 2013: $1,110,030Expenses 2013: $1,133,426Net Income 2013: -$23,3962013

Highlighted filing

2013

Revenue$1,110,030
Expenses$1,133,426
Net Income-$23,396
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Nov 10, 2014
Return Version
2013v4.0
Gross Receipts
$1,110,030
Mission and Program Overview

Mission

A vision for your financial future

To provide financial services to member owners with a common bond

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$12,764,328$12,322,075▼ $442,253
Rtn Earn Endowment Incm Other Fnds$2,948,313$2,924,918▼ $23,395
Investments Program Related$3,387,355$2,301,650▼ $1,085,705
Investments Other Securities$899,000$950,000▲ $51,000
Land, Buildings, and Equipment, Net$295,411$557,974▲ $262,563
Cash and Non-Interest-Bearing Accounts$162,319$210,593▲ $48,274
Prepaid Expenses and Deferred Charges$82,393$71,996▼ $10,397
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$19,961,611$19,061,395▼ $900,216
Other Assets Total$2,370,805$2,647,107▲ $276,302
Liabilities
Other Liabilities$16,869,978$15,862,931▼ $1,007,047
Accounts Payable and Accrued Expenses$143,320$273,546▲ $130,226
Total Liabilities$17,013,298$16,136,477▼ $876,821
Net Assets / Fund Balance
Total Net Assets Fund Balance$2,948,313$2,924,918▼ $23,395
Total Liabilities and Net Assets / Fund Balance$19,961,611$19,061,395▼ $900,216

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$387,865$629,489$1,017,354
Equipment$42,109$390,575$432,684
Land$128,000-$128,000
Investment Program Related Org$2,301,650--
Other Land Buildings$0$0$0
Leasehold Improvements$0$0$0
Other Assets Org$250,865--
Compensation and Service Providers
Top Officer Pay85th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jacklyn GaleskyPresident/CEOFT$79,881$17,010$96,891
Christine ShroyerAccounting ManagerFT$31,038$4,154$35,192

Board Members and Trustees

NameTitle
John G Else IIPresident
Elizabeth SchenskyVice Chairperson
David WoodwardDirector
Muriel VersagiDirector
Augustus JohnsonSecretary
Karen JensenTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,095,446
Investment Income
$14,584
Other Revenue
$0
Change in Net Assets
$-23,396
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$756,438
Salaries, Compensation, and Employee Benefits$376,988
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$167,567
Office Expenses---$150,820
Current Officers, Directors, Trustees, and Key Employees---$132,083
Information Technology---$73,284
Occupancy---$67,081
Interest---$51,599
Other Employee Benefits---$49,013
Insurance---$34,938
All Other Expenses---$29,509
Payroll Taxes---$27,219
Depreciation Depletion---$22,246
Advertising---$17,973
Other Expenses---$15,865
Fees for Services Legal---$11,979
Fees for Services Accounting---$10,721
Travel---$9,891
Fees for Services Other---$4,343
Conferences and Meetings---$1,694
Pension Plan Contributions---$1,106
Total Functional Expenses$0$0$0$1,133,426
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Shares$15,862,931
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“The Credit Union has a single class of members with equal rights of ownership, governance and voting.”

Form 990, Part VI, Section A, Line 7A

“Board Members are elected by ballot at the annual meeting for three year terms.”

Form 990, Part VI, Section A, Line 7B

“The credit union's membership is required to approve any mergers.”

Form 990, Part VI, Section B, Line 11B

“The 990 and schedules are carefully reviewed by the President/CEO prior to filing and are made available to the Board for review.”

Form 990, Part VI, Section B, Line 15

“Compensation for the President/CEO is determined by the Board although no raise has been given due to budget constraints. The last time the President/CEO was formally reviewed was in December 2009. The Board, based on the budget approves salary guidelines for the President/CEO to use to determine employees compensation based on results of evaluations.”

Form 990, Part VI, Section C, Line 19

“Monthly financial statements are posted in the lobby of the credit union. All other governing documents and policies are available for review upon request.”

Filing and Contact Details

Filer

EIN
38-1362844
Phone
2485493200

Signing Officer

Name
Jacklyn Galesky
Title
President/CEO
Phone
2485493200
Signed
2014-11-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jacklyn Galesky
Formed
1939
Legal Domicile
Mi
Voting Board Members
6
Independent Board Members
6
Employees
12
Volunteers
6

Preparer

Preparer
Julia Lynn Rust
Phone
5862961155
Raw XML AppendixShowing 400 of 408 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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IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt043370
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1168885
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt267513
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt32116474
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt4250865
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Accrued Income
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1NCUSIF
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2Other Assets
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3Deferred Compensation
IRS990ScheduleD/OtherAssetsOrgGrp/Desc4Land Contract
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt015862931
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Member Shares
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0557974
IRS990ScheduleD/TotalBookValueOtherAssetsAmt02647107
IRS990ScheduleD/TotalBookValueProgramRltdAmt02301650
IRS990ScheduleD/TotalLiabilityAmt015862931
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Credit Union has a single class of members with equal rights of ownership, governance and voting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Board Members are elected by ballot at the annual meeting for three year terms.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The credit union's membership is required to approve any mergers.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The 990 and schedules are carefully reviewed by the President/CEO prior to filing and are made available to the Board for review.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Compensation for the President/CEO is determined by the Board although no raise has been given due to budget constraints. The last time the President/CEO was formally reviewed was in December 2009. The Board, based on the budget approves salary guidelines for the President/CEO to use to determine employees compensation based on results of evaluations.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Monthly financial statements are posted in the lobby of the credit union. All other governing documents and policies are available for review upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, Line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, Line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section A, Line 7b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, Line 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section C, Line 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt019961611
IRS990/TotalAssetsEOYAmt019061395
IRS990/TotalAssetsGrp/BOYAmt019961611
IRS990/TotalAssetsGrp/EOYAmt019061395
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt012
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt01133426
IRS990/TotalGrossUBIAmt05462
IRS990/TotalLiabilitiesBOYAmt017013298
IRS990/TotalLiabilitiesEOYAmt016136477
IRS990/TotalLiabilitiesGrp/BOYAmt017013298
IRS990/TotalLiabilitiesGrp/EOYAmt016136477
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt02948313
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt02924918
IRS990/TotalOtherCompensationAmt021164
IRS990/TotalOtherProgSrvcExpenseAmt00
IRS990/TotalOtherProgSrvcGrantAmt00
IRS990/TotalOtherProgSrvcRevenueAmt00
IRS990/TotalOthProgramServiceRevGrp/ExclusionAmt00
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt00
IRS990/TotalOthProgramServiceRevGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalProgramServiceExpensesAmt00
IRS990/TotalProgramServiceRevenueAmt01095446
IRS990/TotalReportableCompFromOrgAmt0110919
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01104568
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01110030
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt05462
IRS990/TotalVolunteersCnt06
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt019961611
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt019061395
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt09891
IRS990/TypeOfOrganizationOtherInd0X
IRS990/UnrelatedBusIncmOverLimitInd01
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1030606 Woodward
IRS990/USAddress/City0Royal Oak
IRS990/USAddress/State0MI
IRS990/USAddress/ZIPCode048073
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0www.northwoodcu.com
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02016-04-25 22:37:26Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Jacklyn Galesky
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President/CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum02485493200
ReturnHeader/BusinessOfficerGrp/SignatureDt02014-11-10
ReturnHeader/Filer/BusinessName/BusinessNameLine10Credit Unions Chartered in the State of Michigan
ReturnHeader/Filer/BusinessName/BusinessNameLine20Northwood Credit Union
ReturnHeader/Filer/BusinessNameControlTxt0CRED
ReturnHeader/Filer/EIN0381362844
ReturnHeader/Filer/PhoneNum02485493200
ReturnHeader/Filer/USAddress/AddressLine1030606 Woodward Ave
ReturnHeader/Filer/USAddress/City0Royal Oak
ReturnHeader/Filer/USAddress/State0MI
ReturnHeader/Filer/USAddress/ZIPCode048073
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0382336859
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine10Cindrich Mahalak & Co
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1031215 Jefferson Ave
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/City0St Clair Shores
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/State0MI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCode048082

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$19,061,395
Liabilities
$16,136,477
Net assets
$2,924,918
Revenue
$1,110,030
Expenses
$1,133,426
Net income
-$23,396
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2013Detailed filing. Detailed filing data is available for this year.$19.1$16.1$2.92$1.11$1.13$0.02
2012Summary only. Only limited summary data is available for this year.$20.0$17.0$2.95$1.13$0.94$0.19
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$18.9$16.1$2.76$1.16
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$19.2$16.4$2.80$1.10
Peer Organizations

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