Civic Intelligence

Credit Unions Chartered in the State of Michigan

990 • Fiscal year 2020 • EIN 38-1441242

Jan 01, 2020 to Dec 31, 2020 • Filed on May 15, 2021

2305 S Center RoadBurton, MI 48519

(810) 715-3542

Siviq Scores

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

Liabilities / Assets

16th percentile

0.88x

Higher debt load relative to assets than 16% of similar nonprofits.

2020 filings • 501(c)14 • $1B+ nonprofits • Source year 2020

Liabilities / Revenue

11th percentile

15.32x

Higher debt load relative to revenue than 11% of similar nonprofits.

2020 filings • 501(c)14 • $1B+ nonprofits • Source year 2020

Net Margin

92nd percentile

27%

Higher net margin than 92% of similar nonprofits.

2020 filings • 501(c)14 • $1B+ nonprofits • Source year 2020

Top Officer Pay

10th percentile

$503,843

Higher top officer pay than 10% of similar nonprofits.

Top officer pay equals 0.8% of source-year revenue.

2020 filings • 501(c)14 • $1B+ nonprofits • Source year 2020

Asset Growth

95th percentile

33%

Faster asset growth than 95% of similar nonprofits.

2020 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2019 to 2020

Revenue Growth

75th percentile

8.3%

Faster revenue growth than 75% of similar nonprofits.

2020 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2019 to 2020

Assets

Up

$1,060,468,798

Up $265,977,079 (+33%) from 2019

Net Assets

Up

$128,188,334

Up $17,094,275 (+15%) from 2019

Liabilities

Up

$932,280,464

Up $248,882,804 (+36%) from 2019

Revenue

Up

$60,859,425

Up $4,663,032 (+8.3%) from 2019

Expenses

Up

$44,308,630

Up $3,438,228 (+8.4%) from 2019

Net Income

Up

$16,550,795

Up $1,224,804 (+8.0%) from 2019

Historical Trend

Balance Sheet Trend

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

$2.0B$1.5B$1.0B$500M$0Assets 2010: $260,016,878Liabilities 2010: $238,943,088Net Assets 2010: $21,073,7902010Assets 2011: $284,756,432Liabilities 2011: $261,063,027Net Assets 2011: $23,693,4052011Assets 2012: $316,589,813Liabilities 2012: $287,698,706Net Assets 2012: $28,891,1072012Assets 2013: $365,120,523Liabilities 2013: $329,250,160Net Assets 2013: $35,870,3632013Assets 2014: $387,170,738Liabilities 2014: $344,279,988Net Assets 2014: $42,890,7502014Assets 2015: $437,345,510Liabilities 2015: $382,985,478Net Assets 2015: $54,360,0322015Assets 2016: $490,394,031Liabilities 2016: $423,508,972Net Assets 2016: $66,885,0592016Assets 2017: $570,088,802Liabilities 2017: $489,524,749Net Assets 2017: $80,564,0532017Assets 2018: $660,931,409Liabilities 2018: $565,203,102Net Assets 2018: $95,728,3072018Assets 2019: $794,491,719Liabilities 2019: $683,397,660Net Assets 2019: $111,094,0592019Assets 2020: $1,060,468,798Liabilities 2020: $932,280,464Net Assets 2020: $128,188,3342020Assets 2021: $1,236,875,968Liabilities 2021: $1,087,187,042Net Assets 2021: $149,688,9262021Assets 2022: $1,416,776,548Liabilities 2022: $1,256,537,450Net Assets 2022: $160,239,0982022Assets 2023: $1,497,868,277Liabilities 2023: $1,310,039,442Net Assets 2023: $187,828,8352023Assets 2024: $1,552,368,811Liabilities 2024: $1,335,223,604Net Assets 2024: $217,145,2072024

Highlighted filing

2020

Assets$1,060,468,798
Liabilities$932,280,464
Net Assets$128,188,334

Operations Trend

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

$150M$100M$50M$0Expenses 2010: $21,645,8432010Expenses 2011: $20,757,2692011Expenses 2012: $21,458,3952012Revenue 2013: $28,185,690Expenses 2013: $20,900,131Net Income 2013: $7,285,5592013Revenue 2014: $30,784,312Expenses 2014: $23,802,928Net Income 2014: $6,981,3842014Revenue 2015: $34,638,456Expenses 2015: $23,134,486Net Income 2015: $11,503,9702015Revenue 2016: $38,130,595Expenses 2016: $25,636,615Net Income 2016: $12,493,9802016Revenue 2017: $44,217,771Expenses 2017: $30,569,086Net Income 2017: $13,648,6852017Revenue 2018: $51,927,755Expenses 2018: $36,648,268Net Income 2018: $15,279,4872018Revenue 2019: $56,196,393Expenses 2019: $40,870,402Net Income 2019: $15,325,9912019Revenue 2020: $60,859,425Expenses 2020: $44,308,630Net Income 2020: $16,550,7952020Revenue 2021: $71,459,461Expenses 2021: $48,156,847Net Income 2021: $23,302,6142021Revenue 2022: $86,734,421Expenses 2022: $58,435,103Net Income 2022: $28,299,3182022Revenue 2023: $108,697,736Expenses 2023: $81,246,313Net Income 2023: $27,451,4232023Revenue 2024: $123,097,040Expenses 2024: $95,636,518Net Income 2024: $27,460,5222024

Highlighted filing

2020

Revenue$60,859,425
Expenses$44,308,630
Net Income$16,550,795
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
May 15, 2021
Return Version
2020v4.1
Gross Receipts
$60,808,978
Mission and Program Overview

Mission

Provide financial services and products to members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$679,345,187$750,427,256▲ $71,082,069
Rtn Earn Endowment Incm Other Fnds$111,094,059$128,188,334▲ $17,094,275
Investments in Publicly Traded Securities$1,121,008$127,581,509▲ $126,460,501
Savings and Temporary Cash Investments$67,442,756$107,558,303▲ $40,115,547
Land, Buildings, and Equipment, Net$14,242,635$16,230,254▲ $1,987,619
Cash and Non-Interest-Bearing Accounts$12,994,456$14,158,957▲ $1,164,501
Investments Other Securities$7,373,441$9,317,279▲ $1,943,838
Prepaid Expenses and Deferred Charges$1,600,824$1,334,230▼ $266,594
Accounts Receivable$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$794,491,719$1,060,468,798▲ $265,977,079
Other Assets Total$10,371,412$33,861,010▲ $23,489,598
Liabilities
Other Liabilities$677,521,440$923,969,610▲ $246,448,170
Accounts Payable and Accrued Expenses$5,876,220$8,310,854▲ $2,434,634
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$683,397,660$932,280,464▲ $248,882,804
Net Assets / Fund Balance
Total Net Assets Fund Balance$111,094,059$128,188,334▲ $17,094,275
Total Liabilities and Net Assets / Fund Balance$794,491,719$1,060,468,798▲ $265,977,079

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$2,580,125$12,340,384$14,920,509
Buildings$6,774,888$5,343,466$12,118,354
Other Land Buildings$3,403,861-$3,403,861
Land$3,097,934-$3,097,934
Leasehold Improvements$373,446$681,699$1,055,145
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Karen ChurchCEOFT$406,937$96,904$503,841
Terry KatzurEvpFT$213,850$70,952$284,802
Kathleen SmithVP of Branch ExperienceFT$136,240$54,976$191,216
David BrandtCFOFT$148,265$36,506$184,771
Bryan RandallCIOFT$134,803$29,934$164,737
Chadd ObrienGeneral CounselFT$129,379$8,263$137,642
Shelley HuftonAccounting ManagerFT$115,566$13,600$129,166
Sarah ThompsonBranch ManagerFT$112,910$9,291$122,201
Brain ChaffinsNetwork ServicesFT$104,154$7,860$112,014

Board Members and Trustees

NameTitle
Diana CurrierChairperson
Joseph BorisVice Chairperson
Constance FryBoard Member
David HutchinsBoard Member
Harold MottBoard Member
Kevin KeaneBoard Member
Sheveze AndersonBoard Secretary
Steven PirkovicBoard Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Sorensen Gross CompanyConstruction Service111 E COURT ST, Flint, MI 48502$2,158,240
Edge OneFinancial Services161 BUSINESS PARK CIRCLE, Stoughton, WI 53589$758,506
Kasasa LtdProduct SupportPO BOX 527, Lubbock, TX 79408$648,608
Funchitecture LLCDesign Services140 E 2ND ST STE 300, Flint, MI 48502$643,751
Jack Henry Associates INCTechnology Services663 W HWY 60 PO BOX 807, Monett, MO 65708$456,314
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$57,147,610
Investment Income
$1,148,968
Other Revenue
$2,562,847
Change in Net Assets
$16,550,795

Audited Revenue Reconciliation

Revenue per Audited Statements
$60,859,425
Revenue Not Reported on Form 990
$63,811
Total Revenue per Audited Statements
$60,923,236
Total Revenue per Form 990
$60,859,425
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$27,193,342
Salaries, Compensation, and Employee Benefits$17,115,288
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$11,777,318
Interest---$8,252,389
Office Expenses---$3,840,482
Advertising---$3,163,388
Other Employee Benefits---$2,393,204
Depreciation Depletion---$1,926,401
Information Technology---$1,682,451
Current Officers, Directors, Trustees, and Key Employees---$1,138,152
Occupancy---$1,053,332
Payroll Taxes---$1,045,112
Other Expenses---$774,325
Pension Plan Contributions---$761,502
Travel---$213,937
Insurance---$157,440
Fees for Services Accounting---$90,563
Fees for Services Legal---$2,706
Total Functional Expenses$0$0$0$44,308,630

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$44,308,630
Total Expenses per Audited Statements$44,308,630
Total Expenses per Form 990$44,308,630
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Debra ChaffinsEmployee - Brian Chaffins Family MemberCompensationNo$96,161
Dana TaljonickEmployee - Karen Church Family MemberCompensationNo$89,035
Christina ChurchEmployee - Karen Church Family MemberCompensationNo$60,180
Duane ChurchEmployee - Karen Church Family MemberCompensationNo$45,883

Loans and Receivables

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

Other Reported Liabilities

LiabilityAmount
MEMBERS' SHARE ACCOUNTS$899,644,741
Fhlbi Loan Payable$24,300,000
Accrued Interest Payable$24,869
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
Yes
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, Section A, Line 6

Membership is open to anyone who lives, works, worships, volunteers, or attends school within the state of michigan.

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

The board of directors is the governing body and consists of seven directors. The board of directors are elected by the members at an annual meeting.

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

Governance decisions of the organization such as mergers are voted on by the entire membership.

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

The form 990 is reviewed by management and an independent accounting firm prior to filing with the irs. The board of directors receive a copy of the form 990 before it is filed.

Form 990, Part VI, Section B, Line 12C

Loans to employees are approved by management. Loans to management and loans to board members are approved by the credit committee.

Form 990, Part VI, Section B, Line 15A

2020. Executive and employee salaries are reviewed and approved by the board of directors.

Form 990, Part VI, Section B, Line 15B

2020. Compensation policy and compensation budget are reviewed and approved by board of directors.

Form 990, Part VI, Section C, Line 19

Credit union bylaws and conflict of interest policy are available upon request at the credit union's main office. Monthly 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
Elga Credit Union
EIN
38-1441242
In Care Of
% KAREN CHURCH
Phone
8107153542
Address
2305 S CENTER ROAD, BURTON, MI 48519

Signing Officer

Name
Karen Church
Title
CEO
Phone
8107153542
Signed
2021-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Karen Church CEO
Formed
1951
Legal Domicile
Mi
Voting Board Members
7
Independent Board Members
7
Employees
253
Volunteers
12

Preparer

Firm
Bkd Llp
Address
200 E Main St Suite 700, Fort Wayne, IN 46802
Preparer
Lauren R Denton
Phone
2604604000
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Change in unrealized gain or loss on available-for-sale securities $479,669

Financial Statement Notes

Part X, Line 2

Fin 48 disclosure: management has evaluated their income tax positions under the guidance included in asc 740. Based on their review, management has not identified any material uncertain tax positions to be recorded or disclosed in the financial statements.

Raw XML AppendixShowing 400 of 646 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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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1,552$1,335$217$123$95.6$27.5
2023Detailed filing. Detailed filing data is available for this year.$1,498$1,310$188$109$81.2$27.5
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,417$1,257$160$86.7$58.4$28.3
2021Detailed filing. Detailed filing data is available for this year.$1,237$1,087$150$71.5$48.2$23.3
2020Detailed filing. Detailed filing data is available for this year.$1,060$932$128$60.9$44.3$16.6
2019Detailed filing. Detailed filing data is available for this year.$794$683$111$56.2$40.9$15.3
2018Detailed filing. Detailed filing data is available for this year.$661$565$95.7$51.9$36.6$15.3
2017Detailed filing. Detailed filing data is available for this year.$570$490$80.6$44.2$30.6$13.6
2016Detailed filing. Detailed filing data is available for this year.$490$424$66.9$38.1$25.6$12.5
2015Detailed filing. Detailed filing data is available for this year.$437$383$54.4$34.6$23.1$11.5
2014Detailed filing. Detailed filing data is available for this year.$387$344$42.9$30.8$23.8$6.98
2013Detailed filing. Detailed filing data is available for this year.$365$329$35.9$28.2$20.9$7.29
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$317$288$28.9$21.5
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$285$261$23.7$20.8
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$260$239$21.1$21.6
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2020 filings • 501(c)14 • $1B+ nonprofits