Civic Intelligence

Credit Unions Chartered in the State of 408 Bestsource Credit Union

990 • Fiscal year 2013 • EIN 38-1461222

Jan 01, 2013 to Dec 31, 2013 • Filed on Mar 05, 2015

Organization Profilewww.bestsourcecu.org

View Organization Page

1054 W Huron Street48328

(248) 886-1261

Siviq Scores

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

Liabilities / Assets

42nd percentile

0.89x

Higher debt load relative to assets than 42% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Liabilities / Revenue

28th percentile

15.74x

Higher debt load relative to revenue than 28% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Net Margin

94th percentile

25%

Higher net margin than 94% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Top Officer Pay

37th percentile

$117,474

Higher top officer pay than 37% of similar nonprofits.

Top officer pay equals 2.2% of source-year revenue.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Asset Growth

15th percentile

-1.9%

Faster asset growth than 15% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2012 to 2013

Revenue Growth

11th percentile

-22%

Faster revenue growth than 11% of similar nonprofits.

2013 filings • $50M-$100M nonprofits • Annualized from 2012 to 2013

Balance Sheet
Liabilities / Assets42nd percentile

Assets

Down

$94,064,343

Down $1,859,315 (-1.9%) from 2012

Net Assets

Up

$10,726,262

Up $1,580,252 (+17%) from 2012

Liabilities

Down

$83,338,081

Down $3,439,567 (-4.0%) from 2012

Revenue And Expenses
Liabilities / Revenue28th percentileNet Margin94th percentile

Revenue

Down

$5,293,072

Down $1,488,935 (-22%) from 2012

Expenses

Down

$3,946,829

Down $2,099,644 (-35%) from 2012

Net Income

Up

$1,346,243

Up $610,709 (+83%) from 2012

Historical Trend

Balance Sheet Trend

Asset Growth15th percentile

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

$150M$100M$50M$0Assets 2010: $104,062,711Liabilities 2010: $94,582,188Net Assets 2010: $9,480,5232010Assets 2011: $98,759,125Liabilities 2011: $90,351,751Net Assets 2011: $8,407,3742011Assets 2012: $95,923,658Liabilities 2012: $86,777,648Net Assets 2012: $9,146,0102012Assets 2013: $94,064,343Liabilities 2013: $83,338,081Net Assets 2013: $10,726,2622013

Highlighted filing

2013

Assets$94,064,343
Liabilities$83,338,081
Net Assets$10,726,262
Open 2013 Filing

Operations Trend

Revenue Growth11th percentile

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

$10M$5.0M$0Expenses 2010: $8,214,2102010Expenses 2011: $7,357,3402011Revenue 2012: $6,782,007Expenses 2012: $6,046,473Net Income 2012: $735,5342012Revenue 2013: $5,293,072Expenses 2013: $3,946,829Net Income 2013: $1,346,2432013

Highlighted filing

2013

Revenue$5,293,072
Expenses$3,946,829
Net Income$1,346,243
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Mar 5, 2015
Return Version
2013v4.0
Gross Receipts
$12,717,107
Mission and Program Overview

Mission

financial institution committed to improve members' financial lives through savings plans to help build wealth and prepare for the future, products and services designed to fit their needs at any stage of life and educational seminars and resources.

financial institution committed to improving members' financial lives through savings plans to help build wealth and prepare for their future, distinctive products and services designed to fit their needs at any stage of life and educational seminars and resources.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$56,648,911$50,774,446▼ $5,874,465
Savings and Temporary Cash Investments$26,487,276$31,166,832▲ $4,679,556
Rtn Earn Endowment Incm Other Fnds$5,584,365$7,164,617▲ $1,580,252
Land, Buildings, and Equipment, Net$3,778,896$3,584,500▼ $194,396
Cap Stk Tr Prin Current Funds$3,561,645$3,561,645→ $0
Cash and Non-Interest-Bearing Accounts$1,443,514$1,415,284▼ $28,230
Prepaid Expenses and Deferred Charges$106,906$444,400▲ $337,494
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 Other Securities$0--
Investments Program Related$0--
Investments in Publicly Traded Securities$0--
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Intangible Assets$0--
Inventories for Sale or Use$0$0→ $0
Total Assets$95,923,658$94,064,343▼ $1,859,315
Other Assets Total$7,458,155$6,678,881▼ $779,274
Liabilities
Other Liabilities$86,425,113$82,973,233▼ $3,451,880
Accounts Payable and Accrued Expenses$352,535$364,848▲ $12,313
Total Liabilities$86,777,648$83,338,081▼ $3,439,567
Net Assets / Fund Balance
Total Net Assets Fund Balance$9,146,010$10,726,262▲ $1,580,252
Total Liabilities and Net Assets / Fund Balance$95,923,658$94,064,343▼ $1,859,315

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,742,155$547,460$3,289,615
Equipment$140,689$2,233,723$2,374,412
Leasehold Improvements$21,383$1,005,346$1,026,729
Land$680,273-$680,273
Other Land Buildings$0$0$0
Other Assets Org$57,237--
Compensation and Service Providers
Top Officer Pay37th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
John NormandeauPresident/CEOFT$114,000$3,474$117,474
Teresa DiGaetanoCFOFT$90,000$6,636$96,636
Sharron AndersonVice President of SalesFT$75,000$6,186$81,186

Board Members and Trustees

NameTitle
stanley moorevice chairman
Fran AmosChariman of Board
Julie DaySecretary
Arthur Frascatreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
ACI Worldwide CorpCore System-$331,910
-Network/home banking-$139,694
Marquis Software SolutionMCIF system-$101,641
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,923,779
Investment Income
$331,002
Other Revenue
$38,291
Change in Net Assets
$1,346,243

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,293,072
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$5,293,072
Total Revenue per Form 990
$5,293,072
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,580,299
Salaries, Compensation, and Employee Benefits$1,366,530
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$826,703
All Other Expenses---$391,820
Interest---$362,716
Other Expenses---$329,993
Occupancy---$311,580
Current Officers, Directors, Trustees, and Key Employees---$279,000
Other Employee Benefits---$257,639
Depreciation Depletion---$248,610
Advertising---$154,639
Office Expenses---$137,718
Insurance---$108,205
Fees for Services Legal---$30,775
Fees for Service Investment Mgmnt Fees---$23,166
Information Technology---$21,439
Fees for Services Accounting---$20,080
Fees for Services Other---$17,105
Conferences and Meetings---$6,351
Travel---$4,933
Pension Plan Contributions---$3,188
Total Functional Expenses$0$0$0$3,946,829

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,946,829
Total Expenses per Audited Statements$3,946,829
Total Expenses per Form 990$3,946,829
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
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
Member shares and savings$82,973,233
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“each primary account holder is a member of the credit union”

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

“Board of Directors are elected by members of the credit union”

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

“Return will be reviewed by the CEO and CFO prior to filing”

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

“depending on the severity of the conflict, the person with the conflict of interest is asked not to participate in voting or may be removed from the Board”

Form 990, Part VI, Section B, Line 15

“Board of Directors perform periodic reviews using peer group compatibility and approve any compensation changes for the CEO”

Form 990, Part VI, Section C, Line 19

“The current financial statements are posted in the branch and 5300 reports are available on the NCUA's website. Governing Documents are not made available to the public”

Filing and Contact Details

Filer

EIN
38-1461222
Phone
2488861261

Signing Officer

Name
Teresa DiGaetano
Title
CFO
Phone
2488861261
Signed
2015-03-05

Organization Details

Principal Officer
John Normandeau
Formed
1954
Legal Domicile
Mi
Voting Board Members
5
Independent Board Members
5
Employees
30
Volunteers
5
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Minimum pensions liablitiy”

Financial Statement Notes

Schedule D, Part X, Line 2

“Member shares and savings”

Raw XML AppendixShowing 400 of 504 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/Form990PartVIISectionAGrp/TitleTxt4President/CEO
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IRS990/OtherEmployeeBenefitsGrp/TotalAmt0257639
IRS990/OtherExpensesGrp/Desc0Provision for loan losses
IRS990/OtherExpensesGrp/Desc1ATM Fees
IRS990/OtherExpensesGrp/Desc2Repairs and Maintenance
IRS990/OtherExpensesGrp/TotalAmt0-12696
IRS990/OtherExpensesGrp/TotalAmt1423865
IRS990/OtherExpensesGrp/TotalAmt2329993
IRS990/OtherLiabilitiesGrp/BOYAmt086425113
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0444400
IRS990/PrincipalOfficerNm0John Normandeau
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IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt175743
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IRS990/PYGrantsAndSimilarPaidAmt00
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IRS990/PYOtherRevenueAmt026787
IRS990/PYProgramServiceRevenueAmt06613845
IRS990/PYRevenuesLessExpensesAmt0735534
IRS990/PYSalariesCompEmpBnftPaidAmt01681556
IRS990/PYTotalExpensesAmt06046473
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IRS990/PYTotalRevenueAmt06782007
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IRS990/RentalIncomeOrLossGrp/RealAmt00
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IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
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IRS990/SavingsAndTempCashInvstGrp/EOYAmt031166832
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt0547460
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1853993
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt21773109
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt3245372
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt4455329
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt5571400
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt657237
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Mortgage Center
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1NCUSIF Dues
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2Other Assets
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3Accrued Interest Receivable
IRS990ScheduleD/OtherAssetsOrgGrp/Desc4Member Share and Capital Deposit
IRS990ScheduleD/OtherAssetsOrgGrp/Desc5FHLB Stock
IRS990ScheduleD/OtherAssetsOrgGrp/Desc6OREO
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IRS990ScheduleD/RecoveriesPriorYearGrantsAmt00
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Member shares and savings
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part X, Line 2
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IRS990ScheduleD/TotalBookValueOtherAssetsAmt06678881
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IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03946829
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0each primary account holder is a member of the credit union
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Board of Directors are elected by members of the credit union

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$94,064,343
Liabilities
$83,338,081
Net assets
$10,726,262
Revenue
$5,293,072
Expenses
$3,946,829
Net income
$1,346,243
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2013Detailed filing. Detailed filing data is available for this year.$94.1$83.3$10.7$5.29$3.95$1.35
2012Summary only. Only limited summary data is available for this year.$95.9$86.8$9.15$6.78$6.05$0.74
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$98.8$90.4$8.41$7.36
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$104$94.6$9.48$8.21
Peer Organizations

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