Civic Intelligence

Credit Unions Chartered in the State of Michigan 4 Front Credit Union

990 • Fiscal year 2013 • EIN 38-1524350

Jan 01, 2013 to Dec 31, 2013 • Filed on Apr 17, 2014

Organization Profilewww.memberscu.com

View Organization Page

PO Box 79549685

(231) 929-2000

Siviq Scores

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

Liabilities / Assets

63rd percentile

0.91x

Higher debt load relative to assets than 63% of similar nonprofits.

2013 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2013

Liabilities / Revenue

47th percentile

17.79x

Higher debt load relative to revenue than 47% of similar nonprofits.

2013 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2013

Net Margin

59th percentile

12%

Higher net margin than 59% of similar nonprofits.

2013 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2013

Top Officer Pay

27th percentile

$149,384

Higher top officer pay than 27% of similar nonprofits.

Top officer pay equals 1.3% of source-year revenue.

2013 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2013

Asset Growth

62nd percentile

3.7%

Faster asset growth than 62% of similar nonprofits.

2013 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Balance Sheet
Liabilities / Assets63rd percentile

Assets

Up

$218,300,807

Up $7,841,931 (+3.7%) from 2012

Net Assets

Up

$20,717,313

Up $570,090 (+2.8%) from 2012

Liabilities

Up

$197,583,494

Up $7,271,841 (+3.8%) from 2012

Revenue And Expenses
Liabilities / Revenue47th percentileNet Margin59th percentile

Revenue

$11,103,410

No earlier filing loaded for comparison.

Expenses

Down

$9,742,358

Down $1,035,633 (-9.6%) from 2012

Net Income

$1,361,052

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth62nd percentile

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

$1.5B$1.0B$500M$0Assets 2010: $185,622,015Liabilities 2010: $167,951,128Net Assets 2010: $17,670,8872010Assets 2011: $196,644,636Liabilities 2011: $177,793,583Net Assets 2011: $18,851,0532011Assets 2012: $210,458,876Liabilities 2012: $190,311,653Net Assets 2012: $20,147,2232012Assets 2013: $218,300,807Liabilities 2013: $197,583,494Net Assets 2013: $20,717,3132013Assets 2014: $228,412,401Liabilities 2014: $205,351,989Net Assets 2014: $23,060,4122014Assets 2015: $426,862,483Liabilities 2015: $380,489,183Net Assets 2015: $46,373,3002015Assets 2016: $458,969,484Liabilities 2016: $408,738,972Net Assets 2016: $50,230,5122016Assets 2017: $488,650,887Liabilities 2017: $434,541,083Net Assets 2017: $54,109,8042017Assets 2018: $516,059,883Liabilities 2018: $456,843,153Net Assets 2018: $59,216,7302018Assets 2019: $560,363,272Liabilities 2019: $494,794,646Net Assets 2019: $65,568,6262019Assets 2020: $742,406,934Liabilities 2020: $669,025,695Net Assets 2020: $73,381,2392020Assets 2021: $896,646,295Liabilities 2021: $816,500,069Net Assets 2021: $80,146,2262021Assets 2022: $1,009,844,526Liabilities 2022: $933,681,311Net Assets 2022: $76,163,2152022Assets 2023: $1,086,820,765Liabilities 2023: $1,004,190,107Net Assets 2023: $82,630,6582023Assets 2024: $1,028,814,833Liabilities 2024: $943,339,336Net Assets 2024: $85,475,4972024

Highlighted filing

2013

Assets$218,300,807
Liabilities$197,583,494
Net Assets$20,717,313
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$80M$60M$40M$20M$0-$20MExpenses 2010: $12,014,0912010Expenses 2011: $11,540,2002011Expenses 2012: $10,777,9912012Revenue 2013: $11,103,410Expenses 2013: $9,742,358Net Income 2013: $1,361,0522013Revenue 2014: $12,068,256Expenses 2014: $10,729,566Net Income 2014: $1,338,6902014Revenue 2015: $22,492,717Expenses 2015: $21,023,834Net Income 2015: $1,468,8832015Revenue 2016: $25,240,982Expenses 2016: $21,208,895Net Income 2016: $4,032,0872016Revenue 2017: $28,236,946Expenses 2017: $24,268,196Net Income 2017: $3,968,7502017Revenue 2018: $34,298,344Expenses 2018: $28,441,271Net Income 2018: $5,857,0732018Revenue 2019: $39,221,324Expenses 2019: $34,435,623Net Income 2019: $4,785,7012019Revenue 2020: $43,206,858Expenses 2020: $36,701,631Net Income 2020: $6,505,2272020Revenue 2021: $51,854,069Expenses 2021: $42,435,257Net Income 2021: $9,418,8122021Revenue 2022: $56,680,662Expenses 2022: $45,227,865Net Income 2022: $11,452,7972022Revenue 2023: $72,347,605Expenses 2023: $68,221,104Net Income 2023: $4,126,5012023Revenue 2024: $76,251,267Expenses 2024: $76,831,381Net Income 2024: -$580,1142024

Highlighted filing

2013

Revenue$11,103,410
Expenses$9,742,358
Net Income$1,361,052
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Apr 17, 2014
Return Version
2013v3.1
Gross Receipts
$11,103,410
Mission and Program Overview

Mission

To provide financial services to members with a common bond.

To provide financial services to members with a common bond

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$120,734,504$117,765,835▼ $2,968,669
Investments Program Related$45,112,093$60,537,457▲ $15,425,364
Rtn Earn Endowment Incm Other Fnds$20,147,223$20,717,313▲ $570,090
Savings and Temporary Cash Investments$20,671,569$17,932,379▼ $2,739,190
Land, Buildings, and Equipment, Net$6,703,907$6,514,786▼ $189,121
Cash and Non-Interest-Bearing Accounts$6,979,503$5,915,568▼ $1,063,935
Accounts Receivable$245,857$177,126▼ $68,731
Prepaid Expenses and Deferred Charges$222,701$153,409▼ $69,292
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$210,509,404$218,300,807▲ $7,791,403
Other Assets Total$9,839,270$9,304,247▼ $535,023
Liabilities
Other Liabilities$188,422,952$195,658,932▲ $7,235,980
Accounts Payable and Accrued Expenses$1,868,466$1,880,782▲ $12,316
Mortgage Notes Payable Secured by Investment Property$70,763$43,780▼ $26,983
Total Liabilities$190,362,181$197,583,494▲ $7,221,313
Net Assets / Fund Balance
Total Net Assets Fund Balance$20,147,223$20,717,313▲ $570,090
Total Liabilities and Net Assets / Fund Balance$210,509,404$218,300,807▲ $7,791,403

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,879,894$1,919,431$4,799,325
Land$3,113,370-$3,113,370
Other Land Buildings$512,175$1,802,130$2,314,305
Leasehold Improvements$9,347$17,046$26,393
Compensation and Service Providers
Top Officer Pay27th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Martha AllmanExecutive VPFT$89,150$60,234$149,384
Andrew KempfPresident & CEOFT$122,743$22,663$145,406
Val ArnoldVP AccountingFT$83,727$13,904$97,631

Board Members and Trustees

NameTitle
Michael SlaterChairman
Larry FayVice-Chairman
Cathryn HaroldDirector
Duane BregeDirector
James HoffmanDirector
Larry St OursDirector
Richard BaileyDirector
Roy SwiatlowskiDirector
Janet HibbardSec/Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$10,284,674
Investment Income
$621,477
Other Revenue
$197,259
Change in Net Assets
$1,361,052
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$5,634,897
Salaries, Compensation, and Employee Benefits$4,107,461
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$2,781,187
Office Expenses---$1,022,267
Interest---$899,410
Other Employee Benefits---$487,422
Information Technology---$456,216
Occupancy---$429,175
Current Officers, Directors, Trustees, and Key Employees---$392,421
Depreciation Depletion---$330,747
Payroll Taxes---$281,547
Insurance---$200,548
Pension Plan Contributions---$164,884
Other Expenses---$153,746
Advertising---$151,635
All Other Expenses---$105,789
Travel---$43,983
Fees for Services Accounting---$32,709
Fees for Services Legal---$5,165
Total Functional Expenses$0$0$0$9,742,358
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 Shares$141,791,659
Member Deposit Accounts$53,867,272
Rounding$1
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
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
Yes
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, Line 6: Explanation of Classes of Members or Shareholder

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

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

“Management reviews the 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 15A: Compensation Review & Approval Process - CEO, Top Management

“President/CEO performs annual evaluations of Executive VP and Vice Presidents on their employment anniversary date. In May of each year an evaluation form is mailed to each Board Member with a stamped envelope addressed to the Chairman of the Board. The President/CEO submits to the Salary Committee comparability wage data as found in the MI CU League survey book. The Personnel/Salary Committee holds a meeting in June to discuss the evaluation and wages for President/CEO and all Vice Presidents. The Personnel/Salary Committee submits their recommendations to the Board at the June Board meeting.”

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

“Personnel/Salary Committee reviews comparability wage data from MI CU league every June and discusses evaluations and proposed wages for chief executive and all vice presidents, then submits their recommendations to the Board at their June meeting.”

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

“Monthly financial statements are posted in all of the Credit Union lobbies. Other governing documents are available for review upon request at 3745 North US 31 South, Traverse City, MI.”

Filing and Contact Details

Filer

EIN
38-1524350
Phone
2319292000

Signing Officer

Name
Andrew Kempf
Title
President & CEO
Signed
2014-04-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Andrew Kempf
Formed
1954
Legal Domicile
Mi
Voting Board Members
9
Independent Board Members
9
Employees
145
Volunteers
9

Preparer

Preparer
Robin Rivers
Phone
8005225820
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Increases

“Equity Acquired in Merger = $381971”

Form 990, Part XII, Line 2: Change of Oversight or Selection Process

“The Credit Union's Financial Statements Audit will be performed by independent accountants for the twelve-months ended March 31, 2014.”

Raw XML AppendixShowing 400 of 452 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/InvestmentsOtherSecuritiesGrp/EOYAmt00
IRS990/InvestmentsProgramRelatedGrp/BOYAmt045112093
IRS990/InvestmentsProgramRelatedGrp/EOYAmt060537457
IRS990/InvestmentsPubTradedSecGrp/EOYAmt00
IRS990/InvestTaxExemptBondsInd0false
IRS990/IRPDocumentCnt06014
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt03738607
IRS990/LandBldgEquipBasisNetGrp/BOYAmt06703907
IRS990/LandBldgEquipBasisNetGrp/EOYAmt06514786
IRS990/LandBldgEquipCostOrOtherBssAmt010253393
IRS990/LegalDomicileStateCd0MI
IRS990/LicensedMoreThanOneStateInd0false
IRS990/LoanOutstandingInd0false
IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0true
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0true
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0To provide financial services to members with a common bond
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt070763
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt043780
IRS990/NetAssetsOrFundBalancesBOYAmt020147223
IRS990/NetAssetsOrFundBalancesEOYAmt020717313
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt00
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt011690
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt011690
IRS990/NetUnrelatedBusTxblIncmAmt076692
IRS990/NetUnrlzdGainsLossesInvstAmt0-1172933
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/TotalAmt0429175
IRS990/OfficeExpensesGrp/TotalAmt01022267
IRS990/OfficerMailingAddressInd0false
IRS990/OnBehalfOfIssuerInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OrgFiledInLieuOfForm1041Ind0false
IRS990/OtherAssetsTotalGrp/BOYAmt09839270
IRS990/OtherAssetsTotalGrp/EOYAmt09304247
IRS990/OtherChangesInNetAssetsAmt0381971
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0487422
IRS990/OtherExpensesGrp/Desc0Loan Servicing Expense
IRS990/OtherExpensesGrp/Desc1Provision for Loan Losses
IRS990/OtherExpensesGrp/Desc2Gain/Loss on Impaired Assets
IRS990/OtherExpensesGrp/Desc3NCUA Stabilization Expense
IRS990/OtherExpensesGrp/TotalAmt01295763
IRS990/OtherExpensesGrp/TotalAmt1326593
IRS990/OtherExpensesGrp/TotalAmt2181151
IRS990/OtherExpensesGrp/TotalAmt3153746
IRS990/OtherLiabilitiesGrp/BOYAmt0188422952
IRS990/OtherLiabilitiesGrp/EOYAmt0195658932
IRS990/OtherRevenueMiscGrp/BusinessCd0524298
IRS990/OtherRevenueMiscGrp/BusinessCd1525990
IRS990/OtherRevenueMiscGrp/BusinessCd2525990
IRS990/OtherRevenueMiscGrp/Desc0Insurance Reimbursement
IRS990/OtherRevenueMiscGrp/Desc1Nonmember ATM Fees
IRS990/OtherRevenueMiscGrp/Desc2Other
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt05526
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt091510
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt136280
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt257779
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt085984
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt136280
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt257779
IRS990/OtherRevenueTotalAmt0185569
IRS990/OtherSalariesAndWagesGrp/TotalAmt02781187
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0120734504
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0117765835
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/TotalAmt0281547
IRS990/PensionPlanContributionsGrp/TotalAmt0164884
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliciesReferenceChaptersInd0true
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0222701
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0153409
IRS990/PrincipalOfficerNm0Andrew Kempf
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0522100
IRS990/ProgramServiceRevenueGrp/BusinessCd1522100
IRS990/ProgramServiceRevenueGrp/BusinessCd2522100
IRS990/ProgramServiceRevenueGrp/Desc0Fees & Charges
IRS990/ProgramServiceRevenueGrp/Desc1Interest on Loans
IRS990/ProgramServiceRevenueGrp/Desc2Other Prog Serv Revenue
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt02223059
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt16702269
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt21359346
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt02223059
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt16702269
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt21359346
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 18,089.
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt0502464
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt06674763
IRS990/PYOtherRevenueAmt0539389
IRS990/PYProgramServiceRevenueAmt011032308
IRS990/PYRevenuesLessExpensesAmt01296170
IRS990/PYSalariesCompEmpBnftPaidAmt04103228
IRS990/PYTotalExpensesAmt010777991
IRS990/PYTotalRevenueAmt012074161
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt01361052
IRS990/RegularMonitoringEnfrcInd0false
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/RealAmt011690
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0true
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt020147223
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt020717313
IRS990/SavingsAndTempCashInvstGrp/BOYAmt020671569
IRS990/SavingsAndTempCashInvstGrp/EOYAmt017932379
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt02879894
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01919431
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt04799325
IRS990ScheduleD/LandGrp/BookValueAmt03113370
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt03113370
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt09347
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt017046
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt026393
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0512175
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt01802130
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt02314305
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt053867272
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1141791659
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt21
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Member Deposit Accounts
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Member Shares
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Rounding
IRS990ScheduleD/TotalBookValueLandBuildingsAmt06514786
IRS990ScheduleD/TotalBookValueProgramRltdAmt060537457
IRS990ScheduleD/TotalLiabilityAmt0195658932
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Credit Union has a single class of Members with equal rights of ownership, governance and voting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Management reviews the tax returns and forwards US Form 8879-EO to tax preparer. Board reviews filed tax returns at next scheduled meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2President/CEO performs annual evaluations of Executive VP and Vice Presidents on their employment anniversary date. In May of each year an evaluation form is mailed to each Board Member with a stamped envelope addressed to the Chairman of the Board. The President/CEO submits to the Salary Committee comparability wage data as found in the MI CU League survey book. The Personnel/Salary Committee holds a meeting in June to discuss the evaluation and wages for President/CEO and all Vice Presidents. The Personnel/Salary Committee submits their recommendations to the Board at the June Board meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Personnel/Salary Committee reviews comparability wage data from MI CU league every June and discusses evaluations and proposed wages for chief executive and all vice presidents, then submits their recommendations to the Board at their June meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Monthly financial statements are posted in all of the Credit Union lobbies. Other governing documents are available for review upon request at 3745 North US 31 South, Traverse City, MI.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Equity Acquired in Merger = $381971
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6The Credit Union's Financial Statements Audit will be performed by independent accountants for the twelve-months ended March 31, 2014.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Other Changes In Net Assets Or Fund Balances - Other Increases
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part XII, Line 2: Change of Oversight or Selection Process
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxableDistributionsInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0210509404
IRS990/TotalAssetsEOYAmt0218300807
IRS990/TotalAssetsGrp/BOYAmt0210509404
IRS990/TotalAssetsGrp/EOYAmt0218300807
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt0145
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt09742358
IRS990/TotalGrossUBIAmt0180043
IRS990/TotalLiabilitiesBOYAmt0190362181
IRS990/TotalLiabilitiesEOYAmt0197583494
IRS990/TotalLiabilitiesGrp/BOYAmt0190362181

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$218,300,807
Liabilities
$197,583,494
Net assets
$20,717,313
Revenue
$11,103,410
Expenses
$9,742,358
Net income
$1,361,052
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1,029$943$85.5$76.3$76.8$0.58
2023Detailed filing. Detailed filing data is available for this year.$1,087$1,004$82.6$72.3$68.2$4.13
2022Detailed filing. Detailed filing data is available for this year.$1,010$934$76.2$56.7$45.2$11.5
2021Detailed filing. Detailed filing data is available for this year.$897$817$80.1$51.9$42.4$9.42
2020Detailed filing. Detailed filing data is available for this year.$742$669$73.4$43.2$36.7$6.51
2019Detailed filing. Detailed filing data is available for this year.$560$495$65.6$39.2$34.4$4.79
2018Detailed filing. Detailed filing data is available for this year.$516$457$59.2$34.3$28.4$5.86
2017Detailed filing. Detailed filing data is available for this year.$489$435$54.1$28.2$24.3$3.97
2016Detailed filing. Detailed filing data is available for this year.$459$409$50.2$25.2$21.2$4.03
2015Detailed filing. Detailed filing data is available for this year.$427$380$46.4$22.5$21.0$1.47
2014Detailed filing. Detailed filing data is available for this year.$228$205$23.1$12.1$10.7$1.34
2013Detailed filing. Detailed filing data is available for this year.$218$198$20.7$11.1$9.74$1.36
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$210$190$20.1$10.8
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$197$178$18.9$11.5
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$186$168$17.7$12.0