Civic Intelligence

Credit Unions Chartered in the State of Michigan

990 • Fiscal year 2013 • EIN 38-1603612

Jan 01, 2013 to Dec 31, 2013 • Filed on May 12, 2014

4111 Fort StreetFerndale, MI 48146

(313) 386-9220

Siviq Scores

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

Liabilities / Assets

86th percentile

0.92x

Higher debt load relative to assets than 86% of similar nonprofits.

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

Liabilities / Revenue

93rd percentile

27.47x

Higher debt load relative to revenue than 93% of similar nonprofits.

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

Net Margin

41st percentile

6.9%

Higher net margin than 41% of similar nonprofits.

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

Top Officer Pay

31st percentile

$112,903

Higher top officer pay than 31% of similar nonprofits.

Top officer pay equals 3.7% of source-year revenue.

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

Asset Growth

25th percentile

-0.4%

Faster asset growth than 25% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M 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

Assets

Down

$91,891,722

Down $357,284 (-0.4%) from 2012

Net Assets

Down

$7,435,058

Down $1,561,789 (-17%) from 2012

Liabilities

Up

$84,456,664

Up $1,204,505 (+1.4%) from 2012

Revenue

$3,074,618

No earlier filing loaded for comparison.

Expenses

Down

$2,861,413

Down $504,308 (-15%) from 2012

Net Income

$213,205

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$100M$50M$0Assets 2010: $86,300,294Liabilities 2010: $78,891,411Net Assets 2010: $7,408,8832010Assets 2011: $91,816,652Liabilities 2011: $83,166,191Net Assets 2011: $8,650,4612011Assets 2012: $92,249,006Liabilities 2012: $83,252,159Net Assets 2012: $8,996,8472012Assets 2013: $91,891,722Liabilities 2013: $84,456,664Net Assets 2013: $7,435,0582013Assets 2014: $92,704,524Liabilities 2014: $84,773,003Net Assets 2014: $7,931,5212014Assets 2016: $0Liabilities 2016: $0Net Assets 2016: $02016

Highlighted filing

2013

Assets$91,891,722
Liabilities$84,456,664
Net Assets$7,435,058

Operations Trend

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

$4.0M$2.0M$0-$2.0MExpenses 2010: $3,775,9902010Expenses 2011: $3,497,4752011Expenses 2012: $3,365,7212012Revenue 2013: $3,074,618Expenses 2013: $2,861,413Net Income 2013: $213,2052013Revenue 2014: $2,874,545Expenses 2014: $2,852,540Net Income 2014: $22,0052014Revenue 2016: $1,123,786Expenses 2016: $1,383,403Net Income 2016: -$259,6172016

Highlighted filing

2013

Revenue$3,074,618
Expenses$2,861,413
Net Income$213,205
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
May 12, 2014
Return Version
2013v3.0
Gross Receipts
$6,567,693
Mission and Program Overview

Mission

To meet the financial goals of our members with progressive products and services.

To provide financial services to member owners with a common bond.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$58,190,775$60,991,107▲ $2,800,332
Other Notes and Loans Receivable, Net$21,098,551$22,239,933▲ $1,141,382
Rtn Earn Endowment Incm Other Fnds$8,996,847$7,435,058▼ $1,561,789
Investments Program Related$7,673,494$3,188,869▼ $4,484,625
Land, Buildings, and Equipment, Net$2,413,808$2,362,562▼ $51,246
Cash and Non-Interest-Bearing Accounts$1,589,724$1,696,864▲ $107,140
Prepaid Expenses and Deferred Charges$130,492$117,189▼ $13,303
Accounts Receivable$8,314$99,647▲ $91,333
Savings and Temporary Cash Investments-$30-
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$92,249,006$91,891,722▼ $357,284
Other Assets Total$1,143,848$1,195,521▲ $51,673
Liabilities
Other Liabilities$83,075,618$84,301,854▲ $1,226,236
Accounts Payable and Accrued Expenses$176,541$154,810▼ $21,731
Total Liabilities$83,252,159$84,456,664▲ $1,204,505
Net Assets / Fund Balance
Total Net Assets Fund Balance$8,996,847$7,435,058▼ $1,561,789
Total Liabilities and Net Assets / Fund Balance$92,249,006$91,891,722▼ $357,284

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,545,899$1,230,004$2,775,903
Equipment$128,363$628,794$757,157
Land$688,300-$688,300
Other Land Buildings$0$0$0
Leasehold Improvements$0$0$0
Other Securities$18,873,622--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Lisa CookPresident/CEOFT$105,179$7,724$112,903
Karen ToffoliVice President/CFOFT$70,149$17,053$87,202

Board Members and Trustees

NameTitle
Mark GrazioliChairperson
Caroline BarrettVice Chairperson
Ann HartmanDirector
Christine Dowhan-BaileyDirector
John KettlerDirector
Mary DowDirector
Mary SissenDirector
Robert LePageDirector
Mary Ellen CarusoSecretary/Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,740,641
Investment Income
$1,333,977
Other Revenue
$0
Change in Net Assets
$213,205

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,074,676
Revenue Not Reported on Financial Statements
$-58
Revenue Not Reported on Form 990
$-1
Other Revenue Adjustments
$-58
Total Revenue per Audited Statements
$3,074,675
Total Revenue per Form 990
$3,074,618
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,443,567
Other Expenses$1,417,846
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$988,794
Office Expenses---$420,069
Interest---$216,843
Occupancy---$212,387
Current Officers, Directors, Trustees, and Key Employees---$200,105
Information Technology---$190,359
Other Employee Benefits---$123,671
Depreciation Depletion---$119,433
Insurance---$104,235
Payroll Taxes---$95,881
Pension Plan Contributions---$35,116
Fees for Services Accounting---$25,164
Advertising---$25,138
Fees for Services Other---$18,822
Fees for Services Legal---$12,588
Conferences and Meetings---$7,129
Other Expenses---$7,059
Fees for Service Investment Mgmnt Fees---$97
All Other Expenses---$-7,328
Total Functional Expenses$0$0$0$2,861,413

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,861,471
Expenses per Audited Statements$2,861,413
Total Expenses per Form 990$2,861,413
Expenses Not Reported on Form 990$58
Expenses Not Reported on Financial Statements$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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Shares$84,301,854
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
Yes
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 4

The Credit Union's Field of Membership was expanded to include Wayne and Monroe counties.

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

The Board of Directors is elected by the membership at the annual meeting. Each Board Member is elected for a three year term.

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

Changes to the Credit Union by-laws must be approved by the members after they have been approved by the Board of Directors and the regulatory agency.

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

A review is conducted by the President/CEO for complete accuracy prior to submission to the IRS. The Board Chairman reviews prior to E Filing and then the returns are made available to the Board of Directors for review.

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

Disclosure is required when any conflict of interest occur and there is continuous review.

Form 990, Part VI, Section B, Line 15

The Compensation Committee uses the Michigan Credit Union League Salary Survey (Compease) to help determine salary for the President/CEO and the Vice President/CFO and makes recommendations to the Board of Directors. All compensation and bonuses are approved by the Board of Directors. This process of determining compensation was last completed in 2013.

Form 990, Part VI, Section C, Line 19

Financial Statements are posted in the Credit Union lobby. Other documents and policies are available for review upon request.

Filing and Contact Details

Filer

EIN
38-1603612
Phone
3133869220

Signing Officer

Name
Lisa M Cook
Title
President/CEO
Phone
7346753720
Signed
2014-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lisa M Cook
Formed
1957
Legal Domicile
Mi
Voting Board Members
9
Independent Board Members
9
Employees
42
Volunteers
9

Preparer

Preparer
Julia Lynn Rust
Phone
5862961155
Supplemental Narrative

Financial Statement Notes

Schedule D, Part XI, Line 2D

Rounding: $-1.

Schedule D, Part XI, Line 4B

Loss on Sale of Fixed Assets included in Revenue on 990, Expense on Financial Statements: $-58.

Schedule D, Part XII, Line 2D

Loss on Sale of Fixed Assets included in Revenue on 990, Expenses on Financial Statements: $58.

Raw XML AppendixShowing 400 of 466 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/Desc0Loan Interest
IRS990/ProgramServiceRevenueGrp/Desc1Fees & Miscellaneous Income
IRS990/ProgramServiceRevenueGrp/ExclusionAmt00
IRS990/ProgramServiceRevenueGrp/ExclusionAmt10
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt01085422
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1621792
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01085422
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1655219
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt133427
IRS990/ProgSrvcAccomActy2Grp/Desc0Provide 1,889 loans including Real Estate, New and Used Vehicles, Recreational Vehicles and Signature.
IRS990/ProgSrvcAccomActy3Grp/Desc0Offer ATM services, Money Orders, Check Cashing, Travelers Checks, Safety Deposit Boxes and Various insurance programs.
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt01682774
IRS990/PYOtherExpensesAmt01840803
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt01899897
IRS990/PYRevenuesLessExpensesAmt0216950
IRS990/PYSalariesCompEmpBnftPaidAmt01524918
IRS990/PYTotalExpensesAmt03365721
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt03582671
IRS990/ReconcilationRevenueExpnssAmt0213205
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd01
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt00
IRS990/RoyaltiesRevenueGrp/ExclusionAmt00
IRS990/RoyaltiesRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RoyaltiesRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt08996847
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt07435058
IRS990/SavingsAndTempCashInvstGrp/EOYAmt030
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt01545899
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01230004
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt02775903
IRS990ScheduleD/DonatedServicesAndUseFcltsAmt00
IRS990ScheduleD/DonatedServicesUseFcltsAmt00
IRS990ScheduleD/EquipmentGrp/BookValueAmt0128363
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0628794
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0757157
IRS990ScheduleD/ExpensesNotReportedAmt058
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02861413
IRS990ScheduleD/InvestmentExpensesNotIncld2Amt00
IRS990ScheduleD/InvestmentExpensesNotIncldAmt00
IRS990ScheduleD/LandGrp/BookValueAmt0688300
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0688300
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/LossesReportedAmt00
IRS990ScheduleD/NetUnrealizedGainsInvstAmt00
IRS990ScheduleD/OtherExpensesIncludedAmt058
IRS990ScheduleD/OtherExpensesNotIncludedAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt084301854
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Member Shares
IRS990ScheduleD/OtherRevenueAmt0-1
IRS990ScheduleD/OtherRevenuesNotIncludedAmt0-58
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt042117485
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt118873622
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Government Investments
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Certificates of Deposit
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1F
IRS990ScheduleD/PriorYearAdjustmentsAmt00
IRS990ScheduleD/RecoveriesPriorYearGrantsAmt00
IRS990ScheduleD/RevenueNotReportedAmt0-1
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt0-58
IRS990ScheduleD/RevenueSubtotalAmt03074676
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Rounding: $-1.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Loss on Sale of Fixed Assets included in Revenue on 990, Expense on Financial Statements: $-58.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2Loss on Sale of Fixed Assets included in Revenue on 990, Expenses on Financial Statements: $58.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part XI, Line 2d
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule D, Part XI, Line 4b
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2Schedule D, Part XII, Line 2d
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02362562
IRS990ScheduleD/TotalBookValueSecuritiesAmt060991107
IRS990ScheduleD/TotalExpensesPerForm990Amt02861413
IRS990ScheduleD/TotalLiabilityAmt084301854
IRS990ScheduleD/TotalRevenuePerForm990Amt03074618
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03074675
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02861471
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Credit Union's Field of Membership was expanded to include Wayne and Monroe counties.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The Credit Union has a single class of members with equal rights of ownership, governance and voting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The Board of Directors is elected by the membership at the annual meeting. Each Board Member is elected for a three year term.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Changes to the Credit Union by-laws must be approved by the members after they have been approved by the Board of Directors and the regulatory agency.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4A review is conducted by the President/CEO for complete accuracy prior to submission to the IRS. The Board Chairman reviews prior to E Filing and then the returns are made available to the Board of Directors for review.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Disclosure is required when any conflict of interest occur and there is continuous review.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6The Compensation Committee uses the Michigan Credit Union League Salary Survey (Compease) to help determine salary for the President/CEO and the Vice President/CFO and makes recommendations to the Board of Directors. All compensation and bonuses are approved by the Board of Directors. This process of determining compensation was last completed in 2013.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7Financial Statements are posted in the Credit Union lobby. Other documents and policies are available for review upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, Line 4
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, Line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section A, Line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section A, Line 7b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Section B, Line 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part VI, Section C, Line 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt092249006
IRS990/TotalAssetsEOYAmt091891722
IRS990/TotalAssetsGrp/BOYAmt092249006
IRS990/TotalAssetsGrp/EOYAmt091891722
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt042
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt02861413

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