Civic Intelligence

Norway Community Credit Union

EIN 38-1627344 • 501(c)14

Profile

Loans and related services to credit union members

PO Box 18549870

www.norwayccu.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

87th percentile

0.91x

Higher debt load relative to assets than 87% of similar nonprofits.

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

Liabilities / Revenue

65th percentile

21.00x

Higher debt load relative to revenue than 65% of similar nonprofits.

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

Net Margin

23rd percentile

-5.6%

Higher net margin than 23% of similar nonprofits.

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

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

35th percentile

-2.7%

Faster asset growth than 35% of similar nonprofits.

501(c)14 • $10M-$25M 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 / Assets87th percentile

Assets

Down

$13,175,174

Down $361,797 (-2.7%) from 2012

Liabilities

Down

$12,021,540

Down $329,772 (-2.7%) from 2012

Net Assets

Down

$1,153,634

Down $32,025 (-2.7%) from 2012

Operations
Liabilities / Revenue65th percentileNet Margin23rd percentile

Revenue

$572,377

No earlier filing loaded for comparison.

Expenses

Down

$604,402

Down $473 (-0.1%) from 2012

Net Income

-$32,025

No earlier filing loaded for comparison.

Trend Graphs

Balance Sheet Trend

Asset Growth35th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$15M$10M$5.0M$0Assets 2010: $12,501,968Liabilities 2010: $11,283,015Net Assets 2010: $1,218,9532010Assets 2011: $13,165,896Liabilities 2011: $11,966,701Net Assets 2011: $1,199,1952011Assets 2012: $13,536,971Liabilities 2012: $12,351,312Net Assets 2012: $1,185,6592012Assets 2013: $13,175,174Liabilities 2013: $12,021,540Net Assets 2013: $1,153,6342013

Highlighted filing

2013

Assets$13,175,174
Liabilities$12,021,540
Net Assets$1,153,634
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income by year, with the latest filing highlighted.

$800K$600K$400K$200K$0-$200KExpenses 2010: $644,7262010Expenses 2011: $611,7702011Expenses 2012: $604,8752012Revenue 2013: $572,377Expenses 2013: $604,402Net Income 2013: -$32,0252013

Highlighted filing

2013

Revenue$572,377
Expenses$604,402
Net Income-$32,025
Open 2013 Filing

Filings

Most recent year

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

Open filing
Assets
$13,175,174
Liabilities
$12,021,540
Net assets
$1,153,634
Revenue
$572,377
Expenses
$604,402
Net income
-$32,025
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2013Detailed filing. Detailed filing data is available for this year.$13.2$12.0$1.15$0.57$0.60$0.03
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.5$12.4$1.19$0.60
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.2$12.0$1.20$0.61
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.5$11.3$1.22$0.64
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Nov 14, 2014
Return Version
2013v3.1
Gross Receipts
$572,377
Mission and Program Overview

Mission

Loans and related services to credit union members

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$6,876,100$7,497,441▲ $621,341
Investments Other Securities$4,354,393$3,420,118▼ $934,275
Rtn Earn Endowment Incm Other Fnds$1,185,659$1,153,634▼ $32,025
Cash and Non-Interest-Bearing Accounts$1,205,946$1,127,184▼ $78,762
Land, Buildings, and Equipment, Net$574,024$565,837▼ $8,187
Receivables From Officers Etc$310,673$351,567▲ $40,894
Prepaid Expenses and Deferred Charges$73,973$62,959▼ $11,014
Total Assets$13,536,971$13,175,174▼ $361,797
Other Assets Total$141,862$150,068▲ $8,206
Liabilities
Other Liabilities$12,323,136$11,855,535▼ $467,601
Accounts Payable and Accrued Expenses$28,176$166,005▲ $137,829
Total Liabilities$12,351,312$12,021,540▼ $329,772
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,185,659$1,153,634▼ $32,025
Total Liabilities and Net Assets / Fund Balance$13,536,971$13,175,174▼ $361,797

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$309,308$75,370$384,678
Equipment$147,579$213,865$361,444
Land$108,950-$108,950
Other Securities$75,000--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseTotal
Michele FreemanCEOFT$60,000$60,000

Board Members and Trustees

NameTitle
Arden BrodenChairman
Gerald KaminskiVice-chair
Don CharlevoixDirector
Elmer AlexandersonDirector
Joe LoriDirector
Jeff ChurchSecretary
Cheryl BoucheTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$513,024
Investment Income
$44,467
Other Revenue
$14,886
Change in Net Assets
$-32,025
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$361,620
Salaries, Compensation, and Employee Benefits$242,782
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$127,620
Fees for Services Other---$75,482
Current Officers, Directors, Trustees, and Key Employees---$60,000
Occupancy---$38,066
Depreciation Depletion---$37,069
Other Employee Benefits---$31,462
Insurance---$28,210
Office Expenses---$27,696
Payroll Taxes---$20,608
Interest---$15,923
Conferences and Meetings---$13,500
Advertising---$10,967
All Other Expenses---$10,547
Information Technology---$8,651
Other Expenses---$6,418
Fees for Services Accounting---$4,727
Pension Plan Contributions---$3,092
Total Functional Expenses$0$0$0$604,402
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 Officers, Directors, Trustees, and Key Employees$310,673$351,567▲ $40,894
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Deposits$11,855,535
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
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, Page 6, Part VI, Line 7A

“Elected by credit union members”

Form 990, Page 6, Part VI, Line 11B

“The ceo reviews the form 990 and compares it to the original information given to the tax preparer. A copy is maintained by the credit union for board members to review.”

Form 990, Page 6, Part VI, Line 12C

“Board reviews any disclosed potential conflicts of interest. The affected board member would then abstain from any vote related to the potential conflict.”

Form 990, Page 6, Part VI, Line 15A

“Board is given a compensation review that is done by the michigan credit union league. It includes compensation information on all michigan credit unions”

Form 990, Page 6, Part VI, Line 15B

“REVIEWED BY CEO.”

Form 990, Page 6, Part VI, Line 19

“Governing documents, conflict of interest policy and financial statements are available by calling the main office or any branch. Financial statements are also posted monthly at the physical offices of the credit union. Contact information is available in phone books, on its website and on monthly member statements.”

Filing and Contact Details

Filer

EIN
38-1627344
Phone
9065638616

Signing Officer

Name
Raymond J Theoret
Title
CEO
Phone
9065638616
Signed
2014-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Raymond J Theoret
Formed
1959
Legal Domicile
Mi
Voting Board Members
8
Independent Board Members
8
Employees
10
Volunteers
8

Preparer

Preparer
Kristine P Berhow CPA
Phone
9067863111
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Examination and supervisory 6,360 0 0 data processing 69,122 0 0”

Raw XML Appendix348 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE CEO REVIEWS THE FORM 990 AND COMPARES IT TO THE ORIGINAL INFORMATION GIVEN TO THE TAX PREPARER. A COPY IS MAINTAINED BY THE CREDIT UNION FOR BOARD MEMBERS TO REVIEW.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3BOARD IS GIVEN A COMPENSATION REVIEW THAT IS DONE BY THE MICHIGAN CREDIT UNION LEAGUE. IT INCLUDES COMPENSATION INFORMATION ON ALL MICHIGAN CREDIT UNIONS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4REVIEWED BY CEO.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE BY CALLING THE MAIN OFFICE OR ANY BRANCH. FINANCIAL STATEMENTS ARE ALSO POSTED MONTHLY AT THE PHYSICAL OFFICES OF THE CREDIT UNION. CONTACT INFORMATION IS AVAILABLE IN PHONE BOOKS, ON ITS WEBSITE AND ON MONTHLY MEMBER STATEMENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6EXAMINATION AND SUPERVISORY 6,360 0 0 DATA PROCESSING 69,122 0 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART IX, LINE 11G
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IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt013536971
IRS990/TotalAssetsEOYAmt013175174
IRS990/TotalAssetsGrp/BOYAmt013536971
IRS990/TotalAssetsGrp/EOYAmt013175174
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt010
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0604402
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt012351312
IRS990/TotalLiabilitiesEOYAmt012021540
IRS990/TotalLiabilitiesGrp/BOYAmt012351312
IRS990/TotalLiabilitiesGrp/EOYAmt012021540
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01185659
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01153634
IRS990/TotalProgramServiceRevenueAmt0513024
IRS990/TotalReportableCompFromOrgAmt060000
IRS990/TotalRevenueGrp/ExclusionAmt059353
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0513024
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0572377
IRS990/TotalVolunteersCnt08
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt013536971
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt013175174
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine10PO BOX 185
IRS990/USAddress/City0KINGSFORD
IRS990/USAddress/State0MI
IRS990/USAddress/ZIPCode049802
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WebsiteAddressTxt0WWW.NORWAYCCU.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02015-11-30 17:44:51Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0RAYMOND J THEORET
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum09065638616
ReturnHeader/BusinessOfficerGrp/SignatureDt02014-11-14
ReturnHeader/Filer/BusinessName/BusinessNameLine10NORWAY COMMUNITY CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0NORW
ReturnHeader/Filer/EIN0381627344
ReturnHeader/Filer/PhoneNum09065638616
ReturnHeader/Filer/USAddress/AddressLine10PO BOX 185
ReturnHeader/Filer/USAddress/City0NORWAY
ReturnHeader/Filer/USAddress/State0MI
ReturnHeader/Filer/USAddress/ZIPCode049870
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0381977929
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine10ANDERSON TACKMAN & COMPANY PLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine10901 LUDINGTON STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/City0ESCANABA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/State0MI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCode049829
ReturnHeader/PreparerPersonGrp/PhoneNum09067863111
ReturnHeader/PreparerPersonGrp/PreparationDt02014-11-18
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0KRISTINE P BERHOW CPA
ReturnHeader/ReturnTs02014-11-18T15:37:50-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02013-01-01
ReturnHeader/TaxPeriodEndDt02013-12-31
ReturnHeader/TaxYr02013

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