Civic Intelligence

Credit Unions Chartered in the State of Michigan

990 • Fiscal year 2019 • EIN 38-1706265

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 17, 2020

402 West Spruce StreetSault Ste Marie, MI 49783

(906) 632-3134

Siviq Scores

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

Liabilities / Assets

66th percentile

0.89x

Higher debt load relative to assets than 66% of similar nonprofits.

2019 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2019

Liabilities / Revenue

26th percentile

14.85x

Higher debt load relative to revenue than 26% of similar nonprofits.

2019 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2019

Net Margin

45th percentile

11%

Higher net margin than 45% of similar nonprofits.

2019 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2019

Top Officer Pay

18th percentile

$73,606

Higher top officer pay than 18% of similar nonprofits.

Top officer pay equals 4.3% of source-year revenue.

2019 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2019

Asset Growth

64th percentile

3.7%

Faster asset growth than 64% of similar nonprofits.

2019 filings • 501(c)14 • $25M-$50M nonprofits • Annualized from 2018 to 2019

Revenue Growth

47th percentile

5.7%

Faster revenue growth than 47% of similar nonprofits.

2019 filings • 501(c)14 • $25M-$50M nonprofits • Annualized from 2018 to 2019

Assets

Up

$28,468,897

Up $1,023,906 (+3.7%) from 2018

Net Assets

Up

$3,272,684

Up $185,089 (+6.0%) from 2018

Liabilities

Up

$25,196,213

Up $838,817 (+3.4%) from 2018

Revenue

Up

$1,697,172

Up $91,501 (+5.7%) from 2018

Expenses

Up

$1,512,083

Up $76,114 (+5.3%) from 2018

Net Income

Up

$185,089

Up $15,387 (+9.1%) from 2018

Historical Trend

Balance Sheet Trend

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

$40M$30M$20M$10M$0Assets 2010: $22,637,169Liabilities 2010: $19,716,042Net Assets 2010: $2,921,1272010Assets 2011: $24,499,191Liabilities 2011: $21,538,483Net Assets 2011: $2,960,7082011Assets 2012: $25,481,173Liabilities 2012: $22,458,273Net Assets 2012: $3,022,9002012Assets 2013: $27,196,360Liabilities 2013: $23,842,886Net Assets 2013: $3,353,4742013Assets 2015: $28,427,538Liabilities 2015: $25,200,044Net Assets 2015: $3,227,4942015Assets 2016: $29,477,628Liabilities 2016: $26,546,556Net Assets 2016: $2,931,0722016Assets 2017: $27,430,399Liabilities 2017: $24,512,506Net Assets 2017: $2,917,8932017Assets 2018: $27,444,991Liabilities 2018: $24,357,396Net Assets 2018: $3,087,5952018Assets 2019: $28,468,897Liabilities 2019: $25,196,213Net Assets 2019: $3,272,6842019Assets 2020: $33,778,426Liabilities 2020: $30,327,431Net Assets 2020: $3,450,9952020Assets 2021: $38,046,639Liabilities 2021: $34,362,334Net Assets 2021: $3,684,3052021Assets 2022: $38,175,294Liabilities 2022: $34,343,795Net Assets 2022: $3,831,4992022Assets 2023: $0Liabilities 2023: $0Net Assets 2023: $02023

Highlighted filing

2019

Assets$28,468,897
Liabilities$25,196,213
Net Assets$3,272,684

Operations Trend

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

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $1,302,4362010Expenses 2011: $1,256,3152011Expenses 2012: $1,284,9572012Revenue 2013: $1,450,450Expenses 2013: $1,352,394Net Income 2013: $98,0562013Revenue 2015: $1,546,448Expenses 2015: $1,556,892Net Income 2015: -$10,4442015Revenue 2016: $1,477,495Expenses 2016: $1,725,062Net Income 2016: -$247,5672016Revenue 2017: $1,548,227Expenses 2017: $1,542,504Net Income 2017: $5,7232017Revenue 2018: $1,605,671Expenses 2018: $1,435,969Net Income 2018: $169,7022018Revenue 2019: $1,697,172Expenses 2019: $1,512,083Net Income 2019: $185,0892019Revenue 2020: $1,727,935Expenses 2020: $1,549,624Net Income 2020: $178,3112020Revenue 2021: $1,798,174Expenses 2021: $1,564,869Net Income 2021: $233,3052021Revenue 2022: $1,839,231Expenses 2022: $1,692,037Net Income 2022: $147,1942022Revenue 2023: $2,107,665Expenses 2023: $1,825,437Net Income 2023: $282,2282023

Highlighted filing

2019

Revenue$1,697,172
Expenses$1,512,083
Net Income$185,089
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 17, 2020
Return Version
2019v5.0
Gross Receipts
$1,697,172
Mission and Program Overview

Mission

Michigan chartered credit union furnishing cooperative financial services to members as provided by public act 285

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$17,802,081$16,391,709▼ $1,410,372
Investments Other Securities$5,850,220$8,630,422▲ $2,780,202
Savings and Temporary Cash Investments$1,371,134$1,022,212▼ $348,922
Land, Buildings, and Equipment, Net$1,043,130$1,000,996▼ $42,134
Cash and Non-Interest-Bearing Accounts$287,195$421,106▲ $133,911
Prepaid Expenses and Deferred Charges$279,427$253,456▼ $25,971
Receivables From Officers Etc$115,127$123,265▲ $8,138
Total Assets$27,444,991$28,468,897▲ $1,023,906
Other Assets Total$696,677$625,731▼ $70,946
Liabilities
Other Liabilities$24,109,772$24,848,445▲ $738,673
Accounts Payable and Accrued Expenses$247,624$347,768▲ $100,144
Total Liabilities$24,357,396$25,196,213▲ $838,817
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,087,595$3,272,684▲ $185,089
Total Net Assets Fund Balance$3,087,595$3,272,684▲ $185,089
Total Liabilities and Net Assets / Fund Balance$27,444,991$28,468,897▲ $1,023,906

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$873,633$265,265-
Land$21,004--
Equipment$29,636$276,505-
Leasehold Improvements$76,723$16,580-
Other Securities$184,151--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Connie ToensingCEOFT$73,606$73,606

Board Members and Trustees

NameTitle
Tom LuomaBoard Presid
Jenny PetermanDirector
Roy NasonDirector
Suzette OlsonDirector
Thomas PinkSecretary
Jeannie MastersonTreasurer
Judith WalshVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,487,104
Investment Income
$201,899
Other Revenue
$8,169
Change in Net Assets
$185,089
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$971,248
Salaries, Compensation, and Employee Benefits$540,835
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$352,019
Office Expenses---$339,430
Fees for Services Other---$149,330
Current Officers, Directors, Trustees, and Key Employees---$73,606
Depreciation Depletion---$65,203
Other Employee Benefits---$63,704
Occupancy---$44,810
Advertising---$43,570
Payroll Taxes---$41,273
Interest---$38,835
Conferences and Meetings---$18,415
Pension Plan Contributions---$10,233
All Other Expenses---$9,042
Other Expenses---$5,979
Fees for Services Legal---$3,278
Total Functional Expenses$0$0$0$1,512,083
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$115,127$123,265▲ $8,138
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Shares$13,164,647
Checking$4,694,814
Preferred Savings$3,398,218
Certificate of Deposit$2,132,541
Club$1,045,577
Ira$400,942
Accrued Interest$10,447
State Income Tax Payable$498
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Business relationship with 35% controlled entity
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

ORGANIZED WITH MEMBERS.

Form 990, Page 6, Part VI, Line 7A

Members are nominated and voted on at the annual meeting.

Form 990, Page 6, Part VI, Line 7B

Organization name change is subject to approval.

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

Ceo reviews 990 prior to filing.

Form 990, Page 6, Part VI, Line 19

Financials are posted in the lobby of all offices and handed out upon request.

Filing and Contact Details

Filer

Filer Name
Chippewa County Credit Union
EIN
38-1706265
Phone
9066323134
Address
402 WEST SPRUCE STREET, SAULT STE MARIE, MI 49783

Signing Officer

Name
Connie Toensing
Title
CEO
Phone
9066323134
Signed
2020-11-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Connie Toensing
Formed
1955
Legal Domicile
Mi
Voting Board Members
7
Independent Board Members
0
Employees
16

Preparer

Firm
Andersontackman & Company Plc
Address
16978 S RILEY AVE, KINCHELOE, MI 49788
Preparer
Amber Mack CPA
Phone
9064955952
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt610447
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt7498
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SHARES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1CHECKING
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2PREFERRED SAVINGS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3CERTIFICATE OF DEPOSIT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4CLUB
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc5IRA
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc6ACCRUED INTEREST
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc7STATE INCOME TAX PAYABLE
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt08181000
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt1265271
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt2184151
IRS990ScheduleD/OtherSecuritiesGrp/Desc0CERTIFICATES OF DEPOSIT
IRS990ScheduleD/OtherSecuritiesGrp/Desc1STOCK BASED INVESTMENTS
IRS990ScheduleD/OtherSecuritiesGrp/Desc2STOCK OWNED BY CREDIT UNION
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd2F
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IRS990ScheduleD/TotalLiabilityAmt024848445
IRS990/ScheduleJRequiredInd0false
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt217749
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt314816
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt49798
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt58859
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt102192
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt111471
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt12874
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd0false
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd1false
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd2false
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd4false
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd12false
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd13false
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd1X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd2X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd3X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd4X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd5X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd6X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd7X
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd9X
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd11X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd12X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd13X
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt1AUTO
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt2AUTO
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt3TRACTOR
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt4SUMMER HOME
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt5VEHICLE
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt6VISA
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt7VISA
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt8CREDIT CARD
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt9CONSOLIDATION
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt10VACANT LAND
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt11VISA LOAN
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt12VISA
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt13VISA
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt032555
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt140034
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt230217
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt316152
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt431000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt511000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt67500
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt712000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt87500
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt93000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt1010400
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt116000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt125000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt1311600
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0CONNIE TOENSING
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm1JENNY PETERMAN
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm2JEANNIE MASTERSON
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm3CONNIE TOENSING
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm4JUDITH WALSH
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm5SUZETTE OLSON
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm6THOMAS PINK
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm7TOM LUOMA
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm8JEANNIE MASTERSON
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm9CONNIE TOENSING
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm10JEANNIE MASTERSON
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm11CONNIE TOENSING
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm12JENNY PETERMAN
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm13ROY NASON
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0CEO
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt1BOARD MEMBER
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt2BOARD MEMBER
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt3CEO
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt4VICE CHAIR
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt5BOARD MEMBER
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt6SECRETARY
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt7BOARD MEMBER
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt8BOARD MEMBER
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt9CEO
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt10BOARD MEMBER
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt11CEO
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt12DIRECTOR
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt13BOARD MEMBER
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd0true
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd1true
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd2true
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd3true

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$2.11$1.83$0.28
2022Detailed filing. Detailed filing data is available for this year.$38.2$34.3$3.83$1.84$1.69$0.15
2021Detailed filing. Detailed filing data is available for this year.$38.0$34.4$3.68$1.80$1.56$0.23
2020Detailed filing. Detailed filing data is available for this year.$33.8$30.3$3.45$1.73$1.55$0.18
2019Detailed filing. Detailed filing data is available for this year.$28.5$25.2$3.27$1.70$1.51$0.19
2018Detailed filing. Detailed filing data is available for this year.$27.4$24.4$3.09$1.61$1.44$0.17
2017Detailed filing. Detailed filing data is available for this year.$27.4$24.5$2.92$1.55$1.54$0.01
2016Detailed filing. Detailed filing data is available for this year.$29.5$26.5$2.93$1.48$1.73$0.25
2015Detailed filing. Detailed filing data is available for this year.$28.4$25.2$3.23$1.55$1.56$0.01
2013Detailed filing. Detailed filing data is available for this year.$27.2$23.8$3.35$1.45$1.35$0.10
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$25.5$22.5$3.02$1.28
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$24.5$21.5$2.96$1.26
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$22.6$19.7$2.92$1.30