Civic Intelligence

Preferred Credit Union

EIN 38-1878763 • 501(c)14 • Grand Rapids, MI

Profile

Provide financial services and products to members.

3767 Sparks Drive SEGrand Rapids, MI 49546

preferredcu.org

Siviq Scores

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

Liabilities / Assets

19th percentile

0.87x

Higher debt load relative to assets than 19% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Source year 2025

Liabilities / Revenue

28th percentile

13.26x

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

501(c)14 • $250M-$1B nonprofits • Source year 2025

Net Margin

81st percentile

17%

Higher net margin than 81% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Source year 2025

Top Officer Pay

30th percentile

$360,416

Higher top officer pay than 30% of similar nonprofits.

Top officer pay equals 1.8% of source-year revenue.

501(c)14 • $250M-$1B nonprofits • Source year 2025

Asset Growth

75th percentile

6.4%

Faster asset growth than 75% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Annualized from 2024 to 2025

Revenue Growth

34th percentile

9.0%

Faster revenue growth than 34% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets19th percentile

Assets

Up

$289,414,543

Up $20,864,855 (+7.8%) from 2023

Liabilities

Up

$255,113,903

Up $16,583,101 (+7.0%) from 2023

Net Assets

Up

$34,300,640

Up $4,281,754 (+14%) from 2023

Operations
Liabilities / Revenue28th percentileNet Margin81st percentile

Revenue

Up

$18,475,658

Up $2,720,415 (+17%) from 2023

Expenses

Up

$15,678,436

Up $2,707,340 (+21%) from 2023

Net Income

Up

$2,797,222

Up $13,075 (+0.5%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth75th percentile

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

$300M$200M$100M$0Assets 2010: $73,346,614Liabilities 2010: $49,275,219Net Assets 2010: $24,071,3952010Assets 2011: $79,298,659Liabilities 2011: $70,380,199Net Assets 2011: $8,918,4602011Assets 2012: $88,573,528Liabilities 2012: $78,460,572Net Assets 2012: $10,112,9562012Assets 2014: $153,958,913Liabilities 2014: $134,959,318Net Assets 2014: $18,999,5952014Assets 2015: $162,327,198Liabilities 2015: $141,628,774Net Assets 2015: $20,698,4242015Assets 2016: $162,194,518Liabilities 2016: $139,900,838Net Assets 2016: $22,293,6802016Assets 2017: $167,259,490Liabilities 2017: $143,550,758Net Assets 2017: $23,708,7322017Assets 2018: $169,072,057Liabilities 2018: $143,689,312Net Assets 2018: $25,382,7452018Assets 2019: $179,278,471Liabilities 2019: $150,679,996Net Assets 2019: $28,598,4752019Assets 2020: $221,706,455Liabilities 2020: $190,963,209Net Assets 2020: $30,743,2462020Assets 2021: $256,758,284Liabilities 2021: $225,581,197Net Assets 2021: $31,177,0872021Assets 2022: $259,754,679Liabilities 2022: $235,216,574Net Assets 2022: $24,538,1052022Assets 2023: $268,549,688Liabilities 2023: $238,530,802Net Assets 2023: $30,018,8862023Assets 2024: $289,414,543Liabilities 2024: $255,113,903Net Assets 2024: $34,300,6402024

Highlighted filing

2024

Assets$289,414,543
Liabilities$255,113,903
Net Assets$34,300,640
Open 2024 Filing

Operations Trend

Revenue Growth34th percentile

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

$20M$15M$10M$5.0M$0Expenses 2010: $5,120,5122010Expenses 2011: $4,673,5892011Expenses 2012: $4,298,9112012Revenue 2014: $8,651,641Expenses 2014: $7,299,923Net Income 2014: $1,351,7182014Revenue 2015: $9,314,896Expenses 2015: $7,556,372Net Income 2015: $1,758,5242015Revenue 2016: $9,637,218Expenses 2016: $7,701,556Net Income 2016: $1,935,6622016Revenue 2017: $10,201,615Expenses 2017: $8,866,385Net Income 2017: $1,335,2302017Revenue 2018: $11,044,848Expenses 2018: $9,018,605Net Income 2018: $2,026,2432018Revenue 2019: $11,868,278Expenses 2019: $9,595,139Net Income 2019: $2,273,1392019Revenue 2020: $11,490,837Expenses 2020: $10,278,993Net Income 2020: $1,211,8442020Revenue 2021: $12,104,204Expenses 2021: $9,832,169Net Income 2021: $2,272,0352021Revenue 2022: $13,405,718Expenses 2022: $10,625,196Net Income 2022: $2,780,5222022Revenue 2023: $15,755,243Expenses 2023: $12,971,096Net Income 2023: $2,784,1472023Revenue 2024: $18,475,658Expenses 2024: $15,678,436Net Income 2024: $2,797,2222024

Highlighted filing

2024

Revenue$18,475,658
Expenses$15,678,436
Net Income$2,797,222
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$289,414,543
Liabilities
$255,113,903
Net assets
$34,300,640
Revenue
$18,475,658
Expenses
$15,678,436
Net income
$2,797,222
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$289$255$34.3$18.5$15.7$2.80
2023Detailed filing. Detailed filing data is available for this year.$269$239$30.0$15.8$13.0$2.78
2022Detailed filing. Detailed filing data is available for this year.$260$235$24.5$13.4$10.6$2.78
2021Detailed filing. Detailed filing data is available for this year.$257$226$31.2$12.1$9.83$2.27
2020Detailed filing. Detailed filing data is available for this year.$222$191$30.7$11.5$10.3$1.21
2019Detailed filing. Detailed filing data is available for this year.$179$151$28.6$11.9$9.60$2.27
2018Detailed filing. Detailed filing data is available for this year.$169$144$25.4$11.0$9.02$2.03
2017Detailed filing. Detailed filing data is available for this year.$167$144$23.7$10.2$8.87$1.34
2016Detailed filing. Detailed filing data is available for this year.$162$140$22.3$9.64$7.70$1.94
2015Detailed filing. Detailed filing data is available for this year.$162$142$20.7$9.31$7.56$1.76
2014Detailed filing. Detailed filing data is available for this year.$154$135$19.0$8.65$7.30$1.35
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$88.6$78.5$10.1$4.30
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$79.3$70.4$8.92$4.67
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$73.3$49.3$24.1$5.12
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Apr 3, 2025
Return Version
2024v5.1
Gross Receipts
$18,475,658
Mission and Program Overview

Mission

Provide financial services and products to members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$147,249,236$149,777,722▲ $2,528,486
Investments in Publicly Traded Securities$76,061,304$78,818,100▲ $2,756,796
Savings and Temporary Cash Investments$24,743,601$41,172,965▲ $16,429,364
Rtn Earn Endowment Incm Other Fnds$30,018,886$34,300,640▲ $4,281,754
Investments Other Securities$11,760,315$10,765,379▼ $994,936
Cash and Non-Interest-Bearing Accounts$2,885,753$2,627,278▼ $258,475
Land, Buildings, and Equipment, Net$2,330,518$2,331,900▲ $1,382
Accounts Receivable-$273,144-
Prepaid Expenses and Deferred Charges$421,955$233,563▼ $188,392
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$268,549,688$289,414,543▲ $20,864,855
Other Assets Total$3,097,006$3,414,492▲ $317,486
Liabilities
Other Liabilities$232,505,290$253,736,901▲ $21,231,611
Accounts Payable and Accrued Expenses$6,025,512$1,377,002▼ $4,648,510
Total Liabilities$238,530,802$255,113,903▲ $16,583,101
Net Assets / Fund Balance
Total Net Assets Fund Balance$30,018,886$34,300,640▲ $4,281,754
Total Liabilities and Net Assets / Fund Balance$268,549,688$289,414,543▲ $20,864,855

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$1,346,596$2,026,517$3,373,113
Buildings$571,837$1,214,219$1,786,056
Land$413,467-$413,467
Compensation and Service Providers
Top Officer Pay30th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
John YeomansCEOFT$263,060$69,123$338,243
Bev Vander WellCFOFT$129,314$51,541$180,855
Bryan KaylorCOOFT$123,792$54,975$178,767
Christine PrattVice PresidentFT$105,650$56,257$161,907
Cynthia MccombsHuman Resources DirectorFT$75,235$81,175$150,350
Dorothy MillerVice PresidentFT$122,816$17,378$140,194
Rhonda HarringtonVice PresidentFT$105,198$8,438$113,636

Board Members and Trustees

NameTitle
Russell HermanChairman
Fred GradisherDirector
Thomas PowersDirector
Vicki BrownDirector
Yvonne AllesDirector
Frederick BartlingSecretary
Gaylen DemarestTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Co-op Financial ServicesCard Services9692 Haven Ave, Rancho Cucamonga, CA 91730$1,034,784
CuanswersData Processing6000 28TH ST SE, Grand Rapids, MI 49546$558,530
Blue Care NetworkHealth InsurancePO BOX 33608, Detroit, MI 48232-5608$456,213
Haberfeld Accelerating GrowthConsulting & Advertising206 S 13TH ST SUITE 1500, Lincoln, NE 68508$268,870
RedRock Information SecurityIt Services1101 40th St SE, Grand Rapids, MI 49508$262,060
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$14,725,430
Investment Income
$3,750,228
Other Revenue
$0
Change in Net Assets
$2,797,222
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$9,745,036
Salaries, Compensation, and Employee Benefits$5,933,400
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$3,437,501
Interest---$3,267,603
Office Expenses---$2,324,066
Current Officers, Directors, Trustees, and Key Employees---$1,113,602
Information Technology---$644,494
Other Employee Benefits---$538,246
Pension Plan Contributions---$503,032
Advertising---$497,197
Occupancy---$441,285
Payroll Taxes---$341,019
Depreciation Depletion---$195,216
Other Expenses---$95,414
Insurance---$58,854
All Other Expenses---$40,800
Payments to Affiliates---$14,582
Travel---$8,451
Total Functional Expenses$0$0$0$15,678,436
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-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Shares$249,477,605
Other Liabilities$4,259,296
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 35% controlled entity
No
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 number of directors was changed from 7 to 10, this required a bylaw change.”

Form 990, Part VI, Section A, Line 6

“Section 501c14 credit union is composed of members”

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

“Members vote on bylaw and charter changes. Members vote and elect board members at annual meeting”

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

“Mergers are voted on by entire membership.”

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

“Management reviews tax returns and forwards us form 8879-te to tax preparer. Board reviews filed tax returns at next scheduled meeting.”

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

“Employee loans are management approved. Management loans are board approved. Loans to board members are approved by the board minus the lendee.”

Form 990, Part VI, Section B, Line 15A

“A survey of industry standards is done of comparable sized CU's. Individual level of experience is also a consideration. BOARD OF DIRECTORS ARE NOT COMPENSATED”

Form 990, Part VI, Section B, Line 15B

“A survey of industry standards is done of comparable sized CU's. Individual level of experience is also a consideration.”

Form 990, Part VI, Section C, Line 19

“Credit union bylaws and conflict of interest policy are available upon request at the credit union's main office. Quarterly financial statements are displayed in the lobby which is accessible to the general public. Quarterly financial performance call reports are also available at www.ncua.gov for all federally insured credit unions.”

Filing and Contact Details

Filer

Filer Name
Preferred Credit Union
EIN
38-1878763
Phone
6169429630
Address
3767 SPARKS DRIVE SE, GRAND RAPIDS, MI 49546

Signing Officer

Name
John Yeomans
Title
CEO
Signed
2025-04-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Yeomans
Formed
1968
Legal Domicile
Mi
Voting Board Members
10
Independent Board Members
10
Employees
90
Volunteers
10

Preparer

Firm
Financial Standards Group Inc
Address
6447 W HIGHWAY 146, CRESTWOOD, KY 40014
Preparer
Donald E Lingerfelt
Phone
8005225820
Raw XML AppendixShowing 400 of 518 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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