Civic Intelligence

Credit Unions Chartered in the State of Michigan

990 • Fiscal year 2018 • EIN 38-1878763

Jan 01, 2018 to Dec 31, 2018 • Filed on May 07, 2019

Organization Profilepreferredcu.org
3767 Sparks Drive SEGrand Rapids, MI 49546

(616) 942-9630

Siviq Scores

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

Liabilities / Assets

20th percentile

0.85x

Higher debt load relative to assets than 20% of similar nonprofits.

2018 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2018

Liabilities / Revenue

16th percentile

13.01x

Higher debt load relative to revenue than 16% of similar nonprofits.

2018 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2018

Net Margin

75th percentile

18%

Higher net margin than 75% of similar nonprofits.

2018 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2018

Top Officer Pay

56th percentile

$214,265

Higher top officer pay than 56% of similar nonprofits.

Top officer pay equals 1.9% of source-year revenue.

2018 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2018

Asset Growth

28th percentile

1.1%

Faster asset growth than 28% of similar nonprofits.

2018 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2017 to 2018

Revenue Growth

36th percentile

8.3%

Faster revenue growth than 36% of similar nonprofits.

2018 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets20th percentile

Assets

Up

$169,072,057

Up $1,812,567 (+1.1%) from 2017

Net Assets

Up

$25,382,745

Up $1,674,013 (+7.1%) from 2017

Liabilities

Up

$143,689,312

Up $138,554 (+0.1%) from 2017

Revenue And Expenses
Liabilities / Revenue16th percentileNet Margin75th percentile

Revenue

Up

$11,044,848

Up $843,233 (+8.3%) from 2017

Expenses

Up

$9,018,605

Up $152,220 (+1.7%) from 2017

Net Income

Up

$2,026,243

Up $691,013 (+52%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth28th percentile

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

$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

2018

Assets$169,072,057
Liabilities$143,689,312
Net Assets$25,382,745
Open 2018 Filing

Operations Trend

Revenue Growth36th percentile

Revenue, expenses, and net income across loaded years, with this 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

2018

Revenue$11,044,848
Expenses$9,018,605
Net Income$2,026,243
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
May 7, 2019
Return Version
2018v3.1
Gross Receipts
$11,044,848
Mission and Program Overview

Mission

Provide financial services and products to members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$107,826,243$113,264,514▲ $5,438,271
Investments in Publicly Traded Securities$34,079,288$29,228,800▼ $4,850,488
Rtn Earn Endowment Incm Other Fnds$23,708,732$25,382,745▲ $1,674,013
Savings and Temporary Cash Investments$12,466,444$13,948,000▲ $1,481,556
Land, Buildings, and Equipment, Net$2,378,829$2,315,565▼ $63,264
Cash and Non-Interest-Bearing Accounts$2,076,687$2,115,332▲ $38,645
Investments Other Securities$1,015,041$1,048,875▲ $33,834
Prepaid Expenses and Deferred Charges$813,110$763,374▼ $49,736
Intangible Assets$411,785$247,071▼ $164,714
Accounts Receivable-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Inventories for Sale or Use-$0-
Total Assets$167,259,490$169,072,057▲ $1,812,567
Other Assets Total$6,192,063$6,140,526▼ $51,537
Liabilities
Other Liabilities$139,473,900$140,538,470▲ $1,064,570
Accounts Payable and Accrued Expenses$4,076,858$3,150,842▼ $926,016
Total Liabilities$143,550,758$143,689,312▲ $138,554
Net Assets / Fund Balance
Total Net Assets Fund Balance$23,708,732$25,382,745▲ $1,674,013
Total Liabilities and Net Assets / Fund Balance$167,259,490$169,072,057▲ $1,812,567

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,484,042$1,577,278$3,061,320
Other Land Buildings$224,143$855,698$1,079,841
Land$607,380-$607,380
Compensation and Service Providers
Top Officer Pay56th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
John YeomansCEOFT$191,420$22,845$214,265
Robert ShaneCOOFT$106,191$22,368$128,559
Cynthia McCombsHrFT$98,394$11,421$109,815
Bev Vander WellCFOFT$74,682$11,930$86,612

Board Members and Trustees

NameTitle
Russ HermanChairman
Yvonne AllesVice Chair
Fred GradisherDirector
Frederick BartlingDirector
Janet KinyonDirector
Thomas PowersDirector
Vicki BrownDirector
Jack GreinerSecretary
Gaylen DemarestTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Co-op Financial ServicesCard Services9692 Haven Ave, Rancho Cucamonga, CA 91730$469,984
CU AnswersData Processing6000 28 St SE Ste 100, Grand Rapids, MI 49546$362,429
Priority HealthEmp Health Insurance1231 East Beltline NE, Grand Rapids, MI 49525-4501$345,256
Redrock Information SecurityIT Services8500 Governors Hill Dr, Symmers Township, OH 45249$201,735
FIS GlobalCard Services11601 Roosevelt Boulevard St, Petersburg, FL 33716$129,861
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$9,708,717
Investment Income
$1,113,744
Other Revenue
$222,387
Change in Net Assets
$2,026,243
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$5,225,302
Salaries, Compensation, and Employee Benefits$3,793,303
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$2,536,715
Office Expenses---$1,853,172
Interest---$541,521
Current Officers, Directors, Trustees, and Key Employees---$429,436
Other Employee Benefits---$366,389
Advertising---$339,386
Occupancy---$310,645
Payroll Taxes---$235,945
Pension Plan Contributions---$224,818
Depreciation Depletion---$167,315
Fees for Services Other---$136,304
All Other Expenses---$110,765
Other Expenses---$93,375
Insurance---$59,158
Conferences and Meetings---$51,800
Fees for Services Accounting---$30,000
Travel---$13,906
Total Functional Expenses$0$0$0$9,018,605
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
Deposit Accounts$87,882,245
Share Accounts$52,656,224
Rounding$1
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
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
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder

“Section 501c(14) Credit Union is composed of members.”

Form 990, Part VI, Line 7A: How Members or Shareholders Elect Governing Body

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

Form 990, Part VI, Line 7B: Describe Decisions of Governing Body Approval by Members or Shareholders

“Mergers are voted on by entire membership.”

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

“Management reviews 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 12C: Explanation of Monitoring and Enforcement of Conflicts

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

“Executive and employee salaries are Board reviewed and approved. Board of directors are not compensated”

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

“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
2019-05-07
Discuss with paid preparer
Yes

Organization Details

Formed
1968
Legal Domicile
Mi
Voting Board Members
11
Independent Board Members
11
Employees
94
Volunteers
9

Preparer

Firm
Financial Standards Group Inc
Address
6447 W HIGHWAY 146, CRESTWOOD, KY 40014
Preparer
Robert Draeger
Phone
8005225820
Raw XML AppendixShowing 400 of 494 raw XML fields

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IRS990/Form990PartVIISectionAGrp/PersonNm0Russ Herman
IRS990/Form990PartVIISectionAGrp/PersonNm1Yvonne Alles
IRS990/Form990PartVIISectionAGrp/PersonNm2Jack Greiner
IRS990/Form990PartVIISectionAGrp/PersonNm3Gaylen Demarest
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IRS990/Form990PartVIISectionAGrp/PersonNm5Thomas Powers
IRS990/Form990PartVIISectionAGrp/PersonNm6Vicki Brown
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IRS990/Form990PartVIISectionAGrp/PersonNm10John Yeomans
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IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt2Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt3Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
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IRS990/InsuranceGrp/TotalAmt059158
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IRS990/IntangibleAssetsGrp/EOYAmt0247071
IRS990/InterestGrp/TotalAmt0541521
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IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt01113744
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IRS990/LandBldgEquipCostOrOtherBssAmt04748541
IRS990/LegalDomicileStateCd0MI
IRS990/LicensedMoreThanOneStateInd0false
IRS990/LoanOutstandingInd0false
IRS990/LocalChaptersInd0true
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0true
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0Provide financial services and products to members.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
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IRS990/NetAssetsOrFundBalancesEOYAmt025382745
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IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetUnrelatedBusTxblIncmAmt08435
IRS990/NetUnrlzdGainsLossesInvstAmt0-352230
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/TotalAmt0310645
IRS990/OfficeExpensesGrp/TotalAmt01853172
IRS990/OfficerMailingAddressInd0false
IRS990/OnBehalfOfIssuerInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OrgFiledInLieuOfForm1041Ind0false
IRS990/OtherAssetsTotalGrp/BOYAmt06192063
IRS990/OtherAssetsTotalGrp/EOYAmt06140526
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0366389
IRS990/OtherExpensesGrp/Desc0Loan Servicing Expense
IRS990/OtherExpensesGrp/Desc1Provision for Loan Losses
IRS990/OtherExpensesGrp/Desc2Core Deposit Intangible Amrt
IRS990/OtherExpensesGrp/Desc3Postage and Shipping
IRS990/OtherExpensesGrp/TotalAmt0720392
IRS990/OtherExpensesGrp/TotalAmt1632849
IRS990/OtherExpensesGrp/TotalAmt2164714
IRS990/OtherExpensesGrp/TotalAmt393375
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IRS990/OtherLiabilitiesGrp/EOYAmt0140538470
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IRS990/OtherRevenueMiscGrp/Desc0Insurance Revenue
IRS990/OtherRevenueMiscGrp/Desc1Non-Member ATM Fees
IRS990/OtherRevenueMiscGrp/Desc2Other Operating Income
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt0114364
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt171597
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0135157
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt115633
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt271597
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt020793
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt115633
IRS990/OtherRevenueTotalAmt0222387
IRS990/OtherSalariesAndWagesGrp/TotalAmt02536715
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0107826243
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0113264514
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/TotalAmt0235945
IRS990/PensionPlanContributionsGrp/TotalAmt0224818
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliciesReferenceChaptersInd0true
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0813110
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0763374
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0522100
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IRS990/ProgramServiceRevenueGrp/Desc0Income from Fines
IRS990/ProgramServiceRevenueGrp/Desc1Interchange Income
IRS990/ProgramServiceRevenueGrp/Desc2Interest on Loans
IRS990/ProgramServiceRevenueGrp/Desc3Other Fees and Charges
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt11206101
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt26031877
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt32344615
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0126124
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt11206101
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt26031877
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt32344615
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 12/31/2018 was 17,304.
IRS990/ProhibitedTaxShelterTransInd0false
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IRS990/PYProgramServiceRevenueAmt09061741
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IRS990/PYSalariesCompEmpBnftPaidAmt03436482
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IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt025382745
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt01577278
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt03061320
IRS990ScheduleD/LandGrp/BookValueAmt0607380
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0607380
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0224143
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0855698
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt01079841
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt087882245
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt11
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt252656224
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Deposit Accounts
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Rounding
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Share Accounts
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt05031
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0John Yeomans
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$169,072,057
Liabilities
$143,689,312
Net assets
$25,382,745
Revenue
$11,044,848
Expenses
$9,018,605
Net income
$2,026,243
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