Civic Intelligence

Credit Unions Chartered in the State of Michigan

990 • Fiscal year 2019 • EIN 38-1878763

Jan 01, 2019 to Dec 31, 2019 • Filed on Mar 13, 2020

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

18th percentile

0.84x

Higher debt load relative to assets than 18% of similar nonprofits.

2019 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2019

Liabilities / Revenue

18th percentile

12.70x

Higher debt load relative to revenue than 18% of similar nonprofits.

2019 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2019

Net Margin

76th percentile

19%

Higher net margin than 76% of similar nonprofits.

2019 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2019

Top Officer Pay

71st percentile

$263,986

Higher top officer pay than 71% of similar nonprofits.

Top officer pay equals 2.2% of source-year revenue.

2019 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2019

Asset Growth

68th percentile

6.0%

Faster asset growth than 68% of similar nonprofits.

2019 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2018 to 2019

Revenue Growth

43rd percentile

7.5%

Faster revenue growth than 43% of similar nonprofits.

2019 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2018 to 2019

Assets

Up

$179,278,471

Up $10,206,414 (+6.0%) from 2018

Net Assets

Up

$28,598,475

Up $3,215,730 (+13%) from 2018

Liabilities

Up

$150,679,996

Up $6,990,684 (+4.9%) from 2018

Revenue

Up

$11,868,278

Up $823,430 (+7.5%) from 2018

Expenses

Up

$9,595,139

Up $576,534 (+6.4%) from 2018

Net Income

Up

$2,273,139

Up $246,896 (+12%) from 2018

Historical Trend

Balance Sheet Trend

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

2019

Assets$179,278,471
Liabilities$150,679,996
Net Assets$28,598,475

Operations Trend

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

2019

Revenue$11,868,278
Expenses$9,595,139
Net Income$2,273,139
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Mar 13, 2020
Return Version
2019v5.0
Gross Receipts
$11,868,278
Mission and Program Overview

Mission

Provide financial services and products to members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$113,264,514$118,132,831▲ $4,868,317
Rtn Earn Endowment Incm Other Fnds$25,382,745$28,598,475▲ $3,215,730
Investments in Publicly Traded Securities$29,228,800$28,141,052▼ $1,087,748
Savings and Temporary Cash Investments$13,948,000$19,241,281▲ $5,293,281
Land, Buildings, and Equipment, Net$2,315,565$2,656,274▲ $340,709
Cash and Non-Interest-Bearing Accounts$2,115,332$2,351,542▲ $236,210
Investments Other Securities$1,048,875$1,048,875→ $0
Prepaid Expenses and Deferred Charges$763,374$798,193▲ $34,819
Intangible Assets$247,071$82,357▼ $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$169,072,057$179,278,471▲ $10,206,414
Other Assets Total$6,140,526$6,826,066▲ $685,540
Liabilities
Other Liabilities$140,538,470$147,288,517▲ $6,750,047
Accounts Payable and Accrued Expenses$3,150,842$3,391,479▲ $240,637
Total Liabilities$143,689,312$150,679,996▲ $6,990,684
Net Assets / Fund Balance
Total Net Assets Fund Balance$25,382,745$28,598,475▲ $3,215,730
Total Liabilities and Net Assets / Fund Balance$169,072,057$179,278,471▲ $10,206,414

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,747,087$1,663,893$3,410,980
Other Land Buildings$301,807$879,026$1,180,833
Land$607,380-$607,380
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
John YeomansCEOFT$207,761$56,225$263,986
Cynthia McCombsVP of HRFT$106,392$11,644$118,036
Bev Vander WellCFOFT$82,176$12,551$94,727
Robert ShaneCOOFT$18,645$2,686$21,331

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$581,728
CU AnswersData Processing6000 28 St SE Ste 100, Grand Rapids, MI 49546$373,510
Priority HealthEmp Health Insurance1231 East Beltline NE, Grand Rapids, MI 49525-4501$346,445
Redrock Information SecurityIT Services8500 Governors Hill Dr, Symmers Township, OH 45249$227,374
Varnum LLPLegal ServicesBridgewater Place PO Box 352, Grand Rapids, MI 49501$167,849
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$10,606,380
Investment Income
$1,261,898
Other Revenue
$0
Change in Net Assets
$2,273,139
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$5,400,308
Salaries, Compensation, and Employee Benefits$4,194,831
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$2,628,692
Office Expenses---$1,819,313
Interest---$840,180
Current Officers, Directors, Trustees, and Key Employees---$498,078
Pension Plan Contributions---$440,391
Other Employee Benefits---$376,309
Advertising---$339,821
Occupancy---$337,948
Payroll Taxes---$251,361
Depreciation Depletion---$205,562
Fees for Services Other---$114,859
Conferences and Meetings---$100,751
Other Expenses---$91,979
All Other Expenses---$58,979
Insurance---$57,321
Fees for Services Accounting---$31,200
Travel---$25,897
Total Functional Expenses$0$0$0$9,595,139
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$93,683,315
Share Accounts$53,605,202
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
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
2020-03-13
Discuss with paid preparer
Yes

Organization Details

Formed
1968
Legal Domicile
Mi
Voting Board Members
11
Independent Board Members
11
Employees
96
Volunteers
9

Preparer

Firm
Financial Standards Group Inc
Address
6447 W HIGHWAY 146, CRESTWOOD, KY 40014
Preparer
Robert Draeger
Phone
8005225820
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IRS990/Form990PartVIISectionAGrp/TitleTxt5Vice Chair
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IRS990/Form990PartVIISectionAGrp/TitleTxt7Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
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IRS990/LandBldgEquipCostOrOtherBssAmt05199193
IRS990/LegalDomicileStateCd0MI
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IRS990/MinutesOfCommitteesInd0true
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IRS990/OtherEmployeeBenefitsGrp/TotalAmt0376309
IRS990/OtherExpensesGrp/Desc0Loan Servicing Expense
IRS990/OtherExpensesGrp/Desc1Provision for Loan Losses
IRS990/OtherExpensesGrp/Desc2Core Deposit Intangible Amrt
IRS990/OtherExpensesGrp/Desc3Postage and Shipping
IRS990/OtherExpensesGrp/TotalAmt0845395
IRS990/OtherExpensesGrp/TotalAmt1366389
IRS990/OtherExpensesGrp/TotalAmt2164714
IRS990/OtherExpensesGrp/TotalAmt391979
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IRS990/OtherRevenueMiscGrp/Desc1Non-Member ATM Fees
IRS990/OtherRevenueMiscGrp/Desc2Other Operating Income
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IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0118132831
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IRS990/PaymentsToAffiliatesGrp/TotalAmt00
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IRS990/PensionPlanContributionsGrp/TotalAmt0440391
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
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IRS990/PoliticalCampaignActyInd0false
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IRS990/ProgramServiceRevenueGrp/Desc2Interchange Income
IRS990/ProgramServiceRevenueGrp/Desc3Interest on Loans
IRS990/ProgramServiceRevenueGrp/Desc4Other Fees and Charges
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1176899
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt42314707
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt047686
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 12/31/2019 was 16,997.
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IRS990/PYOtherExpensesAmt05225302
IRS990/PYOtherRevenueAmt0222387
IRS990/PYProgramServiceRevenueAmt09708717
IRS990/PYRevenuesLessExpensesAmt02026243
IRS990/PYSalariesCompEmpBnftPaidAmt03793303
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IRS990/ReconcilationRevenueExpnssAmt02273139
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
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IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
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IRS990ScheduleD/LandGrp/BookValueAmt0607380
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0607380
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0301807
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0879026
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt01180833
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt153605202
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Share Accounts
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IRS990ScheduleD/TotalLiabilityAmt0147288517
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt118645
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount028800
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt018862
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt11588
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt11098
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt03532
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0John Yeomans
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1Robert Shane
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1COO
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt121331
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true

Document Assets

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Filings

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