Civic Intelligence

Credit Unions Chartered in the State of Michigan

990 • Fiscal year 2020 • EIN 38-1878763

Jan 01, 2020 to Dec 31, 2020 • Filed on Apr 16, 2021

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

21st percentile

0.86x

Higher debt load relative to assets than 21% of similar nonprofits.

2020 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2020

Liabilities / Revenue

26th percentile

16.62x

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

2020 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2020

Net Margin

53rd percentile

11%

Higher net margin than 53% of similar nonprofits.

2020 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2020

Top Officer Pay

72nd percentile

$261,680

Higher top officer pay than 72% of similar nonprofits.

Top officer pay equals 2.3% of source-year revenue.

2020 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2020

Asset Growth

88th percentile

24%

Faster asset growth than 88% of similar nonprofits.

2020 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2019 to 2020

Revenue Growth

44th percentile

-3.2%

Faster revenue growth than 44% of similar nonprofits.

2020 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets21st percentile

Assets

Up

$221,706,455

Up $42,427,984 (+24%) from 2019

Net Assets

Up

$30,743,246

Up $2,144,771 (+7.5%) from 2019

Liabilities

Up

$190,963,209

Up $40,283,213 (+27%) from 2019

Revenue And Expenses
Liabilities / Revenue26th percentileNet Margin53rd percentile

Revenue

Down

$11,490,837

Down $377,441 (-3.2%) from 2019

Expenses

Up

$10,278,993

Up $683,854 (+7.1%) from 2019

Net Income

Down

$1,211,844

Down $1,061,295 (-47%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth88th 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

2020

Assets$221,706,455
Liabilities$190,963,209
Net Assets$30,743,246
Open 2020 Filing

Operations Trend

Revenue Growth44th 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

2020

Revenue$11,490,837
Expenses$10,278,993
Net Income$1,211,844
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Apr 16, 2021
Return Version
2020v4.0
Gross Receipts
$11,496,802
Mission and Program Overview

Mission

Provide financial services and products to members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$118,132,831$112,631,192▼ $5,501,639
Investments in Publicly Traded Securities$28,141,052$57,820,547▲ $29,679,495
Savings and Temporary Cash Investments$19,241,281$36,336,534▲ $17,095,253
Rtn Earn Endowment Incm Other Fnds$28,598,475$30,743,246▲ $2,144,771
Cash and Non-Interest-Bearing Accounts$2,351,542$3,597,190▲ $1,245,648
Land, Buildings, and Equipment, Net$2,656,274$2,559,548▼ $96,726
Investments Other Securities$1,048,875$1,048,875→ $0
Prepaid Expenses and Deferred Charges$798,193$675,042▼ $123,151
Intangible Assets$82,357$0▼ $82,357
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$179,278,471$221,706,455▲ $42,427,984
Other Assets Total$6,826,066$7,037,527▲ $211,461
Liabilities
Other Liabilities$147,288,517$187,454,621▲ $40,166,104
Accounts Payable and Accrued Expenses$3,391,479$3,508,588▲ $117,109
Total Liabilities$150,679,996$190,963,209▲ $40,283,213
Net Assets / Fund Balance
Total Net Assets Fund Balance$28,598,475$30,743,246▲ $2,144,771
Total Liabilities and Net Assets / Fund Balance$179,278,471$221,706,455▲ $42,427,984

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,647,664$1,796,533$3,444,197
Other Land Buildings$310,469$926,753$1,237,222
Land$601,415-$601,415
Compensation and Service Providers
Top Officer Pay72nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
John YeomansCEOFT$242,602$19,078$261,680
Cynthia McCombsHR DirectorFT$112,831$6,920$119,751

Board Members and Trustees

NameTitle
Russ HermanChairman
Yvonne AllesVice Chair
Fred GradisherDirector
Thomas PowersDirector
Vicki BrownDirector
Bev Vander WellCFO
Robert ShaneCOO
Frederick BartlingSecretary
Gaylen DemarestTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Co-op Financial ServicesCard Services9692 Haven Ave, Rancho Cucamonga, CA 91730$610,014
CU AnswersData Processing6000 28 St SE Ste 100, Grand Rapids, MI 49546$374,491
Priority HealthEmp Health Insurance1231 East Beltline NE, Grand Rapids, MI 49525-4501$329,842
Varnum LLPLegal ServicesBridgewater Place PO Box 352, Grand Rapids, MI 49501$171,315
Redrock Information SecurityIT Services1101 40TH STREET SE, Grand Rapids, MI 49508$117,612
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$10,390,231
Investment Income
$1,100,606
Other Revenue
$0
Change in Net Assets
$1,211,844
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$5,725,479
Salaries, Compensation, and Employee Benefits$4,553,514
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$3,156,193
Office Expenses---$1,827,649
Occupancy---$449,135
Other Employee Benefits---$414,013
Interest---$412,250
Current Officers, Directors, Trustees, and Key Employees---$381,431
Pension Plan Contributions---$367,485
Advertising---$251,180
Payroll Taxes---$234,392
Depreciation Depletion---$230,722
Fees for Services Other---$105,334
Other Expenses---$82,333
Conferences and Meetings---$53,734
Insurance---$51,831
Fees for Services Accounting---$31,200
All Other Expenses---$28,559
Total Functional Expenses$0$0$0$10,278,993
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$113,568,271
Share Accounts$73,886,350
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
2021-04-16
Discuss with paid preparer
Yes

Organization Details

Formed
1968
Legal Domicile
Mi
Voting Board Members
11
Independent Board Members
11
Employees
83
Volunteers
8

Preparer

Firm
Financial Standards Group Inc
Address
6447 W HIGHWAY 146, CRESTWOOD, KY 40014
Preparer
Patrick Haughey
Phone
8005225820
Raw XML AppendixShowing 400 of 474 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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IRS990/Form990PartVIISectionAGrp/PersonNm0John Yeomans
IRS990/Form990PartVIISectionAGrp/PersonNm1Cynthia McCombs
IRS990/Form990PartVIISectionAGrp/PersonNm2Russ Herman
IRS990/Form990PartVIISectionAGrp/PersonNm3Yvonne Alles
IRS990/Form990PartVIISectionAGrp/PersonNm4Gaylen Demarest
IRS990/Form990PartVIISectionAGrp/PersonNm5Frederick Bartling
IRS990/Form990PartVIISectionAGrp/PersonNm6Thomas Powers
IRS990/Form990PartVIISectionAGrp/PersonNm7Vicki Brown
IRS990/Form990PartVIISectionAGrp/PersonNm8Fred Gradisher
IRS990/Form990PartVIISectionAGrp/PersonNm9Bev Vander Well
IRS990/Form990PartVIISectionAGrp/PersonNm10Robert Shane
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IRS990/Form990PartVIISectionAGrp/TitleTxt2Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt3Vice Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt4Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt5Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
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IRS990/Form990PartVIISectionAGrp/TitleTxt10COO
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IRS990/GrantsToDomesticOrgsGrp/TotalAmt00
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IRS990/GrantsToOrganizationsInd0false
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IRS990/InsuranceGrp/TotalAmt051831
IRS990/IntangibleAssetsGrp/BOYAmt082357
IRS990/IntangibleAssetsGrp/EOYAmt00
IRS990/InterestGrp/TotalAmt0412250
IRS990/InventoriesForSaleOrUseGrp/EOYAmt00
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IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt01083649
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IRS990/InvestmentsPubTradedSecGrp/EOYAmt057820547
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IRS990/LandBldgEquipBasisNetGrp/EOYAmt02559548
IRS990/LandBldgEquipCostOrOtherBssAmt05282834
IRS990/LegalDomicileStateCd0MI
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt05965
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IRS990/LocalChaptersInd0true
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IRS990/MembersOrStockholdersInd0true
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0Provide financial services and products to members.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/NetAssetsOrFundBalancesBOYAmt028598475
IRS990/NetAssetsOrFundBalancesEOYAmt030743246
IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt016957
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt016957
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetUnrelatedBusTxblIncmAmt06096
IRS990/NetUnrlzdGainsLossesInvstAmt0932927
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/TotalAmt0449135
IRS990/OfficeExpensesGrp/TotalAmt01827649
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt06826066
IRS990/OtherAssetsTotalGrp/EOYAmt07037527
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0414013
IRS990/OtherExpensesGrp/Desc0Provision for Loan Losses
IRS990/OtherExpensesGrp/Desc1Loan Servicing Expense
IRS990/OtherExpensesGrp/Desc2Core Deposit Intangible Amrt
IRS990/OtherExpensesGrp/Desc3Postage and Shipping
IRS990/OtherExpensesGrp/TotalAmt01212311
IRS990/OtherExpensesGrp/TotalAmt1906884
IRS990/OtherExpensesGrp/TotalAmt282357
IRS990/OtherExpensesGrp/TotalAmt382333
IRS990/OtherLiabilitiesGrp/BOYAmt0147288517
IRS990/OtherLiabilitiesGrp/EOYAmt0187454621
IRS990/OtherRevenueMiscGrp/BusinessCd0524298
IRS990/OtherRevenueMiscGrp/BusinessCd1525990
IRS990/OtherRevenueMiscGrp/BusinessCd2525990
IRS990/OtherRevenueMiscGrp/Desc0Insurance Revenue
IRS990/OtherRevenueMiscGrp/Desc1Non-Member ATM Fees
IRS990/OtherRevenueMiscGrp/Desc2Other Operating Income
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/TotalAmt03156193
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0118132831
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0112631192
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/TotalAmt0234392
IRS990/PensionPlanContributionsGrp/TotalAmt0367485
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliciesReferenceChaptersInd0true
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0798193
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0675042
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0522100
IRS990/ProgramServiceRevenueGrp/BusinessCd1524298
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IRS990/ProgramServiceRevenueGrp/BusinessCd3522100
IRS990/ProgramServiceRevenueGrp/BusinessCd4522100
IRS990/ProgramServiceRevenueGrp/Desc0Income from Fines
IRS990/ProgramServiceRevenueGrp/Desc1Insurance Revenue
IRS990/ProgramServiceRevenueGrp/Desc2Interchange Income
IRS990/ProgramServiceRevenueGrp/Desc3Interest on Loans
IRS990/ProgramServiceRevenueGrp/Desc4Other Fees and Charges
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0107343
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1171177
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt21294895
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt36554761
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt42182544
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0107343
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1213800
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt21294895
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt36554761
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt42182544
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt042623
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 12/31/2020 was 15,446.
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYInvestmentIncomeAmt01261898
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt05400308
IRS990/PYProgramServiceRevenueAmt010606380
IRS990/PYRevenuesLessExpensesAmt02273139
IRS990/PYSalariesCompEmpBnftPaidAmt04194831
IRS990/PYTotalExpensesAmt09595139
IRS990/PYTotalRevenueAmt011868278
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt01211844
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt028598475
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt030743246
IRS990/SavingsAndTempCashInvstGrp/BOYAmt019241281
IRS990/SavingsAndTempCashInvstGrp/EOYAmt036336534
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt01647664
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01796533
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt03444197
IRS990ScheduleD/LandGrp/BookValueAmt0601415
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0601415
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0310469
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0926753
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt01237222
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0113568271
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt173886350
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Deposit Accounts
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Share Accounts
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02559548
IRS990ScheduleD/TotalLiabilityAmt0187454621
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IRS990/ScheduleJRequiredInd0true
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt019078
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0John Yeomans
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0261680
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Section 501c(14) Credit Union is composed of members.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Members vote on bylaw and charter changes. Members vote and elect Board members at annual meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Mergers are voted on by entire membership.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Management reviews tax returns and forwards US Form 8879-EO to tax preparer. Board reviews filed tax returns at next scheduled meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Employee loans are Management approved. Management loans are Board approved. Loans to Board members are approved by the Board minus the lendee.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Executive and employee salaries are Board reviewed and approved. Board of directors are not compensated
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Credit 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.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$221,706,455
Liabilities
$190,963,209
Net assets
$30,743,246
Revenue
$11,490,837
Expenses
$10,278,993
Net income
$1,211,844
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