Civic Intelligence

Credit Unions Chartered in the State of Michigan

990 • Fiscal year 2014 • EIN 38-6064790

Jan 01, 2014 to Dec 31, 2014 • Filed on Mar 19, 2015

Organization ProfileWWW.FILERCU.COM
PO Box 375Manistee, MI 49660

(231) 723-3400

Siviq Scores

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

Liabilities / Assets

39th percentile

0.89x

Higher debt load relative to assets than 39% of similar nonprofits.

2014 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2014

Liabilities / Revenue

90th percentile

25.18x

Higher debt load relative to revenue than 90% of similar nonprofits.

2014 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2014

Net Margin

82nd percentile

19%

Higher net margin than 82% of similar nonprofits.

2014 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2014

Top Officer Pay

3rd percentile

$90,425

Higher top officer pay than 3% of similar nonprofits.

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

2014 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2014

Asset Growth

80th percentile

7.6%

Faster asset growth than 80% of similar nonprofits.

2014 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2013 to 2014

Revenue Growth

10th percentile

-5.5%

Faster revenue growth than 10% of similar nonprofits.

2014 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets39th percentile

Assets

Up

$115,153,767

Up $8,089,663 (+7.6%) from 2013

Net Assets

Up

$13,234,212

Up $2,401,531 (+22%) from 2013

Liabilities

Up

$101,919,555

Up $5,688,132 (+5.9%) from 2013

Revenue And Expenses
Liabilities / Revenue90th percentileNet Margin82nd percentile

Revenue

Down

$4,048,120

Down $235,723 (-5.5%) from 2013

Expenses

Down

$3,293,090

Down $1,941 (-0.1%) from 2013

Net Income

Down

$755,030

Down $233,782 (-24%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth80th percentile

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

$300M$200M$100M$0Assets 2010: $90,412,008Liabilities 2010: $80,956,638Net Assets 2010: $9,455,3702010Assets 2011: $100,510,130Liabilities 2011: $88,482,349Net Assets 2011: $12,027,7812011Assets 2012: $107,754,873Liabilities 2012: $94,673,562Net Assets 2012: $13,081,3112012Assets 2013: $107,064,104Liabilities 2013: $96,231,423Net Assets 2013: $10,832,6812013Assets 2014: $115,153,767Liabilities 2014: $101,919,555Net Assets 2014: $13,234,2122014Assets 2015: $123,773,397Liabilities 2015: $109,403,497Net Assets 2015: $14,369,9002015Assets 2016: $130,901,766Liabilities 2016: $115,651,569Net Assets 2016: $15,250,1972016Assets 2017: $139,550,078Liabilities 2017: $123,097,188Net Assets 2017: $16,452,8902017Assets 2018: $143,233,201Liabilities 2018: $126,098,721Net Assets 2018: $17,134,4802018Assets 2019: $157,533,855Liabilities 2019: $137,856,449Net Assets 2019: $19,677,4062019Assets 2020: $192,173,387Liabilities 2020: $170,207,747Net Assets 2020: $21,965,6402020Assets 2021: $216,138,619Liabilities 2021: $193,361,964Net Assets 2021: $22,776,6552021Assets 2022: $221,697,993Liabilities 2022: $204,428,462Net Assets 2022: $17,269,5312022Assets 2023: $232,907,925Liabilities 2023: $213,461,800Net Assets 2023: $19,446,1252023Assets 2024: $236,137,876Liabilities 2024: $214,083,484Net Assets 2024: $22,054,3922024

Highlighted filing

2014

Assets$115,153,767
Liabilities$101,919,555
Net Assets$13,234,212
Open 2014 Filing

Operations Trend

Revenue Growth10th percentile

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

$15M$10M$5.0M$0Expenses 2010: $3,916,5142010Expenses 2011: $3,739,0482011Expenses 2012: $3,776,0062012Revenue 2013: $4,283,843Expenses 2013: $3,295,031Net Income 2013: $988,8122013Revenue 2014: $4,048,120Expenses 2014: $3,293,090Net Income 2014: $755,0302014Revenue 2015: $4,328,123Expenses 2015: $3,414,130Net Income 2015: $913,9932015Revenue 2016: $4,481,639Expenses 2016: $3,641,350Net Income 2016: $840,2892016Revenue 2017: $4,911,412Expenses 2017: $3,900,331Net Income 2017: $1,011,0812017Revenue 2018: $5,444,704Expenses 2018: $4,314,736Net Income 2018: $1,129,9682018Revenue 2019: $6,034,792Expenses 2019: $4,828,298Net Income 2019: $1,206,4942019Revenue 2020: $6,225,169Expenses 2020: $4,764,422Net Income 2020: $1,460,7472020Revenue 2021: $6,778,543Expenses 2021: $4,561,553Net Income 2021: $2,216,9902021Revenue 2022: $7,809,519Expenses 2022: $5,147,655Net Income 2022: $2,661,8642022Revenue 2023: $10,019,493Expenses 2023: $8,228,592Net Income 2023: $1,790,9012023Revenue 2024: $12,009,346Expenses 2024: $10,127,719Net Income 2024: $1,881,6272024

Highlighted filing

2014

Revenue$4,048,120
Expenses$3,293,090
Net Income$755,030
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Mar 19, 2015
Return Version
2014v5.0
Gross Receipts
$12,197,214
Mission and Program Overview

Mission

Building Member-Owned, Life-long relationships, one member at a time.

Loans to credit union members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$47,016,606$50,083,422▲ $3,066,816
Investments in Publicly Traded Securities$37,088,828$40,357,335▲ $3,268,507
Savings and Temporary Cash Investments$18,863,232$20,459,599▲ $1,596,367
Rtn Earn Endowment Incm Other Fnds$10,832,681$13,234,212▲ $2,401,531
Land, Buildings, and Equipment, Net$1,797,737$1,793,736▼ $4,001
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$107,064,104$115,153,767▲ $8,089,663
Other Assets Total$2,297,701$2,459,675▲ $161,974
Liabilities
Other Liabilities$95,826,486$101,503,893▲ $5,677,407
Accounts Payable and Accrued Expenses$404,937$415,662▲ $10,725
Total Liabilities$96,231,423$101,919,555▲ $5,688,132
Net Assets / Fund Balance
Total Net Assets Fund Balance$10,832,681$13,234,212▲ $2,401,531
Total Liabilities and Net Assets / Fund Balance$107,064,104$115,153,767▲ $8,089,663

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,519,887$759,643$2,279,530
Equipment$141,729$300,077$441,806
Land$132,120-$132,120
Compensation and Service Providers
Top Officer Pay3rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Patty PreussCEOFT$75,197$15,228$90,425
Kaci KamaloskiCFOFT$52,261$12,927$65,188

Board Members and Trustees

NameTitle
Gregg KingPresident
Wayne BernierVice President
Anthony GagliardoDirector
Bonnie CoteDirector
James SibleyDirector
Jean SoltesDirector
Thomas BatzerDirector
Tom MaternowskiDirector
Charles CloutierSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,993,603
Investment Income
$1,054,517
Other Revenue
$0
Change in Net Assets
$755,030
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,237,171
Salaries, Compensation, and Employee Benefits$1,055,919
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$638,824
Office Expenses---$630,612
Occupancy---$179,731
Other Employee Benefits---$157,174
Current Officers, Directors, Trustees, and Key Employees---$155,613
Advertising---$130,062
Fees for Services Accounting---$93,822
Insurance---$91,031
Payroll Taxes---$64,980
Fees for Services Legal---$55,205
All Other Expenses---$39,527
Pension Plan Contributions---$39,328
Other Expenses---$27,817
Fees for Services Other---$12,778
Travel---$7,941
Total Functional Expenses$0$0$0$3,293,090
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Members Shares and Savings Accounts$101,503,893
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“Each individual that has an account with the credit union is a member of the credit union.”

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

“As a credit union, we have a membership that has the authority to vote for the board of directors on an annual basis. We are required to hold an annual meeting, where the membership can vote for the board of directors up for nomination.”

Form 990, Part VI, Section B, Line 11

“The organization will not provide a copy of form 990 to all members of its governing body before filing the form. The cfo reviews form 990 for differences from the credit union financial statements.”

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

“Used the michigan credit union league salary survey and deliberation, decision.”

Form 990, Part VI, Section C, Line 19

“The financial statements are made available to the public upon request only.”

Filing and Contact Details

Filer

Filer Name
Filer Credit Union
EIN
38-6064790
Phone
2317233400
Address
PO BOX 375, MANISTEE, MI 49660

Signing Officer

Name
Patty Preuss
Title
CEO
Phone
2317233400
Signed
2015-03-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patty Preuss
Formed
1951
Legal Domicile
Mi
Voting Board Members
9
Independent Board Members
9
Employees
35
Volunteers
9

Preparer

Firm
Doeren Mayhew
Address
305 WEST BIG BEAVER ROAD, TROY, MI 48084
Preparer
Joseph a Zito CPA
Phone
2482443000
Raw XML Appendix363 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/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
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IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt01317166
IRS990/PYOtherExpensesAmt02338256
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt02966677
IRS990/PYRevenuesLessExpensesAmt0988812
IRS990/PYSalariesCompEmpBnftPaidAmt0956775
IRS990/PYTotalExpensesAmt03295031
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt04283843
IRS990/ReconcilationRevenueExpnssAmt0755030
IRS990/RegularMonitoringEnfrcInd00
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt010832681
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt013234212
IRS990/SavingsAndTempCashInvstGrp/BOYAmt018863232
IRS990/SavingsAndTempCashInvstGrp/EOYAmt020459599
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt01519887
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0759643
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt02279530
IRS990ScheduleD/EquipmentGrp/BookValueAmt0141729
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0300077
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0441806
IRS990ScheduleD/LandGrp/BookValueAmt0132120
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0132120
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0101503893
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBERS SHARES AND SAVINGS ACCOUNTS
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01793736
IRS990ScheduleD/TotalLiabilityAmt0101503893
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0EACH INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER OF THE CREDIT UNION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1AS A CREDIT UNION, WE HAVE A MEMBERSHIP THAT HAS THE AUTHORITY TO VOTE FOR THE BOARD OF DIRECTORS ON AN ANNUAL BASIS. WE ARE REQUIRED TO HOLD AN ANNUAL MEETING, WHERE THE MEMBERSHIP CAN VOTE FOR THE BOARD OF DIRECTORS UP FOR NOMINATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION WILL NOT PROVIDE A COPY OF FORM 990 TO ALL MEMBERS OF ITS GOVERNING BODY BEFORE FILING THE FORM. THE CFO REVIEWS FORM 990 FOR DIFFERENCES FROM THE CREDIT UNION FINANCIAL STATEMENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3USED THE MICHIGAN CREDIT UNION LEAGUE SALARY SURVEY AND DELIBERATION, DECISION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST ONLY.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0107064104
IRS990/TotalAssetsEOYAmt0115153767
IRS990/TotalAssetsGrp/BOYAmt0107064104
IRS990/TotalAssetsGrp/EOYAmt0115153767
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt035
IRS990/TotalFunctionalExpensesGrp/TotalAmt03293090
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt096231423
IRS990/TotalLiabilitiesEOYAmt0101919555
IRS990/TotalLiabilitiesGrp/BOYAmt096231423
IRS990/TotalLiabilitiesGrp/EOYAmt0101919555
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt010832681
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt013234212
IRS990/TotalOtherCompensationAmt028155
IRS990/TotalProgramServiceRevenueAmt02993603
IRS990/TotalReportableCompFromOrgAmt0127458
IRS990/TotalRevenueGrp/ExclusionAmt01054517
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt02993603
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04048120
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt09
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0115153767
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt07941
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01117 28TH STREET
IRS990/USAddress/CityNm0MANISTEE
IRS990/USAddress/StateAbbreviationCd0MI
IRS990/USAddress/ZIPCd049660
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0WWW.FILERCU.COM
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02016-03-07 17:11:31Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0PATTY PREUSS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum02317233400
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-03-19
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FILER CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0FILE
ReturnHeader/Filer/EIN0386064790
ReturnHeader/Filer/PhoneNum02317233400
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 375
ReturnHeader/Filer/USAddress/CityNm0MANISTEE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MI
ReturnHeader/Filer/USAddress/ZIPCd049660
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0382492570
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0DOEREN MAYHEW
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0305 WEST BIG BEAVER ROAD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0TROY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd048084
ReturnHeader/PreparerPersonGrp/PhoneNum02482443000
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JOSEPH A ZITO CPA
ReturnHeader/ReturnTs02015-03-27T12:26:51-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-01-01
ReturnHeader/TaxPeriodEndDt02014-12-31
ReturnHeader/TaxYr02014

Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$115,153,767
Liabilities
$101,919,555
Net assets
$13,234,212
Revenue
$4,048,120
Expenses
$3,293,090
Net income
$755,030
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$236$214$22.1$12.0$10.1$1.88
2023Facts available. Structured filing facts are available, but richer extracted sections are limited.$233$213$19.4$10.0$8.23$1.79
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$222$204$17.3$7.81$5.15$2.66
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$216$193$22.8$6.78$4.56$2.22
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$192$170$22.0$6.23$4.76$1.46
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$158$138$19.7$6.03$4.83$1.21
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$143$126$17.1$5.44$4.31$1.13
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$140$123$16.5$4.91$3.90$1.01
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$131$116$15.3$4.48$3.64$0.84
2015Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$124$109$14.4$4.33$3.41$0.91
2014Detailed filing. Detailed filing data is available for this year.$115$102$13.2$4.05$3.29$0.76
2013Detailed filing. Detailed filing data is available for this year.$107$96.2$10.8$4.28$3.30$0.99
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$108$94.7$13.1$3.78
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$101$88.5$12.0$3.74
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$90.4$81.0$9.46$3.92