Civic Intelligence

Harbor Credit Union

990 • Fiscal year 2014 • EIN 39-6058649

Jan 01, 2014 to Dec 31, 2014 • Filed on Aug 28, 2015

Organization ProfileWWW.HARBORCU.COM

View Organization Page

PO Box 22430Green Bay, WI 54305

(920) 431-6688

Siviq Scores

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

Liabilities / Assets

61st percentile

0.90x

Higher debt load relative to assets than 61% of similar nonprofits.

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

Liabilities / Revenue

76th percentile

21.46x

Higher debt load relative to revenue than 76% of similar nonprofits.

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

Net Margin

17th percentile

4.1%

Higher net margin than 17% of similar nonprofits.

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

Top Officer Pay

11th percentile

$122,794

Higher top officer pay than 11% of similar nonprofits.

Top officer pay equals 2.9% of source-year revenue.

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

Asset Growth

56th percentile

4.2%

Faster asset growth than 56% of similar nonprofits.

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

Revenue Growth

8th percentile

-6.7%

Faster revenue growth than 8% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets61st percentile

Assets

Up

$101,319,375

Up $4,128,853 (+4.2%) from 2013

Net Assets

Up

$9,927,023

Up $176,433 (+1.8%) from 2013

Liabilities

Up

$91,392,352

Up $3,952,420 (+4.5%) from 2013

Revenue And Expenses
Liabilities / Revenue76th percentileNet Margin17th percentile

Revenue

Down

$4,259,232

Down $305,498 (-6.7%) from 2013

Expenses

Down

$4,082,799

Down $413,946 (-9.2%) from 2013

Net Income

Up

$176,433

Up $108,448 (+160%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth56th percentile

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

$150M$100M$50M$0Assets 2010: $102,040,127Liabilities 2010: $90,780,656Net Assets 2010: $11,259,4712010Assets 2011: $97,274,787Liabilities 2011: $87,658,461Net Assets 2011: $9,616,3262011Assets 2012: $96,968,550Liabilities 2012: $87,157,632Net Assets 2012: $9,810,9182012Assets 2013: $97,190,522Liabilities 2013: $87,439,932Net Assets 2013: $9,750,5902013Assets 2014: $101,319,375Liabilities 2014: $91,392,352Net Assets 2014: $9,927,0232014Assets 2015: $109,949,496Liabilities 2015: $99,512,282Net Assets 2015: $10,437,2142015Assets 2016: $109,836,696Liabilities 2016: $99,137,806Net Assets 2016: $10,698,8902016Assets 2017: $0Liabilities 2017: $0Net Assets 2017: $02017

Highlighted filing

2014

Assets$101,319,375
Liabilities$91,392,352
Net Assets$9,927,023
Open 2014 Filing

Operations Trend

Revenue Growth8th percentile

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $5,997,6762010Expenses 2011: $7,118,0732011Revenue 2012: $5,043,129Expenses 2012: $4,848,537Net Income 2012: $194,5922012Revenue 2013: $4,564,730Expenses 2013: $4,496,745Net Income 2013: $67,9852013Revenue 2014: $4,259,232Expenses 2014: $4,082,799Net Income 2014: $176,4332014Revenue 2015: $4,378,506Expenses 2015: $3,868,315Net Income 2015: $510,1912015Revenue 2016: $4,430,796Expenses 2016: $4,169,120Net Income 2016: $261,6762016Revenue 2017: $2,082,317Expenses 2017: $2,369,536Net Income 2017: -$287,2192017

Highlighted filing

2014

Revenue$4,259,232
Expenses$4,082,799
Net Income$176,433
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Aug 28, 2015
Return Version
2014v5.0
Gross Receipts
$4,772,816
Mission and Program Overview

Mission

Harbor credit union is a member focused financial cooperative committed to building our members financial well-being and becoming their primary financial institution.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$65,442,646$66,356,308▲ $913,662
Investments Program Related$4,846,301$16,933,301▲ $12,087,000
Savings and Temporary Cash Investments$20,963,805$12,168,047▼ $8,795,758
Rtn Earn Endowment Incm Other Fnds$9,750,590$9,927,023▲ $176,433
Land, Buildings, and Equipment, Net$3,191,825$3,152,472▼ $39,353
Cash and Non-Interest-Bearing Accounts$876,697$1,228,627▲ $351,930
Prepaid Expenses and Deferred Charges$123,585$180,708▲ $57,123
Total Assets$97,190,522$101,319,375▲ $4,128,853
Other Assets Total$1,745,663$1,299,912▼ $445,751
Liabilities
Other Liabilities$87,182,746$90,692,416▲ $3,509,670
Accounts Payable and Accrued Expenses$257,186$699,936▲ $442,750
Total Liabilities$87,439,932$91,392,352▲ $3,952,420
Net Assets / Fund Balance
Total Net Assets Fund Balance$9,750,590$9,927,023▲ $176,433
Total Liabilities and Net Assets / Fund Balance$97,190,522$101,319,375▲ $4,128,853

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,854,614$1,568,067$3,422,681
Equipment$255,545$2,502,879$2,758,424
Land$1,042,313-$1,042,313
Investment Program Related Org$765,301--
Compensation and Service Providers
Top Officer Pay11th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael J DegrandPresident &FT$110,011$12,783$122,794
Debra a VandenbergVP-operationFT$68,535$22,334$90,869

Board Members and Trustees

NameTitle
Linda C JonetChair
William DyerVice-chair
David LoudenDirector
Diane BierstekerDirector
Neal VanessDirector
Brian SengstockTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,035,338
Investment Income
$206,603
Other Revenue
$17,291
Change in Net Assets
$176,433
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,413,790
Salaries, Compensation, and Employee Benefits$1,669,009
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$1,230,710
Office Expenses---$1,199,200
Information Technology---$230,671
Occupancy---$220,394
Depreciation Depletion---$192,409
Current Officers, Directors, Trustees, and Key Employees---$178,546
Payroll Taxes---$117,505
Advertising---$112,360
Other Employee Benefits---$107,631
Insurance---$59,250
Pension Plan Contributions---$34,617
Fees for Services Other---$23,345
Conferences and Meetings---$12,551
Other Expenses---$7,469
Fees for Services Legal---$3,038
Interest---$3
Total Functional Expenses$0$0$0$4,082,799
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
Member Shares and Deposits$90,692,416
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
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, Page 6, Part VI, Line 6

“The organization has members. To be a member, you must have a share (savings) account at the credit union.”

Form 990, Page 6, Part VI, Line 7A

“The board of directors is elected by the credit union members. Each member has one vote.”

Form 990, Page 6, Part VI, Line 7B

“A member vote is required for decisions which are beyond the authority of the board of directors. Items which require a membership vote are outlined and specified in our bylaws. Each member has one vote.”

Form 990, Page 6, Part VI, Line 11B

“Management provides necessary data to independent cpa who prepares the return. Management reviews the return for accuracy, and then authorizes cpa to e-file the approved return.”

Form 990, Page 6, Part VI, Line 12C

“Internal control review of loans and procedures.”

Form 990, Page 6, Part VI, Line 15A

“The board of directors receives and reviews salary surveys from the wi league and cuna. Salaries are discussed by the board in executive session. The board approves the salaries, and this approval is included in the board minutes as an approval of the overall wage increase.”

Form 990, Page 6, Part VI, Line 15B

“The board of directors receives and reviews salary surveys from the league and cuna. Salaries are discussed by the board in executive session. The board approves the salaries, and this approval is included in the board minutes as an approval of the overall wage increase.”

Form 990, Page 6, Part VI, Line 19

“The credit union does not makes its governing documents or conflict of interest policy available to the public.”

Filing and Contact Details

Filer

Filer Name
Harbor Credit Union
EIN
39-6058649
Phone
9204316688
Address
PO BOX 22430, GREEN BAY, WI 54305

Signing Officer

Name
Michael J Degrand
Title
President
Phone
9204316688
Signed
2015-08-28

Organization Details

Principal Officer
Michael J Degrand
Formed
1952
Legal Domicile
Wi
Voting Board Members
7
Independent Board Members
6
Employees
54

Preparer

Preparer
Brent Wookey CPA
Supplemental Narrative

Additional Explanations

Form 990, Page 5, Part V, Line 3B

“The organization will file the 990-t by its extended due date of november 15th.”

Raw XML Appendix345 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
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IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt016168000
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt1765301
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0INVESTMENTS > 1YR MATURITY
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1CAPITAL INVESTMENT CORPORATE CENTRAL
IRS990ScheduleD/LandGrp/BookValueAmt01042313
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01042313
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt090692416
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER SHARES AND DEPOSITS
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03152472
IRS990ScheduleD/TotalBookValueProgramRltdAmt016933301
IRS990ScheduleD/TotalLiabilityAmt090692416
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION WILL FILE THE 990-T BY ITS EXTENDED DUE DATE OF NOVEMBER 15TH.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION HAS MEMBERS. TO BE A MEMBER, YOU MUST HAVE A SHARE (SAVINGS) ACCOUNT AT THE CREDIT UNION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD OF DIRECTORS IS ELECTED BY THE CREDIT UNION MEMBERS. EACH MEMBER HAS ONE VOTE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3A MEMBER VOTE IS REQUIRED FOR DECISIONS WHICH ARE BEYOND THE AUTHORITY OF THE BOARD OF DIRECTORS. ITEMS WHICH REQUIRE A MEMBERSHIP VOTE ARE OUTLINED AND SPECIFIED IN OUR BYLAWS. EACH MEMBER HAS ONE VOTE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4MANAGEMENT PROVIDES NECESSARY DATA TO INDEPENDENT CPA WHO PREPARES THE RETURN. MANAGEMENT REVIEWS THE RETURN FOR ACCURACY, AND THEN AUTHORIZES CPA TO E-FILE THE APPROVED RETURN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5INTERNAL CONTROL REVIEW OF LOANS AND PROCEDURES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE BOARD OF DIRECTORS RECEIVES AND REVIEWS SALARY SURVEYS FROM THE WI LEAGUE AND CUNA. SALARIES ARE DISCUSSED BY THE BOARD IN EXECUTIVE SESSION. THE BOARD APPROVES THE SALARIES, AND THIS APPROVAL IS INCLUDED IN THE BOARD MINUTES AS AN APPROVAL OF THE OVERALL WAGE INCREASE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE BOARD OF DIRECTORS RECEIVES AND REVIEWS SALARY SURVEYS FROM THE LEAGUE AND CUNA. SALARIES ARE DISCUSSED BY THE BOARD IN EXECUTIVE SESSION. THE BOARD APPROVES THE SALARIES, AND THIS APPROVAL IS INCLUDED IN THE BOARD MINUTES AS AN APPROVAL OF THE OVERALL WAGE INCREASE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8THE CREDIT UNION DOES NOT MAKES ITS GOVERNING DOCUMENTS OR CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 5, PART V, LINE 3B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PAGE 6, PART VI, LINE 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt097190522
IRS990/TotalAssetsEOYAmt0101319375
IRS990/TotalAssetsGrp/BOYAmt097190522
IRS990/TotalAssetsGrp/EOYAmt0101319375
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt054
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt04082799
IRS990/TotalGrossUBIAmt013122
IRS990/TotalLiabilitiesBOYAmt087439932
IRS990/TotalLiabilitiesEOYAmt091392352
IRS990/TotalLiabilitiesGrp/BOYAmt087439932
IRS990/TotalLiabilitiesGrp/EOYAmt091392352
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt09750590
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt09927023
IRS990/TotalOtherCompensationAmt035117
IRS990/TotalProgramServiceRevenueAmt04035338
IRS990/TotalReportableCompFromOrgAmt0178546
IRS990/TotalRevenueGrp/ExclusionAmt0161933
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt04084177
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04259232
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt013122
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt097190522
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0101319375
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0true
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 22430
IRS990/USAddress/CityNm0GREEN BAY
IRS990/USAddress/StateAbbreviationCd0WI
IRS990/USAddress/ZIPCd054305
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0WWW.HARBORCU.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02016-02-25 16:41:14Z
ReturnHeader/BusinessOfficerGrp/PersonNm0MICHAEL J DEGRAND
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum09204316688
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-08-28
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0HARBOR CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0HARB
ReturnHeader/Filer/EIN0396058649
ReturnHeader/Filer/PhoneNum09204316688
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 22430
ReturnHeader/Filer/USAddress/CityNm0GREEN BAY
ReturnHeader/Filer/USAddress/StateAbbreviationCd0WI
ReturnHeader/Filer/USAddress/ZIPCd054305
ReturnHeader/PreparerPersonGrp/PreparationDt02015-08-28
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0BRENT WOOKEY CPA
ReturnHeader/ReturnTs02015-08-28T12:04:37-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-01-01
ReturnHeader/TaxPeriodEndDt02014-12-31
ReturnHeader/TaxYr02014

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$101,319,375
Liabilities
$91,392,352
Net assets
$9,927,023
Revenue
$4,259,232
Expenses
$4,082,799
Net income
$176,433
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2017Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$2.08$2.37$0.29
2016Detailed filing. Detailed filing data is available for this year.$110$99.1$10.7$4.43$4.17$0.26
2015Detailed filing. Detailed filing data is available for this year.$110$99.5$10.4$4.38$3.87$0.51
2014Detailed filing. Detailed filing data is available for this year.$101$91.4$9.93$4.26$4.08$0.18
2013Detailed filing. Detailed filing data is available for this year.$97.2$87.4$9.75$4.56$4.50$0.07
2012Summary only. Only limited summary data is available for this year.$97.0$87.2$9.81$5.04$4.85$0.19
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$97.3$87.7$9.62$7.12
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$102$90.8$11.3$6.00