Civic Intelligence

Harbor Credit Union

990 • Fiscal year 2015 • EIN 39-6058649

Jan 01, 2015 to Dec 31, 2015 • Filed on Sep 28, 2016

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

65th percentile

0.91x

Higher debt load relative to assets than 65% of similar nonprofits.

2015 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2015

Liabilities / Revenue

82nd percentile

22.73x

Higher debt load relative to revenue than 82% of similar nonprofits.

2015 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2015

Net Margin

54th percentile

12%

Higher net margin than 54% of similar nonprofits.

2015 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2015

Top Officer Pay

13th percentile

$131,889

Higher top officer pay than 13% of similar nonprofits.

Top officer pay equals 3.0% of source-year revenue.

2015 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2015

Asset Growth

78th percentile

8.5%

Faster asset growth than 78% of similar nonprofits.

2015 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2014 to 2015

Revenue Growth

40th percentile

2.8%

Faster revenue growth than 40% of similar nonprofits.

2015 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets65th percentile

Assets

Up

$109,949,496

Up $8,630,121 (+8.5%) from 2014

Net Assets

Up

$10,437,214

Up $510,191 (+5.1%) from 2014

Liabilities

Up

$99,512,282

Up $8,119,930 (+8.9%) from 2014

Revenue And Expenses
Liabilities / Revenue82nd percentileNet Margin54th percentile

Revenue

Up

$4,378,506

Up $119,274 (+2.8%) from 2014

Expenses

Down

$3,868,315

Down $214,484 (-5.3%) from 2014

Net Income

Up

$510,191

Up $333,758 (+189%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth78th 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

2015

Assets$109,949,496
Liabilities$99,512,282
Net Assets$10,437,214
Open 2015 Filing

Operations Trend

Revenue Growth40th 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

2015

Revenue$4,378,506
Expenses$3,868,315
Net Income$510,191
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Sep 28, 2016
Return Version
2015v2.1
Gross Receipts
$4,628,694
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$66,356,308$68,483,319▲ $2,127,011
Savings and Temporary Cash Investments$12,168,047$22,120,745▲ $9,952,698
Investments Program Related$16,933,301$12,992,301▼ $3,941,000
Rtn Earn Endowment Incm Other Fnds$9,927,023$10,437,214▲ $510,191
Land, Buildings, and Equipment, Net$3,152,472$3,015,386▼ $137,086
Cash and Non-Interest-Bearing Accounts$1,228,627$1,286,895▲ $58,268
Prepaid Expenses and Deferred Charges$180,708$223,787▲ $43,079
Total Assets$101,319,375$109,949,496▲ $8,630,121
Other Assets Total$1,299,912$1,827,063▲ $527,151
Liabilities
Other Liabilities$90,692,416$98,715,952▲ $8,023,536
Accounts Payable and Accrued Expenses$699,936$788,080▲ $88,144
Escrow Account Liability-$8,250-
Total Liabilities$91,392,352$99,512,282▲ $8,119,930
Net Assets / Fund Balance
Total Net Assets Fund Balance$9,927,023$10,437,214▲ $510,191
Total Liabilities and Net Assets / Fund Balance$101,319,375$109,949,496▲ $8,630,121

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,762,379$1,670,160$3,432,539
Equipment$210,694$2,601,357$2,812,051
Land$1,042,313-$1,042,313
Investment Program Related Org$765,301--
Compensation and Service Providers
Top Officer Pay13th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael J DegrandPresident &FT$114,893$16,996$131,889
Debra a VandenbergVP-operationFT$76,754$10,785$87,539

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,105,763
Investment Income
$254,749
Other Revenue
$17,994
Change in Net Assets
$510,191
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,253,780
Salaries, Compensation, and Employee Benefits$1,614,535
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Office Expenses---$1,209,753
Other Salaries and Wages---$1,178,988
Information Technology---$240,402
Occupancy---$208,338
Current Officers, Directors, Trustees, and Key Employees---$191,647
Depreciation Depletion---$189,905
Advertising---$177,514
Payroll Taxes---$109,671
Other Employee Benefits---$97,476
Insurance---$51,674
Pension Plan Contributions---$36,753
Fees for Services Other---$34,104
Conferences and Meetings---$11,735
Fees for Services Legal---$2,171
Other Expenses---$-132,317
Total Functional Expenses$0$0$0$3,868,315
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$98,724,202
Escrow Account Balances to Line 21$-8,250
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, one 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 preparer who completes the return. Management reviews the return for accuracy, and then authorizes preparer 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 & Secrtry
Phone
9204316695
Signed
2016-09-28

Organization Details

Principal Officer
Michael J Degrand
Formed
1952
Legal Domicile
Wi
Voting Board Members
7
Independent Board Members
6
Employees
48

Preparer

Preparer
Peter Rasmussen
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.”

Financial Statement Notes

Schedule D, Page 2, Part IV, Line 2B

“The credit union holds funds in escrow accounts for property taxes and homeowners insurance related to mortgage loans.”

Raw XML Appendix367 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/PYTotalExpensesAmt04082799
IRS990/PYTotalRevenueAmt04259232
IRS990/ReconcilationRevenueExpnssAmt0510191
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0true
IRS990/RoyaltiesRevenueGrp/ExclusionAmt017994
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt017994
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt09927023
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt010437214
IRS990/SavingsAndTempCashInvstGrp/BOYAmt012168047
IRS990/SavingsAndTempCashInvstGrp/EOYAmt022120745
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/AgentTrusteeEtcInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt01762379
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01670160
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt03432539
IRS990ScheduleD/EquipmentGrp/BookValueAmt0210694
IRS990ScheduleD/EquipmentGrp/DepreciationAmt02601357
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt02812051
IRS990ScheduleD/ExplanationProvidedInd0X
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0true
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt012227000
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt1765301
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0INVESTMENTS > 1YR MATURITY
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1CAPITAL INVESTMENT CORPORATE CENTRAL
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd1C
IRS990ScheduleD/LandGrp/BookValueAmt01042313
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01042313
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt098724202
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1-8250
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER SHARES AND DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1ESCROW ACCOUNT BALANCES TO LINE 21
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CREDIT UNION HOLDS FUNDS IN ESCROW ACCOUNTS FOR PROPERTY TAXES AND HOMEOWNERS INSURANCE RELATED TO MORTGAGE LOANS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 2, PART IV, LINE 2B
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03015386
IRS990ScheduleD/TotalBookValueProgramRltdAmt012992301
IRS990ScheduleD/TotalLiabilityAmt098715952
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, ONE 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 PREPARER WHO COMPLETES THE RETURN. MANAGEMENT REVIEWS THE RETURN FOR ACCURACY, AND THEN AUTHORIZES PREPARER 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/TotalAssetsBOYAmt0101319375
IRS990/TotalAssetsEOYAmt0109949496
IRS990/TotalAssetsGrp/BOYAmt0101319375
IRS990/TotalAssetsGrp/EOYAmt0109949496
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt048
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt03868315
IRS990/TotalGrossUBIAmt012659
IRS990/TotalLiabilitiesBOYAmt091392352
IRS990/TotalLiabilitiesEOYAmt099512282
IRS990/TotalLiabilitiesGrp/BOYAmt091392352
IRS990/TotalLiabilitiesGrp/EOYAmt099512282
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt09927023
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt010437214
IRS990/TotalOtherCompensationAmt027781
IRS990/TotalProgramServiceRevenueAmt04105763
IRS990/TotalReportableCompFromOrgAmt0191647
IRS990/TotalRevenueGrp/ExclusionAmt0232347
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt04133500
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04378506
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt012659
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0101319375
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0109949496
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0true
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0WWW.HARBORCU.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/PersonNm0MICHAEL J DEGRAND
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT & SECRTRY
ReturnHeader/BusinessOfficerGrp/PhoneNum09204316695
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-09-28
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/PreparationDt02016-09-28
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0PETER RASMUSSEN
ReturnHeader/ReturnTs02016-09-28T16:39:52-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-01-01
ReturnHeader/TaxPeriodEndDt02015-12-31
ReturnHeader/TaxYr02015

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$109,949,496
Liabilities
$99,512,282
Net assets
$10,437,214
Revenue
$4,378,506
Expenses
$3,868,315
Net income
$510,191
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