Civic Intelligence

Harbor Credit Union

990 • Fiscal year 2016 • EIN 39-6058649

Jan 01, 2016 to Dec 31, 2016 • Filed on Apr 28, 2017

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.

2016 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2016

Liabilities / Revenue

81st percentile

22.37x

Higher debt load relative to revenue than 81% of similar nonprofits.

2016 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2016

Net Margin

29th percentile

5.9%

Higher net margin than 29% of similar nonprofits.

2016 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2016

Top Officer Pay

15th percentile

$136,048

Higher top officer pay than 15% of similar nonprofits.

Top officer pay equals 3.1% of source-year revenue.

2016 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2016

Asset Growth

12th percentile

-0.1%

Faster asset growth than 12% of similar nonprofits.

2016 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2015 to 2016

Revenue Growth

22nd percentile

1.2%

Faster revenue growth than 22% of similar nonprofits.

2016 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets61st percentile

Assets

Down

$109,836,696

Down $112,800 (-0.1%) from 2015

Net Assets

Up

$10,698,890

Up $261,676 (+2.5%) from 2015

Liabilities

Down

$99,137,806

Down $374,476 (-0.4%) from 2015

Revenue And Expenses
Liabilities / Revenue81st percentileNet Margin29th percentile

Revenue

Up

$4,430,796

Up $52,290 (+1.2%) from 2015

Expenses

Up

$4,169,120

Up $300,805 (+7.8%) from 2015

Net Income

Down

$261,676

Down $248,515 (-49%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth12th 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

2016

Assets$109,836,696
Liabilities$99,137,806
Net Assets$10,698,890
Open 2016 Filing

Operations Trend

Revenue Growth22nd 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

2016

Revenue$4,430,796
Expenses$4,169,120
Net Income$261,676
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Apr 28, 2017
Return Version
2016v3.0
Gross Receipts
$5,129,994
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$68,483,319$69,406,715▲ $923,396
Savings and Temporary Cash Investments$22,120,745$20,112,152▼ $2,008,593
Investments Program Related$12,992,301$15,003,066▲ $2,010,765
Rtn Earn Endowment Incm Other Fnds$10,437,214$10,698,890▲ $261,676
Land, Buildings, and Equipment, Net$3,015,386$2,292,132▼ $723,254
Cash and Non-Interest-Bearing Accounts$1,286,895$860,917▼ $425,978
Prepaid Expenses and Deferred Charges$223,787$154,402▼ $69,385
Total Assets$109,949,496$109,836,696▼ $112,800
Other Assets Total$1,827,063$2,007,312▲ $180,249
Liabilities
Other Liabilities$98,715,952$98,130,990▼ $584,962
Accounts Payable and Accrued Expenses$788,080$973,933▲ $185,853
Escrow Account Liability$8,250$32,883▲ $24,633
Total Liabilities$99,512,282$99,137,806▼ $374,476
Net Assets / Fund Balance
Total Net Assets Fund Balance$10,437,214$10,698,890▲ $261,676
Total Liabilities and Net Assets / Fund Balance$109,949,496$109,836,696▼ $112,800

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,238,583$1,587,689$2,826,272
Equipment$231,236$2,454,721$2,685,957
Land$822,313-$822,313
Investment Program Related Org$824,816--
Compensation and Service Providers
Top Officer Pay15th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael J DegrandPres & Bod SFT$117,969$18,079$136,048
Debra a VandenbergVP-operationFT$74,928$13,877$88,805

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,153,858
Investment Income
$259,203
Other Revenue
$17,735
Change in Net Assets
$261,676
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,438,971
Salaries, Compensation, and Employee Benefits$1,730,149
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$1,266,205
Office Expenses---$1,215,432
Information Technology---$264,140
Advertising---$210,046
Current Officers, Directors, Trustees, and Key Employees---$192,897
Depreciation Depletion---$188,040
Occupancy---$171,428
Other Employee Benefits---$120,854
Payroll Taxes---$110,701
Other Expenses---$74,145
Insurance---$47,822
Pension Plan Contributions---$39,492
Fees for Services Other---$21,673
Conferences and Meetings---$1,721
Fees for Services Legal---$1,582
Interest---$3
Total Functional Expenses$0$0$0$4,169,120
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$98,163,873
Escrow Account Balances to Line 21$-32,883
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 credit union 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 wi credit union 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
Pres & Bod Secretary
Phone
9204316695
Signed
2017-04-28

Organization Details

Principal Officer
Michael J Degrand
Formed
1952
Legal Domicile
Wi
Voting Board Members
7
Independent Board Members
6
Employees
44

Preparer

Preparer
Peter Rasmussen
Supplemental Narrative

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 Appendix361 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/ScheduleBRequiredInd0false
IRS990ScheduleD/AgentTrusteeEtcInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt01238583
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01587689
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt02826272
IRS990ScheduleD/EquipmentGrp/BookValueAmt0231236
IRS990ScheduleD/EquipmentGrp/DepreciationAmt02454721
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt02685957
IRS990ScheduleD/ExplanationProvidedInd0X
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0true
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt014178250
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt1824816
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0INVESTMENTS > 1YR MATURITY
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1CAPITAL INVESTMENT CORPORATE CENTRAL
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd1C
IRS990ScheduleD/LandGrp/BookValueAmt0822313
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0822313
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt098163873
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1-32883
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/TotalBookValueLandBuildingsAmt02292132
IRS990ScheduleD/TotalBookValueProgramRltdAmt015003066
IRS990ScheduleD/TotalLiabilityAmt098130990
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAS MEMBERS. TO BE A MEMBER ONE MUST HAVE A SHARE (SAVINGS) ACCOUNT AT THE CREDIT UNION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD OF DIRECTORS IS ELECTED BY THE CREDIT UNION MEMBERS. EACH MEMBER HAS ONE VOTE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A 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/ExplanationTxt3MANAGEMENT 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/ExplanationTxt4INTERNAL CONTROL REVIEW OF LOANS AND PROCEDURES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE BOARD OF DIRECTORS RECEIVES AND REVIEWS SALARY SURVEYS FROM THE WI CREDIT UNION 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/ExplanationTxt6THE BOARD OF DIRECTORS RECEIVES AND REVIEWS SALARY SURVEYS FROM THE WI CREDIT UNION 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 CREDIT UNION DOES NOT MAKES ITS GOVERNING DOCUMENTS OR CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0109949496
IRS990/TotalAssetsEOYAmt0109836696
IRS990/TotalAssetsGrp/BOYAmt0109949496
IRS990/TotalAssetsGrp/EOYAmt0109836696
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt044
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt04169120
IRS990/TotalGrossUBIAmt010724
IRS990/TotalLiabilitiesBOYAmt099512282
IRS990/TotalLiabilitiesEOYAmt099137806
IRS990/TotalLiabilitiesGrp/BOYAmt099512282
IRS990/TotalLiabilitiesGrp/EOYAmt099137806
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt010437214
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt010698890
IRS990/TotalOtherCompensationAmt031956
IRS990/TotalProgramServiceRevenueAmt04153858
IRS990/TotalReportableCompFromOrgAmt0192897
IRS990/TotalRevenueGrp/ExclusionAmt0319636
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt04100436
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04430796
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt010724
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0109949496
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0109836696
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/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/PersonNm0MICHAEL J DEGRAND
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRES & BOD SECRETARY
ReturnHeader/BusinessOfficerGrp/PhoneNum09204316695
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-04-28
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/FilingSecurityInformation/AtSubmissionCreationDeviceId04C5A70F7A5FDA4811252E2883A9E531D3168B42F
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId04C5A70F7A5FDA4811252E2883A9E531D3168B42F
ReturnHeader/PreparerPersonGrp/PreparationDt02017-05-03
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0PETER RASMUSSEN
ReturnHeader/ReturnTs02017-05-03T11:35:12-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-01-01
ReturnHeader/TaxPeriodEndDt02016-12-31
ReturnHeader/TaxYr02016

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$109,836,696
Liabilities
$99,137,806
Net assets
$10,698,890
Revenue
$4,430,796
Expenses
$4,169,120
Net income
$261,676
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
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2016 filings • 501(c)14 • $100M-$250M nonprofits