Civic Intelligence

State Chartered Credit Union in North Carolina

990 • Fiscal year 2015 • EIN 56-0558528

Jan 01, 2015 to Dec 31, 2015 • Filed on Jul 15, 2016

Organization ProfileWWW.FIRSTLEGACYFCU.ORG

View Organization Page

431 Beatties Ford RdCharlotte, NC 28216

(704) 375-5781

Siviq Scores

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

Liabilities / Assets

16th percentile

0.83x

Higher debt load relative to assets than 16% of similar nonprofits.

2015 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2015

Liabilities / Revenue

7th percentile

8.07x

Higher debt load relative to revenue than 7% of similar nonprofits.

2015 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2015

Net Margin

67th percentile

12%

Higher net margin than 67% of similar nonprofits.

2015 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2015

Top Officer Pay

38th percentile

$85,000

Higher top officer pay than 38% of similar nonprofits.

Top officer pay equals 2.4% of source-year revenue.

2015 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2015

Asset Growth

6th percentile

-3.7%

Faster asset growth than 6% of similar nonprofits.

2015 filings • 501(c)14 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Revenue Growth

2nd percentile

-12%

Faster revenue growth than 2% of similar nonprofits.

2015 filings • 501(c)14 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets16th percentile

Assets

Down

$35,010,044

Down $1,340,250 (-3.7%) from 2014

Net Assets

Up

$6,000,994

Up $455,097 (+8.2%) from 2014

Liabilities

Down

$29,009,050

Down $1,795,347 (-5.8%) from 2014

Revenue And Expenses
Liabilities / Revenue7th percentileNet Margin67th percentile

Revenue

Down

$3,596,173

Down $489,195 (-12%) from 2014

Expenses

Up

$3,163,415

Up $362,376 (+13%) from 2014

Net Income

Down

$432,758

Down $851,571 (-66%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth6th percentile

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

$60M$40M$20M$0Assets 2010: $40,697,843Liabilities 2010: $30,035,385Net Assets 2010: $10,662,4582010Assets 2011: $49,203,177Liabilities 2011: $37,931,932Net Assets 2011: $11,271,2452011Assets 2012: $41,005,938Liabilities 2012: $36,320,197Net Assets 2012: $4,685,7412012Assets 2013: $37,471,483Liabilities 2013: $33,209,915Net Assets 2013: $4,261,5682013Assets 2014: $36,350,294Liabilities 2014: $30,804,397Net Assets 2014: $5,545,8972014Assets 2015: $35,010,044Liabilities 2015: $29,009,050Net Assets 2015: $6,000,9942015Assets 2016: $35,067,061Liabilities 2016: $29,408,530Net Assets 2016: $5,658,5312016Assets 2017: $32,318,406Liabilities 2017: $27,886,311Net Assets 2017: $4,432,0952017

Highlighted filing

2015

Assets$35,010,044
Liabilities$29,009,050
Net Assets$6,000,994
Open 2015 Filing

Operations Trend

Revenue Growth2nd percentile

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

$10M$5.0M$0-$5.0MExpenses 2010: $3,604,9802010Revenue 2011: $4,873,991Expenses 2011: $4,144,866Net Income 2011: $729,1252011Expenses 2012: $9,477,7712012Revenue 2013: $2,959,043Expenses 2013: $3,383,216Net Income 2013: -$424,1732013Revenue 2014: $4,085,368Expenses 2014: $2,801,039Net Income 2014: $1,284,3292014Revenue 2015: $3,596,173Expenses 2015: $3,163,415Net Income 2015: $432,7582015Revenue 2016: $2,421,284Expenses 2016: $2,763,747Net Income 2016: -$342,4632016Revenue 2017: $1,985,712Expenses 2017: $3,212,148Net Income 2017: -$1,226,4362017

Highlighted filing

2015

Revenue$3,596,173
Expenses$3,163,415
Net Income$432,758
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Jul 15, 2016
Return Version
2015v2.1
Gross Receipts
$4,021,421
Mission and Program Overview

Mission

To create wealth in community by providing low interest rate

To create wealth in community by providing low interest rate products to low to moderate income individuals and families.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$25,539,014$22,382,165▼ $3,156,849
Savings and Temporary Cash Investments$6,778,059$9,125,183▲ $2,347,124
Land, Buildings, and Equipment, Net$2,341,449$2,322,497▼ $18,952
Cash and Non-Interest-Bearing Accounts$780,120$699,267▼ $80,853
Prepaid Expenses and Deferred Charges$70,955$70,774▼ $181
Total Assets$36,350,295$35,010,044▼ $1,340,251
Other Assets Total$840,698$410,158▼ $430,540
Liabilities
Other Liabilities$30,505,810$28,749,858▼ $1,755,952
Accounts Payable and Accrued Expenses$298,587$259,192▼ $39,395
Total Liabilities$30,804,397$29,009,050▼ $1,795,347
Net Assets / Fund Balance
Unrestricted Net Assets$3,915,872$4,370,968▲ $455,096
Temporarily Rstr Net Assets$1,630,026$1,630,026→ $0
Total Net Assets Fund Balance$5,545,898$6,000,994▲ $455,096
Total Liabilities and Net Assets / Fund Balance$36,350,295$35,010,044▼ $1,340,251

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,611,414$921,013$2,532,427
Leasehold Improvements$455,394$205,188$660,582
Other Land Buildings$180,418$468,103$648,521
Land$75,271-$75,271
Compensation and Service Providers
Top Officer Pay38th percentile

Employees

NameTitleFull / Part TimeBaseTotal
James McleanDirec. of LeFT$85,000$85,000
Jennifer WilliamsDirec. SuppoFT$60,900$60,900
Walillian WhiteRetail DirecFT$50,000$50,000

Board Members and Trustees

NameTitle
Tyrone TylerChair
Michellle OutlawPresident &
Doris R AshburyVice Chair
Napoleon WallaceDirector
Armeer KenchenSecretary
Gloria R ReeseTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,953,507
Investment Income
$71,344
Other Revenue
$1,571,322
Change in Net Assets
$432,758
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,876,156
Salaries, Compensation, and Employee Benefits$1,287,259
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$1,037,061
All Other Expenses---$438,095
Interest---$254,296
Office Expenses---$190,892
Depreciation Depletion---$166,889
Other Employee Benefits---$151,753
Occupancy---$140,650
Fees for Services Accounting---$111,431
Fees for Services Other---$100,640
Payroll Taxes---$98,445
Insurance---$61,422
Other Expenses---$44,540
Travel---$11,584
Advertising---$11,207
Total Functional Expenses$0$0$0$3,163,415
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 Deposits$28,749,858
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 credit union is owned by its members and members are allowed to vote on significant issues at an annual meeting.”

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

“The members are entitled to vote on the members of the board of directors and an annual members' meeting is held regarding issues afffecting the credit union.”

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

“Merger decisions require the approval of membership.”

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

“The form 990 is provided to the ceo, accounting manager, board members, and supervisory committee for review prior to filing.”

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

“The conflict of interest policy is provided to the board and all taff. Any conflicts of interest need to be disclosed to management and the board.”

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

“The president/ceo makes recommendations to the board on salary.”

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

“The president/ceo makes recommendations to the board.”

Form 990, Page 6, Part VI, Line 19

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
First Legacy Community Credit Union
EIN
56-0558528
Phone
7043755781
Address
431 BEATTIES FORD RD, CHARLOTTE, NC 28216

Signing Officer

Name
Michellle Outlaw
Title
President & CEO
Phone
7043755781
Signed
2016-07-15

Organization Details

Principal Officer
Michellle Outlaw
Formed
1941
Legal Domicile
Nc
Voting Board Members
5
Independent Board Members
5
Employees
24

Preparer

Firm
Cantey Tiller Pierce & Green Llp
Address
PO BOX 862, CAMDEN, SC 29021
Preparer
Janet M Pierce
Phone
8034321436
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E

“Atm/pos disputes 44,206 0 0 maint of furn & equip 37,638 0 0 collection expense 35,179 0 0 visa 34,170 0 0 credit reports 32,733 0 0 repo auto expense 30,551 0 0 certegy daily billing 29,673 0 0 debit card plastic exp 28,540 0 0 foreclosure expenses 20,123 0 0 loan servicing expense 19,727 0 0 bill payment fee 17,155 0 0 share draft 16,238 0 0 loss on writedown of repo 15,784 0 0 provision for negative sh 15,698 0 0 legal fees 13,351 0 0 armored car 13,162 0 0 annual meeting expense 7,041 0 0 education expense 5,630 0 0 supervision fees 4,997 0 0 nc credit union league du 4,308 0 0 shredding record storage 3,912 0 0 association dues 2,747 0 0 travelers ck visa card ex 1,937 0 0 ira servicing fee 1,862 0 0 cash over and short 1,132 0 0 loan documents & supplies 601 0 0”

Raw XML Appendix344 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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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBERS DEPOSITS
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02322497
IRS990ScheduleD/TotalLiabilityAmt028749858
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE CREDIT UNION IS OWNED BY ITS MEMBERS AND MEMBERS ARE ALLOWED TO VOTE ON SIGNIFICANT ISSUES AT AN ANNUAL MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE MEMBERS ARE ENTITLED TO VOTE ON THE MEMBERS OF THE BOARD OF DIRECTORS AND AN ANNUAL MEMBERS' MEETING IS HELD REGARDING ISSUES AFFFECTING THE CREDIT UNION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MERGER DECISIONS REQUIRE THE APPROVAL OF MEMBERSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FORM 990 IS PROVIDED TO THE CEO, ACCOUNTING MANAGER, BOARD MEMBERS, AND SUPERVISORY COMMITTEE FOR REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE CONFLICT OF INTEREST POLICY IS PROVIDED TO THE BOARD AND ALL TAFF. ANY CONFLICTS OF INTEREST NEED TO BE DISCLOSED TO MANAGEMENT AND THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE PRESIDENT/CEO MAKES RECOMMENDATIONS TO THE BOARD ON SALARY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE PRESIDENT/CEO MAKES RECOMMENDATIONS TO THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7NO DOCUMENTS AVAILABLE TO THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8ATM/POS DISPUTES 44,206 0 0 MAINT OF FURN & EQUIP 37,638 0 0 COLLECTION EXPENSE 35,179 0 0 VISA 34,170 0 0 CREDIT REPORTS 32,733 0 0 REPO AUTO EXPENSE 30,551 0 0 CERTEGY DAILY BILLING 29,673 0 0 DEBIT CARD PLASTIC EXP 28,540 0 0 FORECLOSURE EXPENSES 20,123 0 0 LOAN SERVICING EXPENSE 19,727 0 0 BILL PAYMENT FEE 17,155 0 0 SHARE DRAFT 16,238 0 0 LOSS ON WRITEDOWN OF REPO 15,784 0 0 PROVISION FOR NEGATIVE SH 15,698 0 0 LEGAL FEES 13,351 0 0 ARMORED CAR 13,162 0 0 ANNUAL MEETING EXPENSE 7,041 0 0 EDUCATION EXPENSE 5,630 0 0 SUPERVISION FEES 4,997 0 0 NC CREDIT UNION LEAGUE DU 4,308 0 0 SHREDDING RECORD STORAGE 3,912 0 0 ASSOCIATION DUES 2,747 0 0 TRAVELERS CK VISA CARD EX 1,937 0 0 IRA SERVICING FEE 1,862 0 0 CASH OVER AND SHORT 1,132 0 0 LOAN DOCUMENTS & SUPPLIES 601 0 0
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
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PART IX, LINE 24E
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt01630026
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt01630026
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsEOYAmt035010044
IRS990/TotalAssetsGrp/BOYAmt036350295
IRS990/TotalAssetsGrp/EOYAmt035010044
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt024
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt03163415
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt030804397
IRS990/TotalLiabilitiesEOYAmt029009050
IRS990/TotalLiabilitiesGrp/BOYAmt030804397
IRS990/TotalLiabilitiesGrp/EOYAmt029009050
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt05545898
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt06000994
IRS990/TotalProgramServiceRevenueAmt01953507
IRS990/TotalReportableCompFromOrgAmt0195900
IRS990/TotalRevenueGrp/ExclusionAmt040319
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt03555854
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03596173
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt036350295
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt035010044
IRS990/TravelGrp/TotalAmt011584
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt03915872
IRS990/UnrestrictedNetAssetsGrp/EOYAmt04370968
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0WWW.FIRSTLEGACYFCU.ORG
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02016-12-15 16:53:06Z
ReturnHeader/BusinessOfficerGrp/PersonNm0MICHELLLE OUTLAW
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT & CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum07043755781
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-07-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FIRST LEGACY COMMUNITY CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0FIRS
ReturnHeader/Filer/EIN0560558528
ReturnHeader/Filer/PhoneNum07043755781
ReturnHeader/Filer/USAddress/AddressLine1Txt0431 BEATTIES FORD RD
ReturnHeader/Filer/USAddress/CityNm0CHARLOTTE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd028216
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0570568919
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CANTEY TILLER PIERCE & GREEN LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 862
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CAMDEN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0SC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd029021
ReturnHeader/PreparerPersonGrp/PhoneNum08034321436
ReturnHeader/PreparerPersonGrp/PreparationDt02016-07-06
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JANET M PIERCE
ReturnHeader/ReturnTs02016-08-09T08:32:30-05:00
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
$35,010,044
Liabilities
$29,009,050
Net assets
$6,000,994
Revenue
$3,596,173
Expenses
$3,163,415
Net income
$432,758
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2017Detailed filing. Detailed filing data is available for this year.$32.3$27.9$4.43$1.99$3.21$1.23
2016Detailed filing. Detailed filing data is available for this year.$35.1$29.4$5.66$2.42$2.76$0.34
2015Detailed filing. Detailed filing data is available for this year.$35.0$29.0$6.00$3.60$3.16$0.43
2014Detailed filing. Detailed filing data is available for this year.$36.4$30.8$5.55$4.09$2.80$1.28
2013Detailed filing. Detailed filing data is available for this year.$37.5$33.2$4.26$2.96$3.38$0.42
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$41.0$36.3$4.69$9.48
2011Summary only. Only limited summary data is available for this year.$49.2$37.9$11.3$4.87$4.14$0.73
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$40.7$30.0$10.7$3.60
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2015 filings • 501(c)14 • $25M-$50M nonprofits