Civic Intelligence

Corning Cable Systems Credit Union

EIN 56-0768867 • 501(c)14 • Hickory, NC

Profile

To provide financial services to its members

PO Box 489Hickory, NC 28603

www.ccscu.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

75th percentile

0.90x

Higher debt load relative to assets than 75% of similar nonprofits.

501(c)14 • $25M-$50M nonprofits • Source year 2016

Liabilities / Revenue

94th percentile

27.28x

Higher debt load relative to revenue than 94% of similar nonprofits.

501(c)14 • $25M-$50M nonprofits • Source year 2016

Net Margin

12th percentile

-9.3%

Higher net margin than 12% of similar nonprofits.

501(c)14 • $25M-$50M nonprofits • Source year 2016

Top Officer Pay

31st percentile

$96,539

Higher top officer pay than 31% of similar nonprofits.

Top officer pay equals 8.5% of source-year revenue.

501(c)14 • $25M-$50M nonprofits • Source year 2016

Asset Growth

36th percentile

-0.9%

Faster asset growth than 36% of similar nonprofits.

501(c)14 • $25M-$50M nonprofits • Annualized from 2015 to 2016

Revenue Growth

11th percentile

-6.2%

Faster revenue growth than 11% of similar nonprofits.

501(c)14 • $25M-$50M nonprofits • Annualized from 2015 to 2016

Assets

Down

$34,203,817

Down $321,714 (-0.9%) from 2015

Liabilities

Down

$30,821,707

Down $229,212 (-0.7%) from 2015

Net Assets

Down

$3,382,110

Down $92,502 (-2.7%) from 2015

Revenue

Down

$1,129,871

Down $74,940 (-6.2%) from 2015

Expenses

Up

$1,235,210

Up $94,031 (+8.2%) from 2015

Net Income

Down

-$105,339

Down $168,971 (-266%) from 2015

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$40M$30M$20M$10M$0Assets 2010: $31,396,486Liabilities 2010: $27,895,545Net Assets 2010: $3,500,9412010Assets 2011: $32,460,689Liabilities 2011: $28,953,150Net Assets 2011: $3,507,5392011Assets 2012: $32,077,151Liabilities 2012: $28,647,616Net Assets 2012: $3,429,5352012Assets 2013: $32,741,021Liabilities 2013: $29,327,882Net Assets 2013: $3,413,1392013Assets 2014: $34,316,638Liabilities 2014: $30,905,658Net Assets 2014: $3,410,9802014Assets 2015: $34,525,531Liabilities 2015: $31,050,919Net Assets 2015: $3,474,6122015Assets 2016: $34,203,817Liabilities 2016: $30,821,707Net Assets 2016: $3,382,1102016

Highlighted filing

2016

Assets$34,203,817
Liabilities$30,821,707
Net Assets$3,382,110

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.5M$1.0M$500K$0-$500KExpenses 2010: $1,426,9072010Expenses 2011: $1,370,1842011Expenses 2012: $1,345,3732012Revenue 2013: $1,194,866Expenses 2013: $1,211,262Net Income 2013: -$16,3962013Revenue 2014: $1,237,240Expenses 2014: $1,239,399Net Income 2014: -$2,1592014Revenue 2015: $1,204,811Expenses 2015: $1,141,179Net Income 2015: $63,6322015Revenue 2016: $1,129,871Expenses 2016: $1,235,210Net Income 2016: -$105,3392016

Highlighted filing

2016

Revenue$1,129,871
Expenses$1,235,210
Net Income-$105,339

Filings

Latest Detailed Filing

The latest 2016 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2014 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
May 11, 2015
Return Version
2014v5.0
Gross Receipts
$1,237,240
Mission and Program Overview

Mission

To provide financial services to its members

To provide financial services to its members for a reasonable cost and pay reasonable dividends to member share savings deposits.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$14,848,915$14,217,717▼ $631,198
Investments Program Related$12,546,406$13,802,364▲ $1,255,958
Savings and Temporary Cash Investments$4,611,495$5,706,815▲ $1,095,320
Rtn Earn Endowment Incm Other Fnds$3,413,139$3,410,980▼ $2,159
Cash and Non-Interest-Bearing Accounts$335,165$244,901▼ $90,264
Land, Buildings, and Equipment, Net$18,628$13,101▼ $5,527
Prepaid Expenses and Deferred Charges$29,125$11,510▼ $17,615
Total Assets$32,741,021$34,316,638▲ $1,575,617
Other Assets Total$351,287$320,230▼ $31,057
Liabilities
Other Liabilities$29,006,275$29,623,291▲ $617,016
Accounts Payable and Accrued Expenses$321,607$1,282,367▲ $960,760
Total Liabilities$29,327,882$30,905,658▲ $1,577,776
Net Assets / Fund Balance
Total Net Assets Fund Balance$3,413,139$3,410,980▼ $2,159
Total Liabilities and Net Assets / Fund Balance$32,741,021$34,316,638▲ $1,575,617

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$13,101$545,478$558,579
Investment Program Related Org$13,802,364--
Other Assets Org$11,872--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Marc Jacobson1461 Kensington Circle, Newton Nc 28658FT$91,445$91,445

Board Members and Trustees

NameTitle
Angela Yoder1287 Brookstone Drive, Hickory, Nc 28602
Sharon Milligan1540 11 Ave. Circle Nw, Hickory, Nc 28601
Paul Martino3215 11th St Ne, Hickory, Nc 28601
Phyllis Starnes4851 Hickory Blvd., Hickory, Nc 28630
Jerry Cates490 44th Ave Dr. Ne, Hickory, Nc 28601
Kelli Zych5123 Kristy Dr., Hickory, Nc 28602
Deborah Boyle6139 Timberlan Terrace, Hickory, Nc 28601
Tracy Horton7273 Denmark Dr., Denver, Nc 28037
Vincent Ferretti800 17th St Nw, Hickory, Nc
Martha Bowman921 25th St Se, Hickory, Nc 28601
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$955,097
Investment Income
$282,143
Other Revenue
$0
Change in Net Assets
$-2,159
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$693,764
Other Expenses$545,635
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$602,319
Fees for Services Other---$324,308
Office Expenses---$114,119
Current Officers, Directors, Trustees, and Key Employees---$91,445
Interest---$56,800
Other Expenses---$15,600
Advertising---$5,212
Conferences and Meetings---$4,364
Total Functional Expenses$0$0$0$1,239,399
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
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Shares$29,623,291
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Audit committee
Yes
Backup withholding compliance
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Corning Cable Systems Credit Union
EIN
56-0768867
Phone
8289015101
Address
PO BOX 489, HICKORY, NC 28603

Signing Officer

Name
Marc Jacobson
Title
President/CEO
Phone
8289015101
Signed
2015-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Marc Jacobson
Formed
1962
Legal Domicile
Nc
Voting Board Members
7
Independent Board Members
7
Employees
10
Volunteers
7

Preparer

Firm
North Carolina Credit Union League
Address
323 W Jones Street Suite 200, Raleigh, NC 27603
Preparer
Ladawn Atkinson
Phone
3363140812
Supplemental Narrative

Additional Explanations

Pt VI, Line 6

MEMBERS

Pt VI, Line 7A

Directors and officers elected by members

Pt VI, Line 7B

Decisions subject to member votes

Pt VI, Line 11B

Sent to manager for review and signature

Form 990, Part IX, Line 24F

Other expense dividend expense dividend expense - keller misc expense

Raw XML Appendix348 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DIRECTORS AND OFFICERS ELECTED BY MEMBERS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DECISIONS SUBJECT TO MEMBER VOTES
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3SENT TO MANAGER FOR REVIEW AND SIGNATURE
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4OTHER EXPENSE DIVIDEND EXPENSE DIVIDEND EXPENSE - KELLER MISC EXPENSE
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt VI, Line 7b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part IX, Line 24f
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt032741021
IRS990/TotalAssetsEOYAmt034316638
IRS990/TotalAssetsGrp/BOYAmt032741021
IRS990/TotalAssetsGrp/EOYAmt034316638
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt010
IRS990/TotalFunctionalExpensesGrp/TotalAmt01239399
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt029327882
IRS990/TotalLiabilitiesEOYAmt030905658
IRS990/TotalLiabilitiesGrp/BOYAmt029327882
IRS990/TotalLiabilitiesGrp/EOYAmt030905658
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt03413139
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt03410980
IRS990/TotalProgramServiceRevenueAmt0955097
IRS990/TotalReportableCompFromOrgAmt091445
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01237240
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01237240
IRS990/TotalVolunteersCnt07
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt032741021
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt034316638
IRS990/TransactionWithControlEntInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 489
IRS990/USAddress/CityNm0HICKORY
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd028601
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.CCSCU.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02016-04-25 22:37:26Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0MARC JACOBSON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT/CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum08289015101
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-05-11
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0CORNING CABLE SYSTEMS CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0CORN
ReturnHeader/Filer/EIN0560768867
ReturnHeader/Filer/PhoneNum08289015101
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 489
ReturnHeader/Filer/USAddress/CityNm0HICKORY
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd028603
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0NORTH CAROLINA CREDIT UNION LEAGUE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0323 W Jones Street Suite 200
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Raleigh
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd027603
ReturnHeader/PreparerPersonGrp/PhoneNum03363140812
ReturnHeader/PreparerPersonGrp/PreparationDt02015-05-12
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0LADAWN ATKINSON
ReturnHeader/ReturnTs02015-05-12T12:01:02-07:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-01-01
ReturnHeader/TaxPeriodEndDt02014-12-31
ReturnHeader/TaxYr02014

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