Civic Intelligence

State Chartered Credit Unions of Nc

990 • Fiscal year 2013 • EIN 56-1868364

Jan 01, 2013 to Dec 31, 2013 • Filed on Dec 08, 2014

Organization Profilewww.gencomcu.org
123 West Main Street27701

(919) 683-2000

Siviq Scores

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

Liabilities / Assets

99th percentile

0.97x

Higher debt load relative to assets than 99% of similar nonprofits.

2013 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2013

Liabilities / Revenue

22nd percentile

14.32x

Higher debt load relative to revenue than 22% of similar nonprofits.

2013 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2013

Net Margin

1st percentile

-72%

Higher net margin than 1% of similar nonprofits.

2013 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2013

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2013

Asset Growth

1st percentile

-9.8%

Faster asset growth than 1% of similar nonprofits.

2013 filings • 501(c)14 • $10M-$25M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Balance Sheet
Liabilities / Assets99th percentile

Assets

Down

$20,898,651

Down $2,261,575 (-9.8%) from 2012

Net Assets

Down

$553,871

Down $1,020,643 (-65%) from 2012

Liabilities

Down

$20,344,780

Down $1,240,932 (-5.7%) from 2012

Revenue And Expenses
Liabilities / Revenue22nd percentileNet Margin1st percentile

Revenue

$1,420,976

No earlier filing loaded for comparison.

Expenses

Up

$2,441,619

Up $366,834 (+18%) from 2012

Net Income

-$1,020,643

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth1st percentile

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

$30M$20M$10M$0Assets 2010: $23,998,553Liabilities 2010: $21,875,740Net Assets 2010: $2,122,8132010Assets 2011: $23,103,219Liabilities 2011: $21,815,380Net Assets 2011: $1,287,8392011Assets 2012: $23,160,226Liabilities 2012: $21,585,712Net Assets 2012: $1,574,5142012Assets 2013: $20,898,651Liabilities 2013: $20,344,780Net Assets 2013: $553,8712013

Highlighted filing

2013

Assets$20,898,651
Liabilities$20,344,780
Net Assets$553,871
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$3.0M$2.0M$1.0M$0-$1.0M-$2.0MExpenses 2010: $2,436,1012010Expenses 2011: $2,602,2562011Expenses 2012: $2,074,7852012Revenue 2013: $1,420,976Expenses 2013: $2,441,619Net Income 2013: -$1,020,6432013

Highlighted filing

2013

Revenue$1,420,976
Expenses$2,441,619
Net Income-$1,020,643
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Dec 8, 2014
Return Version
2013v3.1
Gross Receipts
$1,420,976
Mission and Program Overview

Mission

Non profit financial institution

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$19,131,899$17,473,601▼ $1,658,298
Savings and Temporary Cash Investments$1,329,367$1,765,936▲ $436,569
Pledges and Grants Receivable$625,000$0▼ $625,000
Cash and Non-Interest-Bearing Accounts$1,264,706$610,831▼ $653,875
Rtn Earn Endowment Incm Other Fnds$1,574,514$553,871▼ $1,020,643
Land, Buildings, and Equipment, Net$212,978$180,694▼ $32,284
Prepaid Expenses and Deferred Charges$40,504$21,352▼ $19,152
Accounts Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$23,160,226$20,898,651▼ $2,261,575
Other Assets Total$555,772$846,237▲ $290,465
Liabilities
Other Liabilities$21,485,338$20,253,836▼ $1,231,502
Accounts Payable and Accrued Expenses$100,374$90,944▼ $9,430
Total Liabilities$21,585,712$20,344,780▼ $1,240,932
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,574,514$553,871▼ $1,020,643
Total Liabilities and Net Assets / Fund Balance$23,160,226$20,898,651▼ $2,261,575

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$40,370$693,910$734,280
Buildings$46,371$170,589$216,960
Land$81,050-$81,050
Leasehold Improvements$12,903$31,946$44,849
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseTotal
Armeer KenchenPresidentFT$85,000$85,000
James McLeanVP LendingFT$70,000$70,000
Cheryl CherryVP DevelopmentFT$69,078$69,078
Jelani ThompsonVP OperationsFT$41,613$41,613

Board Members and Trustees

NameTitle
Thad MooreChairman
Richard HendersonVice Chair
Garland AventDirector
Randy ChambersSecretary
Joseph BattleTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$25,000
Program Service Revenue
$1,373,005
Investment Income
$2,656
Other Revenue
$20,315
All Other Contributions
$25,000
Change in Net Assets
$-1,020,643

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,420,976
Total Revenue per Audited Statements
$1,420,976
Total Revenue per Form 990
$1,420,976
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,614,470
Salaries, Compensation, and Employee Benefits$827,149
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$561,458
Current Officers, Directors, Trustees, and Key Employees---$265,691
Interest---$220,715
All Other Expenses---$219,791
Fees for Services Other---$208,995
Occupancy---$73,970
Other Expenses---$57,931
Depreciation Depletion---$50,851
Travel---$44,516
Insurance---$34,874
Advertising---$21,685
Fees for Services Legal---$17,304
Fees for Services Accounting---$5,335
Total Functional Expenses$0$0$0$2,441,619

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,441,619
Total Expenses per Audited Statements$2,441,619
Total Expenses per Form 990$2,441,619
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Members' Deposits$19,235,221
Secondary Capital$955,000
Contingent Liabilities$63,615
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder

“The Credit Union is owned by its members.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“A copy of the Form 990 is provided to a member of the Supervisory Committee. After review, the results of the 990 review are presented to the full board.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“A written code of conduct is in place. The Board of Directors, Supervisory Committee and other committees play major roles in directing and monitoring the Credit Union's affairs.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“Executive pay is determined by a committee within the board of directors. The board considers the pay of the previous employee in the position and a credit union salary survey. The actual pay is based on a combination of market rates, education, and the previous experience of the employee. The final compensation amount is approved by board of directors.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“Officer and key employee pay is determined by a committee within the board of directors. The board considers the pay of the previous employee in the position and a credit union salary survey. The actual pay is based on a combination of market rates, education, and the previous experience of the employee. Final compensation is reviewed and approved by board of directors.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“None”

Filing and Contact Details

Filer

EIN
56-1868364
Phone
9196832000

Signing Officer

Name
Armeer Kenchen
Title
President
Signed
2014-12-08
Discuss with paid preparer
Yes

Organization Details

Formed
1993
Legal Domicile
Nc
Voting Board Members
5
Independent Board Members
5
Employees
27

Preparer

Preparer
Kenneth D Gibbs
Phone
9195440555
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2: Change of Oversight or Selection Process

“The Supervisory Committee is responsible for the oversight of the audit process.”

Financial Statement Notes

Part X : FIN48 Footnote

“Uncertain tax positions In June 2006, the Financial Accounting Standards Board (FASB) released FASB ASC 740-10, Income Taxes, that provides guidance for reporting uncertainty in income taxes. For the year ended December 31, 2013, the Credit Union has considered FASB ASC 740-10, as amended by Accounting Standards Update (ASU) 2009-06, and determined that no material uncertain tax positions qualify for either recognition or disclosure in the financial statements. The Credit Unions federal Return of Organization Exempt from Income Tax (Form 990) for 2009 through 2012 are subject to examination by the IRS, generally for three years after they were filed.”

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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/Desc1Members' Deposits
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Secondary Capital
IRS990ScheduleD/RevenueSubtotalAmt01420976
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Uncertain tax positions In June 2006, the Financial Accounting Standards Board (FASB) released FASB ASC 740-10, Income Taxes, that provides guidance for reporting uncertainty in income taxes. For the year ended December 31, 2013, the Credit Union has considered FASB ASC 740-10, as amended by Accounting Standards Update (ASU) 2009-06, and determined that no material uncertain tax positions qualify for either recognition or disclosure in the financial statements. The Credit Unions federal Return of Organization Exempt from Income Tax (Form 990) for 2009 through 2012 are subject to examination by the IRS, generally for three years after they were filed.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleD/TotalLiabilityAmt020253836
IRS990ScheduleD/TotalRevenuePerForm990Amt01420976
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Credit Union is owned by its members.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A copy of the Form 990 is provided to a member of the Supervisory Committee. After review, the results of the 990 review are presented to the full board.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A written code of conduct is in place. The Board of Directors, Supervisory Committee and other committees play major roles in directing and monitoring the Credit Union's affairs.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Executive pay is determined by a committee within the board of directors. The board considers the pay of the previous employee in the position and a credit union salary survey. The actual pay is based on a combination of market rates, education, and the previous experience of the employee. The final compensation amount is approved by board of directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Officer and key employee pay is determined by a committee within the board of directors. The board considers the pay of the previous employee in the position and a credit union salary survey. The actual pay is based on a combination of market rates, education, and the previous experience of the employee. Final compensation is reviewed and approved by board of directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5None
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6The Supervisory Committee is responsible for the oversight of the audit process.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part XII, Line 2: Change of Oversight or Selection Process
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IRS990/TaxExemptBondsInd0false
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IRS990/TransactionWithControlEntInd0false
IRS990/TravelGrp/TotalAmt044516
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationOtherInd0X
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IRS990/WebsiteAddressTxt0www.gencomcu.org
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02015-11-30 17:44:51Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Armeer Kenchen

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$20,898,651
Liabilities
$20,344,780
Net assets
$553,871
Revenue
$1,420,976
Expenses
$2,441,619
Net income
-$1,020,643
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2013Detailed filing. Detailed filing data is available for this year.$20.9$20.3$0.55$1.42$2.44$1.02
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$23.2$21.6$1.57$2.07
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$23.1$21.8$1.29$2.60
2010XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$24.0$21.9$2.12$2.44
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