Civic Intelligence

Park Community Credit Union Inc

EIN 61-0654642 • 501(c)14 • Louisville, KY

Profile

Park Community Credit Union (the "Credit Union" or "Park") is a state chartered cooperative association organized for the purpose of promoting thrift among, and creating a source of credit for its members.

2515 Blankenbaker ParkwayLouisville, KY 40299

www.parkcommunity.com

Siviq Scores

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

Liabilities / Assets

78th percentile

0.92x

Higher debt load relative to assets than 78% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2020

Liabilities / Revenue

91st percentile

19.49x

Higher debt load relative to revenue than 91% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2020

Net Margin

19th percentile

4.0%

Higher net margin than 19% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2020

Top Officer Pay

4th percentile

$414,738

Higher top officer pay than 4% of similar nonprofits.

Top officer pay equals 0.8% of source-year revenue.

501(c)14 • $1B+ nonprofits • Source year 2020

Asset Growth

95th percentile

15%

Faster asset growth than 95% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Annualized from 2019 to 2020

Revenue Growth

3rd percentile

-3.7%

Faster revenue growth than 3% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Annualized from 2019 to 2020

Assets

Up

$1,121,794,262

Up $146,561,936 (+15%) from 2019

Liabilities

Up

$1,033,184,340

Up $143,481,974 (+16%) from 2019

Net Assets

Up

$88,609,922

Up $3,079,962 (+3.6%) from 2019

Revenue

Down

$53,014,034

Down $2,045,956 (-3.7%) from 2019

Expenses

Up

$50,885,446

Up $622,643 (+1.2%) from 2019

Net Income

Down

$2,128,588

Down $2,668,599 (-56%) from 2019

Trend Graphs

Balance Sheet Trend

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

$1.5B$1.0B$500M$0Assets 2014: $689,333,428Liabilities 2014: $627,205,310Net Assets 2014: $62,128,1182014Assets 2015: $775,848,332Liabilities 2015: $708,640,308Net Assets 2015: $67,208,0242015Assets 2016: $798,873,865Liabilities 2016: $727,187,174Net Assets 2016: $71,686,6912016Assets 2017: $896,145,189Liabilities 2017: $819,332,024Net Assets 2017: $76,813,1652017Assets 2018: $907,640,054Liabilities 2018: $825,815,037Net Assets 2018: $81,825,0172018Assets 2019: $975,232,326Liabilities 2019: $889,702,366Net Assets 2019: $85,529,9602019Assets 2020: $1,121,794,262Liabilities 2020: $1,033,184,340Net Assets 2020: $88,609,9222020

Highlighted filing

2020

Assets$1,121,794,262
Liabilities$1,033,184,340
Net Assets$88,609,922

Operations Trend

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

$60M$40M$20M$0Revenue 2014: $34,417,183Expenses 2014: $29,555,301Net Income 2014: $4,861,8822014Revenue 2015: $39,720,370Expenses 2015: $35,352,152Net Income 2015: $4,368,2182015Revenue 2016: $43,730,774Expenses 2016: $38,624,893Net Income 2016: $5,105,8812016Revenue 2017: $44,325,301Expenses 2017: $38,309,216Net Income 2017: $6,016,0852017Revenue 2018: $50,419,865Expenses 2018: $44,203,736Net Income 2018: $6,216,1292018Revenue 2019: $55,059,990Expenses 2019: $50,262,803Net Income 2019: $4,797,1872019Revenue 2020: $53,014,034Expenses 2020: $50,885,446Net Income 2020: $2,128,5882020

Highlighted filing

2020

Revenue$53,014,034
Expenses$50,885,446
Net Income$2,128,588

Filings

Latest Detailed Filing

The latest 2020 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2019 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 16, 2020
Return Version
2019v5.0
Gross Receipts
$55,059,990
Mission and Program Overview

Mission

Park Community Credit Union (the "Credit Union" or "Park") is a state chartered cooperative association organized for the purpose of promoting thrift among, and creating a source of credit for its members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$736,813,930$802,241,580▲ $65,427,650
Rtn Earn Endowment Incm Other Fnds$81,825,017$85,529,960▲ $3,704,943
Savings and Temporary Cash Investments$28,549,225$53,317,931▲ $24,768,706
Land, Buildings, and Equipment, Net$33,027,323$32,927,746▼ $99,577
Investments in Publicly Traded Securities$25,297,015$19,325,486▼ $5,971,529
Investments Program Related$14,672,717$15,589,708▲ $916,991
Cash and Non-Interest-Bearing Accounts$14,346,618$14,108,592▼ $238,026
Accounts Receivable$3,160,821$3,695,474▲ $534,653
Prepaid Expenses and Deferred Charges$1,541,999$2,715,537▲ $1,173,538
Intangible Assets$554,928$341,066▼ $213,862
Investments Other Securities$187,932$111,386▼ $76,546
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$907,640,054$975,232,326▲ $67,592,272
Other Assets Total$49,487,546$30,857,820▼ $18,629,726
Liabilities
Other Liabilities$764,648,059$834,796,721▲ $70,148,662
Mortgage Notes Payable Secured by Investment Property$56,183,267$46,316,958▼ $9,866,309
Accounts Payable and Accrued Expenses$3,393,466$5,073,710▲ $1,680,244
Deferred Revenue$327,582$1,986,878▲ $1,659,296
Escrow Account Liability$1,262,663$1,528,099▲ $265,436
Total Liabilities$825,815,037$889,702,366▲ $63,887,329
Net Assets / Fund Balance
Total Net Assets Fund Balance$81,825,017$85,529,960▲ $3,704,943
Total Liabilities and Net Assets / Fund Balance$907,640,054$975,232,326▲ $67,592,272

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$17,589,822$6,941,462$24,531,284
Equipment$4,718,920$11,916,018$16,634,938
Land$9,903,734-$9,903,734
Leasehold Improvements$448,119$294,240$742,359
Other Land Buildings$267,151-$267,151
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
-President/CEOFT$348,777$555,010$903,787
-Executive Vice PresidentFT$198,644$108,903$307,547
-Chief Operations OfficerFT$136,769$74,112$210,881
-SVP of Retail OperationsFT$97,134$92,358$189,492
-SVP of HR & Organizational DevelopmentFT$117,606$52,820$170,426
-Chief Financial Officer (CFOFT$139,282$29,868$169,150
-SVP of Information TechnologyFT$123,875$44,105$167,980
-General CounselFT$125,863$28,980$154,843
-Regional Manager of Commercial LendingFT$117,228$35,865$153,093
-VP of LendingFT$131,159$19,610$150,769
-VP of FinanceFT$136,374$13,265$149,639
-VP of MarketingFT$126,939$11,554$138,493
-Financial Planning Program ManagerFT$125,820$2,230$128,050
-VP of Retail OperationsFT$114,511$7,820$122,331
-VP of FacilitiesFT$111,539$5,449$116,988
-Mortgage Sales ManagerFT$104,635$11,573$116,208
-VP of Electronic ServicesFT$103,707$3,076$106,783

Board Members and Trustees

NameTitle
-Chairman
-2nd Vice Chairman
-First Vice Chairman
-Director
-Secretary/Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Qsi INCSecurity/various Other107 SCHULAR DR, SUITE 400, Bardstown, KY 40004$1,098,406
Intercontinental - VsaWarranty Sales5901 BROKENS SOUND PARKWAY, Boca Raton, FL 33487$834,299
Velocity SolutionsRetail Enhancement Services/marketingPO BOX 460939, Fort Lauderdale, FL 33346$767,196
Jack Henry & AssociatesCore Processing ServicesPO BOX 609, Monett, MO 65708$753,580
Strategic Resource ManagementOperational Effeciency Services5100 POPLAR AVENUE, Memphis, TN 38137$607,087
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$53,484,861
Investment Income
$1,575,129
Other Revenue
$0
Change in Net Assets
$4,797,187

Audited Revenue Reconciliation

Revenue per Audited Statements
$55,059,990
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$55,059,990
Total Revenue per Form 990
$55,059,990
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$30,637,323
Salaries, Compensation, and Employee Benefits$19,610,249
Grants and Similar Amounts Paid$15,231
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$13,428,138
Interest---$8,969,629
Office Expenses---$4,418,849
Occupancy---$3,925,475
Current Officers, Directors, Trustees, and Key Employees---$2,904,268
Depreciation Depletion---$2,338,158
Advertising---$2,198,649
Other Employee Benefits---$1,152,074
Payroll Taxes---$1,110,567
Pension Plan Contributions---$1,015,202
Fees for Services Other$0$0$0$581,405
Conferences and Meetings---$297,844
Fees for Services Legal---$188,587
Other Expenses---$183,995
Fees for Services Accounting---$121,318
Travel---$90,983
Fees for Service Investment Mgmnt Fees---$49,000
Grants to Domestic Orgs---$15,231
Total Functional Expenses$0$0$0$50,262,803

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$50,262,803
Total Expenses per Audited Statements$50,262,803
Total Expenses per Form 990$50,262,803
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
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
Insider Transactions and Loans

Loans and Receivables

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

Other Reported Liabilities

LiabilityAmount
Member share and savings accounts$825,716,916
Other Liabilities$9,079,805
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 35% controlled entity
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
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 Classes of members or stockholders

The organization has members who have the right to participate in the organization's governance. Members of the organization have the right to elect the 7 members of the governing body/ board of directors, serving 3 year terms. The organization does not have classes of membership. All members have one share of the credit union and are entitled to one vote.

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

See Form 990, Part VI, Line 6 narrative.

Form 990, Part VI, Line 11B Review of form 990 by governing body

The preparation of the Form 990 is led by the Chief Financial Officer and coordinated with other senior leadership individuals within the credit union. Once the Form 990 is prepared, it is reviewed by the Executive Vice President and Chief Executive Officer of the credit union. The Board of Directors are provided a copy of the Form 990 prior to filing.

Form 990, Part VI, Line 12C Conflict of interest policy

The credit union's conflict of interest policy applies to all directors, management officials and highest paid employees. Conflicts of interest questionnaires were sent to all interested persons to identify potential or actual conflicts of interest. The compliance director reviews the completed questionnaires to determine whether a conflict of interest exists. If a particular director has a conflict of interest, that director would not be permitted to vote on a topic related to the conflict.

Form 990, Part VI, Line 15A Process to establish compensation of top management official

The salary plan used by the credit union for the top management official utilizes market salary data and job grade ranges. The credit union's compensation committee reviews and approves the compensation of the chief executive officer and documents deliberations and decision making regarding this compensation in the minutes of the compensation committee meeting. The compensation plan is updated annually through the use of a third party vendor to ensure it remains current.

Form 990, Part VI, Line 15B Process to establish compensation of other employees

The salary plan used by the credit union for all positions, including all officers and key employees, utilizes market salary and job grade ranges. The Compensation plan is updated annually through the use of a third Party vendor to ensure it remains current. The compensation committee reviews and approves the plan on an annual basis.

Form 990, Part VI, Line 19 Required documents available to the public

If a credit union's conflict of interest policy or governing document is specifically requested by a member, the member would be allowed to review the policy or document. Financial information for the credit union is available through the National Credit Union Administration's website and is posted in the offices of the credit union.

Filing and Contact Details

Filer

Filer Name
Park Community Credit Union Inc
EIN
61-0654642
Phone
5028156014
Address
2515 Blankenbaker Parkway, LOUISVILLE, KY 40299

Signing Officer

Name
James Spradlin
Title
CEO
Signed
2020-11-16
Discuss with paid preparer
Yes

Organization Details

Formed
2013
Legal Domicile
Ky
Voting Board Members
7
Independent Board Members
7
Employees
406
Volunteers
12

Preparer

Firm
Crowe Llp
Address
9600 Brownsboro Road Suite 400, Louisville, KY 40241-1122
Preparer
Kim Scifres
Phone
5023263996
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9 Other changes in net assets or fund balances

Other Comprehensive Income for Defined Benefit Pension Plans - -1555902;

Financial Statement Notes

Schedule D, Part IV, Line 2B Explanation of escrow agreement

Park's escrow account consist of mortgage payments that consist of taxes and insurance that is included as payment for our mortgage loans. The taxes and insurance payments are held in the escrow account and then made on behalf of the members at the due date of the taxes and the insurance, respectively.

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IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt5Penelope Gold
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt6Thomas Hendrix
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt7Andy Dickhut
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt8Anna Kaye Hall
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt9Cheryl Standafer
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt10David Shadburne
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt11James Perkins
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt12James Spradlin
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt13Jeff Thornton
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt14Julia Blackwell-Aguilar
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt15Lisa Bannon
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt16Melissa McGill
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt17Sandra Gogan
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt18Sharon Williams
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt19Steve Loftis
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt20Andrew Pope
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt21Greg Smith
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt22Katherine McKune
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt23Kirby Keith Roberts
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt24Robert Brown
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt1Secretary/Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt2First Vice Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt32nd Vice Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7VP of Marketing
IRS990/Form990PartVIISectionAGrp/TitleTxt8Chief Financial Officer (CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt9VP of Retail Operations
IRS990/Form990PartVIISectionAGrp/TitleTxt10Executive Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt11SVP of Information Technology
IRS990/Form990PartVIISectionAGrp/TitleTxt12President/CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt13VP of Electronic Services
IRS990/Form990PartVIISectionAGrp/TitleTxt14VP of Lending
IRS990/Form990PartVIISectionAGrp/TitleTxt15Chief Operations Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt16VP OF FINANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt17SVP of Retail Operations
IRS990/Form990PartVIISectionAGrp/TitleTxt18SVP of HR & Organizational Development
IRS990/Form990PartVIISectionAGrp/TitleTxt19VP of Facilities
IRS990/Form990PartVIISectionAGrp/TitleTxt20Mortgage Sales Manager
IRS990/Form990PartVIISectionAGrp/TitleTxt21Financial Planning Program Manager
IRS990/Form990PartVIISectionAGrp/TitleTxt22General Counsel
IRS990/Form990PartVIISectionAGrp/TitleTxt23Regional Manager of Commercial Lending
IRS990/Form990PartVIISectionAGrp/TitleTxt24Regional Manager of Commercial Lending
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IRS990/MissionDesc0PARK COMMUNITY CREDIT UNION (THE "CREDIT UNION" OR "PARK") IS A STATE CHARTERED COOPERATIVE ASSOCIATION ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AMONG, AND CREATING A SOURCE OF CREDIT FOR ITS MEMBERS.
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IRS990/PrincipalOfcrBusinessName/BusinessNameLine1Txt0James Spradlin

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