Civic Intelligence

Michoud Credit Union

EIN 72-0900283 • 501(c)14 • New Orleans, LA

View Organization Page

Profile

To provide affordable competitive financial services to credit union members.

P O Box 29304New Orleans, LA 70189
Siviq Scores

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

Liabilities / Assets

48th percentile

0.81x

Higher debt load relative to assets than 48% of similar nonprofits.

501(c)14 • $1M-$5M nonprofits • Source year 2014

Liabilities / Revenue

60th percentile

12.79x

Higher debt load relative to revenue than 60% of similar nonprofits.

501(c)14 • $1M-$5M nonprofits • Source year 2014

Net Margin

8th percentile

-78%

Higher net margin than 8% of similar nonprofits.

501(c)14 • $1M-$5M nonprofits • Source year 2014

Top Officer Pay

71st percentile

$81,560

Higher top officer pay than 71% of similar nonprofits.

Top officer pay equals 32.4% of source-year revenue.

501(c)14 • $1M-$5M nonprofits • Source year 2014

Asset Growth

44th percentile

-12%

Faster asset growth than 44% of similar nonprofits.

501(c)14 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Revenue Growth

74th percentile

6.2%

Faster revenue growth than 74% of similar nonprofits.

501(c)14 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets48th percentile

Assets

Down

$3,977,091

Down $544,686 (-12%) from 2013

Liabilities

Down

$3,219,144

Down $347,997 (-9.8%) from 2013

Net Assets

Down

$757,947

Down $196,689 (-21%) from 2013

Operations
Liabilities / Revenue60th percentileNet Margin8th percentile

Revenue

Up

$251,769

Up $14,631 (+6.2%) from 2013

Expenses

Down

$448,458

Down $2,743 (-0.6%) from 2013

Net Income

Up

-$196,689

Up $17,374 (+8.1%) from 2013

Trend Graphs

Balance Sheet Trend

Asset Growth44th percentile

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2010: $6,757,985Liabilities 2010: $5,136,058Net Assets 2010: $1,621,9272010Assets 2012: $5,206,373Liabilities 2012: $4,037,273Net Assets 2012: $1,169,1002012Assets 2013: $4,521,777Liabilities 2013: $3,567,141Net Assets 2013: $954,6362013Assets 2014: $3,977,091Liabilities 2014: $3,219,144Net Assets 2014: $757,9472014

Highlighted filing

2014

Assets$3,977,091
Liabilities$3,219,144
Net Assets$757,947
Open 2014 Filing

Operations Trend

Revenue Growth74th percentile

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

$600K$400K$200K$0-$200K-$400KExpenses 2010: $426,4592010Revenue 2012: $178,111Expenses 2012: $430,779Net Income 2012: -$252,6682012Revenue 2013: $237,138Expenses 2013: $451,201Net Income 2013: -$214,0632013Revenue 2014: $251,769Expenses 2014: $448,458Net Income 2014: -$196,6892014

Highlighted filing

2014

Revenue$251,769
Expenses$448,458
Net Income-$196,689
Open 2014 Filing

Filings

Most recent year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,977,091
Liabilities
$3,219,144
Net assets
$757,947
Revenue
$251,769
Expenses
$448,458
Net income
-$196,689
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2014Detailed filing. Detailed filing data is available for this year.$3.98$3.22$0.76$0.25$0.45$0.20
2013Summary only. Only limited summary data is available for this year.$4.52$3.57$0.95$0.24$0.45$0.21
2012Summary only. Only limited summary data is available for this year.$5.21$4.04$1.17$0.18$0.43$0.25
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.76$5.14$1.62$0.43
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Nov 16, 2015
Return Version
2014v5.0
Gross Receipts
$251,769
Mission and Program Overview

Mission

To provide affordable competitive financial services to credit union members.

To provide affordable financial services (savings accounts, checking accounts, loans, credit cards, etc.) to its members at competitive prices.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$2,090,935--
Other Notes and Loans Receivable, Net-$2,042,123-
Investments Program Related-$759,185-
Rtn Earn Endowment Incm Other Fnds$954,636$757,947▼ $196,689
Savings and Temporary Cash Investments$1,009,185$740,291▼ $268,894
Land, Buildings, and Equipment, Net$240,472$219,806▼ $20,666
Cash and Non-Interest-Bearing Accounts$1,039,467$86,056▼ $953,411
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$4,521,777$3,977,091▼ $544,686
Other Assets Total$141,718$129,630▼ $12,088
Liabilities
Other Liabilities$3,556,616$3,201,077▼ $355,539
Accounts Payable and Accrued Expenses$10,525$18,067▲ $7,542
Total Liabilities$3,567,141$3,219,144▼ $347,997
Net Assets / Fund Balance
Total Net Assets Fund Balance$954,636$757,947▼ $196,689
Total Liabilities and Net Assets / Fund Balance$4,521,777$3,977,091▼ $544,686

Asset Categories

AssetBook ValueDepreciationBasis
Investment Program Related Org$12,185--
Buildings$203,794$0$0
Other Land Buildings$0$0$0
Land$0-$0
Equipment$16,012$0$0
Leasehold Improvements$0$0$0
Compensation and Service Providers
Top Officer Pay71st percentile

Employees

NameTitleFull / Part TimeBaseTotal
Darlene Moore - HurstManagerFT$81,560$81,560

Board Members and Trustees

NameTitle
James Moffett JrBOD President
Myron MitchellBOD Vice President
Patti JonesBOD Asst Sec Treasurer
Kenneth KillianBOD Secretary
Alvin LewisBOD Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$158,764
Investment Income
$20,376
Other Revenue
$72,629
Change in Net Assets
$-196,689
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$269,657
Salaries, Compensation, and Employee Benefits$178,801
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$178,801
Office Expenses---$134,803
Fees for Services Other---$70,150
Occupancy---$20,361
Other Expenses---$14,277
Advertising---$3,741
Interest---$3,636
Travel---$1,845
Total Functional Expenses$0$0$0$448,458
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
Acct 657 Regular Shares$2,474,399
Acct 902 Share Drafts$620,805
Acct 908C Share Certificates$105,873
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“Members of the credit union are its owners, as well as the customers the credit union serves.”

Form 990, Part VI, Section A, Line 7A

“The credit union's Board of Directors is elected from the general membership of the credit union. Any member of legal age is eligible for election. Regardless of funds on deposit, each member gets only 1 vote.”

Form 990, Part VI, Section B, Line 11B

“Form 990 is prepared by the credit union's contract internal auditor. Prior to e-filing, Form 990 is reviewed by the Board of Directors, Supervisory Audit Committee, senior management, and legal counsel. Once approved, Form 990 is e-filed with IRS.”

Form 990, Part VI, Section B, Line 15

“The Board of Directors sets the Manager's compensation. The BOD considers, among other factors, the local competitive pay scale for similar positions at other credit unions, industry salary surveys, and attainment of goals set by the BOD. The BOD establishes an annual operating budget, which includes salaries for subordinates to the Manager. The manager sets salary ranges, job descriptions, and evaluates employee performance and pay.”

Form 990, Part VI, Section C, Line 19

“An interested party submits a written request for specific information: Form 990, policies, governing documents, etc. The Manager submits the request to the BOD, Supervisory Audit Committee, senior management, and - when appropriate - legal counsel and regulators. Assuming approval is granted and privacy issues are adequately addressed, the information is provided.”

Filing and Contact Details

Filer

Filer Name
Michoud Credit Union
EIN
72-0900283
Phone
5042788810
Address
P O Box 29304, New Orleans, LA 70189

Signing Officer

Name
Darlene Moore-Hurst
Title
Manager
Phone
5042788810
Signed
2015-11-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Darlene Moore-Hurst
Formed
1980
Legal Domicile
La
Voting Board Members
5
Independent Board Members
5
Employees
3
Volunteers
3

Preparer

Firm
TaxSmart LLC
Address
P O Box 83777, Baton Rouge, LA 70884
Preparer
R James Ray
Phone
2259077041
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Acct 290 Professional and Outside Services”

Raw XML Appendix373 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/Form990PartVIISectionAGrp/TitleTxt1BOD Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt2BOD Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt3BOD Secretary
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IRS990/Form990PartVIISectionAGrp/TitleTxt5Manager
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IRS990ScheduleD/TotalBookValueLandBuildingsAmt0219806
IRS990ScheduleD/TotalBookValueProgramRltdAmt0759185
IRS990ScheduleD/TotalLiabilityAmt03201077
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Members of the credit union are its owners, as well as the customers the credit union serves.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The credit union's Board of Directors is elected from the general membership of the credit union. Any member of legal age is eligible for election. Regardless of funds on deposit, each member gets only 1 vote.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Form 990 is prepared by the credit union's contract internal auditor. Prior to e-filing, Form 990 is reviewed by the Board of Directors, Supervisory Audit Committee, senior management, and legal counsel. Once approved, Form 990 is e-filed with IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The Board of Directors sets the Manager's compensation. The BOD considers, among other factors, the local competitive pay scale for similar positions at other credit unions, industry salary surveys, and attainment of goals set by the BOD. The BOD establishes an annual operating budget, which includes salaries for subordinates to the Manager. The manager sets salary ranges, job descriptions, and evaluates employee performance and pay.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4An interested party submits a written request for specific information: Form 990, policies, governing documents, etc. The Manager submits the request to the BOD, Supervisory Audit Committee, senior management, and - when appropriate - legal counsel and regulators. Assuming approval is granted and privacy issues are adequately addressed, the information is provided.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Acct 290 Professional and Outside Services
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, Line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, Line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part IX, Line 11g
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt04521777
IRS990/TotalAssetsEOYAmt03977091
IRS990/TotalAssetsGrp/BOYAmt04521777
IRS990/TotalAssetsGrp/EOYAmt03977091
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt03
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0448458
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt03567141
IRS990/TotalLiabilitiesEOYAmt03219144
IRS990/TotalLiabilitiesGrp/BOYAmt03567141
IRS990/TotalLiabilitiesGrp/EOYAmt03219144
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0954636
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0757947
IRS990/TotalOtherCompensationAmt00
IRS990/TotalOtherProgSrvcExpenseAmt00
IRS990/TotalOtherProgSrvcGrantAmt00
IRS990/TotalOtherProgSrvcRevenueAmt00
IRS990/TotalOthProgramServiceRevGrp/ExclusionAmt00
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt00
IRS990/TotalOthProgramServiceRevGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalProgramServiceExpensesAmt0448458
IRS990/TotalProgramServiceRevenueAmt0158764
IRS990/TotalReportableCompFromOrgAmt081560
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0251769
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0251769
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt03
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt04521777
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt03977091
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt01845
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0P O Box 29304
IRS990/USAddress/CityNm0New Orleans
IRS990/USAddress/StateAbbreviationCd0LA
IRS990/USAddress/ZIPCd070189
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WhistleblowerPolicyInd00
ReasonableCauseExplanation/ExplanationTxt0A timely extension was filed to 11-15-15. This year (2015) falls on a Sunday. Therefore, 2014 deadline to file becomes 11-16-15.
ReturnHeader/BuildTS02016-03-07 17:11:31Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Darlene Moore-Hurst
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Manager
ReturnHeader/BusinessOfficerGrp/PhoneNum05042788810
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-11-16
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Michoud Credit Union
ReturnHeader/Filer/BusinessNameControlTxt0MICH
ReturnHeader/Filer/EIN0720900283
ReturnHeader/Filer/PhoneNum05042788810
ReturnHeader/Filer/USAddress/AddressLine1Txt0P O Box 29304
ReturnHeader/Filer/USAddress/CityNm0New Orleans
ReturnHeader/Filer/USAddress/StateAbbreviationCd0LA
ReturnHeader/Filer/USAddress/ZIPCd070189
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0710916855
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0TaxSmart LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0P O Box 83777
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Baton Rouge
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0LA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd070884
ReturnHeader/PreparerPersonGrp/PhoneNum02259077041
ReturnHeader/PreparerPersonGrp/PreparationDt02015-11-16
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0R James Ray
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02015-11-16T15:59:20-07:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-01-01
ReturnHeader/TaxPeriodEndDt02014-12-31
ReturnHeader/TaxYr02014

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