Civic Intelligence

Arizona State Credit Union

990 • Fiscal year 2015 • EIN 86-0108770

Jan 01, 2015 to Dec 31, 2015 • Filed on Sep 26, 2016

Refreshing map…

2355 W Pinnacle Peak RoadPhoenix, AZ 85027

(602) 467-4088

Siviq Scores

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

Liabilities / Assets

78th percentile

0.91x

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

2015 filings • 501(c)14 • $1B+ nonprofits • Source year 2015

Liabilities / Revenue

37th percentile

18.80x

Higher debt load relative to revenue than 37% of similar nonprofits.

2015 filings • 501(c)14 • $1B+ nonprofits • Source year 2015

Net Margin

61st percentile

21%

Higher net margin than 61% of similar nonprofits.

2015 filings • 501(c)14 • $1B+ nonprofits • Source year 2015

Top Officer Pay

74th percentile

$1,087,893

Higher top officer pay than 74% of similar nonprofits.

Top officer pay equals 1.3% of source-year revenue.

2015 filings • 501(c)14 • $1B+ nonprofits • Source year 2015

Asset Growth

43rd percentile

8.0%

Faster asset growth than 43% of similar nonprofits.

2015 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2014 to 2015

Revenue Growth

42nd percentile

6.0%

Faster revenue growth than 42% of similar nonprofits.

2015 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2014 to 2015

Assets

Up

$1,788,429,012

Up $131,769,378 (+8.0%) from 2014

Net Assets

Up

$166,796,129

Up $19,029,509 (+13%) from 2014

Liabilities

Up

$1,621,632,883

Up $112,739,869 (+7.5%) from 2014

Revenue

Up

$86,251,524

Up $4,886,132 (+6.0%) from 2014

Expenses

Up

$67,792,456

Up $1,729,637 (+2.6%) from 2014

Net Income

Up

$18,459,068

Up $3,156,495 (+21%) from 2014

Historical Trend

Balance Sheet Trend

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

$4.0B$3.0B$2.0B$1.0B$0Assets 2010: $1,265,593,794Liabilities 2010: $1,169,813,235Net Assets 2010: $95,780,5592010Assets 2012: $1,430,930,107Liabilities 2012: $1,306,999,103Net Assets 2012: $123,931,0042012Assets 2013: $1,607,810,099Liabilities 2013: $1,474,187,431Net Assets 2013: $133,622,6682013Assets 2014: $1,656,659,634Liabilities 2014: $1,508,893,014Net Assets 2014: $147,766,6202014Assets 2015: $1,788,429,012Liabilities 2015: $1,621,632,883Net Assets 2015: $166,796,1292015Assets 2017: $2,006,869,184Liabilities 2017: $1,818,324,085Net Assets 2017: $188,545,0992017Assets 2019: $2,169,567,798Liabilities 2019: $1,941,160,780Net Assets 2019: $228,407,0182019Assets 2020: $2,608,126,699Liabilities 2020: $2,401,905,346Net Assets 2020: $206,221,3532020Assets 2021: $3,043,080,305Liabilities 2021: $2,815,949,766Net Assets 2021: $227,130,5392021Assets 2022: $3,270,651,500Liabilities 2022: $3,085,222,848Net Assets 2022: $185,428,6522022Assets 2024: $3,395,741,193Liabilities 2024: $3,129,261,688Net Assets 2024: $266,479,5052024

Highlighted filing

2015

Assets$1,788,429,012
Liabilities$1,621,632,883
Net Assets$166,796,129

Operations Trend

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

$200M$100M$0-$100MExpenses 2010: $83,926,0342010Expenses 2012: $68,477,1052012Revenue 2013: $79,885,332Expenses 2013: $63,685,289Net Income 2013: $16,200,0432013Revenue 2014: $81,365,392Expenses 2014: $66,062,819Net Income 2014: $15,302,5732014Revenue 2015: $86,251,524Expenses 2015: $67,792,456Net Income 2015: $18,459,0682015Revenue 2017: $98,063,038Expenses 2017: $85,542,346Net Income 2017: $12,520,6922017Revenue 2019: $114,487,579Expenses 2019: $96,897,496Net Income 2019: $17,590,0832019Revenue 2020: $106,232,415Expenses 2020: $138,202,766Net Income 2020: -$31,970,3512020Revenue 2021: $105,409,190Expenses 2021: $93,152,037Net Income 2021: $12,257,1532021Revenue 2022: $127,189,432Expenses 2022: $111,985,163Net Income 2022: $15,204,2692022Revenue 2024: $198,883,800Expenses 2024: $166,468,298Net Income 2024: $32,415,5022024

Highlighted filing

2015

Revenue$86,251,524
Expenses$67,792,456
Net Income$18,459,068
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Sep 26, 2016
Return Version
2015v2.1
Gross Receipts
$93,935,282
Mission and Program Overview

Mission

To provide our member-owners with responsive service, convenient access, consumer education, and value-added financial and related products and services, in a fiscally sound manner.

To provide our members with responsive service, convenient access, consumer education and value-added financial related products and services.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$1,007,911,147$1,077,983,227▲ $70,072,080
Investments Other Securities$398,840,609$482,174,898▲ $83,334,289
Rtn Earn Endowment Incm Other Fnds$147,766,620$166,796,129▲ $19,029,509
Cash and Non-Interest-Bearing Accounts$162,169,129$131,342,302▼ $30,826,827
Land, Buildings, and Equipment, Net$42,164,185$49,775,548▲ $7,611,363
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,656,659,634$1,788,429,012▲ $131,769,378
Other Assets Total$45,574,564$47,153,037▲ $1,578,473
Liabilities
Other Liabilities$1,387,219,056$1,492,815,545▲ $105,596,489
Mortgage Notes Payable Secured by Investment Property$110,000,000$115,000,000▲ $5,000,000
Accounts Payable and Accrued Expenses$11,673,958$13,817,338▲ $2,143,380
Total Liabilities$1,508,893,014$1,621,632,883▲ $112,739,869
Net Assets / Fund Balance
Total Net Assets Fund Balance$147,766,620$166,796,129▲ $19,029,509
Total Liabilities and Net Assets / Fund Balance$1,656,659,634$1,788,429,012▲ $131,769,378

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$25,059,719$10,431,700$35,491,419
Land$19,182,307-$19,182,307
Other Land Buildings$4,398,987$14,640,616$19,039,603
Leasehold Improvements$1,134,535$2,107,837$3,242,372
Other Securities$7,498,200--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dave DossCEO PresidentFT$558,429$529,464$1,087,893
David G SweiderkEvp Chief Operating OfficerFT$323,891$274,724$598,615
Kim ReedyEvp Chief Financial OfficerFT$306,180$197,312$503,492
David DowningEvp Member SolutionsFT$240,580$117,078$357,658
Michael EmanuelliEvp Chief Administration OFT$227,496$129,168$356,664
Bryan NielsenSVP Support ServicesFT$194,474$79,761$274,235
Deborah PearsonSVP Strategy & BrandFT$193,835$80,323$274,158
Sassan AzhadiSVP Chief Information OfficerFT$204,656$65,444$270,100
Joseph Vanden BoschSVP Member EngagementFT$60,878$188,423$249,301
Brian JohnsonSVP Business Intelligence/CRMFT$167,990$64,771$232,761
Randon CuppNorthern Regional PresidentFT$148,691$79,058$227,749
Robert Gibboni JrSVP Risk ManagementFT$149,998$62,774$212,772
Michael SammonsFinancial AdvisorFT$-510$193,890$193,380
Michael BodenVP ControllerFT$153,718$35,965$189,683
Debra MesheyVP Associate EngagementFT$155,315$33,566$188,881
Tami PilgrimMortgage Origination SupervisorFT$68,478$112,501$180,979

Board Members and Trustees

NameTitle
Sam WheelerChairman
Shane SirenVice Chairman
Bill VandenboschAdvisory Director
Connie OhanesianDirector
Frank FelixDirector
Joseph SmithDirector
Marquetta WhiteDirector
RAY O'CONNORDirector
Quentin BogartDirector Emeritus
Martha RozenSecretary
Jon BorgeTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
PscuCredit & Debit Card Processing560 CARILLON PKWY, St Petersburg, FL 33716$2,576,689
Digital Insight CorporationMobile Banking SupportPO BOX 740641, Los Angeles, CA 90074$1,513,178
Route 66 WarrantyVehicle Service AgreementsPO BOX 1075, Mountain Home, AR 72654$957,400
Visa USA INCCredit & Debit Card ProcessingPO BOX 8999, San Francisco, CA 94128$777,524
Appraisal TekProperty Appraisals7205 E SOUTHERN AVE, Mesa, AZ 85209$681,034
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$78,401,847
Investment Income
$7,849,677
Other Revenue
$0
Change in Net Assets
$18,459,068
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$34,202,752
Other Expenses$33,589,704
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$21,252,900
Current Officers, Directors, Trustees, and Key Employees---$5,398,321
Interest---$4,676,160
Depreciation Depletion---$3,638,579
Occupancy---$3,334,620
Other Employee Benefits---$3,260,191
Pension Plan Contributions---$2,457,622
Advertising---$1,962,218
Payroll Taxes---$1,833,718
Office Expenses---$1,279,167
Conferences and Meetings---$1,063,403
Travel---$941,154
Fees for Services Other---$766,969
Fees for Services Legal---$387,234
Other Expenses---$364,137
Fees for Services Accounting---$113,500
Insurance---$34,162
Fees for Services Lobbying---$300
Total Functional Expenses$0$0$0$67,792,456
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' SHARE AND SAVINGS ACCOUNTS$1,490,417,763
Pension Plan Valuation$2,397,782
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
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

The organization has members.

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

The process of electing the board of directors: notice of annual election is communicated to membership requesting interested individuals submit an application for any open director positions. The board appoints a nominating committee who screens and interviews candidates to place on the ballot. The ballot is voted on by the membership.

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

Certain organizational items, such as charter, change or merger, are subject to board approval. Also, membership can request a member expulsion by a majority vote at an annual or special meeting. A vote was taken in december 2015 by the membership to change the name from arizona state credit union to oneaz credit union.

Form 990, Part VI, Section B, Line 11

The organizing questionnaire is completed by the accounting manager and vp/controller, which is then forwarded to cliftonlarsonallen for preparation of the form 990; once drafted, the form 990 is reviewed by the vp/controller and chief financial officer.

Form 990, Part VI, Section B, Line 12C

Credit union procedures require annual, written acknowledgement by each associate and volunteer documenting their understanding and compliance with the code of conduct and business ethics policy. Each associate must also complete online training and pass an online test each year to demonstrate their understanding of these policies.

Form 990, Part VI, Section B, Line 15

We utilize cardwell consulting (credit union compensation experts) to determine salary ranges and market pricing for the phoenix area for all employees, including the ceo and executive officers. Salary ranges are reviewed every year to ensure market equity is in line with our "total compensation" philosophy. We also complete compensation surveys with other compensation analysts to ensure a broader sampling.

Form 990, Part VI, Section C, Line 19

Regulatory financial reports provided by ncua.gov. We also post a copy of our monthly statement of financial condition in all of our branches.

FORM 990, PART VI, SECTION A, LINE 9:

Joe vandenbosch left the organization in 2015, current address is not available.

Filing and Contact Details

Filer

Filer Name
Oneaz Credit Union
EIN
86-0108770
Phone
6024674088
Address
2355 W PINNACLE PEAK ROAD, PHOENIX, AZ 85027

Signing Officer

Name
Mike Boden
Title
Senior Vice President, Controller
Phone
6024674088
Signed
2016-09-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mike Boden
Formed
1951
Legal Domicile
Az
Voting Board Members
9
Independent Board Members
9
Employees
603
Volunteers
14

Preparer

Firm
Cliftonlarsonallen Llp
Address
20 E THOMAS RD STE 2300, PHOENIX, AZ 85012
Preparer
Janis Isaacson
Phone
6022662248
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in unrealized loss on securities available-for-sale -2,736,931. Change in unrealized gain on defined benefit pension plan assets 1,561,250. Amortization of unrealized loss on defined benefit pension plan assets 1,746,123. Rounding -1.

FORM 990, PART XII, LINE 2C:

The supervisory committee assumes responsibility for the oversight of the audited financial statements. There has been no change in either the oversight process or the selection process during the tax year.

Financial Statement Notes

PART X, LINE 2:

The credit union is exempt, under internal revenue code 501(c)(14) from federal and state income taxes. Certain products and services provided by select state chartered credit unions have been deemed by the internal revenue service (irs), in technical advice memorandums (tams) released in 2007, to be unrelated to the specific entity's exempt purpose. As presented in the technical advice memorandums the net taxable income from these products and services would be subject to income taxes. Credit unions have litigated against the irs positions noted in the tams and have been successful in having courts declare in 2009 and 2010 that revenue from insurance products sold to members, helping them protect their financial wellbeing, qualifies as exempt purpose income, contrary to the irs position in the tams. The credit union has filed tax returns in the past for activities they have deemed taxable resulting in no taxes paid for the years ended december 31, 2015 and 2014. The credit union evaluated its tax positions and determined no uncertain tax positions exist as of december 31, 2015 and 2014. The credit union's 2011 through 2014 tax years are open for examination by federal and state taxing authorities.

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