Civic Intelligence

Fiscal Credit Union C/O Unify Financial Federal Credit Union

990 • Fiscal year 2016 • EIN 95-1644523

Jan 01, 2016 to Nov 30, 2016 • Filed on Mar 29, 2017

310 E Colorado StreetGlendale, CA 91205

(818) 553-8200

Siviq Scores

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

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on this filing.

Source year 2016

Liabilities / Revenue

2nd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2016 filings • 501(c)14 • $5M-$10M nonprofits • Source year 2016

Net Margin

94th percentile

23%

Higher net margin than 94% of similar nonprofits.

2016 filings • 501(c)14 • $5M-$10M nonprofits • Source year 2016

Top Officer Pay

99th percentile

$219,278

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 2.9% of source-year revenue.

2016 filings • 501(c)14 • $5M-$10M nonprofits • Source year 2016

Asset Growth

1st percentile

-100%

Faster asset growth than 1% of similar nonprofits.

2016 filings • 501(c)14 • $5M-$10M nonprofits • Annualized from 2015 to 2016

Revenue Growth

100th percentile

44%

Faster revenue growth than 100% of similar nonprofits.

2016 filings • 501(c)14 • $5M-$10M nonprofits • Annualized from 2015 to 2016

Assets

Down

$0

Down $137,173,914 (-100%) from 2015

Net Assets

Down

$0

Down $12,535,961 (-100%) from 2015

Liabilities

Down

$0

Down $124,637,953 (-100%) from 2015

Revenue

Up

$7,566,517

Up $2,318,454 (+44%) from 2015

Expenses

Up

$5,832,844

Up $663,524 (+13%) from 2015

Net Income

Up

$1,733,673

Up $1,654,930 (+2102%) from 2015

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2010: $132,372,689Liabilities 2010: $119,440,236Net Assets 2010: $12,932,4532010Assets 2011: $134,252,250Liabilities 2011: $120,128,076Net Assets 2011: $14,124,1742011Assets 2012: $136,479,784Liabilities 2012: $122,645,431Net Assets 2012: $13,834,3532012Assets 2013: $136,965,623Liabilities 2013: $125,515,775Net Assets 2013: $11,449,8482013Assets 2014: $137,341,192Liabilities 2014: $124,957,832Net Assets 2014: $12,383,3602014Assets 2015: $137,173,914Liabilities 2015: $124,637,953Net Assets 2015: $12,535,9612015Assets 2016: $0Liabilities 2016: $0Net Assets 2016: $02016

Highlighted filing

2016

Assets$0
Liabilities$0
Net Assets$0

Operations Trend

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $6,736,5402010Expenses 2011: $5,853,8622011Revenue 2012: $5,561,377Expenses 2012: $5,750,985Net Income 2012: -$189,6082012Revenue 2013: $5,630,701Expenses 2013: $5,376,127Net Income 2013: $254,5742013Revenue 2014: $5,166,890Expenses 2014: $5,336,421Net Income 2014: -$169,5312014Revenue 2015: $5,248,063Expenses 2015: $5,169,320Net Income 2015: $78,7432015Revenue 2016: $7,566,517Expenses 2016: $5,832,844Net Income 2016: $1,733,6732016

Highlighted filing

2016

Revenue$7,566,517
Expenses$5,832,844
Net Income$1,733,673
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Nov 30, 2016
Signed
Mar 29, 2017
Return Version
2016v3.0
Gross Receipts
$9,308,319
Mission and Program Overview

Mission

A cooperative, organized for the purpose of promoting thrift andsavings among its members, creating a source of credit for them at rates of interest set by the board of directors, and providing an opportunity for them to use and control their own money on a democratic basis in order to improve their economic and social conditions. As a cooperative, fiscal credit union conductsits business for the mutual benefit and general welfare of itsmembers with the earnings, savings, benefits, or services of the credit union being distributed to its members as patrons.

A cooperative, organized for the purpose of promoting thrift and savings among its members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$69,903,425$0▼ $69,903,425
Investments in Publicly Traded Securities$43,910,831$0▼ $43,910,831
Savings and Temporary Cash Investments$19,000,178$0▼ $19,000,178
Rtn Earn Endowment Incm Other Fnds$12,535,961$0▼ $12,535,961
Land, Buildings, and Equipment, Net$1,886,099$0▼ $1,886,099
Prepaid Expenses and Deferred Charges$126,717$0▼ $126,717
Cash and Non-Interest-Bearing Accounts$120,910$0▼ $120,910
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$137,173,914$0▼ $137,173,914
Other Assets Total$2,225,754$0▼ $2,225,754
Liabilities
Other Liabilities$124,148,562$0▼ $124,148,562
Accounts Payable and Accrued Expenses$489,391$0▼ $489,391
Total Liabilities$124,637,953$0▼ $124,637,953
Net Assets / Fund Balance
Total Net Assets Fund Balance$12,535,961$0▼ $12,535,961
Total Liabilities and Net Assets / Fund Balance$137,173,914$0▼ $137,173,914
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Stephanie HuberCEOFT$196,413$22,865$219,278
Avo MkhitaryanCOOFT$180,699$12,753$193,452
Don TurnerVP/risk ManagementFT$108,047$21,741$129,788
Lisa CollinsVP/internal ControlFT$91,943$5,053$96,996

Board Members and Trustees

NameTitle
Ted KhodaverdianChairman
David JaffeSupv Cmte Chairman
Quoc NguyenVice Chairman
Richard P BendallDirector
Robert R HillDirector
Ronald E Scott SphrDirector
Christopher AnwaryAlternate Member
Sat Avtar KhalsaAlternate Member
Essam MorcosSecretary
Claudia RufinoSupv Cmte Member
Patrick H PearceSupv Cmte Member
Paul D KadukSupv Cmte Member
Donna PetersonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,597,401
Investment Income
$3,969,116
Other Revenue
$0
Change in Net Assets
$1,733,673
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,717,621
Salaries, Compensation, and Employee Benefits$2,115,223
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$1,058,892
Interest---$1,056,396
Office Expenses---$867,906
Current Officers, Directors, Trustees, and Key Employees---$577,102
Information Technology---$342,468
Other Employee Benefits---$325,903
Occupancy---$283,811
Payroll Taxes---$135,879
Depreciation Depletion---$121,962
Fees for Services Other---$96,713
Fees for Services Accounting---$54,678
Advertising---$50,212
Travel---$37,483
Fees for Services Legal---$35,249
Other Expenses---$24,664
Pension Plan Contributions---$17,447
Insurance---$3,849
Fees for Services Management---$2,543
Total Functional Expenses$0$0$0$5,832,844
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
Yes
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
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 4

Effective december 1, 2016, fiscal credit union merged with unify financial federal credit union. Fiscal credit union terminated its chapter accordingly.

Form 990, Part VI, Section A, Line 6

Fiscal credit union is a cooperative financial institution that is owned and controlled by its members, and operated for the purpose of promoting thrift and savings to its members. Fiscal credit union does not have stockholders.

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

The governing board of fiscal credit union is comprised of volunteer members who are directly elected by its members. Each member of the governing board serves for a period as prescribed by our by-laws.

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

At the end of each term of the board members, elections are held and board members are voted by the members of the credit union pursuant to its by-laws. Member votes are also required to ratify decisions dealing with reorganizations as in the case of merger or dissolution.

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

Each board member shall receive a completed draft of the form 990 for review prior to filing each year.

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

The credit union has a conflict of interest policy. On an annual basis, all employees are required to review the policy and sign off that they understand the policy and are in compliance with it. On an ongoing basis, the human resource and support service departments monitor employees for compliance with the conflict of interest policy.

Form 990, Part VI, Section B, Line 15

The compensation package of the credit union's ceo is determined by the board of directors. The board of directors reviews average compensation data for ceos of similarly sized credit unions. The ceo reviews and determines the compensation package of key employees of the credit union annually. The ceo reviews average compensation data for key employees of similarly sized credit unions.

Form 990, Part VI, Section C, Line 19

Monthly financial statements are posted in the building lobby and are also available upon request.

Filing and Contact Details

Filer

Filer Name
Fiscal Credit Union
EIN
95-1644523
Phone
8185538200
Address
310 E COLORADO STREET, GLENDALE, CA 91205

Signing Officer

Name
Nathan Montgomery
Title
CFO
Phone
8185538200
Signed
2017-03-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Nathan Montgomery
Formed
1935
Legal Domicile
CA
Voting Board Members
7
Independent Board Members
7
Employees
39
Volunteers
13

Preparer

Firm
Turner Warren Hwang & Conrad Acctcy
Address
100 NORTH FIRST ST STE 202, BURBANK, CA 91502
Preparer
Valentino Creus CPA
Phone
8189549700
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 3

Fiscal credit union ceased operations effective december 1, 2016 and merged into unify financial federal credit union.

FORM 990, PART XI, LINE 9:

Net assets transferred due to merger -14,579,658.

FORM 990, PART XII, LINE 2C:

The organization has not changed either its oversight process or selection process during the tax year.

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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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IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc3OTHER ASSETS
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IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc6LOANS AND LEASES
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IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/BusinessName/BusinessNameLine1Txt1UNIFY FINANCIAL FEDERAL CREDIT UNION
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/BusinessName/BusinessNameLine1Txt2UNIFY FINANCIAL FEDERAL CREDIT UNION
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/BusinessName/BusinessNameLine1Txt3UNIFY FINANCIAL FEDERAL CREDIT UNION
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/BusinessName/BusinessNameLine1Txt4UNIFY FINANCIAL FEDERAL CREDIT UNION
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/BusinessName/BusinessNameLine1Txt5UNIFY FINANCIAL FEDERAL CREDIT UNION
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/BusinessName/BusinessNameLine1Txt6UNIFY FINANCIAL FEDERAL CREDIT UNION
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt02016-12-01
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt12016-12-01
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt22016-12-01
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt32016-12-01
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt42016-12-01
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/DistributionDt52016-12-01
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Peer Organizations

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