Civic Intelligence

Duluth Teachers' Retirement Fund Association

990 • Fiscal year 2014 • EIN 41-0226827

Jul 01, 2013 to Jun 30, 2014 • Filed on Feb 06, 2015

Organization ProfileDTRFA.ORG
625 East Central Entrance No 200Duluth, MN 55811

(218) 722-2894

Siviq Scores

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

Liabilities / Assets

15th percentile

0.02x

Higher debt load relative to assets than 15% of similar nonprofits.

2014 filings • $250M-$1B nonprofits • Source year 2014

Liabilities / Revenue

22nd percentile

0.16x

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

2014 filings • $250M-$1B nonprofits • Source year 2014

Net Margin

33rd percentile

2.5%

Higher net margin than 33% of similar nonprofits.

2014 filings • $250M-$1B nonprofits • Source year 2014

Top Officer Pay

7th percentile

$163,693

Higher top officer pay than 7% of similar nonprofits.

Top officer pay equals 0.4% of source-year revenue.

2014 filings • $250M-$1B nonprofits • Source year 2014

Asset Growth

70th percentile

9.3%

Faster asset growth than 70% of similar nonprofits.

2014 filings • $250M-$1B nonprofits • Annualized from 2013 to 2014

Revenue Growth

87th percentile

31%

Faster revenue growth than 87% of similar nonprofits.

2014 filings • $250M-$1B nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets15th percentile

Assets

Up

$286,702,702

Up $24,405,940 (+9.3%) from 2013

Net Assets

Up

$280,502,655

Up $25,466,084 (+10.0%) from 2013

Liabilities

Down

$6,200,047

Down $1,060,144 (-15%) from 2013

Revenue And Expenses
Liabilities / Revenue22nd percentileNet Margin33rd percentile

Revenue

Up

$37,918,463

Up $8,971,240 (+31%) from 2013

Expenses

Up

$36,968,597

Up $3,043,392 (+9.0%) from 2013

Net Income

Up

$949,866

Up $5,927,848 (+119%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth70th percentile

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

$300M$200M$100M$0Assets 2011: $285,158,901Liabilities 2011: $26,107,069Net Assets 2011: $259,051,8322011Assets 2012: $252,907,477Liabilities 2012: $13,568,797Net Assets 2012: $239,338,6802012Assets 2013: $262,296,762Liabilities 2013: $7,260,191Net Assets 2013: $255,036,5712013Assets 2014: $286,702,702Liabilities 2014: $6,200,047Net Assets 2014: $280,502,6552014Assets 2015: $0Liabilities 2015: $0Net Assets 2015: $02015

Highlighted filing

2014

Assets$286,702,702
Liabilities$6,200,047
Net Assets$280,502,655
Open 2014 Filing

Operations Trend

Revenue Growth87th percentile

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

$100M$50M$0-$50MExpenses 2011: $34,326,3582011Expenses 2012: $32,532,8372012Revenue 2013: $28,947,223Expenses 2013: $33,925,205Net Income 2013: -$4,977,9822013Revenue 2014: $37,918,463Expenses 2014: $36,968,597Net Income 2014: $949,8662014Revenue 2015: $99,502,903Expenses 2015: $85,387,167Net Income 2015: $14,115,7362015

Highlighted filing

2014

Revenue$37,918,463
Expenses$36,968,597
Net Income$949,866
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
Feb 6, 2015
Return Version
2013v4.0
Gross Receipts
$76,346,806
Mission and Program Overview

Mission

To maintain a retirement fund paying annuities to members who retire from independent school district #709 and to pay disability or death benefits as required.

Retirement fund for school district

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$255,036,571$280,502,655▲ $25,466,084
Investments in Publicly Traded Securities$204,426,460$220,646,923▲ $16,220,463
Investments Other Securities$36,180,686$43,806,242▲ $7,625,556
Savings and Temporary Cash Investments$18,548,307$12,552,310▼ $5,995,997
Cash and Non-Interest-Bearing Accounts$325,587$4,242,646▲ $3,917,059
Accounts Receivable$1,068,724$3,706,002▲ $2,637,278
Land, Buildings, and Equipment, Net$247,843$229,179▼ $18,664
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Total Assets$262,296,762$286,702,702▲ $24,405,940
Other Assets Total$1,499,155$1,519,400▲ $20,245
Liabilities
Accounts Payable and Accrued Expenses$7,260,191$6,200,047▼ $1,060,144
Total Liabilities$7,260,191$6,200,047▼ $1,060,144
Net Assets / Fund Balance
Total Net Assets Fund Balance$255,036,571$280,502,655▲ $25,466,084
Total Liabilities and Net Assets / Fund Balance$262,296,762$286,702,702▲ $24,405,940

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$171,471$225,917$397,388
Equipment$10,165$179,042$189,207
Other Land Buildings$12,003$56,411$68,414
Land$35,540-$35,540
Other Securities$17,917,300--
Compensation and Service Providers
Top Officer Pay7th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
J Michael StoffelExecutive DirectorFT$64,472$99,221$163,693
Karen KilbergExecutive DirectorFT$67,183-$67,183

Board Members and Trustees

NameTitle
Tom PearsonPresident
Dean HeroldVice President
Bill WestholmDirector
Deborah WendlingDirector
Jon VomachkaDirector
Mavis WhitemanDirector
Michael ZwakDirector
Peter GravesDirector
Paul RigstadTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$10,813,029
Investment Income
$20,441,183
Other Revenue
$6,664,251
Change in Net Assets
$949,866

Audited Revenue Reconciliation

Revenue per Audited Statements
$36,300,085
Revenue Not Reported on Financial Statements
$1,618,378
Revenue Not Reported on Form 990
$24,516,218
Total Revenue per Audited Statements
$60,816,303
Total Revenue per Form 990
$37,918,463
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,926,290
Salaries, Compensation, and Employee Benefits$431,084
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$34,611,223
Fees for Service Investment Mgmnt Fees---$1,338,876
Current Officers, Directors, Trustees, and Key Employees---$230,876
Fees for Services Legal---$143,265
Other Salaries and Wages---$143,042
Fees for Services Accounting---$68,060
All Other Expenses---$60,975
Other Employee Benefits---$36,604
Conferences and Meetings---$21,184
Depreciation Depletion---$21,091
Payroll Taxes---$20,562
Other Expenses---$17,985
Office Expenses---$15,846
Insurance---$13,001
Total Functional Expenses$0$0$0$36,968,597

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$36,968,597
Expenses per Audited Statements$35,350,219
Total Expenses per Audited Statements$35,350,219
Expenses Not Reported on Financial Statements$1,618,378
Expenses Not Reported on Form 990$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
Subject to proxy tax
No
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
No
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, Section A, Line 6

“All teachers employed by isd #709, eligible staff of lake superior college, and employees of the association are members of the assocation.”

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

“Members of the association elect 7 of the 9 trustees. Trustees are elected to three-year terms.”

Form 990, Part VI, Section B, Line 11

“A copy of form 990 is distributed to all members of the governing body before the return is filed. Board members are given the opportunity to review the form before a board meeting, then the executive director gives a brief review of the information included on form 990.”

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

“A disclosure form is required by state law to be completed annually by each director and key employee. The board monitors compliance with the law.”

Form 990, Part VI, Section B, Line 15A

“A committee of the board of directors compares salaries of officers of similar organizations and evaluates the performance of the executive director. The committee reports to the full board who then approves the executive director's salary. The minutes of these meetings are public information.”

Form 990, Part VI, Section C, Line 19

“All governing documents of the association are available upon request. Some key documents are available to the public on the association's web site.”

Filing and Contact Details

Filer

EIN
41-0226827
Phone
2187222894

Signing Officer

Name
Karen Kilberg
Title
Executive Director
Phone
2187222894
Signed
2015-02-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Karen Kilberg
Formed
1910
Legal Domicile
Mn
Voting Board Members
9
Independent Board Members
9
Employees
6
Volunteers
0

Preparer

Preparer
Dean Ager
Phone
2187224705
Raw XML AppendixShowing 400 of 428 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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IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt056411
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IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt025888942
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt117917300
IRS990ScheduleD/OtherSecuritiesGrp/Desc0PRIVATE EQUITY INVESTMENTS
IRS990ScheduleD/OtherSecuritiesGrp/Desc1LIMITED PARTNERSHIP INVESTMENTS
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IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1F
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IRS990ScheduleD/RevenueNotReportedFinclStmtAmt01618378
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IRS990ScheduleD/TotalBookValueLandBuildingsAmt0229179
IRS990ScheduleD/TotalBookValueSecuritiesAmt043806242
IRS990ScheduleD/TotalExpensesPerForm990Amt036968597
IRS990ScheduleD/TotalRevenuePerForm990Amt037918463
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0J MICHAEL STOFFEL
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0EXECUTIVE DIRECTOR
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IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ALL TEACHERS EMPLOYED BY ISD #709, ELIGIBLE STAFF OF LAKE SUPERIOR COLLEGE, AND EMPLOYEES OF THE ASSOCIATION ARE MEMBERS OF THE ASSOCATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MEMBERS OF THE ASSOCIATION ELECT 7 OF THE 9 TRUSTEES. TRUSTEES ARE ELECTED TO THREE-YEAR TERMS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A COPY OF FORM 990 IS DISTRIBUTED TO ALL MEMBERS OF THE GOVERNING BODY BEFORE THE RETURN IS FILED. BOARD MEMBERS ARE GIVEN THE OPPORTUNITY TO REVIEW THE FORM BEFORE A BOARD MEETING, THEN THE EXECUTIVE DIRECTOR GIVES A BRIEF REVIEW OF THE INFORMATION INCLUDED ON FORM 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3A DISCLOSURE FORM IS REQUIRED BY STATE LAW TO BE COMPLETED ANNUALLY BY EACH DIRECTOR AND KEY EMPLOYEE. THE BOARD MONITORS COMPLIANCE WITH THE LAW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4A COMMITTEE OF THE BOARD OF DIRECTORS COMPARES SALARIES OF OFFICERS OF SIMILAR ORGANIZATIONS AND EVALUATES THE PERFORMANCE OF THE EXECUTIVE DIRECTOR. THE COMMITTEE REPORTS TO THE FULL BOARD WHO THEN APPROVES THE EXECUTIVE DIRECTOR'S SALARY. THE MINUTES OF THESE MEETINGS ARE PUBLIC INFORMATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5ALL GOVERNING DOCUMENTS OF THE ASSOCIATION ARE AVAILABLE UPON REQUEST. SOME KEY DOCUMENTS ARE AVAILABLE TO THE PUBLIC ON THE ASSOCIATION'S WEB SITE.
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 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
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IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalProgramServiceRevenueAmt010813029
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IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt010813029
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt037918463
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$286,702,702
Liabilities
$6,200,047
Net assets
$280,502,655
Revenue
$37,918,463
Expenses
$36,968,597
Net income
$949,866
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2015Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$99.5$85.4$14.1
2014Detailed filing. Detailed filing data is available for this year.$287$6.20$281$37.9$37.0$0.95
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$262$7.26$255$28.9$33.9$4.98
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$253$13.6$239$32.5
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$285$26.1$259$34.3