Civic Intelligence

Ideal Credit Union

990 • Fiscal year 2015 • EIN 41-0519270

Jan 01, 2015 to Dec 31, 2015 • Filed on Jul 06, 2016

Organization ProfileWWW.IDEALCU.ORG

View Organization Page

8499 Tamarack RdWoodbury, MN 55125

(651) 770-7000

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 • $250M-$1B nonprofits • Source year 2015

Liabilities / Revenue

68th percentile

20.57x

Higher debt load relative to revenue than 68% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2015

Net Margin

56th percentile

14%

Higher net margin than 56% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2015

Top Officer Pay

80th percentile

$552,262

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 2.0% of source-year revenue.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2015

Asset Growth

41st percentile

5.1%

Faster asset growth than 41% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2014 to 2015

Revenue Growth

47th percentile

5.1%

Faster revenue growth than 47% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets78th percentile

Assets

Up

$617,498,377

Up $29,938,933 (+5.1%) from 2014

Net Assets

Up

$54,981,533

Up $3,449,079 (+6.7%) from 2014

Liabilities

Up

$562,516,844

Up $26,489,854 (+4.9%) from 2014

Revenue And Expenses
Liabilities / Revenue68th percentileNet Margin56th percentile

Revenue

Up

$27,343,798

Up $1,335,545 (+5.1%) from 2014

Expenses

Up

$23,399,383

Up $553,134 (+2.4%) from 2014

Net Income

Up

$3,944,415

Up $782,411 (+25%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth41st percentile

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

$1.5B$1.0B$500M$0Assets 2010: $488,958,688Liabilities 2010: $447,446,348Net Assets 2010: $41,512,3402010Assets 2011: $511,009,626Liabilities 2011: $468,327,292Net Assets 2011: $42,682,3342011Assets 2012: $539,588,574Liabilities 2012: $494,340,461Net Assets 2012: $45,248,1132012Assets 2013: $551,093,935Liabilities 2013: $501,279,410Net Assets 2013: $49,814,5252013Assets 2014: $587,559,444Liabilities 2014: $536,026,990Net Assets 2014: $51,532,4542014Assets 2015: $617,498,377Liabilities 2015: $562,516,844Net Assets 2015: $54,981,5332015Assets 2016: $650,122,691Liabilities 2016: $590,401,819Net Assets 2016: $59,720,8722016Assets 2017: $692,133,716Liabilities 2017: $624,471,041Net Assets 2017: $67,662,6752017Assets 2018: $732,008,715Liabilities 2018: $659,992,531Net Assets 2018: $72,016,1842018Assets 2019: $763,132,068Liabilities 2019: $685,926,713Net Assets 2019: $77,205,3552019Assets 2020: $858,517,185Liabilities 2020: $775,268,505Net Assets 2020: $83,248,6802020Assets 2021: $932,167,158Liabilities 2021: $840,337,236Net Assets 2021: $91,829,9222021Assets 2022: $988,489,095Liabilities 2022: $888,543,898Net Assets 2022: $99,945,1972022Assets 2023: $1,021,960,738Liabilities 2023: $918,335,306Net Assets 2023: $103,625,4322023Assets 2024: $1,038,509,439Liabilities 2024: $929,686,105Net Assets 2024: $108,823,3342024

Highlighted filing

2015

Assets$617,498,377
Liabilities$562,516,844
Net Assets$54,981,533
Open 2015 Filing

Operations Trend

Revenue Growth47th percentile

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

$80M$60M$40M$20M$0Expenses 2010: $25,976,9582010Expenses 2011: $23,906,2182011Expenses 2012: $22,983,0272012Revenue 2013: $25,878,268Expenses 2013: $22,498,016Net Income 2013: $3,380,2522013Revenue 2014: $26,008,253Expenses 2014: $22,846,249Net Income 2014: $3,162,0042014Revenue 2015: $27,343,798Expenses 2015: $23,399,383Net Income 2015: $3,944,4152015Revenue 2016: $29,955,438Expenses 2016: $25,087,083Net Income 2016: $4,868,3552016Revenue 2017: $32,591,582Expenses 2017: $27,091,041Net Income 2017: $5,500,5412017Revenue 2018: $35,215,954Expenses 2018: $30,045,578Net Income 2018: $5,170,3762018Revenue 2019: $39,712,454Expenses 2019: $34,708,230Net Income 2019: $5,004,2242019Revenue 2020: $42,029,968Expenses 2020: $35,945,422Net Income 2020: $6,084,5462020Revenue 2021: $42,764,424Expenses 2021: $35,667,347Net Income 2021: $7,097,0772021Revenue 2022: $48,171,673Expenses 2022: $41,131,666Net Income 2022: $7,040,0072022Revenue 2023: $56,178,125Expenses 2023: $50,638,586Net Income 2023: $5,539,5392023Revenue 2024: $63,119,291Expenses 2024: $59,793,637Net Income 2024: $3,325,6542024

Highlighted filing

2015

Revenue$27,343,798
Expenses$23,399,383
Net Income$3,944,415
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Jul 6, 2016
Return Version
2015v2.1
Gross Receipts
$28,479,457
Mission and Program Overview

Mission

To provide financial services to our membership including loans, deposits and other miscellaneous services.

To provide financial services to our membership.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$454,673,360$481,401,502▲ $26,728,142
Cash and Non-Interest-Bearing Accounts$71,435,089$70,458,744▼ $976,345
Rtn Earn Endowment Incm Other Fnds$51,532,454$54,981,533▲ $3,449,079
Land, Buildings, and Equipment, Net$17,048,949$18,789,750▲ $1,740,801
Investments Other Securities$6,929,065$12,600,502▲ $5,671,437
Investments Program Related$4,146,128$4,551,502▲ $405,374
Savings and Temporary Cash Investments$6,022,757$3,105,412▼ $2,917,345
Prepaid Expenses and Deferred Charges$1,576,028$1,576,270▲ $242
Accounts Receivable$366,899$342,912▼ $23,987
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$587,559,444$617,498,377▲ $29,938,933
Other Assets Total$25,361,169$24,671,783▼ $689,386
Liabilities
Other Liabilities$464,922,343$492,237,026▲ $27,314,683
Mortgage Notes Payable Secured by Investment Property$62,356,896$64,852,051▲ $2,495,155
Accounts Payable and Accrued Expenses$8,747,751$5,427,767▼ $3,319,984
Total Liabilities$536,026,990$562,516,844▲ $26,489,854
Net Assets / Fund Balance
Total Net Assets Fund Balance$51,532,454$54,981,533▲ $3,449,079
Total Liabilities and Net Assets / Fund Balance$587,559,444$617,498,377▲ $29,938,933

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$10,208,366$4,479,672$14,688,038
Equipment$1,909,422$7,977,742$9,887,164
Land$6,132,299-$6,132,299
Other Land Buildings$539,663-$539,663
Compensation and Service Providers
Top Officer Pay80th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Brian SherrickCEOFT$337,300$214,962$552,262
Dennis BauerCFOFT$263,286$149,844$413,130
Lawrence MigglerSr Vice PresidentFT$172,632$97,608$270,240
Jeanine SwansonSr Vice PresidentFT$175,186$82,278$257,464
Alisha JohnsonSr Vice PresidentFT$166,143$66,336$232,479
Kelly JohnsonSr Vice PresidentFT$159,586$71,874$231,460
Michael RushVice PresidentFT$119,630$67,777$187,407
Keith E HaugeChairman-$3,887-$3,887
Daniel L BleesSecretary-$2,556-$2,556
Peter OlsenVice Chair-$2,383-$2,383
Robert VanceDirector-$2,031-$2,031
Judy SchadewaldDirector-$1,819-$1,819
Laurie LudwigDirector-$1,806-$1,806
Mary WhiteDirector-$1,731-$1,731
Lisa LiddellDirector-$1,612-$1,612
Paul FaheyAssociate Director-$1,475-$1,475
James C BryanDirector-$1,250-$1,250

Highest Paid Contractors

ContractorServicesLocationCompensation
James Steele ConstructionOffice Remodel And New Branch Constructi1410 SYLWAN STREET, St Paul, MN 55117$354,658
First Data Funds ExpressOnline Banking, Billpay, And Mobile Chec6200 S QUEBEC STREET, Greenwood Village, CO 80111$289,599
HarlandCore Processing System/statements And TaPO BOX 931898, Atlanta, GA 31193$279,356
Works Computing INCComputer Hardware/software Maint Agmts1801 AMERICAN BLVD EAST SUITE 12, Bloomington, MN 55425$270,116
Onapproach LLCDate Warehouse3455 PLYMOUTH BLVD SUITE 200, Plymouth, MN 55447$204,202
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$26,676,690
Investment Income
$667,108
Other Revenue
$0
Change in Net Assets
$3,944,415

Audited Revenue Reconciliation

Revenue per Audited Statements
$27,488,309
Revenue Not Reported on Financial Statements
$-144,511
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$-144,511
Total Revenue per Audited Statements
$27,488,309
Total Revenue per Form 990
$27,343,798
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$10,715,403
Salaries, Compensation, and Employee Benefits$10,397,510
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$7,293,526
Benefits to Members---$2,286,470
Office Expenses---$1,604,974
Other Employee Benefits---$1,587,823
Interest---$1,364,194
Depreciation Depletion---$1,006,672
Current Officers, Directors, Trustees, and Key Employees---$985,942
Occupancy---$949,362
Other Expenses---$587,571
Payroll Taxes---$530,219
Travel---$528,714
All Other Expenses---$217,199
Insurance---$6,359
Total Functional Expenses$0$0$0$23,399,383

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$23,543,890
Expenses per Audited Statements$23,399,383
Total Expenses per Form 990$23,399,383
Expenses Not Reported on Form 990$144,507
Expenses Not Reported on Financial Statements$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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Accounts$492,237,026
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
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Brian sherrick and jeanine swanson - family relationship”

Form 990, Part VI, Section A, Line 6

“The credit union is comprised of a single class of approximately 48,471 member-owners, each of which has equal rights in ownership, governance and voting rights at the annual meetings, with the exception of the member-owners who are elected to the the board of directors.”

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

“The member-owners of the credit union have the authority to elect the members of the board of directors for three-year terms on a rotating basis. Candidates are elected by a simple plurality vote. The board of directors appoint volunteers to serve on the supervisory committee, which is vested with monitoring safety and soundship of the organization. If deemed appropriate, the supervisory committee can suspend board members and can call a special meeting of the membership to evaluate the issue and vote to either dismiss or reinstate the board member.”

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

“Changes to the governing documents (bylaws and certificate of organization) must be approved by the member-owners after they have been approved by the board of directors and the regulatory agency. Approval occurs when at least 50% of the member-owners vote to approve.”

Form 990, Part VI, Section B, Line 11

“Prior to being filed with the irs, a copy of the irs form 990 and related schedules are reviewed by the president/ceo, including a confirmation of the accuracy of every answer and oversight of appropriate changes. Upon completion of the president's review, the forms are reviewed and voted on at a board meeting prior to submittal to the irs.”

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

“Board members and officers annually receive a conflict of interest policy and sign/date that they agree and understand the cu's policy.”

Form 990, Part VI, Section B, Line 15

“Hrn performance solutions, an outside consultant, performs a compensation review for all positions in the credit union each year and compares the credit union to the market place. This was completed for all positions in 2015. In addition, in 2015 we had them complete and executive team review. As well as participating in the mciagan salary survey which is for banks and credit unions in 2015.”

Form 990, Part VI, Section C, Line 19

“Financial statements are posted in the lobby of the credit union.”

Filing and Contact Details

Filer

Filer Name
Ideal Credit Union
EIN
41-0519270
Phone
6517707000
Address
8499 TAMARACK RD, WOODBURY, MN 55125

Signing Officer

Name
Brian Sherrick
Title
CEO
Phone
6517707000
Signed
2016-07-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brian Sherrick
Formed
1926
Legal Domicile
Mn
Voting Board Members
9
Independent Board Members
9
Employees
204
Volunteers
13

Preparer

Firm
Cliftonlarsonallen Llp
Address
PO BOX 217, AUSTIN, MN 55912
Preparer
Sherri Wessels
Phone
5074347000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Other comprehensive loss -495,336.”

FORM 990, PART XII, LINE 2C:

“The process for the committee that assumes responsibility for oversight of the audit of the credit union's financial statements and selection of an independent accountant has not changed from the prior year.”

Financial Statement Notes

PART X, LINE 2:

“The credit union is exempt, under irc section 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 potential taxable activities. The credit union has a net operating loss carryforward of approximately $165,000 at december 31, 2015. A deferred tax asset has not been recognized for any future benefit of its use. The taxing authorities have the ability to assess taxes, penalties and interest for any years for which no tax return is filed. In the opinion of management, any liability resulting from taxing authorities imposing income taxes on the net taxable income from activities potentially deemed to be unrelated to the credit union's exempt purpose is not expected to have a material effect on the credit union's financial position or results of operations. 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 2012 and subsequent tax years are open for examination by federal and state taxing authorities.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Loss on sale of assets reported in the revenue section of the 990 -144,514. Rounding 3.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Loss on sale of assets reported in the revenue section of the 990 144,514. Rounding -7.”

Raw XML AppendixShowing 400 of 647 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/Desc0THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO APPROXIMATELY 48,471 MEMBERS. ALL EXCESS EARNINGS OF THE CREDIT UNION GO TO RETAINED EARNINGS, OUR ONLY SOURCE OF CAPITAL. WE PROVIDE A BROAD ARRAY OF FINANCIAL SERVICES INCLUDING CONSUMER LOANS, REAL ESTATE LOANS AND BUSINESS LOANS.
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt30
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt40
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt50
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt60
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt70
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt80
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt90
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt10117063
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt11151225
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1260653
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1375806
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1451884
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1538710
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1645878
IRS990/Form990PartVIISectionAGrp/PersonNm0JAMES C BRYAN
IRS990/Form990PartVIISectionAGrp/PersonNm1DANIEL L BLEES
IRS990/Form990PartVIISectionAGrp/PersonNm2KEITH E HAUGE
IRS990/Form990PartVIISectionAGrp/PersonNm3MARY WHITE
IRS990/Form990PartVIISectionAGrp/PersonNm4JUDY SCHADEWALD
IRS990/Form990PartVIISectionAGrp/PersonNm5ROBERT VANCE
IRS990/Form990PartVIISectionAGrp/PersonNm6LAURIE LUDWIG
IRS990/Form990PartVIISectionAGrp/PersonNm7PETER OLSEN
IRS990/Form990PartVIISectionAGrp/PersonNm8PAUL FAHEY
IRS990/Form990PartVIISectionAGrp/PersonNm9LISA LIDDELL
IRS990/Form990PartVIISectionAGrp/PersonNm10DENNIS BAUER
IRS990/Form990PartVIISectionAGrp/PersonNm11BRIAN SHERRICK
IRS990/Form990PartVIISectionAGrp/PersonNm12JEANINE SWANSON
IRS990/Form990PartVIISectionAGrp/PersonNm13LAWRENCE MIGGLER
IRS990/Form990PartVIISectionAGrp/PersonNm14KELLY JOHNSON
IRS990/Form990PartVIISectionAGrp/PersonNm15MICHAEL RUSH
IRS990/Form990PartVIISectionAGrp/PersonNm16ALISHA JOHNSON
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt01250
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt12556
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt23887
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt31731
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt41819
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt52031
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt61806
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt72383
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt81475
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt91612
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10296067
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt11401037
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt12196811
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt13194434
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt14179576
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt15148697
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt16186601
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt130
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt140
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt150
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt160
IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt2CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt8ASSOCIATE DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt11CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt12SR VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt13SR VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt14SR VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt15VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt16SR VICE PRESIDENT
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/Form990TFiledInd01
IRS990/FormationYr01926
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GainOrLossGrp/OtherAmt0-144514
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt09
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/OtherAmt0991145
IRS990/GrossReceiptsAmt028479457
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt09
IRS990/IndivRcvdGreaterThan100KCnt012
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InfoInScheduleOPartXIInd0X
IRS990/InsuranceGrp/TotalAmt06359
IRS990/InterestGrp/TotalAmt01364194
IRS990/InvestmentIncomeGrp/ExclusionAmt0811622
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0811622
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt06929065
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt012600502
IRS990/InvestmentsProgramRelatedGrp/BOYAmt04146128
IRS990/InvestmentsProgramRelatedGrp/EOYAmt04551502
IRS990/IRPDocumentCnt08569
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt012457414
IRS990/LandBldgEquipBasisNetGrp/BOYAmt017048949
IRS990/LandBldgEquipBasisNetGrp/EOYAmt018789750
IRS990/LandBldgEquipCostOrOtherBssAmt031247164
IRS990/LegalDomicileStateCd0MN
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt01135659
IRS990/LoanOutstandingInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP INCLUDING LOANS, DEPOSITS AND OTHER MISCELLANEOUS SERVICES.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt062356896
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt064852051
IRS990/NetAssetsOrFundBalancesBOYAmt051532454
IRS990/NetAssetsOrFundBalancesEOYAmt054981533
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt0-144514
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0-144514
IRS990/NetUnrelatedBusTxblIncmAmt0-25006
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/TotalAmt0949362
IRS990/OfficeExpensesGrp/TotalAmt01604974
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt025361169
IRS990/OtherAssetsTotalGrp/EOYAmt024671783
IRS990/OtherChangesInNetAssetsAmt0-495336
IRS990/OtherEmployeeBenefitsGrp/TotalAmt01587823
IRS990/OtherExpensesGrp/Desc0PROFESSIONAL/OUTSIDE SE
IRS990/OtherExpensesGrp/Desc1PROVISION FOR LOAN LOSS
IRS990/OtherExpensesGrp/Desc2LOAN SERVICING EXPENSES
IRS990/OtherExpensesGrp/Desc3EDUCATIONAL & PROMOTION
IRS990/OtherExpensesGrp/TotalAmt03000547
IRS990/OtherExpensesGrp/TotalAmt1773988
IRS990/OtherExpensesGrp/TotalAmt2675823
IRS990/OtherExpensesGrp/TotalAmt3587571
IRS990/OtherLiabilitiesGrp/BOYAmt0464922343
IRS990/OtherLiabilitiesGrp/EOYAmt0492237026
IRS990/OtherOrganizationDsc0CU
IRS990/OtherSalariesAndWagesGrp/TotalAmt07293526
IRS990/OtherWebsiteInd0X
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0454673360
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0481401502
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/TotalAmt0530219
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt01576028
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt01576270
IRS990/PrincipalOfficerNm0BRIAN SHERRICK
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/BusinessCd1522100
IRS990/ProgramServiceRevenueGrp/BusinessCd2900099
IRS990/ProgramServiceRevenueGrp/Desc0LOAN INTEREST
IRS990/ProgramServiceRevenueGrp/Desc1FEES & SERVICE CHGS
IRS990/ProgramServiceRevenueGrp/Desc2OTHER OPERATING INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt018097498
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt14489770
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt24062740
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt018097498
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt14516452
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt24062740
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt026682
IRS990/ProgSrvcAccomActy2Grp/Desc0THE CREDIT UNION PROVIDES A WIDE ARRAY OF DEPOSIT PRODUCTS TO OUR MEMBERS INCLUDING SAVINGS, MONEY MARKET, IRA'S, CD'S AND CHECKING. ATTACHED TO THE CHECKING WE OFFER ACCESS TO ATM'S, DEBIT CARDS, ACH AND OTHER PAYMENT SYSTEMS.
IRS990/ProgSrvcAccomActy3Grp/Desc0THE CREDIT UNION PROVIDES ACCESS TO ALL MEMBERS THROUGH BOTH TELEPHONE AND INTERNET SERVICES.
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt02241745
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0697941
IRS990/PYOtherExpensesAmt010390629
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt025310312
IRS990/PYRevenuesLessExpensesAmt03162004
IRS990/PYSalariesCompEmpBnftPaidAmt010213875
IRS990/PYTotalExpensesAmt022846249
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt026008253
IRS990/ReconcilationRevenueExpnssAmt03944415
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd01
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt051532454
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt054981533
IRS990/SavingsAndTempCashInvstGrp/BOYAmt06022757
IRS990/SavingsAndTempCashInvstGrp/EOYAmt03105412
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt010208366
IRS990ScheduleD/BuildingsGrp/DepreciationAmt04479672
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt014688038
IRS990ScheduleD/EquipmentGrp/BookValueAmt01909422
IRS990ScheduleD/EquipmentGrp/DepreciationAmt07977742
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt09887164
IRS990ScheduleD/ExpensesNotReportedAmt0144507
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt023399383
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt06132299
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt06132299
IRS990ScheduleD/OtherExpensesIncludedAmt0144507
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0539663
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0539663
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0492237026
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER ACCOUNTS
IRS990ScheduleD/OtherRevenuesNotIncludedAmt0-144511
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt0-144511
IRS990ScheduleD/RevenueSubtotalAmt027488309
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CREDIT UNION IS EXEMPT, UNDER IRC SECTION 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 POTENTIAL TAXABLE ACTIVITIES. THE CREDIT UNION HAS A NET OPERATING LOSS CARRYFORWARD OF APPROXIMATELY $165,000 AT DECEMBER 31, 2015. A DEFERRED TAX ASSET HAS NOT BEEN RECOGNIZED FOR ANY FUTURE BENEFIT OF ITS USE. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN IS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. 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 2012 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1LOSS ON SALE OF ASSETS REPORTED IN THE REVENUE SECTION OF THE 990 -144,514. ROUNDING 3.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2LOSS ON SALE OF ASSETS REPORTED IN THE REVENUE SECTION OF THE 990 144,514. ROUNDING -7.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XI, LINE 4B - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt018789750
IRS990ScheduleD/TotalExpensesPerForm990Amt023399383
IRS990ScheduleD/TotalLiabilityAmt0492237026
IRS990ScheduleD/TotalRevenuePerForm990Amt027343798
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt027488309
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt023543890
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/IndependentConsultantInd0X
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0263286
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt1337300
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt2175186
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt3172632
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt4159586
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt5119630
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt6166143

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$617,498,377
Liabilities
$562,516,844
Net assets
$54,981,533
Revenue
$27,343,798
Expenses
$23,399,383
Net income
$3,944,415
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,039$930$109$63.1$59.8$3.33
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,022$918$104$56.2$50.6$5.54
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$988$889$99.9$48.2$41.1$7.04
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$932$840$91.8$42.8$35.7$7.10
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$859$775$83.2$42.0$35.9$6.08
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$763$686$77.2$39.7$34.7$5.00
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$732$660$72.0$35.2$30.0$5.17
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$692$624$67.7$32.6$27.1$5.50
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$650$590$59.7$30.0$25.1$4.87
2015Detailed filing. Detailed filing data is available for this year.$617$563$55.0$27.3$23.4$3.94
2014Summary only. Only limited summary data is available for this year.$588$536$51.5$26.0$22.8$3.16
2013Detailed filing. Detailed filing data is available for this year.$551$501$49.8$25.9$22.5$3.38
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$540$494$45.2$23.0
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$511$468$42.7$23.9
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$489$447$41.5$26.0