Civic Intelligence

Ideal Credit Union

990 • Fiscal year 2016 • EIN 41-0519270

Jan 01, 2016 to Dec 31, 2016 • Filed on Jun 23, 2017

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

71st percentile

0.91x

Higher debt load relative to assets than 71% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2016

Liabilities / Revenue

62nd percentile

19.71x

Higher debt load relative to revenue than 62% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2016

Net Margin

67th percentile

16%

Higher net margin than 67% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2016

Top Officer Pay

91st percentile

$766,833

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 2.6% of source-year revenue.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2016

Asset Growth

42nd percentile

5.3%

Faster asset growth than 42% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2015 to 2016

Revenue Growth

66th percentile

9.6%

Faster revenue growth than 66% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets71st percentile

Assets

Up

$650,122,691

Up $32,624,314 (+5.3%) from 2015

Net Assets

Up

$59,720,872

Up $4,739,339 (+8.6%) from 2015

Liabilities

Up

$590,401,819

Up $27,884,975 (+5.0%) from 2015

Revenue And Expenses
Liabilities / Revenue62nd percentileNet Margin67th percentile

Revenue

Up

$29,955,438

Up $2,611,640 (+9.6%) from 2015

Expenses

Up

$25,087,083

Up $1,687,700 (+7.2%) from 2015

Net Income

Up

$4,868,355

Up $923,940 (+23%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth42nd 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

2016

Assets$650,122,691
Liabilities$590,401,819
Net Assets$59,720,872
Open 2016 Filing

Operations Trend

Revenue Growth66th 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

2016

Revenue$29,955,438
Expenses$25,087,083
Net Income$4,868,355
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Jun 23, 2017
Return Version
2016v3.0
Gross Receipts
$31,385,185
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$481,401,502$515,068,673▲ $33,667,171
Cash and Non-Interest-Bearing Accounts$70,458,744$62,533,687▼ $7,925,057
Rtn Earn Endowment Incm Other Fnds$54,981,533$59,720,872▲ $4,739,339
Land, Buildings, and Equipment, Net$18,789,750$21,836,731▲ $3,046,981
Investments Other Securities$12,600,502$12,455,979▼ $144,523
Investments Program Related$4,551,502$4,408,567▼ $142,935
Savings and Temporary Cash Investments$3,105,412$4,233,000▲ $1,127,588
Prepaid Expenses and Deferred Charges$1,576,270$1,739,360▲ $163,090
Accounts Receivable$342,912$684,070▲ $341,158
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$617,498,377$650,122,691▲ $32,624,314
Other Assets Total$24,671,783$27,162,624▲ $2,490,841
Liabilities
Other Liabilities$492,237,026$512,728,644▲ $20,491,618
Mortgage Notes Payable Secured by Investment Property$64,852,051$68,150,000▲ $3,297,949
Accounts Payable and Accrued Expenses$5,427,767$9,523,175▲ $4,095,408
Total Liabilities$562,516,844$590,401,819▲ $27,884,975
Net Assets / Fund Balance
Total Net Assets Fund Balance$54,981,533$59,720,872▲ $4,739,339
Total Liabilities and Net Assets / Fund Balance$617,498,377$650,122,691▲ $32,624,314

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$11,437,611$3,980,923$15,418,534
Equipment$2,603,137$7,465,564$10,068,701
Land$5,967,299-$5,967,299
Other Land Buildings$1,828,684-$1,828,684
Compensation and Service Providers
Top Officer Pay91st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Brian SherrickCEOFT$359,547$407,286$766,833
Dennis BauerCFOFT$281,597$167,737$449,334
Lawrence MigglerSr Vice PresidentFT$178,880$194,443$373,323
Alisha JohnsonSr Vice PresidentFT$186,781$112,485$299,266
Jeanine SwansonSr Vice PresidentFT$184,900$94,797$279,697
Faith ThokesVP of Mortgage OperationsFT$132,595$44,240$176,835
Roxanne SonnekVP of Accounting/payment SystemsFT$127,028$38,800$165,828
Craig SpreiterDirector-$4,189-$4,189
Keith E HaugeChairman-$4,114-$4,114
Peter OlsenVice Chair-$2,505-$2,505
Daniel L BleesDirector-$2,458-$2,458
Lisa LiddellDirector-$2,207-$2,207
Robert VanceDirector-$2,080-$2,080
Judy SchadewaldDirector-$1,603-$1,603
Mary WhiteDirector-$1,569-$1,569
Laurie LudwigDirector-$1,517-$1,517
Paul FaheyAssociate Director-$1,408-$1,408

Highest Paid Contractors

ContractorServicesLocationCompensation
James Steele ConstructionOffice Remodel And New Branch Constructi1410 SYLWAN STREET, St Paul, MN 55117$3,213,164
Case FinancialComputer Hardware/software Maint Agmts701 WEAVER BLVD, Anoka, MN 55303$714,134
Onapproach LLCDate Warehouse3455 PLYMOUTH BLVD SUITE 200, Plymouth, MN 55447$335,789
HarlandCore Processing System/statements And TaPO BOX 931898, Atlanta, GA 31193$311,801
First Data Funds ExpressOnline Banking, Billpay, And Mobile Chec6200 S QUEBEC STREET, Greenwood Village, CO 80111$307,487
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$29,021,714
Investment Income
$933,724
Other Revenue
$0
Change in Net Assets
$4,868,355

Audited Revenue Reconciliation

Revenue per Audited Statements
$29,620,546
Revenue Not Reported on Financial Statements
$334,892
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$334,892
Total Revenue per Audited Statements
$29,620,546
Total Revenue per Form 990
$29,955,438
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$11,802,037
Salaries, Compensation, and Employee Benefits$10,997,378
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$7,314,338
Benefits to Members---$2,287,668
Other Employee Benefits---$1,901,386
Office Expenses---$1,738,035
Interest---$1,425,384
Current Officers, Directors, Trustees, and Key Employees---$1,239,817
Depreciation Depletion---$997,515
Occupancy---$932,386
Other Expenses---$643,229
Payroll Taxes---$541,837
Travel---$322,585
All Other Expenses---$257,909
Fees for Services Accounting---$136,552
Fees for Services Legal---$4,751
Total Functional Expenses$0$0$0$25,087,083

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$25,087,083
Total Expenses per Form 990$25,087,083
Total Expenses per Audited Statements$24,752,205
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$-334,878
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$512,728,644
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 50,402 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 11B

“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 2016.”

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
2017-06-23
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
185
Volunteers
13

Preparer

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

Additional Explanations

Form 990, Part III, Line 2

“Debit reward cards - platinum and gold, rate reset, android and samsung pay.”

FORM 990, PART XI, LINE 9:

“Other comprehensive loss -234,495.”

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 $190,000 at december 31, 2016. 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, 2016 and 2015. The credit union's 2013 and subsequent tax years are open for examination by federal and state taxing authorities.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Gain on sale of assets reported in the revenue section of the 990 334,890. Rounding 2.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Gain on sale of assets reported in the revenue section of the 990 -334,890. Rounding 12.”

Raw XML AppendixShowing 400 of 659 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.

Path#Value
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IRS990/ActivityOrMissionDesc0TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP.
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IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt2ONAPPROACH LLC
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IRS990/Desc0THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO APPROXIMATELY 50,402 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/OtherCompensationAmt10
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt20
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt30
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt40
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt50
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt60
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt70
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt80
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt90
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt10120924
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1184890
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1262755
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1363343
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1425368
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1517546
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1631679
IRS990/Form990PartVIISectionAGrp/PersonNm0CRAIG SPREITER
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/PersonNm14FAITH THOKES
IRS990/Form990PartVIISectionAGrp/PersonNm15ROXANNE SONNEK
IRS990/Form990PartVIISectionAGrp/PersonNm16ALISHA JOHNSON
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt04189
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt12458
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt24114
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt31569
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt41603
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt52080
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt61517
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt72505
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt81408
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt92207
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10328410
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt11681943
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt12216942
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt13309980
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt14151467
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt15148282
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt16267587
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/TitleTxt1DIRECTOR
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/TitleTxt14VP OF MORTGAGE OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt15VP OF ACCOUNTING/PAYMENT SYSTEMS
IRS990/Form990PartVIISectionAGrp/TitleTxt16SR VICE PRESIDENT
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/Form990TFiledInd01
IRS990/FormationYr01926
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GainOrLossGrp/OtherAmt0334890
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt09
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/OtherAmt01764637
IRS990/GrossReceiptsAmt031385185
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt09
IRS990/IndivRcvdGreaterThan100KCnt014
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InfoInScheduleOPartXIInd0X
IRS990/InterestGrp/TotalAmt01425384
IRS990/InvestmentIncomeGrp/ExclusionAmt0598834
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0598834
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt012600502
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt012455979
IRS990/InvestmentsProgramRelatedGrp/BOYAmt04551502
IRS990/InvestmentsProgramRelatedGrp/EOYAmt04408567
IRS990/IRPDocumentCnt09694
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt011446487
IRS990/LandBldgEquipBasisNetGrp/BOYAmt018789750
IRS990/LandBldgEquipBasisNetGrp/EOYAmt021836731
IRS990/LandBldgEquipCostOrOtherBssAmt033283218
IRS990/LegalDomicileStateCd0MN
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt01429747
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/BOYAmt064852051
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt068150000
IRS990/NetAssetsOrFundBalancesBOYAmt054981533
IRS990/NetAssetsOrFundBalancesEOYAmt059720872
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt0334890
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0334890
IRS990/NetUnrelatedBusTxblIncmAmt0-20879
IRS990/NetUnrlzdGainsLossesInvstAmt0105479
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/TotalAmt0932386
IRS990/OfficeExpensesGrp/TotalAmt01738035
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt024671783
IRS990/OtherAssetsTotalGrp/EOYAmt027162624
IRS990/OtherChangesInNetAssetsAmt0-234495
IRS990/OtherEmployeeBenefitsGrp/TotalAmt01901386
IRS990/OtherExpensesGrp/Desc0PROFESSIONAL/OUTSIDE SE
IRS990/OtherExpensesGrp/Desc1PROVISION FOR LOAN LOSS
IRS990/OtherExpensesGrp/Desc2LOAN SERVICING EXPENSES
IRS990/OtherExpensesGrp/Desc3EDUCATIONAL & PROMOTION
IRS990/OtherExpensesGrp/TotalAmt03363115
IRS990/OtherExpensesGrp/TotalAmt11292184
IRS990/OtherExpensesGrp/TotalAmt2688392
IRS990/OtherExpensesGrp/TotalAmt3643229
IRS990/OtherLiabilitiesGrp/BOYAmt0492237026
IRS990/OtherLiabilitiesGrp/EOYAmt0512728644
IRS990/OtherOrganizationDsc0CU
IRS990/OtherSalariesAndWagesGrp/TotalAmt07314338
IRS990/OtherWebsiteInd0X
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0481401502
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0515068673
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/TotalAmt0541837
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt01576270
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt01739360
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/RelatedOrExemptFuncIncomeAmt019584128
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt14840041
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt24562383
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt019584128
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt14875203
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt24562383
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt035162
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/PYBenefitsPaidToMembersAmt02286470
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0667108
IRS990/PYOtherExpensesAmt010715403
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt026676690
IRS990/PYRevenuesLessExpensesAmt03944415
IRS990/PYSalariesCompEmpBnftPaidAmt010397510
IRS990/PYTotalExpensesAmt023399383
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt027343798
IRS990/ReconcilationRevenueExpnssAmt04868355
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd01
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt054981533
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt059720872
IRS990/SavingsAndTempCashInvstGrp/BOYAmt03105412
IRS990/SavingsAndTempCashInvstGrp/EOYAmt04233000
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt011437611
IRS990ScheduleD/BuildingsGrp/DepreciationAmt03980923
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt015418534
IRS990ScheduleD/EquipmentGrp/BookValueAmt02603137
IRS990ScheduleD/EquipmentGrp/DepreciationAmt07465564
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt010068701
IRS990ScheduleD/ExpensesNotReportedAmt0-334878
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt025087083
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt05967299
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt05967299
IRS990ScheduleD/OtherExpensesIncludedAmt0-334878
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt01828684
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt01828684
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0512728644
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER ACCOUNTS
IRS990ScheduleD/OtherRevenuesNotIncludedAmt0334892
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt0334892
IRS990ScheduleD/RevenueSubtotalAmt029620546
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 $190,000 AT DECEMBER 31, 2016. 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, 2016 AND 2015. THE CREDIT UNION'S 2013 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1GAIN ON SALE OF ASSETS REPORTED IN THE REVENUE SECTION OF THE 990 334,890. ROUNDING 2.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2GAIN ON SALE OF ASSETS REPORTED IN THE REVENUE SECTION OF THE 990 -334,890. ROUNDING 12.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XI, LINE 4B - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt021836731
IRS990ScheduleD/TotalExpensesPerForm990Amt025087083
IRS990ScheduleD/TotalLiabilityAmt0512728644
IRS990ScheduleD/TotalRevenuePerForm990Amt029955438
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt029620546
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt024752205
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/IndependentConsultantInd0X
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0281597
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt1359547
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt2184900
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt3178880

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$650,122,691
Liabilities
$590,401,819
Net assets
$59,720,872
Revenue
$29,955,438
Expenses
$25,087,083
Net income
$4,868,355
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
2016Detailed filing. Detailed filing data is available for this year.$650$590$59.7$30.0$25.1$4.87
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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