Civic Intelligence

Ideal Credit Union

990 • Fiscal year 2017 • EIN 41-0519270

Jan 01, 2017 to Dec 31, 2017 • Filed on Jun 06, 2018

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

65th percentile

0.90x

Higher debt load relative to assets than 65% of similar nonprofits.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2017

Liabilities / Revenue

63rd percentile

19.16x

Higher debt load relative to revenue than 63% of similar nonprofits.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2017

Net Margin

70th percentile

17%

Higher net margin than 70% of similar nonprofits.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2017

Top Officer Pay

85th percentile

$644,839

Higher top officer pay than 85% of similar nonprofits.

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

2017 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2017

Asset Growth

62nd percentile

6.5%

Faster asset growth than 62% of similar nonprofits.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Revenue Growth

55th percentile

8.8%

Faster revenue growth than 55% of similar nonprofits.

2017 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets65th percentile

Assets

Up

$692,133,716

Up $42,011,025 (+6.5%) from 2016

Net Assets

Up

$67,662,675

Up $7,941,803 (+13%) from 2016

Liabilities

Up

$624,471,041

Up $34,069,222 (+5.8%) from 2016

Revenue And Expenses
Liabilities / Revenue63rd percentileNet Margin70th percentile

Revenue

Up

$32,591,582

Up $2,636,144 (+8.8%) from 2016

Expenses

Up

$27,091,041

Up $2,003,958 (+8.0%) from 2016

Net Income

Up

$5,500,541

Up $632,186 (+13%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth62nd 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

2017

Assets$692,133,716
Liabilities$624,471,041
Net Assets$67,662,675
Open 2017 Filing

Operations Trend

Revenue Growth55th 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

2017

Revenue$32,591,582
Expenses$27,091,041
Net Income$5,500,541
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Jun 6, 2018
Return Version
2017v2.2
Gross Receipts
$33,094,166
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$515,068,673$543,301,438▲ $28,232,765
Cash and Non-Interest-Bearing Accounts$62,533,687$74,620,402▲ $12,086,715
Rtn Earn Endowment Incm Other Fnds$59,720,872$67,662,675▲ $7,941,803
Land, Buildings, and Equipment, Net$21,836,731$21,642,669▼ $194,062
Investments Other Securities$12,455,979$12,573,616▲ $117,637
Investments Program Related$4,408,567$4,273,250▼ $135,317
Savings and Temporary Cash Investments$4,233,000$2,988,000▼ $1,245,000
Prepaid Expenses and Deferred Charges$1,739,360$2,099,469▲ $360,109
Accounts Receivable$684,070$1,428,064▲ $743,994
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$650,122,691$692,133,716▲ $42,011,025
Other Assets Total$27,162,624$29,206,808▲ $2,044,184
Liabilities
Other Liabilities$512,728,644$548,031,359▲ $35,302,715
Mortgage Notes Payable Secured by Investment Property$68,150,000$65,550,000▼ $2,600,000
Accounts Payable and Accrued Expenses$9,523,175$10,889,682▲ $1,366,507
Total Liabilities$590,401,819$624,471,041▲ $34,069,222
Net Assets / Fund Balance
Total Net Assets Fund Balance$59,720,872$67,662,675▲ $7,941,803
Total Liabilities and Net Assets / Fund Balance$650,122,691$692,133,716▲ $42,011,025

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$13,086,897$4,374,573$17,461,470
Equipment$2,447,203$7,742,294$10,189,497
Land$5,967,299-$5,967,299
Other Land Buildings$141,270-$141,270
Compensation and Service Providers
Top Officer Pay85th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Brian SherrickCEOFT$405,284$239,555$644,839
Dennis BauerCFOFT$299,322$308,336$607,658
Jeanine SwansonSr Vice PresidentFT$196,346$197,951$394,297
Alisha JohnsonSr Vice PresidentFT$211,418$100,793$312,211
Lawrence MigglerSr Vice PresidentFT$190,493$119,977$310,470
Faith ThokesVP of Mortgage OperationsFT$139,125$53,752$192,877
Roxanne SonnekVP of Accounting/payment SFT$134,256$45,675$179,931
Keith E HaugeChairman-$5,184-$5,184
Craig SpreiterDirector-$4,385-$4,385
Robert VanceSecretary-$3,455-$3,455
Peter OlsenVice Chair-$3,351-$3,351
Laurie LudwigDirector-$3,204-$3,204
Judy SchadewaldDirector-$3,143-$3,143
Mary WhiteDirector-$2,782-$2,782
Lisa LiddellDirector-$2,538-$2,538
Daniel L BleesDirector-$2,460-$2,460
Paul FaheyAssociate Director-$2,000-$2,000

Highest Paid Contractors

ContractorServicesLocationCompensation
Works Computing INCComputer Equipment And Hardware/software1801 AMERICAN BLVD EAST SUITE 12, Bloomington, MN 55425$423,787
HarlandCore Processing System/statements And TaPO BOX 931898, Atlanta, GA 31193$340,538
Case FinancialAtm And Tdr Hardware Equipment And Compu701 WEAVER BLVD, Anoka, MN 55303$290,301
First Data Funds ExpressOnline Banking, Billpay, And Mobile Chec6200 S QUEBEC STREET, Greenwood Village, CO 80111$277,387
James Steele ConstructionOffice Remodel And New Branch Constructi1410 SYLWAN STREET, St Paul, MN 55117$234,684
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$31,607,987
Investment Income
$983,595
Other Revenue
$0
Change in Net Assets
$5,500,541

Audited Revenue Reconciliation

Revenue per Audited Statements
$32,668,204
Revenue Not Reported on Financial Statements
$-76,622
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$-76,622
Total Revenue per Audited Statements
$32,668,204
Total Revenue per Form 990
$32,591,582
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$12,433,914
Other Expenses$12,083,524
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$8,597,727
Benefits to Members---$2,573,603
Other Employee Benefits---$1,868,106
Office Expenses---$1,821,078
Interest---$1,351,083
Current Officers, Directors, Trustees, and Key Employees---$1,284,999
Depreciation Depletion---$1,160,146
Occupancy---$1,013,680
Payroll Taxes---$683,082
Other Expenses---$602,242
Travel---$428,564
All Other Expenses---$396,234
Fees for Services Accounting---$139,517
Fees for Services Legal---$6,806
Total Functional Expenses$0$0$0$27,091,041

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$27,167,664
Expenses per Audited Statements$27,091,040
Total Expenses per Form 990$27,091,040
Expenses Not Reported on Form 990$76,624
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$548,031,359
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. In 2017 and 2018, we had all salary ranges moved based on the recommendations from hrn.”

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
2018-06-06
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
215
Volunteers
15

Preparer

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

Additional Explanations

FORM 990, PART XI, LINE 9:

“Other comprehensive loss -445,989. Equity acquired in merger 2,969,622. Rounding -9.”

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 $256,000 for the 2016 tax year. 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, 2017 and 2016. The credit union's 2014 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 -76,620. Rounding -2.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Loss on sale of assets reported in the revenue section of the 990 76,620. Rounding 4.”

Raw XML AppendixShowing 400 of 656 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/Form990PartVIISectionAGrp/OfficerInd1X
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt00
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/OtherCompensationAmt1076163
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt11157841
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1232500
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1380590
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1427552
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1518874
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1662252
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/ReportableCompFromOrgAmt04385
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt12460
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt25184
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt32782
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt43143
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt53455
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt63204
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt73351
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt82000
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt92538
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10531495
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt11486998
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt12361797
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt13229880
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt14165325
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt15161057
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt16249959
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/TitleTxt5SECRETARY
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 S
IRS990/Form990PartVIISectionAGrp/TitleTxt16SR VICE PRESIDENT
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/Form990TFiledInd01
IRS990/FormationYr01926
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GainOrLossGrp/OtherAmt0-76620
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt09
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/OtherAmt0425964
IRS990/GrossReceiptsAmt033094166
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt09
IRS990/IndivRcvdGreaterThan100KCnt017
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InfoInScheduleOPartXIInd0X
IRS990/InterestGrp/TotalAmt01351083
IRS990/InvestmentIncomeGrp/ExclusionAmt01060215
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt01060215
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt012455979
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt012573616
IRS990/InvestmentsProgramRelatedGrp/BOYAmt04408567
IRS990/InvestmentsProgramRelatedGrp/EOYAmt04273250
IRS990/IRPDocumentCnt09350
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt012116867
IRS990/LandBldgEquipBasisNetGrp/BOYAmt021836731
IRS990/LandBldgEquipBasisNetGrp/EOYAmt021642669
IRS990/LandBldgEquipCostOrOtherBssAmt033759536
IRS990/LegalDomicileStateCd0MN
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt0502584
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/BOYAmt068150000
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt065550000
IRS990/NetAssetsOrFundBalancesBOYAmt059720872
IRS990/NetAssetsOrFundBalancesEOYAmt067662675
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt0-76620
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0-76620
IRS990/NetUnrelatedBusTxblIncmAmt0-27214
IRS990/NetUnrlzdGainsLossesInvstAmt0-82363
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/TotalAmt01013680
IRS990/OfficeExpensesGrp/TotalAmt01821078
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt027162624
IRS990/OtherAssetsTotalGrp/EOYAmt029206808
IRS990/OtherChangesInNetAssetsAmt02523624
IRS990/OtherEmployeeBenefitsGrp/TotalAmt01868106
IRS990/OtherExpensesGrp/Desc0PROFESSIONAL/OUTSIDE SE
IRS990/OtherExpensesGrp/Desc1MISC. EXPENSE
IRS990/OtherExpensesGrp/Desc2LOAN SERVICING EXPENSES
IRS990/OtherExpensesGrp/Desc3EDUCATIONAL & PROMOTION
IRS990/OtherExpensesGrp/TotalAmt03637251
IRS990/OtherExpensesGrp/TotalAmt1815244
IRS990/OtherExpensesGrp/TotalAmt2711679
IRS990/OtherExpensesGrp/TotalAmt3602242
IRS990/OtherLiabilitiesGrp/BOYAmt0512728644
IRS990/OtherLiabilitiesGrp/EOYAmt0548031359
IRS990/OtherOrganizationDsc0CU
IRS990/OtherSalariesAndWagesGrp/TotalAmt08597727
IRS990/OtherWebsiteInd0X
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0515068673
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0543301438
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/TotalAmt0683082
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt01739360
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt02099469
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/RelatedOrExemptFuncIncomeAmt021176728
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt15276697
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt25117583
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt021176728
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt15313676
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt25117583
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt036979
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/PYBenefitsPaidToMembersAmt02287668
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0933724
IRS990/PYOtherExpensesAmt011802037
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt029021714
IRS990/PYRevenuesLessExpensesAmt04868355
IRS990/PYSalariesCompEmpBnftPaidAmt010997378
IRS990/PYTotalExpensesAmt025087083
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt029955438
IRS990/ReconcilationRevenueExpnssAmt05500541
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd01
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt059720872
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt067662675
IRS990/SavingsAndTempCashInvstGrp/BOYAmt04233000
IRS990/SavingsAndTempCashInvstGrp/EOYAmt02988000
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt013086897
IRS990ScheduleD/BuildingsGrp/DepreciationAmt04374573
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt017461470
IRS990ScheduleD/EquipmentGrp/BookValueAmt02447203
IRS990ScheduleD/EquipmentGrp/DepreciationAmt07742294
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt010189497
IRS990ScheduleD/ExpensesNotReportedAmt076624
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt027091040
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt05967299
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt05967299
IRS990ScheduleD/OtherExpensesIncludedAmt076624
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0141270
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0141270
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0548031359
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER ACCOUNTS
IRS990ScheduleD/OtherRevenuesNotIncludedAmt0-76622
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt0-76622
IRS990ScheduleD/RevenueSubtotalAmt032668204
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 $256,000 FOR THE 2016 TAX YEAR. 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, 2017 AND 2016. THE CREDIT UNION'S 2014 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 -76,620. ROUNDING -2.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2LOSS ON SALE OF ASSETS REPORTED IN THE REVENUE SECTION OF THE 990 76,620. ROUNDING 4.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XI, LINE 4B - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt021642669
IRS990ScheduleD/TotalExpensesPerForm990Amt027091040
IRS990ScheduleD/TotalLiabilityAmt0548031359
IRS990ScheduleD/TotalRevenuePerForm990Amt032591582
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt032668204
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt027167664
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/IndependentConsultantInd0X
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0299322
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt1405284
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt2196346
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt3190493
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt4139125

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$692,133,716
Liabilities
$624,471,041
Net assets
$67,662,675
Revenue
$32,591,582
Expenses
$27,091,041
Net income
$5,500,541
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
2017Detailed filing. Detailed filing data is available for this year.$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
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