Liabilities / Assets
5th percentile
Higher debt load relative to assets than 5% of similar nonprofits.
Otter Tail Credit Union
990 • Fiscal year 2011 • EIN 41-0790551
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.00x
Liabilities / Revenue
Score unavailable
Liabilities-to-revenue requires both liabilities and revenue on this filing.
Net Margin
Score unavailable
Net margin requires both revenue and expenses on this filing.
Top Officer Pay
Score unavailable
This filing does not contain officer compensation rows.
Asset Growth
Score unavailable
No earlier valid filing was available within the previous three public years.
Revenue Growth
Score unavailable
No valid filing value is available for this score.
Balance Sheet
Assets
$10,100,900
No earlier filing loaded for comparison.
Net Assets
$10,064,304
No earlier filing loaded for comparison.
Liabilities
$36,596
No earlier filing loaded for comparison.
Revenue And Expenses
Revenue
-
No earlier filing loaded for comparison.
Expenses
$268,113
No earlier filing loaded for comparison.
Net Income
-
No earlier filing loaded for comparison.
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jan 1, 2011 to Dec 31, 2011
- Signed
- Oct 26, 2012
- Return Version
- 2011v1.2
- Gross Receipts
- $256,958
Mission and Program Overview
Mission
The Otter Tail Credit Union is a not-for-profit, member owned, financial institution that offers financial products and services to its' members at competitive rates without sacrificing safety and soundness. These products and services will be administered in the most economical way feasible. The credit union will help its' members to make better financial decisions by educating them on issues affecting their financial well-being.
Major Activities
- Activity 2
- Lending is another primary service the credit union offers its members. In 2011 the credit union granted 464 loans in the amount of $3,522,359.72 to its members. The credit union does not charge the members an application fee for loans nor does it have a minimum loan amount. The credit unions loans do not have prepayment penalties and all of the loan contracts are simple interest contracts. The credit union offers its members payroll deduction to make paying their loans more convenient.
- Activity 3
- The credit union provides its members with low cost share draft accounts as another primary service. These share draft accounts do not have a minimum balance requirement nor do they have monthly service charges. There are some fees associated with this account but the credit union strives to keep those fees to a lower amount than other financial institutions. The credit union also follows policies designed to keep member costs to a minimum. At the end of 2011 the credit union had 407 of these accounts open. This number represents 21% of the membership of the credit union on december 31, 2011.
Filing and Contact Details
Filer
- EIN
- 41-0790551
Raw XML Appendix388 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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|---|---|---|
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| IRS990/AccountsPayableAccruedExpenses/EOY | 0 | 32780 |
| IRS990/AccountsReceivable/EOY | 0 | 0 |
| IRS990/ActivitiesConductedPartnership | 0 | false |
| IRS990/Activity2/Description | 0 | LENDING IS ANOTHER PRIMARY SERVICE THE CREDIT UNION OFFERS ITS MEMBERS. IN 2011 THE CREDIT UNION GRANTED 464 LOANS IN THE AMOUNT OF $3,522,359.72 TO ITS MEMBERS. THE CREDIT UNION DOES NOT CHARGE THE MEMBERS AN APPLICATION FEE FOR LOANS NOR DOES IT HAVE A MINIMUM LOAN AMOUNT. THE CREDIT UNIONS LOANS DO NOT HAVE PREPAYMENT PENALTIES AND ALL OF THE LOAN CONTRACTS ARE SIMPLE INTEREST CONTRACTS. THE CREDIT UNION OFFERS ITS MEMBERS PAYROLL DEDUCTION TO MAKE PAYING THEIR LOANS MORE CONVENIENT. |
| IRS990/Activity3/Description | 0 | THE CREDIT UNION PROVIDES ITS MEMBERS WITH LOW COST SHARE DRAFT ACCOUNTS AS ANOTHER PRIMARY SERVICE. THESE SHARE DRAFT ACCOUNTS DO NOT HAVE A MINIMUM BALANCE REQUIREMENT NOR DO THEY HAVE MONTHLY SERVICE CHARGES. THERE ARE SOME FEES ASSOCIATED WITH THIS ACCOUNT BUT THE CREDIT UNION STRIVES TO KEEP THOSE FEES TO A LOWER AMOUNT THAN OTHER FINANCIAL INSTITUTIONS. THE CREDIT UNION ALSO FOLLOWS POLICIES DESIGNED TO KEEP MEMBER COSTS TO A MINIMUM. AT THE END OF 2011 THE CREDIT UNION HAD 407 OF THESE ACCOUNTS OPEN. THIS NUMBER REPRESENTS 21% OF THE MEMBERSHIP OF THE CREDIT UNION ON DECEMBER 31, 2011. |
| IRS990/ActivityOrMissionDescription | 0 | THE OTTER TAIL CREDIT UNION IS A NOT FOR PROFIT, MEMBER OWNED, FINANCIAL INSTITUTION THAT OFFERS FINANCIAL PRODUCTS AND SERVICES TO ITS MEMBERS AT COMPETITIVE RATES AND FEES. THESE PRODUCTS AND SERVICES WILL BE ADMINISTERED IN THE MOST ECONOMICAL WAY FEASIBLE. THE CREDIT UNION WILL HELP ITS MEMBERS TO MAKE BETTER FINANCIAL CHOICES BY EDUCATING THEM. |
| IRS990/Advertising/Total | 0 | 861 |
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| IRS990/Description | 0 | PROMOTING THRIFT TO THE CREDIT UNIONS MEMBERS IS A PRIMARY SERVICE. THRIFT IS PROMOTED BY OFFERING A VARIETY OF SAVING ACCOUNTS. THE CREDIT UNION OFFERS BASIC SAVING ACCOUNTS, MONEY MARKET TYPE ACCOUNTS, IRA ACCOUNTS, AND CERTIFICATES OF DEPOSIT. ALL OF THESE ACCOUNTS HAVE EITHER NO MINIMUM BALANCE REQUIREMENTS OR VERY LOW MINIMUM BALANCE REQUIREMENTS. THE CREDIT UNION ALSO OFFERS ITS MEMBERS PAYROLL DEDUCTION AND DIRECT DEPOSIT TO FACILITATE SAVINGS. IN 2011 THE CREDIT UNION PAID OUT $38,018 IN DIVIDENDS AND INTEREST TO ITS MEMBERS. |
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| IRS990/FederalGrantAuditRequired | 0 | false |
| IRS990/FeesForServicesAccounting/Total | 0 | 30980 |
| IRS990/FeesForServicesInvstMgmntFees/Total | 0 | 0 |
| IRS990/FeesForServicesLegal/Total | 0 | 0 |
| IRS990/FeesForServicesLobbying/Total | 0 | 0 |
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| IRS990/Form990PartVIISectionA/AverageHoursPerWeek | 5 | 40.00 |
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| IRS990/Form990PartVIISectionA/NamePerson | 0 | MATTHEW J BUCHER |
| IRS990/Form990PartVIISectionA/NamePerson | 1 | LOYAL K DEMMER |
| IRS990/Form990PartVIISectionA/NamePerson | 2 | STEVE W RAU |
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| IRS990/Form990PartVIISectionA/NamePerson | 4 | SCOTT D FRITZ |
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| IRS990/Form990PartVIISectionA/Title | 0 | Director |
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| IRS990/Form990PartVIISectionA/Title | 3 | VICE-CHAIRMAN |
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| IRS990/InfoInScheduleOPartIII | 0 | X |
| IRS990/InfoInScheduleOPartVI | 0 | X |
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| IRS990/Insurance/Total | 0 | 10528 |
| IRS990/IntangibleAssets/EOY | 0 | 0 |
| IRS990/Interest/Total | 0 | 0 |
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| IRS990/MiscellaneousRevenue/TotalRevenueColumn | 0 | 263 |
| IRS990/MissionDescription | 0 | THE OTTER TAIL CREDIT UNION IS A NOT FOR PROFIT, MEMBER OWNED, FINANCIAL INSTITUTION THAT OFFERS FINANCIAL PRODUCTS AND SERVICES TO ITS MEMBERS AT COMPETITIVE RATES WITHOUT SACRIFICING SAFETY AND SOUNDNESS. THESE PRODUCTS AND SERVICES WILL BE ADMINISTERED IN THE MOST ECONOMICAL WAY FEASIBLE. THE CREDIT UNION WILL HELP ITS MEMBERS TO MAKE BETTER FINANCIAL DECISIONS BY EDUCATING THEM ON ISSUES AFFECTING THEIR FINANCIAL WELL BEING. |
| IRS990/MoreThan5000KToIndividuals | 0 | false |
| IRS990/MoreThan5000KToOrganizations | 0 | false |
| IRS990/NameOfPrincipalOfficerPerson | 0 | DAVID R WEST |
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| IRS990/OtherExpenses/Description | 0 | SHARE DRAFT EXPENSE |
| IRS990/OtherExpenses/Description | 1 | REGULATORY FEES & CHARGES |
| IRS990/OtherExpenses/Description | 2 | LOAN EXPENSE |
| IRS990/OtherExpenses/Description | 3 | DEBIT CARD EXPENSE |
| IRS990/OtherExpenses/Description | 4 | ALL OTHER EXPENSE |
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| IRS990/OtherExpenses/Total | 1 | 2016 |
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| IRS990/OtherRevenueMisc/Description | 0 | FEE INCOME |
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| IRS990ScheduleD/Form990ScheduleDPartXIV/Explanation | 0 | INCREASE IN MEMBERS SHARES AND SAVINGS $352763 INTEREST EXPENSE ON MEMBERS SAVINGS $ -38018 NON OPERATING LOSS-ASSESSMENT FROM NCUA $ -23135 |
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| IRS990ScheduleD/OtherLiabilities/Description | 0 | STATE OF MN WITHHOLDING TAXES |
| IRS990ScheduleD/OtherLiabilities/Description | 1 | OTTER TAIL COUNTY PROPERTY TAXES |
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| IRS990ScheduleO/GeneralExplanation/Explanation | 0 | THE CREDIT UNIONS FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY EACH MONTH IN A PLACE THAT IS EASILY ACCESSIBLE TO THE MEMBERS. OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST FROM AN INDIVIDUAL PERSONALLY PRESENT AT THE CREDIT UNIONS OFFICE OR THROUGH WRITTEN REQUEST. THE DOCUMENTS ARE EASILY ACCESSIBLE AND THE CREDIT UNION HAS SPACE AVAILABLE FOR AN INDIVIDUAL TO SIT AND REVIEW THE DOCUMENTS. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 1 | THE WRITTEN POLICY OF THE OTTER TAIL CREDIT UNION REQUIRES AN ANNUAL REVIEW OF THE CONFLICT OF INTEREST POLICY AND A DISCLOSURE OF ANY POSSIBLE CONFLICTS OF INTEREST BY ALL DIRECTORS AND OFFICERS. THE DIRECTORS AND OFFICERS ARE REQUIRED TO LIST ANY POSSIBLE CONFLICTS OF INTEREST AND CERTIFY THEIR REVIEW OF THE POLICY AND LIST OF CONFLICTS, IF ANY, BY SIGNING A STATEMENT. IT IS THE RESPONSIBILITY OF THE SUPERVISORY COMMITTEE TO MONITOR COMPLIANCE WITH THIS POLICY. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 2 | THE CREDIT UNION HAS A SUPERVISORY COMMITTEE THAT IS ELECTED BY THE MEMBERSHIP AND IS INDEPENDENT OF THE BOARD OF DIRECTORS. THE SUPERVISORY COMMITTEE PERFORMS THE AUDIT FUNCTION WITHIN THE CREDIT UNION. PART OF THEIR AUDIT DUTIES ARE THE REVIEW OF ALL TAX FILINGS. IF THEY FIND SOMETHING AMISS THEY REPORT THEIR FINDINGS TO THE BOARD OF DIRECTORS. THEY MAY ALLOW THE BOARD OF DIRECTORS TO TAKE ACTION OR THE SUPERVISORY COMMITTEE MAY TAKE DIRECT ACTION ON ANY DEFICIENCIES THEY DISCOVER. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 3 | CHANGES TO THE CERTIFICATE OF ORGANIZATION MUST BE APPROVED BY THE MEMBERSHIP. CHANGES TO THE BYLAWS OF THE CREDIT UNION MAY BE MADE BY THE BOARD OF DIRECTORS BUT ARE SUBJECT TO REVIEW OF THE MEMBERSHIP AT THE NEXT ANNUAL MEETING. AT THAT TIME THE MEMBERSHIP MAY REPEAL THE BYLAW CHANGE IF THEY SO DESIRE. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 4 | THE MEMBERSHIP OF THE CREDIT UNION ELECTS ALL THE INDIVIDUALS WHO SERVE ON THE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS MAY FILL A VACANCY IN THEIR NUMBER BY APPOINTMENT BUT ONLY UNTIL THE NEXT ANNUAL MEETING OF THE MEMBERS OR UNTIL A SPECIAL MEETING OF THE MEMBERSHIP IS CALLED. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 5 | CREDIT UNIONS HAVE MEMBER/OWNERS. THE MEMBER/OWNERS ELECT THE BOARD OF DIRECTORS FROM THE MEMBERSHIP POPULATION TO REPRESENT THEM AS THE GOVERNING BODY OF THE CREDIT UNION. THE MEMBER/OWNERS ALSO VOTE ON ANY CHANGES TO THE CERTIFICATE OF ORGANIZATION OF THE CREDIT UNION. IF THE MEMBER/OWNERS WOULD VOTE TO DISSOLVE THE CREDIT UNION, THEY WOULD SPLIT THE EQUITY THAT HAS ACCUMULATED IN THE CREDIT UNION. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 6 | OTHER PROGRAM SERVICES 4: THE CREDIT UNION OFFERS ITS MEMBERS DEBIT CARDS, A TOLL FREE AUDIO RESPONSE LINE, CHECK CASHING (NO CHARGE), ATM, NADA VALUATION GUIDES, NIGHT DEPOSITORY BOX, NOTARY PUBLIC SERVICE (NO CHARGE), QUARTERLY NEWSLETTER, AND MEMBER PAY CREDIT INSURANCE. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 7 | Client Note 1 - THIS RETURN IS BEING FILED AFTER THE TAX EXTENSION DEADLINE OF AUGUST 15, 2012.THIS IS THE FIRST YEAR THE ASSETS WERE MORE THAN $10 MILLION, SO WE WERE REQUIRED TO FILE ELECTRONICALLY.WE WERE UNAWARE OF THIS UNTIL WE RECEIVED A LETTER FROM THE IRS DATED OCTOBER 15, 2012, NOTIFYING US OF THIS REQUIRMENT. WE THEN TOOK ACTION TO FILE THIS RETURN ELECTRONICALLY.THE ORIGINAL RETURN WAS TIMELY FILED ON AUGUST 15, 2012.WE NOW KNOW THE REQUIRMENTS TO FILE ELECTRONICALLY AND WILL MAKE SURE ALL RETURNS ARE TIMELY FILED IN THE FUTURE. |
| IRS990ScheduleO/GeneralExplanation/Identifier | 0 | Form 990, Part VI, Line 19 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 1 | Form 990, Part VI, Line 12c |
| IRS990ScheduleO/GeneralExplanation/Identifier | 2 | Form 990, Part VI, Line 11 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 3 | Form 990, Part VI, Line 7b |
| IRS990ScheduleO/GeneralExplanation/Identifier | 4 | Form 990, Part VI, Line 7a |
| IRS990ScheduleO/GeneralExplanation/Identifier | 5 | Form 990, Part VI, Line 6 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 6 | Form 990, Part III, Line 4d |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 0 | Form 990, Part VI, Line 19: Other Organization Documents Publicly Available |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 1 | Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 2 | Form 990, Part VI, Line 11: Form 990 Review Process |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 3 | Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 4 | Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 5 | Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 6 | Form 990, Part III, Line 4d : Other Program Services Description |
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| IRS990/School | 0 | false |
| IRS990/SignificantChange | 0 | false |
| IRS990/SignificantNewProgramServices | 0 | false |
| IRS990/StateLegalDomicile | 0 | MN |
| IRS990/SubjectToProxyTax | 0 | false |
| IRS990/TaxableDistributions | 0 | false |
| IRS990/TaxablePartyNotification | 0 | false |
| IRS990/TaxExemptBonds | 0 | false |
| IRS990/Terminated | 0 | false |
| IRS990/TermOrPermanentEndowments | 0 | false |
| IRS990/TheBooksAreInCareOf/AddressUS/AddressLine1 | 0 | 413 STANTON AVE |
| IRS990/TheBooksAreInCareOf/AddressUS/City | 0 | FERGUS FALLS |
| IRS990/TheBooksAreInCareOf/AddressUS/State | 0 | MN |
| IRS990/TheBooksAreInCareOf/AddressUS/ZIPCode | 0 | 56537 |
| IRS990/TheBooksAreInCareOf/NamePerson | 0 | OTTER TAIL CREDIT UNION |
| IRS990/TheBooksAreInCareOf/TelephoneNumber | 0 | 2187365528 |
| IRS990/TotalAssets/BOY | 0 | 9820070 |
| IRS990/TotalAssetsBOY | 0 | 9820070 |
| IRS990/TotalAssets/EOY | 0 | 10100900 |
| IRS990/TotalAssetsEOY | 0 | 10100900 |
| IRS990/TotalCompGT150K | 0 | false |
| IRS990/TotalContributions | 0 | 0 |
| IRS990/TotalExpensesCurrentYear | 0 | 268113 |
| IRS990/TotalExpensesPriorYear | 0 | 287408 |
| IRS990/TotalFunctionalExpenses/Fundraising | 0 | 0 |
| IRS990/TotalFunctionalExpenses/ManagementAndGeneral | 0 | 0 |
| IRS990/TotalFunctionalExpenses/ProgramServices | 0 | 0 |
| IRS990/TotalFunctionalExpenses/Total | 0 | 268113 |
| IRS990/TotalFundrsngExpCurrentYear | 0 | 0 |
| IRS990/TotalGrossUBI | 0 | 695 |
| IRS990/TotalLiabilities/BOY | 0 | 36221 |
| IRS990/TotalLiabilitiesBOY | 0 | 36221 |
| IRS990/TotalLiabilities/EOY | 0 | 36596 |
| IRS990/TotalLiabilitiesEOY | 0 | 36596 |
| IRS990/TotalLiabNetAssetsFundBalances/BOY | 0 | 9820070 |
| IRS990/TotalLiabNetAssetsFundBalances/EOY | 0 | 10100900 |
| IRS990/TotalNbrEmployees | 0 | 4 |
| IRS990/TotalNbrVolunteers | 0 | 5 |
| IRS990/TotalNetAssetsFundBalances/BOY | 0 | 9783849 |
| IRS990/TotalNetAssetsFundBalances/EOY | 0 | 10064304 |
| IRS990/TotalOtherRevenue | 0 | 4165 |
| IRS990/TotalProfFundrsngExpCY | 0 | 0 |
| IRS990/TotalProgramServiceRevenue | 0 | 204364 |
| IRS990/TotalReportableCompFromOrg | 0 | 46039 |
| IRS990/TotalRevenueCurrentYear | 0 | 256958 |
| IRS990/TotalRevenuePriorYear | 0 | 277088 |
| IRS990/TotalRevenue/RelatedOrExemptFunctionIncome | 0 | 256263 |
| IRS990/TotalRevenue/TotalRevenueColumn | 0 | 256958 |
| IRS990/TotalRevenue/UnrelatedBusinessRevenue | 0 | 695 |
| IRS990/TransactionRelatedEntity | 0 | false |
| IRS990/TransfersToExemptNonChrtblOrg | 0 | false |
| IRS990/TravelEntrtnmntPublicOfficials/Total | 0 | 0 |
| IRS990/Travel/Total | 0 | 57 |
| IRS990/TypeOfOrganizationCorporation | 0 | X |
| IRS990/UnrelatedBusinessIncome | 0 | false |
| IRS990/UponRequest | 0 | X |
| IRS990/WebSite | 0 | WWW.OTTERTAILCREDITUNION.COM |
| IRS990/WhistleblowerPolicy | 0 | true |
| IRS990/WrittenPolicyOrProcedure | 0 | false |
| IRS990/YearFormation | 0 | 1954 |
| ReturnHeader/BuildTS | 0 | 2016-02-24 21:20:13Z |
| ReturnHeader/Filer/EIN | 0 | 410790551 |
| ReturnHeader/Filer/Name/BusinessNameLine1 | 0 | OTTER TAIL CREDIT UNION |
| ReturnHeader/Filer/NameControl | 0 | OTTE |
| ReturnHeader/Filer/Phone | 0 | 2187365528 |
| ReturnHeader/Filer/USAddress/AddressLine1 | 0 | 413 STANTON AVENUE |
| ReturnHeader/Filer/USAddress/City | 0 | FERGUS FALLS |
| ReturnHeader/Filer/USAddress/State | 0 | MN |
| ReturnHeader/Filer/USAddress/ZIPCode | 0 | 56537 |
| ReturnHeader/Officer/DateSigned | 0 | 2012-10-26 |
| ReturnHeader/Officer/Name | 0 | DAVID R WEST |
| ReturnHeader/Officer/Title | 0 | President |
| ReturnHeader/ReturnType | 0 | 990 |
| ReturnHeader/TaxPeriodBeginDate | 0 | 2011-01-01 |
| ReturnHeader/TaxPeriodEndDate | 0 | 2011-12-31 |
| ReturnHeader/TaxYear | 0 | 2011 |
| ReturnHeader/Timestamp | 0 | 2012-10-26T12:46:25-07:00 |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2011 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.
- Assets
- $10,100,900
- Liabilities
- $36,596
- Net assets
- $10,064,304
- Revenue
- -
- Expenses
- $268,113
- Net income
- -