Liabilities / Assets
2nd percentile
Higher debt load relative to assets than 2% of similar nonprofits.
Otter Tail Credit Union
990 • Fiscal year 2012 • 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
99th percentile
Faster asset growth than 99% of similar nonprofits.
Revenue Growth
Score unavailable
No valid filing value is available for this score.
Balance Sheet
Assets
Up$13,940,300
Up $3,839,400 (+38%) from 2011
Net Assets
Up$13,917,900
Up $3,853,596 (+38%) from 2011
Liabilities
Down$22,400
Down $14,196 (-39%) from 2011
Revenue And Expenses
Revenue
-
No earlier filing loaded for comparison.
Expenses
Up$292,196
Up $24,083 (+9.0%) from 2011
Net Income
-
No earlier filing loaded for comparison.
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jan 1, 2012 to Dec 31, 2012
- Signed
- Aug 14, 2013
- Return Version
- 2012v2.0
- Gross Receipts
- $288,177
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 2012 the credit union granted 446 loans in the amount of $2,463,346 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 union's loans do not have pre-payment 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 2012 the credit union 572 of these accounts open.
Filing and Contact Details
Filer
- EIN
- 41-0790551
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|---|---|---|
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| IRS990/AccountsPayableAccruedExpenses/EOY | 0 | 22400 |
| IRS990/ActivitiesConductedPartnership | 0 | 0 |
| IRS990/Activity2/Description | 0 | Lending is another primary service the credit union offers its' members. In 2012 the credit union granted 446 loans in the amount of $2,463,346 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 union's loans do not have pre-payment 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 2012 the credit union 572 of these accounts open. |
| 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/ActivityOther/Description | 0 | The credit union offers its' members debit cards, a toll-free audio response line, check cashing (no charge), ATM, NADA valuation guides, night deposit box, notary public service (no charge), quarterly newsletter, and member-pay credit insurance. |
| IRS990/AddressPrincipalOfficerUS/AddressLine1 | 0 | 413 Stanton Avenue |
| IRS990/AddressPrincipalOfficerUS/City | 0 | Fergus Falls |
| IRS990/AddressPrincipalOfficerUS/State | 0 | MN |
| IRS990/AddressPrincipalOfficerUS/ZIPCode | 0 | 565372505 |
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| IRS990/Description | 0 | Promoting thrift to the credit union's 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 2012 the credit union paid out $33,643 in dividends and interest to its' members. |
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| IRS990/Form990PartVIISectionA/NamePerson | 0 | Scott d Fritz |
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| 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. |
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| IRS990ScheduleD/OtherSecurities/Description | 0 | Permanent Capital Base - Alloya Corporate FCU |
| IRS990ScheduleD/OtherSecurities/Description | 1 | Brokered Certificates of Deposit |
| IRS990ScheduleD/OtherSecurities/MethodOfValuation | 0 | C |
| IRS990ScheduleD/OtherSecurities/MethodOfValuation | 1 | C |
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| IRS990ScheduleO/GeneralExplanation/Explanation | 0 | On November 20, 2012, the Board of Directors approved an agricultural lending program for the members of the credit union who farm on either a part-time or full-time basis. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 1 | The Fergus Falls Community Federal Credit Union was merged into the Otter Tail Credit Union on July 1, 2012. Because of the merger of the two credit unions the number of directors was increased from five to seven. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 2 | The credit union has 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 have the final voice concerning changes to the credit union's Certificate of Organization and bylaws. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 3 | By establishing membership in the credit union an individual receives the right to be nominated for the Board of Directors and vote for those running for 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 | 4 | Specific changes to the Certificate of Organization must be voted on by the membership. Changes to the bylaws of the credit union may be made by the Board of Directors but are subject to review by the members at the next annual meeting. If the membership so desires, they may repeal changes made by the Board of Directors. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 5 | 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 duties are the review of all IRS filings. If they find a problem they report their findings to the Board of Directors. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 6 | 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 last any possible conflicts of interest and certify their review of the policy and list of conflicts, if any, by signing a statement. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 7 | The Board of Directors uses a salary survey published by the Credit Union National Association to establish the President's salary. The President is the only officer or key employee within the credit union. In 2012 the entire staff, including the President, took a 5% cut in pay. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 8 | The public may see the governing documents and the policies of the credit union upon request. The financial statements for the credit union are posted in the lobby each month for anyone to look at. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 9 | Increase in member's shares and savings from merger $3,640,843 Interest expense on member's shares and savings ($33,643) Non-operating expense - National Credit Union Admin - Assessment ($11,099) Non-operating income $400 Prior period adjustment $5,180 Increase in Retained Earnings $255,933 Total$3,857,615 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 0 | F990_P03_S00_L02 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 1 | F990_P06_S0A_L04 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 2 | F990_P06_S0A_L06 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 3 | F990_P06_S0A_L07a |
| IRS990ScheduleO/GeneralExplanation/Identifier | 4 | F990_P06_S0A_L07b |
| IRS990ScheduleO/GeneralExplanation/Identifier | 5 | F990_P06_S0B_L11b |
| IRS990ScheduleO/GeneralExplanation/Identifier | 6 | F990_P06_S0B_L12c |
| IRS990ScheduleO/GeneralExplanation/Identifier | 7 | F990_P06_S0B_L15 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 8 | F990_P06_S0C_L19 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 9 | F990_P11_S00_L09 |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 0 | Form 990, Part III, Line 2 |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 1 | Form 990, Part VI, Section A, Line 4 |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 2 | Form 990, Part VI, Section A, Line 6 |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 3 | Form 990, Part VI, Section A, Line 7a |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 4 | Form 990, Part VI, Section A, Line 7b |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 5 | Form 990, Part VI, Section B, Line 11b |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 6 | Form 990, Part VI, Section B, Line 12c |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 7 | Form 990, Part VI, Section B, Line 15 |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 8 | Form 990, Part VI, Section C, Line 19 |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 9 | Form 990, Part XI, Line 9 |
| IRS990/ScheduleORequired | 0 | 1 |
| IRS990/School | 0 | 0 |
| IRS990/SignificantChange | 0 | 0 |
| IRS990/SignificantNewProgramServices | 0 | 1 |
| IRS990/StateLegalDomicile | 0 | MN |
| IRS990/SubjectToProxyTax | 0 | 0 |
| IRS990/TaxablePartyNotification | 0 | 0 |
| IRS990/TaxExemptBonds | 0 | 0 |
| IRS990/Terminated | 0 | 0 |
| IRS990/TermOrPermanentEndowments | 0 | 0 |
| IRS990/TheBooksAreInCareOf/AddressUS/AddressLine1 | 0 | 413 Stanton Avenue |
| IRS990/TheBooksAreInCareOf/AddressUS/City | 0 | Fergus Falls |
| IRS990/TheBooksAreInCareOf/AddressUS/State | 0 | MN |
| IRS990/TheBooksAreInCareOf/AddressUS/ZIPCode | 0 | 565372505 |
| IRS990/TheBooksAreInCareOf/NameBusiness/BusinessNameLine1 | 0 | Otter Tail Credit Union |
| IRS990/TheBooksAreInCareOf/TelephoneNumber | 0 | 2187365528 |
| IRS990/TotalAssets/BOY | 0 | 10100900 |
| IRS990/TotalAssetsBOY | 0 | 10100900 |
| IRS990/TotalAssets/EOY | 0 | 13940300 |
| IRS990/TotalAssetsEOY | 0 | 13940300 |
| IRS990/TotalCompGT150K | 0 | 0 |
| IRS990/TotalContributions | 0 | 0 |
| IRS990/TotalExpensesCurrentYear | 0 | 292196 |
| IRS990/TotalExpensesPriorYear | 0 | 268113 |
| IRS990/TotalFunctionalExpenses/Fundraising | 0 | 0 |
| IRS990/TotalFunctionalExpenses/ManagementAndGeneral | 0 | 0 |
| IRS990/TotalFunctionalExpenses/ProgramServices | 0 | 0 |
| IRS990/TotalFunctionalExpenses/Total | 0 | 292196 |
| IRS990/TotalFundrsngExpCurrentYear | 0 | 0 |
| IRS990/TotalGrossUBI | 0 | 611 |
| IRS990/TotalLiabilities/BOY | 0 | 36596 |
| IRS990/TotalLiabilitiesBOY | 0 | 36596 |
| IRS990/TotalLiabilities/EOY | 0 | 22400 |
| IRS990/TotalLiabilitiesEOY | 0 | 22400 |
| IRS990/TotalLiabNetAssetsFundBalances/BOY | 0 | 10100900 |
| IRS990/TotalLiabNetAssetsFundBalances/EOY | 0 | 13940300 |
| IRS990/TotalNbrEmployees | 0 | 5 |
| IRS990/TotalNbrVolunteers | 0 | 7 |
| IRS990/TotalNetAssetsFundBalances/BOY | 0 | 10064304 |
| IRS990/TotalNetAssetsFundBalances/EOY | 0 | 13917900 |
| IRS990/TotalOfOtherProgramServiceExp | 0 | 0 |
| IRS990/TotalOfOtherProgramServiceGrnt | 0 | 0 |
| IRS990/TotalOfOtherProgramServiceRev | 0 | 0 |
| IRS990/TotalOtherCompensation | 0 | 0 |
| IRS990/TotalOtherRevenue | 0 | 6741 |
| IRS990/TotalOthProgramServiceRevenue/ExclusionAmount | 0 | 0 |
| IRS990/TotalOthProgramServiceRevenue/RelatedOrExemptFunctionIncome | 0 | 0 |
| IRS990/TotalOthProgramServiceRevenue/TotalRevenueColumn | 0 | 0 |
| IRS990/TotalOthProgramServiceRevenue/UnrelatedBusinessRevenue | 0 | 0 |
| IRS990/TotalProfFundrsngExpCY | 0 | 0 |
| IRS990/TotalProfFundrsngExpPriorYear | 0 | 0 |
| IRS990/TotalProgramServiceExpense | 0 | 0 |
| IRS990/TotalProgramServiceRevenue | 0 | 232733 |
| IRS990/TotalReportableCompFrmRltdOrgs | 0 | 0 |
| IRS990/TotalReportableCompFromOrg | 0 | 44578 |
| IRS990/TotalRevenueCurrentYear | 0 | 288177 |
| IRS990/TotalRevenue/ExclusionAmount | 0 | 0 |
| IRS990/TotalRevenuePriorYear | 0 | 256958 |
| IRS990/TotalRevenue/RelatedOrExemptFunctionIncome | 0 | 287566 |
| IRS990/TotalRevenue/TotalRevenueColumn | 0 | 288177 |
| IRS990/TotalRevenue/UnrelatedBusinessRevenue | 0 | 611 |
| IRS990/TypeOfOrganizationCorporation | 0 | X |
| IRS990/UnrelatedBusinessIncome | 0 | 0 |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2012 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.
- Assets
- $13,940,300
- Liabilities
- $22,400
- Net assets
- $13,917,900
- Revenue
- -
- Expenses
- $292,196
- Net income
- -