Civic Intelligence

Otter Tail Credit Union

990 • Fiscal year 2016 • EIN 41-0790551

Jan 01, 2016 to Dec 31, 2016 • Filed on Nov 10, 2017

413 Stanton AvenueFergus Falls, MN 56537-2505

(218) 736-5528

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

3rd percentile

0.00x

Higher debt load relative to assets than 3% of similar nonprofits.

2016 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

6th percentile

0.09x

Higher debt load relative to revenue than 6% of similar nonprofits.

2016 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2016

Net Margin

67th percentile

9.9%

Higher net margin than 67% of similar nonprofits.

2016 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

75th percentile

$91,156

Higher top officer pay than 75% of similar nonprofits.

Top officer pay equals 27.2% of source-year revenue.

2016 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2016

Asset Growth

89th percentile

8.0%

Faster asset growth than 89% of similar nonprofits.

2016 filings • 501(c)14 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

60th percentile

3.8%

Faster revenue growth than 60% of similar nonprofits.

2016 filings • 501(c)14 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Assets

Up

$16,518,904

Up $1,219,470 (+8.0%) from 2015

Net Assets

Up

$16,488,205

Up $1,216,195 (+8.0%) from 2015

Liabilities

Up

$30,699

Up $3,275 (+12%) from 2015

Revenue

Up

$335,094

Up $12,160 (+3.8%) from 2015

Expenses

Up

$301,885

Up $2,610 (+0.9%) from 2015

Net Income

Up

$33,209

Up $9,550 (+40%) from 2015

Historical Trend

Balance Sheet Trend

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

$20M$15M$10M$5.0M$0Assets 2011: $10,100,900Liabilities 2011: $36,596Net Assets 2011: $10,064,3042011Assets 2012: $13,940,300Liabilities 2012: $22,400Net Assets 2012: $13,917,9002012Assets 2013: $13,972,078Liabilities 2013: $691Net Assets 2013: $13,971,3872013Assets 2014: $15,045,729Liabilities 2014: $21,502Net Assets 2014: $15,024,2272014Assets 2015: $15,299,434Liabilities 2015: $27,424Net Assets 2015: $15,272,0102015Assets 2016: $16,518,904Liabilities 2016: $30,699Net Assets 2016: $16,488,2052016Assets 2017: $15,704,008Liabilities 2017: $27,758Net Assets 2017: $15,676,2502017Assets 2018: $15,343,203Liabilities 2018: $18,768Net Assets 2018: $15,324,4352018Assets 2019: $13,626,382Liabilities 2019: $19,850Net Assets 2019: $13,606,5322019Assets 2020: $15,414,356Liabilities 2020: $16,913Net Assets 2020: $15,397,4432020

Highlighted filing

2016

Assets$16,518,904
Liabilities$30,699
Net Assets$16,488,205

Operations Trend

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

$600K$400K$200K$0Expenses 2011: $268,1132011Expenses 2012: $292,1962012Revenue 2013: $295,027Expenses 2013: $284,904Net Income 2013: $10,1232013Revenue 2014: $307,829Expenses 2014: $296,703Net Income 2014: $11,1262014Revenue 2015: $322,934Expenses 2015: $299,275Net Income 2015: $23,6592015Revenue 2016: $335,094Expenses 2016: $301,885Net Income 2016: $33,2092016Revenue 2017: $349,900Expenses 2017: $305,861Net Income 2017: $44,0392017Revenue 2018: $396,603Expenses 2018: $333,260Net Income 2018: $63,3432018Revenue 2019: $408,984Expenses 2019: $339,486Net Income 2019: $69,4982019Revenue 2020: $368,027Expenses 2020: $324,608Net Income 2020: $43,4192020

Highlighted filing

2016

Revenue$335,094
Expenses$301,885
Net Income$33,209
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Nov 10, 2017
Return Version
2016v3.0
Gross Receipts
$335,094
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.

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$13,950,306$15,156,303▲ $1,205,997
Investments Other Securities$7,888,857$7,689,857▼ $199,000
Other Notes and Loans Receivable, Net$4,763,368$4,939,138▲ $175,770
Savings and Temporary Cash Investments$1,956,781$3,174,936▲ $1,218,155
Rtn Earn Endowment Incm Other Fnds$1,321,704$1,331,902▲ $10,198
Cash and Non-Interest-Bearing Accounts$232,951$271,940▲ $38,989
Land, Buildings, and Equipment, Net$277,120$263,811▼ $13,309
Prepaid Expenses and Deferred Charges$9,159$7,259▼ $1,900
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Total Assets$15,299,434$16,518,904▲ $1,219,470
Other Assets Total$171,198$171,963▲ $765
Liabilities
Other Liabilities$11,511$14,384▲ $2,873
Accounts Payable and Accrued Expenses$12,388$13,690▲ $1,302
Deferred Revenue$3,525$2,625▼ $900
Total Liabilities$27,424$30,699▲ $3,275
Net Assets / Fund Balance
Total Net Assets Fund Balance$15,272,010$16,488,205▲ $1,216,195
Total Liabilities and Net Assets / Fund Balance$15,299,434$16,518,904▲ $1,219,470

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$176,330$64,198$240,528
Equipment$12,012$160,810$172,822
Land$58,520-$58,520
Other Land Buildings$16,949$11,430$28,379
Leasehold Improvements$0$0$0
Other Securities$1,984,000--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
David R WestPresidentFT$45,578$45,578$91,156

Board Members and Trustees

NameTitle
Russell J LarsenChairman
Jerold R NussVice-Chairman
Myron RaderDirector
Paul SchmidtDirector
Todd LangstonDirector
Richard S JohnsonSecretary
Stanley SynstelienTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$191,879
Investment Income
$134,580
Other Revenue
$8,635
Change in Net Assets
$33,209
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$170,128
Salaries, Compensation, and Employee Benefits$131,757
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Accounting---$60,462
Other Salaries and Wages---$57,507
Current Officers, Directors, Trustees, and Key Employees---$45,578
Office Expenses---$34,029
Other Employee Benefits---$20,392
Occupancy---$16,881
Depreciation Depletion---$15,435
Insurance---$12,105
All Other Expenses---$10,223
Payroll Taxes---$8,280
Advertising---$6,439
Other Expenses---$3,007
Total Functional Expenses$0$0$0$301,885
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
Dividends and interest payable$8,920
State and local taxes payable$2,438
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No
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 6

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.

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

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 membership or until a special meeting of the membership is called.

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

Specific changes to the Certificate of Organization must be voted on by the credit union's membership. Changes to the bylaws of the credit union may be made by the Board of Directors but are subject to review, and revision, at the next annual meeting of the membership. If the membership so desires, they may repeal changes made by the Board of Directors to the bylaws.

Form 990, Part VI, Section B, Line 11B

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 with a filing they report their findings directly to the Board of Directors.

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

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 to that effect.

Form 990, Part VI, Section B, Line 15

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 with the credit union.

Form 990, Part VI, Section C, Line 19

The public may see the governing documents and the policies of the credit union upon request. The financial statements of the credit union are posted in the lobby each month for anyone to review.

Filing and Contact Details

Filer

Filer Name
Otter Tail Credit Union
EIN
41-0790551
Phone
2187365528
Address
413 Stanton Avenue, Fergus Falls, MN 56537-2505

Signing Officer

Name
David West
Title
President
Phone
2187365528
Signed
2017-11-10

Organization Details

Principal Officer
David R West
Formed
1954
Legal Domicile
Mn
Voting Board Members
7
Independent Board Members
7
Employees
4
Volunteers
12
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Member shares and savings increased by $1,205,997 minus interest expense on member's shares and savings of $23, 011 equals $1,182,986 increase in net assets or fund balances at the end of 2017.

Financial Statement Notes

Schedule D, Part VI, Line 1E

Cost of paving the parking lot of the credit union building at the time of its purchase.

Raw XML AppendixShowing 400 of 414 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
IRS990/AccountantCompileOrReviewInd00
IRS990/AccountsPayableAccrExpnssGrp/BOYAmt012388
IRS990/AccountsPayableAccrExpnssGrp/EOYAmt013690
IRS990/ActivitiesConductedPrtshpInd00
IRS990/ActivityOrMissionDesc0The 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/AdvertisingGrp/TotalAmt06439
IRS990/AllOtherExpensesGrp/TotalAmt010223
IRS990/AnnualDisclosureCoveredPrsnInd01
IRS990/BackupWthldComplianceInd01
IRS990/BooksInCareOfDetail/BusinessName/BusinessNameLine1Txt0Otter Tail Credit Union
IRS990/BooksInCareOfDetail/PhoneNum02187365528
IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt0413 Stanton Avenue
IRS990/BooksInCareOfDetail/USAddress/CityNm0Fergus Falls
IRS990/BooksInCareOfDetail/USAddress/StateAbbreviationCd0MN
IRS990/BooksInCareOfDetail/USAddress/ZIPCd0565372505
IRS990/BusinessRlnWithFamMemInd00
IRS990/BusinessRlnWithOfficerEntInd00
IRS990/BusinessRlnWithOrgMemInd00
IRS990/CapStkTrPrinCurrentFundsGrp/BOYAmt013950306
IRS990/CapStkTrPrinCurrentFundsGrp/EOYAmt015156303
IRS990/CashNonInterestBearingGrp/BOYAmt0232951
IRS990/CashNonInterestBearingGrp/EOYAmt0271940
IRS990/ChangeToOrgDocumentsInd00
IRS990/CntrctRcvdGreaterThan100KCnt00
IRS990/CollectionsOfArtInd00
IRS990/CompCurrentOfcrDirectorsGrp/TotalAmt045578
IRS990/CompensationFromOtherSrcsInd00
IRS990/CompensationProcessCEOInd01
IRS990/CompensationProcessOtherInd00
IRS990/ConflictOfInterestPolicyInd01
IRS990/ConservationEasementsInd00
IRS990/ConsolidatedAuditFinclStmtInd00
IRS990/CreditCounselingInd00
IRS990/CYBenefitsPaidToMembersAmt00
IRS990/CYContributionsGrantsAmt00
IRS990/CYGrantsAndSimilarPaidAmt00
IRS990/CYInvestmentIncomeAmt0134580
IRS990/CYOtherExpensesAmt0170128
IRS990/CYOtherRevenueAmt08635
IRS990/CYProgramServiceRevenueAmt0191879
IRS990/CYRevenuesLessExpensesAmt033209
IRS990/CYSalariesCompEmpBnftPaidAmt0131757
IRS990/CYTotalExpensesAmt0301885
IRS990/CYTotalFundraisingExpenseAmt00
IRS990/CYTotalProfFndrsngExpnsAmt00
IRS990/CYTotalRevenueAmt0335094
IRS990/DecisionsSubjectToApprovaInd01
IRS990/DeductibleArtContributionInd00
IRS990/DeductibleNonCashContriInd00
IRS990/DeferredRevenueGrp/BOYAmt03525
IRS990/DeferredRevenueGrp/EOYAmt02625
IRS990/DelegationOfMgmtDutiesInd00
IRS990/DepreciationDepletionGrp/TotalAmt015435
IRS990/Desc0Promoting 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 2016 the credit union paid out $23,010 in dividends and interest to its' members.
IRS990/DescribedInSection501c3Ind00
IRS990/DisregardedEntityInd00
IRS990/DocumentRetentionPolicyInd01
IRS990/DonatedServicesAndUseFcltsAmt00
IRS990/DonorAdvisedFundInd00
IRS990/ElectionOfBoardMembersInd01
IRS990/EmployeeCnt04
IRS990/EmploymentTaxReturnsFiledInd01
IRS990/FamilyOrBusinessRlnInd00
IRS990/FederalGrantAuditRequiredInd00
IRS990/FeesForServicesAccountingGrp/TotalAmt060462
IRS990/ForeignActivitiesInd00
IRS990/ForeignFinancialAccountInd00
IRS990/ForeignOfficeInd00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt00
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt10
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt20
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt30
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt40
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt50
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt60
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt01.6
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt11.2
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt22.0
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt31.2
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt41.2
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt51.6
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt61.6
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt740
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd0X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd1X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd2X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd3X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd4X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd5X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd6X
IRS990/Form990PartVIISectionAGrp/OfficerInd0X
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt00
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt10
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt20
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt30
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt40
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt50
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt60
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt745578
IRS990/Form990PartVIISectionAGrp/PersonNm0Jerold R Nuss
IRS990/Form990PartVIISectionAGrp/PersonNm1Myron Rader
IRS990/Form990PartVIISectionAGrp/PersonNm2Richard S Johnson
IRS990/Form990PartVIISectionAGrp/PersonNm3Paul Schmidt
IRS990/Form990PartVIISectionAGrp/PersonNm4Todd Langston
IRS990/Form990PartVIISectionAGrp/PersonNm5Russell J Larsen
IRS990/Form990PartVIISectionAGrp/PersonNm6Stanley Synstelien
IRS990/Form990PartVIISectionAGrp/PersonNm7David R West
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt745578
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/TitleTxt0Vice-Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt1Director
IRS990/Form990PartVIISectionAGrp/TitleTxt2Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt6Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt7President
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr01954
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedInd00
IRS990/FundraisingActivitiesInd00
IRS990/GainOrLossGrp/OtherAmt00
IRS990/GainOrLossGrp/SecuritiesAmt00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt07
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt0335094
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd00
IRS990/IncmFromInvestBondProceedsGrp/ExclusionAmt00
IRS990/IncmFromInvestBondProceedsGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/IncmFromInvestBondProceedsGrp/TotalRevenueColumnAmt00
IRS990/IncmFromInvestBondProceedsGrp/UnrelatedBusinessRevenueAmt00
IRS990/IndependentAuditFinclStmtInd00
IRS990/IndependentVotingMemberCnt07
IRS990/IndivRcvdGreaterThan100KCnt00
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIInd0X
IRS990/InsuranceGrp/TotalAmt012105
IRS990/InvestmentExpenseAmt00
IRS990/InvestmentIncomeGrp/ExclusionAmt00
IRS990/InvestmentIncomeGrp/RelatedOrExemptFuncIncomeAmt0134580
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0134580
IRS990/InvestmentIncomeGrp/UnrelatedBusinessRevenueAmt00
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt07888857
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt07689857
IRS990/IRPDocumentCnt01806
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt0236438
IRS990/LandBldgEquipBasisNetGrp/BOYAmt0277120
IRS990/LandBldgEquipBasisNetGrp/EOYAmt0263811
IRS990/LandBldgEquipCostOrOtherBssAmt0500249
IRS990/LegalDomicileStateCd0MN
IRS990/LoanOutstandingInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MiscellaneousRevenueGrp/ExclusionAmt00
IRS990/MiscellaneousRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/MiscellaneousRevenueGrp/TotalRevenueColumnAmt00
IRS990/MiscellaneousRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/MissionDesc0The 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/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt015272010
IRS990/NetAssetsOrFundBalancesEOYAmt016488205
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt00
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/TotalAmt016881
IRS990/OfficeExpensesGrp/TotalAmt034029
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0171198
IRS990/OtherAssetsTotalGrp/EOYAmt0171963
IRS990/OtherChangesInNetAssetsAmt01182986
IRS990/OtherEmployeeBenefitsGrp/TotalAmt020392
IRS990/OtherExpensesGrp/Desc0Loan Expenses
IRS990/OtherExpensesGrp/Desc1Reulatory Fees and Charges
IRS990/OtherExpensesGrp/Desc2Share Draft Expenses
IRS990/OtherExpensesGrp/TotalAmt07955
IRS990/OtherExpensesGrp/TotalAmt13592
IRS990/OtherExpensesGrp/TotalAmt23007
IRS990/OtherLiabilitiesGrp/BOYAmt011511
IRS990/OtherLiabilitiesGrp/EOYAmt014384
IRS990/OtherRevenueMiscGrp/BusinessCd0522320
IRS990/OtherRevenueMiscGrp/BusinessCd1524298
IRS990/OtherRevenueMiscGrp/BusinessCd2522130
IRS990/OtherRevenueMiscGrp/Desc0ATM Surcharge Fee
IRS990/OtherRevenueMiscGrp/Desc1Insurance Reimbursement
IRS990/OtherRevenueMiscGrp/Desc2Fee Income
IRS990/OtherRevenueMiscGrp/ExclusionAmt00
IRS990/OtherRevenueMiscGrp/ExclusionAmt10
IRS990/OtherRevenueMiscGrp/ExclusionAmt20
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt11271
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt26634
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0730
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt11271
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt26634
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt0730
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt10
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt20
IRS990/OtherRevenueTotalAmt08635
IRS990/OtherSalariesAndWagesGrp/TotalAmt057507
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt04763368
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt04939138
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/TotalAmt08280
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt09159
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt07259
IRS990/PrincipalOfficerNm0David R West
IRS990/PriorPeriodAdjustmentsAmt00
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0522130
IRS990/ProgramServiceRevenueGrp/Desc0Loan Interest income from member's loans
IRS990/ProgramServiceRevenueGrp/ExclusionAmt00
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0191879
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0191879
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/ProgSrvcAccomActy2Grp/Desc0Lending is another primary service the credit union offers its' members. In 2016 the credit union granted 380 loans in the amount of $2,625,670 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/ProgSrvcAccomActy3Grp/Desc0The 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 2016 the credit union 554 of these accounts open.
IRS990/ProgSrvcAccomActyOtherGrp/Desc0The 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/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0121923
IRS990/PYOtherExpensesAmt0174872
IRS990/PYOtherRevenueAmt08916
IRS990/PYProgramServiceRevenueAmt0192095
IRS990/PYRevenuesLessExpensesAmt023659
IRS990/PYSalariesCompEmpBnftPaidAmt0124403
IRS990/PYTotalExpensesAmt0299275
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0322934
IRS990/ReconcilationRevenueExpnssAmt033209
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd01
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RoyaltiesRevenueGrp/ExclusionAmt00
IRS990/RoyaltiesRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RoyaltiesRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt01321704
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt01331902
IRS990/SavingsAndTempCashInvstGrp/BOYAmt01956781
IRS990/SavingsAndTempCashInvstGrp/EOYAmt03174936
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt0176330
IRS990ScheduleD/BuildingsGrp/DepreciationAmt064198
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0240528
IRS990ScheduleD/EquipmentGrp/BookValueAmt012012
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0160810
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0172822
IRS990ScheduleD/FederalIncomeTaxLiabilityAmt03026
IRS990ScheduleD/LandGrp/BookValueAmt058520
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt058520
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt016949
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt011430
IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt028379
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt02438
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt18920
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0State and local taxes payable
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Dividends and interest payable
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt01857
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt15704000
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt21984000
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Permanent Capital Base - Alloya Corporate CU
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Brokered Certificates of Deposit
IRS990ScheduleD/OtherSecuritiesGrp/Desc2Certificates of Deposit
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd2C
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Cost of paving the parking lot of the credit union building at the time of its purchase.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part VI, Line 1e
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0263811
IRS990ScheduleD/TotalBookValueSecuritiesAmt07689857
IRS990ScheduleD/TotalLiabilityAmt014384
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The 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/SupplementalInformationDetail/ExplanationTxt1By 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 membership or until a special meeting of the membership is called.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Specific changes to the Certificate of Organization must be voted on by the credit union's membership. Changes to the bylaws of the credit union may be made by the Board of Directors but are subject to review, and revision, at the next annual meeting of the membership. If the membership so desires, they may repeal changes made by the Board of Directors to the bylaws.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The 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 with a filing they report their findings directly to the Board of Directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The 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 to that effect.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5The 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 with the credit union.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6The public may see the governing documents and the policies of the credit union upon request. The financial statements of the credit union are posted in the lobby each month for anyone to review.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7Member shares and savings increased by $1,205,997 minus interest expense on member's shares and savings of $23, 011 equals $1,182,986 increase in net assets or fund balances at the end of 2017.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, Line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, Line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section A, Line 7b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section B, Line 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part XI, Line 9
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt015299434
IRS990/TotalAssetsEOYAmt016518904
IRS990/TotalAssetsGrp/BOYAmt015299434
IRS990/TotalAssetsGrp/EOYAmt016518904
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt04
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0301885
IRS990/TotalGrossUBIAmt0730
IRS990/TotalLiabilitiesBOYAmt027424
IRS990/TotalLiabilitiesEOYAmt030699
IRS990/TotalLiabilitiesGrp/BOYAmt027424
IRS990/TotalLiabilitiesGrp/EOYAmt030699
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt015272010
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt016488205
IRS990/TotalOtherCompensationAmt045578
IRS990/TotalOtherProgSrvcExpenseAmt00
IRS990/TotalOtherProgSrvcGrantAmt00
IRS990/TotalOtherProgSrvcRevenueAmt00
IRS990/TotalOthProgramServiceRevGrp/ExclusionAmt00
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt00
IRS990/TotalOthProgramServiceRevGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalProgramServiceExpensesAmt00
IRS990/TotalProgramServiceRevenueAmt0191879
IRS990/TotalReportableCompFromOrgAmt045578
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0334364
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0335094
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt0730
IRS990/TotalVolunteersCnt012
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt015299434
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt016518904
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0413 Stanton Avenue
IRS990/USAddress/CityNm0Fergus Falls
IRS990/USAddress/StateAbbreviationCd0MN
IRS990/USAddress/ZIPCd0565372505
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0www.ottertailcreditunion.com
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/PersonNm0David West
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/PhoneNum02187365528
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-11-10

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings