Civic Intelligence

Richfieldbloomington Credit Union

990 • Fiscal year 2014 • EIN 41-0824021

Jan 01, 2014 to Dec 31, 2014 • Filed on May 12, 2015

Organization ProfileWWW.RBCU.ORG

View Organization Page

345 East 77th StreetRichfield, MN 55423

(612) 798-7176

Siviq Scores

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

Liabilities / Assets

68th percentile

0.90x

Higher debt load relative to assets than 68% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2014

Liabilities / Revenue

76th percentile

21.35x

Higher debt load relative to revenue than 76% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2014

Net Margin

75th percentile

20%

Higher net margin than 75% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2014

Top Officer Pay

8th percentile

$214,781

Higher top officer pay than 8% of similar nonprofits.

Top officer pay equals 1.9% of source-year revenue.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2014

Asset Growth

23rd percentile

2.4%

Faster asset growth than 23% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2013 to 2014

Revenue Growth

19th percentile

-2.8%

Faster revenue growth than 19% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets68th percentile

Assets

Up

$260,699,520

Up $6,189,826 (+2.4%) from 2013

Net Assets

Up

$24,964,483

Up $3,183,973 (+15%) from 2013

Liabilities

Up

$235,735,037

Up $3,005,853 (+1.3%) from 2013

Revenue And Expenses
Liabilities / Revenue76th percentileNet Margin75th percentile

Revenue

Down

$11,040,204

Down $321,244 (-2.8%) from 2013

Expenses

Down

$8,828,763

Down $458,580 (-4.9%) from 2013

Net Income

Up

$2,211,441

Up $137,336 (+6.6%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth23rd percentile

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

$400M$300M$200M$100M$0Assets 2010: $222,371,111Liabilities 2010: $200,680,300Net Assets 2010: $21,690,8112010Assets 2011: $236,412,946Liabilities 2011: $213,694,441Net Assets 2011: $22,718,5052011Assets 2012: $251,313,092Liabilities 2012: $229,457,154Net Assets 2012: $21,855,9382012Assets 2013: $254,509,694Liabilities 2013: $232,729,184Net Assets 2013: $21,780,5102013Assets 2014: $260,699,520Liabilities 2014: $235,735,037Net Assets 2014: $24,964,4832014Assets 2015: $266,457,842Liabilities 2015: $240,928,272Net Assets 2015: $25,529,5702015Assets 2016: $277,061,730Liabilities 2016: $254,426,781Net Assets 2016: $22,634,9492016Assets 2017: $283,243,766Liabilities 2017: $259,751,932Net Assets 2017: $23,491,8342017Assets 2018: $289,473,840Liabilities 2018: $265,536,114Net Assets 2018: $23,937,7262018Assets 2019: $307,549,200Liabilities 2019: $281,576,931Net Assets 2019: $25,972,2692019Assets 2020: $350,249,139Liabilities 2020: $323,452,944Net Assets 2020: $26,796,1952020Assets 2021: $393,544,128Liabilities 2021: $363,334,002Net Assets 2021: $30,210,1262021Assets 2022: $399,653,229Liabilities 2022: $367,127,824Net Assets 2022: $32,525,4052022Assets 2023: $386,343,958Liabilities 2023: $352,011,648Net Assets 2023: $34,332,3102023Assets 2024: $376,551,920Liabilities 2024: $341,399,769Net Assets 2024: $35,152,1512024

Highlighted filing

2014

Assets$260,699,520
Liabilities$235,735,037
Net Assets$24,964,483
Open 2014 Filing

Operations Trend

Revenue Growth19th percentile

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

$20M$10M$0-$10MExpenses 2010: $12,899,2542010Expenses 2011: $11,466,8292011Revenue 2012: $11,563,558Expenses 2012: $12,573,747Net Income 2012: -$1,010,1892012Revenue 2013: $11,361,448Expenses 2013: $9,287,343Net Income 2013: $2,074,1052013Revenue 2014: $11,040,204Expenses 2014: $8,828,763Net Income 2014: $2,211,4412014Revenue 2015: $10,728,475Expenses 2015: $9,574,511Net Income 2015: $1,153,9642015Revenue 2016: $11,202,965Expenses 2016: $13,773,386Net Income 2016: -$2,570,4212016Revenue 2017: $11,430,677Expenses 2017: $10,447,208Net Income 2017: $983,4692017Revenue 2018: $11,746,703Expenses 2018: $10,752,916Net Income 2018: $993,7872018Revenue 2019: $12,977,702Expenses 2019: $12,198,185Net Income 2019: $779,5172019Revenue 2020: $13,861,459Expenses 2020: $13,644,511Net Income 2020: $216,9482020Revenue 2021: $17,620,611Expenses 2021: $13,867,144Net Income 2021: $3,753,4672021Revenue 2022: $18,120,740Expenses 2022: $15,133,709Net Income 2022: $2,987,0312022Revenue 2023: $18,658,180Expenses 2023: $16,577,395Net Income 2023: $2,080,7852023Revenue 2024: $19,141,834Expenses 2024: $18,447,257Net Income 2024: $694,5772024

Highlighted filing

2014

Revenue$11,040,204
Expenses$8,828,763
Net Income$2,211,441
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
May 12, 2015
Return Version
2014v5.0
Gross Receipts
$21,149,049
Mission and Program Overview

Mission

To provide lending, savings and other financial services to our qualifying members at terms generally better than available in the marketplace and with a "service based emphasis" that recognizes the members' status as owners.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$120,391,701$125,152,164▲ $4,760,463
Investments Other Securities$111,048,308$99,378,937▼ $11,669,371
Rtn Earn Endowment Incm Other Fnds$21,780,510$24,964,483▲ $3,183,973
Savings and Temporary Cash Investments$4,875,572$18,213,410▲ $13,337,838
Land, Buildings, and Equipment, Net$11,300,672$10,959,674▼ $340,998
Cash and Non-Interest-Bearing Accounts$1,195,851$1,226,315▲ $30,464
Investments Program Related$349,708$844,973▲ $495,265
Prepaid Expenses and Deferred Charges$690,956$615,003▼ $75,953
Receivables From Officers Etc$2,333$3,250▲ $917
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$254,509,694$260,699,520▲ $6,189,826
Other Assets Total$4,654,593$4,305,794▼ $348,799
Liabilities
Other Liabilities$230,025,842$233,013,125▲ $2,987,283
Accounts Payable and Accrued Expenses$2,703,342$2,435,168▼ $268,174
Escrow Account Liability-$286,744-
Total Liabilities$232,729,184$235,735,037▲ $3,005,853
Net Assets / Fund Balance
Total Net Assets Fund Balance$21,780,510$24,964,483▲ $3,183,973
Total Liabilities and Net Assets / Fund Balance$254,509,694$260,699,520▲ $6,189,826

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,626,088$1,630,432$7,256,520
Land$4,347,684-$4,347,684
Equipment$982,950$1,166,971$2,149,921
Other Land Buildings$2,952-$2,952
Other Securities$4,389,171--
Compensation and Service Providers
Top Officer Pay8th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Patrick BrekkenPresidentFT$189,886$24,895$214,781
Karen HoeppnerVice President, Member SerFT$115,082$12,185$127,267
Rick RasmussonVice President, FinanceFT$111,617$14,065$125,682
Donna RomeroVice President, Real EstatFT$109,221$12,717$121,938
Terry StirewaltVice President, BusinessFT$84,540$5,996$90,536
Teri LaufersVice President, ItFT$63,949$4,937$68,886

Board Members and Trustees

NameTitle
James HabeckChairman
James SchaeferVice-chairman
Jason BarnesDirector
Jerry MarickDirector
Karolyn LeeDirector
Lee CovartDirector
Tom RubleinDirector
Dennis KaneSecretary
Michael AmbersonSecretary
Jim McdonaldTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$8,414,225
Investment Income
$2,613,714
Other Revenue
$12,265
Change in Net Assets
$2,211,441
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,677,886
Salaries, Compensation, and Employee Benefits$3,800,244
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$2,310,629
Office Expenses---$1,313,345
Occupancy---$808,693
Current Officers, Directors, Trustees, and Key Employees---$749,090
Other Employee Benefits---$425,668
Benefits to Members---$350,633
Other Expenses---$326,370
Payroll Taxes---$233,643
Pension Plan Contributions---$81,214
Travel---$60,290
All Other Expenses---$51,911
Insurance---$12,939
Interest---$7,636
Total Functional Expenses$0$0$0$8,828,763
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$2,333$3,250▲ $917
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Shares/deposits$233,013,125
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
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 6

“Eligible membership of rbcu consists of persons who live in, worship in, attend school in, work in, or volunteer in and businesses and other legal entities located in the cities of richfield, bloomington and edina and the adjacent areas known as the minneapolis-st. Paul international airport (mac) and fort snelling. Also included are employees and retirees of any and all schools located in the city of richfield and employees of bloomington independent school district #271. Eligible membership includes all students in grades 9 through 12 attending richfield high school, bloomington jefferson high school and bloomington kennedy high school; employees of the city of richfield and rbcu; and other small employer groups or associations. In addition to a regularly qualified member, members of the same household, the spouse of a member, the blood or adoptive relatives of either of them and their spouses may be members.”

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

“All members in good standing and at least 18 years old receive one vote in annual elections of the board of directors.”

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

“Charter changes must be approved by the membership.”

Form 990, Part VI, Section B, Line 11

“Form 990 will be reviewed by the credit union's cfo and then be submitted to the president for final approval.”

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

“The board and senior managers are required to disclose any affiliations in a signed document annually. Conflict of interest policy is included in the employee handbook. The credit union is reviewing the procedures related to enforcement of this policy and is looking to expand requirements in the future.”

Form 990, Part VI, Section B, Line 15

“The hr department compares the compensation for all officers and key employees to compensation surveys obtained through our national trade association for credit unions in our asset class and geographical region. Annual adjustments are made with an eye toward maintaining total compensation for each individual near industry norms considering the position, qualifications and experience. The final decision on compensation is made by the ceo for all officers and key employees and the board of directors for the ceo. This process was completed for all officers and key employees in 2014.”

Form 990, Part VI, Section C, Line 19

“Financial statements are posted in the credit union lobby.”

Filing and Contact Details

Filer

Filer Name
Richfieldbloomington Credit Union
EIN
41-0824021
Phone
6127987176
Address
345 EAST 77TH STREET, RICHFIELD, MN 55423

Signing Officer

Name
Patrick Brekken
Title
President
Phone
6127987176
Signed
2015-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patrick Brekken
Formed
1957
Legal Domicile
Mn
Voting Board Members
10
Independent Board Members
10
Employees
85
Volunteers
13

Preparer

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

Additional Explanations

FORM 990, PART XII, LINE 2B:

“As allowed by state regulatory authorities, the audit is done as of june 30. The reporting period for the audit, therefore, does not match the reporting period for form 990.”

Financial Statement Notes

PART IV, LINE 2B:

“The credit union services mortgage loans. Custodial escrow balances are maintained in connection with these loans.”

PART X, LINE 2:

“The credit union is exempt, under irc 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 activities they have deemed taxable. The taxing authorities have the ability to assess taxes, penalties and interest for any years for which no tax return was 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 june 30, 2014 and 2013. The credit union's tax years subsequent to 2010 are open for examination by federal and state taxing authorities.”

Part X, Line 2

“As allowed by state regulatory authorities, the audit is done as of june 30. The reporting period for the audit, therefore, does not match the reporting period for form 990.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt11VICE PRESIDENT, MEMBER SER
IRS990/Form990PartVIISectionAGrp/TitleTxt12VICE PRESIDENT, REAL ESTAT
IRS990/Form990PartVIISectionAGrp/TitleTxt13VICE PRESIDENT, BUSINESS
IRS990/Form990PartVIISectionAGrp/TitleTxt14VICE PRESIDENT, FINANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt15VICE PRESIDENT, IT
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IRS990/MissionDesc0TO PROVIDE LENDING, SAVINGS AND OTHER FINANCIAL SERVICES TO OUR QUALIFYING MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE AND WITH A "SERVICE BASED EMPHASIS" THAT RECOGNIZES THE MEMBERS' STATUS AS OWNERS.
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IRS990/OtherExpensesGrp/TotalAmt3326370
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IRS990/PoliticalCampaignActyInd00
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0615003
IRS990/PrincipalOfficerNm0PATRICK BREKKEN
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IRS990/ProgramServiceRevenueGrp/Desc0LOAN INTEREST
IRS990/ProgramServiceRevenueGrp/Desc1FEE INCOME
IRS990/ProgramServiceRevenueGrp/Desc2OTHER INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt06310158
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt11579301
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2521990
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt06310158
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt11582077
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2521990
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt02776
IRS990/ProgSrvcAccomActy2Grp/Desc0PROVIDED CONSUMER, MORTGAGE AND BUSINESS LOAN SERVICES TO MEMBERS. GRANTED 1,816 LOANS IN 2014 WHICH EXCEEDED $30 MILLION DOLLARS IN NEW LOAN DISBURSEMENTS. TOTAL OF ALL LOANS OUTSTANDING WAS OVER $126 MILLION DOLLARS AT YEAR END.
IRS990/ProgSrvcAccomActy3Grp/Desc0PROVIDED OUTSTANDING PERSONAL AND REMOTE ACCESS TO FINANCIAL SERVICES. IN ADDITION TO THREE IN-PERSON BRANCHES, RBCU MEMBERS ACCESSED FINANCIAL SERVICE THROUGH THE USE OF TWO SUR-CHARGE FREE ATM'S, OVER 4,785 CREDIT CARDS, OVER 17,256 DEBIT AND ATM CARDS, AND NEARLY 10,302 MEMBERS USING OUR INTERNET BANKING SITE.
IRS990/ProhibitedTaxShelterTransInd00
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IRS990/PYProgramServiceRevenueAmt08962773
IRS990/PYRevenuesLessExpensesAmt02074105
IRS990/PYSalariesCompEmpBnftPaidAmt03754104
IRS990/PYTotalExpensesAmt09287343
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt011361448
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt02333
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt03250
IRS990/ReconcilationRevenueExpnssAmt02211441
IRS990/RegularMonitoringEnfrcInd01
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IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
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IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt021780510
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt024964483
IRS990/SavingsAndTempCashInvstGrp/BOYAmt04875572
IRS990/SavingsAndTempCashInvstGrp/EOYAmt018213410
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/AgentTrusteeEtcInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt05626088
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01630432
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt07256520
IRS990ScheduleD/EquipmentGrp/BookValueAmt0982950
IRS990ScheduleD/EquipmentGrp/DepreciationAmt01166971
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt02149921
IRS990ScheduleD/ExplanationProvidedInd0X
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd01
IRS990ScheduleD/LandGrp/BookValueAmt04347684
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt04347684
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt02952
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt02952
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0233013125
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SHARES/DEPOSITS
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt090518847
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt14470919
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt24389171
IRS990ScheduleD/OtherSecuritiesGrp/Desc0AVAILABLE FOR SALE SECURITIES
IRS990ScheduleD/OtherSecuritiesGrp/Desc1DEPOSITS IN COMMERCIAL BANKS
IRS990ScheduleD/OtherSecuritiesGrp/Desc2OTHER INVESTMENTS
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd2C
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CREDIT UNION SERVICES MORTGAGE LOANS. CUSTODIAL ESCROW BALANCES ARE MAINTAINED IN CONNECTION WITH THESE LOANS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE CREDIT UNION IS EXEMPT, UNDER IRC 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 ACTIVITIES THEY HAVE DEEMED TAXABLE. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS 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 JUNE 30, 2014 AND 2013. THE CREDIT UNION'S TAX YEARS SUBSEQUENT TO 2010 ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2AS ALLOWED BY STATE REGULATORY AUTHORITIES, THE AUDIT IS DONE AS OF JUNE 30. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOES NOT MATCH THE REPORTING PERIOD FOR FORM 990.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART IV, LINE 2B:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2PART X, LINE 2
IRS990ScheduleD/TotalBookValueLandBuildingsAmt010959674
IRS990ScheduleD/TotalBookValueSecuritiesAmt099378937
IRS990ScheduleD/TotalLiabilityAmt0233013125
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IRS990ScheduleJ/CompensationCommitteeInd0X
IRS990ScheduleJ/CompensationSurveyInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990/ScheduleJRequiredInd01
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt12417
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd1X
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt13000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0KAREN HOEPPNER
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm1TERRY STIREWALT
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0VP MEMBER SERVICES
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt1VP BUSINESS
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd01
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd11
IRS990ScheduleL/TotalBalanceDueAmt03250
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ELIGIBLE MEMBERSHIP OF RBCU CONSISTS OF PERSONS WHO LIVE IN, WORSHIP IN, ATTEND SCHOOL IN, WORK IN, OR VOLUNTEER IN AND BUSINESSES AND OTHER LEGAL ENTITIES LOCATED IN THE CITIES OF RICHFIELD, BLOOMINGTON AND EDINA AND THE ADJACENT AREAS KNOWN AS THE MINNEAPOLIS-ST. PAUL INTERNATIONAL AIRPORT (MAC) AND FORT SNELLING. ALSO INCLUDED ARE EMPLOYEES AND RETIREES OF ANY AND ALL SCHOOLS LOCATED IN THE CITY OF RICHFIELD AND EMPLOYEES OF BLOOMINGTON INDEPENDENT SCHOOL DISTRICT #271. ELIGIBLE MEMBERSHIP INCLUDES ALL STUDENTS IN GRADES 9 THROUGH 12 ATTENDING RICHFIELD HIGH SCHOOL, BLOOMINGTON JEFFERSON HIGH SCHOOL AND BLOOMINGTON KENNEDY HIGH SCHOOL; EMPLOYEES OF THE CITY OF RICHFIELD AND RBCU; AND OTHER SMALL EMPLOYER GROUPS OR ASSOCIATIONS. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, MEMBERS OF THE SAME HOUSEHOLD, THE SPOUSE OF A MEMBER, THE BLOOD OR ADOPTIVE RELATIVES OF EITHER OF THEM AND THEIR SPOUSES MAY BE MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL MEMBERS IN GOOD STANDING AND AT LEAST 18 YEARS OLD RECEIVE ONE VOTE IN ANNUAL ELECTIONS OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2CHARTER CHANGES MUST BE APPROVED BY THE MEMBERSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3FORM 990 WILL BE REVIEWED BY THE CREDIT UNION'S CFO AND THEN BE SUBMITTED TO THE PRESIDENT FOR FINAL APPROVAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE BOARD AND SENIOR MANAGERS ARE REQUIRED TO DISCLOSE ANY AFFILIATIONS IN A SIGNED DOCUMENT ANNUALLY. CONFLICT OF INTEREST POLICY IS INCLUDED IN THE EMPLOYEE HANDBOOK. THE CREDIT UNION IS REVIEWING THE PROCEDURES RELATED TO ENFORCEMENT OF THIS POLICY AND IS LOOKING TO EXPAND REQUIREMENTS IN THE FUTURE.

Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$260,699,520
Liabilities
$235,735,037
Net assets
$24,964,483
Revenue
$11,040,204
Expenses
$8,828,763
Net income
$2,211,441
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$377$341$35.2$19.1$18.4$0.69
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$386$352$34.3$18.7$16.6$2.08
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$400$367$32.5$18.1$15.1$2.99
2021Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$394$363$30.2$17.6$13.9$3.75
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$350$323$26.8$13.9$13.6$0.22
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$308$282$26.0$13.0$12.2$0.78
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$289$266$23.9$11.7$10.8$0.99
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$283$260$23.5$11.4$10.4$0.98
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$277$254$22.6$11.2$13.8$2.57
2015Detailed filing. Detailed filing data is available for this year.$266$241$25.5$10.7$9.57$1.15
2014Detailed filing. Detailed filing data is available for this year.$261$236$25.0$11.0$8.83$2.21
2013Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$255$233$21.8$11.4$9.29$2.07
2012Summary only. Only limited summary data is available for this year.$251$229$21.9$11.6$12.6$1.01
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$236$214$22.7$11.5
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$222$201$21.7$12.9
Peer Organizations

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