Civic Intelligence

Richfieldbloomington Credit Union

990 • Fiscal year 2015 • EIN 41-0824021

Jan 01, 2015 to Dec 31, 2015 • Filed on May 09, 2016

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

69th percentile

0.90x

Higher debt load relative to assets than 69% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2015

Liabilities / Revenue

82nd percentile

22.46x

Higher debt load relative to revenue than 82% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2015

Net Margin

34th percentile

11%

Higher net margin than 34% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2015

Top Officer Pay

8th percentile

$218,230

Higher top officer pay than 8% of similar nonprofits.

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

2015 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2015

Asset Growth

13th percentile

2.2%

Faster asset growth than 13% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2014 to 2015

Revenue Growth

9th percentile

-2.8%

Faster revenue growth than 9% of similar nonprofits.

2015 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets69th percentile

Assets

Up

$266,457,842

Up $5,758,322 (+2.2%) from 2014

Net Assets

Up

$25,529,570

Up $565,087 (+2.3%) from 2014

Liabilities

Up

$240,928,272

Up $5,193,235 (+2.2%) from 2014

Revenue And Expenses
Liabilities / Revenue82nd percentileNet Margin34th percentile

Revenue

Down

$10,728,475

Down $311,729 (-2.8%) from 2014

Expenses

Up

$9,574,511

Up $745,748 (+8.4%) from 2014

Net Income

Down

$1,153,964

Down $1,057,477 (-48%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth13th 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

2015

Assets$266,457,842
Liabilities$240,928,272
Net Assets$25,529,570
Open 2015 Filing

Operations Trend

Revenue Growth9th 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

2015

Revenue$10,728,475
Expenses$9,574,511
Net Income$1,153,964
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
May 9, 2016
Return Version
2015v2.1
Gross Receipts
$31,768,134
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$125,155,414$168,726,953▲ $43,571,539
Investments Other Securities$99,378,937$70,825,469▼ $28,553,468
Rtn Earn Endowment Incm Other Fnds$24,964,483$25,529,570▲ $565,087
Land, Buildings, and Equipment, Net$10,959,674$10,474,279▼ $485,395
Savings and Temporary Cash Investments$18,213,410$4,843,502▼ $13,369,908
Investments Program Related$844,973$3,982,976▲ $3,138,003
Cash and Non-Interest-Bearing Accounts$1,226,315$1,376,619▲ $150,304
Prepaid Expenses and Deferred Charges$615,003$582,227▼ $32,776
Accounts Receivable-$531,913-
Receivables From Officers Etc-$1,417-
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$260,699,520$266,457,842▲ $5,758,322
Other Assets Total$4,305,794$5,112,487▲ $806,693
Liabilities
Other Liabilities$233,013,125$238,529,522▲ $5,516,397
Accounts Payable and Accrued Expenses$2,435,168$2,086,871▼ $348,297
Escrow Account Liability$286,744$311,879▲ $25,135
Total Liabilities$235,735,037$240,928,272▲ $5,193,235
Net Assets / Fund Balance
Total Net Assets Fund Balance$24,964,483$25,529,570▲ $565,087
Total Liabilities and Net Assets / Fund Balance$260,699,520$266,457,842▲ $5,758,322

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,287,970$1,964,781$7,252,751
Land$4,347,685-$4,347,685
Equipment$868,922$1,402,413$2,271,335
Other Securities$4,505,910--
Other Land Buildings$-30,298-$-30,298
Compensation and Service Providers
Top Officer Pay8th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Patrick BrekkenPresidentFT$177,264$40,966$218,230
Rick RasmussonVice President, FinanceFT$114,072$25,457$139,529
Karen HoeppnerVice President, Member SerFT$124,220$10,306$134,526
Donna RomeroVice President, LendingFT$113,754$16,091$129,845
Terry StirewaltVice President, BusinessFT$89,608$14,119$103,727

Board Members and Trustees

NameTitle
James HabeckChairman
Jim McdonaldVice-chairman
Dennis KaneDirector
Jason BarnesDirector
Lee CovartDirector
Lynn SchererDirector
Paul CullenDirector
Tom RubleinDirector
Michael AmbersonSecretary
Jerry MarickTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$8,915,028
Investment Income
$1,813,567
Other Revenue
$-120
Change in Net Assets
$1,153,964
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$5,175,864
Salaries, Compensation, and Employee Benefits$4,120,381
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$2,551,304
Office Expenses---$1,083,858
Current Officers, Directors, Trustees, and Key Employees---$725,858
Occupancy---$461,817
Depreciation Depletion---$458,967
Other Employee Benefits---$432,391
Other Expenses---$346,338
All Other Expenses---$306,016
Benefits to Members---$278,266
Payroll Taxes---$249,986
Pension Plan Contributions---$160,842
Travel---$69,503
Insurance---$10,745
Interest---$8,055
Total Functional Expenses$0$0$0$9,574,511
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-$1,417-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Shares/deposits$238,529,522
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 december 2015.”

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
2016-05-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patrick Brekken
Formed
1957
Legal Domicile
Mn
Voting Board Members
9
Independent Board Members
9
Employees
81
Volunteers
12

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 it has 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, 2015 and 2014. The credit union's tax years subsequent to 2011 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/TitleTxt0CHAIRMAN
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IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt11VICE PRESIDENT, MEMBER SER
IRS990/Form990PartVIISectionAGrp/TitleTxt12VICE PRESIDENT, LENDING
IRS990/Form990PartVIISectionAGrp/TitleTxt13VICE PRESIDENT, BUSINESS
IRS990/Form990PartVIISectionAGrp/TitleTxt14VICE PRESIDENT, FINANCE
IRS990/Form990ProvidedToGvrnBodyInd00
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IRS990/FormationYr01957
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IRS990/FSAuditedInd00
IRS990/FundraisingActivitiesInd00
IRS990/GainOrLossGrp/OtherAmt0-51300
IRS990/GainOrLossGrp/SecuritiesAmt0129197
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt09
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/OtherAmt01243283
IRS990/GrossAmountSalesAssetsGrp/SecuritiesAmt019874273
IRS990/GrossReceiptsAmt031768134
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IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd00
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IRS990/IndoorTanningServicesInd00
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IRS990/InfoInScheduleOPartXIIInd0X
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IRS990/InterestGrp/TotalAmt08055
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IRS990/IRPDocumentW2GCnt00
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IRS990/LandBldgEquipBasisNetGrp/EOYAmt010474279
IRS990/LandBldgEquipCostOrOtherBssAmt013841473
IRS990/LegalDomicileStateCd0MN
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IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt019745076
IRS990/LoanOutstandingInd01
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
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.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt077897
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IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
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IRS990/OtherAssetsTotalGrp/EOYAmt05112487
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0432391
IRS990/OtherExpensesGrp/Desc0PROFESSIONAL AND OUTSID
IRS990/OtherExpensesGrp/Desc1LOAN SERVICING EXPENSE
IRS990/OtherExpensesGrp/Desc2PROVISION FOR LOAN LOSS
IRS990/OtherExpensesGrp/Desc3EDUCATIONAL AND PROMOTI
IRS990/OtherExpensesGrp/TotalAmt01044567
IRS990/OtherExpensesGrp/TotalAmt11033232
IRS990/OtherExpensesGrp/TotalAmt2352766
IRS990/OtherExpensesGrp/TotalAmt3346338
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0-120
IRS990/OtherRevenueTotalAmt0-120
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IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0125155414
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0168726953
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/TotalAmt0249986
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt0160842
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0615003
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0582227
IRS990/PrincipalOfficerNm0PATRICK BREKKEN
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/BusinessCd1522100
IRS990/ProgramServiceRevenueGrp/BusinessCd2524298
IRS990/ProgramServiceRevenueGrp/Desc0LOAN INTEREST
IRS990/ProgramServiceRevenueGrp/Desc1FEE INCOME
IRS990/ProgramServiceRevenueGrp/Desc2OTHER INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt06747974
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt11584991
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2578834
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt06747974
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt11588220
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2578834
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt03229
IRS990/ProgSrvcAccomActy2Grp/Desc0PROVIDED CONSUMER, MORTGAGE AND BUSINESS LOAN SERVICES TO MEMBERS. GRANTED 4,517 LOANS IN 2015 WHICH EXCEEDED $83 MILLION DOLLARS IN NEW LOAN DISBURSEMENTS. TOTAL OF ALL LOANS OUTSTANDING WAS OVER $168 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 4,941 CREDIT CARDS, OVER 14,433 DEBIT AND ATM CARDS, AND NEARLY 11,619 MEMBERS USING OUR INTERNET BANKING SITE.
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt0350633
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt02613714
IRS990/PYOtherExpensesAmt04677886
IRS990/PYOtherRevenueAmt012265
IRS990/PYProgramServiceRevenueAmt08414225
IRS990/PYRevenuesLessExpensesAmt02211441
IRS990/PYSalariesCompEmpBnftPaidAmt03800244
IRS990/PYTotalExpensesAmt08828763
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt011040204
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt01417
IRS990/ReconcilationRevenueExpnssAmt01153964
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd01
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt024964483
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt025529570
IRS990/SavingsAndTempCashInvstGrp/BOYAmt018213410
IRS990/SavingsAndTempCashInvstGrp/EOYAmt04843502
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/AgentTrusteeEtcInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt05287970
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01964781
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt07252751
IRS990ScheduleD/EquipmentGrp/BookValueAmt0868922
IRS990ScheduleD/EquipmentGrp/DepreciationAmt01402413
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt02271335
IRS990ScheduleD/ExplanationProvidedInd0X
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd01
IRS990ScheduleD/LandGrp/BookValueAmt04347685
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt04347685
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0-30298
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0-30298
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0238529522
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SHARES/DEPOSITS
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt058831365
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt17488194
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt24505910
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 IT HAS 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, 2015 AND 2014. THE CREDIT UNION'S TAX YEARS SUBSEQUENT TO 2011 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/TotalBookValueLandBuildingsAmt010474279
IRS990ScheduleD/TotalBookValueSecuritiesAmt070825469
IRS990ScheduleD/TotalLiabilityAmt0238529522
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompensationCommitteeInd0X
IRS990ScheduleJ/CompensationSurveyInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0177264
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount03900
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt015879
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt020152
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt01035
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0PATRICK BREKKEN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0218230
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt01417
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd01
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd00
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0COMPUTER PURCHASE
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt03000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0TERRY STIREWALT
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0VP BUSINESS LOANS
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd01
IRS990ScheduleL/TotalBalanceDueAmt01417
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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE 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 DECEMBER 2015.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7AS 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.
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 11
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 XII, LINE 2B:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$266,457,842
Liabilities
$240,928,272
Net assets
$25,529,570
Revenue
$10,728,475
Expenses
$9,574,511
Net income
$1,153,964
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
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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
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