Civic Intelligence

Richfieldbloomington Credit Union

990 • Fiscal year 2016 • EIN 41-0824021

Jan 01, 2016 to Dec 31, 2016 • Filed on Jun 06, 2017

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

90th percentile

0.92x

Higher debt load relative to assets than 90% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2016

Liabilities / Revenue

83rd percentile

22.71x

Higher debt load relative to revenue than 83% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2016

Net Margin

1st percentile

-23%

Higher net margin than 1% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2016

Top Officer Pay

3rd percentile

$178,243

Higher top officer pay than 3% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2016

Asset Growth

28th percentile

4.0%

Faster asset growth than 28% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2015 to 2016

Revenue Growth

27th percentile

4.4%

Faster revenue growth than 27% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets90th percentile

Assets

Up

$277,061,730

Up $10,603,888 (+4.0%) from 2015

Net Assets

Down

$22,634,949

Down $2,894,621 (-11%) from 2015

Liabilities

Up

$254,426,781

Up $13,498,509 (+5.6%) from 2015

Revenue And Expenses
Liabilities / Revenue83rd percentileNet Margin1st percentile

Revenue

Up

$11,202,965

Up $474,490 (+4.4%) from 2015

Expenses

Up

$13,773,386

Up $4,198,875 (+44%) from 2015

Net Income

Down

-$2,570,421

Down $3,724,385 (-323%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth28th 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

2016

Assets$277,061,730
Liabilities$254,426,781
Net Assets$22,634,949
Open 2016 Filing

Operations Trend

Revenue Growth27th 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

2016

Revenue$11,202,965
Expenses$13,773,386
Net Income-$2,570,421
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Jun 6, 2017
Return Version
2016v3.0
Gross Receipts
$13,594,964
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$168,726,953$163,877,166▼ $4,849,787
Investments Other Securities$70,825,469$73,721,809▲ $2,896,340
Rtn Earn Endowment Incm Other Fnds$25,529,570$22,634,949▼ $2,894,621
Savings and Temporary Cash Investments$4,843,502$15,714,113▲ $10,870,611
Land, Buildings, and Equipment, Net$10,474,279$10,192,459▼ $281,820
Investments Program Related$3,982,976$6,483,467▲ $2,500,491
Cash and Non-Interest-Bearing Accounts$1,376,619$1,140,289▼ $236,330
Prepaid Expenses and Deferred Charges$582,227$610,554▲ $28,327
Accounts Receivable$531,913$236,890▼ $295,023
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$266,457,842$277,061,730▲ $10,603,888
Other Assets Total$5,112,487$5,084,983▼ $27,504
Liabilities
Other Liabilities$238,529,522$251,082,880▲ $12,553,358
Accounts Payable and Accrued Expenses$2,086,871$3,051,019▲ $964,148
Escrow Account Liability$311,879$292,882▼ $18,997
Total Liabilities$240,928,272$254,426,781▲ $13,498,509
Net Assets / Fund Balance
Total Net Assets Fund Balance$25,529,570$22,634,949▼ $2,894,621
Total Liabilities and Net Assets / Fund Balance$266,457,842$277,061,730▲ $10,603,888

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,112,539$2,118,247$7,230,786
Land$4,347,685-$4,347,685
Equipment$798,735$1,412,080$2,210,815
Other Securities$4,614,393--
Other Land Buildings$-66,500-$-66,500
Compensation and Service Providers
Top Officer Pay3rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Patrick BrekkenPresident (1/1/16 - 8/16/16)FT$143,930$34,313$178,243
Karen HoeppnerVice President, Member SerFT$131,226$7,450$138,676
Rick RasmussonVice President, FinanceFT$115,020$17,786$132,806
Terry StirewaltVice President, BusinessFT$88,547$5,336$93,883
Pierre MerlinVice President, ItFT$38,250$3,304$41,554

Board Members and Trustees

NameTitle
Jim McdonaldChairman
James HabeckVice-chairman
Cori ThompsonDirector
Jason BarnesDirector
Jerry MarickDirector
Lynn SchererDirector
Paul CullenDirector
Michael AmbersonSecretary
Tom RubleinTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$9,811,131
Investment Income
$1,391,714
Other Revenue
$120
Change in Net Assets
$-2,570,421
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$9,661,574
Salaries, Compensation, and Employee Benefits$3,877,729
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$2,441,954
Office Expenses---$1,407,009
Current Officers, Directors, Trustees, and Key Employees---$585,162
Occupancy---$561,058
Other Employee Benefits---$506,353
Depreciation Depletion---$466,236
Other Expenses---$445,465
All Other Expenses---$344,633
Payroll Taxes---$251,945
Benefits to Members---$234,083
Pension Plan Contributions---$92,315
Fees for Services Accounting---$73,435
Travel---$66,883
Fees for Services Legal---$59,171
Interest---$5,750
Total Functional Expenses$0$0$0$13,773,386
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$251,082,880
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 11B

“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

“In december of 2015, the organization began utilizing compease. Compease is a comprehensive salary administration tool which incorporates the individual job functions and scores each function to create position grades. These grades are then compaired with similar position grades, on a local and national level to create position salary ranges.”

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
Greg Worthen
Title
President
Phone
6127987176
Signed
2017-06-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Greg Worthen
Formed
1957
Legal Domicile
Mn
Voting Board Members
9
Independent Board Members
9
Employees
82
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, 2016 and 2015. The credit union's tax years subsequent to 2012 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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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0VICE-CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt1CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9PRESIDENT (1/1/16 - 8/16/16)
IRS990/Form990PartVIISectionAGrp/TitleTxt10VICE PRESIDENT, MEMBER SER
IRS990/Form990PartVIISectionAGrp/TitleTxt11VICE PRESIDENT, IT
IRS990/Form990PartVIISectionAGrp/TitleTxt12VICE PRESIDENT, BUSINESS
IRS990/Form990PartVIISectionAGrp/TitleTxt13VICE PRESIDENT, FINANCE
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IRS990/GainOrLossGrp/SecuritiesAmt010068
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IRS990/GrantsToOrganizationsInd00
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IRS990/MinutesOfCommitteesInd01
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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/MoreThan5000KToOrgInd00
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IRS990/OrgDoesNotFollowSFAS117Ind0X
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IRS990/OtherExpensesGrp/Desc0PROVISION FOR LOAN LOSS
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IRS990/OtherExpensesGrp/Desc2PROFESSIONAL AND OUTSID
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IRS990/OtherExpensesGrp/TotalAmt21158109
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IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0163877166
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IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0582227
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0610554
IRS990/PrincipalOfficerNm0GREG WORTHEN
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/RelatedOrExemptFuncIncomeAmt07544169
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt11620305
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2644399
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt07544169
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt11622563
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2644399
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt02258
IRS990/ProgSrvcAccomActy2Grp/Desc0PROVIDED CONSUMER, MORTGAGE AND BUSINESS LOAN SERVICES TO MEMBERS. GRANTED 3,093 LOANS IN 2016 WHICH EXCEEDED $45 MILLION DOLLARS IN NEW LOAN DISBURSEMENTS. TOTAL OF ALL LOANS OUTSTANDING WAS OVER $163 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 4,288 CREDIT CARDS, OVER 14,758 DEBIT AND ATM CARDS, AND NEARLY 9,928 MEMBERS USING OUR INTERNET BANKING SITE.
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt0278266
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt01813567
IRS990/PYOtherExpensesAmt05175864
IRS990/PYOtherRevenueAmt0-120
IRS990/PYProgramServiceRevenueAmt08915028
IRS990/PYRevenuesLessExpensesAmt01153964
IRS990/PYSalariesCompEmpBnftPaidAmt04120381
IRS990/PYTotalExpensesAmt09574511
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt010728475
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt01417
IRS990/ReconcilationRevenueExpnssAmt0-2570421
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd01
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt025529570
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt022634949
IRS990/SavingsAndTempCashInvstGrp/BOYAmt04843502
IRS990/SavingsAndTempCashInvstGrp/EOYAmt015714113
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/AgentTrusteeEtcInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt05112539
IRS990ScheduleD/BuildingsGrp/DepreciationAmt02118247
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt07230786
IRS990ScheduleD/EquipmentGrp/BookValueAmt0798735
IRS990ScheduleD/EquipmentGrp/DepreciationAmt01412080
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt02210815
IRS990ScheduleD/ExplanationProvidedInd0X
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd01
IRS990ScheduleD/LandGrp/BookValueAmt04347685
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt04347685
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0-66500
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0-66500
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0251082880
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SHARES/DEPOSITS
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt051142559
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt117964857
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt24614393
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, 2016 AND 2015. THE CREDIT UNION'S TAX YEARS SUBSEQUENT TO 2012 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/TotalBookValueLandBuildingsAmt010192459
IRS990ScheduleD/TotalBookValueSecuritiesAmt073721809
IRS990ScheduleD/TotalLiabilityAmt0251082880
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompensationSurveyInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/IndependentConsultantInd0X
IRS990/ScheduleJRequiredInd01
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount017000
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0PATRICK BREKKEN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT (1/1/16 - 8/16/16)
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0178243
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
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/ExplanationTxt5IN DECEMBER OF 2015, THE ORGANIZATION BEGAN UTILIZING COMPEASE. COMPEASE IS A COMPREHENSIVE SALARY ADMINISTRATION TOOL WHICH INCORPORATES THE INDIVIDUAL JOB FUNCTIONS AND SCORES EACH FUNCTION TO CREATE POSITION GRADES. THESE GRADES ARE THEN COMPAIRED WITH SIMILAR POSITION GRADES, ON A LOCAL AND NATIONAL LEVEL TO CREATE POSITION SALARY RANGES.
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 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 XII, LINE 2B:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0266457842
IRS990/TotalAssetsEOYAmt0277061730
IRS990/TotalAssetsGrp/BOYAmt0266457842
IRS990/TotalAssetsGrp/EOYAmt0277061730
IRS990/TotalCompGreaterThan150KInd01
IRS990/TotalEmployeeCnt082
IRS990/TotalFunctionalExpensesGrp/TotalAmt013773386
IRS990/TotalGrossUBIAmt02258
IRS990/TotalLiabilitiesBOYAmt0240928272
IRS990/TotalLiabilitiesEOYAmt0254426781

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$277,061,730
Liabilities
$254,426,781
Net assets
$22,634,949
Revenue
$11,202,965
Expenses
$13,773,386
Net income
-$2,570,421
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
2016Detailed filing. Detailed filing data is available for this year.$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
Peer Organizations

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