Civic Intelligence

Richfieldbloomington Credit Union

990 • Fiscal year 2010 • EIN 41-0824021

Jan 01, 2010 to Dec 31, 2010 • Filed on Nov 04, 2011

Organization ProfileWWW.RBCU.ORG

View Organization Page

345 East 77th Street55423
Siviq Scores

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

Liabilities / Assets

53rd percentile

0.90x

Higher debt load relative to assets than 53% of similar nonprofits.

2010 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2010

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on this filing.

Source year 2010

Net Margin

Score unavailable

No value available

Net margin requires both revenue and expenses on this filing.

Source year 2010

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2010

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2010

Revenue Growth

Score unavailable

No value available

No valid filing value is available for this score.

Balance Sheet
Liabilities / Assets53rd percentile

Assets

$222,371,111

No earlier filing loaded for comparison.

Net Assets

$21,690,811

No earlier filing loaded for comparison.

Liabilities

$200,680,300

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / RevenueScore unavailableNet MarginScore unavailable

Revenue

-

No earlier filing loaded for comparison.

Expenses

$12,899,254

No earlier filing loaded for comparison.

Net Income

-

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

2010

Assets$222,371,111
Liabilities$200,680,300
Net Assets$21,690,811
Open 2010 Filing

Operations Trend

Revenue GrowthScore unavailable

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

2010

Revenue-
Expenses$12,899,254
Net Income-
Open 2010 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2010 to Dec 31, 2010
Signed
Nov 4, 2011
Return Version
2010v3.4
Gross Receipts
$13,480,726
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.

Major Activities

Activity 2
Provided consumer, mortgage and business loan services to members. Granted nearly 1,800 loans in 2010 which exceeded $25 million dollars in new loan disbursements. Total of all loans outstanding was over $134 million dollars at year end.
Activity 3
Provided outstanding personal and remote access to financial services. In addition to three in-person branches, rbcu members accessed financial service through the use of a sur-charge free atm, over 3,200 credit cards, over 8,800 debit and atm cards, and nearly 5,400 members using our internet banking site.
Filing and Contact Details

Filer

EIN
41-0824021
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IRS990/Activity2/Description0PROVIDED CONSUMER, MORTGAGE AND BUSINESS LOAN SERVICES TO MEMBERS. GRANTED NEARLY 1,800 LOANS IN 2010 WHICH EXCEEDED $25 MILLION DOLLARS IN NEW LOAN DISBURSEMENTS. TOTAL OF ALL LOANS OUTSTANDING WAS OVER $134 MILLION DOLLARS AT YEAR END.
IRS990/Activity3/Description0PROVIDED OUTSTANDING PERSONAL AND REMOTE ACCESS TO FINANCIAL SERVICES. IN ADDITION TO THREE IN-PERSON BRANCHES, RBCU MEMBERS ACCESSED FINANCIAL SERVICE THROUGH THE USE OF A SUR-CHARGE FREE ATM, OVER 3,200 CREDIT CARDS, OVER 8,800 DEBIT AND ATM CARDS, AND NEARLY 5,400 MEMBERS USING OUR INTERNET BANKING SITE.
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IRS990ScheduleD/Form990ScheduleDPartXIV/Explanation0THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. CERTAIN PRODUCTS AND SERVICES PROVIDED BY 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. SELECT 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 POTENTIAL TAXABLE ACTIVITIES. 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 ADOPTED THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS JULY 1, 2009. AS A RESULT OF THE IMPLEMENTATION, THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF JUNE 30, 2010. THE CREDIT UNION'S 2006 THROUGH 2009 TAX YEARS ARE OPEN FOR EXAMINIATION BY FEDERAL AND STATE TAXING AUTHORITIES.
IRS990ScheduleD/Form990ScheduleDPartXIV/Identifier0DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:
IRS990ScheduleD/Form990ScheduleDPartXIV/ReturnReference0PART X:
IRS990ScheduleD/Land/BookValue04337786
IRS990ScheduleD/Land/OtherCostOrOtherBasis04337786
IRS990ScheduleD/OtherLiabilities/Amount0195283199
IRS990ScheduleD/OtherLiabilities/Description0SHARES/DEPOSITS
IRS990ScheduleD/OtherSecurities/BookValue050842249
IRS990ScheduleD/OtherSecurities/BookValue110776309
IRS990ScheduleD/OtherSecurities/BookValue2407900
IRS990ScheduleD/OtherSecurities/Description0AVAILABLE FOR SALE SECURITIES
IRS990ScheduleD/OtherSecurities/Description1DEPOSITS IN COMMERCIAL BANKS
IRS990ScheduleD/OtherSecurities/Description2OTHER INVESTMENTS
IRS990ScheduleD/OtherSecurities/MethodOfValuation0C
IRS990ScheduleD/OtherSecurities/MethodOfValuation1C
IRS990ScheduleD/OtherSecurities/MethodOfValuation2C
IRS990ScheduleD/TotalOfAmounts0195283199
IRS990ScheduleD/TotalOfBookValueLandBuildings012200001
IRS990ScheduleD/TotalOfBookValueSecurities062026458
IRS990ScheduleJ/BoardOrCommitteeApproval0X
IRS990ScheduleJ/CompensationSurvey0X
IRS990ScheduleJ/EquityBasedCompArrangement00
IRS990ScheduleJ/Form990ScheduleJPartII/BaseCompensationFilingOrg0159323
IRS990ScheduleJ/Form990ScheduleJPartII/BonusFilingOrg00
IRS990ScheduleJ/Form990ScheduleJPartII/BonusRelatedOrgs00
IRS990ScheduleJ/Form990ScheduleJPartII/CompBasedOnRelatedOrgs00
IRS990ScheduleJ/Form990ScheduleJPartII/CompReportPrior990FilingOrg00
IRS990ScheduleJ/Form990ScheduleJPartII/CompReportPrior990RelatedOrgs00
IRS990ScheduleJ/Form990ScheduleJPartII/DeferredCompFilingOrg024030
IRS990ScheduleJ/Form990ScheduleJPartII/DeferredCompRelatedOrgs00
IRS990ScheduleJ/Form990ScheduleJPartII/NamePerson0PAT BREKKEN
IRS990ScheduleJ/Form990ScheduleJPartII/NontaxableBenefitsFilingOrg022290
IRS990ScheduleJ/Form990ScheduleJPartII/NontaxableBenefitsRelatedOrgs00
IRS990ScheduleJ/Form990ScheduleJPartII/OtherCompensationFilingOrg00
IRS990ScheduleJ/Form990ScheduleJPartII/OtherCompensationRelatedOrgs00
IRS990ScheduleJ/Form990ScheduleJPartII/TotalCompensationFilingOrg0205643
IRS990ScheduleJ/Form990ScheduleJPartII/TotalCompensationRelatedOrgs00
IRS990/ScheduleJRequired01
IRS990ScheduleJ/SeverancePayment00
IRS990ScheduleJ/SupplementalNonqualRetirePlan00
IRS990ScheduleO/GeneralExplanation/Explanation0RICHFIELD BLOOMINGTON CREDIT UNION ADDED A 3RD LOCATION DURING 2010.
IRS990ScheduleO/GeneralExplanation/Explanation1ELIGIBLE 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/GeneralExplanation/Explanation2ALL MEMBERS IN GOOD STANDING AND AT LEAST 18 YEARS OLD RECEIVE ONE VOTE IN ANNUAL ELECTIONS OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/GeneralExplanation/Explanation3CHARTER CHANGES MUST BE APPROVED BY THE MEMBERSHIP.
IRS990ScheduleO/GeneralExplanation/Explanation4FORM 990 WILL BE REVIEWED BY THE CREDIT UNION'S CFO AND THEN BE SUBMITTED TO THE PRESIDENT FOR FINAL APPROVAL.
IRS990ScheduleO/GeneralExplanation/Explanation5THE 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 2009.
IRS990ScheduleO/GeneralExplanation/Explanation6FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY.
IRS990ScheduleO/GeneralExplanation/Explanation7NET UNREALIZED GAINS ON INVESTMENTS: 610,182.
IRS990ScheduleO/GeneralExplanation/Explanation8THE AUDIT IS DONE AS OF JUNE 30. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOESN'T MATCH THE REPORTING PERIOD FOR FORM 990.
IRS990ScheduleO/GeneralExplanation/Explanation9THE SUPERVISORY COMMITTEE OVERSEES THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT.
IRS990ScheduleO/GeneralExplanation/Identifier0NEW PROGRAM SERVICES
IRS990ScheduleO/GeneralExplanation/Identifier1FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/GeneralExplanation/Identifier2FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/GeneralExplanation/Identifier3FORM 990, PART VI, SECTION A, LINE 7B
IRS990ScheduleO/GeneralExplanation/Identifier4FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/GeneralExplanation/Identifier5CHANGES IN NET ASSETS OR FUND BALANCES:
IRS990ScheduleO/GeneralExplanation/ReturnReference0FORM 990, PART III, LINE 2
IRS990ScheduleO/GeneralExplanation/ReturnReference1FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/GeneralExplanation/ReturnReference2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/GeneralExplanation/ReturnReference3FORM 990, PART XI, LINE 5:
IRS990ScheduleO/GeneralExplanation/ReturnReference4FORM 990, PART XI, LINE 2B:
IRS990ScheduleO/GeneralExplanation/ReturnReference5PART XI, LINE 2C
IRS990/ScheduleORequired01
IRS990/School00
IRS990/SignificantChange00
IRS990/SignificantNewProgramServices01
IRS990/StateLegalDomicile0MN
IRS990/TaxablePartyNotification00
IRS990/TaxExemptBonds00
IRS990/Terminated00
IRS990/TermOrPermanentEndowments00
IRS990/TheBooksAreInCareOf/AddressUS/AddressLine10345 EAST 77TH STREET
IRS990/TheBooksAreInCareOf/AddressUS/City0RICHFIELD
IRS990/TheBooksAreInCareOf/AddressUS/State0MN
IRS990/TheBooksAreInCareOf/AddressUS/ZIPCode055423
IRS990/TheBooksAreInCareOf/NamePerson0LEWIS D BEQUETTE
IRS990/TheBooksAreInCareOf/TelephoneNumber06127987176
IRS990/TotalAssets/BOY0224082684
IRS990/TotalAssetsBOY0224082684
IRS990/TotalAssets/EOY0222371111
IRS990/TotalAssetsEOY0222371111
IRS990/TotalCompGT150K01

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2010 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$222,371,111
Liabilities
$200,680,300
Net assets
$21,690,811
Revenue
-
Expenses
$12,899,254
Net income
-
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