Civic Intelligence

Soo Select Credit Union

990 • Fiscal year 2013 • EIN 41-0824078

Jan 01, 2013 to Dec 31, 2013 • Filed on May 07, 2014

Organization ProfileWWW.SOOSELECTCU.VIRTUALCU.NET
1100 Van Rooy DriveThief River Falls, MN 56701

(218) 681-2303

Siviq Scores

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

Liabilities / Assets

84th percentile

0.91x

Higher debt load relative to assets than 84% of similar nonprofits.

2013 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2013

Liabilities / Revenue

61st percentile

22.07x

Higher debt load relative to revenue than 61% of similar nonprofits.

2013 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2013

Net Margin

89th percentile

18%

Higher net margin than 89% of similar nonprofits.

2013 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2013

Top Officer Pay

83rd percentile

$95,077

Higher top officer pay than 83% of similar nonprofits.

Top officer pay equals 15.3% of source-year revenue.

2013 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2013

Asset Growth

47th percentile

1.2%

Faster asset growth than 47% of similar nonprofits.

2013 filings • 501(c)14 • $10M-$25M nonprofits • Annualized from 2012 to 2013

Revenue Growth

44th percentile

2.5%

Faster revenue growth than 44% of similar nonprofits.

2013 filings • $10M-$25M nonprofits • Annualized from 2012 to 2013

Balance Sheet
Liabilities / Assets84th percentile

Assets

Up

$15,020,790

Up $179,412 (+1.2%) from 2012

Net Assets

Up

$1,329,642

Up $111,299 (+9.1%) from 2012

Liabilities

Up

$13,691,148

Up $68,113 (+0.5%) from 2012

Revenue And Expenses
Liabilities / Revenue61st percentileNet Margin89th percentile

Revenue

Up

$620,370

Up $15,299 (+2.5%) from 2012

Expenses

Down

$509,071

Down $37,930 (-6.9%) from 2012

Net Income

Up

$111,299

Up $53,229 (+92%) from 2012

Historical Trend

Balance Sheet Trend

Asset Growth47th percentile

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

$20M$15M$10M$5.0M$0Assets 2010: $14,127,423Liabilities 2010: $12,961,844Net Assets 2010: $1,165,5792010Assets 2011: $14,143,222Liabilities 2011: $12,982,949Net Assets 2011: $1,160,2732011Assets 2012: $14,841,378Liabilities 2012: $13,623,035Net Assets 2012: $1,218,3432012Assets 2013: $15,020,790Liabilities 2013: $13,691,148Net Assets 2013: $1,329,6422013Assets 2014: $14,608,775Liabilities 2014: $13,133,284Net Assets 2014: $1,475,4912014Assets 2015: $14,333,377Liabilities 2015: $12,712,816Net Assets 2015: $1,620,5612015Assets 2016: $13,431,894Liabilities 2016: $11,733,753Net Assets 2016: $1,698,1412016Assets 2017: $14,973,294Liabilities 2017: $13,066,779Net Assets 2017: $1,906,5152017Assets 2018: $0Liabilities 2018: $0Net Assets 2018: $02018

Highlighted filing

2013

Assets$15,020,790
Liabilities$13,691,148
Net Assets$1,329,642
Open 2013 Filing

Operations Trend

Revenue Growth44th percentile

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

$1.0M$500K$0-$500KExpenses 2010: $721,5672010Expenses 2011: $677,7292011Revenue 2012: $605,071Expenses 2012: $547,001Net Income 2012: $58,0702012Revenue 2013: $620,370Expenses 2013: $509,071Net Income 2013: $111,2992013Revenue 2014: $648,934Expenses 2014: $503,085Net Income 2014: $145,8492014Revenue 2015: $695,947Expenses 2015: $550,877Net Income 2015: $145,0702015Revenue 2016: $652,331Expenses 2016: $574,751Net Income 2016: $77,5802016Revenue 2017: $632,795Expenses 2017: $606,987Net Income 2017: $25,8082017Revenue 2018: $550,320Expenses 2018: $693,334Net Income 2018: -$143,0142018

Highlighted filing

2013

Revenue$620,370
Expenses$509,071
Net Income$111,299
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
May 7, 2014
Return Version
2013v3.0
Gross Receipts
$620,370
Mission and Program Overview

Mission

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

To provide lending, savings, and other financial services to its qualifying members at terms generally better than available in the marketplace.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$5,768,404$6,301,618▲ $533,214
Savings and Temporary Cash Investments$6,028,920$5,791,014▼ $237,906
Investments Program Related$2,203,704$1,731,039▼ $472,665
Rtn Earn Endowment Incm Other Fnds$1,218,343$1,329,642▲ $111,299
Land, Buildings, and Equipment, Net$493,569$481,905▼ $11,664
Cash and Non-Interest-Bearing Accounts$162,156$357,578▲ $195,422
Prepaid Expenses and Deferred Charges$37,465$48,499▲ $11,034
Investments Other Securities$3,962--
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$14,841,378$15,020,790▲ $179,412
Other Assets Total$143,198$309,137▲ $165,939
Liabilities
Other Liabilities$13,612,262$13,673,144▲ $60,882
Accounts Payable and Accrued Expenses$10,773$18,004▲ $7,231
Total Liabilities$13,623,035$13,691,148▲ $68,113
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,218,343$1,329,642▲ $111,299
Total Liabilities and Net Assets / Fund Balance$14,841,378$15,020,790▲ $179,412

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$380,078$102,561$482,639
Equipment$2$273,633$273,635
Land$101,825-$101,825
Other Land Buildings$0$28,343$28,343
Investment Program Related Org$20,000--
Compensation and Service Providers
Top Officer Pay83rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joyce KalbakdalenPresident/CEOFT$85,829$9,248$95,077
Joanne StigenDirector-$216-$216
Robert WoldPresident-$216-$216
Dana JenkinsDirector-$192-$192
Judy DupreeSecretary-$192-$192
Aaron ZuchVice President-$144-$144
Nancy ThompsonDirector-$24-$24
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$563,749
Investment Income
$56,621
Other Revenue
$0
Change in Net Assets
$111,299
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$266,592
Other Expenses$201,844
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Office Expenses---$132,922
Other Salaries and Wages---$128,201
Current Officers, Directors, Trustees, and Key Employees---$96,061
Benefits to Members---$40,635
Occupancy---$20,925
Payroll Taxes---$17,522
Insurance---$16,862
Depreciation Depletion---$15,316
Other Employee Benefits---$14,208
Fees for Services Other---$10,745
Pension Plan Contributions---$10,600
Travel---$4,625
Other Expenses---$1,302
All Other Expenses---$-29,680
Total Functional Expenses$0$0$0$509,071
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Share Accounts$13,673,144
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

“The credit union has one class of members. Membership is open to employees of cp railroad, merit care nw hospital, merit care se clinic, digi-key, townsend pricing, arctic cat, jim dagg insurance, st john lutheran church and school. Membership is also open to blood relatives of members.”

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

“Members elect the board of directors.”

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

“Member approval is required to amend the certificate of organization and by-laws.”

Form 990, Part VI, Section B, Line 11

“The completed form 990 is reviewed by the board of directors prior to submission to the irs.”

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

“Each board member and all staff of the credit union must complete a code of conduct affirmation form annually. The supervisory committee is responsible for follow-up on any suspicious activity evidenced from review of affirmation forms. The committee will report to the board of directors any findings that might compromise the integrity of the credit union or be in violation of the code of conduct policy.”

Form 990, Part VI, Section B, Line 15

“The board of directors review the salary of the ceo and approves raises. This process was completed in 2013.”

Form 990, Part VI, Section C, Line 19

“Governing documents and financial statements are available upon request.”

Filing and Contact Details

Filer

EIN
41-0824078
Phone
2186812303

Signing Officer

Name
Joyce Kalbakdalen
Title
President/CEO
Phone
2186812303
Signed
2014-05-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joyce Kalbakdalen
Formed
1953
Legal Domicile
Mn
Voting Board Members
5
Independent Board Members
5
Employees
6
Volunteers
8

Preparer

Preparer
Tanya Medgaarden
Phone
5074347000
Raw XML Appendix348 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE CREDIT UNION HAS ONE CLASS OF MEMBERS. MEMBERSHIP IS OPEN TO EMPLOYEES OF CP RAILROAD, MERIT CARE NW HOSPITAL, MERIT CARE SE CLINIC, DIGI-KEY, TOWNSEND PRICING, ARCTIC CAT, JIM DAGG INSURANCE, ST JOHN LUTHERAN CHURCH AND SCHOOL. MEMBERSHIP IS ALSO OPEN TO BLOOD RELATIVES OF MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MEMBERS ELECT THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MEMBER APPROVAL IS REQUIRED TO AMEND THE CERTIFICATE OF ORGANIZATION AND BY-LAWS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE COMPLETED FORM 990 IS REVIEWED BY THE BOARD OF DIRECTORS PRIOR TO SUBMISSION TO THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4EACH BOARD MEMBER AND ALL STAFF OF THE CREDIT UNION MUST COMPLETE A CODE OF CONDUCT AFFIRMATION FORM ANNUALLY. THE SUPERVISORY COMMITTEE IS RESPONSIBLE FOR FOLLOW-UP ON ANY SUSPICIOUS ACTIVITY EVIDENCED FROM REVIEW OF AFFIRMATION FORMS. THE COMMITTEE WILL REPORT TO THE BOARD OF DIRECTORS ANY FINDINGS THAT MIGHT COMPROMISE THE INTEGRITY OF THE CREDIT UNION OR BE IN VIOLATION OF THE CODE OF CONDUCT POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE BOARD OF DIRECTORS REVIEW THE SALARY OF THE CEO AND APPROVES RAISES. THIS PROCESS WAS COMPLETED IN 2013.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
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
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt014841378
IRS990/TotalAssetsEOYAmt015020790
IRS990/TotalAssetsGrp/BOYAmt014841378
IRS990/TotalAssetsGrp/EOYAmt015020790
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt06
IRS990/TotalFunctionalExpensesGrp/TotalAmt0509071
IRS990/TotalGrossUBIAmt01774
IRS990/TotalLiabilitiesBOYAmt013623035
IRS990/TotalLiabilitiesEOYAmt013691148
IRS990/TotalLiabilitiesGrp/BOYAmt013623035
IRS990/TotalLiabilitiesGrp/EOYAmt013691148
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01218343
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01329642
IRS990/TotalOtherCompensationAmt09248
IRS990/TotalProgramServiceRevenueAmt0563749
IRS990/TotalReportableCompFromOrgAmt086813
IRS990/TotalRevenueGrp/ExclusionAmt056621
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0561975
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0620370
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt01774
IRS990/TotalVolunteersCnt08
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt014841378
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt015020790
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt04625
IRS990/TypeOfOrganizationOtherInd0X
IRS990/UnrelatedBusIncmOverLimitInd01
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine101100 VAN ROOY DRIVE
IRS990/USAddress/City0THIEF RIVER FALLS
IRS990/USAddress/State0MN
IRS990/USAddress/ZIPCode056701
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0WWW.SOOSELECTCU.VIRTUALCU.NET
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02015-11-30 17:44:51Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0JOYCE KALBAKDALEN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT/CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum02186812303
ReturnHeader/BusinessOfficerGrp/SignatureDt02014-05-07
ReturnHeader/Filer/BusinessName/BusinessNameLine10SOO SELECT CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0SOOS
ReturnHeader/Filer/EIN0410824078
ReturnHeader/Filer/PhoneNum02186812303
ReturnHeader/Filer/USAddress/AddressLine101100 VAN ROOY DRIVE
ReturnHeader/Filer/USAddress/City0THIEF RIVER FALLS
ReturnHeader/Filer/USAddress/State0MN
ReturnHeader/Filer/USAddress/ZIPCode056701
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0410746749
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine10CLIFTONLARSONALLEN LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine10PO BOX 217
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/City0AUSTIN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/State0MN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCode055912
ReturnHeader/PreparerPersonGrp/PhoneNum05074347000
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0TANYA MEDGAARDEN
ReturnHeader/ReturnTs02014-05-12T15:21:57-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02013-01-01
ReturnHeader/TaxPeriodEndDt02013-12-31
ReturnHeader/TaxYr02013

Document Assets

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Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$15,020,790
Liabilities
$13,691,148
Net assets
$1,329,642
Revenue
$620,370
Expenses
$509,071
Net income
$111,299
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2018Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.55$0.69$0.14
2017Detailed filing. Detailed filing data is available for this year.$15.0$13.1$1.91$0.63$0.61$0.03
2016Detailed filing. Detailed filing data is available for this year.$13.4$11.7$1.70$0.65$0.57$0.08
2015Detailed filing. Detailed filing data is available for this year.$14.3$12.7$1.62$0.70$0.55$0.15
2014Detailed filing. Detailed filing data is available for this year.$14.6$13.1$1.48$0.65$0.50$0.15
2013Detailed filing. Detailed filing data is available for this year.$15.0$13.7$1.33$0.62$0.51$0.11
2012Summary only. Only limited summary data is available for this year.$14.8$13.6$1.22$0.61$0.55$0.06
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.1$13.0$1.16$0.68
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.1$13.0$1.17$0.72