Civic Intelligence

Soo Select Credit Union

990 • Fiscal year 2015 • EIN 41-0824078

Jan 01, 2015 to Dec 31, 2015 • Filed on Jun 28, 2016

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

65th percentile

0.89x

Higher debt load relative to assets than 65% of similar nonprofits.

2015 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2015

Liabilities / Revenue

39th percentile

18.27x

Higher debt load relative to revenue than 39% of similar nonprofits.

2015 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2015

Net Margin

90th percentile

21%

Higher net margin than 90% of similar nonprofits.

2015 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2015

Top Officer Pay

84th percentile

$103,613

Higher top officer pay than 84% of similar nonprofits.

Top officer pay equals 14.9% of source-year revenue.

2015 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2015

Asset Growth

15th percentile

-1.9%

Faster asset growth than 15% of similar nonprofits.

2015 filings • 501(c)14 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Revenue Growth

82nd percentile

7.2%

Faster revenue growth than 82% of similar nonprofits.

2015 filings • 501(c)14 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets65th percentile

Assets

Down

$14,333,377

Down $275,398 (-1.9%) from 2014

Net Assets

Up

$1,620,561

Up $145,070 (+9.8%) from 2014

Liabilities

Down

$12,712,816

Down $420,468 (-3.2%) from 2014

Revenue And Expenses
Liabilities / Revenue39th percentileNet Margin90th percentile

Revenue

Up

$695,947

Up $47,013 (+7.2%) from 2014

Expenses

Up

$550,877

Up $47,792 (+9.5%) from 2014

Net Income

Down

$145,070

Down $779 (-0.5%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth15th 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

2015

Assets$14,333,377
Liabilities$12,712,816
Net Assets$1,620,561
Open 2015 Filing

Operations Trend

Revenue Growth82nd 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

2015

Revenue$695,947
Expenses$550,877
Net Income$145,070
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Jun 28, 2016
Return Version
2015v2.1
Gross Receipts
$695,947
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$6,769,523$7,221,445▲ $451,922
Savings and Temporary Cash Investments$4,833,938$3,874,452▼ $959,486
Investments Program Related$1,813,057$2,197,989▲ $384,932
Rtn Earn Endowment Incm Other Fnds$1,475,491$1,620,561▲ $145,070
Land, Buildings, and Equipment, Net$470,240$480,640▲ $10,400
Cash and Non-Interest-Bearing Accounts$530,574$252,717▼ $277,857
Prepaid Expenses and Deferred Charges$35,010$42,885▲ $7,875
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$14,608,775$14,333,377▼ $275,398
Other Assets Total$156,433$263,249▲ $106,816
Liabilities
Other Liabilities$13,126,456$12,693,101▼ $433,355
Accounts Payable and Accrued Expenses$6,828$19,715▲ $12,887
Total Liabilities$13,133,284$12,712,816▼ $420,468
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,475,491$1,620,561▲ $145,070
Total Liabilities and Net Assets / Fund Balance$14,608,775$14,333,377▼ $275,398

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$356,748$125,891$482,639
Equipment$22,067$292,693$314,760
Land$101,825-$101,825
Other Land Buildings$0$35,143$35,143
Investment Program Related Org$20,000--
Compensation and Service Providers
Top Officer Pay84th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joyce KalbakdalenPresident/CEOFT$93,325$10,288$103,613
Dana JenkinsVice President-$240-$240
Robert WoldPresident-$240-$240
Ronnie SkalletDirector-$240-$240
Bruce BjorgaardDirector-$192-$192
Rhonda PoucherSecretary-$96-$96
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$643,900
Investment Income
$52,047
Other Revenue
$0
Change in Net Assets
$145,070
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$306,004
Other Expenses$213,084
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$155,560
Office Expenses---$152,184
Current Officers, Directors, Trustees, and Key Employees---$104,621
Benefits to Members---$31,789
Depreciation Depletion---$29,403
Occupancy---$20,791
Payroll Taxes---$19,666
Other Employee Benefits---$16,434
Fees for Services Other---$9,804
Pension Plan Contributions---$9,723
Other Expenses---$4,800
Travel---$4,141
All Other Expenses---$-35,000
Total Functional Expenses$0$0$0$550,877
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$12,693,101
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 2015.”

Form 990, Part VI, Section C, Line 19

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

Filing and Contact Details

Filer

Filer Name
Soo Select Credit Union
EIN
41-0824078
Phone
2186812303
Address
1100 VAN ROOY DRIVE, THIEF RIVER FALLS, MN 56701

Signing Officer

Name
Joyce Kalbakdalen
Title
President/CEO
Phone
2186812303
Signed
2016-06-28
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

Firm
Cliftonlarsonallen Llp
Address
PO BOX 217, AUSTIN, MN 55912
Preparer
Sherri Wessels
Phone
5074347000
Raw XML Appendix339 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/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 2015.
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/TotalAssetsBOYAmt014608775
IRS990/TotalAssetsEOYAmt014333377
IRS990/TotalAssetsGrp/BOYAmt014608775
IRS990/TotalAssetsGrp/EOYAmt014333377
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt06
IRS990/TotalFunctionalExpensesGrp/TotalAmt0550877
IRS990/TotalGrossUBIAmt01459
IRS990/TotalLiabilitiesBOYAmt013133284
IRS990/TotalLiabilitiesEOYAmt012712816
IRS990/TotalLiabilitiesGrp/BOYAmt013133284
IRS990/TotalLiabilitiesGrp/EOYAmt012712816
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01475491
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01620561
IRS990/TotalOtherCompensationAmt010288
IRS990/TotalProgramServiceRevenueAmt0643900
IRS990/TotalReportableCompFromOrgAmt094333
IRS990/TotalRevenueGrp/ExclusionAmt052047
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0642441
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0695947
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt01459
IRS990/TotalVolunteersCnt08
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt014608775
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt014333377
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt04141
IRS990/TypeOfOrganizationOtherInd0X
IRS990/UnrelatedBusIncmOverLimitInd01
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01100 VAN ROOY DRIVE
IRS990/USAddress/CityNm0THIEF RIVER FALLS
IRS990/USAddress/StateAbbreviationCd0MN
IRS990/USAddress/ZIPCd056701
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0WWW.SOOSELECTCU.VIRTUALCU.NET
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02016-09-27 15:27:22Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0JOYCE KALBAKDALEN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT/CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum02186812303
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-06-28
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SOO SELECT CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0SOOS
ReturnHeader/Filer/EIN0410824078
ReturnHeader/Filer/PhoneNum02186812303
ReturnHeader/Filer/USAddress/AddressLine1Txt01100 VAN ROOY DRIVE
ReturnHeader/Filer/USAddress/CityNm0THIEF RIVER FALLS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MN
ReturnHeader/Filer/USAddress/ZIPCd056701
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0410746749
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CLIFTONLARSONALLEN LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 217
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0AUSTIN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd055912
ReturnHeader/PreparerPersonGrp/PhoneNum05074347000
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0SHERRI WESSELS
ReturnHeader/ReturnTs02016-07-01T11:42:47-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-01-01
ReturnHeader/TaxPeriodEndDt02015-12-31
ReturnHeader/TaxYr02015

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$14,333,377
Liabilities
$12,712,816
Net assets
$1,620,561
Revenue
$695,947
Expenses
$550,877
Net income
$145,070
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