Civic Intelligence

Soo Select Credit Union

990 • Fiscal year 2017 • EIN 41-0824078

Jan 01, 2017 to Dec 31, 2017 • Filed on Jun 13, 2018

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

55th percentile

0.87x

Higher debt load relative to assets than 55% of similar nonprofits.

2017 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2017

Liabilities / Revenue

57th percentile

20.65x

Higher debt load relative to revenue than 57% of similar nonprofits.

2017 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2017

Net Margin

38th percentile

4.1%

Higher net margin than 38% of similar nonprofits.

2017 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2017

Top Officer Pay

90th percentile

$111,420

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 17.6% of source-year revenue.

2017 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2017

Asset Growth

95th percentile

11%

Faster asset growth than 95% of similar nonprofits.

2017 filings • 501(c)14 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Revenue Growth

14th percentile

-3.0%

Faster revenue growth than 14% of similar nonprofits.

2017 filings • 501(c)14 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets55th percentile

Assets

Up

$14,973,294

Up $1,541,400 (+11%) from 2016

Net Assets

Up

$1,906,515

Up $208,374 (+12%) from 2016

Liabilities

Up

$13,066,779

Up $1,333,026 (+11%) from 2016

Revenue And Expenses
Liabilities / Revenue57th percentileNet Margin38th percentile

Revenue

Down

$632,795

Down $19,536 (-3.0%) from 2016

Expenses

Up

$606,987

Up $32,236 (+5.6%) from 2016

Net Income

Down

$25,808

Down $51,772 (-67%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth95th 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

2017

Assets$14,973,294
Liabilities$13,066,779
Net Assets$1,906,515
Open 2017 Filing

Operations Trend

Revenue Growth14th 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

2017

Revenue$632,795
Expenses$606,987
Net Income$25,808
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Jun 13, 2018
Return Version
2017v2.2
Gross Receipts
$632,795
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$6,529,921$6,972,795▲ $442,874
Savings and Temporary Cash Investments$3,156,778$3,652,611▲ $495,833
Investments Program Related$2,547,598$3,346,043▲ $798,445
Rtn Earn Endowment Incm Other Fnds$1,698,141$1,906,515▲ $208,374
Land, Buildings, and Equipment, Net$478,014$467,411▼ $10,603
Cash and Non-Interest-Bearing Accounts$199,770$340,273▲ $140,503
Prepaid Expenses and Deferred Charges$47,630$44,727▼ $2,903
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$13,431,894$14,973,294▲ $1,541,400
Other Assets Total$472,183$149,434▼ $322,749
Liabilities
Other Liabilities$11,710,080$13,044,161▲ $1,334,081
Accounts Payable and Accrued Expenses$23,673$22,618▼ $1,055
Total Liabilities$11,733,753$13,066,779▲ $1,333,026
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,698,141$1,906,515▲ $208,374
Total Liabilities and Net Assets / Fund Balance$13,431,894$14,973,294▲ $1,541,400

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$336,323$152,127$488,450
Equipment$29,263$307,574$336,837
Land$101,825-$101,825
Other Land Buildings$0$36,682$36,682
Investment Program Related Org$20,100--
Compensation and Service Providers
Top Officer Pay90th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joyce KalbakdalenPresident/CEOFT$100,456$10,964$111,420
Bruce BjorgaardVice President-$264-$264
Ronnie SkalletSecretary-$264-$264
David PaulsonDirector-$216-$216
Robert WoldPresident-$216-$216
Dana JenkinsDirector-$192-$192
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$566,746
Investment Income
$66,049
Other Revenue
$0
Change in Net Assets
$25,808
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$368,713
Other Expenses$217,723
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$189,369
Office Expenses---$158,483
Current Officers, Directors, Trustees, and Key Employees---$112,572
Other Employee Benefits---$26,119
Payroll Taxes---$22,940
Depreciation Depletion---$22,803
Benefits to Members---$20,551
Occupancy---$19,999
Pension Plan Contributions---$17,713
Fees for Services Other---$10,700
Travel---$6,139
Other Expenses---$3,818
All Other Expenses---$-25,000
Total Functional Expenses$0$0$0$606,987
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$13,044,161
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 11B

“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 december 2017”

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
2018-06-13
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
Tanya Medgaarden
Phone
5074347000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Equity acquired in merger 182,566.”

Raw XML Appendix352 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 DECEMBER 2017
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7EQUITY ACQUIRED IN MERGER 182,566.
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 XI, LINE 9:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt013431894
IRS990/TotalAssetsEOYAmt014973294
IRS990/TotalAssetsGrp/BOYAmt013431894
IRS990/TotalAssetsGrp/EOYAmt014973294
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt06
IRS990/TotalFunctionalExpensesGrp/TotalAmt0606987
IRS990/TotalGrossUBIAmt01812
IRS990/TotalLiabilitiesBOYAmt011733753
IRS990/TotalLiabilitiesEOYAmt013066779
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IRS990/TotalLiabilitiesGrp/EOYAmt013066779
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IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01906515
IRS990/TotalOtherCompensationAmt010964
IRS990/TotalProgramServiceRevenueAmt0566746
IRS990/TotalReportableCompFromOrgAmt0101608
IRS990/TotalRevenueGrp/ExclusionAmt066049
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0564934
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0632795
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt01812
IRS990/TotalVolunteersCnt08
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt013431894
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt014973294
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt06139
IRS990/TypeOfOrganizationOtherInd0X
IRS990/UnrelatedBusIncmOverLimitInd01
IRS990/UponRequestInd0X
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IRS990/USAddress/CityNm0THIEF RIVER FALLS
IRS990/USAddress/StateAbbreviationCd0MN
IRS990/USAddress/ZIPCd056701
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0WWW.SOOSELECTCU.VIRTUALCU.NET
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02018-06-14 16:35:46Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0JOYCE KALBAKDALEN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT/CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum02186812303
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-06-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SOO SELECT CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0SOOS
ReturnHeader/Filer/EIN0410824078
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ReturnHeader/Filer/USAddress/AddressLine1Txt01100 VAN ROOY DRIVE
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ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt067.137.57.251
ReturnHeader/FilingSecurityInformation/IPDt02018-06-13
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm013:18:35
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/PreparerPersonNm0TANYA MEDGAARDEN
ReturnHeader/ReturnTs02018-06-26T11:50:22-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02017-01-01
ReturnHeader/TaxPeriodEndDt02017-12-31
ReturnHeader/TaxYr02017

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$14,973,294
Liabilities
$13,066,779
Net assets
$1,906,515
Revenue
$632,795
Expenses
$606,987
Net income
$25,808
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