Civic Intelligence

First Pace Credit Union

990 • Fiscal year 2015 • EIN 41-0874898

Jan 01, 2015 to Dec 31, 2015 • Filed on Apr 26, 2016

161 Marie Avenue EastWest St Paul, MN 55118

(651) 451-8495

Siviq Scores

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

Liabilities / Assets

27th percentile

0.81x

Higher debt load relative to assets than 27% of similar nonprofits.

2015 filings • 501(c)14 • $5M-$10M nonprofits • Source year 2015

Liabilities / Revenue

55th percentile

20.39x

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

2015 filings • 501(c)14 • $5M-$10M nonprofits • Source year 2015

Net Margin

69th percentile

9.2%

Higher net margin than 69% of similar nonprofits.

2015 filings • 501(c)14 • $5M-$10M nonprofits • Source year 2015

Top Officer Pay

56th percentile

$54,464

Higher top officer pay than 56% of similar nonprofits.

Top officer pay equals 15.2% of source-year revenue.

2015 filings • 501(c)14 • $5M-$10M nonprofits • Source year 2015

Asset Growth

75th percentile

5.3%

Faster asset growth than 75% of similar nonprofits.

2015 filings • 501(c)14 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Revenue Growth

58th percentile

0.9%

Faster revenue growth than 58% of similar nonprofits.

2015 filings • 501(c)14 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Assets

Up

$9,036,568

Up $457,870 (+5.3%) from 2014

Net Assets

Up

$1,728,231

Up $32,842 (+1.9%) from 2014

Liabilities

Up

$7,308,337

Up $425,028 (+6.2%) from 2014

Revenue

Up

$358,360

Up $3,089 (+0.9%) from 2014

Expenses

Up

$325,508

Up $43,305 (+15%) from 2014

Net Income

Down

$32,852

Down $40,216 (-55%) from 2014

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2010: $7,029,208Liabilities 2010: $5,533,597Net Assets 2010: $1,495,6112010Assets 2011: $7,371,889Liabilities 2011: $5,841,197Net Assets 2011: $1,530,6922011Assets 2012: $7,754,700Liabilities 2012: $6,176,125Net Assets 2012: $1,578,5752012Assets 2013: $7,918,690Liabilities 2013: $6,296,366Net Assets 2013: $1,622,3242013Assets 2014: $8,578,698Liabilities 2014: $6,883,309Net Assets 2014: $1,695,3892014Assets 2015: $9,036,568Liabilities 2015: $7,308,337Net Assets 2015: $1,728,2312015Assets 2016: $8,761,101Liabilities 2016: $7,041,387Net Assets 2016: $1,719,7142016Assets 2017: $8,887,980Liabilities 2017: $7,154,694Net Assets 2017: $1,733,2862017Assets 2018: $8,796,683Liabilities 2018: $7,028,271Net Assets 2018: $1,768,4122018Assets 2019: $8,694,234Liabilities 2019: $6,878,095Net Assets 2019: $1,816,1392019Assets 2020: $9,551,599Liabilities 2020: $7,702,838Net Assets 2020: $1,848,7612020Assets 2021: $10,659,155Liabilities 2021: $8,753,132Net Assets 2021: $1,906,0232021Assets 2022: $11,002,655Liabilities 2022: $9,107,727Net Assets 2022: $1,894,9282022Assets 2023: $9,529,737Liabilities 2023: $7,714,278Net Assets 2023: $1,815,4592023Assets 2024: $9,183,725Liabilities 2024: $7,422,413Net Assets 2024: $1,761,3122024

Highlighted filing

2015

Assets$9,036,568
Liabilities$7,308,337
Net Assets$1,728,231

Operations Trend

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

$600K$400K$200K$0-$200KExpenses 2010: $397,2022010Expenses 2011: $339,6542011Expenses 2012: $309,7572012Revenue 2013: $341,837Expenses 2013: $298,074Net Income 2013: $43,7632013Revenue 2014: $355,271Expenses 2014: $282,203Net Income 2014: $73,0682014Revenue 2015: $358,360Expenses 2015: $325,508Net Income 2015: $32,8522015Revenue 2016: $353,894Expenses 2016: $362,403Net Income 2016: -$8,5092016Revenue 2017: $337,549Expenses 2017: $324,011Net Income 2017: $13,5382017Revenue 2018: $381,554Expenses 2018: $346,428Net Income 2018: $35,1262018Revenue 2019: $403,572Expenses 2019: $355,845Net Income 2019: $47,7272019Revenue 2020: $402,201Expenses 2020: $369,579Net Income 2020: $32,6222020Revenue 2021: $418,215Expenses 2021: $360,953Net Income 2021: $57,2622021Revenue 2022: $388,101Expenses 2022: $399,196Net Income 2022: -$11,0952022Revenue 2023: $398,551Expenses 2023: $478,020Net Income 2023: -$79,4692023Revenue 2024: $436,331Expenses 2024: $490,478Net Income 2024: -$54,1472024

Highlighted filing

2015

Revenue$358,360
Expenses$325,508
Net Income$32,852
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Apr 26, 2016
Return Version
2015v2.1
Gross Receipts
$358,360
Mission and Program Overview

Mission

Provide savings, loans and other financial services to members at terms generally better than available in the marketplace and with a "service-based emphasis" that recognizes the members as "owners."

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$5,525,144$5,498,363▼ $26,781
Investments Other Securities$2,237,008$2,316,008▲ $79,000
Rtn Earn Endowment Incm Other Fnds$1,695,389$1,728,231▲ $32,842
Investments Program Related$326,600$821,955▲ $495,355
Savings and Temporary Cash Investments$337,903$236,052▼ $101,851
Cash and Non-Interest-Bearing Accounts$19,276$21,341▲ $2,065
Prepaid Expenses and Deferred Charges$20,885$18,131▼ $2,754
Land, Buildings, and Equipment, Net$13,668$17,111▲ $3,443
Receivables From Officers Etc$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$8,578,698$9,036,568▲ $457,870
Other Assets Total$98,214$107,607▲ $9,393
Liabilities
Other Liabilities$6,865,772$7,291,260▲ $425,488
Accounts Payable and Accrued Expenses$17,537$17,077▼ $460
Total Liabilities$6,883,309$7,308,337▲ $425,028
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,695,389$1,728,231▲ $32,842
Total Liabilities and Net Assets / Fund Balance$8,578,698$9,036,568▲ $457,870

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$17,111$14,408$31,519
Investment Program Related Org$59,719--
Buildings$0$0$0
Other Land Buildings$0$0$0
Land$0-$0
Leasehold Improvements$0$0$0
Other Securities$100,000--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jennifer TiedmanPresidentPT$51,870$2,594$54,464

Board Members and Trustees

NameTitle
Gary MartinezChairperson
Doug KrechVice-Chairperson
Kevin HoeschenDirector
Deborah SpiessSecretary
Quinton VorhiesTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$317,420
Investment Income
$40,940
Other Revenue
$0
Change in Net Assets
$32,852
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$174,387
Salaries, Compensation, and Employee Benefits$132,291
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Office Expenses---$65,924
Other Salaries and Wages---$61,622
Current Officers, Directors, Trustees, and Key Employees---$55,781
Information Technology---$27,380
Occupancy---$19,697
Benefits to Members---$18,830
Insurance---$10,254
Payroll Taxes---$8,968
Depreciation Depletion---$8,421
Advertising---$8,338
Conferences and Meetings---$8,091
Pension Plan Contributions---$3,881
Other Expenses---$3,011
Other Employee Benefits---$2,039
Travel---$1,064
Total Functional Expenses$0$0$0$325,508
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$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Regular Shares$5,998,001
Term Share Certificates$995,777
Share Drafts$297,482
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Conflict-of-interest policy
No
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

Comprised of USW Union members and their immediate family members of approximately 1183 member owners, each having equal rights in ownership. The credit union has one class of members.

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

Current member owners of FIRST PACE Credit Union are each allowed one vote to elect the members of the Board of Directors.

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

Changes to the Bylaws must be approved by the member owners, after they have been approved by the Board of Directors and the regulatory agency. Approval occurs when at least 50% of the member owners vote to approve when a quorum is met.

Form 990, Part VI, Section B, Line 11B

Form 990 is reviewed by the Supervisory Committee.

Form 990, Part VI, Section B, Line 15

The Presidents salary is based on comparable sized credit unions through use of CUNA's Annual Compensation Survey results. The process is done by the Salary Review Committee, made up of the Board of Directors and was approved at their meeting November 19, 2015.

Form 990, Part VI, Section C, Line 19

Financial statements are posted in the lobby or they can be reviewed by appointment at the credit union office.

Filing and Contact Details

Filer

Filer Name
FIRST PACE Credit Union
EIN
41-0874898
Phone
6514518495
Address
161 Marie Avenue East, West St Paul, MN 55118

Signing Officer

Name
Jennifer Tiedman
Title
President
Phone
6514518495
Signed
2016-04-26

Organization Details

Principal Officer
Jennifer Tiedman
Formed
1963
Legal Domicile
Mn
Voting Board Members
5
Independent Board Members
5
Employees
3
Volunteers
8
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 2

Implemented Mobile Banking with Remote Deposit Capture to help our members monitor their accounts anytime, anywhere and provide a way to deposit funds outside our normal banking hours.

Raw XML Appendix378 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/ProgSrvcAccomActy2Grp/Desc0Free checking accounts with a free VISA Debit Card to help members become financially responsible. Also free online banking, mobile banking, electronic bill pay and online statements to empower the member with tools for good money management.
IRS990/ProgSrvcAccomActy3Grp/Desc0Competitive dividends paid on approximately 1370 share savings accounts, money market accounts, club accounts and term share certificates, to help our 1183 members save for the future. Free online and mobile banking and online statements for the members to help monitor their finances.
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IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt159719
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0Deposits in Corporate Credit Unions
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1Capital at Corporate Credit Unions
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd1C
IRS990ScheduleD/LandGrp/BookValueAmt00
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt05998001
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1297482
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2995777
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Regular Shares
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Share Drafts
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Term Share Certificates
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt02008
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt12214000
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt2100000
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Securities - AFS
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Securities-Held to Maturity
IRS990ScheduleD/OtherSecuritiesGrp/Desc2U.S. Gov't bond
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd2C
IRS990ScheduleD/TotalBookValueLandBuildingsAmt017111
IRS990ScheduleD/TotalBookValueProgramRltdAmt0821955
IRS990ScheduleD/TotalBookValueSecuritiesAmt02316008
IRS990ScheduleD/TotalLiabilityAmt07291260
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Implemented Mobile Banking with Remote Deposit Capture to help our members monitor their accounts anytime, anywhere and provide a way to deposit funds outside our normal banking hours.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Comprised of USW Union members and their immediate family members of approximately 1183 member owners, each having equal rights in ownership. The credit union has one class of members.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Current member owners of FIRST PACE Credit Union are each allowed one vote to elect the members of the Board of Directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Changes to the Bylaws must be approved by the member owners, after they have been approved by the Board of Directors and the regulatory agency. Approval occurs when at least 50% of the member owners vote to approve when a quorum is met.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Form 990 is reviewed by the Supervisory Committee.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5The Presidents salary is based on comparable sized credit unions through use of CUNA's Annual Compensation Survey results. The process is done by the Salary Review Committee, made up of the Board of Directors and was approved at their meeting November 19, 2015.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Financial statements are posted in the lobby or they can be reviewed by appointment at the credit union office.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part III, Line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, Line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section A, Line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section A, Line 7b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, Line 11b
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/SignificantNewProgramSrvcInd01
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt08578698
IRS990/TotalAssetsEOYAmt09036568
IRS990/TotalAssetsGrp/BOYAmt08578698
IRS990/TotalAssetsGrp/EOYAmt09036568
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt03
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0325508
IRS990/TotalGrossUBIAmt02148
IRS990/TotalLiabilitiesBOYAmt06883309
IRS990/TotalLiabilitiesEOYAmt07308337
IRS990/TotalLiabilitiesGrp/BOYAmt06883309
IRS990/TotalLiabilitiesGrp/EOYAmt07308337
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01695389
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01728231
IRS990/TotalOtherCompensationAmt02594
IRS990/TotalOtherProgSrvcExpenseAmt00
IRS990/TotalOtherProgSrvcGrantAmt00
IRS990/TotalOtherProgSrvcRevenueAmt00
IRS990/TotalOthProgramServiceRevGrp/ExclusionAmt00
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt00
IRS990/TotalOthProgramServiceRevGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalProgramServiceExpensesAmt00
IRS990/TotalProgramServiceRevenueAmt0317420
IRS990/TotalReportableCompFromOrgAmt051870
IRS990/TotalRevenueGrp/ExclusionAmt040940
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0315272
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0358360
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt02148
IRS990/TotalVolunteersCnt08
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt08578698
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt09036568
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt01064
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd01
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0161 Marie Ave E
IRS990/USAddress/CityNm0West ST Paul
IRS990/USAddress/StateAbbreviationCd0MN
IRS990/USAddress/ZIPCd055118
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0www.firstpacecu.com
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02016-09-27 15:27:22Z
ReturnHeader/BusinessOfficerGrp/PersonNm0Jennifer Tiedman
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/PhoneNum06514518495
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-04-26
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FIRST PACE Credit Union
ReturnHeader/Filer/BusinessNameControlTxt0FIRS
ReturnHeader/Filer/EIN0410874898
ReturnHeader/Filer/PhoneNum06514518495
ReturnHeader/Filer/USAddress/AddressLine1Txt0161 Marie Avenue East
ReturnHeader/Filer/USAddress/CityNm0West St Paul
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MN
ReturnHeader/Filer/USAddress/ZIPCd055118
ReturnHeader/ReturnTs02016-04-26T15:24:31-07:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-01-01
ReturnHeader/TaxPeriodEndDt02015-12-31
ReturnHeader/TaxYr02015

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.18$7.42$1.76$0.44$0.49$0.05
2023Detailed filing. Detailed filing data is available for this year.$9.53$7.71$1.82$0.40$0.48$0.08
2022Detailed filing. Detailed filing data is available for this year.$11.0$9.11$1.89$0.39$0.40$0.01
2021Detailed filing. Detailed filing data is available for this year.$10.7$8.75$1.91$0.42$0.36$0.06
2020Detailed filing. Detailed filing data is available for this year.$9.55$7.70$1.85$0.40$0.37$0.03
2019Detailed filing. Detailed filing data is available for this year.$8.69$6.88$1.82$0.40$0.36$0.05
2018Detailed filing. Detailed filing data is available for this year.$8.80$7.03$1.77$0.38$0.35$0.04
2017Detailed filing. Detailed filing data is available for this year.$8.89$7.15$1.73$0.34$0.32$0.01
2016Detailed filing. Detailed filing data is available for this year.$8.76$7.04$1.72$0.35$0.36$0.01
2015Detailed filing. Detailed filing data is available for this year.$9.04$7.31$1.73$0.36$0.33$0.03
2014Detailed filing. Detailed filing data is available for this year.$8.58$6.88$1.70$0.36$0.28$0.07
2013Detailed filing. Detailed filing data is available for this year.$7.92$6.30$1.62$0.34$0.30$0.04
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.75$6.18$1.58$0.31
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.37$5.84$1.53$0.34
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.03$5.53$1.50$0.40