Civic Intelligence

Linn Area Credit Union

990 • Fiscal year 2018 • EIN 42-0173285

Jan 01, 2018 to Dec 31, 2018 • Filed on May 01, 2019

Organization ProfileWWW.LINNAREACU.ORG

View Organization Page

3015 Blairsferry Rd NECedar Rapids, IA 52402

(319) 378-0101

Siviq Scores

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

Liabilities / Assets

88th percentile

0.91x

Higher debt load relative to assets than 88% of similar nonprofits.

2018 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2018

Liabilities / Revenue

64th percentile

18.08x

Higher debt load relative to revenue than 64% of similar nonprofits.

2018 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2018

Net Margin

45th percentile

14%

Higher net margin than 45% of similar nonprofits.

2018 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2018

Top Officer Pay

69th percentile

$493,990

Higher top officer pay than 69% of similar nonprofits.

Top officer pay equals 2.1% of source-year revenue.

2018 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2018

Asset Growth

73rd percentile

7.0%

Faster asset growth than 73% of similar nonprofits.

2018 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2017 to 2018

Revenue Growth

47th percentile

10%

Faster revenue growth than 47% of similar nonprofits.

2018 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets88th percentile

Assets

Up

$476,017,537

Up $31,138,081 (+7.0%) from 2017

Net Assets

Up

$41,209,842

Up $2,615,639 (+6.8%) from 2017

Liabilities

Up

$434,807,695

Up $28,522,442 (+7.0%) from 2017

Revenue And Expenses
Liabilities / Revenue64th percentileNet Margin45th percentile

Revenue

Up

$24,046,025

Up $2,265,197 (+10%) from 2017

Expenses

Up

$20,792,546

Up $2,377,741 (+13%) from 2017

Net Income

Down

$3,253,479

Down $112,544 (-3.3%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth73rd percentile

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

$800M$600M$400M$200M$0Assets 2010: $244,104,500Liabilities 2010: $221,747,752Net Assets 2010: $22,356,7482010Assets 2011: $284,194,614Liabilities 2011: $260,054,059Net Assets 2011: $24,140,5552011Assets 2012: $288,977,914Liabilities 2012: $262,296,620Net Assets 2012: $26,681,2942012Assets 2013: $309,597,098Liabilities 2013: $282,676,681Net Assets 2013: $26,920,4172013Assets 2014: $338,912,946Liabilities 2014: $308,657,147Net Assets 2014: $30,255,7992014Assets 2015: $365,948,995Liabilities 2015: $333,422,223Net Assets 2015: $32,526,7722015Assets 2016: $412,420,716Liabilities 2016: $377,309,776Net Assets 2016: $35,110,9402016Assets 2017: $444,879,456Liabilities 2017: $406,285,253Net Assets 2017: $38,594,2032017Assets 2018: $476,017,537Liabilities 2018: $434,807,695Net Assets 2018: $41,209,8422018Assets 2019: $467,914,453Liabilities 2019: $422,743,949Net Assets 2019: $45,170,5042019Assets 2020: $518,253,494Liabilities 2020: $469,051,996Net Assets 2020: $49,201,4982020Assets 2021: $567,752,241Liabilities 2021: $512,462,562Net Assets 2021: $55,289,6792021Assets 2022: $621,025,958Liabilities 2022: $561,281,724Net Assets 2022: $59,744,2342022Assets 2023: $667,141,652Liabilities 2023: $601,689,836Net Assets 2023: $65,451,8162023Assets 2024: $686,584,373Liabilities 2024: $616,142,883Net Assets 2024: $70,441,4902024

Highlighted filing

2018

Assets$476,017,537
Liabilities$434,807,695
Net Assets$41,209,842
Open 2018 Filing

Operations Trend

Revenue Growth47th percentile

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

$60M$40M$20M$0Expenses 2010: $13,777,1552010Expenses 2011: $15,228,7862011Expenses 2012: $14,292,9872012Revenue 2013: $16,794,921Expenses 2013: $14,371,130Net Income 2013: $2,423,7912013Revenue 2014: $17,436,170Expenses 2014: $15,103,127Net Income 2014: $2,333,0432014Revenue 2015: $18,451,470Expenses 2015: $15,879,135Net Income 2015: $2,572,3352015Revenue 2016: $19,578,706Expenses 2016: $16,952,459Net Income 2016: $2,626,2472016Revenue 2017: $21,780,828Expenses 2017: $18,414,805Net Income 2017: $3,366,0232017Revenue 2018: $24,046,025Expenses 2018: $20,792,546Net Income 2018: $3,253,4792018Revenue 2019: $25,938,413Expenses 2019: $22,702,203Net Income 2019: $3,236,2102019Revenue 2020: $25,508,049Expenses 2020: $21,964,113Net Income 2020: $3,543,9362020Revenue 2021: $26,390,018Expenses 2021: $20,048,004Net Income 2021: $6,342,0142021Revenue 2022: $28,754,492Expenses 2022: $22,785,155Net Income 2022: $5,969,3372022Revenue 2023: $35,995,167Expenses 2023: $29,314,801Net Income 2023: $6,680,3662023Revenue 2024: $44,235,466Expenses 2024: $39,085,241Net Income 2024: $5,150,2252024

Highlighted filing

2018

Revenue$24,046,025
Expenses$20,792,546
Net Income$3,253,479
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
May 1, 2019
Return Version
2018v3.1
Gross Receipts
$24,046,025
Mission and Program Overview

Mission

State chartered credit union

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$370,400,922$402,946,228▲ $32,545,306
Rtn Earn Endowment Incm Other Fnds$26,527,996$27,888,211▲ $1,360,215
Savings and Temporary Cash Investments$19,806,713$18,018,187▼ $1,788,526
Land, Buildings, and Equipment, Net$15,248,521$15,840,034▲ $591,513
Investments in Publicly Traded Securities$17,977,257$14,532,586▼ $3,444,671
Pd in Cap Srpls Land Bldg Eqp Fund$12,066,207$13,321,631▲ $1,255,424
Receivables From Officers Etc-$3,496,956-
Cash and Non-Interest-Bearing Accounts$2,200,128$2,644,195▲ $444,067
Prepaid Expenses and Deferred Charges$1,905,198$2,027,477▲ $122,279
Accounts Receivable$133,302$104,557▼ $28,745
Total Assets$444,879,456$476,017,537▲ $31,138,081
Other Assets Total$17,207,415$16,407,317▼ $800,098
Liabilities
Other Liabilities$328,395,085$346,389,107▲ $17,994,022
Mortgage Notes Payable Secured by Investment Property$75,131,640$85,775,000▲ $10,643,360
Accounts Payable and Accrued Expenses$2,758,528$2,643,588▼ $114,940
Total Liabilities$406,285,253$434,807,695▲ $28,522,442
Net Assets / Fund Balance
Total Net Assets Fund Balance$38,594,203$41,209,842▲ $2,615,639
Total Liabilities and Net Assets / Fund Balance$444,879,456$476,017,537▲ $31,138,081

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$10,026,080$3,818,661$13,844,741
Equipment$2,274,510$2,403,702$4,678,212
Land$3,539,444-$3,539,444
Compensation and Service Providers
Top Officer Pay69th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jennifer LorenzPresident/ CFT$365,672$128,318$493,990
Jennifer LorenzPresident/ CEO-$278,360$215,630$493,990
Tracy TaylorSVP of LendiFT$206,789$69,029$275,818
Tracy TaylorSVP of Lending-$148,418$127,400$275,818
PAULA O'ROURKESr VP FinancFT$154,602$68,319$222,921
PAULA O'ROURKESr VP Finance-$140,921$82,000$222,921
Richard HeadVP of ItFT$122,951$76,576$175,807
Nick MundorfMortgage OriFT$132,725$29,028$161,753
Nick MundorfMortgage Originator-$130,975$48,247$161,753
Debra SalzVP Human ResFT$123,246$36,902$160,148
Debra SalzVP Human Resources-$89,179$16,065$160,148
Curt Gandy IiVP of MarketFT$134,336$21,041$155,377
Curt Gandy IiVP of Marketing-$99,438$69,654$155,377
Bev LongVP of FinancFT$118,296$30,707$149,003
Larry PotterDirector of MortgFT$115,186$30,857$146,043

Board Members and Trustees

NameTitle
Darla PetersenBoard Member
Howard RattnerBoard Member
Joan AutermanBoard Member
Joyce FowlerBoard Member
Kent BakerBoard Member
Loren HarteltBoard Member
Margaret EichornBoard Member
Mike GillenBoard Member
Nicholas WagnerBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$23,236,952
Investment Income
$809,073
Other Revenue
$0
Change in Net Assets
$3,253,479

Audited Revenue Reconciliation

Revenue per Audited Statements
$24,046,025
Total Revenue per Audited Statements
$24,046,025
Total Revenue per Form 990
$24,046,025
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$13,153,731
Salaries, Compensation, and Employee Benefits$7,638,815
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$4,837,134
Interest---$1,713,624
Office Expenses---$1,309,710
Current Officers, Directors, Trustees, and Key Employees---$1,168,535
Other Expenses---$1,006,150
All Other Expenses---$969,390
Depreciation Depletion---$870,603
Other Employee Benefits---$778,674
Occupancy---$703,843
Advertising---$552,769
Pension Plan Contributions---$432,579
Payroll Taxes---$421,893
Conferences and Meetings---$234,417
Insurance---$83,915
Fees for Services Legal---$21,269
Fees for Services Accounting---$19,079
Total Functional Expenses$0$0$0$20,792,546

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$20,792,546
Total Expenses per Audited Statements$20,792,546
Total Expenses per Form 990$20,792,546
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-$3,496,956-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Deposits$311,849,151
Non-member Deposits$34,539,956
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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, Page 6, Part VI, Line 6

“All depositors are considered members.”

Form 990, Page 6, Part VI, Line 7A

“The credit union members elect on an annual basis the members of the board of directors.”

Form 990, Page 6, Part VI, Line 7B

“Any proposed mergers must be approved by a majority of the membership.”

Form 990, Page 6, Part VI, Line 11B

“No review was or will be conducted.”

Form 990, Page 6, Part VI, Line 12C

“The security matrix on the data processing system prohibits employees and directors from initiating transactions on all accounts listed on their conflict of interest disclosure statement, which is updated annually.”

Form 990, Page 6, Part VI, Line 15A

“The process for determining compensation for the ceo includes a comparison of compensation for similarly qualified persons in comparable positions, review and approval by the board of directors and is documented in the board minutes. The last review was conducted in december 2018.”

Form 990, Page 6, Part VI, Line 15B

“The process for determining compensation for the key employees includes a comparison of compensation for similarly qualified persons in comparable positions, review and approval by the board of directors and is documented in the board minutes. The last review was conducted in december 2018.”

Form 990, Page 6, Part VI, Line 19

“The monthly financial statements are posted in the lobby and are updated on a monthly basis. The governing documents and conflict of interest policy are made available upon request.”

Filing and Contact Details

Filer

Filer Name
Linn Area Credit Union
EIN
42-0173285
Phone
3193780101
Address
3015 BLAIRSFERRY RD NE, CEDAR RAPIDS, IA 52402

Signing Officer

Name
Jennifer Lorenz
Title
President/ CEO
Phone
3193780101
Signed
2019-05-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jennifer Lorenz
Formed
1935
Legal Domicile
Ia
Voting Board Members
9
Independent Board Members
9
Employees
116
Volunteers
9

Preparer

Firm
Petersen & Associates
Address
506 E GOLD COAST RD STE 100, PAPILLION, NE 68046-4790
Preparer
Steven O Petersen
Phone
4023332800
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“N/A”

Form 990, Part XI, Line 9

“Net change in prefunded emp benefit valuation res. -371,590 net change in investment valuation reserve -266,250 total -637,840”

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Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$476,017,537
Liabilities
$434,807,695
Net assets
$41,209,842
Revenue
$24,046,025
Expenses
$20,792,546
Net income
$3,253,479
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$687$616$70.4$44.2$39.1$5.15
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$667$602$65.5$36.0$29.3$6.68
2022Detailed filing. Detailed filing data is available for this year.$621$561$59.7$28.8$22.8$5.97
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$568$512$55.3$26.4$20.0$6.34
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$518$469$49.2$25.5$22.0$3.54
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$468$423$45.2$25.9$22.7$3.24
2018Detailed filing. Detailed filing data is available for this year.$476$435$41.2$24.0$20.8$3.25
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$445$406$38.6$21.8$18.4$3.37
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$412$377$35.1$19.6$17.0$2.63
2015Detailed filing. Detailed filing data is available for this year.$366$333$32.5$18.5$15.9$2.57
2014Detailed filing. Detailed filing data is available for this year.$339$309$30.3$17.4$15.1$2.33
2013Detailed filing. Detailed filing data is available for this year.$310$283$26.9$16.8$14.4$2.42
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$289$262$26.7$14.3
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$284$260$24.1$15.2
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$244$222$22.4$13.8