Civic Intelligence

Iowa Corporate Central Credit Union Edco Community Credit Union

EIN 42-0328185 • 501(c)14

View Organization Page

Profile

State chartered credit union

609 38th Street50312

www.edcocu.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

55th percentile

0.89x

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

501(c)14 • $25M-$50M nonprofits • Source year 2013

Liabilities / Revenue

74th percentile

23.03x

Higher debt load relative to revenue than 74% of similar nonprofits.

501(c)14 • $25M-$50M nonprofits • Source year 2013

Net Margin

62nd percentile

13%

Higher net margin than 62% of similar nonprofits.

501(c)14 • $25M-$50M nonprofits • Source year 2013

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

53rd percentile

0.1%

Faster asset growth than 53% of similar nonprofits.

501(c)14 • $25M-$50M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Balance Sheet
Liabilities / Assets55th percentile

Assets

Up

$42,143,967

Up $39,495 (+0.1%) from 2012

Liabilities

Up

$37,311,226

Up $1,062,857 (+2.9%) from 2012

Net Assets

Down

$4,832,741

Down $1,023,362 (-17%) from 2012

Operations
Liabilities / Revenue74th percentileNet Margin62nd percentile

Revenue

$1,620,163

No earlier filing loaded for comparison.

Expenses

Down

$1,404,133

Down $19,670 (-1.4%) from 2012

Net Income

$216,030

No earlier filing loaded for comparison.

Trend Graphs

Balance Sheet Trend

Asset Growth53rd percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$60M$40M$20M$0Assets 2010: $38,019,818Liabilities 2010: $32,913,727Net Assets 2010: $5,106,0912010Assets 2011: $39,431,837Liabilities 2011: $33,493,476Net Assets 2011: $5,938,3612011Assets 2012: $42,104,472Liabilities 2012: $36,248,369Net Assets 2012: $5,856,1032012Assets 2013: $42,143,967Liabilities 2013: $37,311,226Net Assets 2013: $4,832,7412013

Highlighted filing

2013

Assets$42,143,967
Liabilities$37,311,226
Net Assets$4,832,741
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income by year, with the latest filing highlighted.

$2.0M$1.5M$1.0M$500K$0Expenses 2010: $1,670,4392010Expenses 2011: $1,480,6182011Expenses 2012: $1,423,8032012Revenue 2013: $1,620,163Expenses 2013: $1,404,133Net Income 2013: $216,0302013

Highlighted filing

2013

Revenue$1,620,163
Expenses$1,404,133
Net Income$216,030
Open 2013 Filing

Filings

Most recent year

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

Open filing
Assets
$42,143,967
Liabilities
$37,311,226
Net assets
$4,832,741
Revenue
$1,620,163
Expenses
$1,404,133
Net income
$216,030
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2013Detailed filing. Detailed filing data is available for this year.$42.1$37.3$4.83$1.62$1.40$0.22
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$42.1$36.2$5.86$1.42
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$39.4$33.5$5.94$1.48
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$38.0$32.9$5.11$1.67
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
May 2, 2014
Return Version
2013v3.1
Gross Receipts
$1,620,163
Mission and Program Overview

Mission

State chartered credit union

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$17,840,962$18,031,870▲ $190,908
Other Notes and Loans Receivable, Net$13,167,275$17,800,650▲ $4,633,375
Savings and Temporary Cash Investments$9,514,368$4,580,868▼ $4,933,500
Rtn Earn Endowment Incm Other Fnds$3,935,563$2,912,201▼ $1,023,362
Pd in Cap Srpls Land Bldg Eqp Fund$1,920,540$1,920,540→ $0
Cash and Non-Interest-Bearing Accounts$325,726$271,179▼ $54,547
Prepaid Expenses and Deferred Charges$59,333$93,803▲ $34,470
Accounts Receivable$23,263$34,202▲ $10,939
Land, Buildings, and Equipment, Net$485,136$21,096▼ $464,040
Total Assets$42,104,472$42,143,967▲ $39,495
Other Assets Total$688,409$1,310,299▲ $621,890
Liabilities
Other Liabilities$35,758,945$36,723,925▲ $964,980
Accounts Payable and Accrued Expenses$489,424$587,301▲ $97,877
Total Liabilities$36,248,369$37,311,226▲ $1,062,857
Net Assets / Fund Balance
Total Net Assets Fund Balance$5,856,103$4,832,741▼ $1,023,362
Total Liabilities and Net Assets / Fund Balance$42,104,472$42,143,967▲ $39,495

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$21,096$308,980$330,076
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Barbara BooseBoard Member
Danny ChambersBoard Member
David LingwallBoard Member
George DunlapBoard Member
John BennettBoard Member
Kyle BlackBoard Member
Marc HardingBoard Member
Paul HavnenBoard Member
Udell Cason JrBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,189,681
Investment Income
$430,482
Other Revenue
$0
Change in Net Assets
$216,030

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,620,163
Total Revenue per Audited Statements
$1,620,163
Total Revenue per Form 990
$1,620,163
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$859,313
Salaries, Compensation, and Employee Benefits$544,820
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$483,828
All Other Expenses---$127,645
Other Expenses---$93,900
Office Expenses---$90,941
Occupancy---$81,807
Payroll Taxes---$38,285
Advertising---$33,593
Depreciation Depletion---$25,551
Other Employee Benefits---$21,597
Fees for Services Accounting---$19,800
Insurance---$13,400
Conferences and Meetings---$5,662
Pension Plan Contributions---$1,110
Fees for Services Legal---$105
Total Functional Expenses$0$0$0$1,404,133

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,404,133
Total Expenses per Audited Statements$1,404,133
Total Expenses per Form 990$1,404,133
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
Member Deposits$36,723,925
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
No
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 2013.”

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

EIN
42-0328185
Phone
5152744100

Signing Officer

Name
Karolyn Wells
Title
CEO
Phone
5152744100
Signed
2014-05-02

Organization Details

Principal Officer
Karolyn Wells
Formed
1930
Legal Domicile
Ia
Voting Board Members
9
Independent Board Members
9
Employees
11
Volunteers
9

Preparer

Preparer
Steven O Petersen
Phone
4023332800
Supplemental Narrative

Additional Explanations

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

“N/A”

Form 990, Page 5, Part V, Line 3B

“The credit union provides financial services to its members. All income and expenses are deemed related to the overall objective of member services.”

Form 990, Part XI, Line 9

“Net change in investment valuation reserve 1,239,392”

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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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5NO REVIEW WAS OR WILL BE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE 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 2013.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8THE 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9NET CHANGE IN INVESTMENT VALUATION RESERVE 1,239,392
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 5, PART V, LINE 3B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9FORM 990, PART XI, LINE 9
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0IA
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt042104472
IRS990/TotalAssetsEOYAmt042143967
IRS990/TotalAssetsGrp/BOYAmt042104472
IRS990/TotalAssetsGrp/EOYAmt042143967
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt011
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt01404133
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt036248369
IRS990/TotalLiabilitiesEOYAmt037311226
IRS990/TotalLiabilitiesGrp/BOYAmt036248369
IRS990/TotalLiabilitiesGrp/EOYAmt037311226
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt05856103
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt04832741
IRS990/TotalProgramServiceRevenueAmt01189681
IRS990/TotalRevenueGrp/ExclusionAmt01620163
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01620163
IRS990/TotalVolunteersCnt09
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt042104472
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt042143967
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine10609 38TH STREET
IRS990/USAddress/City0DES MOINES
IRS990/USAddress/State0IA
IRS990/USAddress/ZIPCode050312
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0WWW.EDCOCU.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02015-11-30 17:44:51Z
ReturnHeader/BusinessOfficerGrp/PersonNm0KAROLYN WELLS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum05152744100
ReturnHeader/BusinessOfficerGrp/SignatureDt02014-05-02
ReturnHeader/Filer/BusinessName/BusinessNameLine10EDCO COMMUNITY CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0EDCO
ReturnHeader/Filer/EIN0420328185
ReturnHeader/Filer/PhoneNum05152744100
ReturnHeader/Filer/USAddress/AddressLine10609 38TH STREET
ReturnHeader/Filer/USAddress/City0DES MOINES
ReturnHeader/Filer/USAddress/State0IA
ReturnHeader/Filer/USAddress/ZIPCode050312
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine10PETERSEN & ASSOCIATES
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine101410 GOLD COAST RD 400
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/City0PAPILLION
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/State0NE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCode0680465742
ReturnHeader/PreparerPersonGrp/PhoneNum04023332800
ReturnHeader/PreparerPersonGrp/PreparationDt02014-05-08
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN O PETERSEN
ReturnHeader/ReturnTs02014-05-08T08:13:03-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02013-01-01
ReturnHeader/TaxPeriodEndDt02013-12-31
ReturnHeader/TaxYr02013

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