Civic Intelligence

Iowa Corporate Central Credit Union Midwest Federal Employees Credit Un

990 • Fiscal year 2013 • EIN 42-0587485

Jan 01, 2013 to Dec 31, 2013 • Filed on May 02, 2014

Organization ProfileWWW.MWFECU.ORG
PO Box 116750704

(319) 233-4723

Siviq Scores

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

Liabilities / Assets

64th percentile

0.88x

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

2013 filings • 501(c)14 • $5M-$10M nonprofits • Source year 2013

Liabilities / Revenue

93rd percentile

34.60x

Higher debt load relative to revenue than 93% of similar nonprofits.

2013 filings • 501(c)14 • $5M-$10M nonprofits • Source year 2013

Net Margin

16th percentile

-16%

Higher net margin than 16% of similar nonprofits.

2013 filings • 501(c)14 • $5M-$10M nonprofits • Source year 2013

Top Officer Pay

17th percentile

$0

Higher top officer pay than 17% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2013 filings • 501(c)14 • $5M-$10M nonprofits • Source year 2013

Asset Growth

22nd percentile

-3.8%

Faster asset growth than 22% of similar nonprofits.

2013 filings • 501(c)14 • $5M-$10M 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 / Assets64th percentile

Assets

Down

$7,740,275

Down $303,370 (-3.8%) from 2012

Net Assets

Down

$964,694

Down $30,995 (-3.1%) from 2012

Liabilities

Down

$6,775,581

Down $272,375 (-3.9%) from 2012

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin16th percentile

Revenue

$195,840

No earlier filing loaded for comparison.

Expenses

Down

$226,835

Down $19,675 (-8.0%) from 2012

Net Income

-$30,995

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth22nd percentile

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

$10M$5.0M$0Assets 2010: $8,202,079Liabilities 2010: $7,216,851Net Assets 2010: $985,2282010Assets 2011: $7,675,937Liabilities 2011: $6,683,882Net Assets 2011: $992,0552011Assets 2012: $8,043,645Liabilities 2012: $7,047,956Net Assets 2012: $995,6892012Assets 2013: $7,740,275Liabilities 2013: $6,775,581Net Assets 2013: $964,6942013Assets 2014: $7,220,801Liabilities 2014: $6,270,068Net Assets 2014: $950,7332014

Highlighted filing

2013

Assets$7,740,275
Liabilities$6,775,581
Net Assets$964,694
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$300K$200K$100K$0-$100KExpenses 2010: $296,0122010Expenses 2011: $264,7822011Expenses 2012: $246,5102012Revenue 2013: $195,840Expenses 2013: $226,835Net Income 2013: -$30,9952013Revenue 2014: $185,161Expenses 2014: $199,122Net Income 2014: -$13,9612014

Highlighted filing

2013

Revenue$195,840
Expenses$226,835
Net Income-$30,995
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
May 2, 2014
Return Version
2013v3.1
Gross Receipts
$195,840
Mission and Program Overview

Mission

State chartered credit union

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$6,210,610$6,104,080▼ $106,530
Other Notes and Loans Receivable, Net$1,725,680$1,521,677▼ $204,003
Rtn Earn Endowment Incm Other Fnds$818,397$787,402▼ $30,995
Pd in Cap Srpls Land Bldg Eqp Fund$177,292$177,292→ $0
Cash and Non-Interest-Bearing Accounts$35,310$39,715▲ $4,405
Prepaid Expenses and Deferred Charges$434$434→ $0
Land, Buildings, and Equipment, Net$919$327▼ $592
Accounts Receivable$241$241→ $0
Total Assets$8,043,645$7,740,275▼ $303,370
Other Assets Total$70,451$73,801▲ $3,350
Liabilities
Other Liabilities$7,037,447$6,770,122▼ $267,325
Accounts Payable and Accrued Expenses$10,509$5,459▼ $5,050
Total Liabilities$7,047,956$6,775,581▼ $272,375
Net Assets / Fund Balance
Total Net Assets Fund Balance$995,689$964,694▼ $30,995
Total Liabilities and Net Assets / Fund Balance$8,043,645$7,740,275▼ $303,370

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$327$42,244$42,571
Compensation and Service Providers
Top Officer Pay17th percentile

Board Members and Trustees

NameTitle
Cindy MillerBoard Member
Daryl SeyfferBoard Member
David ColeBoard Member
Jennifer ThedeBoard Member
Kimberly KarolBoard Member
Larry WaltersBoard Member
Neil JacksonBoard Member
Patti SorgeBoard Member
Raymond LeitzBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$141,942
Investment Income
$53,898
Other Revenue
$0
Change in Net Assets
$-30,995
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$130,677
Salaries, Compensation, and Employee Benefits$96,158
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$75,820
Office Expenses---$48,838
Insurance---$21,071
Other Employee Benefits---$14,454
All Other Expenses---$12,122
Other Expenses---$7,733
Payroll Taxes---$5,884
Fees for Services Legal---$960
Occupancy---$686
Depreciation Depletion---$591
Conferences and Meetings---$360
Total Functional Expenses$0$0$0$226,835
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$6,770,122
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, 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 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
42-0587485
Phone
3192334723

Signing Officer

Name
Paula Kuehl
Title
Manager
Phone
3192334723
Signed
2014-05-02

Organization Details

Principal Officer
Paula Kuehl
Formed
1930
Legal Domicile
Ia
Voting Board Members
9
Independent Board Members
9
Employees
0
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.”

Raw XML Appendix324 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS MEMBERS. ALL INCOME AND EXPENSES ARE DEEMED RELATED TO THE OVERALL OBJECTIVE OF MEMBER SERVICES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL DEPOSITORS ARE CONSIDERED MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE CREDIT UNION MEMBERS ELECT ON AN ANNUAL BASIS THE MEMBERS OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4ANY PROPOSED MERGERS MUST BE APPROVED BY A MAJORITY OF THE MEMBERSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5NO REVIEW WAS OR WILL BE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE 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/ExplanationTxt7THE 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/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 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/USAddress/State0IA
IRS990/USAddress/ZIPCode050704
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0WWW.MWFECU.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02015-11-30 17:44:51Z
ReturnHeader/BusinessOfficerGrp/PersonNm0PAULA KUEHL
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0MANAGER
ReturnHeader/BusinessOfficerGrp/PhoneNum03192334723
ReturnHeader/BusinessOfficerGrp/SignatureDt02014-05-02
ReturnHeader/Filer/BusinessName/BusinessNameLine10MIDWEST FEDERAL EMPLOYEES
ReturnHeader/Filer/BusinessName/BusinessNameLine20CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0MIDW
ReturnHeader/Filer/EIN0420587485
ReturnHeader/Filer/PhoneNum03192334723
ReturnHeader/Filer/USAddress/AddressLine10PO BOX 1167
ReturnHeader/Filer/USAddress/City0WATERLOO
ReturnHeader/Filer/USAddress/State0IA
ReturnHeader/Filer/USAddress/ZIPCode050704
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/PreparationDt02014-05-05
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN O PETERSEN
ReturnHeader/ReturnTs02014-05-05T08:24:38-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02013-01-01
ReturnHeader/TaxPeriodEndDt02013-12-31
ReturnHeader/TaxYr02013

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$7,740,275
Liabilities
$6,775,581
Net assets
$964,694
Revenue
$195,840
Expenses
$226,835
Net income
-$30,995
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2014Detailed filing. Detailed filing data is available for this year.$7.22$6.27$0.95$0.19$0.20$0.01
2013Detailed filing. Detailed filing data is available for this year.$7.74$6.78$0.96$0.20$0.23$0.03
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.04$7.05$1.00$0.25
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.68$6.68$0.99$0.26
2010XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.20$7.22$0.99$0.30