Civic Intelligence

Ace Credit Union

990 • Fiscal year 2017 • EIN 42-0693466

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

Organization ProfileNA
1028 14th Street SEMason City, IA 50401

(641) 424-6330

Siviq Scores

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

Liabilities / Assets

62nd percentile

0.88x

Higher debt load relative to assets than 62% of similar nonprofits.

2017 filings • 501(c)14 • $5M-$10M nonprofits • Source year 2017

Liabilities / Revenue

97th percentile

48.39x

Higher debt load relative to revenue than 97% of similar nonprofits.

2017 filings • 501(c)14 • $5M-$10M nonprofits • Source year 2017

Net Margin

87th percentile

18%

Higher net margin than 87% of similar nonprofits.

2017 filings • 501(c)14 • $5M-$10M nonprofits • Source year 2017

Top Officer Pay

53rd percentile

$53,953

Higher top officer pay than 53% of similar nonprofits.

Top officer pay equals 32.4% of source-year revenue.

2017 filings • 501(c)14 • $5M-$10M nonprofits • Source year 2017

Asset Growth

12th percentile

-5.4%

Faster asset growth than 12% of similar nonprofits.

2017 filings • 501(c)14 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Revenue Growth

93rd percentile

16%

Faster revenue growth than 93% of similar nonprofits.

2017 filings • 501(c)14 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets62nd percentile

Assets

Down

$9,194,705

Down $520,065 (-5.4%) from 2016

Net Assets

Up

$1,142,004

Up $30,358 (+2.7%) from 2016

Liabilities

Down

$8,052,701

Down $550,423 (-6.4%) from 2016

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin87th percentile

Revenue

Up

$166,415

Up $23,321 (+16%) from 2016

Expenses

Up

$136,057

Up $8,511 (+6.7%) from 2016

Net Income

Up

$30,358

Up $14,810 (+95%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth12th percentile

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

$10M$5.0M$0Assets 2010: $8,776,192Liabilities 2010: $7,834,885Net Assets 2010: $941,3072010Assets 2012: $9,316,378Liabilities 2012: $8,334,538Net Assets 2012: $981,8402012Assets 2013: $9,935,937Liabilities 2013: $8,887,787Net Assets 2013: $1,048,1502013Assets 2014: $9,807,319Liabilities 2014: $8,734,519Net Assets 2014: $1,072,8002014Assets 2015: $9,779,632Liabilities 2015: $8,686,008Net Assets 2015: $1,093,6242015Assets 2016: $9,714,770Liabilities 2016: $8,603,124Net Assets 2016: $1,111,6462016Assets 2017: $9,194,705Liabilities 2017: $8,052,701Net Assets 2017: $1,142,0042017Assets 2018: $7,775,288Liabilities 2018: $6,583,115Net Assets 2018: $1,192,1732018Assets 2019: $7,404,517Liabilities 2019: $6,177,478Net Assets 2019: $1,227,0392019Assets 2020: $8,063,469Liabilities 2020: $6,829,185Net Assets 2020: $1,234,2842020Assets 2021: $9,052,372Liabilities 2021: $7,812,687Net Assets 2021: $1,239,6852021Assets 2022: $8,012,611Liabilities 2022: $6,745,604Net Assets 2022: $1,267,0072022Assets 2023: $7,100,774Liabilities 2023: $5,737,825Net Assets 2023: $1,362,9492023Assets 2024: $7,374,362Liabilities 2024: $5,918,696Net Assets 2024: $1,455,6662024

Highlighted filing

2017

Assets$9,194,705
Liabilities$8,052,701
Net Assets$1,142,004
Open 2017 Filing

Operations Trend

Revenue Growth93rd percentile

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

$400K$300K$200K$100K$0Expenses 2010: $245,8432010Expenses 2012: $180,7072012Revenue 2013: $189,552Expenses 2013: $169,368Net Income 2013: $20,1842013Revenue 2014: $158,935Expenses 2014: $134,285Net Income 2014: $24,6502014Revenue 2015: $149,064Expenses 2015: $128,240Net Income 2015: $20,8242015Revenue 2016: $143,094Expenses 2016: $127,546Net Income 2016: $15,5482016Revenue 2017: $166,415Expenses 2017: $136,057Net Income 2017: $30,3582017Revenue 2018: $192,951Expenses 2018: $142,784Net Income 2018: $50,1672018Revenue 2019: $187,465Expenses 2019: $152,599Net Income 2019: $34,8662019Revenue 2020: $149,966Expenses 2020: $142,721Net Income 2020: $7,2452020Revenue 2021: $137,029Expenses 2021: $131,628Net Income 2021: $5,4012021Revenue 2022: $158,555Expenses 2022: $131,233Net Income 2022: $27,3222022Revenue 2023: $280,768Expenses 2023: $184,825Net Income 2023: $95,9432023Revenue 2024: $315,386Expenses 2024: $222,670Net Income 2024: $92,7162024

Highlighted filing

2017

Revenue$166,415
Expenses$136,057
Net Income$30,358
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Feb 13, 2018
Return Version
2017v2.2
Gross Receipts
$166,415
Mission and Program Overview

Mission

To provide financial services to members - share savings and loans

The organization provides financial services to members - share savings and loans.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$7,633,818$6,951,283▼ $682,535
Other Notes and Loans Receivable, Net$1,746,031$2,028,784▲ $282,753
Rtn Earn Endowment Incm Other Fnds$946,528$976,886▲ $30,358
Pd in Cap Srpls Land Bldg Eqp Fund$165,118$165,118→ $0
Cash and Non-Interest-Bearing Accounts$249,047$130,174▼ $118,873
Land, Buildings, and Equipment, Net$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$9,714,770$9,194,705▼ $520,065
Other Assets Total$85,874$84,464▼ $1,410
Liabilities
Other Liabilities$8,599,086$8,047,788▼ $551,298
Accounts Payable and Accrued Expenses$4,038$4,913▲ $875
Total Liabilities$8,603,124$8,052,701▼ $550,423
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,111,646$1,142,004▲ $30,358
Total Liabilities and Net Assets / Fund Balance$9,714,770$9,194,705▼ $520,065

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$17,616$17,616
Investment Program Related Org$200,000--
Compensation and Service Providers
Top Officer Pay53rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ellen M KayCFOFT$49,311$4,642$53,953
Leslie M BehmAssistant Treasurer-$709-$709

Board Members and Trustees

NameTitle
Jay FridayAudit Chair
Kathy GroveChairperson
Tony PappasCredit Chair
Brent HamiltonVice Chairperson
Cheryl BurtAudit Committee
Marjorie SteinbergAudit Committee
Melissa SwyterAudit Committee
Dan RamaekerCredit Committee
Julie FoxCredit Committee
Karen JohnsonSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$70,626
Investment Income
$32,051
Other Revenue
$63,738
Change in Net Assets
$30,358
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$77,522
Salaries, Compensation, and Employee Benefits$58,535
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$54,662--$54,662
Interest$27,326--$27,326
All Other Expenses$13,250--$13,250
Information Technology$11,289--$11,289
Office Expenses$6,517--$6,517
Insurance$6,020--$6,020
Occupancy$5,050--$5,050
Other Expenses$4,200--$4,200
Payroll Taxes$3,873--$3,873
Advertising$2,090--$2,090
Conferences and Meetings$990--$990
Travel$790--$790
Total Functional Expenses$136,057$0$0$136,057
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 Shares$8,047,788
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“The organization is a credit union with appoximatley 1,100 voting members.”

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

“Board members are elected by members at the annual meeting.”

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

“The return will be reviewed by all board members prior to its filing. The process of review begins with the form 990 distributed to all board members and culminates in a final vote of approval at their monthly meeting.”

Form 990, Part VI, Section B, Line 15A

“There is an annual review for the cfo of ace credit union. This is performed by the board of directors. The proecess includes the approval by the board, comparability data, and documentation of the deliberation and decision.”

Form 990, Part VI, Section C, Line 18

“The form 990 is kept at the credit union office and available for review.”

Form 990, Part VI, Section C, Line 19

“Documents are kept at the credit union office and annual statement is presented at annual meeting.”

Filing and Contact Details

Filer

Filer Name
Ace Credit Union
EIN
42-0693466
Phone
6414246330
Address
1028 14TH STREET SE, MASON CITY, IA 50401

Signing Officer

Name
Ellen Kay
Title
CFO
Phone
6414246330
Signed
2018-02-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ellen Kay
Formed
1934
Legal Domicile
Ia
Voting Board Members
12
Independent Board Members
11
Employees
2
Volunteers
0

Preparer

Firm
Gardiner Thomsen
Address
10555 NEW YORK AVENUE SUITE 200, DES MOINES, IA 50322
Preparer
Charles Telk Jr CPA
Phone
5152701446
Raw XML Appendix382 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/Form990PartVIISectionAGrp/TitleTxt2VICE CHAIRPERSON
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IRS990/Form990PartVIISectionAGrp/TitleTxt4AUDIT CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt5AUDIT COMMITTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6AUDIT COMMITTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7CREDIT COMMITTEE
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IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt030358
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd01
IRS990/RevenueAmt0134364
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0946528
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0976886
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/EquipmentGrp/BookValueAmt00
IRS990ScheduleD/EquipmentGrp/DepreciationAmt017616
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt017616
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt03965000
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt12786283
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt2200000
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0DEPOSITS IN COMMERCIAL BANKS
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1NCB
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc2NCB RESERVE
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd1C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd2C
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt08047788
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER SHARES
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalBookValueProgramRltdAmt06951283
IRS990ScheduleD/TotalLiabilityAmt08047788
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS A CREDIT UNION WITH APPOXIMATLEY 1,100 VOTING MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD MEMBERS ARE ELECTED BY MEMBERS AT THE ANNUAL MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE RETURN WILL BE REVIEWED BY ALL BOARD MEMBERS PRIOR TO ITS FILING. THE PROCESS OF REVIEW BEGINS WITH THE FORM 990 DISTRIBUTED TO ALL BOARD MEMBERS AND CULMINATES IN A FINAL VOTE OF APPROVAL AT THEIR MONTHLY MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THERE IS AN ANNUAL REVIEW FOR THE CFO OF ACE CREDIT UNION. THIS IS PERFORMED BY THE BOARD OF DIRECTORS. THE PROECESS INCLUDES THE APPROVAL BY THE BOARD, COMPARABILITY DATA, AND DOCUMENTATION OF THE DELIBERATION AND DECISION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE FORM 990 IS KEPT AT THE CREDIT UNION OFFICE AND AVAILABLE FOR REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5DOCUMENTS ARE KEPT AT THE CREDIT UNION OFFICE AND ANNUAL STATEMENT IS PRESENTED AT ANNUAL MEETING.
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 B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt09714770
IRS990/TotalAssetsEOYAmt09194705
IRS990/TotalAssetsGrp/BOYAmt09714770
IRS990/TotalAssetsGrp/EOYAmt09194705
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0136057
IRS990/TotalFunctionalExpensesGrp/TotalAmt0136057
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt08603124
IRS990/TotalLiabilitiesEOYAmt08052701
IRS990/TotalLiabilitiesGrp/BOYAmt08603124
IRS990/TotalLiabilitiesGrp/EOYAmt08052701
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01111646
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01142004
IRS990/TotalOtherCompensationAmt04642
IRS990/TotalProgramServiceExpensesAmt0136057
IRS990/TotalProgramServiceRevenueAmt070626
IRS990/TotalReportableCompFromOrgAmt050020
IRS990/TotalRevenueGrp/ExclusionAmt032051
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0134364
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0166415
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt09714770
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt09194705
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ProgramServicesAmt0790
IRS990/TravelGrp/TotalAmt0790
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01028 14TH STREET SE
IRS990/USAddress/CityNm0MASON CITY
IRS990/USAddress/StateAbbreviationCd0IA
IRS990/USAddress/ZIPCd050401
IRS990/VotingMembersGoverningBodyCnt012
IRS990/VotingMembersIndependentCnt011
IRS990/WebsiteAddressTxt0NA
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02018-06-14 16:35:46Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0ELLEN KAY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CFO
ReturnHeader/BusinessOfficerGrp/PhoneNum06414246330
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-02-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0ACE CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0ACEC
ReturnHeader/Filer/EIN0420693466
ReturnHeader/Filer/PhoneNum06414246330
ReturnHeader/Filer/USAddress/AddressLine1Txt01028 14TH STREET SE
ReturnHeader/Filer/USAddress/CityNm0MASON CITY
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IA
ReturnHeader/Filer/USAddress/ZIPCd050401
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId08C66785C605364AB8C0A33EFB6DFD2CBE32B8391
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId08C66785C605364AB8C0A33EFB6DFD2CBE32B8391
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0208.69.145.49
ReturnHeader/FilingSecurityInformation/IPDt02018-02-21
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CS
ReturnHeader/FilingSecurityInformation/IPTm009:10:31
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0421186197
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0GARDINER THOMSEN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt010555 NEW YORK AVENUE SUITE 200
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0DES MOINES
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd050322
ReturnHeader/PreparerPersonGrp/PhoneNum05152701446
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0CHARLES TELK JR CPA
ReturnHeader/ReturnTs02018-02-21T09:11:11-06:00
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
$9,194,705
Liabilities
$8,052,701
Net assets
$1,142,004
Revenue
$166,415
Expenses
$136,057
Net income
$30,358
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$7.37$5.92$1.46$0.32$0.22$0.09
2023Detailed filing. Detailed filing data is available for this year.$7.10$5.74$1.36$0.28$0.18$0.10
2022Detailed filing. Detailed filing data is available for this year.$8.01$6.75$1.27$0.16$0.13$0.03
2021Detailed filing. Detailed filing data is available for this year.$9.05$7.81$1.24$0.14$0.13$0.01
2020Detailed filing. Detailed filing data is available for this year.$8.06$6.83$1.23$0.15$0.14$0.01
2019Detailed filing. Detailed filing data is available for this year.$7.40$6.18$1.23$0.19$0.15$0.03
2018Detailed filing. Detailed filing data is available for this year.$7.78$6.58$1.19$0.19$0.14$0.05
2017Detailed filing. Detailed filing data is available for this year.$9.19$8.05$1.14$0.17$0.14$0.03
2016Detailed filing. Detailed filing data is available for this year.$9.71$8.60$1.11$0.14$0.13$0.02
2015Detailed filing. Detailed filing data is available for this year.$9.78$8.69$1.09$0.15$0.13$0.02
2014Detailed filing. Detailed filing data is available for this year.$9.81$8.73$1.07$0.16$0.13$0.02
2013Detailed filing. Detailed filing data is available for this year.$9.94$8.89$1.05$0.19$0.17$0.02
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.32$8.33$0.98$0.18
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.78$7.83$0.94$0.25