Civic Intelligence

Serve Credit Union

990 • Fiscal year 2019 • EIN 42-0773825

Jan 01, 2019 to Dec 31, 2019 • Filed on May 13, 2020

423 East Court AvenueDes Moines, IA 50309

(515) 243-2677

Siviq Scores

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

Liabilities / Assets

28th percentile

0.85x

Higher debt load relative to assets than 28% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Liabilities / Revenue

56th percentile

17.35x

Higher debt load relative to revenue than 56% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Net Margin

72nd percentile

17%

Higher net margin than 72% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Top Officer Pay

47th percentile

$140,876

Higher top officer pay than 47% of similar nonprofits.

Top officer pay equals 3.8% of source-year revenue.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Asset Growth

86th percentile

8.5%

Faster asset growth than 86% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Revenue Growth

87th percentile

13%

Faster revenue growth than 87% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Assets

Up

$75,142,786

Up $5,873,868 (+8.5%) from 2018

Net Assets

Up

$11,195,055

Up $626,372 (+5.9%) from 2018

Liabilities

Up

$63,947,731

Up $5,247,496 (+8.9%) from 2018

Revenue

Up

$3,686,743

Up $435,630 (+13%) from 2018

Expenses

Up

$3,060,371

Up $457,470 (+18%) from 2018

Net Income

Down

$626,372

Down $21,840 (-3.4%) from 2018

Historical Trend

Balance Sheet Trend

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

$100M$50M$0Assets 2010: $31,964,365Liabilities 2010: $27,011,720Net Assets 2010: $4,952,6452010Assets 2012: $39,658,101Liabilities 2012: $33,969,925Net Assets 2012: $5,688,1762012Assets 2013: $42,450,094Liabilities 2013: $36,378,073Net Assets 2013: $6,072,0212013Assets 2014: $44,704,805Liabilities 2014: $38,194,592Net Assets 2014: $6,510,2132014Assets 2015: $51,685,051Liabilities 2015: $44,142,060Net Assets 2015: $7,542,9912015Assets 2016: $54,252,590Liabilities 2016: $46,142,062Net Assets 2016: $8,110,5282016Assets 2017: $66,985,975Liabilities 2017: $57,029,996Net Assets 2017: $9,955,9792017Assets 2018: $69,268,918Liabilities 2018: $58,700,235Net Assets 2018: $10,568,6832018Assets 2019: $75,142,786Liabilities 2019: $63,947,731Net Assets 2019: $11,195,0552019Assets 2020: $86,739,221Liabilities 2020: $74,602,750Net Assets 2020: $12,136,4712020Assets 2021: $94,294,193Liabilities 2021: $81,264,494Net Assets 2021: $13,029,6992021Assets 2022: $98,485,699Liabilities 2022: $84,597,541Net Assets 2022: $13,888,1582022Assets 2023: $98,075,508Liabilities 2023: $83,226,025Net Assets 2023: $14,849,4832023Assets 2024: $96,897,485Liabilities 2024: $80,692,813Net Assets 2024: $16,204,6722024

Highlighted filing

2019

Assets$75,142,786
Liabilities$63,947,731
Net Assets$11,195,055

Operations Trend

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

$8.0M$6.0M$4.0M$2.0M$0Expenses 2010: $1,305,1272010Expenses 2012: $1,303,9922012Revenue 2013: $1,605,497Expenses 2013: $1,297,870Net Income 2013: $307,6272013Revenue 2014: $1,735,001Expenses 2014: $1,372,323Net Income 2014: $362,6782014Revenue 2015: $2,037,568Expenses 2015: $1,506,194Net Income 2015: $531,3742015Revenue 2016: $2,288,817Expenses 2016: $1,809,789Net Income 2016: $479,0282016Revenue 2017: $2,867,762Expenses 2017: $2,442,383Net Income 2017: $425,3792017Revenue 2018: $3,251,113Expenses 2018: $2,602,901Net Income 2018: $648,2122018Revenue 2019: $3,686,743Expenses 2019: $3,060,371Net Income 2019: $626,3722019Revenue 2020: $3,934,617Expenses 2020: $2,993,201Net Income 2020: $941,4162020Revenue 2021: $4,126,999Expenses 2021: $3,233,771Net Income 2021: $893,2282021Revenue 2022: $4,223,581Expenses 2022: $3,365,122Net Income 2022: $858,4592022Revenue 2023: $5,571,787Expenses 2023: $4,606,712Net Income 2023: $965,0752023Revenue 2024: $6,383,635Expenses 2024: $5,030,072Net Income 2024: $1,353,5632024

Highlighted filing

2019

Revenue$3,686,743
Expenses$3,060,371
Net Income$626,372
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
May 13, 2020
Return Version
2019v5.0
Gross Receipts
$3,686,743
Mission and Program Overview

Mission

Growing to provide exceptional rates, competitive financial products, and friendly service to a membership dedicated to community services.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$53,654,097$55,658,178▲ $2,004,081
Savings and Temporary Cash Investments$8,832,510$12,866,767▲ $4,034,257
Rtn Earn Endowment Incm Other Fnds$6,263,102$6,705,477▲ $442,375
Pd in Cap Srpls Land Bldg Eqp Fund$4,305,581$4,489,578▲ $183,997
Land, Buildings, and Equipment, Net$2,250,067$2,109,104▼ $140,963
Investments Program Related$726,863$724,495▼ $2,368
Cash and Non-Interest-Bearing Accounts$609,185$483,570▼ $125,615
Prepaid Expenses and Deferred Charges$61,759$78,559▲ $16,800
Accounts Receivable-$375-
Total Assets$69,268,918$75,142,786▲ $5,873,868
Other Assets Total$3,134,437$3,221,738▲ $87,301
Liabilities
Other Liabilities$57,249,847$62,738,137▲ $5,488,290
Accounts Payable and Accrued Expenses$950,388$1,209,594▲ $259,206
Mortgage Notes Payable Secured by Investment Property$500,000--
Total Liabilities$58,700,235$63,947,731▲ $5,247,496
Net Assets / Fund Balance
Total Net Assets Fund Balance$10,568,683$11,195,055▲ $626,372
Total Liabilities and Net Assets / Fund Balance$69,268,918$75,142,786▲ $5,873,868

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$721,990$374,071$1,096,061
Leasehold Improvements$787,570$206,079$993,649
Land$442,278-$442,278
Equipment$157,266$161,568$318,834
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Jami WeemsCEOFT$140,876$140,876

Board Members and Trustees

NameTitle
Ben WarrenBoard Member
Brad WellsBoard Member
Brian PeppmeierBoard Member
Dale BruceBoard Member
Dave NessBoard Member
Eric HartmanBoard Member
Gretchen HaysBoard Member
Jason HaighBoard Member
Kevin SchneiderBoard Member
Mike MorganBoard Member
Will ArceBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,344,316
Investment Income
$342,427
Other Revenue
$0
Change in Net Assets
$626,372
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,046,322
Salaries, Compensation, and Employee Benefits$1,014,049
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$810,704
All Other Expenses---$337,004
Occupancy---$196,036
Depreciation Depletion---$174,013
Office Expenses---$137,244
Other Expenses---$128,501
Other Employee Benefits---$76,350
Payroll Taxes---$70,301
Advertising---$57,427
Pension Plan Contributions---$56,694
Fees for Services Accounting---$27,696
Insurance---$19,992
Conferences and Meetings---$14,574
Fees for Services Legal---$6,273
Interest---$449
Total Functional Expenses$0$0$0$3,060,371
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$62,738,137
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
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
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 on interest disclosure statement, which is updated annually.

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

The process for determining conpensation for the ceo includes a comparison of compensation for similarly qualified persons in comparable positions utilizing cuna salary survey, merit resources, and cues salary survey. The salary is reviewed and approved by the board of directors and is docuemted in the board minutes. The latest review was conducted in december 2019.

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 on interest policy are made available upon request.

Filing and Contact Details

Filer

Filer Name
Serve Credit Union
EIN
42-0773825
Phone
5152432677
Address
423 EAST COURT AVENUE, DES MOINES, IA 50309

Signing Officer

Name
Troy Gould
Title
CFO
Phone
5152432677
Signed
2020-05-13

Organization Details

Principal Officer
Troy Gould
Formed
1932
Legal Domicile
Ia
Voting Board Members
11
Independent Board Members
11
Employees
24
Volunteers
11

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 IX, Line 24E

Data processing 117,334 0 0 other professional servic 107,685 0 0 miscellaneous 82,814 0 0 examination fees 17,333 0 0 asociation dues 11,838 0 0 total 337,004 0 0

Raw XML Appendix374 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/PYSalariesCompEmpBnftPaidAmt0984203
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt0374071
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt0161568
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL DEPOSITORS ARE CONSIDERED MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE CREDIT UNION MEMBERS ELECT ON AN ANNUAL BASIS THE MEMBERS OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ANY PROPOSED MERGERS MUST BE APPROVED BY A MAJORITY OF THE MEMBERSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4NO REVIEW WAS OR WILL BE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE SECURITY MATRIX ON THE DATA PROCESSING SYSTEM PROHIBITS EMPLOYEES AND DIRECTORS FROM INITIATING TRANSACTIONS ON ALL ACCOUNTS LISTED ON THEIR CONFLICT ON INTEREST DISCLOSURE STATEMENT, WHICH IS UPDATED ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE PROCESS FOR DETERMINING CONPENSATION FOR THE CEO INCLUDES A COMPARISON OF COMPENSATION FOR SIMILARLY QUALIFIED PERSONS IN COMPARABLE POSITIONS UTILIZING CUNA SALARY SURVEY, MERIT RESOURCES, AND CUES SALARY SURVEY. THE SALARY IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS AND IS DOCUEMTED IN THE BOARD MINUTES. THE LATEST REVIEW WAS CONDUCTED IN DECEMBER 2019.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE MONTHLY FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY AND ARE UPDATED ON A MONTHLY BASIS. THE GOVERNING DOCUMENTS AND CONFLICT ON INTEREST POLICY ARE MADE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8DATA PROCESSING 117,334 0 0 OTHER PROFESSIONAL SERVIC 107,685 0 0 MISCELLANEOUS 82,814 0 0 EXAMINATION FEES 17,333 0 0 ASOCIATION DUES 11,838 0 0 TOTAL 337,004 0 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PART IX, LINE 24E
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IRS990/TotalProgramServiceRevenueAmt03344316
IRS990/TotalReportableCompFromOrgAmt0140876
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IRS990/USAddress/CityNm0DES MOINES
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IRS990/VotingMembersGoverningBodyCnt011
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IRS990/WebsiteAddressTxt0WWW.SERVECU.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02021-04-22 16:20:28Z
ReturnHeader/BusinessOfficerGrp/PersonNm0TROY GOULD
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CFO
ReturnHeader/BusinessOfficerGrp/PhoneNum05152432677
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-05-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SERVE CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0SERV
ReturnHeader/Filer/EIN0420773825
ReturnHeader/Filer/PhoneNum05152432677
ReturnHeader/Filer/USAddress/AddressLine1Txt0423 EAST COURT AVENUE
ReturnHeader/Filer/USAddress/CityNm0DES MOINES
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ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0AA5E5617F0C7F7CF9897F415F01B95D9C4C9C7A2
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt070.184.213.184
ReturnHeader/FilingSecurityInformation/IPDt02020-05-20
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm009:36:15
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0470749138
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0PETERSEN & ASSOCIATES
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0506 E GOLD COAST RD STE 100
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0PAPILLION
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0680464790
ReturnHeader/PreparerPersonGrp/PhoneNum04023332800
ReturnHeader/PreparerPersonGrp/PreparationDt02020-05-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN O PETERSEN
ReturnHeader/ReturnTs02020-05-20T09:36:15-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-01-01
ReturnHeader/TaxPeriodEndDt02019-12-31
ReturnHeader/TaxYr02019

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$96.9$80.7$16.2$6.38$5.03$1.35
2023Detailed filing. Detailed filing data is available for this year.$98.1$83.2$14.8$5.57$4.61$0.97
2022Detailed filing. Detailed filing data is available for this year.$98.5$84.6$13.9$4.22$3.37$0.86
2021Detailed filing. Detailed filing data is available for this year.$94.3$81.3$13.0$4.13$3.23$0.89
2020Detailed filing. Detailed filing data is available for this year.$86.7$74.6$12.1$3.93$2.99$0.94
2019Detailed filing. Detailed filing data is available for this year.$75.1$63.9$11.2$3.69$3.06$0.63
2018Detailed filing. Detailed filing data is available for this year.$69.3$58.7$10.6$3.25$2.60$0.65
2017Detailed filing. Detailed filing data is available for this year.$67.0$57.0$9.96$2.87$2.44$0.43
2016Detailed filing. Detailed filing data is available for this year.$54.3$46.1$8.11$2.29$1.81$0.48
2015Detailed filing. Detailed filing data is available for this year.$51.7$44.1$7.54$2.04$1.51$0.53
2014Detailed filing. Detailed filing data is available for this year.$44.7$38.2$6.51$1.74$1.37$0.36
2013Detailed filing. Detailed filing data is available for this year.$42.5$36.4$6.07$1.61$1.30$0.31
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$39.7$34.0$5.69$1.30
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$32.0$27.0$4.95$1.31