Civic Intelligence

Teamsters Local 238 Credit Union

EIN 42-0785140 • 501(c)14 • Cedar Rapids, IA

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Profile

State chartered credit union

5050 J St SWCedar Rapids, IA 52404

teamsterslocal238cu.org

Siviq Scores

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

Liabilities / Assets

94th percentile

0.94x

Higher debt load relative to assets than 94% of similar nonprofits.

501(c)14 • $5M-$10M nonprofits • Source year 2025

Liabilities / Revenue

64th percentile

16.91x

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

501(c)14 • $5M-$10M nonprofits • Source year 2025

Net Margin

30th percentile

-4.6%

Higher net margin than 30% of similar nonprofits.

501(c)14 • $5M-$10M nonprofits • Source year 2025

Top Officer Pay

18th percentile

$0

Higher top officer pay than 18% of similar nonprofits.

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

501(c)14 • $5M-$10M nonprofits • Source year 2025

Asset Growth

40th percentile

-3.0%

Faster asset growth than 40% of similar nonprofits.

501(c)14 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Revenue Growth

62nd percentile

9.9%

Faster revenue growth than 62% of similar nonprofits.

501(c)14 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets94th percentile

Assets

Down

$7,875,138

Down $347,588 (-4.2%) from 2023

Liabilities

Down

$7,390,549

Down $327,917 (-4.2%) from 2023

Net Assets

Down

$484,589

Down $19,671 (-3.9%) from 2023

Operations
Liabilities / Revenue64th percentileNet Margin30th percentile

Revenue

Up

$386,127

Up $83,698 (+28%) from 2023

Expenses

Down

$405,798

Down $97,534 (-19%) from 2023

Net Income

Up

-$19,671

Up $181,232 (+90%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth40th percentile

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

$15M$10M$5.0M$0Assets 2010: $8,293,923Liabilities 2010: $7,225,137Net Assets 2010: $1,068,7862010Assets 2011: $7,428,825Liabilities 2011: $6,335,277Net Assets 2011: $1,093,5482011Assets 2012: $10,310,483Liabilities 2012: $9,225,822Net Assets 2012: $1,084,6612012Assets 2013: $8,859,524Liabilities 2013: $7,961,841Net Assets 2013: $897,6832013Assets 2014: $9,221,201Liabilities 2014: $8,319,580Net Assets 2014: $901,6212014Assets 2015: $7,812,157Liabilities 2015: $6,890,219Net Assets 2015: $921,9382015Assets 2016: $8,599,993Liabilities 2016: $7,685,839Net Assets 2016: $914,1542016Assets 2017: $7,663,720Liabilities 2017: $6,749,159Net Assets 2017: $914,5612017Assets 2018: $8,623,148Liabilities 2018: $7,698,820Net Assets 2018: $924,3282018Assets 2019: $8,417,484Liabilities 2019: $7,454,264Net Assets 2019: $963,2202019Assets 2020: $11,670,966Liabilities 2020: $10,700,441Net Assets 2020: $970,5252020Assets 2021: $10,015,103Liabilities 2021: $9,136,002Net Assets 2021: $879,1012021Assets 2022: $9,805,631Liabilities 2022: $9,100,468Net Assets 2022: $705,1632022Assets 2023: $8,222,726Liabilities 2023: $7,718,466Net Assets 2023: $504,2602023Assets 2024: $7,875,138Liabilities 2024: $7,390,549Net Assets 2024: $484,5892024

Highlighted filing

2024

Assets$7,875,138
Liabilities$7,390,549
Net Assets$484,589
Open 2024 Filing

Operations Trend

Revenue Growth62nd percentile

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

$1.0M$500K$0-$500KExpenses 2010: $440,2412010Expenses 2011: $439,4052011Expenses 2012: $433,9102012Revenue 2013: $442,246Expenses 2013: $629,224Net Income 2013: -$186,9782013Revenue 2014: $425,880Expenses 2014: $421,942Net Income 2014: $3,9382014Revenue 2015: $388,900Expenses 2015: $368,583Net Income 2015: $20,3172015Revenue 2016: $344,561Expenses 2016: $352,345Net Income 2016: -$7,7842016Revenue 2017: $348,704Expenses 2017: $348,297Net Income 2017: $4072017Revenue 2018: $372,266Expenses 2018: $362,499Net Income 2018: $9,7672018Revenue 2019: $393,367Expenses 2019: $354,475Net Income 2019: $38,8922019Revenue 2020: $356,536Expenses 2020: $349,231Net Income 2020: $7,3052020Revenue 2021: $300,035Expenses 2021: $391,459Net Income 2021: -$91,4242021Revenue 2022: $240,615Expenses 2022: $414,553Net Income 2022: -$173,9382022Revenue 2023: $302,429Expenses 2023: $503,332Net Income 2023: -$200,9032023Revenue 2024: $386,127Expenses 2024: $405,798Net Income 2024: -$19,6712024

Highlighted filing

2024

Revenue$386,127
Expenses$405,798
Net Income-$19,671
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,875,138
Liabilities
$7,390,549
Net assets
$484,589
Revenue
$386,127
Expenses
$405,798
Net income
-$19,671
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$7.88$7.39$0.48$0.39$0.41$0.02
2023Detailed filing. Detailed filing data is available for this year.$8.22$7.72$0.50$0.30$0.50$0.20
2022Detailed filing. Detailed filing data is available for this year.$9.81$9.10$0.71$0.24$0.41$0.17
2021Detailed filing. Detailed filing data is available for this year.$10.0$9.14$0.88$0.30$0.39$0.09
2020Detailed filing. Detailed filing data is available for this year.$11.7$10.7$0.97$0.36$0.35$0.01
2019Detailed filing. Detailed filing data is available for this year.$8.42$7.45$0.96$0.39$0.35$0.04
2018Detailed filing. Detailed filing data is available for this year.$8.62$7.70$0.92$0.37$0.36$0.01
2017Detailed filing. Detailed filing data is available for this year.$7.66$6.75$0.91$0.35$0.35$0.00
2016Detailed filing. Detailed filing data is available for this year.$8.60$7.69$0.91$0.34$0.35$0.01
2015Detailed filing. Detailed filing data is available for this year.$7.81$6.89$0.92$0.39$0.37$0.02
2014Detailed filing. Detailed filing data is available for this year.$9.22$8.32$0.90$0.43$0.42$0.00
2013Detailed filing. Detailed filing data is available for this year.$8.86$7.96$0.90$0.44$0.63$0.19
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.3$9.23$1.08$0.43
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.43$6.34$1.09$0.44
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.29$7.23$1.07$0.44
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Apr 22, 2025
Return Version
2024v5.0
Gross Receipts
$386,127
Mission and Program Overview

Mission

State chartered credit union

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$4,345,566$4,389,947▲ $44,381
Other Notes and Loans Receivable, Net$3,587,261$3,190,208▼ $397,053
Pd in Cap Srpls Land Bldg Eqp Fund$484,456$484,456→ $0
Cash and Non-Interest-Bearing Accounts$87,004$106,425▲ $19,421
Prepaid Expenses and Deferred Charges$95,489$83,298▼ $12,191
Rtn Earn Endowment Incm Other Fnds$19,804$133▼ $19,671
Total Assets$8,222,726$7,875,138▼ $347,588
Other Assets Total$107,406$105,260▼ $2,146
Liabilities
Other Liabilities$7,658,843$7,335,243▼ $323,600
Accounts Payable and Accrued Expenses$59,623$55,306▼ $4,317
Total Liabilities$7,718,466$7,390,549▼ $327,917
Net Assets / Fund Balance
Total Net Assets Fund Balance$504,260$484,589▼ $19,671
Total Liabilities and Net Assets / Fund Balance$8,222,726$7,875,138▼ $347,588

Asset Categories

AssetBook ValueDepreciationBasis
Buildings-$186,837$186,837
Equipment-$37,613$37,613
Compensation and Service Providers
Top Officer Pay18th percentile

Board Members and Trustees

NameTitle
Adam SpencerBoard Member
Brian SimpsonBoard Member
Dale WalterBoard Member
David ElliottBoard Member
George StevensBoard Member
Greg HearnsBoard Member
Kelly HuntBoard Member
Zach PetersonBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$237,113
Investment Income
$149,014
Other Revenue
$0
Change in Net Assets
$-19,671
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$213,941
Salaries, Compensation, and Employee Benefits$191,857
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$156,094
Office Expenses---$26,568
Pension Plan Contributions---$22,019
Insurance---$14,865
Occupancy---$12,379
Payroll Taxes---$12,034
All Other Expenses---$10,878
Other Expenses---$7,525
Fees for Services Accounting---$5,885
Other Employee Benefits---$1,710
Advertising---$343
Total Functional Expenses$0$0$0$405,798
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$7,335,243
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
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 board of directors completes an employee evaluation on the ceo on an annual basis. The employee evaluation is discussed at the board meeting, a motion is made as to the level of compensation and then voted on by the board. The last evaluation was conducted in december 2024.”

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
Teamsters Local 238 Credit Union
EIN
42-0785140
Phone
3193638247
Address
5050 J ST SW, CEDAR RAPIDS, IA 52404

Signing Officer

Name
Eric Sorensen
Title
Manager
Phone
3193638247
Signed
2025-04-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Eric Sorensen
Formed
1956
Legal Domicile
Ia
Voting Board Members
8
Independent Board Members
8
Employees
3
Volunteers
8

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”

Raw XML Appendix315 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/ExplanationTxt0N/A
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 BOARD OF DIRECTORS COMPLETES AN EMPLOYEE EVALUATION ON THE CEO ON AN ANNUAL BASIS. THE EMPLOYEE EVALUATION IS DISCUSSED AT THE BOARD MEETING, A MOTION IS MADE AS TO THE LEVEL OF COMPENSATION AND THEN VOTED ON BY THE BOARD. THE LAST EVALUATION WAS CONDUCTED IN DECEMBER 2024.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE 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 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 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt08222726
IRS990/TotalAssetsEOYAmt07875138
IRS990/TotalAssetsGrp/BOYAmt08222726
IRS990/TotalAssetsGrp/EOYAmt07875138
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0405798
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt07718466
IRS990/TotalLiabilitiesEOYAmt07390549
IRS990/TotalLiabilitiesGrp/BOYAmt07718466
IRS990/TotalLiabilitiesGrp/EOYAmt07390549
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0504260
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0484589
IRS990/TotalProgramServiceRevenueAmt0237113
IRS990/TotalRevenueGrp/ExclusionAmt0386127
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0386127
IRS990/TotalVolunteersCnt08
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt08222726
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt07875138
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt05050 J ST SW
IRS990/USAddress/CityNm0CEDAR RAPIDS
IRS990/USAddress/StateAbbreviationCd0IA
IRS990/USAddress/ZIPCd052404
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WebsiteAddressTxt0TEAMSTERSLOCAL238CU.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0ERIC SORENSEN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0MANAGER
ReturnHeader/BusinessOfficerGrp/PhoneNum03193638247
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-04-22
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0TEAMSTERS LOCAL 238 CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0TEAM
ReturnHeader/Filer/EIN0420785140
ReturnHeader/Filer/PhoneNum03193638247
ReturnHeader/Filer/USAddress/AddressLine1Txt05050 J ST SW
ReturnHeader/Filer/USAddress/CityNm0CEDAR RAPIDS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IA
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ReturnHeader/IRSResponsiblePrtyInfoCurrInd0false
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/PreparationDt02025-04-28
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN O PETERSEN
ReturnHeader/ReturnTs02025-04-29T13:33:00-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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