Civic Intelligence

1 St Gateway Credit Union

990 • Fiscal year 2019 • EIN 42-0802440

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

Organization ProfileWWW.1STGATEWAY.ORG

View Organization Page

PO Box 110Camanche, IA 52730

(563) 543-4121

Siviq Scores

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

Liabilities / Assets

56th percentile

0.89x

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

2019 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2019

Liabilities / Revenue

51st percentile

16.56x

Higher debt load relative to revenue than 51% of similar nonprofits.

2019 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2019

Net Margin

43rd percentile

12%

Higher net margin than 43% of similar nonprofits.

2019 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2019

Top Officer Pay

81st percentile

$304,677

Higher top officer pay than 81% of similar nonprofits.

Top officer pay equals 3.5% of source-year revenue.

2019 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2019

Asset Growth

83rd percentile

9.0%

Faster asset growth than 83% of similar nonprofits.

2019 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2018 to 2019

Revenue Growth

54th percentile

9.0%

Faster revenue growth than 54% of similar nonprofits.

2019 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets56th percentile

Assets

Up

$161,079,395

Up $13,306,578 (+9.0%) from 2018

Net Assets

Up

$17,552,409

Up $1,005,000 (+6.1%) from 2018

Liabilities

Up

$143,526,986

Up $12,301,578 (+9.4%) from 2018

Revenue And Expenses
Liabilities / Revenue51st percentileNet Margin43rd percentile

Revenue

Up

$8,664,766

Up $712,461 (+9.0%) from 2018

Expenses

Up

$7,659,766

Up $1,002,461 (+15%) from 2018

Net Income

Down

$1,005,000

Down $290,000 (-22%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth83rd percentile

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

$200M$150M$100M$50M$0Assets 2010: $75,818,338Liabilities 2010: $69,195,403Net Assets 2010: $6,622,9352010Assets 2012: $85,378,301Liabilities 2012: $77,033,057Net Assets 2012: $8,345,2442012Assets 2013: $90,542,443Liabilities 2013: $81,122,199Net Assets 2013: $9,420,2442013Assets 2014: $105,905,806Liabilities 2014: $95,425,562Net Assets 2014: $10,480,2442014Assets 2015: $124,655,099Liabilities 2015: $112,267,692Net Assets 2015: $12,387,4072015Assets 2016: $132,957,545Liabilities 2016: $119,090,138Net Assets 2016: $13,867,4072016Assets 2017: $137,543,638Liabilities 2017: $122,291,229Net Assets 2017: $15,252,4092017Assets 2018: $147,772,817Liabilities 2018: $131,225,408Net Assets 2018: $16,547,4092018Assets 2019: $161,079,395Liabilities 2019: $143,526,986Net Assets 2019: $17,552,4092019Assets 2020: $178,043,092Liabilities 2020: $159,385,683Net Assets 2020: $18,657,4092020Assets 2021: $176,575,582Liabilities 2021: $156,933,173Net Assets 2021: $19,642,4092021Assets 2022: $167,341,936Liabilities 2022: $146,609,527Net Assets 2022: $20,732,4092022Assets 2023: $159,056,358Liabilities 2023: $137,078,950Net Assets 2023: $21,977,4082023Assets 2024: $164,181,923Liabilities 2024: $141,354,514Net Assets 2024: $22,827,4092024

Highlighted filing

2019

Assets$161,079,395
Liabilities$143,526,986
Net Assets$17,552,409
Open 2019 Filing

Operations Trend

Revenue Growth54th percentile

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

$15M$10M$5.0M$0Expenses 2010: $3,827,0552010Expenses 2012: $4,030,2192012Revenue 2013: $5,119,482Expenses 2013: $4,044,482Net Income 2013: $1,075,0002013Revenue 2014: $5,823,827Expenses 2014: $4,763,827Net Income 2014: $1,060,0002014Revenue 2015: $6,785,336Expenses 2015: $5,505,338Net Income 2015: $1,279,9982015Revenue 2016: $7,081,084Expenses 2016: $5,601,084Net Income 2016: $1,480,0002016Revenue 2017: $7,317,059Expenses 2017: $5,932,057Net Income 2017: $1,385,0022017Revenue 2018: $7,952,305Expenses 2018: $6,657,305Net Income 2018: $1,295,0002018Revenue 2019: $8,664,766Expenses 2019: $7,659,766Net Income 2019: $1,005,0002019Revenue 2020: $8,497,512Expenses 2020: $7,392,512Net Income 2020: $1,105,0002020Revenue 2021: $8,014,799Expenses 2021: $7,029,799Net Income 2021: $985,0002021Revenue 2022: $8,606,923Expenses 2022: $7,516,923Net Income 2022: $1,090,0002022Revenue 2023: $9,405,272Expenses 2023: $8,160,273Net Income 2023: $1,244,9992023Revenue 2024: $10,262,592Expenses 2024: $9,412,592Net Income 2024: $850,0002024

Highlighted filing

2019

Revenue$8,664,766
Expenses$7,659,766
Net Income$1,005,000
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
May 1, 2020
Return Version
2019v5.0
Gross Receipts
$8,664,766
Mission and Program Overview

Mission

Non-profit financial working to help consumers invest and borrow at the best rates and terms.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$125,761,865$126,145,784▲ $383,919
Savings and Temporary Cash Investments$4,703,888$19,146,378▲ $14,442,490
Pd in Cap Srpls Land Bldg Eqp Fund$8,713,094$8,713,094→ $0
Cash and Non-Interest-Bearing Accounts$10,252,916$8,048,424▼ $2,204,492
Rtn Earn Endowment Incm Other Fnds$7,834,315$7,834,315→ $0
Land, Buildings, and Equipment, Net$2,832,479$3,058,500▲ $226,021
Accounts Receivable$635,974$1,382,441▲ $746,467
Cap Stk Tr Prin Current Funds-$1,005,000-
Receivables From Officers Etc$488,430$449,565▼ $38,865
Prepaid Expenses and Deferred Charges$323,715$191,061▼ $132,654
Total Assets$147,772,817$161,079,395▲ $13,306,578
Other Assets Total$2,773,550$2,657,242▼ $116,308
Liabilities
Other Liabilities$114,589,477$130,748,023▲ $16,158,546
Mortgage Notes Payable Secured by Investment Property$16,000,000$12,100,000▼ $3,900,000
Accounts Payable and Accrued Expenses$635,931$678,963▲ $43,032
Total Liabilities$131,225,408$143,526,986▲ $12,301,578
Net Assets / Fund Balance
Total Net Assets Fund Balance$16,547,409$17,552,409▲ $1,005,000
Total Liabilities and Net Assets / Fund Balance$147,772,817$161,079,395▲ $13,306,578

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,383,178$1,754,993$4,138,171
Equipment$298,944$617,373$916,317
Land$376,378-$376,378
Compensation and Service Providers
Top Officer Pay81st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Patrick J DrennenCEOFT$208,604$96,073$304,677
Angela DruryCOOFT$101,703$51,419$153,122
James BengtsonCFOFT$97,990$8,011$106,001

Board Members and Trustees

NameTitle
Ann EisenmanChairperson
Paul VarnerPresident
Lanny ReedVice Chairpe
Brian JohnsonBoard
Karinne TharaldsonBoard
Marilyn RasmussenBoard
Roseann RaymondBoard
Steve ZuidemaBoard
Kerry KennedySecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$7,150,103
Investment Income
$349,303
Other Revenue
$1,165,360
Change in Net Assets
$1,005,000

Audited Revenue Reconciliation

Revenue per Audited Statements
$8,664,766
Total Revenue per Audited Statements
$8,664,766
Total Revenue per Form 990
$8,664,766
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,849,418
Salaries, Compensation, and Employee Benefits$2,810,348
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest---$1,951,004
Other Salaries and Wages---$1,800,266
Current Officers, Directors, Trustees, and Key Employees---$482,249
Occupancy---$266,250
Other Expenses---$257,450
Office Expenses---$238,670
Other Employee Benefits---$220,443
Depreciation Depletion---$188,423
Advertising---$181,173
Payroll Taxes---$176,962
All Other Expenses---$149,785
Pension Plan Contributions---$130,428
Fees for Services Other---$69,996
Information Technology---$61,723
Travel---$57,880
Insurance---$53,379
Payments to Affiliates---$25,892
Fees for Services Accounting---$24,000
Conferences and Meetings---$9,600
Fees for Services Legal---$9,019
Total Functional Expenses$0$0$0$7,659,766

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$7,659,766
Total Expenses per Audited Statements$7,659,766
Total Expenses per Form 990$7,659,766
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$488,430$449,565▼ $38,865
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Shares$130,748,023
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI

“1st gateway credit union has an audit committee which is compromised of 3 board members and the coo. The committee solicits the cpa for the opinion audit and the audit chair signs the contract to perform the audit. No changes in processes from prior years. Please note: audited financial statements were issued for the year ending august 31, 2019. The financial information recorded on form 990 was based on unaudited financial statements for the tax year ending december 31, 2019.”

Form 990, Page 6, Part VI, Line 6

“1st gateway is supported by its members.”

Form 990, Page 6, Part VI, Line 7A

“Credit union members are allowed to elect individuals to sit on the organization's board of directors.”

Form 990, Page 6, Part VI, Line 11B

“A copy of form 990 was provided to the organization's governing body before it was filed. Both the board and management reviews the return.”

Form 990, Page 6, Part VI, Line 12C

“The conflict of interest policy is reviewed annually and management is responsible for monitoring.”

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

“1st gateway credit union has an outside firm (compease) that they utilize to determine appropriate wage scales. Surveys are based on demographics and asset size.”

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

“1st gateway credit union has an outside firm (compease) that they utilize ot determine appropriate wage scales. Surveys are based on demographics and asset size.”

Form 990, Page 6, Part VI, Line 19

“Financial statements are posted in the lobby. Other governing documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
1st Gateway Credit Union
EIN
42-0802440
Phone
5635434121
Address
PO BOX 110, CAMANCHE, IA 52730

Signing Officer

Name
Patrick J Drennen
Title
CEO
Phone
5632434121
Signed
2020-05-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patrick J Drennen
Formed
1953
Legal Domicile
Ia
Voting Board Members
9
Independent Board Members
9
Employees
67

Preparer

Firm
Anderson Larkin & Co Pc
Address
221 N WAPELLO, OTTUMWA, IA 52501
Preparer
Kenneth E Crosser
Phone
6416845489
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IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0323715
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0191061
IRS990/PrincipalOfficerNm0PATRICK J DRENNEN
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IRS990/ReportOtherLiabilitiesInd0true
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt01754993
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IRS990ScheduleD/EquipmentGrp/BookValueAmt0298944
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0617373
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0916317
IRS990ScheduleD/ExpensesSubtotalAmt07659766
IRS990ScheduleD/LandGrp/BookValueAmt0376378
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0376378
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SHARES
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IRS990ScheduleD/TotalBookValueLandBuildingsAmt03058500
IRS990ScheduleD/TotalExpensesPerForm990Amt07659766
IRS990ScheduleD/TotalLiabilityAmt0130748023
IRS990ScheduleD/TotalRevenuePerForm990Amt08664766
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IRS990ScheduleJ/ClubDuesOrFeesInd0X
IRS990ScheduleJ/CompensationSurveyInd0X
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IRS990ScheduleJ/IndependentConsultantInd0X
IRS990/ScheduleJRequiredInd0true
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt1101703
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount050048
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount123905
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt127514
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0PATRICK J DRENNEN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1ANGELA DRURY
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt1153122
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IRS990ScheduleJ/SubstantiationRequiredInd0true
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IRS990ScheduleJ/WrittenPolicyRefTAndEExpnssInd0true
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt1155537
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt2132496
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd1X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd2X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0REFINANCING HOME LOAN
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt1REFINANCE HOME LOAN
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt2REFINANCE HOME LOAN
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt0189000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt1200000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt2167100
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0PATRICK DRENNEN
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm1ANGELA DRURY
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm2JAMES BENGTSON
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt1COO
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt01ST GATEWAY CREDIT UNION HAS AN AUDIT COMMITTEE WHICH IS COMPROMISED OF 3 BOARD MEMBERS AND THE COO. THE COMMITTEE SOLICITS THE CPA FOR THE OPINION AUDIT AND THE AUDIT CHAIR SIGNS THE CONTRACT TO PERFORM THE AUDIT. NO CHANGES IN PROCESSES FROM PRIOR YEARS. PLEASE NOTE: AUDITED FINANCIAL STATEMENTS WERE ISSUED FOR THE YEAR ENDING AUGUST 31, 2019. THE FINANCIAL INFORMATION RECORDED ON FORM 990 WAS BASED ON UNAUDITED FINANCIAL STATEMENTS FOR THE TAX YEAR ENDING DECEMBER 31, 2019.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt11ST GATEWAY IS SUPPORTED BY ITS MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2CREDIT UNION MEMBERS ARE ALLOWED TO ELECT INDIVIDUALS TO SIT ON THE ORGANIZATION'S BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3A COPY OF FORM 990 WAS PROVIDED TO THE ORGANIZATION'S GOVERNING BODY BEFORE IT WAS FILED. BOTH THE BOARD AND MANAGEMENT REVIEWS THE RETURN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE CONFLICT OF INTEREST POLICY IS REVIEWED ANNUALLY AND MANAGEMENT IS RESPONSIBLE FOR MONITORING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt51ST GATEWAY CREDIT UNION HAS AN OUTSIDE FIRM (COMPEASE) THAT THEY UTILIZE TO DETERMINE APPROPRIATE WAGE SCALES. SURVEYS ARE BASED ON DEMOGRAPHICS AND ASSET SIZE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt61ST GATEWAY CREDIT UNION HAS AN OUTSIDE FIRM (COMPEASE) THAT THEY UTILIZE OT DETERMINE APPROPRIATE WAGE SCALES. SURVEYS ARE BASED ON DEMOGRAPHICS AND ASSET SIZE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY. OTHER GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI
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 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/UponRequestInd0X

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$161,079,395
Liabilities
$143,526,986
Net assets
$17,552,409
Revenue
$8,664,766
Expenses
$7,659,766
Net income
$1,005,000
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$164$141$22.8$10.3$9.41$0.85
2023Detailed filing. Detailed filing data is available for this year.$159$137$22.0$9.41$8.16$1.24
2022Detailed filing. Detailed filing data is available for this year.$167$147$20.7$8.61$7.52$1.09
2021Detailed filing. Detailed filing data is available for this year.$177$157$19.6$8.01$7.03$0.99
2020Detailed filing. Detailed filing data is available for this year.$178$159$18.7$8.50$7.39$1.11
2019Detailed filing. Detailed filing data is available for this year.$161$144$17.6$8.66$7.66$1.01
2018Detailed filing. Detailed filing data is available for this year.$148$131$16.5$7.95$6.66$1.30
2017Detailed filing. Detailed filing data is available for this year.$138$122$15.3$7.32$5.93$1.39
2016Detailed filing. Detailed filing data is available for this year.$133$119$13.9$7.08$5.60$1.48
2015Detailed filing. Detailed filing data is available for this year.$125$112$12.4$6.79$5.51$1.28
2014Detailed filing. Detailed filing data is available for this year.$106$95.4$10.5$5.82$4.76$1.06
2013Detailed filing. Detailed filing data is available for this year.$90.5$81.1$9.42$5.12$4.04$1.08
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$85.4$77.0$8.35$4.03
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$75.8$69.2$6.62$3.83