Civic Intelligence

Cedar Falls Community Credit Union

990 • Fiscal year 2013 • EIN 42-0817536

Jan 01, 2013 to Dec 31, 2013 • Filed on Apr 29, 2014

Refreshing map…

123 W 4th StreetCedar Falls, IA 50613

(319) 266-7531

Siviq Scores

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

Liabilities / Assets

33rd percentile

0.88x

Higher debt load relative to assets than 33% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Liabilities / Revenue

52nd percentile

18.72x

Higher debt load relative to revenue than 52% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Net Margin

97th percentile

31%

Higher net margin than 97% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Top Officer Pay

21st percentile

$102,414

Higher top officer pay than 21% of similar nonprofits.

Top officer pay equals 2.4% of source-year revenue.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Asset Growth

40th percentile

1.1%

Faster asset growth than 40% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M 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

Assets

Up

$92,685,398

Up $5,199,310 (+5.9%) from 2011

Net Assets

Up

$11,157,090

Up $2,179,543 (+24%) from 2011

Liabilities

Up

$81,528,308

Up $3,019,767 (+3.8%) from 2011

Revenue

$4,355,930

No earlier filing loaded for comparison.

Expenses

Down

$3,021,041

Down $349,471 (-10%) from 2011

Net Income

$1,334,889

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$200M$150M$100M$50M$0Assets 2010: $83,466,935Liabilities 2010: $75,353,716Net Assets 2010: $8,113,2192010Assets 2011: $87,486,088Liabilities 2011: $78,508,541Net Assets 2011: $8,977,5472011Assets 2013: $92,685,398Liabilities 2013: $81,528,308Net Assets 2013: $11,157,0902013Assets 2015: $100,121,818Liabilities 2015: $85,906,977Net Assets 2015: $14,214,8412015Assets 2016: $107,763,072Liabilities 2016: $92,166,035Net Assets 2016: $15,597,0372016Assets 2017: $119,132,718Liabilities 2017: $101,792,992Net Assets 2017: $17,339,7262017Assets 2018: $119,493,860Liabilities 2018: $100,453,828Net Assets 2018: $19,040,0322018Assets 2019: $127,129,359Liabilities 2019: $106,630,234Net Assets 2019: $20,499,1252019Assets 2020: $148,176,863Liabilities 2020: $126,457,009Net Assets 2020: $21,719,8542020Assets 2021: $172,003,870Liabilities 2021: $146,578,005Net Assets 2021: $25,425,8652021

Highlighted filing

2013

Assets$92,685,398
Liabilities$81,528,308
Net Assets$11,157,090

Operations Trend

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

$8.0M$6.0M$4.0M$2.0M$0Expenses 2010: $3,836,6012010Expenses 2011: $3,370,5122011Revenue 2013: $4,355,930Expenses 2013: $3,021,041Net Income 2013: $1,334,8892013Revenue 2015: $4,720,369Expenses 2015: $2,960,283Net Income 2015: $1,760,0862015Revenue 2016: $4,785,086Expenses 2016: $3,175,745Net Income 2016: $1,609,3412016Revenue 2017: $5,323,198Expenses 2017: $3,624,862Net Income 2017: $1,698,3362017Revenue 2018: $5,807,419Expenses 2018: $3,948,783Net Income 2018: $1,858,6362018Revenue 2019: $6,179,525Expenses 2019: $4,564,728Net Income 2019: $1,614,7972019Revenue 2020: $6,472,533Expenses 2020: $5,052,588Net Income 2020: $1,419,9452020Revenue 2021: $6,847,220Expenses 2021: $5,022,557Net Income 2021: $1,824,6632021

Highlighted filing

2013

Revenue$4,355,930
Expenses$3,021,041
Net Income$1,334,889
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Apr 29, 2014
Return Version
2013v3.1
Gross Receipts
$4,355,930
Mission and Program Overview

Mission

State chartered credit union

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$57,088,128$61,863,032▲ $4,774,904
Savings and Temporary Cash Investments$30,073,107$24,851,845▼ $5,221,262
Rtn Earn Endowment Incm Other Fnds$6,959,193$8,112,034▲ $1,152,841
Investments in Publicly Traded Securities$2,217,421$3,266,438▲ $1,049,017
Pd in Cap Srpls Land Bldg Eqp Fund$2,857,885$3,045,056▲ $187,171
Cash and Non-Interest-Bearing Accounts$978,738$852,271▼ $126,467
Land, Buildings, and Equipment, Net$328,672$311,703▼ $16,969
Prepaid Expenses and Deferred Charges$17,271$42,621▲ $25,350
Accounts Receivable$4,463$6,302▲ $1,839
Total Assets$91,656,751$92,685,398▲ $1,028,647
Other Assets Total$948,951$1,491,186▲ $542,235
Liabilities
Other Liabilities$80,831,212$80,730,523▼ $100,689
Accounts Payable and Accrued Expenses$1,008,461$797,785▼ $210,676
Total Liabilities$81,839,673$81,528,308▼ $311,365
Net Assets / Fund Balance
Total Net Assets Fund Balance$9,817,078$11,157,090▲ $1,340,012
Total Liabilities and Net Assets / Fund Balance$91,656,751$92,685,398▲ $1,028,647

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$186,976$651,184$838,160
Equipment$89,727$545,626$635,353
Land$35,000-$35,000
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Helen PearcePresident/ceFT$102,414$102,414

Board Members and Trustees

NameTitle
Bruce SorensenBoard Member
Don WilliamsBoard Member
Fred RitchieBoard Member
Irv TillerBoard Member
Jim NygrenBoard Member
Jim SealmanBoard Member
Julie OtteBoard Member
Larry BockesBoard Member
Linda MillsBoard Member
Ma ReifsteckBoard Member
Sheila KittlesonBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,032,900
Investment Income
$323,030
Other Revenue
$0
Change in Net Assets
$1,334,889

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,355,930
Total Revenue per Audited Statements
$4,355,930
Total Revenue per Form 990
$4,355,930
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,074,292
Salaries, Compensation, and Employee Benefits$946,749
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$695,106
All Other Expenses---$308,563
Office Expenses---$123,457
Other Expenses---$115,362
Other Employee Benefits---$112,190
Occupancy---$102,866
Pension Plan Contributions---$86,960
Insurance---$69,576
Depreciation Depletion---$65,443
Payroll Taxes---$52,493
Advertising---$39,755
Conferences and Meetings---$35,398
Fees for Services Accounting---$24,000
Interest---$206
Total Functional Expenses$0$0$0$3,021,041

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,021,041
Total Expenses per Audited Statements$3,021,041
Total Expenses per Form 990$3,021,041
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$80,730,523
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
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 of interest disclosure statement, which is updated annually.

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
42-0817536
Phone
3192667531

Signing Officer

Name
Helen M Pearce
Title
President/CEO
Phone
3192667531
Signed
2014-04-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Helen M Pearce
Formed
1958
Legal Domicile
Ia
Voting Board Members
12
Independent Board Members
12
Employees
30
Volunteers
11

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.

Form 990, Part IX, Line 24E

Loan servicing 107,512 0 0 ncua stabilization loss 64,174 0 0 professional services 49,488 0 0 share draft expense 37,693 0 0 dues 25,764 0 0 examination fees 18,600 0 0 miscellaneous 5,332 0 0

Form 990, Part XI, Line 9

Net change in other comprehensive income 5,123

Raw XML Appendix376 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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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER DEPOSITS
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IRS990ScheduleD/TotalLiabilityAmt080730523
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0N/A
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 SECURITY MATRIX ON THE DATA PROCESSING SYSTEM PROHIBITS EMPLOYEES AND DIRECTORS FROM INITIATING TRANSACTIONS ON ALL ACCOUNTS LISTED ON THEIR CONFLICT OF INTEREST DISCLOSURE STATEMENT, WHICH IS UPDATED ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE 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/ExplanationTxt8THE 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/ExplanationTxt9LOAN SERVICING 107,512 0 0 NCUA STABILIZATION LOSS 64,174 0 0 PROFESSIONAL SERVICES 49,488 0 0 SHARE DRAFT EXPENSE 37,693 0 0 DUES 25,764 0 0 EXAMINATION FEES 18,600 0 0 MISCELLANEOUS 5,332 0 0
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt10NET CHANGE IN OTHER COMPREHENSIVE INCOME 5,123
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 5, PART V, LINE 3B
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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 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9FORM 990, PART IX, LINE 24E
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc10FORM 990, PART XI, LINE 9
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IRS990/TotalLiabilitiesGrp/EOYAmt081528308
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IRS990/TypeOfOrganizationCorpInd0X
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IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine10123 W 4TH STREET
IRS990/USAddress/City0CEDAR FALLS
IRS990/USAddress/State0IA
IRS990/USAddress/ZIPCode050613
IRS990/VotingMembersGoverningBodyCnt012
IRS990/VotingMembersIndependentCnt012
IRS990/WebsiteAddressTxt0WWW.CFCCU.ORG
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02015-11-30 17:44:51Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0HELEN M PEARCE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT/CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum03192667531
ReturnHeader/BusinessOfficerGrp/SignatureDt02014-04-29
ReturnHeader/Filer/BusinessName/BusinessNameLine10CEDAR FALLS COMMUNITY CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0CEDA
ReturnHeader/Filer/EIN0420817536
ReturnHeader/Filer/PhoneNum03192667531
ReturnHeader/Filer/USAddress/AddressLine10123 W 4TH STREET
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ReturnHeader/Filer/USAddress/State0IA
ReturnHeader/Filer/USAddress/ZIPCode050613
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/ReturnTs02014-05-05T08:10:00-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02013-01-01
ReturnHeader/TaxPeriodEndDt02013-12-31
ReturnHeader/TaxYr02013

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