Civic Intelligence

Cedar Falls Community Credit Union

990 • Fiscal year 2015 • EIN 42-0817536

Jan 01, 2015 to Dec 31, 2015 • Filed on May 05, 2016

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

17th percentile

0.86x

Higher debt load relative to assets than 17% of similar nonprofits.

2015 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2015

Liabilities / Revenue

48th percentile

18.20x

Higher debt load relative to revenue than 48% of similar nonprofits.

2015 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2015

Net Margin

98th percentile

37%

Higher net margin than 98% of similar nonprofits.

2015 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2015

Top Officer Pay

7th percentile

$114,865

Higher top officer pay than 7% of similar nonprofits.

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

2015 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2015

Asset Growth

72nd percentile

7.3%

Faster asset growth than 72% of similar nonprofits.

2015 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2014 to 2015

Revenue Growth

74th percentile

8.7%

Faster revenue growth than 74% of similar nonprofits.

2015 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2014 to 2015

Assets

Up

$100,121,818

Up $7,436,420 (+8.0%) from 2013

Net Assets

Up

$14,214,841

Up $3,057,751 (+27%) from 2013

Liabilities

Up

$85,906,977

Up $4,378,669 (+5.4%) from 2013

Revenue

Up

$4,720,369

Up $364,439 (+8.4%) from 2013

Expenses

Down

$2,960,283

Down $60,758 (-2.0%) from 2013

Net Income

Up

$1,760,086

Up $425,197 (+32%) from 2013

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

2015

Assets$100,121,818
Liabilities$85,906,977
Net Assets$14,214,841

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

2015

Revenue$4,720,369
Expenses$2,960,283
Net Income$1,760,086
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
May 5, 2016
Return Version
2015v2.1
Gross Receipts
$4,720,369
Mission and Program Overview

Mission

State chartered credit union

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$69,657,658$74,626,267▲ $4,968,609
Savings and Temporary Cash Investments$17,869,096$22,233,826▲ $4,364,730
Rtn Earn Endowment Incm Other Fnds$9,298,569$10,724,602▲ $1,426,033
Pd in Cap Srpls Land Bldg Eqp Fund$3,262,255$3,490,239▲ $227,984
Investments in Publicly Traded Securities$2,961,476--
Cash and Non-Interest-Bearing Accounts$674,044$880,845▲ $206,801
Land, Buildings, and Equipment, Net$269,979$259,592▼ $10,387
Prepaid Expenses and Deferred Charges$91,127$68,820▼ $22,307
Accounts Receivable$6,766$9,951▲ $3,185
Total Assets$93,291,467$100,121,818▲ $6,830,351
Other Assets Total$1,761,321$2,042,517▲ $281,196
Liabilities
Other Liabilities$79,829,476$85,017,393▲ $5,187,917
Accounts Payable and Accrued Expenses$901,167$889,584▼ $11,583
Total Liabilities$80,730,643$85,906,977▲ $5,176,334
Net Assets / Fund Balance
Total Net Assets Fund Balance$12,560,824$14,214,841▲ $1,654,017
Total Liabilities and Net Assets / Fund Balance$93,291,467$100,121,818▲ $6,830,351

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$148,512$724,994$873,506
Equipment$76,080$452,517$528,597
Land$35,000-$35,000
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Helen PearcePresident/ceFT$114,865$114,865

Board Members and Trustees

NameTitle
Becky RiehmBoard Member
Bruce SorensenBoard Member
Don WilliamsBoard Member
Fred RitchieBoard Member
Irv TillerBoard Member
Jim SealmanBoard Member
Larry BockesBoard Member
Ma ReifsteckBoard Member
Meghan SullivanBoard Member
Sheila KittlesonBoard Member
Trevor HendricksonBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,434,680
Investment Income
$285,689
Other Revenue
$0
Change in Net Assets
$1,760,086

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,720,369
Total Revenue per Audited Statements
$4,720,369
Total Revenue per Form 990
$4,720,369
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,855,149
Salaries, Compensation, and Employee Benefits$1,105,134
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$842,735
Office Expenses---$142,903
Other Employee Benefits---$110,999
Occupancy---$107,081
All Other Expenses---$102,850
Other Expenses---$93,080
Pension Plan Contributions---$87,312
Advertising---$87,171
Depreciation Depletion---$81,147
Payroll Taxes---$64,088
Insurance---$40,240
Conferences and Meetings---$34,430
Fees for Services Accounting---$24,000
Interest---$297
Total Functional Expenses$0$0$0$2,960,283

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,960,283
Total Expenses per Audited Statements$2,960,283
Total Expenses per Form 990$2,960,283
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$85,017,393
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 2

Larry bockers meghan sullivan board member board member father/daughter

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 2015.

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
Cedar Falls Community Credit Union
EIN
42-0817536
Phone
3192667531
Address
123 W 4TH STREET, CEDAR FALLS, IA 50613

Signing Officer

Name
Helen Pearce
Title
President/CEO
Phone
3192667531
Signed
2016-05-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Helen Pearce
Formed
1958
Legal Domicile
Ia
Voting Board Members
11
Independent Board Members
11
Employees
22
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 XI, Line 9

Net change in other comprehensive income -106,069 total -106,069

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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/ExplanationTxt1LARRY BOCKERS MEGHAN SULLIVAN BOARD MEMBER BOARD MEMBER FATHER/DAUGHTER
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 2015.
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/ExplanationTxt9NET CHANGE IN OTHER COMPREHENSIVE INCOME -106,069 TOTAL -106,069
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9FORM 990, PART XI, LINE 9
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IRS990/WebsiteAddressTxt0WWW.CFCCU.ORG
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ReturnHeader/BuildTS02016-09-27 15:27:22Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0HELEN PEARCE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT/CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum03192667531
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-05-05
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0CEDAR FALLS COMMUNITY CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0CEDA
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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/PreparationDt02016-05-12
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN O PETERSEN
ReturnHeader/ReturnTs02016-05-12T08:11:18-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-01-01
ReturnHeader/TaxPeriodEndDt02015-12-31
ReturnHeader/TaxYr02015

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