Civic Intelligence

Cedar Falls Community Credit Union

990 • Fiscal year 2018 • EIN 42-0817536

Jan 01, 2018 to Dec 31, 2018 • Filed on May 07, 2019

Organization ProfileWWW.CFCCU.ORG

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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

15th percentile

0.84x

Higher debt load relative to assets than 15% of similar nonprofits.

2018 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2018

Liabilities / Revenue

54th percentile

17.30x

Higher debt load relative to revenue than 54% of similar nonprofits.

2018 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2018

Net Margin

97th percentile

32%

Higher net margin than 97% of similar nonprofits.

2018 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2018

Top Officer Pay

12th percentile

$139,499

Higher top officer pay than 12% of similar nonprofits.

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

2018 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2018

Asset Growth

24th percentile

0.3%

Faster asset growth than 24% of similar nonprofits.

2018 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2017 to 2018

Revenue Growth

42nd percentile

9.1%

Faster revenue growth than 42% of similar nonprofits.

2018 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets15th percentile

Assets

Up

$119,493,860

Up $361,142 (+0.3%) from 2017

Net Assets

Up

$19,040,032

Up $1,700,306 (+9.8%) from 2017

Liabilities

Down

$100,453,828

Down $1,339,164 (-1.3%) from 2017

Revenue And Expenses
Liabilities / Revenue54th percentileNet Margin97th percentile

Revenue

Up

$5,807,419

Up $484,221 (+9.1%) from 2017

Expenses

Up

$3,948,783

Up $323,921 (+8.9%) from 2017

Net Income

Up

$1,858,636

Up $160,300 (+9.4%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth24th percentile

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

2018

Assets$119,493,860
Liabilities$100,453,828
Net Assets$19,040,032
Open 2018 Filing

Operations Trend

Revenue Growth42nd percentile

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

2018

Revenue$5,807,419
Expenses$3,948,783
Net Income$1,858,636
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
May 7, 2019
Return Version
2018v3.1
Gross Receipts
$5,807,419
Mission and Program Overview

Mission

State chartered credit union

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$90,233,350$94,550,394▲ $4,317,044
Savings and Temporary Cash Investments$24,611,334$20,441,440▼ $4,169,894
Rtn Earn Endowment Incm Other Fnds$13,344,212$14,757,535▲ $1,413,323
Pd in Cap Srpls Land Bldg Eqp Fund$3,995,514$4,282,497▲ $286,983
Cash and Non-Interest-Bearing Accounts$891,945$1,287,557▲ $395,612
Land, Buildings, and Equipment, Net$982,157$901,932▼ $80,225
Investments in Publicly Traded Securities$250,000$250,000→ $0
Prepaid Expenses and Deferred Charges$84,792$89,006▲ $4,214
Accounts Receivable$5,432$683▼ $4,749
Total Assets$119,132,718$119,493,860▲ $361,142
Other Assets Total$2,073,708$1,972,848▼ $100,860
Liabilities
Other Liabilities$100,866,277$99,662,322▼ $1,203,955
Accounts Payable and Accrued Expenses$926,715$791,506▼ $135,209
Total Liabilities$101,792,992$100,453,828▼ $1,339,164
Net Assets / Fund Balance
Total Net Assets Fund Balance$17,339,726$19,040,032▲ $1,700,306
Total Liabilities and Net Assets / Fund Balance$119,132,718$119,493,860▲ $361,142

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$787,351$861,142$1,648,493
Equipment$79,581$565,145$644,726
Land$35,000-$35,000
Compensation and Service Providers
Top Officer Pay12th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Helen PearcePresident/ceFT$139,499$139,499

Board Members and Trustees

NameTitle
Becky RiehmBoard Member
Bruce SorensenBoard Member
Frank MillerBoard Member
Fred RitchieBoard Member
Gordie SorensenBoard Member
Irv TillerBoard Member
Jim SealmanBoard Member
Larry BockesBoard Member
Ma ReifsteckBoard Member
Meghan SullivanBoard Member
Sheila KittlesonBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$5,377,382
Investment Income
$430,037
Other Revenue
$0
Change in Net Assets
$1,858,636

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,807,419
Total Revenue per Audited Statements
$5,807,419
Total Revenue per Form 990
$5,807,419
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,724,374
Salaries, Compensation, and Employee Benefits$1,224,409
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$939,822
All Other Expenses---$297,495
Advertising---$191,603
Office Expenses---$141,831
Other Expenses---$140,268
Depreciation Depletion---$128,851
Occupancy---$123,717
Other Employee Benefits---$122,629
Pension Plan Contributions---$87,806
Payroll Taxes---$74,152
Insurance---$36,410
Conferences and Meetings---$30,926
Fees for Services Accounting---$24,300
Total Functional Expenses$0$0$0$3,948,783

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,948,783
Total Expenses per Audited Statements$3,948,783
Total Expenses per Form 990$3,948,783
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$99,662,322
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 2018.”

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
2019-05-07
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
32
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 0 net change in other comprehensive income -158,330 total -158,330”

Raw XML Appendix382 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/BuildingsGrp/DepreciationAmt0861142
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01648493
IRS990ScheduleD/EquipmentGrp/BookValueAmt079581
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0565145
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0644726
IRS990ScheduleD/ExpensesSubtotalAmt03948783
IRS990ScheduleD/LandGrp/BookValueAmt035000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt035000
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IRS990ScheduleD/TotalBookValueLandBuildingsAmt0901932
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IRS990ScheduleD/TotalLiabilityAmt099662322
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0N/A
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 2018.
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 0 NET CHANGE IN OTHER COMPREHENSIVE INCOME -158,330 TOTAL -158,330
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 6
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 XI, LINE 9
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IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt03948783
IRS990/TotalGrossUBIAmt00
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IRS990/TotalRevenueGrp/ExclusionAmt05807419
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt05807419
IRS990/TotalVolunteersCnt011
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0119493860
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IRS990/VotingMembersGoverningBodyCnt011
IRS990/VotingMembersIndependentCnt011
IRS990/WebsiteAddressTxt0WWW.CFCCU.ORG
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02019-02-21 02:37:17Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0HELEN PEARCE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT/CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum03192667531
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-05-07
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0CEDAR FALLS COMMUNITY CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0CEDA
ReturnHeader/Filer/EIN0420817536
ReturnHeader/Filer/PhoneNum03192667531
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ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt070.167.146.228
ReturnHeader/FilingSecurityInformation/IPDt02019-05-07
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm012:58:08
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/PreparationDt02019-05-07
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN O PETERSEN
ReturnHeader/ReturnTs02019-05-07T12:58:08-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-01-01
ReturnHeader/TaxPeriodEndDt02018-12-31
ReturnHeader/TaxYr02018

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$119,493,860
Liabilities
$100,453,828
Net assets
$19,040,032
Revenue
$5,807,419
Expenses
$3,948,783
Net income
$1,858,636
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$172$147$25.4$6.85$5.02$1.82
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$148$126$21.7$6.47$5.05$1.42
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$127$107$20.5$6.18$4.56$1.61
2018Detailed filing. Detailed filing data is available for this year.$119$100$19.0$5.81$3.95$1.86
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$119$102$17.3$5.32$3.62$1.70
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$108$92.2$15.6$4.79$3.18$1.61
2015Facts available. Structured filing facts are available, but richer extracted sections are limited.$100$85.9$14.2$4.72$2.96$1.76
2013Detailed filing. Detailed filing data is available for this year.$92.7$81.5$11.2$4.36$3.02$1.33
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$87.5$78.5$8.98$3.37
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$83.5$75.4$8.11$3.84