Civic Intelligence

Cedar Falls Community Credit Union

990 • Fiscal year 2023 • EIN 42-0817536

Jan 01, 2023 to Dec 31, 2023 • Filed on Apr 25, 2024

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

14th percentile

0.84x

Higher debt load relative to assets than 14% of similar nonprofits.

2023 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2023

Liabilities / Revenue

36th percentile

15.46x

Higher debt load relative to revenue than 36% of similar nonprofits.

2023 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2023

Net Margin

91st percentile

28%

Higher net margin than 91% of similar nonprofits.

2023 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2023

Top Officer Pay

14th percentile

$146,300

Higher top officer pay than 14% of similar nonprofits.

Top officer pay equals 1.4% of source-year revenue.

2023 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2023

Asset Growth

80th percentile

6.5%

Faster asset growth than 80% of similar nonprofits.

2023 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2022 to 2023

Revenue Growth

71st percentile

30%

Faster revenue growth than 71% of similar nonprofits.

2023 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets14th percentile

Assets

Up

$192,111,265

Up $20,107,395 (+12%) from 2021

Net Assets

Up

$30,870,383

Up $5,444,518 (+21%) from 2021

Liabilities

Up

$161,240,882

Up $14,662,877 (+10%) from 2021

Revenue And Expenses
Liabilities / Revenue36th percentileNet Margin91st percentile

Revenue

Up

$10,430,628

Up $3,583,408 (+52%) from 2021

Expenses

Up

$7,491,395

Up $2,468,838 (+49%) from 2021

Net Income

Up

$2,939,233

Up $1,114,570 (+61%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth80th 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: $25,425,8652021Assets 2023: $192,111,265Liabilities 2023: $161,240,882Net Assets 2023: $30,870,3832023

Highlighted filing

2023

Assets$192,111,265
Liabilities$161,240,882
Net Assets$30,870,383
Open 2023 Filing

Operations Trend

Revenue Growth71st percentile

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

$15M$10M$5.0M$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: $1,824,6632021Revenue 2023: $10,430,628Expenses 2023: $7,491,395Net Income 2023: $2,939,2332023

Highlighted filing

2023

Revenue$10,430,628
Expenses$7,491,395
Net Income$2,939,233
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Apr 25, 2024
Return Version
2023v5.0
Gross Receipts
$10,430,628
Mission and Program Overview

Mission

State chartered credit union

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$140,468,507$145,673,457▲ $5,204,950
Savings and Temporary Cash Investments$28,230,436$33,824,119▲ $5,593,683
Rtn Earn Endowment Incm Other Fnds$20,851,186$23,675,540▲ $2,824,354
Pd in Cap Srpls Land Bldg Eqp Fund$6,678,935$7,194,843▲ $515,908
Land, Buildings, and Equipment, Net$2,547,788$3,244,935▲ $697,147
Cash and Non-Interest-Bearing Accounts$1,763,106$1,691,492▼ $71,614
Prepaid Expenses and Deferred Charges$138,912$123,720▼ $15,192
Accounts Receivable$19,006$1,326▼ $17,680
Total Assets$180,405,285$192,111,265▲ $11,705,980
Other Assets Total$7,237,530$7,552,216▲ $314,686
Liabilities
Other Liabilities$151,159,797$159,381,366▲ $8,221,569
Accounts Payable and Accrued Expenses$1,715,367$1,859,516▲ $144,149
Total Liabilities$152,875,164$161,240,882▲ $8,365,718
Net Assets / Fund Balance
Total Net Assets Fund Balance$27,530,121$30,870,383▲ $3,340,262
Total Liabilities and Net Assets / Fund Balance$180,405,285$192,111,265▲ $11,705,980

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,809,532$626,065$3,435,597
Equipment$265,823$599,573$865,396
Land$169,580-$169,580
Compensation and Service Providers
Top Officer Pay14th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Chad KaeppelPresident/ceFT$146,300$146,300

Board Members and Trustees

NameTitle
Becky RiehmBoard Member
Bruce SorensenBoard Member
Dan MillsBoard Member
Frank MillerBoard Member
Gordie SorensenBoard Member
Larry BockesBoard Member
Ma ReifsteckBoard Member
Meghan SullivanBoard Member
Michael TaylorBoard Member
Scott AbelsBoard Member
Sheila KittlesonBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$9,029,937
Investment Income
$1,400,691
Other Revenue
$0
Change in Net Assets
$2,939,233

Audited Revenue Reconciliation

Revenue per Audited Statements
$10,430,628
Total Revenue per Audited Statements
$10,430,628
Total Revenue per Form 990
$10,430,628
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$5,361,813
Salaries, Compensation, and Employee Benefits$2,129,582
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$1,665,405
All Other Expenses---$394,163
Other Expenses---$284,412
Office Expenses---$221,722
Other Employee Benefits---$216,812
Occupancy---$193,962
Depreciation Depletion---$183,964
Advertising---$151,709
Payroll Taxes---$126,900
Pension Plan Contributions---$120,465
Fees for Services Accounting---$58,215
Insurance---$45,136
Conferences and Meetings---$16,846
Total Functional Expenses$0$0$0$7,491,395

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$7,491,395
Total Expenses per Audited Statements$7,491,395
Total Expenses per Form 990$7,491,395
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$159,381,366
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
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 bockes 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 2023.”

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
Chad Kaeppel
Title
President/CEO
Phone
3192667531
Signed
2024-04-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Chad Kaeppel
Formed
1958
Legal Domicile
Ia
Voting Board Members
11
Independent Board Members
11
Employees
44
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 investment valuation reserve 401,029”

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/BuildingsGrp/DepreciationAmt0626065
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IRS990ScheduleD/EquipmentGrp/BookValueAmt0265823
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0599573
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0N/A
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1LARRY BOCKES 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 2023.
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 INVESTMENT VALUATION RESERVE 401,029
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/VotingMembersIndependentCnt011
IRS990/WebsiteAddressTxt0WWW.CFCCU.ORG
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0CHAD KAEPPEL
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT/CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum03192667531
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-04-25
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0CEDAR FALLS COMMUNITY CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0CEDA
ReturnHeader/Filer/EIN0420817536
ReturnHeader/Filer/PhoneNum03192667531
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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/PreparationDt02024-04-26
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN O PETERSEN
ReturnHeader/ReturnTs02024-05-08T17:08:41-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0HELEN
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0PEARCE
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$192,111,265
Liabilities
$161,240,882
Net assets
$30,870,383
Revenue
$10,430,628
Expenses
$7,491,395
Net income
$2,939,233
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$192$161$30.9$10.4$7.49$2.94
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
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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