Civic Intelligence

Midwest Community Credit Union

990 • Fiscal year 2013 • EIN 42-0860407

Jan 01, 2013 to Dec 31, 2013 • Filed on May 01, 2014

Organization ProfileWWW.MIDWESTCREDITUNION.COM
1909 Old South PalmettoSouth Sioux City, NE 51106

(712) 276-1328

Siviq Scores

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

Liabilities / Assets

82nd percentile

0.91x

Higher debt load relative to assets than 82% of similar nonprofits.

2013 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2013

Liabilities / Revenue

73rd percentile

25.16x

Higher debt load relative to revenue than 73% of similar nonprofits.

2013 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2013

Net Margin

69th percentile

8.7%

Higher net margin than 69% of similar nonprofits.

2013 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2013

Top Officer Pay

11th percentile

$0

Higher top officer pay than 11% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2013 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2013

Asset Growth

74th percentile

4.7%

Faster asset growth than 74% of similar nonprofits.

2013 filings • 501(c)14 • $10M-$25M nonprofits • Annualized from 2011 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Balance Sheet
Liabilities / Assets82nd percentile

Assets

Up

$23,769,659

Up $2,096,155 (+9.7%) from 2011

Net Assets

Up

$2,136,870

Up $125,590 (+6.2%) from 2011

Liabilities

Up

$21,632,789

Up $1,970,565 (+10%) from 2011

Revenue And Expenses
Liabilities / Revenue73rd percentileNet Margin69th percentile

Revenue

$859,897

No earlier filing loaded for comparison.

Expenses

Down

$785,378

Down $11,799 (-1.5%) from 2011

Net Income

$74,519

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth74th percentile

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

$60M$40M$20M$0Assets 2010: $20,722,649Liabilities 2010: $18,821,499Net Assets 2010: $1,901,1502010Assets 2011: $21,673,504Liabilities 2011: $19,662,224Net Assets 2011: $2,011,2802011Assets 2013: $23,769,659Liabilities 2013: $21,632,789Net Assets 2013: $2,136,8702013Assets 2014: $25,309,826Liabilities 2014: $23,086,578Net Assets 2014: $2,223,2482014Assets 2015: $27,043,551Liabilities 2015: $24,726,461Net Assets 2015: $2,317,0902015Assets 2016: $28,714,426Liabilities 2016: $26,294,933Net Assets 2016: $2,419,4932016Assets 2017: $30,993,575Liabilities 2017: $28,405,034Net Assets 2017: $2,588,5412017Assets 2018: $29,634,688Liabilities 2018: $26,884,327Net Assets 2018: $2,750,3612018Assets 2019: $30,459,622Liabilities 2019: $27,534,891Net Assets 2019: $2,924,7312019Assets 2020: $35,849,395Liabilities 2020: $32,836,753Net Assets 2020: $3,012,6422020Assets 2021: $42,501,220Liabilities 2021: $39,519,324Net Assets 2021: $2,981,8962021Assets 2022: $44,520,720Liabilities 2022: $41,450,730Net Assets 2022: $3,069,9902022Assets 2023: $0Liabilities 2023: $0Net Assets 2023: $02023

Highlighted filing

2013

Assets$23,769,659
Liabilities$21,632,789
Net Assets$2,136,870
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$4.0M$2.0M$0-$2.0M-$4.0MExpenses 2010: $906,5812010Expenses 2011: $797,1772011Revenue 2013: $859,897Expenses 2013: $785,378Net Income 2013: $74,5192013Revenue 2014: $828,023Expenses 2014: $741,645Net Income 2014: $86,3782014Revenue 2015: $842,273Expenses 2015: $748,431Net Income 2015: $93,8422015Revenue 2016: $891,437Expenses 2016: $789,034Net Income 2016: $102,4032016Revenue 2017: $963,279Expenses 2017: $794,231Net Income 2017: $169,0482017Revenue 2018: $1,026,856Expenses 2018: $865,046Net Income 2018: $161,8102018Revenue 2019: $1,087,526Expenses 2019: $913,156Net Income 2019: $174,3702019Revenue 2020: $1,032,894Expenses 2020: $944,983Net Income 2020: $87,9112020Revenue 2021: $1,044,793Expenses 2021: $1,075,539Net Income 2021: -$30,7462021Revenue 2022: $1,051,356Expenses 2022: $963,262Net Income 2022: $88,0942022Revenue 2023: $693,109Expenses 2023: $3,362,931Net Income 2023: -$2,669,8222023

Highlighted filing

2013

Revenue$859,897
Expenses$785,378
Net Income$74,519
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
May 1, 2014
Return Version
2013v3.1
Gross Receipts
$859,897
Mission and Program Overview

Mission

State chartered credit union

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$11,181,932$10,605,699▼ $576,233
Other Notes and Loans Receivable, Net$7,434,731$7,583,931▲ $149,200
Investments in Publicly Traded Securities$3,973,066$4,976,195▲ $1,003,129
Rtn Earn Endowment Incm Other Fnds$1,150,422$1,224,941▲ $74,519
Pd in Cap Srpls Land Bldg Eqp Fund$911,929$911,929→ $0
Cash and Non-Interest-Bearing Accounts$260,578$188,694▼ $71,884
Land, Buildings, and Equipment, Net$108,009$98,211▼ $9,798
Prepaid Expenses and Deferred Charges$6,944$5,938▼ $1,006
Accounts Receivable$7,692$1,727▼ $5,965
Total Assets$23,361,614$23,769,659▲ $408,045
Other Assets Total$388,662$309,264▼ $79,398
Liabilities
Other Liabilities$21,125,611$21,565,434▲ $439,823
Accounts Payable and Accrued Expenses$173,652$67,355▼ $106,297
Total Liabilities$21,299,263$21,632,789▲ $333,526
Net Assets / Fund Balance
Total Net Assets Fund Balance$2,062,351$2,136,870▲ $74,519
Total Liabilities and Net Assets / Fund Balance$23,361,614$23,769,659▲ $408,045

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$32,485$426,430$458,915
Buildings$40,894$98,120$139,014
Land$24,832-$24,832
Compensation and Service Providers
Top Officer Pay11th percentile

Board Members and Trustees

NameTitle
Bruce ThomasBoard Member
Gregory MillerBoard Member
Jody NelsonBoard Member
John UhlBoard Member
Laurie BaldwinBoard Member
Lyle SpielerBoard Member
Mary Kay AugustineBoard Member
Patrick CunnighamBoard Member
Robert GenglerBoard Member
Steve AmbroseBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$631,468
Investment Income
$228,429
Other Revenue
$0
Change in Net Assets
$74,519
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$481,119
Salaries, Compensation, and Employee Benefits$304,259
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$230,866
All Other Expenses---$109,105
Other Employee Benefits---$38,428
Office Expenses---$32,227
Payroll Taxes---$30,508
Other Expenses---$25,572
Occupancy---$25,299
Insurance---$18,710
Advertising---$17,394
Depreciation Depletion---$10,558
Pension Plan Contributions---$4,457
Conferences and Meetings---$4,214
Total Functional Expenses$0$0$0$785,378
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$21,565,434
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
42-0860407
Phone
7122761328

Signing Officer

Name
Paddy Friedrichsen
Title
CEO
Phone
7122761328
Signed
2014-05-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Paddy Friedrichsen
Formed
1956
Legal Domicile
Ia
Voting Board Members
11
Independent Board Members
11
Employees
9

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

“Miscellaneous expense 25,153 0 0 loan servicing 23,926 0 0 provision for loan loss 17,500 0 0 ncua stabilization loss 16,500 0 0 exam fees 14,780 0 0 dues 11,246 0 0”

Raw XML Appendix347 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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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/ExplanationTxt9MISCELLANEOUS EXPENSE 25,153 0 0 LOAN SERVICING 23,926 0 0 PROVISION FOR LOAN LOSS 17,500 0 0 NCUA STABILIZATION LOSS 16,500 0 0 EXAM FEES 14,780 0 0 DUES 11,246 0 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 5, PART V, LINE 3B
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 IX, LINE 24E
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IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0IA
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt023361614
IRS990/TotalAssetsEOYAmt023769659
IRS990/TotalAssetsGrp/BOYAmt023361614
IRS990/TotalAssetsGrp/EOYAmt023769659
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt09
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0785378
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt021299263
IRS990/TotalLiabilitiesEOYAmt021632789
IRS990/TotalLiabilitiesGrp/BOYAmt021299263
IRS990/TotalLiabilitiesGrp/EOYAmt021632789
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt02062351
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt02136870
IRS990/TotalProgramServiceRevenueAmt0631468
IRS990/TotalRevenueGrp/ExclusionAmt0859897
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0859897
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt023361614
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt023769659
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine101909 OLD SOUTH PALMETTO
IRS990/USAddress/City0SIOUX CITY
IRS990/USAddress/State0IA
IRS990/USAddress/ZIPCode051106
IRS990/VotingMembersGoverningBodyCnt011
IRS990/VotingMembersIndependentCnt011
IRS990/WebsiteAddressTxt0WWW.MIDWESTCREDITUNION.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02015-11-30 17:44:51Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0PADDY FRIEDRICHSEN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum07122761328
ReturnHeader/BusinessOfficerGrp/SignatureDt02014-05-01
ReturnHeader/Filer/BusinessName/BusinessNameLine10MIDWEST COMMUNITY CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0MIDW
ReturnHeader/Filer/EIN0420860407
ReturnHeader/Filer/PhoneNum07122761328
ReturnHeader/Filer/USAddress/AddressLine101909 OLD SOUTH PALMETTO
ReturnHeader/Filer/USAddress/City0SIOUX CITY
ReturnHeader/Filer/USAddress/State0IA
ReturnHeader/Filer/USAddress/ZIPCode051106
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0470749138
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/PreparationDt02014-08-11
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN O PETERSEN
ReturnHeader/ReturnTs02014-08-11T08:16:11-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02013-01-01
ReturnHeader/TaxPeriodEndDt02013-12-31
ReturnHeader/TaxYr02013

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$23,769,659
Liabilities
$21,632,789
Net assets
$2,136,870
Revenue
$859,897
Expenses
$785,378
Net income
$74,519
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.00$0.00$0.00$0.69$3.36$2.67
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$44.5$41.5$3.07$1.05$0.96$0.09
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$42.5$39.5$2.98$1.04$1.08$0.03
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$35.8$32.8$3.01$1.03$0.94$0.09
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$30.5$27.5$2.92$1.09$0.91$0.17
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$29.6$26.9$2.75$1.03$0.87$0.16
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$31.0$28.4$2.59$0.96$0.79$0.17
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$28.7$26.3$2.42$0.89$0.79$0.10
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$27.0$24.7$2.32$0.84$0.75$0.09
2014Detailed filing. Detailed filing data is available for this year.$25.3$23.1$2.22$0.83$0.74$0.09
2013Detailed filing. Detailed filing data is available for this year.$23.8$21.6$2.14$0.86$0.79$0.07
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$21.7$19.7$2.01$0.80
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.7$18.8$1.90$0.91
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2013 filings • 501(c)14 • $10M-$25M nonprofits