Civic Intelligence

Midwest Community Credit Union

990 • Fiscal year 2018 • EIN 42-0860407

Jan 01, 2018 to Dec 31, 2018 • Filed on May 06, 2019

Organization ProfileWWW.MIDWESTCREDITUNION.COM
1909 Old South PalmettoSioux City, IA 51106

(712) 276-1328

Siviq Scores

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

Liabilities / Assets

84th percentile

0.91x

Higher debt load relative to assets than 84% of similar nonprofits.

2018 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2018

Liabilities / Revenue

89th percentile

26.18x

Higher debt load relative to revenue than 89% of similar nonprofits.

2018 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2018

Net Margin

69th percentile

16%

Higher net margin than 69% of similar nonprofits.

2018 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2018

Top Officer Pay

10th percentile

$0

Higher top officer pay than 10% of similar nonprofits.

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

2018 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2018

Asset Growth

11th percentile

-4.4%

Faster asset growth than 11% of similar nonprofits.

2018 filings • 501(c)14 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Revenue Growth

29th percentile

6.6%

Faster revenue growth than 29% of similar nonprofits.

2018 filings • 501(c)14 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets84th percentile

Assets

Down

$29,634,688

Down $1,358,887 (-4.4%) from 2017

Net Assets

Up

$2,750,361

Up $161,820 (+6.3%) from 2017

Liabilities

Down

$26,884,327

Down $1,520,707 (-5.4%) from 2017

Revenue And Expenses
Liabilities / Revenue89th percentileNet Margin69th percentile

Revenue

Up

$1,026,856

Up $63,577 (+6.6%) from 2017

Expenses

Up

$865,046

Up $70,815 (+8.9%) from 2017

Net Income

Down

$161,810

Down $7,238 (-4.3%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth11th 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

2018

Assets$29,634,688
Liabilities$26,884,327
Net Assets$2,750,361
Open 2018 Filing

Operations Trend

Revenue Growth29th percentile

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

2018

Revenue$1,026,856
Expenses$865,046
Net Income$161,810
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
May 6, 2019
Return Version
2018v3.1
Gross Receipts
$1,026,856
Mission and Program Overview

Mission

State chartered credit union

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$19,643,764$17,282,329▼ $2,361,435
Other Notes and Loans Receivable, Net$9,312,324$10,435,599▲ $1,123,275
Rtn Earn Endowment Incm Other Fnds$1,676,622$1,838,432▲ $161,810
Investments in Publicly Traded Securities$1,238,153$1,268,426▲ $30,273
Pd in Cap Srpls Land Bldg Eqp Fund$911,929$911,929→ $0
Cash and Non-Interest-Bearing Accounts$352,574$190,472▼ $162,102
Land, Buildings, and Equipment, Net$106,540$113,878▲ $7,338
Prepaid Expenses and Deferred Charges$40,018$24,910▼ $15,108
Accounts Receivable$3,866$1,125▼ $2,741
Total Assets$30,993,575$29,634,688▼ $1,358,887
Other Assets Total$296,336$317,949▲ $21,613
Liabilities
Other Liabilities$28,238,951$26,734,781▼ $1,504,170
Accounts Payable and Accrued Expenses$166,073$149,546▼ $16,527
Total Liabilities$28,405,024$26,884,327▼ $1,520,697
Net Assets / Fund Balance
Total Net Assets Fund Balance$2,588,551$2,750,361▲ $161,810
Total Liabilities and Net Assets / Fund Balance$30,993,575$29,634,688▼ $1,358,887

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$44,525$475,859$520,384
Buildings$44,521$120,956$165,477
Land$24,832-$24,832
Compensation and Service Providers
Top Officer Pay10th percentile

Board Members and Trustees

NameTitle
Bill GatesBoard Member
Bruce ThomasBoard Member
Gregory MillerBoard Member
Kevin McgregorBoard Member
Laurie BaldwinBoard Member
Linney FletcherBoard Member
Lloyd LeeBoard Member
Mary Kay AugustineBoard Member
Patty ElyBoard Member
Steve AmbroseBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$655,658
Investment Income
$371,198
Other Revenue
$0
Change in Net Assets
$161,810
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$564,412
Salaries, Compensation, and Employee Benefits$300,634
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$255,005
Office Expenses---$59,622
All Other Expenses---$57,596
Occupancy---$44,435
Advertising---$29,953
Other Employee Benefits---$28,023
Conferences and Meetings---$23,336
Insurance---$21,983
Other Expenses---$20,511
Payroll Taxes---$17,606
Depreciation Depletion---$17,255
Total Functional Expenses$0$0$0$865,046
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$26,734,781
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 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
Midwest Community Credit Union
EIN
42-0860407
Phone
7122761328
Address
1909 OLD SOUTH PALMETTO, SIOUX CITY, IA 51106

Signing Officer

Name
Patricia Friedrichsen
Title
CEO
Phone
7122761328
Signed
2019-05-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patricia Friedrichsen
Formed
1956
Legal Domicile
Ia
Voting Board Members
10
Independent Board Members
10
Employees
9
Volunteers
13

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”

Raw XML Appendix350 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/ExplanationTxt1ALL DEPOSITORS ARE CONSIDERED MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE CREDIT UNION MEMBERS ELECT ON AN ANNUAL BASIS THE MEMBERS OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ANY PROPOSED MERGERS MUST BE APPROVED BY A MAJORITY OF THE MEMBERSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4NO REVIEW WAS OR WILL BE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE 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/ExplanationTxt6THE 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/ExplanationTxt7THE 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/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0IA
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt030993575
IRS990/TotalAssetsEOYAmt029634688
IRS990/TotalAssetsGrp/BOYAmt030993575
IRS990/TotalAssetsGrp/EOYAmt029634688
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt09
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0865046
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt028405024
IRS990/TotalLiabilitiesEOYAmt026884327
IRS990/TotalLiabilitiesGrp/BOYAmt028405024
IRS990/TotalLiabilitiesGrp/EOYAmt026884327
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt02588551
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt02750361
IRS990/TotalProgramServiceRevenueAmt0655658
IRS990/TotalRevenueGrp/ExclusionAmt01026856
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01026856
IRS990/TotalVolunteersCnt013
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt030993575
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt029634688
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01909 OLD SOUTH PALMETTO
IRS990/USAddress/CityNm0SIOUX CITY
IRS990/USAddress/StateAbbreviationCd0IA
IRS990/USAddress/ZIPCd051106
IRS990/VotingMembersGoverningBodyCnt010
IRS990/VotingMembersIndependentCnt010
IRS990/WebsiteAddressTxt0WWW.MIDWESTCREDITUNION.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02019-02-21 02:37:17Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0PATRICIA FRIEDRICHSEN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum07122761328
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-05-06
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MIDWEST COMMUNITY CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0MIDW
ReturnHeader/Filer/EIN0420860407
ReturnHeader/Filer/PhoneNum07122761328
ReturnHeader/Filer/USAddress/AddressLine1Txt01909 OLD SOUTH PALMETTO
ReturnHeader/Filer/USAddress/CityNm0SIOUX CITY
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IA
ReturnHeader/Filer/USAddress/ZIPCd051106
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0AA5E5617F0C7F7CF9897F415F01B95D9C4C9C7A2
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0AA5E5617F0C7F7CF9897F415F01B95D9C4C9C7A2
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt070.167.146.228
ReturnHeader/FilingSecurityInformation/IPDt02019-05-07
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm012:02:18
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/ReturnTs02019-05-07T12:02:18-05:00
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
$29,634,688
Liabilities
$26,884,327
Net assets
$2,750,361
Revenue
$1,026,856
Expenses
$865,046
Net income
$161,810
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
2018Detailed filing. Detailed filing data is available for this year.$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. 2018 filings • 501(c)14 • $25M-$50M nonprofits