Civic Intelligence

Cent Credit Union

990 • Fiscal year 2019 • EIN 42-0923713

Jan 01, 2019 to Dec 31, 2019 • Filed on Apr 21, 2020

25 W State StreetMason City, IA 50401

(641) 424-2368

Siviq Scores

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

Liabilities / Assets

38th percentile

0.87x

Higher debt load relative to assets than 38% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Liabilities / Revenue

38th percentile

15.76x

Higher debt load relative to revenue than 38% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Net Margin

19th percentile

4.6%

Higher net margin than 19% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Top Officer Pay

48th percentile

$140,880

Higher top officer pay than 48% of similar nonprofits.

Top officer pay equals 4.5% of source-year revenue.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Asset Growth

93rd percentile

11%

Faster asset growth than 93% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Revenue Growth

47th percentile

6.3%

Faster revenue growth than 47% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Assets

Up

$56,693,695

Up $5,639,583 (+11%) from 2018

Net Assets

Up

$7,446,038

Up $143,393 (+2.0%) from 2018

Liabilities

Up

$49,247,657

Up $5,496,190 (+13%) from 2018

Revenue

Up

$3,125,032

Up $186,130 (+6.3%) from 2018

Expenses

Up

$2,981,639

Up $50,437 (+1.7%) from 2018

Net Income

Up

$143,393

Up $135,693 (+1762%) from 2018

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: $29,662,921Liabilities 2010: $25,206,702Net Assets 2010: $4,456,2192010Assets 2012: $32,488,652Liabilities 2012: $27,412,389Net Assets 2012: $5,076,2632012Assets 2015: $40,748,957Liabilities 2015: $33,982,661Net Assets 2015: $6,766,2962015Assets 2016: $43,899,030Liabilities 2016: $36,764,147Net Assets 2016: $7,134,8832016Assets 2017: $49,150,937Liabilities 2017: $41,855,992Net Assets 2017: $7,294,9452017Assets 2018: $51,054,112Liabilities 2018: $43,751,467Net Assets 2018: $7,302,6452018Assets 2019: $56,693,695Liabilities 2019: $49,247,657Net Assets 2019: $7,446,0382019Assets 2020: $65,253,827Liabilities 2020: $57,411,898Net Assets 2020: $7,841,9292020Assets 2021: $71,687,831Liabilities 2021: $63,340,484Net Assets 2021: $8,347,3472021Assets 2022: $73,206,978Liabilities 2022: $64,285,487Net Assets 2022: $8,921,4912022Assets 2023: $151,655,245Liabilities 2023: $133,631,850Net Assets 2023: $18,023,3952023Assets 2024: $168,096,833Liabilities 2024: $148,823,438Net Assets 2024: $19,273,3952024

Highlighted filing

2019

Assets$56,693,695
Liabilities$49,247,657
Net Assets$7,446,038

Operations Trend

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

$10M$5.0M$0Expenses 2010: $1,192,9002010Expenses 2012: $999,5622012Revenue 2015: $1,765,666Expenses 2015: $1,445,892Net Income 2015: $319,7742015Revenue 2016: $2,030,229Expenses 2016: $1,661,642Net Income 2016: $368,5872016Revenue 2017: $2,428,443Expenses 2017: $2,268,381Net Income 2017: $160,0622017Revenue 2018: $2,938,902Expenses 2018: $2,931,202Net Income 2018: $7,7002018Revenue 2019: $3,125,032Expenses 2019: $2,981,639Net Income 2019: $143,3932019Revenue 2020: $3,394,785Expenses 2020: $2,998,894Net Income 2020: $395,8912020Revenue 2021: $3,482,866Expenses 2021: $2,977,448Net Income 2021: $505,4182021Revenue 2022: $3,739,508Expenses 2022: $3,165,364Net Income 2022: $574,1442022Revenue 2023: $7,633,061Expenses 2023: $6,333,061Net Income 2023: $1,300,0002023Revenue 2024: $9,136,574Expenses 2024: $7,886,574Net Income 2024: $1,250,0002024

Highlighted filing

2019

Revenue$3,125,032
Expenses$2,981,639
Net Income$143,393
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Apr 21, 2020
Return Version
2019v5.0
Gross Receipts
$3,125,032
Mission and Program Overview

Mission

Cent credit union operates for the primary purpose of promoting thrift, providing credit at reasonable rates, and providing other financial services to its members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$42,572,946$47,774,257▲ $5,201,311
Savings and Temporary Cash Investments$4,548,055$5,300,636▲ $752,581
Rtn Earn Endowment Incm Other Fnds$5,142,912$5,170,863▲ $27,951
Land, Buildings, and Equipment, Net$2,597,890$2,436,091▼ $161,799
Pd in Cap Srpls Land Bldg Eqp Fund$2,159,733$2,275,175▲ $115,442
Cash and Non-Interest-Bearing Accounts$668,529$525,701▼ $142,828
Prepaid Expenses and Deferred Charges$144,536$123,992▼ $20,544
Accounts Receivable$877$377▼ $500
Total Assets$51,054,112$56,693,695▲ $5,639,583
Other Assets Total$521,279$532,641▲ $11,362
Liabilities
Other Liabilities$43,608,533$48,888,783▲ $5,280,250
Accounts Payable and Accrued Expenses$142,934$358,874▲ $215,940
Total Liabilities$43,751,467$49,247,657▲ $5,496,190
Net Assets / Fund Balance
Total Net Assets Fund Balance$7,302,645$7,446,038▲ $143,393
Total Liabilities and Net Assets / Fund Balance$51,054,112$56,693,695▲ $5,639,583

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,914,962$462,303$2,377,265
Land$345,000-$345,000
Equipment$176,129$121,293$297,422
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Matthew ChizekCEOFT$131,713$9,167$140,880

Board Members and Trustees

NameTitle
Bill OrozcoBoard Member
Dan Van HornBoard Member
Dave HickmanBoard Member
Deb OrozcoBoard Member
Greg LeeBoard Member
Harry ShannonBoard Member
Jarrod JaspersenBoard Member
Kim SvejdaBoard Member
Mark HeinyBoard Member
Michelle VaskeBoard Member
Ron GuthrieBoard Member
William BaslerBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,024,450
Investment Income
$100,582
Other Revenue
$0
Change in Net Assets
$143,393

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,125,032
Total Revenue per Audited Statements
$3,125,032
Total Revenue per Form 990
$3,125,032
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,901,958
Salaries, Compensation, and Employee Benefits$1,079,681
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$883,930
Occupancy---$328,403
Office Expenses---$192,272
Depreciation Depletion---$141,909
Advertising---$139,166
All Other Expenses---$135,987
Other Employee Benefits---$91,351
Other Expenses---$87,355
Payroll Taxes---$84,587
Conferences and Meetings---$39,311
Fees for Services Accounting---$31,000
Insurance---$27,446
Pension Plan Contributions---$19,813
Interest---$1,631
Total Functional Expenses$0$0$0$2,981,639

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,981,639
Total Expenses per Audited Statements$2,981,639
Total Expenses per Form 990$2,981,639
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 Shares$48,888,783
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
No
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

Bill orazco deb orazco board member board member husband/wife

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 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 19

The monthly financial statements are posted in the credit union 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
Cent Credit Union
EIN
42-0923713
Phone
6414242368
Address
25 W STATE STREET, MASON CITY, IA 50401

Signing Officer

Name
Matthew Chizek
Title
CEO
Phone
6414242368
Signed
2020-04-21

Organization Details

Principal Officer
Matthew Chizek
Formed
1965
Legal Domicile
Ia
Voting Board Members
12
Independent Board Members
12
Employees
23
Volunteers
12

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 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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IRS990/PYInvestmentIncomeAmt092335
IRS990/PYOtherExpensesAmt01921036
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IRS990/PYTotalRevenueAmt02938902
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt0462303
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IRS990ScheduleD/LandGrp/BookValueAmt0345000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0345000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt048888783
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER SHARES
IRS990ScheduleD/RevenueSubtotalAmt03125032
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02436091
IRS990ScheduleD/TotalExpensesPerForm990Amt02981639
IRS990ScheduleD/TotalLiabilityAmt048888783
IRS990ScheduleD/TotalRevenuePerForm990Amt03125032
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0N/A
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BILL ORAZCO DEB ORAZCO BOARD MEMBER BOARD MEMBER HUSBAND/WIFE
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 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 MONTHLY FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION 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 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 19
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
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IRS990/TotalFunctionalExpensesGrp/TotalAmt02981639
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt043751467
IRS990/TotalLiabilitiesEOYAmt049247657
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IRS990/TotalLiabilitiesGrp/EOYAmt049247657
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt07302645
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt07446038
IRS990/TotalOtherCompensationAmt09167
IRS990/TotalProgramServiceRevenueAmt03024450
IRS990/TotalReportableCompFromOrgAmt0131713
IRS990/TotalRevenueGrp/ExclusionAmt03125032
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03125032
IRS990/TotalVolunteersCnt012
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt051054112
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt056693695
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt025 W STATE STREET
IRS990/USAddress/CityNm0MASON CITY
IRS990/USAddress/StateAbbreviationCd0IA
IRS990/USAddress/ZIPCd050401
IRS990/VotingMembersGoverningBodyCnt012
IRS990/VotingMembersIndependentCnt012
IRS990/WebsiteAddressTxt0WWW.CENTCU.ORG
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02020-09-23 17:36:50Z
ReturnHeader/BusinessOfficerGrp/PersonNm0MATTHEW CHIZEK
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum06414242368
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-04-21
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0CENT CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0CENT
ReturnHeader/Filer/EIN0420923713
ReturnHeader/Filer/PhoneNum06414242368
ReturnHeader/Filer/USAddress/AddressLine1Txt025 W STATE STREET
ReturnHeader/Filer/USAddress/CityNm0MASON CITY
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IA
ReturnHeader/Filer/USAddress/ZIPCd050401
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0AA5E5617F0C7F7CF9897F415F01B95D9C4C9C7A2
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0AA5E5617F0C7F7CF9897F415F01B95D9C4C9C7A2
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt070.184.213.184
ReturnHeader/FilingSecurityInformation/IPDt02020-04-24
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm009:19:51
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/PreparationDt02020-04-24
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN O PETERSEN
ReturnHeader/ReturnTs02020-04-24T09:19:51-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-01-01
ReturnHeader/TaxPeriodEndDt02019-12-31
ReturnHeader/TaxYr02019

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