Civic Intelligence

Cent Credit Union

990 • Fiscal year 2020 • EIN 42-0923713

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 12, 2021

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

0.88x

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

2020 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2020

Liabilities / Revenue

24th percentile

16.91x

Higher debt load relative to revenue than 24% of similar nonprofits.

2020 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2020

Net Margin

60th percentile

12%

Higher net margin than 60% of similar nonprofits.

2020 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2020

Top Officer Pay

65th percentile

$161,007

Higher top officer pay than 65% of similar nonprofits.

Top officer pay equals 4.7% of source-year revenue.

2020 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2020

Asset Growth

50th percentile

15%

Faster asset growth than 50% of similar nonprofits.

2020 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2019 to 2020

Revenue Growth

90th percentile

8.6%

Faster revenue growth than 90% of similar nonprofits.

2020 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2019 to 2020

Assets

Up

$65,253,827

Up $8,560,132 (+15%) from 2019

Net Assets

Up

$7,841,929

Up $395,891 (+5.3%) from 2019

Liabilities

Up

$57,411,898

Up $8,164,241 (+17%) from 2019

Revenue

Up

$3,394,785

Up $269,753 (+8.6%) from 2019

Expenses

Up

$2,998,894

Up $17,255 (+0.6%) from 2019

Net Income

Up

$395,891

Up $252,498 (+176%) from 2019

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

2020

Assets$65,253,827
Liabilities$57,411,898
Net Assets$7,841,929

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

2020

Revenue$3,394,785
Expenses$2,998,894
Net Income$395,891
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 12, 2021
Return Version
2020v4.0
Gross Receipts
$3,394,785
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$47,774,257$52,360,986▲ $4,586,729
Savings and Temporary Cash Investments$5,300,636$8,857,785▲ $3,557,149
Rtn Earn Endowment Incm Other Fnds$5,170,863$5,584,754▲ $413,891
Land, Buildings, and Equipment, Net$2,436,091$2,381,238▼ $54,853
Pd in Cap Srpls Land Bldg Eqp Fund$2,275,175$2,257,175▼ $18,000
Cash and Non-Interest-Bearing Accounts$525,701$912,112▲ $386,411
Prepaid Expenses and Deferred Charges$123,992$109,537▼ $14,455
Accounts Receivable$377$990▲ $613
Total Assets$56,693,695$65,253,827▲ $8,560,132
Other Assets Total$532,641$631,179▲ $98,538
Liabilities
Other Liabilities$48,888,783$57,079,541▲ $8,190,758
Accounts Payable and Accrued Expenses$358,874$332,357▼ $26,517
Total Liabilities$49,247,657$57,411,898▲ $8,164,241
Net Assets / Fund Balance
Total Net Assets Fund Balance$7,446,038$7,841,929▲ $395,891
Total Liabilities and Net Assets / Fund Balance$56,693,695$65,253,827▲ $8,560,132

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,812,903$564,362$2,377,265
Equipment$223,335$181,312$404,647
Land$345,000-$345,000
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Matthew ChizekCEOFT$153,389$7,618$161,007

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
$3,350,523
Investment Income
$44,262
Other Revenue
$0
Change in Net Assets
$395,891

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,394,785
Total Revenue per Audited Statements
$3,394,785
Total Revenue per Form 990
$3,394,785
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,969,281
Salaries, Compensation, and Employee Benefits$1,029,613
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$691,814
Occupancy---$228,802
Other Expenses---$219,337
Office Expenses---$203,161
Current Officers, Directors, Trustees, and Key Employees---$161,007
Depreciation Depletion---$153,945
All Other Expenses---$125,558
Advertising---$90,874
Other Employee Benefits---$82,002
Payroll Taxes---$73,557
Conferences and Meetings---$41,288
Fees for Services Accounting---$31,800
Insurance---$29,020
Pension Plan Contributions---$21,233
Total Functional Expenses$0$0$0$2,998,894

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,998,894
Total Expenses per Audited Statements$2,998,894
Total Expenses per Form 990$2,998,894
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$57,079,541
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
2021-11-12

Organization Details

Principal Officer
Matthew Chizek
Formed
1965
Legal Domicile
Ia
Voting Board Members
13
Independent Board Members
13
Employees
20
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 Appendix385 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/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/TotalNetAssetsFundBalanceGrp/EOYAmt07841929
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IRS990/USAddress/CityNm0MASON CITY
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IRS990/WebsiteAddressTxt0WWW.CENTCU.ORG
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/PersonNm0MATTHEW CHIZEK
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum06414242368
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-11-12
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/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/PreparationDt02021-11-12
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN O PETERSEN
ReturnHeader/ReturnTs02021-11-12T15:40:46-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0MATTHEW
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0CHIZEK
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

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