Civic Intelligence

Cent Credit Union

990 • Fiscal year 2023 • EIN 42-0923713

Jan 01, 2023 to Dec 31, 2023 • Filed on May 09, 2024

Organization ProfileWWW.CENTCU.ORG

View Organization Page

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

33rd percentile

0.88x

Higher debt load relative to assets than 33% of similar nonprofits.

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

Liabilities / Revenue

60th percentile

17.51x

Higher debt load relative to revenue than 60% of similar nonprofits.

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

Net Margin

62nd percentile

17%

Higher net margin than 62% of similar nonprofits.

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

Top Officer Pay

75th percentile

$287,992

Higher top officer pay than 75% of similar nonprofits.

Top officer pay equals 3.8% of source-year revenue.

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

Asset Growth

100th percentile

107%

Faster asset growth than 100% of similar nonprofits.

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

Revenue Growth

99th percentile

104%

Faster revenue growth than 99% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets33rd percentile

Assets

Up

$151,655,245

Up $78,448,267 (+107%) from 2022

Net Assets

Up

$18,023,395

Up $9,101,904 (+102%) from 2022

Liabilities

Up

$133,631,850

Up $69,346,363 (+108%) from 2022

Revenue And Expenses
Liabilities / Revenue60th percentileNet Margin62nd percentile

Revenue

Up

$7,633,061

Up $3,893,553 (+104%) from 2022

Expenses

Up

$6,333,061

Up $3,167,697 (+100%) from 2022

Net Income

Up

$1,300,000

Up $725,856 (+126%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth100th percentile

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

2023

Assets$151,655,245
Liabilities$133,631,850
Net Assets$18,023,395
Open 2023 Filing

Operations Trend

Revenue Growth99th percentile

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

2023

Revenue$7,633,061
Expenses$6,333,061
Net Income$1,300,000
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
May 9, 2024
Return Version
2023v5.0
Gross Receipts
$7,633,061
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$61,364,991$117,614,953▲ $56,249,962
Savings and Temporary Cash Investments$8,040,512$26,374,574▲ $18,334,062
Rtn Earn Endowment Incm Other Fnds$6,251,624$9,713,776▲ $3,462,152
Pd in Cap Srpls Land Bldg Eqp Fund$2,669,867$8,309,619▲ $5,639,752
Land, Buildings, and Equipment, Net$2,067,554$2,813,911▲ $746,357
Investments in Publicly Traded Securities-$1,750,000-
Cash and Non-Interest-Bearing Accounts$849,457$1,255,915▲ $406,458
Prepaid Expenses and Deferred Charges$183,642$217,065▲ $33,423
Accounts Receivable-$24,337-
Total Assets$73,206,978$151,655,245▲ $78,448,267
Other Assets Total$700,822$1,604,490▲ $903,668
Liabilities
Other Liabilities$64,043,368$133,404,234▲ $69,360,866
Accounts Payable and Accrued Expenses$242,119$227,616▼ $14,503
Total Liabilities$64,285,487$133,631,850▲ $69,346,363
Net Assets / Fund Balance
Total Net Assets Fund Balance$8,921,491$18,023,395▲ $9,101,904
Total Liabilities and Net Assets / Fund Balance$73,206,978$151,655,245▲ $78,448,267

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,770,960$997,733$2,768,693
Equipment$657,175$1,035,381$1,692,556
Land$385,776-$385,776
Compensation and Service Providers
Top Officer Pay75th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Matthew ChizekCEOFT$226,720$61,272$287,992

Board Members and Trustees

NameTitle
Bill OrozcoBoard Member
Dan Van HornBoard Member
Jolynn GoodchildBoard Member
Liz LovenBoard Member
Rick SudtelgteBoard Member
Wayne SchlotfeldtBoard Member
William BaslerBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$6,471,705
Investment Income
$1,161,356
Other Revenue
$0
Change in Net Assets
$1,300,000

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,633,061
Total Revenue per Audited Statements
$7,633,061
Total Revenue per Form 990
$7,633,061
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,734,338
Salaries, Compensation, and Employee Benefits$2,598,723
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$1,744,379
Office Expenses---$429,741
Other Employee Benefits---$318,195
Occupancy---$292,795
Current Officers, Directors, Trustees, and Key Employees---$287,992
Depreciation Depletion---$276,007
Advertising---$217,453
All Other Expenses---$169,184
Payroll Taxes---$154,961
Conferences and Meetings---$98,881
Other Expenses---$96,494
Pension Plan Contributions---$93,196
Fees for Services Other---$80,128
Insurance---$63,595
Fees for Services Accounting---$38,215
Fees for Services Legal---$4,269
Total Functional Expenses$0$0$0$6,333,061

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$6,333,061
Total Expenses per Audited Statements$6,333,061
Total Expenses per Form 990$6,333,061
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$133,404,234
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 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
2024-05-09

Organization Details

Principal Officer
Matthew Chizek
Formed
1965
Legal Domicile
Ia
Voting Board Members
9
Independent Board Members
9
Employees
47
Volunteers
9

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

“Merged in equity 7,801,904”

Raw XML Appendix367 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/TotalLiabilityAmt0133404234
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IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0N/A
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 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 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/ExplanationTxt7MERGED IN EQUITY 7,801,904
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 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART XI, LINE 9
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
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IRS990/TotalLiabilitiesBOYAmt064285487
IRS990/TotalLiabilitiesEOYAmt0133631850
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IRS990/TotalLiabilitiesGrp/EOYAmt0133631850
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IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt018023395
IRS990/TotalOtherCompensationAmt022557
IRS990/TotalProgramServiceRevenueAmt06471705
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IRS990/TotalRevenueGrp/ExclusionAmt07614183
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt07633061
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IRS990/UponRequestInd0X
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IRS990/USAddress/CityNm0MASON CITY
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IRS990/USAddress/ZIPCd050401
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0WWW.CENTCU.ORG
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/PersonNm0MATTHEW CHIZEK
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum06414242368
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-05-09
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/IRSResponsiblePrtyInfoCurrInd0false
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/PreparationDt02024-05-10
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN O PETERSEN
ReturnHeader/ReturnTs02024-05-13T09:19:24-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0MATTHEW
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0CHIZEK
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$151,655,245
Liabilities
$133,631,850
Net assets
$18,023,395
Revenue
$7,633,061
Expenses
$6,333,061
Net income
$1,300,000
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$168$149$19.3$9.14$7.89$1.25
2023Detailed filing. Detailed filing data is available for this year.$152$134$18.0$7.63$6.33$1.30
2022Detailed filing. Detailed filing data is available for this year.$73.2$64.3$8.92$3.74$3.17$0.57
2021Detailed filing. Detailed filing data is available for this year.$71.7$63.3$8.35$3.48$2.98$0.51
2020Detailed filing. Detailed filing data is available for this year.$65.3$57.4$7.84$3.39$3.00$0.40
2019Detailed filing. Detailed filing data is available for this year.$56.7$49.2$7.45$3.13$2.98$0.14
2018Detailed filing. Detailed filing data is available for this year.$51.1$43.8$7.30$2.94$2.93$0.01
2017Detailed filing. Detailed filing data is available for this year.$49.2$41.9$7.29$2.43$2.27$0.16
2016Detailed filing. Detailed filing data is available for this year.$43.9$36.8$7.13$2.03$1.66$0.37
2015Detailed filing. Detailed filing data is available for this year.$40.7$34.0$6.77$1.77$1.45$0.32
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$32.5$27.4$5.08$1.00
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.7$25.2$4.46$1.19