Civic Intelligence

Eaton Employees Credit Union

EIN 42-1077227 • 501(c)14 • Spencer, IA

Profile

State chartered credit union

PO Box 20Spencer, IA 51301

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

87th percentile

0.90x

Higher debt load relative to assets than 87% of similar nonprofits.

501(c)14 • $1M-$5M nonprofits • Source year 2016

Liabilities / Revenue

79th percentile

17.60x

Higher debt load relative to revenue than 79% of similar nonprofits.

501(c)14 • $1M-$5M nonprofits • Source year 2016

Net Margin

31st percentile

-16%

Higher net margin than 31% of similar nonprofits.

501(c)14 • $1M-$5M nonprofits • Source year 2016

Top Officer Pay

18th percentile

$0

Higher top officer pay than 18% of similar nonprofits.

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

501(c)14 • $1M-$5M nonprofits • Source year 2016

Asset Growth

37th percentile

-17%

Faster asset growth than 37% of similar nonprofits.

501(c)14 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Revenue Growth

48th percentile

-3.9%

Faster revenue growth than 48% of similar nonprofits.

501(c)14 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets87th percentile

Assets

Down

$2,553,785

Down $527,264 (-17%) from 2015

Liabilities

Down

$2,308,412

Down $506,566 (-18%) from 2015

Net Assets

Down

$245,373

Down $20,698 (-7.8%) from 2015

Operations
Liabilities / Revenue79th percentileNet Margin31st percentile

Revenue

Down

$131,140

Down $5,354 (-3.9%) from 2015

Expenses

Up

$151,838

Up $17,473 (+13%) from 2015

Net Income

Down

-$20,698

Down $22,827 (-1072%) from 2015

Trend Graphs

Balance Sheet Trend

Asset Growth37th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$4.0M$3.0M$2.0M$1.0M$0Assets 2010: $2,030,547Liabilities 2010: $1,787,051Net Assets 2010: $243,4962010Assets 2011: $1,820,614Liabilities 2011: $1,571,241Net Assets 2011: $249,3732011Assets 2012: $2,565,239Liabilities 2012: $2,308,719Net Assets 2012: $256,5202012Assets 2013: $2,475,576Liabilities 2013: $2,218,601Net Assets 2013: $256,9752013Assets 2014: $2,696,202Liabilities 2014: $2,432,260Net Assets 2014: $263,9422014Assets 2015: $3,081,049Liabilities 2015: $2,814,978Net Assets 2015: $266,0712015Assets 2016: $2,553,785Liabilities 2016: $2,308,412Net Assets 2016: $245,3732016

Highlighted filing

2016

Assets$2,553,785
Liabilities$2,308,412
Net Assets$245,373
Open 2016 Filing

Operations Trend

Revenue Growth48th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$200K$150K$100K$50K$0-$50KExpenses 2010: $133,0572010Expenses 2011: $121,0882011Expenses 2012: $123,5032012Revenue 2013: $133,856Expenses 2013: $133,401Net Income 2013: $4552013Revenue 2014: $135,704Expenses 2014: $128,737Net Income 2014: $6,9672014Revenue 2015: $136,494Expenses 2015: $134,365Net Income 2015: $2,1292015Revenue 2016: $131,140Expenses 2016: $151,838Net Income 2016: -$20,6982016

Highlighted filing

2016

Revenue$131,140
Expenses$151,838
Net Income-$20,698
Open 2016 Filing

Filings

Most recent year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,553,785
Liabilities
$2,308,412
Net assets
$245,373
Revenue
$131,140
Expenses
$151,838
Net income
-$20,698
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2016Detailed filing. Detailed filing data is available for this year.$2.55$2.31$0.25$0.13$0.15$0.02
2015Detailed filing. Detailed filing data is available for this year.$3.08$2.81$0.27$0.14$0.13$0.00
2014Detailed filing. Detailed filing data is available for this year.$2.70$2.43$0.26$0.14$0.13$0.01
2013Detailed filing. Detailed filing data is available for this year.$2.48$2.22$0.26$0.13$0.13$0.00
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.57$2.31$0.26$0.12
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.82$1.57$0.25$0.12
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.03$1.79$0.24$0.13
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
May 18, 2017
Return Version
2016v3.0
Gross Receipts
$131,140
Mission and Program Overview

Mission

State chartered credit union

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$2,001,401$1,829,122▼ $172,279
Savings and Temporary Cash Investments$1,051,774$697,065▼ $354,709
Pd in Cap Srpls Land Bldg Eqp Fund$156,504$156,504→ $0
Rtn Earn Endowment Incm Other Fnds$109,567$88,869▼ $20,698
Prepaid Expenses and Deferred Charges$2,981$3,141▲ $160
Land, Buildings, and Equipment, Net$619$183▼ $436
Total Assets$3,081,049$2,553,785▼ $527,264
Other Assets Total$24,274$24,274→ $0
Liabilities
Other Liabilities$2,807,719$2,295,719▼ $512,000
Accounts Payable and Accrued Expenses$7,259$12,693▲ $5,434
Total Liabilities$2,814,978$2,308,412▼ $506,566
Net Assets / Fund Balance
Total Net Assets Fund Balance$266,071$245,373▼ $20,698
Total Liabilities and Net Assets / Fund Balance$3,081,049$2,553,785▼ $527,264

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$183$13,185$13,368
Compensation and Service Providers
Top Officer Pay18th percentile

Board Members and Trustees

NameTitle
Arlen RostBoard Member
Gary LoringBoard Member
Gregg AllenBoard Member
JAY O'LEARYBoard Member
Jeremiah QuistBoard Member
Lisa ScottBoard Member
Matt SchoningBoard Member
Shane QuistBoard Member
Tracy NelsonBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$121,449
Investment Income
$9,691
Other Revenue
$0
Change in Net Assets
$-20,698
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$99,746
Salaries, Compensation, and Employee Benefits$52,092
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$48,413
Office Expenses---$22,272
Insurance---$6,122
Fees for Services Accounting---$5,110
Payroll Taxes---$3,679
Conferences and Meetings---$1,374
All Other Expenses---$1,272
Other Expenses---$935
Depreciation Depletion---$437
Fees for Services Legal---$235
Total Functional Expenses$0$0$0$151,838
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$2,295,719
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 2

“Jeremiah quist shane quist board member board member brothers”

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 manager 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 2016.”

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
Eaton Employees Credit Union
EIN
42-1077227
Phone
7122643377
Address
PO BOX 20, SPENCER, IA 51301

Signing Officer

Name
Kristin Schwenneker
Title
Manager
Phone
7122643377
Signed
2017-05-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kristin Schwenneker
Formed
1977
Legal Domicile
Ia
Voting Board Members
9
Independent Board Members
9
Employees
3
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”

Raw XML Appendix323 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/ExplanationTxt1JEREMIAH QUIST SHANE QUIST BOARD MEMBER BOARD MEMBER BROTHERS
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 MANAGER 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 2016.
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/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 6
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PAGE 6, PART VI, LINE 19
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ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0KRISTIN SCHWENNEKER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0MANAGER
ReturnHeader/BusinessOfficerGrp/PhoneNum07122643377
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-05-18
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0EATON EMPLOYEES CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0EATO
ReturnHeader/Filer/EIN0421077227
ReturnHeader/Filer/PhoneNum07122643377
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 20
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ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0AA5E5617F0C7F7CF9897F415F01B95D9C4C9C7A2
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0AA5E5617F0C7F7CF9897F415F01B95D9C4C9C7A2
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/PreparationDt02017-05-18
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN O PETERSEN
ReturnHeader/ReturnTs02017-05-18T08:21:43-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-01-01
ReturnHeader/TaxPeriodEndDt02016-12-31
ReturnHeader/TaxYr02016

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