Civic Intelligence

Frontier Community Credit Union

990 • Fiscal year 2015 • EIN 42-6063339

Jan 01, 2015 to Dec 31, 2015 • Filed on Jun 30, 2016

13 South 3rd StreetFort Dodge, IA 50501

(515) 573-8991

Siviq Scores

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

Liabilities / Assets

10th percentile

0.01x

Higher debt load relative to assets than 10% of similar nonprofits.

2015 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2015

Liabilities / Revenue

10th percentile

0.43x

Higher debt load relative to revenue than 10% of similar nonprofits.

2015 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2015

Net Margin

24th percentile

0.1%

Higher net margin than 24% of similar nonprofits.

2015 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2015

Top Officer Pay

20th percentile

$48,505

Higher top officer pay than 20% of similar nonprofits.

Top officer pay equals 8.3% of source-year revenue.

2015 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2015

Asset Growth

11th percentile

-2.8%

Faster asset growth than 11% of similar nonprofits.

2015 filings • 501(c)14 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Revenue Growth

2nd percentile

-16%

Faster revenue growth than 2% of similar nonprofits.

2015 filings • 501(c)14 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Assets

Down

$19,035,869

Down $557,808 (-2.8%) from 2014

Net Assets

Down

$18,786,209

Down $583,677 (-3.0%) from 2014

Liabilities

Up

$249,660

Up $25,869 (+12%) from 2014

Revenue

Down

$587,112

Down $110,620 (-16%) from 2014

Expenses

Down

$586,490

Down $77,157 (-12%) from 2014

Net Income

Down

$622

Down $33,463 (-98%) from 2014

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$20M$15M$10M$5.0M$0Assets 2010: $14,810,154Liabilities 2010: $154,405Net Assets 2010: $14,655,7492010Assets 2013: $19,388,269Liabilities 2013: $210,947Net Assets 2013: $19,177,3222013Assets 2014: $19,593,677Liabilities 2014: $223,791Net Assets 2014: $19,369,8862014Assets 2015: $19,035,869Liabilities 2015: $249,660Net Assets 2015: $18,786,2092015

Highlighted filing

2015

Assets$19,035,869
Liabilities$249,660
Net Assets$18,786,209

Operations Trend

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

$800K$600K$400K$200K$0Expenses 2010: $658,7112010Revenue 2013: $780,994Expenses 2013: $771,418Net Income 2013: $9,5762013Revenue 2014: $697,732Expenses 2014: $663,647Net Income 2014: $34,0852014Revenue 2015: $587,112Expenses 2015: $586,490Net Income 2015: $6222015

Highlighted filing

2015

Revenue$587,112
Expenses$586,490
Net Income$622
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Jun 30, 2016
Return Version
2015v2.1
Gross Receipts
$587,112
Mission and Program Overview

Mission

The credit union provides

The credit union provides financial services to qualified members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$19,369,886$18,786,209▼ $583,677
Savings and Temporary Cash Investments$12,767,000$11,328,000▼ $1,439,000
Other Notes and Loans Receivable, Net$3,969,663$3,990,853▲ $21,190
Cash and Non-Interest-Bearing Accounts$2,282,117$3,114,477▲ $832,360
Receivables From Officers Etc$126,086$145,480▲ $19,394
Land, Buildings, and Equipment, Net$51,569$45,528▼ $6,041
Prepaid Expenses and Deferred Charges$8,374$27,670▲ $19,296
Total Assets$19,593,677$19,035,869▼ $557,808
Other Assets Total$388,868$383,861▼ $5,007
Liabilities
Accounts Payable and Accrued Expenses$223,791$249,660▲ $25,869
Total Liabilities$223,791$249,660▲ $25,869
Net Assets / Fund Balance
Total Net Assets Fund Balance$19,369,886$18,786,209▼ $583,677
Total Liabilities and Net Assets / Fund Balance$19,593,677$19,035,869▼ $557,808

Asset Categories

AssetBook ValueDepreciationBasis
Buildings-$120,560$120,560
Equipment$4,437$58,522$62,959
Leasehold Improvements$24,651$3,949$28,600
Land$16,440-$16,440
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Keith OsterbergChief Financial OfficerFT$48,505$48,505
Carolyn ChelleenManagerFT$23,899$23,899

Board Members and Trustees

NameTitle
Ken MckenneyAudit Committee Chair
Roger SimonsonChairperson of the Board
Stanley MyersVice Chairperson
Mark EssingAudit Committee Member
William AdsonAudit Committee Member
Dale StrueckerCredit Committee Member
Roger SimonsonCredit Committee Member
Norma Russell-adsonSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$376,205
Investment Income
$142,060
Other Revenue
$68,847
Change in Net Assets
$622
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$346,847
Salaries, Compensation, and Employee Benefits$239,643
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$147,704--$147,704
All Other Expenses$103,949$0$0$103,949
Office Expenses$95,482--$95,482
Fees for Services Accounting$73,562--$73,562
Current Officers, Directors, Trustees, and Key Employees$72,404--$72,404
Other Employee Benefits$19,535--$19,535
Occupancy$18,205--$18,205
Advertising$13,938--$13,938
Insurance$13,595--$13,595
Depreciation Depletion$10,521--$10,521
Fees for Services Management$1,802--$1,802
Conferences and Meetings$1,447--$1,447
Fees for Services Legal$1,360--$1,360
Other Expenses$1,089--$1,089
Total Functional Expenses$586,490$0$0$586,490
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
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$126,086$145,480▲ $19,394
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
Filing and Contact Details

Filer

Filer Name
Frontier Community Credit Union
EIN
42-6063339
Phone
5155738991
Address
13 South 3rd Street, Fort Dodge, IA 50501

Signing Officer

Name
Roger Simonson
Title
Chairman
Phone
5155738991
Signed
2016-06-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Carolyn Chelleen
Formed
1962
Legal Domicile
Ia
Voting Board Members
10
Independent Board Members
10
Employees
10
Volunteers
0

Preparer

Firm
Cornwellfrideres Maher & Assoc Plc
Address
714 14TH AVE N, FORT DODGE, IA 50501
Preparer
Jerilyn Maher
Phone
5159554805
Supplemental Narrative

Additional Explanations

Pt VI, Line 6

Membership consists of those persons in the common bond who have subscribed to one ownership share and have complied wiht the other requirements as specified by the articles of incorporation and bylaws.

Pt VI, Line 7A

At each annual meeting, one member shall be elected to fill each board of director position vacated by reason of an expiring term or other cause.

Pt VI, Line 7B

The majority of members present at any meeting may vote to modify, amend or reverse an act of the board of directors or instruct the board to take action not inconsistent with the articles, bylaws, or the Iowa Code. In order to be binding upon the board of directors, any aaction requires affirmative vote of a majority of eligible members.

Pt VI, Line 11B

The form 990 is reviewed by each member of the governing board following filing.

Pt VI, Line 12C

The organization requires officers and directors to disclose annually interests that could give rise to conflicts. To identify any potential conflicts of interest, every insider provides an annual statement outlining specific relations and situations. The conflict of interest policy is annually reviewed by the board and is enforced by the board.

Pt VI, Line 15A

A compensation Committee has overall responsibility for approving and evaluating the President/CEO compensation, benefit and prerequisite plans, policies and programs of the credit union. The Compensation Committee is also responsible for producing an annual report on executive compensation for review by the entire board. An independent third party reviews compensation based on data compiled from numerous sources. Software is used that compares relative compensation data.

Pt VI, Line 19

The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.

Pt XI

This is the change in fund balances for customer account balances from the prior year.

Form 990, Part IX, Line 24E

Provision for loan loss 49338. 49338. 0. 0.

Form 990, Part IX, Line 24E

Exam Fee expense 5814. 5814. 0. 0.

Form 990, Part IX, Line 24E

Misc. operating expense 11675. 11675. 0. 0.

Form 990, Part IX, Line 24E

Dividends 31331. 31331. 0. 0.

Form 990, Part IX, Line 24E

Credit Reports 5791. 5791. 0. 0.

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IRS990ScheduleD/BuildingsGrp/DepreciationAmt0120560
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0120560
IRS990ScheduleD/EquipmentGrp/BookValueAmt04437
IRS990ScheduleD/EquipmentGrp/DepreciationAmt058522
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt062959
IRS990ScheduleD/LandGrp/BookValueAmt016440
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt016440
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt024651
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt03949
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt028600
IRS990ScheduleD/TotalBookValueLandBuildingsAmt045528
IRS990/ScheduleJRequiredInd0false
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt09361
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt15076
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt24904
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt311842
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt44455
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt58704
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt68005
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt75652
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt88288
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt92210
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt1027765
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt111973
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt1210750
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt134898
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt1418744
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt1512853
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd1true
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd5true
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd13true
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd14true
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd15true
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd1X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd2X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd3X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd4X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd5X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd6X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd7X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd8X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd9X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd10X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd11X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd12X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd13X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd14X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd15X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0Vehicle loan
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt1Revolving credit
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt2Vehicle loan
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt3Vehicle loan
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt4Revolving credit
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt5Vehicle loan
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt6PERSONAL
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt7Vehicle loan
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt8Vehicle loan
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt9Vehicle loan
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt10Vehicle loan
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt11Signature loan
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt12Vehicle loan
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt13Signature loan
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt14Vehicle loan
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt15Vehicle loan
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt016000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt17814
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt25400
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt323845
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt45000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt510200
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt68005
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt77965
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt810085
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt94010
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt1029888
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt113637
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt1215594
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt135000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt1420077
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt1513200
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0ROGER SIMONSON
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm1ROGER SIMONSON
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm2STANLEY MYERS
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm3STANLEY MYERS
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm4STANLEY MYERS
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm5KAY SCHNURR
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm6KAY SCHNURR
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm7KEITH OSTERBERG
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm8KATHY NELSON
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm9KATHY NELSON
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm10KATHY NELSON
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm11KATHY NELSON
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm12TIFFANY BRADFIELD
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm13TIFFANY BRADFIELD
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm14WILLIAM ADSON
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm15BREANNA MARTIN
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0Trustee
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt1Trustee
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt2Trustee
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt3Trustee

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