Civic Intelligence

Polk County Credit Union

990 • Fiscal year 2016 • EIN 42-6064396

Jan 01, 2016 to Dec 31, 2016 • Filed on Feb 25, 2017

Organization ProfileWWW.POLKCOUNTYCREDITUNION.COM
111 Court Ave Room 110Des Moines, IA 50309

(515) 244-8647

Siviq Scores

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

Liabilities / Assets

69th percentile

0.89x

Higher debt load relative to assets than 69% of similar nonprofits.

2016 filings • 501(c)14 • $5M-$10M nonprofits • Source year 2016

Liabilities / Revenue

52nd percentile

19.40x

Higher debt load relative to revenue than 52% of similar nonprofits.

2016 filings • 501(c)14 • $5M-$10M nonprofits • Source year 2016

Net Margin

96th percentile

24%

Higher net margin than 96% of similar nonprofits.

2016 filings • 501(c)14 • $5M-$10M nonprofits • Source year 2016

Top Officer Pay

69th percentile

$62,692

Higher top officer pay than 69% of similar nonprofits.

Top officer pay equals 26.0% of source-year revenue.

2016 filings • 501(c)14 • $5M-$10M nonprofits • Source year 2016

Asset Growth

89th percentile

8.4%

Faster asset growth than 89% of similar nonprofits.

2016 filings • 501(c)14 • $5M-$10M nonprofits • Annualized from 2015 to 2016

Revenue Growth

84th percentile

9.3%

Faster revenue growth than 84% of similar nonprofits.

2016 filings • 501(c)14 • $5M-$10M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets69th percentile

Assets

Up

$5,291,732

Up $412,023 (+8.4%) from 2015

Net Assets

Up

$604,185

Up $58,842 (+11%) from 2015

Liabilities

Up

$4,687,547

Up $353,181 (+8.1%) from 2015

Revenue And Expenses
Liabilities / Revenue52nd percentileNet Margin96th percentile

Revenue

Up

$241,582

Up $20,629 (+9.3%) from 2015

Expenses

Down

$182,741

Down $19,810 (-9.8%) from 2015

Net Income

Up

$58,841

Up $40,439 (+220%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth89th percentile

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2010: $3,705,988Liabilities 2010: $2,836,646Net Assets 2010: $869,3422010Assets 2015: $4,879,709Liabilities 2015: $4,334,366Net Assets 2015: $545,3432015Assets 2016: $5,291,732Liabilities 2016: $4,687,547Net Assets 2016: $604,1852016Assets 2017: $5,311,830Liabilities 2017: $4,646,734Net Assets 2017: $665,0962017Assets 2018: $5,430,954Liabilities 2018: $4,730,227Net Assets 2018: $700,7272018Assets 2019: $5,695,977Liabilities 2019: $4,949,421Net Assets 2019: $746,5562019Assets 2020: $6,920,204Liabilities 2020: $6,131,182Net Assets 2020: $789,0222020Assets 2021: $7,267,562Liabilities 2021: $6,454,664Net Assets 2021: $812,8982021Assets 2022: $6,482,443Liabilities 2022: $5,639,545Net Assets 2022: $842,8982022Assets 2023: $5,093,395Liabilities 2023: $4,210,497Net Assets 2023: $882,8982023Assets 2024: $5,442,100Liabilities 2024: $4,509,202Net Assets 2024: $932,8982024

Highlighted filing

2016

Assets$5,291,732
Liabilities$4,687,547
Net Assets$604,185
Open 2016 Filing

Operations Trend

Revenue Growth84th percentile

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

$400K$300K$200K$100K$0Expenses 2010: $183,7442010Revenue 2015: $220,953Expenses 2015: $202,551Net Income 2015: $18,4022015Revenue 2016: $241,582Expenses 2016: $182,741Net Income 2016: $58,8412016Revenue 2017: $259,825Expenses 2017: $198,914Net Income 2017: $60,9112017Revenue 2018: $272,937Expenses 2018: $237,305Net Income 2018: $35,6322018Revenue 2019: $300,005Expenses 2019: $254,176Net Income 2019: $45,8292019Revenue 2020: $291,682Expenses 2020: $249,216Net Income 2020: $42,4662020Revenue 2021: $270,119Expenses 2021: $246,243Net Income 2021: $23,8762021Revenue 2022: $282,344Expenses 2022: $252,344Net Income 2022: $30,0002022Revenue 2023: $326,967Expenses 2023: $286,967Net Income 2023: $40,0002023Revenue 2024: $343,352Expenses 2024: $293,352Net Income 2024: $50,0002024

Highlighted filing

2016

Revenue$241,582
Expenses$182,741
Net Income$58,841
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Feb 25, 2017
Return Version
2016v3.0
Gross Receipts
$241,582
Mission and Program Overview

Mission

Non-profit member owned cooperative financial institution.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$3,968,624$3,892,983▼ $75,641
Rtn Earn Endowment Incm Other Fnds$545,343$604,185▲ $58,842
Cash and Non-Interest-Bearing Accounts$274,712$118,646▼ $156,066
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$4,879,709$5,291,732▲ $412,023
Other Assets Total$636,373$1,280,103▲ $643,730
Liabilities
Other Liabilities$4,337,670$4,690,765▲ $353,095
Accounts Payable and Accrued Expenses$-3,304$-3,218▲ $86
Total Liabilities$4,334,366$4,687,547▲ $353,181
Net Assets / Fund Balance
Total Net Assets Fund Balance$545,343$604,185▲ $58,842
Total Liabilities and Net Assets / Fund Balance$4,879,709$5,291,732▲ $412,023

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$760,627--
Compensation and Service Providers
Top Officer Pay69th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Krissy KatzmannExecutive Director/CEOFT$57,022$5,670$62,692

Board Members and Trustees

NameTitle
Chris CutlerAudit Chair
Greg WelbournChairperson
David EvelethPresident
Paul FilippelliVice Chairperson
Brent LongAudit Committee
Dave KnightAudit Committee
Heather WrightLoan Committee
Nancy Albright-andrewLoan Committee
Trish UmthunSec/loan Committee
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$224,273
Investment Income
$0
Other Revenue
$17,309
Change in Net Assets
$58,841
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$102,932
Other Expenses$79,809
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$62,692--$62,692
Other Salaries and Wages$33,023--$33,023
Interest$23,932--$23,932
Fees for Services Accounting$15,578--$15,578
Occupancy$7,111--$7,111
Payroll Taxes$6,973--$6,973
Other Expenses$4,198--$4,198
Insurance$3,594--$3,594
Office Expenses$3,590--$3,590
All Other Expenses$2,677--$2,677
Payments to Affiliates$2,234--$2,234
Conferences and Meetings$493--$493
Travel$262--$262
Other Employee Benefits$244--$244
Total Functional Expenses$182,741$0$0$182,741
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$3,902,880
Certificate of Deposits$551,338
Regular and Legal Reserve$136,968
Reserve for Contingency$99,579
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
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
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, Part VI, Section A, Line 6

“Polk county credit union is supported by its members.”

Form 990, Part VI, Section A, Line 7A

“Members have the right to vote for members of the board at the annual meeting.”

Form 990, Part VI, Section A, Line 7B

“The decision to merge with another credit union or changes made to the by-laws are subject to the approval of the membership.”

Form 990, Part VI, Section B, Line 11B

“A copy of from 990 was not provided to the organization's governing body before it was filed. The ceo reviews the return prior to its filing.”

Form 990, Part VI, Section B, Line 12C

“Polk county credit union is a very small organization. Each board member is relied upon to present any conflicts to the rest of the board.”

Form 990, Part VI, Section C, Line 19

“Polk county credit union makes its governing documents, conflict of interest policy and financial statements available to their members upon request. Also, financial statements are posted in the loby on the credit union's bulletin board.”

Filing and Contact Details

Filer

Filer Name
Polk County Credit Union
EIN
42-6064396
Phone
5152448647
Address
111 COURT AVE ROOM 110, DES MOINES, IA 50309

Signing Officer

Name
Krissy Katzmann
Title
Executive Director
Phone
5152448647
Signed
2017-02-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Krissy Katzmann
Formed
1955
Legal Domicile
Ia
Voting Board Members
9
Independent Board Members
9
Employees
2
Volunteers
0

Preparer

Firm
Gardiner Thomsen
Address
10555 NEW YORK AVENUE SUITE 200, DES MOINES, IA 50322
Preparer
C L Telk Jr CPA
Phone
5152701446
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“ROUNDING 1.”

Raw XML Appendix384 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/Desc0POLK COUNTY CREDIT UNION CREATES A SOURCE OF CREDIT AT A FAIR AND REASONABLE RATE OF INTEREST, ENCOURAGES A HABIT OF THRIFT AMONG THEIR MEMBERS, AND PROVIDES AN OPPORTUNITY FOR THEIR MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION. APPROXIMATE MEMBERS SERVED DURING THE 2016 TAX YEAR - 809.
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IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0545343
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0604185
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt041011
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1478465
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt2760627
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0NTL SHARE INSURANCE FUND
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1FEDERAL RESERVE WIRE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2NCB ACCOUNT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt03902880
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1136968
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt299579
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt3551338
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER SHARES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1REGULAR AND LEGAL RESERVE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2RESERVE FOR CONTINGENCY
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3CERTIFICATE OF DEPOSITS
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalBookValueOtherAssetsAmt01280103
IRS990ScheduleD/TotalLiabilityAmt04690765
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0POLK COUNTY CREDIT UNION IS SUPPORTED BY ITS MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MEMBERS HAVE THE RIGHT TO VOTE FOR MEMBERS OF THE BOARD AT THE ANNUAL MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE DECISION TO MERGE WITH ANOTHER CREDIT UNION OR CHANGES MADE TO THE BY-LAWS ARE SUBJECT TO THE APPROVAL OF THE MEMBERSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3A COPY OF FROM 990 WAS NOT PROVIDED TO THE ORGANIZATION'S GOVERNING BODY BEFORE IT WAS FILED. THE CEO REVIEWS THE RETURN PRIOR TO ITS FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4POLK COUNTY CREDIT UNION IS A VERY SMALL ORGANIZATION. EACH BOARD MEMBER IS RELIED UPON TO PRESENT ANY CONFLICTS TO THE REST OF THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5POLK COUNTY CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THEIR MEMBERS UPON REQUEST. ALSO, FINANCIAL STATEMENTS ARE POSTED IN THE LOBY ON THE CREDIT UNION'S BULLETIN BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6ROUNDING 1.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XI, LINE 9:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt04879709
IRS990/TotalAssetsEOYAmt05291732
IRS990/TotalAssetsGrp/BOYAmt04879709
IRS990/TotalAssetsGrp/EOYAmt05291732
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0182741
IRS990/TotalFunctionalExpensesGrp/TotalAmt0182741
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt04334366
IRS990/TotalLiabilitiesEOYAmt04687547
IRS990/TotalLiabilitiesGrp/BOYAmt04334366
IRS990/TotalLiabilitiesGrp/EOYAmt04687547
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0545343
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0604185
IRS990/TotalOtherCompensationAmt05670
IRS990/TotalProgramServiceExpensesAmt0182741
IRS990/TotalProgramServiceRevenueAmt0224273
IRS990/TotalReportableCompFromOrgAmt057022
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0241582
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0241582
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt04879709
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt05291732
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ProgramServicesAmt0262
IRS990/TravelGrp/TotalAmt0262
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0111 COURT AVE ROOM 110
IRS990/USAddress/CityNm0DES MOINES
IRS990/USAddress/StateAbbreviationCd0IA
IRS990/USAddress/ZIPCd050309
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0WWW.POLKCOUNTYCREDITUNION.COM
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0KRISSY KATZMANN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum05152448647
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-02-25
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0POLK COUNTY CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0POLK
ReturnHeader/Filer/EIN0426064396
ReturnHeader/Filer/PhoneNum05152448647
ReturnHeader/Filer/USAddress/AddressLine1Txt0111 COURT AVE ROOM 110
ReturnHeader/Filer/USAddress/CityNm0DES MOINES
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IA
ReturnHeader/Filer/USAddress/ZIPCd050309
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId089AF33B0D81E2F1A74D23D70D79B18795F6FA490
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0329CB203DCABE355E26C272970E5FD429BD5D33D
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0208.69.145.49
ReturnHeader/FilingSecurityInformation/IPDt02017-02-25
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CS
ReturnHeader/FilingSecurityInformation/IPTm008:59:04
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0421186197
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0GARDINER THOMSEN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt010555 NEW YORK AVENUE SUITE 200
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0DES MOINES
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd050322
ReturnHeader/PreparerPersonGrp/PhoneNum05152701446
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0C L TELK JR CPA
ReturnHeader/ReturnTs02017-02-25T09:26:25-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-01-01
ReturnHeader/TaxPeriodEndDt02016-12-31
ReturnHeader/TaxYr02016

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$5,291,732
Liabilities
$4,687,547
Net assets
$604,185
Revenue
$241,582
Expenses
$182,741
Net income
$58,841
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5.44$4.51$0.93$0.34$0.29$0.05
2023Detailed filing. Detailed filing data is available for this year.$5.09$4.21$0.88$0.33$0.29$0.04
2022Detailed filing. Detailed filing data is available for this year.$6.48$5.64$0.84$0.28$0.25$0.03
2021Detailed filing. Detailed filing data is available for this year.$7.27$6.45$0.81$0.27$0.25$0.02
2020Detailed filing. Detailed filing data is available for this year.$6.92$6.13$0.79$0.29$0.25$0.04
2019Detailed filing. Detailed filing data is available for this year.$5.70$4.95$0.75$0.30$0.25$0.05
2018Detailed filing. Detailed filing data is available for this year.$5.43$4.73$0.70$0.27$0.24$0.04
2017Detailed filing. Detailed filing data is available for this year.$5.31$4.65$0.67$0.26$0.20$0.06
2016Detailed filing. Detailed filing data is available for this year.$5.29$4.69$0.60$0.24$0.18$0.06
2015Detailed filing. Detailed filing data is available for this year.$4.88$4.33$0.55$0.22$0.20$0.02
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.71$2.84$0.87$0.18