Civic Intelligence

Meridian Credit Union

990 • Fiscal year 2013 • EIN 42-6067162

Jan 01, 2013 to Dec 31, 2013 • Filed on May 02, 2014

Organization ProfileWWW.MYMERIDIANCU.ORG
1206 N JeffersonOttumwa, IA 52501

(641) 684-4207

Siviq Scores

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

Liabilities / Assets

42nd percentile

0.87x

Higher debt load relative to assets than 42% of similar nonprofits.

2013 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2013

Liabilities / Revenue

65th percentile

22.26x

Higher debt load relative to revenue than 65% of similar nonprofits.

2013 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2013

Net Margin

96th percentile

24%

Higher net margin than 96% of similar nonprofits.

2013 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2013

Top Officer Pay

9th percentile

$0

Higher top officer pay than 9% of similar nonprofits.

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

2013 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2013

Asset Growth

6th percentile

-5.3%

Faster asset growth than 6% of similar nonprofits.

2013 filings • 501(c)14 • $25M-$50M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Balance Sheet
Liabilities / Assets42nd percentile

Assets

Down

$29,281,712

Down $1,628,560 (-5.3%) from 2012

Net Assets

Up

$3,679,934

Up $255,123 (+7.4%) from 2012

Liabilities

Down

$25,601,778

Down $1,883,683 (-6.9%) from 2012

Revenue And Expenses
Liabilities / Revenue65th percentileNet Margin96th percentile

Revenue

$1,150,038

No earlier filing loaded for comparison.

Expenses

Down

$872,790

Down $104,775 (-11%) from 2012

Net Income

$277,248

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth6th percentile

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

$40M$30M$20M$10M$0Assets 2010: $31,052,337Liabilities 2010: $28,243,592Net Assets 2010: $2,808,7452010Assets 2011: $31,320,291Liabilities 2011: $28,234,162Net Assets 2011: $3,086,1292011Assets 2012: $30,910,272Liabilities 2012: $27,485,461Net Assets 2012: $3,424,8112012Assets 2013: $29,281,712Liabilities 2013: $25,601,778Net Assets 2013: $3,679,9342013Assets 2014: $28,608,170Liabilities 2014: $24,711,780Net Assets 2014: $3,896,3902014Assets 2015: $29,298,100Liabilities 2015: $25,285,675Net Assets 2015: $4,012,4252015Assets 2016: $28,504,295Liabilities 2016: $24,386,163Net Assets 2016: $4,118,1322016Assets 2017: $28,366,278Liabilities 2017: $24,181,978Net Assets 2017: $4,184,3002017Assets 2018: $26,832,460Liabilities 2018: $22,532,851Net Assets 2018: $4,299,6092018Assets 2019: $26,716,049Liabilities 2019: $22,175,359Net Assets 2019: $4,540,6902019Assets 2020: $31,343,344Liabilities 2020: $26,693,232Net Assets 2020: $4,650,1122020Assets 2021: $34,501,149Liabilities 2021: $29,936,363Net Assets 2021: $4,564,7862021Assets 2022: $34,586,188Liabilities 2022: $29,955,650Net Assets 2022: $4,630,5382022Assets 2023: $33,580,808Liabilities 2023: $28,611,190Net Assets 2023: $4,969,6182023Assets 2024: $34,302,969Liabilities 2024: $29,014,494Net Assets 2024: $5,288,4752024

Highlighted filing

2013

Assets$29,281,712
Liabilities$25,601,778
Net Assets$3,679,934
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$2.0M$1.5M$1.0M$500K$0-$500KExpenses 2010: $1,335,7742010Expenses 2011: $1,136,7172011Expenses 2012: $977,5652012Revenue 2013: $1,150,038Expenses 2013: $872,790Net Income 2013: $277,2482013Revenue 2014: $1,064,064Expenses 2014: $837,766Net Income 2014: $226,2982014Revenue 2015: $990,033Expenses 2015: $847,470Net Income 2015: $142,5632015Revenue 2016: $944,673Expenses 2016: $827,198Net Income 2016: $117,4752016Revenue 2017: $958,128Expenses 2017: $903,126Net Income 2017: $55,0022017Revenue 2018: $1,032,094Expenses 2018: $902,874Net Income 2018: $129,2202018Revenue 2019: $1,093,378Expenses 2019: $847,979Net Income 2019: $245,3992019Revenue 2020: $984,400Expenses 2020: $887,804Net Income 2020: $96,5962020Revenue 2021: $865,649Expenses 2021: $943,781Net Income 2021: -$78,1322021Revenue 2022: $934,713Expenses 2022: $846,161Net Income 2022: $88,5522022Revenue 2023: $1,338,561Expenses 2023: $1,005,074Net Income 2023: $333,4872023Revenue 2024: $1,517,322Expenses 2024: $1,202,481Net Income 2024: $314,8412024

Highlighted filing

2013

Revenue$1,150,038
Expenses$872,790
Net Income$277,248
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
May 2, 2014
Return Version
2013v3.1
Gross Receipts
$1,150,038
Mission and Program Overview

Mission

State chartered credit union

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$14,413,209$13,726,199▼ $687,010
Other Notes and Loans Receivable, Net$14,420,093$13,655,258▼ $764,835
Rtn Earn Endowment Incm Other Fnds$2,417,268$2,672,391▲ $255,123
Pd in Cap Srpls Land Bldg Eqp Fund$1,007,543$1,007,543→ $0
Investments in Publicly Traded Securities$1,098,274$883,150▼ $215,124
Land, Buildings, and Equipment, Net$417,977$392,782▼ $25,195
Cash and Non-Interest-Bearing Accounts$109,521$138,833▲ $29,312
Prepaid Expenses and Deferred Charges$88,481$85,315▼ $3,166
Accounts Receivable$39$39→ $0
Total Assets$30,910,272$29,281,712▼ $1,628,560
Other Assets Total$362,678$400,136▲ $37,458
Liabilities
Other Liabilities$27,430,875$25,554,427▼ $1,876,448
Accounts Payable and Accrued Expenses$54,586$47,351▼ $7,235
Total Liabilities$27,485,461$25,601,778▼ $1,883,683
Net Assets / Fund Balance
Total Net Assets Fund Balance$3,424,811$3,679,934▲ $255,123
Total Liabilities and Net Assets / Fund Balance$30,910,272$29,281,712▼ $1,628,560

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$348,688$88,505$437,193
Equipment$44,094$203,081$247,175
Compensation and Service Providers
Top Officer Pay9th percentile

Board Members and Trustees

NameTitle
Arlin AnfinsonBoard Member
Bill AlexanderBoard Member
Brian CutsforthBoard Member
Fran LedingBoard Member
Hanna Jo T KyhlBoard Member
James JacksonBoard Member
Joyce PoncyBoard Member
Steve AllisonBoard Member
Su BrownBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$890,787
Investment Income
$259,251
Other Revenue
$0
Change in Net Assets
$277,248

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,150,038
Total Revenue per Audited Statements
$1,150,038
Total Revenue per Form 990
$1,150,038
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$560,316
Salaries, Compensation, and Employee Benefits$312,474
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$245,142
Office Expenses---$102,137
Advertising---$62,278
Insurance---$47,505
Other Employee Benefits---$39,388
Payroll Taxes---$27,944
Occupancy---$27,010
Depreciation Depletion---$26,362
All Other Expenses---$25,658
Other Expenses---$13,671
Fees for Services Accounting---$12,000
Conferences and Meetings---$7,275
Fees for Services Legal---$4,955
Total Functional Expenses$0$0$0$872,790

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$872,790
Total Expenses per Audited Statements$872,790
Total Expenses per Form 990$872,790
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$25,554,427
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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 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 ceo 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 2013.”

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

EIN
42-6067162
Phone
6416844207

Signing Officer

Name
Josh Hall
Title
CEO/CFO
Phone
6416844207
Signed
2014-05-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Josh Hall
Formed
1952
Legal Domicile
Ia
Voting Board Members
9
Independent Board Members
9
Employees
8
Volunteers
9

Preparer

Preparer
Steven O Petersen
Phone
4023332800
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“N/A”

Form 990, Page 5, Part V, Line 3B

“The credit union provides financial services to its members. All income and expenses are deemed related to the overall objective of member services.”

Form 990, Part XI, Line 9

“Net change in investment valuation reserve 22,125”

Raw XML Appendix347 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/TotalLiabilityAmt025554427
IRS990ScheduleD/TotalRevenuePerForm990Amt01150038
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01150038
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0872790
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0N/A
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS MEMBERS. ALL INCOME AND EXPENSES ARE DEEMED RELATED TO THE OVERALL OBJECTIVE OF MEMBER SERVICES.
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 CEO 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 2013.
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/ExplanationTxt9NET CHANGE IN INVESTMENT VALUATION RESERVE 22,125
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 5, PART V, LINE 3B
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 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9FORM 990, PART XI, LINE 9
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0IA
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt030910272
IRS990/TotalAssetsEOYAmt029281712
IRS990/TotalAssetsGrp/BOYAmt030910272
IRS990/TotalAssetsGrp/EOYAmt029281712
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt08
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0872790
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt027485461
IRS990/TotalLiabilitiesEOYAmt025601778
IRS990/TotalLiabilitiesGrp/BOYAmt027485461
IRS990/TotalLiabilitiesGrp/EOYAmt025601778
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt03424811
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt03679934
IRS990/TotalProgramServiceRevenueAmt0890787
IRS990/TotalRevenueGrp/ExclusionAmt01150038
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01150038
IRS990/TotalVolunteersCnt09
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt030910272
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt029281712
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine101206 N JEFFERSON
IRS990/USAddress/City0OTTUMWA
IRS990/USAddress/State0IA
IRS990/USAddress/ZIPCode052501
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0WWW.MYMERIDIANCU.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02015-11-30 17:44:51Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0JOSH HALL
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO/CFO
ReturnHeader/BusinessOfficerGrp/PhoneNum06416844207
ReturnHeader/BusinessOfficerGrp/SignatureDt02014-05-02
ReturnHeader/Filer/BusinessName/BusinessNameLine10MERIDIAN CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0MERI
ReturnHeader/Filer/EIN0426067162
ReturnHeader/Filer/PhoneNum06416844207
ReturnHeader/Filer/USAddress/AddressLine101206 N JEFFERSON
ReturnHeader/Filer/USAddress/City0OTTUMWA
ReturnHeader/Filer/USAddress/State0IA
ReturnHeader/Filer/USAddress/ZIPCode052501
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine10PETERSEN & ASSOCIATES
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine101410 GOLD COAST RD 400
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/City0PAPILLION
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/State0NE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCode0680465742
ReturnHeader/PreparerPersonGrp/PhoneNum04023332800
ReturnHeader/PreparerPersonGrp/PreparationDt02014-05-05
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN O PETERSEN
ReturnHeader/ReturnTs02014-05-05T08:24:38-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02013-01-01
ReturnHeader/TaxPeriodEndDt02013-12-31
ReturnHeader/TaxYr02013

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$29,281,712
Liabilities
$25,601,778
Net assets
$3,679,934
Revenue
$1,150,038
Expenses
$872,790
Net income
$277,248
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$34.3$29.0$5.29$1.52$1.20$0.31
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$33.6$28.6$4.97$1.34$1.01$0.33
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$34.6$30.0$4.63$0.93$0.85$0.09
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$34.5$29.9$4.56$0.87$0.94$0.08
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$31.3$26.7$4.65$0.98$0.89$0.10
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$26.7$22.2$4.54$1.09$0.85$0.25
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$26.8$22.5$4.30$1.03$0.90$0.13
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$28.4$24.2$4.18$0.96$0.90$0.06
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$28.5$24.4$4.12$0.94$0.83$0.12
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$29.3$25.3$4.01$0.99$0.85$0.14
2014Detailed filing. Detailed filing data is available for this year.$28.6$24.7$3.90$1.06$0.84$0.23
2013Detailed filing. Detailed filing data is available for this year.$29.3$25.6$3.68$1.15$0.87$0.28
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$30.9$27.5$3.42$0.98
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$31.3$28.2$3.09$1.14
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$31.1$28.2$2.81$1.34
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2013 filings • 501(c)14 • $25M-$50M nonprofits