Civic Intelligence

Meridian Credit Union

990 • Fiscal year 2015 • EIN 42-6067162

Jan 01, 2015 to Dec 31, 2015 • Filed on May 02, 2016

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

37th percentile

0.86x

Higher debt load relative to assets than 37% of similar nonprofits.

2015 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2015

Liabilities / Revenue

78th percentile

25.54x

Higher debt load relative to revenue than 78% of similar nonprofits.

2015 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2015

Net Margin

77th percentile

14%

Higher net margin than 77% of similar nonprofits.

2015 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2015

Top Officer Pay

11th percentile

$0

Higher top officer pay than 11% of similar nonprofits.

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

2015 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2015

Asset Growth

45th percentile

2.4%

Faster asset growth than 45% of similar nonprofits.

2015 filings • 501(c)14 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Revenue Growth

8th percentile

-7.0%

Faster revenue growth than 8% of similar nonprofits.

2015 filings • 501(c)14 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets37th percentile

Assets

Up

$29,298,100

Up $689,930 (+2.4%) from 2014

Net Assets

Up

$4,012,425

Up $116,035 (+3.0%) from 2014

Liabilities

Up

$25,285,675

Up $573,895 (+2.3%) from 2014

Revenue And Expenses
Liabilities / Revenue78th percentileNet Margin77th percentile

Revenue

Down

$990,033

Down $74,031 (-7.0%) from 2014

Expenses

Up

$847,470

Up $9,704 (+1.2%) from 2014

Net Income

Down

$142,563

Down $83,735 (-37%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth45th 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

2015

Assets$29,298,100
Liabilities$25,285,675
Net Assets$4,012,425
Open 2015 Filing

Operations Trend

Revenue Growth8th percentile

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

2015

Revenue$990,033
Expenses$847,470
Net Income$142,563
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
May 2, 2016
Return Version
2015v2.1
Gross Receipts
$990,033
Mission and Program Overview

Mission

State chartered credit union

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$13,101,159$14,219,008▲ $1,117,849
Other Notes and Loans Receivable, Net$13,282,768$12,913,972▼ $368,796
Rtn Earn Endowment Incm Other Fnds$2,846,079$2,942,044▲ $95,965
Investments in Publicly Traded Securities$1,232,955$1,258,412▲ $25,457
Pd in Cap Srpls Land Bldg Eqp Fund$1,050,311$1,070,381▲ $20,070
Land, Buildings, and Equipment, Net$389,595$369,903▼ $19,692
Cash and Non-Interest-Bearing Accounts$145,063$143,587▼ $1,476
Prepaid Expenses and Deferred Charges$72,082$28,510▼ $43,572
Accounts Receivable$39$30▼ $9
Total Assets$28,608,170$29,298,100▲ $689,930
Other Assets Total$384,509$364,678▼ $19,831
Liabilities
Other Liabilities$24,655,614$25,233,469▲ $577,855
Accounts Payable and Accrued Expenses$56,166$52,206▼ $3,960
Total Liabilities$24,711,780$25,285,675▲ $573,895
Net Assets / Fund Balance
Total Net Assets Fund Balance$3,896,390$4,012,425▲ $116,035
Total Liabilities and Net Assets / Fund Balance$28,608,170$29,298,100▲ $689,930

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$327,629$119,085$446,714
Equipment$42,274$134,458$176,732
Compensation and Service Providers
Top Officer Pay11th percentile

Board Members and Trustees

NameTitle
Bill AlexanderBoard Member
Brian CutsforthBoard Member
Chris BowserBoard Member
Hanna Jo T KyhlBoard Member
James JacksonBoard Member
Joyce PoncyBoard Member
Julie SchuckBoard Member
Steve AllisonBoard Member
Su BrownBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$802,238
Investment Income
$187,795
Other Revenue
$0
Change in Net Assets
$142,563

Audited Revenue Reconciliation

Revenue per Audited Statements
$990,033
Total Revenue per Audited Statements
$990,033
Total Revenue per Form 990
$990,033
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$562,529
Salaries, Compensation, and Employee Benefits$284,941
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$223,336
Office Expenses---$118,826
Advertising---$83,260
Other Employee Benefits---$41,710
All Other Expenses---$32,103
Depreciation Depletion---$29,818
Other Expenses---$25,000
Occupancy---$20,732
Payroll Taxes---$19,895
Fees for Services Accounting---$14,400
Insurance---$11,830
Fees for Services Legal---$8,466
Conferences and Meetings---$7,771
Total Functional Expenses$0$0$0$847,470

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$847,470
Total Expenses per Audited Statements$847,470
Total Expenses per Form 990$847,470
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$25,233,469
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 2015.”

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
Meridian Credit Union
EIN
42-6067162
Phone
6416844207
Address
1206 N JEFFERSON, OTTUMWA, IA 52501

Signing Officer

Name
Josh Hall
Title
CEO
Phone
6416844207
Signed
2016-05-02
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

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

“Net change in investment valuation reserve -26,528 total -26,528”

Raw XML Appendix345 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/OtherLiabilitiesOrgGrp/Desc0MEMBER DEPOSITS
IRS990ScheduleD/RevenueSubtotalAmt0990033
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0369903
IRS990ScheduleD/TotalExpensesPerForm990Amt0847470
IRS990ScheduleD/TotalLiabilityAmt025233469
IRS990ScheduleD/TotalRevenuePerForm990Amt0990033
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0990033
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0847470
IRS990/ScheduleJRequiredInd0false
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 WAS OR 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 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 2015.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE 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/ExplanationTxt8NET CHANGE IN INVESTMENT VALUATION RESERVE -26,528 TOTAL -26,528
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 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PART XI, LINE 9
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0IA
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt028608170
IRS990/TotalAssetsEOYAmt029298100
IRS990/TotalAssetsGrp/BOYAmt028608170
IRS990/TotalAssetsGrp/EOYAmt029298100
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt08
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0847470
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt024711780
IRS990/TotalLiabilitiesEOYAmt025285675
IRS990/TotalLiabilitiesGrp/BOYAmt024711780
IRS990/TotalLiabilitiesGrp/EOYAmt025285675
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt03896390
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt04012425
IRS990/TotalProgramServiceRevenueAmt0802238
IRS990/TotalRevenueGrp/ExclusionAmt0990033
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0990033
IRS990/TotalVolunteersCnt09
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt028608170
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt029298100
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01206 N JEFFERSON
IRS990/USAddress/CityNm0OTTUMWA
IRS990/USAddress/StateAbbreviationCd0IA
IRS990/USAddress/ZIPCd052501
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0WWW.MYMERIDIANCU.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02016-09-27 15:27:22Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0JOSH HALL
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum06416844207
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-05-02
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MERIDIAN CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0MERI
ReturnHeader/Filer/EIN0426067162
ReturnHeader/Filer/PhoneNum06416844207
ReturnHeader/Filer/USAddress/AddressLine1Txt01206 N JEFFERSON
ReturnHeader/Filer/USAddress/CityNm0OTTUMWA
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IA
ReturnHeader/Filer/USAddress/ZIPCd052501
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/PreparationDt02016-05-06
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN O PETERSEN
ReturnHeader/ReturnTs02016-05-10T13:02:13-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-01-01
ReturnHeader/TaxPeriodEndDt02015-12-31
ReturnHeader/TaxYr02015

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$29,298,100
Liabilities
$25,285,675
Net assets
$4,012,425
Revenue
$990,033
Expenses
$847,470
Net income
$142,563
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
2015Detailed filing. Detailed filing data is available for this year.$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
2013XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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

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