Civic Intelligence

S E C U Credit Union

990 • Fiscal year 2023 • EIN 42-6077674

Jan 01, 2023 to Dec 31, 2023 • Filed on Apr 22, 2024

Organization ProfileN/A

View Organization Page

3200 Main StKeokuk, IA 52632

(319) 524-4560

Siviq Scores

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

Liabilities / Assets

92nd percentile

0.71x

Higher debt load relative to assets than 92% of similar nonprofits.

2023 filings • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

42nd percentile

12.84x

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

2023 filings • 501(c)14 • $1M-$5M nonprofits • Source year 2023

Net Margin

90th percentile

30%

Higher net margin than 90% of similar nonprofits.

2023 filings • 501(c)14 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

25th percentile

$0

Higher top officer pay than 25% of similar nonprofits.

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

2023 filings • 501(c)14 • $1M-$5M nonprofits • Source year 2023

Asset Growth

91st percentile

6.3%

Faster asset growth than 91% of similar nonprofits.

2023 filings • 501(c)14 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

84th percentile

38%

Faster revenue growth than 84% of similar nonprofits.

2023 filings • 501(c)14 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Up

$1,792,006

Up $106,995 (+6.3%) from 2022

Net Assets

Up

$528,137

Up $29,117 (+5.8%) from 2022

Liabilities

Up

$1,263,869

Up $77,878 (+6.6%) from 2022

Revenue And Expenses
Liabilities / Revenue42nd percentileNet Margin90th percentile

Revenue

Up

$98,415

Up $27,057 (+38%) from 2022

Expenses

Down

$69,298

Down $16,079 (-19%) from 2022

Net Income

Up

$29,117

Up $43,136 (+308%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth91st percentile

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

$3.0M$2.0M$1.0M$0Assets 2010: $1,586,972Liabilities 2010: $1,207,669Net Assets 2010: $379,3032010Assets 2012: $1,854,794Liabilities 2012: $1,405,098Net Assets 2012: $449,6962012Assets 2013: $1,894,366Liabilities 2013: $1,432,148Net Assets 2013: $462,2182013Assets 2014: $1,986,921Liabilities 2014: $1,514,670Net Assets 2014: $472,2512014Assets 2015: $2,121,084Liabilities 2015: $1,654,425Net Assets 2015: $466,6592015Assets 2016: $2,110,881Liabilities 2016: $1,646,045Net Assets 2016: $464,8362016Assets 2017: $2,101,518Liabilities 2017: $1,618,357Net Assets 2017: $483,1612017Assets 2018: $1,972,874Liabilities 2018: $1,466,103Net Assets 2018: $506,7712018Assets 2019: $1,967,116Liabilities 2019: $1,451,425Net Assets 2019: $515,6912019Assets 2021: $2,163,122Liabilities 2021: $1,650,083Net Assets 2021: $513,0392021Assets 2022: $1,685,011Liabilities 2022: $1,185,991Net Assets 2022: $499,0202022Assets 2023: $1,792,006Liabilities 2023: $1,263,869Net Assets 2023: $528,1372023Assets 2024: $1,664,483Liabilities 2024: $1,094,342Net Assets 2024: $570,1412024

Highlighted filing

2023

Assets$1,792,006
Liabilities$1,263,869
Net Assets$528,137
Open 2023 Filing

Operations Trend

Revenue Growth84th percentile

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

$150K$100K$50K$0-$50KExpenses 2010: $75,1262010Expenses 2012: $68,5122012Revenue 2013: $91,803Expenses 2013: $79,281Net Income 2013: $12,5222013Revenue 2014: $85,562Expenses 2014: $75,529Net Income 2014: $10,0332014Revenue 2015: $75,119Expenses 2015: $80,711Net Income 2015: -$5,5922015Revenue 2016: $74,488Expenses 2016: $76,311Net Income 2016: -$1,8232016Revenue 2017: $86,063Expenses 2017: $67,738Net Income 2017: $18,3252017Revenue 2018: $103,364Expenses 2018: $79,754Net Income 2018: $23,6102018Revenue 2019: $96,851Expenses 2019: $87,931Net Income 2019: $8,9202019Revenue 2021: $64,214Expenses 2021: $65,328Net Income 2021: -$1,1142021Revenue 2022: $71,358Expenses 2022: $85,377Net Income 2022: -$14,0192022Revenue 2023: $98,415Expenses 2023: $69,298Net Income 2023: $29,1172023Revenue 2024: $114,360Expenses 2024: $72,356Net Income 2024: $42,0042024

Highlighted filing

2023

Revenue$98,415
Expenses$69,298
Net Income$29,117
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Apr 22, 2024
Return Version
2023v5.0
Gross Receipts
$98,415
Mission and Program Overview

Mission

State chartered credit union

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$1,107,233$1,164,120▲ $56,887
Savings and Temporary Cash Investments$464,149$452,699▼ $11,450
Rtn Earn Endowment Incm Other Fnds$383,009$412,126▲ $29,117
Cash and Non-Interest-Bearing Accounts$95,279$162,046▲ $66,767
Pd in Cap Srpls Land Bldg Eqp Fund$116,011$116,011→ $0
Prepaid Expenses and Deferred Charges$182$838▲ $656
Accounts Receivable$2$26▲ $24
Total Assets$1,685,011$1,792,006▲ $106,995
Other Assets Total$18,166$12,277▼ $5,889
Liabilities
Other Liabilities$1,179,535$1,257,248▲ $77,713
Accounts Payable and Accrued Expenses$6,456$6,621▲ $165
Total Liabilities$1,185,991$1,263,869▲ $77,878
Net Assets / Fund Balance
Total Net Assets Fund Balance$499,020$528,137▲ $29,117
Total Liabilities and Net Assets / Fund Balance$1,685,011$1,792,006▲ $106,995

Asset Categories

AssetBook ValueDepreciationBasis
Equipment-$9,341$9,341
Compensation and Service Providers
Top Officer Pay25th percentile

Board Members and Trustees

NameTitle
Debbie SmithBoard Member
Debra LetcherBoard Member
Gerald ThompsonBoard Member
James McinitireBoard Member
Jim RainboltBoard Member
Rex MaloneBoard Member
Sharron SeayBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$77,080
Investment Income
$21,335
Other Revenue
$0
Change in Net Assets
$29,117
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$40,284
Salaries, Compensation, and Employee Benefits$29,014
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$26,960
Office Expenses---$15,616
Other Expenses---$4,074
All Other Expenses---$3,005
Payroll Taxes---$2,054
Total Functional Expenses$0$0$0$69,298
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$1,257,248
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Business relationship with 35% controlled entity
No
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
No
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 15A

“The board of directors completes an employee evaluation on the ceo on an annual basis. The employee evaluation is discussed at the board meeting, a motion is made as to the level of compensation and then voted on by the board. The last evaluation was conducted in december 2023.”

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
S E C U Credit Union
EIN
42-6077674
Phone
3195244560
Address
3200 MAIN ST, KEOKUK, IA 52632

Signing Officer

Name
TANYA O'SHEA
Title
Manager
Phone
3195244560
Signed
2024-04-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
TANYA O'SHEA
Formed
1963
Legal Domicile
Ia
Voting Board Members
7
Independent Board Members
7
Employees
3
Volunteers
7

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 Appendix304 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/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 BOARD OF DIRECTORS COMPLETES AN EMPLOYEE EVALUATION ON THE CEO ON AN ANNUAL BASIS. THE EMPLOYEE EVALUATION IS DISCUSSED AT THE BOARD MEETING, A MOTION IS MADE AS TO THE LEVEL OF COMPENSATION AND THEN VOTED ON BY THE BOARD. THE LAST EVALUATION WAS CONDUCTED IN DECEMBER 2023.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE 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
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 6
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
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ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0MANAGER
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ReturnHeader/PreparerPersonGrp/PreparationDt02024-04-25
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN O PETERSEN
ReturnHeader/ReturnTs02024-04-26T14:44:05-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0JILL
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ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,792,006
Liabilities
$1,263,869
Net assets
$528,137
Revenue
$98,415
Expenses
$69,298
Net income
$29,117
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.66$1.09$0.57$0.11$0.07$0.04
2023Detailed filing. Detailed filing data is available for this year.$1.79$1.26$0.53$0.10$0.07$0.03
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.69$1.19$0.50$0.07$0.09$0.01
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.16$1.65$0.51$0.06$0.07$0.00
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.97$1.45$0.52$0.10$0.09$0.01
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.97$1.47$0.51$0.10$0.08$0.02
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.10$1.62$0.48$0.09$0.07$0.02
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.11$1.65$0.46$0.07$0.08$0.00
2015Detailed filing. Detailed filing data is available for this year.$2.12$1.65$0.47$0.08$0.08$0.01
2014Detailed filing. Detailed filing data is available for this year.$1.99$1.51$0.47$0.09$0.08$0.01
2013Detailed filing. Detailed filing data is available for this year.$1.89$1.43$0.46$0.09$0.08$0.01
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.85$1.41$0.45$0.07
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.59$1.21$0.38$0.08
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2023 filings • 501(c)14 • $1M-$5M nonprofits