Civic Intelligence

Nw Iowa Credit Union

EIN 42-6098592 • 501(c)14 • Le Mars, IA

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Profile

N.w. Iowa credit union is a member owned, non-profit financial institution providing personalized, competitive services that promote the economic well-being of present and future members.

1411 Industrial Road SWLe Mars, IA 51031

www.nwicu.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

83rd percentile

0.91x

Higher debt load relative to assets than 83% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Source year 2022

Liabilities / Revenue

98th percentile

28.70x

Higher debt load relative to revenue than 98% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Source year 2022

Net Margin

6th percentile

-12%

Higher net margin than 6% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Source year 2022

Top Officer Pay

8th percentile

$87,463

Higher top officer pay than 8% of similar nonprofits.

Top officer pay equals 3.2% of source-year revenue.

501(c)14 • $50M-$100M nonprofits • Source year 2022

Asset Growth

97th percentile

16%

Faster asset growth than 97% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Annualized from 2021 to 2022

Revenue Growth

69th percentile

15%

Faster revenue growth than 69% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets83rd percentile

Assets

Up

$87,331,389

Up $11,863,018 (+16%) from 2021

Liabilities

Up

$79,529,485

Up $12,204,458 (+18%) from 2021

Net Assets

Down

$7,801,904

Down $341,440 (-4.2%) from 2021

Operations
Liabilities / Revenue98th percentileNet Margin6th percentile

Revenue

Up

$2,770,938

Up $363,257 (+15%) from 2021

Expenses

Up

$3,112,378

Up $1,364,131 (+78%) from 2021

Net Income

Down

-$341,440

Down $1,000,874 (-152%) from 2021

Trend Graphs

Balance Sheet Trend

Asset Growth97th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$100M$50M$0Assets 2010: $32,808,750Liabilities 2010: $29,408,649Net Assets 2010: $3,400,1012010Assets 2011: $35,147,527Liabilities 2011: $31,598,740Net Assets 2011: $3,548,7872011Assets 2012: $36,465,235Liabilities 2012: $32,713,320Net Assets 2012: $3,751,9152012Assets 2013: $38,572,048Liabilities 2013: $34,614,574Net Assets 2013: $3,957,4742013Assets 2014: $39,569,139Liabilities 2014: $35,314,871Net Assets 2014: $4,254,2682014Assets 2015: $43,218,547Liabilities 2015: $38,522,626Net Assets 2015: $4,695,9212015Assets 2016: $45,511,692Liabilities 2016: $40,333,459Net Assets 2016: $5,178,2332016Assets 2017: $47,259,977Liabilities 2017: $41,438,295Net Assets 2017: $5,821,6822017Assets 2018: $50,124,342Liabilities 2018: $43,739,639Net Assets 2018: $6,384,7032018Assets 2019: $54,845,394Liabilities 2019: $47,897,969Net Assets 2019: $6,947,4252019Assets 2020: $64,679,901Liabilities 2020: $57,195,991Net Assets 2020: $7,483,9102020Assets 2021: $75,468,371Liabilities 2021: $67,325,027Net Assets 2021: $8,143,3442021Assets 2022: $87,331,389Liabilities 2022: $79,529,485Net Assets 2022: $7,801,9042022

Highlighted filing

2022

Assets$87,331,389
Liabilities$79,529,485
Net Assets$7,801,904
Open 2022 Filing

Operations Trend

Revenue Growth69th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$4.0M$3.0M$2.0M$1.0M$0-$1.0MExpenses 2010: $1,392,4342010Expenses 2011: $1,281,8472011Expenses 2012: $1,157,9272012Revenue 2013: $1,263,636Expenses 2013: $1,058,077Net Income 2013: $205,5592013Revenue 2014: $1,327,056Expenses 2014: $1,030,262Net Income 2014: $296,7942014Revenue 2015: $1,491,347Expenses 2015: $1,049,694Net Income 2015: $441,6532015Revenue 2016: $1,699,695Expenses 2016: $1,217,383Net Income 2016: $482,3122016Revenue 2017: $1,906,548Expenses 2017: $1,263,099Net Income 2017: $643,4492017Revenue 2018: $2,003,503Expenses 2018: $1,440,482Net Income 2018: $563,0212018Revenue 2019: $2,237,439Expenses 2019: $1,674,717Net Income 2019: $562,7222019Revenue 2020: $2,294,523Expenses 2020: $1,758,038Net Income 2020: $536,4852020Revenue 2021: $2,407,681Expenses 2021: $1,748,247Net Income 2021: $659,4342021Revenue 2022: $2,770,938Expenses 2022: $3,112,378Net Income 2022: -$341,4402022

Highlighted filing

2022

Revenue$2,770,938
Expenses$3,112,378
Net Income-$341,440
Open 2022 Filing

Filings

Most recent year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$87,331,389
Liabilities
$79,529,485
Net assets
$7,801,904
Revenue
$2,770,938
Expenses
$3,112,378
Net income
-$341,440
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Detailed filing. Detailed filing data is available for this year.$87.3$79.5$7.80$2.77$3.11$0.34
2021Detailed filing. Detailed filing data is available for this year.$75.5$67.3$8.14$2.41$1.75$0.66
2020Detailed filing. Detailed filing data is available for this year.$64.7$57.2$7.48$2.29$1.76$0.54
2019Detailed filing. Detailed filing data is available for this year.$54.8$47.9$6.95$2.24$1.67$0.56
2018Detailed filing. Detailed filing data is available for this year.$50.1$43.7$6.38$2.00$1.44$0.56
2017Detailed filing. Detailed filing data is available for this year.$47.3$41.4$5.82$1.91$1.26$0.64
2016Detailed filing. Detailed filing data is available for this year.$45.5$40.3$5.18$1.70$1.22$0.48
2015Detailed filing. Detailed filing data is available for this year.$43.2$38.5$4.70$1.49$1.05$0.44
2014Detailed filing. Detailed filing data is available for this year.$39.6$35.3$4.25$1.33$1.03$0.30
2013Detailed filing. Detailed filing data is available for this year.$38.6$34.6$3.96$1.26$1.06$0.21
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$36.5$32.7$3.75$1.16
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$35.1$31.6$3.55$1.28
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$32.8$29.4$3.40$1.39
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Oct 3, 2023
Return Version
2022v5.0
Gross Receipts
$2,770,938
Mission and Program Overview

Mission

N.w. Iowa credit union is a member owned, non-profit financial institution providing personalized, competitive services that promote the economic well-being of present and future members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$46,849,409$50,803,340▲ $3,953,931
Savings and Temporary Cash Investments$12,819,302$28,210,433▲ $15,391,131
Rtn Earn Endowment Incm Other Fnds$8,143,344$7,801,904▼ $341,440
Investments Other Securities$3,000,000$3,000,000→ $0
Cash and Non-Interest-Bearing Accounts$10,011,248$2,417,118▼ $7,594,130
Investments in Publicly Traded Securities$1,750,000$1,750,000→ $0
Land, Buildings, and Equipment, Net$338,319$302,700▼ $35,619
Prepaid Expenses and Deferred Charges$38,826$71,771▲ $32,945
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$75,468,371$87,331,389▲ $11,863,018
Other Assets Total$661,267$776,027▲ $114,760
Liabilities
Other Liabilities$67,283,972$78,281,753▲ $10,997,781
Accounts Payable and Accrued Expenses$41,055$1,247,732▲ $1,206,677
Total Liabilities$67,325,027$79,529,485▲ $12,204,458
Net Assets / Fund Balance
Total Net Assets Fund Balance$8,143,344$7,801,904▼ $341,440
Total Liabilities and Net Assets / Fund Balance$75,468,371$87,331,389▲ $11,863,018

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$209,066$437,130$646,196
Equipment$69,888$504,805$574,693
Land$23,746-$23,746
Compensation and Service Providers
Top Officer Pay8th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Matthew ChizekContracted Executive (part Year)PT$87,463-$87,463
Steven De Boer Part YearCEOFT$32,012$1,348$33,360

Board Members and Trustees

NameTitle
Rich SudtelgteChairman
Robert WieseVice Chairman
Chuck GarvinDirector
Jon BoehmeDirector
Ken BoltonDirector
Kim WilkensDirector
Liz LovenDirector
Wayne SchlotfeldtDirector
Jolynn GoodchildSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,361,105
Investment Income
$409,833
Other Revenue
$0
Change in Net Assets
$-341,440
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,491,437
Salaries, Compensation, and Employee Benefits$620,941
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Information Technology$1,088,968--$1,088,968
Other Salaries and Wages$441,108--$441,108
Interest$389,995--$389,995
Fees for Services Management$138,833--$138,833
Office Expenses$95,585--$95,585
Other Employee Benefits$91,953--$91,953
Advertising$53,181--$53,181
Fees for Services Accounting$44,270--$44,270
Depreciation Depletion$43,268--$43,268
Payroll Taxes$36,869--$36,869
Current Officers, Directors, Trustees, and Key Employees$35,045--$35,045
Occupancy$25,220--$25,220
Other Expenses$20,000--$20,000
Pension Plan Contributions$15,966--$15,966
Conferences and Meetings$9,842--$9,842
Insurance$4,505--$4,505
Fees for Service Investment Mgmnt Fees$249--$249
Fees for Services Legal$113--$113
Total Functional Expenses$3,112,378$0$0$3,112,378
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
MEMBERS' SHARES AND SAVINGS ACCOUNTS$78,281,753
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“Explanation: n.w. Iowa credit union membership is available to anyone who works for one of the credit union's identified employer member groups. Membership is also available to those persons living and residing in plymouth county and surrounding counties (woodbury, cherokee, o'brien, and sioux counties in iowa and union county in south dakota). There are no different membership classes.”

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

“Explanation: each member of n.w. Iowa credit union has the right to elect and vote for members of the governing body.”

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

“Explanation: the ceo reviewed the form 990 before it was filed.”

Form 990, Part VI, Section C, Line 19

“Explanation: n.w. Iowa credit union makes its governing documents and financial statements available to the public upon request. Financial statements are also posted in the foyer of the credit union.”

Filing and Contact Details

Filer

Filer Name
Nw Iowa Credit Union
EIN
42-6098592
Phone
7125467676
Address
1411 INDUSTRIAL ROAD SW, LE MARS, IA 51031

Signing Officer

Name
Matthew Chizek
Title
CEO
Phone
6414242368
Signed
2023-10-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Matthew Chizek
Formed
1996
Legal Domicile
Ia
Voting Board Members
9
Independent Board Members
9
Employees
13
Volunteers
9

Preparer

Firm
King Reinsch Prosser & Co Llp
Address
522 4TH STREET SUITE 200, SIOUX CITY, IA 51101
Preparer
Laurie M Siegel
Phone
7122585550
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“Explanation: the credit union files form 990 (return of organization exempt from income tax) annually. Management has not identified any uncertain income tax positions that would not meet the more-likely-than-not criterion of fasb asc 740-10. Accordingly, the financial statements do not include any provision for uncertain income tax positions, and no related interest or penalties have been recorded in the financial statements. Federal income tax returns are generally open to examination by the relevant taxing authority for a period of three years from the later of the due date of the return, excluding extensions, or the date the returns are filed.”

Part X, Line 2

“Explanation: financial statements were audited for the fiscal year ended september 30, 2022.”

Raw XML AppendixShowing 400 of 411 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/MinutesOfCommitteesInd01
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IRS990/MissionDesc0N.W. IOWA CREDIT UNION IS A MEMBER OWNED, NON-PROFIT FINANCIAL INSTITUTION PROVIDING PERSONALIZED, COMPETITIVE SERVICES THAT PROMOTE THE ECONOMIC WELL-BEING OF PRESENT AND FUTURE MEMBERS.
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IRS990/OtherAssetsTotalGrp/EOYAmt0776027
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IRS990/OtherExpensesGrp/Desc3PROVISION FOR LOAN LOSS
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IRS990/OtherExpensesGrp/ProgramServicesAmt163425
IRS990/OtherExpensesGrp/ProgramServicesAmt261688
IRS990/OtherExpensesGrp/ProgramServicesAmt320000
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IRS990/OtherExpensesGrp/TotalAmt163425
IRS990/OtherExpensesGrp/TotalAmt261688
IRS990/OtherExpensesGrp/TotalAmt320000
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IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
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IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
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IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt07801904
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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt078281753
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBERS' SHARES AND SAVINGS ACCOUNTS
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0EXPLANATION: THE CREDIT UNION FILES FORM 990 (RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX) ANNUALLY. MANAGEMENT HAS NOT IDENTIFIED ANY UNCERTAIN INCOME TAX POSITIONS THAT WOULD NOT MEET THE MORE-LIKELY-THAN-NOT CRITERION OF FASB ASC 740-10. ACCORDINGLY, THE FINANCIAL STATEMENTS DO NOT INCLUDE ANY PROVISION FOR UNCERTAIN INCOME TAX POSITIONS, AND NO RELATED INTEREST OR PENALTIES HAVE BEEN RECORDED IN THE FINANCIAL STATEMENTS. FEDERAL INCOME TAX RETURNS ARE GENERALLY OPEN TO EXAMINATION BY THE RELEVANT TAXING AUTHORITY FOR A PERIOD OF THREE YEARS FROM THE LATER OF THE DUE DATE OF THE RETURN, EXCLUDING EXTENSIONS, OR THE DATE THE RETURNS ARE FILED.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1EXPLANATION: FINANCIAL STATEMENTS WERE AUDITED FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART X, LINE 2
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IRS990ScheduleD/TotalLiabilityAmt078281753
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0EXPLANATION: N.W. IOWA CREDIT UNION MEMBERSHIP IS AVAILABLE TO ANYONE WHO WORKS FOR ONE OF THE CREDIT UNION'S IDENTIFIED EMPLOYER MEMBER GROUPS. MEMBERSHIP IS ALSO AVAILABLE TO THOSE PERSONS LIVING AND RESIDING IN PLYMOUTH COUNTY AND SURROUNDING COUNTIES (WOODBURY, CHEROKEE, O'BRIEN, AND SIOUX COUNTIES IN IOWA AND UNION COUNTY IN SOUTH DAKOTA). THERE ARE NO DIFFERENT MEMBERSHIP CLASSES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1EXPLANATION: EACH MEMBER OF N.W. IOWA CREDIT UNION HAS THE RIGHT TO ELECT AND VOTE FOR MEMBERS OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2EXPLANATION: THE CEO REVIEWED THE FORM 990 BEFORE IT WAS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3EXPLANATION: N.W. IOWA CREDIT UNION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FINANCIAL STATEMENTS ARE ALSO POSTED IN THE FOYER OF THE CREDIT UNION.
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 B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
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IRS990/SubjectToProxyTaxInd00
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IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalCompGreaterThan150KInd00
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IRS990/WebsiteAddressTxt0WWW.NWICU.COM
IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0MATTHEW CHIZEK
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum06414242368
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-10-03
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0NW IOWA CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0NWIO
ReturnHeader/Filer/EIN0426098592
ReturnHeader/Filer/PhoneNum07125467676
ReturnHeader/Filer/USAddress/AddressLine1Txt01411 INDUSTRIAL ROAD SW
ReturnHeader/Filer/USAddress/CityNm0LE MARS
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0420941961
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0KING REINSCH PROSSER & CO LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0522 4TH STREET SUITE 200
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0SIOUX CITY

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