Civic Intelligence

Industrial Employees Credit Union

EIN 42-6102809 • 501(c)14 • Centerville, IA

Profile

To create a source of credit at a fair and reasonable rate of interest, encourage habits of thrift among their members, and provide an opportunity for their members to use and control their own money on a democratic basis in order to improve their economic social condition.

1513 South 18th StCenterville, IA 52544

ww.industrialemployeescucom

Siviq Scores

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

Liabilities / Assets

99th percentile

1.00x

Higher debt load relative to assets than 99% of similar nonprofits.

501(c)14 • $5M-$10M nonprofits • Source year 2025

Liabilities / Revenue

66th percentile

17.26x

Higher debt load relative to revenue than 66% of similar nonprofits.

501(c)14 • $5M-$10M nonprofits • Source year 2025

Net Margin

88th percentile

21%

Higher net margin than 88% of similar nonprofits.

501(c)14 • $5M-$10M nonprofits • Source year 2025

Top Officer Pay

40th percentile

$51,824

Higher top officer pay than 40% of similar nonprofits.

Top officer pay equals 10.1% of source-year revenue.

501(c)14 • $5M-$10M nonprofits • Source year 2025

Asset Growth

37th percentile

-3.9%

Faster asset growth than 37% of similar nonprofits.

501(c)14 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Revenue Growth

44th percentile

3.8%

Faster revenue growth than 44% of similar nonprofits.

501(c)14 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Assets

Down

$9,207,222

Down $60,309 (-0.7%) from 2023

Liabilities

Down

$7,258,281

Down $180,465 (-2.4%) from 2023

Net Assets

Up

$1,948,941

Up $120,156 (+6.6%) from 2023

Revenue

Up

$494,132

Up $30,371 (+6.5%) from 2023

Expenses

Up

$373,976

Up $16,756 (+4.7%) from 2023

Net Income

Up

$120,156

Up $13,615 (+13%) from 2023

Trend Graphs

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2013: $8,358,636Liabilities 2013: $7,177,140Net Assets 2013: $1,181,4962013Assets 2014: $8,945,389Liabilities 2014: $7,718,437Net Assets 2014: $1,226,9522014Assets 2015: $8,952,462Liabilities 2015: $7,672,191Net Assets 2015: $1,280,2712015Assets 2016: $8,675,832Liabilities 2016: $7,360,350Net Assets 2016: $1,315,4822016Assets 2017: $9,004,434Liabilities 2017: $7,630,756Net Assets 2017: $1,373,6782017Assets 2018: $8,736,138Liabilities 2018: $7,270,857Net Assets 2018: $1,465,2812018Assets 2019: $8,347,225Liabilities 2019: $6,817,859Net Assets 2019: $1,529,3662019Assets 2020: $9,755,965Liabilities 2020: $8,196,262Net Assets 2020: $1,559,7032020Assets 2021: $9,736,744Liabilities 2021: $8,088,281Net Assets 2021: $1,648,4632021Assets 2022: $10,552,521Liabilities 2022: $8,824,933Net Assets 2022: $1,727,5882022Assets 2023: $9,267,531Liabilities 2023: $7,438,746Net Assets 2023: $1,828,7852023Assets 2024: $9,207,222Liabilities 2024: $7,258,281Net Assets 2024: $1,948,9412024

Highlighted filing

2024

Assets$9,207,222
Liabilities$7,258,281
Net Assets$1,948,941

Operations Trend

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

$600K$400K$200K$0Revenue 2013: $341,013Expenses 2013: $277,836Net Income 2013: $63,1772013Revenue 2014: $341,065Expenses 2014: $295,609Net Income 2014: $45,4562014Revenue 2015: $367,839Expenses 2015: $314,520Net Income 2015: $53,3192015Revenue 2016: $341,071Expenses 2016: $305,860Net Income 2016: $35,2112016Revenue 2017: $343,866Expenses 2017: $285,670Net Income 2017: $58,1962017Revenue 2018: $391,321Expenses 2018: $299,718Net Income 2018: $91,6032018Revenue 2019: $388,613Expenses 2019: $324,528Net Income 2019: $64,0852019Revenue 2020: $362,460Expenses 2020: $324,540Net Income 2020: $37,9202020Revenue 2021: $384,550Expenses 2021: $295,790Net Income 2021: $88,7602021Revenue 2022: $412,880Expenses 2022: $328,223Net Income 2022: $84,6572022Revenue 2023: $463,761Expenses 2023: $357,220Net Income 2023: $106,5412023Revenue 2024: $494,132Expenses 2024: $373,976Net Income 2024: $120,1562024

Highlighted filing

2024

Revenue$494,132
Expenses$373,976
Net Income$120,156

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Apr 17, 2025
Return Version
2024v5.1
Gross Receipts
$494,132
Mission and Program Overview

Mission

To create a source of credit as a fair and reasonable rate of interest, encourage habits of thrift among their members, and provide an opportunity for their members members to use and control their own money on a democratic basis in order to improve their ecomic social condition

SEE SCHEDULE O

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$6,072,010$6,335,767▲ $263,757
Savings and Temporary Cash Investments$2,834,126$2,509,464▼ $324,662
Cash and Non-Interest-Bearing Accounts$193,188$205,196▲ $12,008
Intangible Assets$113,297--
Land, Buildings, and Equipment, Net$35,693$33,003▼ $2,690
Prepaid Expenses and Deferred Charges$19,217$21,038▲ $1,821
Total Assets$9,267,531$9,207,222▼ $60,309
Other Assets Total-$102,754-
Liabilities
Other Liabilities$7,418,534$7,235,784▼ $182,750
Accounts Payable and Accrued Expenses$20,212$22,497▲ $2,285
Total Liabilities$7,438,746$7,258,281▼ $180,465
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,828,785$1,948,941▲ $120,156
Total Liabilities and Net Assets / Fund Balance$9,267,531$9,207,222▼ $60,309

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$108,542$11,693$120,235
Buildings$24,140$24,000$48,140
Other Land Buildings$28,678-$28,678
Land$25,000-$25,000
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Shona VareseManagerFT$51,450$4,009$55,459
Misty OhairAssistant ManagerFT$46,752$3,680$50,432

Board Members and Trustees

NameTitle
Wayne DevoreChairperson
Dennie FentonChairperson Credit Committee
Don KanselaarPresident/treasurer
Dennie FentonVice Chairman
Pat SniderAudit Committee
Randy BerryAudit Committee
James ThomasChariperson Audit Committee
Don KanselaarCredit Committee
James McdannaldCredit Committee
James McdannaldSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$103,568
Investment Income
$390,564
Other Revenue
$0
Change in Net Assets
$120,156
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$229,487
Salaries, Compensation, and Employee Benefits$144,489
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-$129,688-$129,688
Fees for Services Other---$61,222
Other Expenses$23,790--$23,790
Office Expenses---$17,350
Fees for Services Accounting-$13,728-$13,728
Occupancy---$13,105
Payroll Taxes-$10,642-$10,642
Insurance-$4,683-$4,683
Pension Plan Contributions-$4,159-$4,159
Information Technology---$3,311
Conferences and Meetings-$3,000-$3,000
Depreciation Depletion---$2,523
Advertising---$443
Total Functional Expenses$110,122$165,900$0$373,976
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Shares$6,243,984
Share Drafts$597,782
Legal Reserve$298,391
Kirby Kangaroo$66,685
Vacation Club$15,870
Xmas Club$13,072
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
Yes
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990 Part VI Section B Line 11A -

Organization's process to review 990 - the board of directors is given a copy of the 990 for review prior to the filing of the return

990 Part VI Line 19

Governing documents disclosure explanation documents of the organization will be made available upon request

Filing and Contact Details

Filer

Filer Name
Industrial Employees Credit Union
EIN
42-6102809
Phone
6414377109
Address
1513 SOUTH 18TH ST, Centerville, IA 52544

Signing Officer

Name
Shona Varese
Title
Manager
Phone
6414377109
Signed
2025-04-17
Discuss with paid preparer
No

Organization Details

Principal Officer
Shona Varese
Formed
1967
Legal Domicile
Ia
Voting Board Members
12
Independent Board Members
12
Employees
4
Volunteers
12

Preparer

Firm
H and R Block
Address
120 N 12TH ST, CENTERVILLE, IA 52544
Preparer
Cheryl Myers
Phone
8004725625
Supplemental Narrative

Additional Explanations

Form 990 Part 1 Line 1

Orgnaization's mission - to create a source of credit at a fair and reasonable rate of interest, encourage habits of thrift among their members, and provide an opportunity for their member to use and control their own money on a democratic basis in order to improve their economic social condition

Form 990 Part III Line 1

To create a source of credit as a fair and reasonable rate of interest, encourage habits of thrift among their members, and provide an opportunity for their members to use and control their own money on a democratic basis in order to improve their economic social condition

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ORGNAIZATION'S MISSION - TO CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE RATE OF INTEREST, ENCOURAGE HABITS OF THRIFT AMONG THEIR MEMBERS, AND PROVIDE AN OPPORTUNITY FOR THEIR MEMBER TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC SOCIAL CONDITION
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ORGANIZATION'S PROCESS TO REVIEW 990 - THE BOARD OF DIRECTORS IS GIVEN A COPY OF THE 990 FOR REVIEW PRIOR TO THE FILING OF THE RETURN
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2GOVERNING DOCUMENTS DISCLOSURE EXPLANATION DOCUMENTS OF THE ORGANIZATION WILL BE MADE AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3TO CREATE A SOURCE OF CREDIT AS A FAIR AND REASONABLE RATE OF INTEREST, ENCOURAGE HABITS OF THRIFT AMONG THEIR MEMBERS, AND PROVIDE AN OPPORTUNITY FOR THEIR MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC SOCIAL CONDITION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 PART 1 LINE 1
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990 PART VI SECTION B LINE 11A -
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2990 PART VI LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990 PART III LINE 1
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ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0false
ReturnHeader/BusinessOfficerGrp/PersonNm0SHONA VARESE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0MANAGER
ReturnHeader/BusinessOfficerGrp/PhoneNum06414377109
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-04-17
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0INDUSTRIAL EMPLOYEES CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0INDU
ReturnHeader/Filer/EIN0426102809
ReturnHeader/Filer/PhoneNum06414377109
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0421459109
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0H AND R BLOCK
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0120 N 12TH ST
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CENTERVILLE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd052544
ReturnHeader/PreparerPersonGrp/PhoneNum08004725625
ReturnHeader/PreparerPersonGrp/PreparationDt02025-04-17
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Cheryl Myers
ReturnHeader/ReturnTs02025-04-17T21:31:38Z
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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