Linn Area Credit Union
- Assets
- $621.0m
- Revenue
- $28.8m
- Investments
- $0.0
- Employees
- 145
- Location
- Cedar Rapids, IA
- Founding
- 00/0000
- Data as of
- 12/2022
- EIN
- 42-0173285
Organization Overview
Linn Area Credit Union is located in Cedar Rapids, IA. The organization was established in 0000. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Linn Area Credit Union employed 145 individuals. Linn Area Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2022, Linn Area Credit Union generated $28.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $22.8m during the year ending 12/2022. While expenses have increased by 4.3% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paula O'rourke President/ce | Officer | 40 | $414,013 |
Richard Head VP Of It | $233,466 | ||
Tracy Taylor Sr VP Of Len | 40 | $206,203 | |
Daniel Limbert VP Of Retail | Officer | 40 | $183,638 |
Debra Salz-Steenblock VP Human Res | Officer | 40 | $158,031 |
Jacque Nelson-Bruns CFO | Officer | 40 | $156,356 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $27,895,924 |
| Investment income | $858,568 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,754,492 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,179,255 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $642,789 |
| Other salaries and wages | $5,268,206 |
| Pension plan accruals and contributions | $410,771 |
| Other employee benefits | $870,862 |
| Payroll taxes | $500,180 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $722 |
| Fees for services: Accounting | $52,540 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $681,912 |
| Office expenses | $1,783,772 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $983,710 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $115,157 |
| Interest | $1,321,921 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,093,419 |
| Insurance | $103,551 |
| All other expenses | $1,929,695 |
| Total functional expenses | $22,785,155 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,784,072 |
| Savings and temporary cash investments | $27,220,381 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $78,196 |
| Loans from Officers, Directors, or Controlling Persons | $6,644,010 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $528,481,699 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,271,251 |
| Net Land, buildings, and equipment | $13,426,358 |
| Investments—publicly traded securities | $14,456,176 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $19,663,815 |
| Total assets | $621,025,958 |
| Accounts payable and accrued expenses | $5,079,604 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $83,705,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $472,497,120 |
| Total liabilities | $561,281,724 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $19,405,346 |
| Retained earnings, endowment, accumulated income, or other funds | $40,338,888 |
| Total liabilities and net assets/fund balances | $621,025,958 |