Davenport Police Dept Credit Union
- Assets
- $5.2m
- Revenue
- $101.2k
- Investments
- $0.0
- Employees
- 1
- Location
- Davenport, IA
- Founding
- Data as of
- 12/2022
- EIN
- 42-0664998
Organization Overview
Davenport Police Dept Credit Union is located in Davenport, IA. Davenport Police Dept 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, Davenport Police Dept Credit Union generated $101.2k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.9%) each year. All expenses for the organization totaled $98.5k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (1.0%) per year over the past 8 years. 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
CREDIT UNIONS CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE RATE OF INTEREST
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREDIT UNIONS 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 AND SOCIAL CONDITION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jay Verhorevoort President | OfficerTrustee | 20 | $7,000 |
Richard Skeppstedt Chairperson | OfficerTrustee | 0.25 | $0 |
Jason Smith Vice Chairperson | OfficerTrustee | 0.25 | $0 |
Donald Huss Secretary | OfficerTrustee | 0.25 | $0 |
Jane Imming Audit Chairperson | Trustee | 0.5 | $0 |
Jamie Brown Director | Trustee | 0.5 | $0 |
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 | $57,306 |
| Investment income | $40,070 |
| 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 | $101,168 |
| 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. | $8,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $647 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $104 |
| Office expenses | $20,322 |
| Information technology | $35,130 |
| Royalties | $0 |
| Occupancy | $10,458 |
| Travel | $389 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $2,042 |
| Total functional expenses | $98,472 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $135,468 |
| Savings and temporary cash investments | $213,754 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $57,046 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,379,439 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,304 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $3,321,972 |
| Intangible assets | $0 |
| Other assets | $60,636 |
| Total assets | $5,171,619 |
| Accounts payable and accrued expenses | $13,530 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $631,320 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,920,536 |
| Total liabilities | $4,565,386 |
| 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 | $150,000 |
| Retained earnings, endowment, accumulated income, or other funds | $456,233 |
| Total liabilities and net assets/fund balances | $5,171,619 |
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