Employees Credit Union
- Assets
- $136.4m
- Revenue
- $5.4m
- Investments
- $0.0
- Employees
- 14
- Location
- Estherville, IA
- Founding
- Data as of
- 12/2021
- EIN
- 42-0772828
Organization Overview
Employees Credit Union is located in Estherville, IA. As of 12/2021, Employees Credit Union employed 14 individuals. Employees 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 12/2021, Employees Credit Union generated $5.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.9% each year. All expenses for the organization totaled $2.8m during the year ending 12/2021. While expenses have increased by 4.6% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO BE OUR MEMBERS OPTIMUM SERVICE CENTER FOR THEIR FINANCIAL NEEDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 363 NEW DEPOSIT ACCOUNTS IN 2021. AS OF 12/31/21 WE HAD 8,354 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 5,835 NEW LOANS DURING 2021. AS OF 12/31/21 WE HAD 5,485 OUTSTANDING LOANS RECEIVABLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Peters CEO | OfficerTrustee | 40 | $245,996 |
Laurel Hash Loan Manager | Officer | 40 | $106,963 |
Charlie Nourse Board Chair | OfficerTrustee | 1 | $0 |
Edward Munn Vice Chair | OfficerTrustee | 1 | $0 |
Dan Jondle Director | Trustee | 1 | $0 |
Terry Clark Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Single Source Design / Build | 12/30/17 | $597,030 |
Computer Marketing Corp Data Processing | 12/30/17 | $115,431 |
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 | $4,778,778 |
| Investment income | $632,523 |
| 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 | $5,411,301 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,750 |
| Grants and other assistance to domestic individuals. | $3,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $352,959 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $530,851 |
| Pension plan accruals and contributions | $73,600 |
| Other employee benefits | $153,250 |
| Payroll taxes | $63,874 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $40,668 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $15,193 |
| Office expenses | $437,845 |
| Information technology | $34,097 |
| Royalties | $0 |
| Occupancy | $55,246 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,510 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $65,424 |
| Insurance | $21,562 |
| All other expenses | $0 |
| Total functional expenses | $2,785,003 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $249,494 |
| Savings and temporary cash investments | $45,382,243 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $67,081,705 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $45,767 |
| Net Land, buildings, and equipment | $616,290 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $21,813,776 |
| Intangible assets | $0 |
| Other assets | $1,231,556 |
| Total assets | $136,420,831 |
| Accounts payable and accrued expenses | $180,280 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $163,905 |
| 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 | $108,236,199 |
| Total liabilities | $108,580,384 |
| 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 | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $27,840,447 |
| Total liabilities and net assets/fund balances | $136,420,831 |
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