Cent Credit Union
- Assets
- $73.2m
- Revenue
- $3.7m
- Investments
- $0.0
- Employees
- 23
- Location
- Mason City, IA
- Founding
- Data as of
- 12/2022
- EIN
- 42-0923713
Organization Overview
Cent Credit Union is located in Mason City, IA. As of 12/2022, Cent Credit Union employed 23 individuals. Cent 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, Cent Credit Union generated $3.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.3% each year . All expenses for the organization totaled $3.2m during the year ending 12/2022. While expenses have increased by 11.8% 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
CENT CREDIT UNION OPERATES FOR THE PRIMARY PURPOSE OF PROMOTING THRIFT, PROVIDING CREDIT AT REASONABLE RATES, AND PROVIDING OTHER FINANCIAL SERVICES TO ITS MEMBERS.
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 |
|---|---|---|---|
Matthew Chizek CEO | Officer | 45 | $215,040 |
William Basler Board Member | Trustee | 1 | $0 |
Ron Guthrie Board Member | Trustee | 1 | $0 |
Mark Heiny Board Member | Trustee | 1 | $0 |
Dave Hickman Board Member | Trustee | 1 | $0 |
Dan Van Horn Board Member | Trustee | 1 | $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 | $3,583,140 |
| Investment income | $156,368 |
| 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 | $3,739,508 |
| 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. | $219,878 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $894,207 |
| Pension plan accruals and contributions | $25,413 |
| Other employee benefits | $139,986 |
| Payroll taxes | $93,938 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $31,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $198,425 |
| Office expenses | $253,388 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $217,901 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $50,311 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $177,032 |
| Insurance | $33,316 |
| All other expenses | $166,650 |
| Total functional expenses | $3,165,364 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $849,457 |
| Savings and temporary cash investments | $8,040,512 |
| 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 | $61,364,991 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $183,642 |
| Net Land, buildings, and equipment | $2,067,554 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $700,822 |
| Total assets | $73,206,978 |
| Accounts payable and accrued expenses | $242,119 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $64,043,368 |
| Total liabilities | $64,285,487 |
| 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 | $2,669,867 |
| Retained earnings, endowment, accumulated income, or other funds | $6,251,624 |
| Total liabilities and net assets/fund balances | $73,206,978 |