Iowa Credit Union Foundation Inc
- Assets
- $2.1m
- Revenue
- $425.8k
- Investments
- $1.2m
- Employees
- 2
- Location
- West Des Moines, IA
- Founding
- 02/1996
- Data as of
- 12/2022
- EIN
- 42-1438113
Organization Overview
Iowa Credit Union Foundation Inc is located in West Des Moines, IA. The organization was established in 1996. According to its NTEE Classification (Z99) the organization is classified as: Unknown, under the broad grouping of Unknown and related organizations. As of 12/2022, Iowa Credit Union Foundation Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Iowa Credit Union Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Iowa Credit Union Foundation Inc generated $425.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (3.7%) each year. All expenses for the organization totaled $426.9k during the year ending 12/2022. 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
ICUF'S MISSION IS TO CHAMPION FINANCIAL WELL-BEING FOR ALL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INDIVIDUAL DEVELOPMENT ACCOUNTS - MATCHED SAVINGS ACCOUNTS FOR LOW AND MODERATE INCOME WORKING SAVERS. ICUF MATCHES SAVINGS UP TO A CERTAIN AMOUNT BASED UPON GUIDELINES FROM MATCH FUND PROVIDERS. SAVERS USER THE MONEY TO PURCHASE AN ASSET SUCH AS A HOME, BUSINESS, EDUCATION, OR VEHICLE.
PEOPLE HELPING PEOPLE FINANCIAL COACH TRAINING PROGRAM, DISASTER RELIEF, ETC.
SCHOLARSHIPS: ICUF OFFERS WARREN A. MORROW MEMORIAL SCHOLARSHIPS TO CREDIT UNION MEMBERS PURSUING OR COMPLETING POST-SECONDARY EDUCATION.
ECONOMIC REALITIES OF COMMUNITIES OF COLOR IN IOWA: A STATEWIDE REPORT:IN AN EFFORT TO SUPPORT FINANCIAL INSTITUTIONS AND COMMUNITY ORGANIZATIONS WITH ACTIONABLE DATA, ICUF HAS INVESTED IN THE CREATION OF A STATEWIDE REPORT, "ECONOMIC REALITIES OF COMMUNITIES OF COLOR IN IOWA". THE RESEARCH AIMED TO UNDERSTAND THE FINANCIAL REALITIES OF IOWANS WHO FACE BARRIERS TO ACCESSING FINANCIAL SERVICES, PARTICULARLY WITHIN BLACK/AFRICAN AMERICAN, NON-WHITE COMMUNITIES (E.G., HISPANIC, ASIAN, NATIVE-AMERICAN), AND OTHER MARGINALIZED COMMUNITIES. RESEARCH INCORPORATES BOTH QUALITATIVE AND QUANTITATIVE DATA, AND REPORTS ON SIX INDICATORS COMMONLY USED BY NON-PARTISAN INITIATIVES AND RESEARCHERS TO MEASURE ECONOMIC WELL-BEING AND FINANCIAL INCLUSION: EMPLOYMENT, HOUSING, BUSINESS OWNERSHIP, EDUCATION, CHILDCARE AND HEALTH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jelena Babic Barnes Executive Director | Officer | 40 | $78,512 |
Ann Mcmillian Chair | OfficerTrustee | 1 | $0 |
Marian Holmes Vice Chair | OfficerTrustee | 1 | $0 |
Jordan Hensley Secretary | OfficerTrustee | 1 | $0 |
Julie Willse Treasurer | OfficerTrustee | 1 | $0 |
Alejandro Alaniz Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $55,900 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $320,505 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $376,405 |
| Total Program Service Revenue | $10,200 |
| Investment income | $38,070 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$40,658 |
| Net Income from Fundraising Events | $41,830 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $425,847 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $44,286 |
| Grants and other assistance to domestic individuals. | $60,430 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $92,127 |
| Compensation of current officers, directors, key employees. | $30,402 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,569 |
| Pension plan accruals and contributions | $4,836 |
| Other employee benefits | $6,818 |
| Payroll taxes | $7,188 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $33,207 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,108 |
| Fees for services: Other | $9,180 |
| Advertising and promotion | $14,879 |
| Office expenses | $33,966 |
| Information technology | $18,230 |
| Royalties | $0 |
| Occupancy | $26,973 |
| Travel | $5,845 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,629 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,128 |
| All other expenses | $1,163 |
| Total functional expenses | $426,890 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $871,229 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,568 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $230 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,219,598 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,092,625 |
| Accounts payable and accrued expenses | $14,073 |
| 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 | $0 |
| Total liabilities | $14,073 |
| 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 | $2,078,552 |
| Total liabilities and net assets/fund balances | $2,092,625 |
Grants Awarded
Over the last fiscal year, Iowa Credit Union Foundation Inc has awarded $20,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
UNIVERSITY OF NORTHERN IOWA FOUNDATION PURPOSE: UNIBUSINESS FINANCIAL LITERACY EDUCATION | $10,000 |
IOWA COALITION AGAINST DOMESTIC VIOLENCE PURPOSE: ALLSTATE FINANCIAL LITERACY STIPENDS | $10,000 |