Nw Iowa Credit Union
- Assets
- $75.5m
- Revenue
- $2.4m
- Investments
- $3.0m
- Employees
- 10
- Location
- Le Mars, IA
- Founding
- Data as of
- 12/2021
- EIN
- 42-6098592
Organization Overview
Nw Iowa Credit Union is located in Le Mars, IA. As of 12/2021, Nw Iowa Credit Union employed 10 individuals. Nw Iowa 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, Nw Iowa Credit Union generated $2.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.1% each year. All expenses for the organization totaled $1.7m during the year ending 12/2021. While expenses have increased by 7.6% 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
N.W. IOWA CREDIT UNION IS A MEMBER OWNED, NON-PROFIT FINANCIAL INSTITUTION PROVIDING PERSONALIZED, COMPETITIVE SERVICES THAT PROMOTE THE ECONOMIC WELL-BEING OF PRESENT AND FUTURE MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE RATE OF INTEREST, ENCOURAGE HABITS OF THRIFT AMONG MEMBERS, AND PROVIDE THE OPPORTUNITY FOR MEMBERS TO USE AND CONTROL THEIR SAVINGS FOR THEIR MUTUAL BENEFIT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven DE Boer CEO | Officer | 40 | $110,139 |
Rich Sudtelgte Chairman | OfficerTrustee | 1 | $0 |
Jolynn Goodchild Secretary | OfficerTrustee | 1 | $0 |
Robert Wiese Vice Chairman | OfficerTrustee | 1 | $0 |
Jon Boehme Director | Trustee | 1 | $0 |
Kim Wilkens Director | 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 | $2,206,057 |
| Investment income | $201,597 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $27 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,407,681 |
| 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. | $114,545 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $361,131 |
| Pension plan accruals and contributions | $13,651 |
| Other employee benefits | $72,347 |
| Payroll taxes | $33,331 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,170 |
| Fees for services: Accounting | $34,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $187 |
| Fees for services: Other | $0 |
| Advertising and promotion | $36,011 |
| Office expenses | $69,898 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $24,386 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14,048 |
| Interest | $379,373 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $42,627 |
| Insurance | $6,732 |
| All other expenses | $44,517 |
| Total functional expenses | $1,748,247 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,011,248 |
| Savings and temporary cash investments | $12,819,302 |
| 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 | $46,849,409 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $38,826 |
| Net Land, buildings, and equipment | $338,319 |
| Investments—publicly traded securities | $1,750,000 |
| Investments—other securities | $3,000,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $661,267 |
| Total assets | $75,468,371 |
| Accounts payable and accrued expenses | $41,055 |
| 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 | $67,283,972 |
| Total liabilities | $67,325,027 |
| 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 | $8,143,344 |
| Total liabilities and net assets/fund balances | $75,468,371 |
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