Industrial Employees Credit Union
- Assets
- $10.6m
- Revenue
- $412.9k
- Investments
- $0.0
- Employees
- 4
- Location
- Centerville, IA
- Founding
- Data as of
- 12/2022
- EIN
- 42-6102809
Organization Overview
Industrial Employees Credit Union is located in Centerville, IA. As of 12/2022, Industrial Employees Credit Union employed 4 individuals. Industrial 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 12/2022, Industrial Employees Credit Union generated $412.9k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $328.2k during the year ending 12/2022. While expenses have increased by 0.5% per year over the past 8 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
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
FORM 990 PAGE 2 PART III TO CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE RATE OF INTEREST, ENCOURAGE HABITS OF THRIFT AMONG THEIR MEMBERS, AND PROVIDE OPPORTUNITY FOR THEIR MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC SOCIAL CONDITION
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shona Varese Manager | Officer | 40 | $52,230 |
Misty Ohair Assistant Manager | Officer | 40 | $41,116 |
Dennie Fenton Chairperson Credit Committee | Trustee | 1 | $0 |
Wayne Devore Chairperson | OfficerTrustee | 1 | $0 |
Don Kanselaar Credit Committee | Trustee | 1 | $0 |
James Mcdannald Credit Committee | 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 | $103,092 |
| Investment income | $306,023 |
| 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 | $412,880 |
| 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. | $109,784 |
| Compensation of current officers, directors, key employees. | $109,784 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $3,587 |
| Other employee benefits | $0 |
| Payroll taxes | $8,528 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,560 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $56,636 |
| Advertising and promotion | $533 |
| Office expenses | $17,945 |
| Information technology | $4,818 |
| Royalties | $0 |
| Occupancy | $13,035 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,750 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,243 |
| Insurance | $11,207 |
| All other expenses | $0 |
| Total functional expenses | $328,223 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $319,749 |
| Savings and temporary cash investments | $4,671,101 |
| 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 | $5,399,192 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $11,484 |
| Net Land, buildings, and equipment | $39,353 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $3,765 |
| Other assets | $107,877 |
| Total assets | $10,552,521 |
| Accounts payable and accrued expenses | $21,182 |
| 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 | $8,803,751 |
| Total liabilities | $8,824,933 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $10,552,521 |
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