Iowa Corporate Central Credit Union
- Assets
- $165.6m
- Revenue
- $6.1m
- Investments
- $0.0
- Employees
- 36
- Location
- Dubuque, IA
- Founding
- 00/0000
- Data as of
- 12/2021
- EIN
- 42-0329305
Organization Overview
Iowa Corporate Central Credit Union is located in Dubuque, IA. The organization was established in 0000. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Iowa Corporate Central Credit Union employed 36 individuals. Iowa Corporate Central 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, Iowa Corporate Central Credit Union generated $6.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $5.2m during the year ending 12/2021. While expenses have increased by 2.8% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO DELIVER EXCEPTIONAL SERVICE AND PERSONALIZED FINANCIAL SOLUTIONS THAT HELP OUR MEMBERS ACHIEVE THEIR GOALS.
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 424 NEW DEPOSIT ACCOUNTS IN 2021. AS OF 12/31/21 WE HAD 11,057 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 2,151 NEW LOANS DURING 2021. AS OF 12/31/21 WE HAD 7,618 OUTSTANDING LOANS RECEIVABLE.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Moroney President / | OfficerTrustee | 50 | $200,482 |
Vince Schuster Vice Chair | OfficerTrustee | 0.5 | $0 |
Jack Schumacher Chairman | OfficerTrustee | 1 | $0 |
Becky Jenkins Secretary | OfficerTrustee | 0.5 | $0 |
Jeff Eddy Director | Trustee | 0.5 | $0 |
Mark Arthofer Director | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bradford Scott Data Corp Core System | 12/30/21 | $193,535 |
Shazam Debit Card Proc | 12/30/21 | $262,025 |
Tmg Card Processing | 12/30/21 | $196,815 |
Rsm It Services | 12/30/21 | $193,799 |
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 | $75,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $75,000 |
| Total Program Service Revenue | $5,674,827 |
| Investment income | $301,090 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $24,573 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $11,947 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,087,437 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,850 |
| Grants and other assistance to domestic individuals. | $75,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $200,482 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,318,995 |
| Pension plan accruals and contributions | $103,817 |
| Other employee benefits | $237,719 |
| Payroll taxes | $121,878 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $42,020 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $413,865 |
| Advertising and promotion | $142,742 |
| Office expenses | $1,173,676 |
| Information technology | $218,264 |
| Royalties | $0 |
| Occupancy | $109,768 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $34,432 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $236,400 |
| Insurance | $48,872 |
| All other expenses | $0 |
| Total functional expenses | $5,208,020 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,577,353 |
| Savings and temporary cash investments | $37,149,029 |
| 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 | $107,691,694 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $137,524 |
| Net Land, buildings, and equipment | $4,155,571 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $8,139,009 |
| Intangible assets | $0 |
| Other assets | $6,773,029 |
| Total assets | $165,623,209 |
| Accounts payable and accrued expenses | $566,027 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $530,282 |
| 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 | $145,935,985 |
| Total liabilities | $147,032,294 |
| 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 | $18,590,915 |
| Total liabilities and net assets/fund balances | $165,623,209 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
University Of Illinois Community Credit Union Champaign, IL | $475,743,912 | $22,792,231 |
Land Of Lincoln Credit Union Decatur, IL | $357,439,691 | $20,389,555 |
Southpoint Financial Credit Union Sleepy Eye, MN | $509,297,128 | $21,366,397 |
Heritage Credit Union Deforest, WI | $461,320,772 | $20,193,229 |
Siu Credit Union Carbondale, IL | $404,439,735 | $19,509,001 |
Healthcare Associates Credit Union Naperville, IL | $470,519,753 | $19,024,406 |
Financial Plus Credit Union Ottawa, IL | $450,128,379 | $18,435,940 |
Streator Onized Credit Union Streator, IL | $322,868,914 | $20,466,912 |
Arsenal Credit Union Arnold, MO | $349,876,786 | $18,878,245 |
Kane County Teachers Credit Union Elgin, IL | $376,184,077 | $16,257,755 |
First Alliance Credit Union Stewartville, MN | $266,858,268 | $15,921,045 |
First Northern Credit Union Chicago, IL | $376,782,772 | $14,919,062 |