Serve Credit Union
- Assets
- $94.3m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Des Moines, IA
- Founding
- Data as of
- 12/2021
- EIN
- 42-0773825
Organization Overview
Serve Credit Union is located in Des Moines, IA. Serve 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, Serve Credit Union generated $4.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.6% each year . All expenses for the organization totaled $3.2m during the year ending 12/2021. While expenses have increased by 11.5% 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
GROWING TO PROVIDE EXCEPTIONAL RATES, COMPETITIVE FINANCIAL PRODUCTS, AND FRIENDLY SERVICE TO A MEMBERSHIP DEDICATED TO COMMUNITY SERVICES.
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 |
|---|---|---|---|
Nick Brockman Board Member | Trustee | $0 | |
Dale Bruce Board Member | Trustee | $0 | |
Graham Giles Board Member | Trustee | $0 | |
Gene Haigh Board Member | Trustee | $0 | |
Eric Hartman Board Member | Trustee | $0 | |
Mike Morgan Board Member | Trustee | $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 | $3,916,651 |
| Investment income | $210,348 |
| 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 | $4,126,999 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $20,989 |
| Fees for services: Accounting | $25,573 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $73,555 |
| Office expenses | $153,148 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $196,363 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $22,121 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $170,695 |
| Insurance | $21,695 |
| All other expenses | $755,462 |
| Total functional expenses | $3,233,771 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $593,206 |
| Savings and temporary cash investments | $18,141,767 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $25 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $68,641,264 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $95,530 |
| Net Land, buildings, and equipment | $1,861,929 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,042,118 |
| Intangible assets | $0 |
| Other assets | $3,918,354 |
| Total assets | $94,294,193 |
| Accounts payable and accrued expenses | $1,202,581 |
| 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 | $80,061,913 |
| Total liabilities | $81,264,494 |
| 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 | $6,089,135 |
| Retained earnings, endowment, accumulated income, or other funds | $6,940,564 |
| Total liabilities and net assets/fund balances | $94,294,193 |
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