Public Employees Credit Union
- Assets
- $34.3m
- Revenue
- $873.1k
- Investments
- $0.0
- Employees
- 5
- Location
- Waterloo, IA
- Founding
- Data as of
- 12/2021
- EIN
- 42-0807884
Organization Overview
Public Employees Credit Union is located in Waterloo, IA. As of 12/2021, Public Employees Credit Union employed 5 individuals. Public 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 12/2021, Public Employees Credit Union generated $873.1k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $838.6k during the year ending 12/2021. While expenses have increased by 3.8% 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
PUBLIC EMPLOYEES CREDIT UNION EXISTS TO PROVIDE GOOD RATES ON LOANS AND SAVINGS TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION CONSISTENTLY HAS SOME OF THE LOWEST LOAN RATES OFFERED. THE CREDIT UNION ALSO HAS THE LOWEST CHARGE OFF TOTALS AND DELINQUENCY RATIOS IN THE STATE AND NATION.PUBLIC EMPLOYEES CREDIT UNION IS NOT A COMMUNITY CREDIT UNION. OUR MEMBERS BENEFIT FROM THIS IN MANY WAYS. THE CREDIT UNION OFFERS PAYROLL DEDUCTION INTO SAVINGS ACCOUNTS AND FOR LOAN PAYMENTS FROM MOST OF THE EMPLOYER GROUPS. THE CREDIT UNION DOES NOT HAVE ADVERTISING COSTS MANY COMMUNITY CREDIT UNIONS HAVE.THE CREDIT UNION OFFERS COMPETITIVE SHARE, SHARE DRAFT, AND CERTIFICATES RATES. TOTAL MEMBERS SERVED WAS APPROXIMATELY 1957 DURING THE 2021 TAX YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Carlo CEO | Officer | 55 | $87,155 |
Paul Huting Chairperson | OfficerTrustee | 2 | $0 |
Eric Thorson Vice Chairperson | OfficerTrustee | 1 | $0 |
Bonetta Culp Secretary | OfficerTrustee | 1 | $0 |
Jane Wagner President | OfficerTrustee | 1 | $0 |
Dave Mohlis Chair Audit | 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 | $565,213 |
| Investment income | $239,789 |
| 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 | $873,071 |
| 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. | $112,351 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $153,024 |
| Pension plan accruals and contributions | $14,228 |
| Other employee benefits | $25,402 |
| Payroll taxes | $19,677 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,180 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $100 |
| Office expenses | $12,737 |
| Information technology | $69,418 |
| Royalties | $0 |
| Occupancy | $42,622 |
| Travel | $1,203 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $45 |
| Interest | $270,975 |
| Payments to affiliates | $4,305 |
| Depreciation, depletion, and amortization | $20,290 |
| Insurance | $23,235 |
| All other expenses | $36,021 |
| Total functional expenses | $838,563 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,306,626 |
| Savings and temporary cash investments | $19,061,864 |
| 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 | $13,375,352 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $15,205 |
| Net Land, buildings, and equipment | $166,218 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $334,922 |
| Total assets | $34,260,187 |
| Accounts payable and accrued expenses | $20,649 |
| 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 | $29,812,500 |
| Total liabilities | $29,833,149 |
| 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 | $900,000 |
| Retained earnings, endowment, accumulated income, or other funds | $3,527,038 |
| Total liabilities and net assets/fund balances | $34,260,187 |
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