Nw Iowa Credit Union
- Assets
- $87.3m
- Revenue
- $2.8m
- Investments
- $3.0m
- Employees
- 13
- Location
- Le Mars, IA
- Founding
- Data as of
- 12/2022
- EIN
- 42-6098592
Organization Overview
Nw Iowa Credit Union is located in Le Mars, IA. As of 12/2022, Nw Iowa Credit Union employed 13 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 12/2022, Nw Iowa Credit Union generated $2.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.1% each year. All expenses for the organization totaled $3.1m during the year ending 12/2022. While expenses have increased by 14.6% 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
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 |
|---|---|---|---|
Kim Wilkens Director | Trustee | 1 | $0 |
Jon Boehme Director | Trustee | 1 | $0 |
Rich Sudtelgte Chairman | Trustee | 1 | $0 |
Jolynn Goodchild Secretary | Trustee | 1 | $0 |
Robert Wiese Vice Chairman | Trustee | 1 | $0 |
Wayne Schlotfeldt 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 | $2,361,105 |
| Investment income | $409,740 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $93 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,770,938 |
| 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. | $35,045 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $441,108 |
| Pension plan accruals and contributions | $15,966 |
| Other employee benefits | $91,953 |
| Payroll taxes | $36,869 |
| Fees for services: Management | $138,833 |
| Fees for services: Legal | $113 |
| Fees for services: Accounting | $44,270 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $249 |
| Fees for services: Other | $0 |
| Advertising and promotion | $53,181 |
| Office expenses | $95,585 |
| Information technology | $1,088,968 |
| Royalties | $0 |
| Occupancy | $25,220 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,842 |
| Interest | $389,995 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $43,268 |
| Insurance | $4,505 |
| All other expenses | $0 |
| Total functional expenses | $3,112,378 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,417,118 |
| Savings and temporary cash investments | $28,210,433 |
| 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 | $50,803,340 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $71,771 |
| Net Land, buildings, and equipment | $302,700 |
| Investments—publicly traded securities | $1,750,000 |
| Investments—other securities | $3,000,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $776,027 |
| Total assets | $87,331,389 |
| Accounts payable and accrued expenses | $1,247,732 |
| 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 | $78,281,753 |
| Total liabilities | $79,529,485 |
| 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 | $7,801,904 |
| Total liabilities and net assets/fund balances | $87,331,389 |