Form 990 for tax year 2024

Filed by CEDAR FALLS COMMUNITY CREDIT UNION.

Totals

Total revenue: $12,608,901
Total expenses: $9,286,636
Contributions and grants received: $0
Grants paid: $0
Program service revenue: $10,766,847
Investment income: $1,842,054
Other revenue: $0
Total assets, end of year: $211,728,710
Total liabilities, end of year: $177,243,376
Net assets or fund balances, end of year: $34,485,334
Program services expenses (Part IX): $0
Management and general expenses: $0
Fundraising expenses: $0
Program service expenses (Part III): not reported

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

2a · Program service revenue: INTEREST ON LOANS

total $8,784,025 · excluded $8,784,025
2b · Program service revenue: MISCELLANEOUS INCOME

total $1,298,507 · excluded $1,298,507
2c · Program service revenue: FEE INCOME

total $684,315 · excluded $684,315
3 · Investment income

total $1,842,054 · excluded $1,842,054

Functional expenses

Part IX, the statement of functional expenses.

7 · Other salaries and wages

total $1,678,777
8 · Pension plan contributions

total $110,728
9 · Other employee benefits

total $244,512
10 · Payroll taxes

total $124,260
11c · Fees: accounting

total $32,215
12 · Advertising and promotion

total $155,157
13 · Office expenses

total $202,178
16 · Occupancy

total $208,764
19 · Conferences, conventions and meetings

total $22,154
22 · Depreciation, depletion and amortization

total $213,039
23 · Insurance

total $46,411
24a · Other expenses: DIVIDEND EXPENSE

total $4,421,799
24b · Other expenses: DATA PROCESSING

total $649,148
24c · Other expenses: PROVISION FOR LOAN LOSS

total $350,000
24d · Other expenses: CREDIT/DEBIT CARD EXPENSE

total $347,798
24e · All other expenses

total $479,696

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $1,691,492 · end of year $1,143,540
2 · Savings and temporary cash investments

beginning of year $33,824,119 · end of year $33,476,076
4 · Accounts receivable

beginning of year $1,326 · end of year -$1,377
7 · Other notes and loans receivable

beginning of year $145,673,457 · end of year $165,661,084
9 · Prepaid expenses and deferred charges

beginning of year $123,720 · end of year $170,814
10a · Land, buildings and equipment: cost or other basis

$4,412,025
10b · Land, buildings and equipment: accumulated depreciation

$1,438,677
10c · Land, buildings and equipment, net

beginning of year $3,244,935 · end of year $2,973,348
15 · Other assets

beginning of year $7,552,216 · end of year $8,305,225
17 · Accounts payable and accrued expenses

beginning of year $1,859,516 · end of year $1,535,558
25 · Other liabilities

beginning of year $159,381,366 · end of year $175,707,818
30 · Paid-in or capital surplus, or land, building or equipment fund

beginning of year $7,194,843 · end of year $7,825,288
31 · Retained earnings, endowment or other funds

beginning of year $23,675,540 · end of year $26,660,046

Mission and programs · 2024

Mission

STATE CHARTERED CREDIT UNION

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Chad KaeppelCHAD KAEPPEL

PRESIDENT/CE

Total calculated

$162,314

From this org

$162,314

From related orgs

$0

Other

$0

Hours/week

50

Schedule J breakdown matched by us

Base

$162,314

Bonus

not reported

Other

not reported

Deferred

not reported

Nontaxable benefits

not reported

Filer's total

$162,314
Jon AverhoffJON AVERHOFF

BOARD MEMBER

Total calculated

$0

Hours/week

1
Larry BockesLARRY BOCKES

BOARD MEMBER

Total calculated

$0

Hours/week

1
Sheila KittlesonSHEILA KITTLESON

BOARD MEMBER

Total calculated

$0

Hours/week

2
Frank MillerFRANK MILLER

BOARD MEMBER

Total calculated

$0

Hours/week

1
Dan MillsDAN MILLS

BOARD MEMBER

Total calculated

$0

Hours/week

2
Becky RiehmBECKY RIEHM

BOARD MEMBER

Total calculated

$0

Hours/week

1
Gordie SorensenGORDIE SORENSEN

BOARD MEMBER

Total calculated

$0

Hours/week

2
Meghan SullivanMEGHAN SULLIVAN

BOARD MEMBER

Total calculated

$0

Hours/week

1
Michael TaylorMICHAEL TAYLOR

BOARD MEMBER

Total calculated

$0

Hours/week

1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

4a · Severance or change-of-control payment
4b · Supplemental nonqualified retirement plan
4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type: form_990
Tax year: 2024
Filed: 18 April 2025
IRS schema version: 2024v5.0
Source object: 202521119349300332

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