Ace Credit Union

Mason City, IAUnknown exempt organizationEIN 42-0693466Revenue $329K in FY2025

On file with the IRS1028 14th Street Se · Mason City, IA

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The organization provides financial services to members - share savings and loans.

100¢ of each $1 spent went to programs.
$52K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
6 of 6
filings with a surplus
Average surplus $53K a year · 23% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$52K
to officers and key staff · 22% of spending
Worth a look: pay to officers and key staff is 22% of spending; over 20%.
Pt VII · Sec A
Cash reserves
12 mo
of spending, in cash
Looks good: 11.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$6.0M
80% of total assets
Worth a look: liabilities are 80% of assets; over 65%.
Pt X · Ln 26
Independent board members
11
of 12 voting members
Looks good: 11 of 12 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$329K
+4% vs prior year
Spent
$241K
To programs
100%
Net assets
$1.5M
By yearFY2020–FY2025
Revenue
$329K
FY2025▲ +4%
Tap a bar for its year
Revenue by fiscal year
FY2020$150K
FY2021$137K
FY2022$159K
FY2023$281K
FY2024$315K
FY2025$329K
Expenses
$241K
FY2025▲ +8%
Tap a bar for its year
Expenses by fiscal year
FY2020$143K
FY2021$132K
FY2022$131K
FY2023$185K
FY2024$223K
FY2025$241K
Net assets
$1.5M
FY2025▲ +6%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.2M
FY2021$1.2M
FY2022$1.3M
FY2023$1.4M
FY2024$1.5M
FY2025$1.5M

From the FY2025 Form 990 · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $241K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

12 people listed on the 990; $52K paid to officers and key staff.

Part VII, Section A · reportable compensation
$51,530Pt VII · Sec A
Assistant Treasurer
$753Pt VII · Sec A
Vice Chairperson
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
Audit Committee
$0Pt VII · Sec A
$0Pt VII · Sec A
Credit Committee
$0Pt VII · Sec A
Credit Chair
$0Pt VII · Sec A

Compensation history total reportable pay by year · 2 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Ellen M Kay$51,530$51,530$51,530$49,311$49,311$49,311
Leslie M Behm$753$1,120$1,120$870$530$788

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Offers members share savings and loans.

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Provided by the organization

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1 program · $241K · in their own filed words · FY2025
01

The organization's largest expense is dividend expense paid on share accounts. The organization offers loans ranging from small signature loans up to home equity loans. In 2025, 769 members were served.

$241Kprogram expense

By the numbers

The FY2025 990, line by line.

1The main four
Money inPt VIII
$329K
Ln 12
Investment incomeLn 3$162K
Fees for servicesLn 2g$98K
Other incomeLn 4–11$69K
Money outPt IX
$241K
Ln 25
Programscol B$241K
Owns and owesPt X
$1.5M
net assets · Ln 32
Cash and savingsLn 1–2$233K
Total assetsLn 16$7.6M
LiabilitiesLn 26$6.0M
PeoplePt VI, VII
12
listed · VII A
PaidVII A2
Voting boardVI 1a12
IndependentVI 1b11
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$98K
Investment incomeLn 3$162K
Other incomeLn 4–11$69K
Total revenueLn 12$329K
Assets in detailPt X, end of year
CashLn 1$233K
Cash and savings togetherLn 1–2$233K
InvestmentsLn 11–13$5.7M
Land, buildings, equipmentLn 10c$8K
Other assetsLn 15$59K
Total assetsLn 16$7.6M
LiabilitiesLn 26$6.0M
Net assetsLn 32$1.5M
OperationsPt I, VI
EmployeesI 52
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$307K$233K
InvestmentsLn 11–13$5.1M$5.7M
Land, buildings, equipmentLn 10c$13K$8K
Total assetsLn 16$7.4M$7.6M
LiabilitiesLn 26$5.9M$6.0M
Net assetsLn 32$1.5M$1.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$63K$63K
Payroll taxesLn 10$4K$4K
Advertising and promotionLn 12$4K$4K
Office expensesLn 13$7K$7K
Information technologyLn 14$18K$18K
OccupancyLn 16$5K$5K
TravelLn 17$2K$2K
Conferences, conventions and meetingsLn 19$737$737
InterestLn 20$114K$114K
Payments to affiliatesLn 21$1K$1K
Depreciation, depletion and amortizationLn 22$5K$5K
InsuranceLn 23$5K$5K
Other expenses (24a–d)Ln 24$9K$9K
All other expensesLn 24e$3K$3K
Total functional expensesLn 25$241K$241K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $329K$241K$88K$1.5M 990 PDF
FY2024 $315K$223K$93K$1.5M 990 PDF
FY2023 $281K$185K$96K$1.4M 990 PDF
FY2022 $159K$131K$27K$1.3M 990 PDF
FY2021 $137K$132K$5K$1.2M 990 PDF
FY2020 $150K$143K$7K$1.2M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2025 990 (6 parts)
Part I · Summary $329,233 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $118,327$97,867
I-10 Investment incomePrior year $141,562$162,420
I-11 Other revenuePrior year $55,497$68,946
I-12 Total revenuePrior year $315,386$329,233
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $68,344$67,331
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $154,326$173,500
I-18 Total expensesPrior year $222,670$240,831
I-19 Revenue less expensesPrior year $92,716$88,402
Part VI · Governance 11 of 12 board members independent, 2 to look at
VI-1a Voting members of the governing body12
VI-1b Independent voting members11
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $329,233 across 3 lines filed
Lines not itemized here account for $68,946 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $97,867$97,867
VIII-3 Investment incomeExcluded from tax $162,420$162,420
VIII-12 Total revenueRelated to mission $166,813 · Unrelated business $0 · Excluded from tax $162,420$329,233
Part IX · Statement of functional expenses $240,831 across 14 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $63,283$63,283
IX-10 Payroll taxesPrograms $4,048$4,048
IX-12 Advertising and promotionPrograms $3,598$3,598
IX-13 Office expensesPrograms $7,240$7,240
IX-14 Information technologyPrograms $17,647$17,647
IX-16 OccupancyPrograms $5,320$5,320
IX-17 TravelPrograms $1,707$1,707
IX-19 Conferences, conventions and meetingsPrograms $737$737
IX-20 InterestPrograms $113,665$113,665
IX-21 Payments to affiliatesPrograms $1,059$1,059
IX-22 Depreciation, depletion and amortizationPrograms $4,800$4,800
IX-23 InsurancePrograms $5,286$5,286
IX-24 Other expenses (24a–d)Programs $9,389$9,389
IX-24e All other expensesPrograms $3,052$3,052
IX-25 Total functional expensesPrograms $240,831 · Management $0 · Fundraising $0$240,831
Part X · Balance sheet $7,591,799 assets, 10 lines filed
Asset lines not itemized here account for $1,598,186; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $307,354$232,974
X-10c Land, buildings and equipment, netStart of year $13,051$8,251
X-13 Program-related investmentsStart of year $5,095,313$5,693,241
X-15 Other assetsStart of year $57,336$59,147
X-16 Total assetsStart of year $7,374,362$7,591,799
X-17 Accounts payable and accrued expensesStart of year $3,936$3,244
X-25 Other liabilitiesStart of year $5,914,760$6,044,487
X-26 Total liabilitiesStart of year $5,918,696$6,047,731
X-32 Total net assets or fund balancesStart of year $1,455,666$1,544,068
X-33 Total liabilities and net assetsStart of year $7,374,362$7,591,799
Part XI · Reconciliation of net assets $1,544,068 net assets at year end
XI-1 Total revenue$329,233
XI-2 Total expenses$240,831
XI-3 Revenue less expenses$88,402
XI-4 Net assets at start of year$1,455,666
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$1,544,068

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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