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S E C U Credit Union FY2020 filing

Keokuk, IAUnknown exempt organizationSince 1963EIN 42-6077674Revenue $85K in FY2020

On file with the IRS3200 Main Street · Keokuk, IA

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State chartered Credit Union.

Mission: Form 990 Part I, line 1

Before you give

FY2020 · 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
3 of 6
filings with a surplus
Average surplus $17K a year · 19% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
123 mo
of spending, in cash
Looks good: 122.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.5M
75% of total assets
Worth a look: liabilities are 75% of assets; over 65%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$85K
Spent
$86K
To programs
0%
Net assets
$514K
By yearFY2020–FY2025
Revenue
$85K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$85K
FY2021$64K
FY2022$71K
FY2023$98K
FY2024$114K
FY2025$117K
Expenses
$86K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$86K
FY2021$65K
FY2022$85K
FY2023$69K
FY2024$72K
FY2025$69K
Net assets
$514K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$514K
FY2021$513K
FY2022$499K
FY2023$528K
FY2024$570K
FY2025$618K

From the FY2020 Form 990 · see the original

Form 990 (PDF) Claim
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2025) →

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

Who runs it and what they're paid

7 people listed on the 990.

Part VII, Section A · reportable compensation
Adam Davis
Board Member
$0Pt VII · Sec A
Randy Davis
Board Member
$0Pt VII · Sec A
Rex Malone
Board Member
$0Pt VII · Sec A
Diana Pennington
Board Member
$0Pt VII · Sec A
Jim Rainbolt
Board Member
$0Pt VII · Sec A
Sharron Seay
Board Member
$0Pt VII · Sec A
Raymond White
Board Member
$0Pt VII · Sec A
See S E C U Credit Union executive salaries →

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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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

S E C U Credit Union is a nonprofit organization based in Keokuk, IA, formed in 1963.

Provided by the organization

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By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$85K
Ln 12
Fees for servicesLn 2g$78K
Investment incomeLn 3$7K
Money outPt IX
$86K
Ln 25
Owns and owesPt X
$514K
net assets · Ln 32
Cash and savingsLn 1–2$880K
Total assetsLn 16$2.1M
LiabilitiesLn 26$1.5M
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$78K
Investment incomeLn 3$7K
Total revenueLn 12$85K
Assets in detailPt X, end of year
CashLn 1$58
SavingsLn 2$880K
Cash and savings togetherLn 1–2$880K
Other assetsLn 15$27K
Total assetsLn 16$2.1M
LiabilitiesLn 26$1.5M
Net assetsLn 32$514K
OperationsPt I, VI
EmployeesI 51
VolunteersI 67
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$535K$880K
Total assetsLn 16$2.0M$2.1M
LiabilitiesLn 26$1.5M$1.5M
Net assetsLn 32$516K$514K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$25K
Payroll taxesLn 10$2K
Office expensesLn 13$9K
InterestLn 20$4K
InsuranceLn 23$7K
Other expenses (24a–d)Ln 24$37K
All other expensesLn 24e$2K
Total functional expensesLn 25$86K$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $117K$69K$48K$618K 990 PDF
FY2024 $114K$72K$42K$570K 990 PDF
FY2023 $98K$69K$29K$528K 990 PDF
FY2022 $71K$85K−$14K$499K 990 PDF
FY2021 $64K$65K−$1K$513K 990 PDF
FY2020 Viewing $85K$86K−$2K$514K 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 FY2020 990 (6 parts)
Part I · Summary $84,562 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $85,030$77,569
I-10 Investment incomePrior year $11,821$6,993
I-11 Other revenue$0
I-12 Total revenuePrior year $96,851$84,562
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $28,569$26,783
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $59,362$59,317
I-18 Total expensesPrior year $87,931$86,100
I-19 Revenue less expensesPrior year $8,920−$1,538
Part VI · Governance 7 of 7 board members independent, 4 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-2 Family or business relationship among officers or directorsYes
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $84,562 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Excluded from tax $77,569$77,569
VIII-3 Investment incomeExcluded from tax $6,993$6,993
VIII-12 Total revenueExcluded from tax $84,562$84,562
Part IX · Statement of functional expenses $86,100 across 7 lines filed
IX-7 Other salaries and wages$24,936
IX-10 Payroll taxes$1,847
IX-13 Office expenses$9,030
IX-20 Interest$4,487
IX-23 Insurance$6,860
IX-24 Other expenses (24a–d)$37,216
IX-24e All other expenses$1,724
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$86,100
Part X · Balance sheet $2,055,459 assets, 11 lines filed
Asset lines not itemized here account for $1,146,750; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $58$58
X-2 Savings and temporary cash investmentsStart of year $535,133$880,002
X-4 Accounts receivableStart of year $1,383$1,642
X-9 Prepaid expenses and deferred chargesStart of year $289−$291
X-15 Other assetsStart of year $20,236$27,298
X-16 Total assetsStart of year $1,967,116$2,055,459
X-17 Accounts payable and accrued expensesStart of year $6,524$5,829
X-25 Other liabilitiesStart of year $1,196,901$1,287,477
X-26 Total liabilitiesStart of year $1,451,425$1,541,306
X-32 Total net assets or fund balancesStart of year $515,691$514,153
X-33 Total liabilities and net assetsStart of year $1,967,116$2,055,459
Part XI · Reconciliation of net assets $514,153 net assets at year end
XI-1 Total revenue$84,562
XI-2 Total expenses$86,100
XI-3 Revenue less expenses−$1,538
XI-4 Net assets at start of year$515,691
XI-10 Net assets at end of year$514,153

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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