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S E C U Credit Union FY2021 filing

Keokuk, IAUnknown exempt organizationSince 1963 EIN 42-6077674Revenue $64K in FY2021

On file with the IRS3200 Main Street · Keokuk, IA

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State chartered Credit Union.

Mission: Form 990 Part I, line 1

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FY2021 · 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
223 mo
of spending, in cash
Looks good: 222.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.7M
76% of total assets
Worth a look: liabilities are 76% 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
$64K
-24% vs prior year
Spent
$65K
To programs
0%
Net assets
$513K
By yearFY2020–FY2025
Revenue
$64K
FY2021▼ -24%
Tap a bar for its year
Revenue by fiscal year
FY2020$85K
FY2021$64K
FY2022$71K
FY2023$98K
FY2024$114K
FY2025$117K
Expenses
$65K
FY2021▼ -24%
Tap a bar for its year
Expenses by fiscal year
FY2020$86K
FY2021$65K
FY2022$85K
FY2023$69K
FY2024$72K
FY2025$69K
Net assets
$513K
FY2021-0.2%
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 FY2021 Form 990 · see the original

990 PDF Claim
You’re viewing the FY2021 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
Debra Letcher
Board Member
$0Pt VII · Sec A
Rex Malone
Board Member
$0Pt VII · Sec A
Jim Rainbolt
Board Member
$0Pt VII · Sec A
Sharron Seay
Board Member
$0Pt VII · Sec A
Gerald Thompson
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 2No
  • 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.

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Provided by the organization

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By the numbers

The FY2021 990, line by line.

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from philanthropy.org
1The main four
Money inPt VIII
$64K
Ln 12
Fees for servicesLn 2g$60K
Investment incomeLn 3$4K
Money outPt IX
$65K
Ln 25
Owns and owesPt X
$513K
net assets · Ln 32
Cash and savingsLn 1–2$1.2M
Total assetsLn 16$2.2M
LiabilitiesLn 26$1.7M
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$60K
Investment incomeLn 3$4K
Total revenueLn 12$64K
Assets in detailPt X, end of year
CashLn 1$131K
SavingsLn 2$1.1M
Cash and savings togetherLn 1–2$1.2M
Other assetsLn 15$31K
Total assetsLn 16$2.2M
LiabilitiesLn 26$1.7M
Net assetsLn 32$513K
OperationsPt I, VI
EmployeesI 51
VolunteersI 67
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 FY21End FY21
Cash and savingsLn 1–2$880K$1.2M
Total assetsLn 16$2.1M$2.2M
LiabilitiesLn 26$1.5M$1.7M
Net assetsLn 32$514K$513K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$24K
Payroll taxesLn 10$2K
Office expensesLn 13$16K
InterestLn 20$1K
Other expenses (24a–d)Ln 24$19K
All other expensesLn 24e$2K
Total functional expensesLn 25$65K$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 Viewing $64K$65K−$1K$513K 990 PDF
FY2020 $85K$86K−$2K$514K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $64,214 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $77,569$60,012
I-10 Investment incomePrior year $6,993$4,202
I-11 Other revenue$0
I-12 Total revenuePrior year $84,562$64,214
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $26,783$26,106
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $59,317$39,222
I-18 Total expensesPrior year $86,100$65,328
I-19 Revenue less expensesPrior year −$1,538−$1,114
Part VI · Governance 7 of 7 board members independent, 2 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
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 $64,214 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Excluded from tax $60,012$60,012
VIII-3 Investment incomeExcluded from tax $4,202$4,202
VIII-12 Total revenueExcluded from tax $64,214$64,214
Part IX · Statement of functional expenses $65,328 across 6 lines filed
IX-7 Other salaries and wages$24,311
IX-10 Payroll taxes$1,795
IX-13 Office expenses$16,206
IX-20 Interest$1,260
IX-24 Other expenses (24a–d)$19,461
IX-24e All other expenses$2,295
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$65,328
Part X · Balance sheet $2,163,122 assets, 11 lines filed
Asset lines not itemized here account for $918,513; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $58$130,925
X-2 Savings and temporary cash investmentsStart of year $880,002$1,081,338
X-4 Accounts receivableStart of year $1,642$1,486
X-9 Prepaid expenses and deferred chargesStart of year −$291−$199
X-15 Other assetsStart of year $27,298$31,059
X-16 Total assetsStart of year $2,055,459$2,163,122
X-17 Accounts payable and accrued expensesStart of year $5,829$6,743
X-25 Other liabilitiesStart of year $1,287,477$1,395,340
X-26 Total liabilitiesStart of year $1,541,306$1,650,083
X-32 Total net assets or fund balancesStart of year $514,153$513,039
X-33 Total liabilities and net assetsStart of year $2,055,459$2,163,122
Part XI · Reconciliation of net assets $513,039 net assets at year end
XI-1 Total revenue$64,214
XI-2 Total expenses$65,328
XI-3 Revenue less expenses−$1,114
XI-4 Net assets at start of year$514,153
XI-10 Net assets at end of year$513,039

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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