DANFOSS EMPLOYEES CREDIT UNION: Form 990, tax year 2012

View the entire original 990 at ProPublica ↗

Organization: DANFOSS EMPLOYEES CREDIT UNION (EIN 41-6036331)
Tax period: 2012-01-01 to 2012-12-31
Filed: 2013-04-09
IRS object ID: 201300999349300710
Schema version: 2012v2.1
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule D
Schedule O

Return header ReturnHeader

Field	Value	IRS element (for citing)
Timestamp	2013-04-09T11:48:12-05:00	Timestamp
Tax Period End Date	2012-12-31	TaxPeriodEndDate
Return Type	990	ReturnType
Tax Period Begin Date	2012-01-01	TaxPeriodBeginDate

Filer Filer

Field	Value	IRS element (for citing)
EIN	416036331	EIN

Name Name

Field	Value	IRS element (for citing)
Business Name Line1	EATON EMPLOYEES CREDIT UNION	BusinessNameLine1

Field	Value	IRS element (for citing)
Name Control	EATO	NameControl
Phone	9529377175	Phone

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	14900 TECHNOLOGY DRIVE	AddressLine1
City	EDEN PRAIRIE	City
State	MN	State
ZIP Code	55344	ZIPCode

Officer Officer

Field	Value	IRS element (for citing)
Name	THERESA BLAGEO	Name
Title	PRESIDENT	Title
Phone	9529377175	Phone
Date Signed	2013-03-29	DateSigned

Preparer Preparer

Field	Value	IRS element (for citing)
Name	BRENT WOOKEY	Name
Date Prepared	2013-04-09	DatePrepared

Field	Value	IRS element (for citing)
Tax Year	2012	TaxYear
Build TS	2016-02-25 16:41:14Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Name Of Principal Officer Person	THERESA BLAGEO	NameOfPrincipalOfficerPerson

Address Principal Officer US AddressPrincipalOfficerUS

Field	Value	IRS element (for citing)
Address Line1	14900 TECHNOLOGY DRIVE	AddressLine1
City	EDEN PRAIRIE	City
State	MN	State
ZIP Code	55344	ZIPCode

Field	Value	IRS element (for citing)
Gross Receipts	209384	GrossReceipts
Group Return For Affiliates	false	GroupReturnForAffiliates
Organization501c	X	Organization501c
Web Site	WWW.EATONCU.COM	WebSite
Type Of Organization Corporation	X	TypeOfOrganizationCorporation
Year Formation	1949	YearFormation
State Legal Domicile	MN	StateLegalDomicile
Activity Or Mission Description	MEET OUR MEMBERS' NEEDS BY PROVIDING SERVICE WITH A PERSONAL TOUCH, CULTIVATING CLOSE RELATIONSHIPS, OFFERING FINANCIAL GUIDANCE, AND SAFEGUARDING OUR MEMBERS' ASSETS.	ActivityOrMissionDescription
Nbr Voting Members Governing Body	5	NbrVotingMembersGoverningBody
Nbr Independent Voting Members	4	NbrIndependentVotingMembers
Total Nbr Employees	2	TotalNbrEmployees
Total Gross UBI	1500	TotalGrossUBI
Net Unrelated Business Txbl Income	-3872	NetUnrelatedBusinessTxblIncome
Contributions Grants Current Year	0	ContributionsGrantsCurrentYear
Program Service Revenue Prior Year	189102	ProgramServiceRevenuePriorYear
Program Service Revenue CY	207035	ProgramServiceRevenueCY
Investment Income Prior Year	2286	InvestmentIncomePriorYear
Investment Income Current Year	2009	InvestmentIncomeCurrentYear
Other Revenue Prior Year	529	OtherRevenuePriorYear
Other Revenue Current Year	340	OtherRevenueCurrentYear
Total Revenue Prior Year	191917	TotalRevenuePriorYear
Total Revenue Current Year	209384	TotalRevenueCurrentYear
Grants And Similar Amnts CY	0	GrantsAndSimilarAmntsCY
Benefits Paid To Members CY	0	BenefitsPaidToMembersCY
Salaries Etc Prior Year	74932	SalariesEtcPriorYear
Salaries Etc Current Year	79135	SalariesEtcCurrentYear
Total Prof Fundrsng Exp CY	0	TotalProfFundrsngExpCY
Total Fundrsng Exp Current Year	0	TotalFundrsngExpCurrentYear
Other Expense Prior Year	128762	OtherExpensePriorYear
Other Expenses Current Year	121903	OtherExpensesCurrentYear
Total Expenses Prior Year	203694	TotalExpensesPriorYear
Total Expenses Current Year	201038	TotalExpensesCurrentYear
Revenues Less Expenses Prior Year	-11777	RevenuesLessExpensesPriorYear
Revenues Less Expenses CY	8346	RevenuesLessExpensesCY
Total Assets BOY	2640614	TotalAssetsBOY
Total Assets EOY	2667689	TotalAssetsEOY
Total Liabilities BOY	2386641	TotalLiabilitiesBOY
Total Liabilities EOY	2405370	TotalLiabilitiesEOY
Net Assets Or Fund Balances BOY	253973	NetAssetsOrFundBalancesBOY
Net Assets Or Fund Balances EOY	262319	NetAssetsOrFundBalancesEOY
Mission Description	MEET OUR MEMBERS' NEEDS BY PROVIDING SERVICE WITH A PERSONAL TOUCH, CULTIVATING CLOSE RELATIONSHIPS, OFFERING FINANCIAL GUIDANCE, AND SAFEGUARDING OUR MEMBERS' ASSETS.	MissionDescription
Significant New Program Services	false	SignificantNewProgramServices
Significant Change	false	SignificantChange
Description	THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 39 NEW DEPOSIT ACCOUNTS IN 2012. AS OF 12/31/12 WE HAD 589 MEMBERS.	Description

Activity2 Activity2

Field	Value	IRS element (for citing)
Description	THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 62 NEW LOANS DURING 2012. AS OF 12/31/12 WE HAD 225 LOANS TO OUR MEMBERS.	Description

Activity3 Activity3

Field	Value	IRS element (for citing)
Description	.	Description

Field	Value	IRS element (for citing)
Described In501 C3	false	DescribedIn501C3
Schedule B Required	false	ScheduleBRequired
Political Activities	false	PoliticalActivities
Subject To Proxy Tax	false	SubjectToProxyTax
Donor Advised Funds	false	DonorAdvisedFunds
Conservation Easements	false	ConservationEasements
Collections Of Art	false	CollectionsOfArt
Credit Counseling	false	CreditCounseling
Term Or Permanent Endowments	false	TermOrPermanentEndowments
Report Land Bldg Equip	true	ReportLandBldgEquip
Report Invest Oth Securities	false	ReportInvestOthSecurities
Report Prog Rel Invest	false	ReportProgRelInvest
Report Other Assets	false	ReportOtherAssets
Report Other Liabilities	true	ReportOtherLiabilities
Report Fin48 Footnote	false	ReportFin48Footnote
Independent Audit Financial Stmt	false	IndependentAuditFinancialStmt
Consolidated Audit Financial Stmt	false	ConsolidatedAuditFinancialStmt
School	false	School
Foreign Office	false	ForeignOffice
Foreign Activities	false	ForeignActivities
More Than5000 K To Organizations	false	MoreThan5000KToOrganizations
More Than5000 K To Individuals	false	MoreThan5000KToIndividuals
Professional Fundraising	false	ProfessionalFundraising
Fundraising Activities	false	FundraisingActivities
Gaming	false	Gaming
Hospital	false	Hospital
Grants To Organizations	false	GrantsToOrganizations
Grants To Individuals	false	GrantsToIndividuals
Schedule J Required	false	ScheduleJRequired
Tax Exempt Bonds	false	TaxExemptBonds
Loan To Officer Or DQP	false	LoanToOfficerOrDQP
Grant To Related Person	false	GrantToRelatedPerson
Bsnss Rltnshp With Organization	false	BsnssRltnshpWithOrganization
Bsnss Rltnshp Thru Family Member	false	BsnssRltnshpThruFamilyMember
Officer Entity With Bsnss Rltnshp	false	OfficerEntityWithBsnssRltnshp
Deductible Non Cash Contributions	false	DeductibleNonCashContributions
Deductible Contributions Of Art	false	DeductibleContributionsOfArt
Terminated	false	Terminated
Partial Liquidation	false	PartialLiquidation
Disregarded Entity	false	DisregardedEntity
Related Entity	false	RelatedEntity
Related Org Controlled Entity	false	RelatedOrgControlledEntity
Activities Conducted Partnership	false	ActivitiesConductedPartnership
Schedule O Required	true	ScheduleORequired
Number Forms Transmitted With1096	69	NumberFormsTransmittedWith1096
Number W2 G Included	0	NumberW2GIncluded
Compliance With Backup Witholding	true	ComplianceWithBackupWitholding
Number Of Employees	2	NumberOfEmployees
Employment Tax Returns Filed	true	EmploymentTaxReturnsFiled
Unrelated Business Income	true	UnrelatedBusinessIncome
Form990-T Filed	true	Form990-TFiled
Foreign Financial Account	false	ForeignFinancialAccount
Prohibited Tax Shelter Trans	false	ProhibitedTaxShelterTrans
Taxable Party Notification	false	TaxablePartyNotification
Non Deductible Contributions	false	NonDeductibleContributions
Indoor Tanning Services	false	IndoorTanningServices
Info In Schedule O Part VI	X	InfoInScheduleOPartVI
Nbr Voting Governing Body Members	5	NbrVotingGoverningBodyMembers
Number Independent Voting Members	4	NumberIndependentVotingMembers
Family Or Business Relationship	false	FamilyOrBusinessRelationship
Delegation Of Management Duties	false	DelegationOfManagementDuties
Changes To Organizing Docs	false	ChangesToOrganizingDocs
Material Diversion Or Misuse	false	MaterialDiversionOrMisuse
Members Or Stockholders	true	MembersOrStockholders
Election Of Board Members	true	ElectionOfBoardMembers
Decisions Subject To Approval	true	DecisionsSubjectToApproval
Minutes Of Governing Body	true	MinutesOfGoverningBody
Minutes Of Committees	true	MinutesOfCommittees
Officer Mailing Address	false	OfficerMailingAddress
Local Chapters	false	LocalChapters
Form990 Provided To Governing Body	false	Form990ProvidedToGoverningBody
Conflict Of Interest Policy	false	ConflictOfInterestPolicy
Whistleblower Policy	false	WhistleblowerPolicy
Document Retention Policy	true	DocumentRetentionPolicy
Compensation Process CEO	true	CompensationProcessCEO
Compensation Process Other	true	CompensationProcessOther
Investment In Joint Venture	false	InvestmentInJointVenture
Upon Request	X	UponRequest

The Books Are In Care Of TheBooksAreInCareOf

Field	Value	IRS element (for citing)
Name Person	THERESA BLAGEO	NamePerson
Telephone Number	9529377175	TelephoneNumber

Address US AddressUS

Field	Value	IRS element (for citing)
Address Line1	14900 TECHNOLOGY DRIVE	AddressLine1
City	EDEN PRAIRIE	City
State	MN	State
ZIP Code	55344	ZIPCode

Form990 Part VII Section A Form990PartVIISectionA (6 entries)

TitleTitle	Average Hours Per WeekAverageHoursPerWeek	Individual Trustee Or DirectorIndividualTrusteeOrDirector	Reportable Comp From OrganizationReportableCompFromOrganization	Reportable Comp From Related OrgsReportableCompFromRelatedOrgs	Other CompensationOtherCompensation	OfficerOfficer
DAVID ROHDE
SECRETARY/MS	8.00	X	7724	0	0
STEVE ZUMBUSCH
CHAIRMAN	0.50	X	0	0	0
ANN HEALY-ALLEN
TREASURER	0.25	X	0	0	0
LON STUTLEBERG
DIRECTOR	0.25	X	0	0	0
DAVID LUNDQUIST
VICE CHAIR	0.25	X	0	0	0
THERESA BLAGEO
PRESIDENT	40.00		59275	0	6003	X

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	66999	TotalReportableCompFromOrg
Total Other Compensation	6003	TotalOtherCompensation
Formers Listed	false	FormersListed
Total Comp GT150 K	false	TotalCompGT150K
Compensation From Other Sources	false	CompensationFromOtherSources

Program Service Revenue ProgramServiceRevenue (4 entries)

DescriptionDescription	Business CodeBusinessCode	Total Revenue ColumnTotalRevenueColumn	Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome	Unrelated Business RevenueUnrelatedBusinessRevenue
INTEREST ON LOANS	522100	150872	150872
MEMBER FEE INCOME	522100	35523	35523
OTHER MEMBER REVENUE	522100	19140	19140
NON MEMBER ATM & CK CASH FEES	519100	1500		1500

Field	Value	IRS element (for citing)
Total Program Service Revenue	207035	TotalProgramServiceRevenue

Investment Income InvestmentIncome

Field	Value	IRS element (for citing)
Total Revenue Column	2009	TotalRevenueColumn
Exclusion	$2,009	ExclusionAmount

Royalties Revenue RoyaltiesRevenue

Field	Value	IRS element (for citing)
Total Revenue Column	340	TotalRevenueColumn
Exclusion	$340	ExclusionAmount

Total Revenue TotalRevenue

Field	Value	IRS element (for citing)
Total Revenue Column	209384	TotalRevenueColumn
Related Or Exempt Function Income	205535	RelatedOrExemptFunctionIncome
Unrelated Business Revenue	1500	UnrelatedBusinessRevenue
Exclusion	$2,349	ExclusionAmount

Comp Current Officers Directors CompCurrentOfficersDirectors

Field	Value	IRS element (for citing)
Total	66999	Total

Pension Plan Contributions PensionPlanContributions

Field	Value	IRS element (for citing)
Total	4660	Total

Other Employee Benefits OtherEmployeeBenefits

Field	Value	IRS element (for citing)
Total	2193	Total

Payroll Taxes PayrollTaxes

Field	Value	IRS element (for citing)
Total	5283	Total

Fees For Services Accounting FeesForServicesAccounting

Field	Value	IRS element (for citing)
Total	6585	Total

Fees For Services Other FeesForServicesOther

Field	Value	IRS element (for citing)
Total	1768	Total

Advertising Advertising

Field	Value	IRS element (for citing)
Total	1598	Total

Office Expenses OfficeExpenses

Field	Value	IRS element (for citing)
Total	66563	Total

Information Technology InformationTechnology

Field	Value	IRS element (for citing)
Total	16447	Total

Interest Interest

Field	Value	IRS element (for citing)
Total	162	Total

Depreciation Depletion DepreciationDepletion

Field	Value	IRS element (for citing)
Total	2359	Total

Insurance Insurance

Field	Value	IRS element (for citing)
Total	6564	Total

Other Expenses OtherExpenses (3 entries)

DescriptionDescription	TotalTotal
PROVISION FOR LOAN LOSS	10478
DIVIDENDS PAID TO MEMBERS	7007
NCUA ASSESSMENTS EXP	2372

Total Functional Expenses TotalFunctionalExpenses

Field	Value	IRS element (for citing)
Total	201038	Total
Program Services	0	ProgramServices
Management And General	0	ManagementAndGeneral
Fundraising	0	Fundraising

Cash Non Interest Bearing CashNonInterestBearing

Field	Value	IRS element (for citing)
BOY	91459	BOY
EOY	93485	EOY

Savings And Temp Cash Investments SavingsAndTempCashInvestments

Field	Value	IRS element (for citing)
BOY	467945	BOY
EOY	430978	EOY

Other Notes Loans Receivable Net OtherNotesLoansReceivableNet

Field	Value	IRS element (for citing)
BOY	2029309	BOY
EOY	2088343	EOY

Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges

Field	Value	IRS element (for citing)
BOY	947	BOY
EOY	1832	EOY

Field	Value	IRS element (for citing)
Land Buildings Equipment Basis	117949	LandBuildingsEquipmentBasis
Land Bldg Equipment Accum Deprec	112867	LandBldgEquipmentAccumDeprec

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

Field	Value	IRS element (for citing)
BOY	5507	BOY
EOY	5082	EOY

Investments Program Related InvestmentsProgramRelated

Field	Value	IRS element (for citing)
BOY	17984	BOY
EOY	17984	EOY

Other Assets Total OtherAssetsTotal

Field	Value	IRS element (for citing)
BOY	27463	BOY
EOY	29985	EOY

Total Assets TotalAssets

Field	Value	IRS element (for citing)
BOY	2640614	BOY
EOY	2667689	EOY

Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses

Field	Value	IRS element (for citing)
BOY	7709	BOY
EOY	4799	EOY

Other Liabilities OtherLiabilities

Field	Value	IRS element (for citing)
BOY	2378932	BOY
EOY	2400571	EOY

Total Liabilities TotalLiabilities

Field	Value	IRS element (for citing)
BOY	2386641	BOY
EOY	2405370	EOY

Field	Value	IRS element (for citing)
Do Not Follow SFAS117	X	DoNotFollowSFAS117

Retained Earnings Endowment Etc RetainedEarningsEndowmentEtc

Field	Value	IRS element (for citing)
BOY	253973	BOY
EOY	262319	EOY

Total Net Assets Fund Balances TotalNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	253973	BOY
EOY	262319	EOY

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	2640614	BOY
EOY	2667689	EOY

Field	Value	IRS element (for citing)
Reconcilation Revenue Expenses	8346	ReconcilationRevenueExpenses
Method Of Accounting Accrual	X	MethodOfAccountingAccrual
Accountant Compile Or Review	false	AccountantCompileOrReview
FS Audited	false	FSAudited

Schedule D IRS990ScheduleD

Leasehold Improvements LeaseholdImprovements

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	14519	OtherCostOrOtherBasis
Depreciation	10361	Depreciation
Book Value	4158	BookValue

Equipment Equipment

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	103430	OtherCostOrOtherBasis
Depreciation	102506	Depreciation
Book Value	924	BookValue

Field	Value	IRS element (for citing)
Total Of Book Value Land Buildings	5082	TotalOfBookValueLandBuildings

Other Liabilities OtherLiabilities

Field	Value	IRS element (for citing)
Description	MEMBERS SHARES AND DEPOSITS	Description
Amount	$2,400,571	Amount

Field	Value	IRS element (for citing)
Total Of Amounts	2400571	TotalOfAmounts

Schedule O IRS990ScheduleO

General Explanation GeneralExplanation (7 entries)

IdentifierIdentifier	Return ReferenceReturnReference	ExplanationExplanation
CLASSES OF MEMBERS OR STOCKHOLDERS	FORM 990, PAGE 6, PART VI, LINE 6	THE ORGANIZATION HAS MEMBERS. TO BE A MEMBER, YOU MUST HAVE A SHARE (SAVINGS) ACCOUNT AT THE CREDIT UNION.
ELECTION OF MEMBERS AND THEIR RIGHTS	FORM 990, PAGE 6, PART VI, LINE 7A	THE BOARD OF DIRECTORS IS ELECTED BY THE CREDIT UNION MEMBERS. EACH MEMBER HAS ONE VOTE.
DECISIONS SUBJECT TO APPROVAL OF MEMBERS	FORM 990, PAGE 6, PART VI, LINE 7B	A MEMBER VOTE IS REQUIRED FOR DECISIONS WHICH ARE BEYOND THE AUTHORITY OF THE BOARD OF DIRECTORS. ITEMS WHICH REQUIRE A MEMBERSHIP VOTE ARE OUTLINED AND SPECIFIED IN OUR BYLAWS. EACH MEMBER HAS ONE VOTE.
ORGANIZATION'S PROCESS USED TO REVIEW FORM 990	FORM 990, PAGE 6, PART VI, LINE 11B	MANAGEMENT PROVIDES NECESSARY DATA TO INDEPENDENT CPA WHO PREPARES THE RETURN. MANAGEMENT REVIEWS THE RETURN FOR CORRECTNESS, AND THEN AUTHORIZES CPA TO FILE THE APPROVED RETURN. MANAGEMENT REVIEWS THE RETURN WITH THE BOARD AT THE NEXT BOARD MEETING.
COMPENSATION PROCESS FOR TOP OFFICIAL	FORM 990, PAGE 6, PART VI, LINE 15A	THE BOARD OF DIRECTORS REVIEWS AND APPROVES THE SALARIES EACH YEAR. THIS IS DOCUMENTED IN THE BOARD MINUTES.
COMPENSATION PROCESS FOR OFFICERS	FORM 990, PAGE 6, PART VI, LINE 15B	THE BOARD OF DIRECTORS REVIEWS AND APPROVES THE SALARIES EACH YEAR. THIS IS DOCUMENTED IN THE BOARD MINUTES.
GOVERNING DOCUMENTS DISCLOSURE EXPLANATION	FORM 990, PAGE 6, PART VI, LINE 19	FINANCIAL STATEMENTS ARE POSTED IN LOBBY. OTHER ITEMS AVAILABLE UPON REQUEST.