DANFOSS EMPLOYEES CREDIT UNION: Form 990, tax year 2010

View the entire original 990 at ProPublica ↗

Organization: DANFOSS EMPLOYEES CREDIT UNION (EIN 41-6036331)
Tax period: 2010-01-01 to 2010-12-31
Filed: 2011-08-19
IRS object ID: 201102319349300220
Schema version: 2010v3.4
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	2011-08-19T17:55:50-05:00	Timestamp
Tax Period End Date	2010-12-31	TaxPeriodEndDate
Return Type	990	ReturnType
Tax Period Begin Date	2010-01-01	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	2011-08-18	DateSigned

Preparer Preparer

Field	Value	IRS element (for citing)
Name	BRENT WOOKEY CPA	Name
Date Prepared	2011-08-19	DatePrepared

Field	Value	IRS element (for citing)
Tax Year	2010	TaxYear
Build TS	2016-02-24 21:20:13Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Name Of Principal Officer Person	THERESA BLAGEO	NameOfPrincipalOfficerPerson
Gross Receipts	180877	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	5	NbrIndependentVotingMembers
Total Nbr Employees	2	TotalNbrEmployees
Total Gross UBI	2367	TotalGrossUBI
Net Unrelated Business Txbl Income	-2054	NetUnrelatedBusinessTxblIncome
Contributions Grants Current Year	0	ContributionsGrantsCurrentYear
Program Service Revenue Prior Year	174440	ProgramServiceRevenuePriorYear
Program Service Revenue CY	177080	ProgramServiceRevenueCY
Investment Income Prior Year	-16750	InvestmentIncomePriorYear
Investment Income Current Year	1916	InvestmentIncomeCurrentYear
Other Revenue Prior Year	13082	OtherRevenuePriorYear
Other Revenue Current Year	1881	OtherRevenueCurrentYear
Total Revenue Prior Year	170772	TotalRevenuePriorYear
Total Revenue Current Year	180877	TotalRevenueCurrentYear
Grants And Similar Amnts CY	0	GrantsAndSimilarAmntsCY
Benefits Paid To Members Prior Year	19383	BenefitsPaidToMembersPriorYear
Benefits Paid To Members CY	0	BenefitsPaidToMembersCY
Salaries Etc Prior Year	64621	SalariesEtcPriorYear
Salaries Etc Current Year	73242	SalariesEtcCurrentYear
Total Prof Fundrsng Exp CY	0	TotalProfFundrsngExpCY
Total Fundrsng Exp Current Year	0	TotalFundrsngExpCurrentYear
Other Expense Prior Year	120983	OtherExpensePriorYear
Other Expenses Current Year	131796	OtherExpensesCurrentYear
Total Expenses Prior Year	204987	TotalExpensesPriorYear
Total Expenses Current Year	205038	TotalExpensesCurrentYear
Revenues Less Expenses Prior Year	-34215	RevenuesLessExpensesPriorYear
Revenues Less Expenses CY	-24161	RevenuesLessExpensesCY
Total Assets BOY	2283001	TotalAssetsBOY
Total Assets EOY	2314783	TotalAssetsEOY
Total Liabilities BOY	1991275	TotalLiabilitiesBOY
Total Liabilities EOY	2047218	TotalLiabilitiesEOY
Net Assets Or Fund Balances BOY	291726	NetAssetsOrFundBalancesBOY
Net Assets Or Fund Balances EOY	267565	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 23 NEW DEPOSIT ACCOUNTS IN 2010. AS OF 12/31/10 WE HAD 610 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 70 NEW LOANS DURING 2010. AS OF 12/31/10 WE HAD 221 LOANS TO 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
Transaction Related Entity	false	TransactionRelatedEntity
Activities Conducted Partnership	false	ActivitiesConductedPartnership
Schedule O Required	true	ScheduleORequired
Info In Schedule O Part V	X	InfoInScheduleOPartV
Number Forms Transmitted With1096	74	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	false	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	5	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	1.00	X	5246	0	0
STEVE ZUMBUSCH
CHAIRMAN	1.00	X	0	0	0
ANN HEALY-ALLEN
VICE CHAIRMA	1.00	X	0	0	0
LON STUTLEBERG
TREASURER	1.00	X	0	0	0
DAVID LUNDQUIST
DIRECTOR	1.00	X	0	0	0
THERESA BLAGEO
PRESIDENT	40.00		56653	0	3600	X

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	61899	TotalReportableCompFromOrg
Total Other Compensation	3600	TotalOtherCompensation
Formers Listed	false	FormersListed
Total Comp GT150 K	false	TotalCompGT150K
Compensation From Other Sources	false	CompensationFromOtherSources

Program Service Revenue ProgramServiceRevenue (4 entries)

DescriptionDescription	Total Revenue ColumnTotalRevenueColumn	Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome	Business CodeBusinessCode	Unrelated Business RevenueUnrelatedBusinessRevenue
INTEREST ON LOANS	132236	132236
FEE INCOME	30635	30635
OTHER MEMBER REVENUE	11842	11842
NON MEMBER ATM FEES	2367		519100	2367

Field	Value	IRS element (for citing)
Total Program Service Revenue	177080	TotalProgramServiceRevenue

Investment Income InvestmentIncome

Field	Value	IRS element (for citing)
Total Revenue Column	1916	TotalRevenueColumn
Exclusion	$1,916	ExclusionAmount

Royalties Revenue RoyaltiesRevenue

Field	Value	IRS element (for citing)
Total Revenue Column	1881	TotalRevenueColumn
Related Or Exempt Function Income	1881	RelatedOrExemptFunctionIncome

Total Revenue TotalRevenue

Field	Value	IRS element (for citing)
Total Revenue Column	180877	TotalRevenueColumn
Related Or Exempt Function Income	176594	RelatedOrExemptFunctionIncome
Unrelated Business Revenue	2367	UnrelatedBusinessRevenue
Exclusion	$1,916	ExclusionAmount

Comp Current Officers Directors CompCurrentOfficersDirectors

Field	Value	IRS element (for citing)
Total	61899	Total

Other Salaries And Wages OtherSalariesAndWages

Field	Value	IRS element (for citing)
Total	386	Total

Pension Plan Contributions PensionPlanContributions

Field	Value	IRS element (for citing)
Total	3985	Total

Other Employee Benefits OtherEmployeeBenefits

Field	Value	IRS element (for citing)
Total	1923	Total

Payroll Taxes PayrollTaxes

Field	Value	IRS element (for citing)
Total	5049	Total

Fees For Services Accounting FeesForServicesAccounting

Field	Value	IRS element (for citing)
Total	6842	Total

Fees For Services Other FeesForServicesOther

Field	Value	IRS element (for citing)
Total	1698	Total

Advertising Advertising

Field	Value	IRS element (for citing)
Total	367	Total

Office Expenses OfficeExpenses

Field	Value	IRS element (for citing)
Total	59372	Total

Interest Interest

Field	Value	IRS element (for citing)
Total	106	Total

Depreciation Depletion DepreciationDepletion

Field	Value	IRS element (for citing)
Total	9123	Total

Insurance Insurance

Field	Value	IRS element (for citing)
Total	5244	Total

Other Expenses OtherExpenses (3 entries)

DescriptionDescription	TotalTotal
PROVISION FOR LOAN LOSS	32496
DIVIDENDS PAID TO MEMBERS	11561
NCUSIF STABILIZATION EXP	4987

Total Functional Expenses TotalFunctionalExpenses

Field	Value	IRS element (for citing)
Total	205038	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	106257	BOY
EOY	79785	EOY

Savings And Temp Cash Investments SavingsAndTempCashInvestments

Field	Value	IRS element (for citing)
BOY	600890	BOY
EOY	446114	EOY

Other Notes Loans Receivable Net OtherNotesLoansReceivableNet

Field	Value	IRS element (for citing)
BOY	1515303	BOY
EOY	1736496	EOY

Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges

Field	Value	IRS element (for citing)
BOY	1473	BOY
EOY	1061	EOY

Field	Value	IRS element (for citing)
Land Buildings Equipment Basis	115480	LandBuildingsEquipmentBasis
Land Bldg Equipment Accum Deprec	103050	LandBldgEquipmentAccumDeprec

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

Field	Value	IRS element (for citing)
BOY	21306	BOY
EOY	12430	EOY

Investments Program Related InvestmentsProgramRelated

Field	Value	IRS element (for citing)
BOY	12500	BOY
EOY	12500	EOY

Other Assets Total OtherAssetsTotal

Field	Value	IRS element (for citing)
BOY	25272	BOY
EOY	26397	EOY

Total Assets TotalAssets

Field	Value	IRS element (for citing)
BOY	2283001	BOY
EOY	2314783	EOY

Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses

Field	Value	IRS element (for citing)
BOY	12850	BOY
EOY	8725	EOY

Other Liabilities OtherLiabilities

Field	Value	IRS element (for citing)
BOY	1978425	BOY
EOY	2038493	EOY

Total Liabilities TotalLiabilities

Field	Value	IRS element (for citing)
BOY	1991275	BOY
EOY	2047218	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	291726	BOY
EOY	267565	EOY

Total Net Assets Fund Balances TotalNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	291726	BOY
EOY	267565	EOY

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	2283001	BOY
EOY	2314783	EOY

Field	Value	IRS element (for citing)
Reconcilation Revenue Expenses	-24161	ReconcilationRevenueExpenses
Method Of Accounting Accrual	X	MethodOfAccountingAccrual
Accountant Compile Or Review	false	AccountantCompileOrReview
FS Audited	false	FSAudited

Schedule D IRS990ScheduleD

Field	Value	IRS element (for citing)
Disclosed Orgs Legal Control	false	DisclosedOrgsLegalControl
Disclosed For Charitable Purposes	false	DisclosedForCharitablePurposes
Written Policy Monitoring	false	WrittenPolicyMonitoring
Sect170h Requirements Satisfied	false	Sect170hRequirementsSatisfied
Solicited Assets For Sale	false	SolicitedAssetsForSale
Agent Trustee Etc	false	AgentTrusteeEtc
Included On FS	false	IncludedOnFS
Endowments Held By Unrelated Orgs	false	EndowmentsHeldByUnrelatedOrgs
Endowments Held By Related Orgs	false	EndowmentsHeldByRelatedOrgs
Are Related Orgs Listed Schedule R	false	AreRelatedOrgsListedScheduleR

Leasehold Improvements LeaseholdImprovements

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	14519	OtherCostOrOtherBasis
Depreciation	7662	Depreciation
Book Value	6857	BookValue

Equipment Equipment

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	100961	OtherCostOrOtherBasis
Depreciation	95388	Depreciation
Book Value	5573	BookValue

Field	Value	IRS element (for citing)
Total Of Book Value Land Buildings	12430	TotalOfBookValueLandBuildings

Other Liabilities OtherLiabilities

Field	Value	IRS element (for citing)
Description	MEMBERS SHARES AND DEPOSITS	Description
Amount	$2,038,493	Amount

Field	Value	IRS element (for citing)
Total Of Amounts	2038493	TotalOfAmounts

Schedule O IRS990ScheduleO

General Explanation GeneralExplanation (8 entries)

IdentifierIdentifier	Return ReferenceReturnReference	ExplanationExplanation
EXPLANATION FOR WHY FORM 990-T NOT FILED	FORM 990, PAGE 5, PART V, LINE 3B	THE CREDIT UNION WILL FILE A 990-T BY ITS EXTENDED DUE DATE OF NOVEMBER 15TH.
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.