First Trust Credit Union
- Assets
- $164.8m
- Revenue
- $5.7m
- Investments
- $115.7m
- Employees
- 55
- Location
- Michigan City, IN
- Founding
- 10/2019
- Data as of
- 12/2021
- EIN
- 35-1089892
Organization Overview
First Trust Credit Union is located in Michigan City, IN. The organization was established in 2019. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, First Trust Credit Union employed 55 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. First Trust Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, First Trust Credit Union generated $5.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $4.6m during the year ending 12/2021. While expenses have increased by 0.8% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE CREDIT UNION ANTICIPATES AND PROVIDES FINANCIAL NEEDS, WANTS, AND GOALS FOR OUR MEMBER-OWNERS, INCLUDING VARIOUS LOANS AT REASONABLE RATES AND SAVINGS ACCOUNTS WITH A GOOD RETURN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FIRST TRUST CREDIT UNION OFFERS ITS MEMBERS LOW COST CONSUMER LOANS AND COMPETITIVE RATES ON REGULAR SAVINGS, CERTIFICATES OF DEPOSITS, IRA'S, MONEY MARKETS, AND CLUB ACCOUNTS,
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kim Kniola CEO | Officer | 40 | $181,105 |
Dan Rajsic CFO | Officer | 40 | $94,483 |
Linda Bechinski Secretary | Trustee | 1 | $0 |
John Henderson Board Member | Trustee | 1 | $0 |
James Mink Treasurer & Vice Chair | Trustee | 1 | $0 |
Bob Tillema Chairman | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $4,511,988 |
| Investment income | $1,151,279 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,720,255 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,703,988 |
| Pension plan accruals and contributions | $51,401 |
| Other employee benefits | $255,312 |
| Payroll taxes | $126,235 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $67,051 |
| Advertising and promotion | $176,041 |
| Office expenses | $159,539 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $256,429 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,798 |
| Interest | $153,832 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $264,683 |
| Insurance | $51,490 |
| All other expenses | $88,132 |
| Total functional expenses | $4,596,075 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,250,083 |
| Savings and temporary cash investments | $5,684,200 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $211,668 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $33,838,849 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $222,192 |
| Net Land, buildings, and equipment | $2,092,079 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $115,670,127 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,864,234 |
| Total assets | $164,833,432 |
| Accounts payable and accrued expenses | $199,978 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $148,374,274 |
| Total liabilities | $148,574,252 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $3,123,624 |
| Retained earnings, endowment, accumulated income, or other funds | $13,135,556 |
| Total liabilities and net assets/fund balances | $164,833,432 |
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