First Security Credit Union
- Assets
- $5.8m
- Revenue
- $474.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 03/1930
- Data as of
- 12/2018
- EIN
- 36-6073591
Organization Overview
First Security Credit Union is located in Chicago, IL. The organization was established in 1930. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. First Security Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2018
Describe the Organization's Mission:
Part 3 - Line 1
TO ASSIST MEMBERS IN THE MANAGEMENT OF THEIR FINANCIAL WELL BEING BY PROVIDING FINANCIAL SERVICES IN A TIMELY MANNER
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED LOW COST LOANS AND DEPOSIT SERVICES TO ALL MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Henry Mao Chairman Of Board | Trustee | 0.5 | $0 |
Edward Mendez Vice Chair Of Board | Trustee | 0.5 | $0 |
Robert Reczek Secretary Of Board | Trustee | 0.5 | $0 |
Murry Rhine Treasurer Of Board | Trustee | 0.5 | $0 |
Luis Carnet Board Member | Trustee | 0.5 | $0 |
Diana Schultz Board Member | Trustee | 0.5 | $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 | $456,757 |
| Investment income | $17,441 |
| 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 | $474,198 |
| 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. | $88,542 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $56,980 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $302 |
| Payroll taxes | $10,980 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,653 |
| Fees for services: Accounting | $10,123 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,208 |
| Office expenses | $29,350 |
| Information technology | $30,745 |
| Royalties | $0 |
| Occupancy | $15,636 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $488 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $15,453 |
| All other expenses | $14,971 |
| Total functional expenses | $537,119 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $388,914 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,687,821 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,910 |
| Net Land, buildings, and equipment | $2,537 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,600,000 |
| Intangible assets | $0 |
| Other assets | $91,939 |
| Total assets | $5,775,121 |
| Accounts payable and accrued expenses | -$12,453 |
| 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 | $5,321,189 |
| Total liabilities | $5,308,736 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $466,385 |