First Community Credit Union Of Beloit
- Assets
- $317.3m
- Revenue
- $16.9m
- Investments
- $2.3m
- Employees
- 136
- Location
- Beloit, WI
- Founding
- Data as of
- 12/2023
- EIN
- 39-0269470
Organization Overview
First Community Credit Union Of Beloit is located in Beloit, WI. As of 12/2023, First Community Credit Union Of Beloit employed 136 individuals. First Community Credit Union Of Beloit 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 12/2023, First Community Credit Union Of Beloit generated $16.9m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 12.1% each year . All expenses for the organization totaled $13.4m during the year ending 12/2023. While expenses have increased by 12.4% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ENCOURAGE THRIFT AMONG ITS MEMBERS; TO CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE COST; TO PROVIDE AN OPPORTUNITY FOR EACH OF ITS MEMBERS TO IMPROVE THE MEMBER'S RESPECTIVE ECONOMIC AND SOCIAL CONDITIONS; AND TO PERFORM THE FUNCTIONS AND EXERCISE THE POWERS DESIGNATED FOR CREDIT UNIONS UNDER APPLICABLE LAW.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WE FUNDED $116,991,923 IN LOANS DURING 2023. AS OF 12/31/2023 WE HAD $53,696,226 IN MORTGAGES/HOME EQUITY LOANS AND $223,698,673 IN CONSUMER LOANS. WE ALSO HAD 1,478 CREDIT CARD ACCOUNTS WITH OUR MEMBERS AT 12/31/23.WE HAVE DEPOSIT, TRANSACTION, AND INVESTMENT ACCOUNTS WITH 29,500 MEMBERS AS OF 12/31. DURING 2022 WE OPENED 7,273 NEW DEPOSIT, TRANSACTION, AND INVESTMENT ACCOUNTS.
FIRST COMMUNITY CREDIT UNION SUPPORTS THE COMMUNITIES THAT WE SERVE IN MANY WAYS. THIS INCLUDES PROVIDING FINANCIAL EDUCATION IN LOCAL SCHOOL DISTRICTS AND DONATING TIME AND MONEY TO MANY COMMUNITY ORGANIZATIONS. IN 2023, WE SUPPORTED SEVERAL FOOD DRIVES AND LOCAL HOMELESS SHELTERS. WE ALSO EMPLOYEE BILINGUAL STAFF IN AN EFFORT TO BRING MORE COMMUNITY MEMBERS INTO THE FINANCIAL MAINSTREAM. ADDITIONALLY, WE HOST EDUCATIONAL SESSIONS FOR IMPROVING ONE'S CREDIT SCORE, BUYING A FIRST HOME, AND PERSONAL BUDGETING. AS A MEMBER-OWNED COOPERATIVE, OUR FOCUS IS ALWAYS ON THE MEMBERS AND COMMUNITIES THAT WE SERVE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jack Gill President & CEO | Officer | 40 | $412,520 |
Mark Hutchinson CFO | Officer | 40 | $172,749 |
Mike Pogorelec VP Of Lending | 40 | $145,005 | |
Dave Waller Chairman | OfficerTrustee | 1 | $0 |
Wayne Udulutch Vice Chairman | OfficerTrustee | 1 | $0 |
Dennis Dreikosen Treasurer | OfficerTrustee | 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 | $16,384,527 |
| Investment income | $600,079 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$134,331 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,850,275 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $16,084 |
| 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. | $658,931 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,540,317 |
| Pension plan accruals and contributions | $115,507 |
| Other employee benefits | $484,395 |
| Payroll taxes | $311,851 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,484 |
| Fees for services: Accounting | $24,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $179,594 |
| Advertising and promotion | $419,411 |
| Office expenses | $240,121 |
| Information technology | $738,044 |
| Royalties | $0 |
| Occupancy | $346,523 |
| Travel | $29,971 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $91,090 |
| Interest | $403,955 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $302,098 |
| Insurance | $27,201 |
| All other expenses | $257,402 |
| Total functional expenses | $13,388,424 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,182,711 |
| Savings and temporary cash investments | $23,906,068 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $920,682 |
| Loans from Officers, Directors, or Controlling Persons | $558,382 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $278,577,705 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,084,425 |
| Net Land, buildings, and equipment | $3,600,132 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,253,115 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,167,869 |
| Total assets | $317,251,089 |
| Accounts payable and accrued expenses | $1,873,108 |
| 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 | $18,547,882 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $262,026,218 |
| Total liabilities | $282,447,208 |
| 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 | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $34,803,881 |
| Total liabilities and net assets/fund balances | $317,251,089 |