First Community Credit Union Of Beloit
- Assets
- $226.4m
- Revenue
- $11.5m
- Investments
- $2.7m
- Employees
- 106
- Location
- Beloit, WI
- Founding
- Data as of
- 12/2021
- EIN
- 39-0269470
Organization Overview
First Community Credit Union Of Beloit is located in Beloit, WI. As of 12/2021, First Community Credit Union Of Beloit employed 106 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 12/2021, First Community Credit Union Of Beloit generated $11.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.7% each year. All expenses for the organization totaled $7.8m during the year ending 12/2021. While expenses have increased by 7.6% 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
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 $87,211,305 IN LOANS DURING 2021. AS OF 12/31/2021 WE HAD $38,055,386 IN MORTGAGES/HOME EQUITY LOANS AND $162,242,260 IN CONSUMER LOANS. WE ALSO HAD 1,319 CREDIT CARD ACCOUNTS WITH OUR MEMBERS AT 12/31/21.
WE HAVE DEPOSIT, TRANSACTION, AND INVESTMENT ACCOUNTS WITH 25,487 MEMBERS AS OF 12/31. DURING 2021 WE OPENED 4,315 NEW DEPOSIT, TRANSACTION, AND INVESTMENT ACCOUNTS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jack Gill President | Officer | 40 | $320,252 |
Ryan Miller Executive VP Operations | 40 | $168,473 | |
Robert Sackmann Executive VP Lending | 40 | $154,271 | |
Shawna Sherry Mortgage Originator | 40 | $104,359 | |
Tammy Kolovitz Mortgage Originator | 40 | $102,504 | |
Wayne Udulutch Vice Chairman | 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 | $11,529,804 |
| Investment income | $30,210 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$24,324 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,535,690 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $19,409 |
| 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. | $389,847 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,961,292 |
| Pension plan accruals and contributions | $87,020 |
| Other employee benefits | $514,574 |
| Payroll taxes | $256,894 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $565 |
| 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 | $147,102 |
| Advertising and promotion | $183,140 |
| Office expenses | $180,143 |
| Information technology | $581,273 |
| Royalties | $0 |
| Occupancy | $271,418 |
| Travel | $15,349 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $54,345 |
| Interest | $70,613 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $215,896 |
| Insurance | $17,787 |
| All other expenses | $303,142 |
| Total functional expenses | $7,791,514 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,111,181 |
| Savings and temporary cash investments | $13,304,038 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $438,099 |
| Loans from Officers, Directors, or Controlling Persons | $558,382 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $199,705,417 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,135,062 |
| Net Land, buildings, and equipment | $3,566,552 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,688,498 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,892,806 |
| Total assets | $226,400,035 |
| Accounts payable and accrued expenses | $1,509,396 |
| 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 | $10,154,490 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $185,105,094 |
| Total liabilities | $196,768,980 |
| 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 | $29,631,055 |
| Total liabilities and net assets/fund balances | $226,400,035 |
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