First Choice Credit Union
- Assets
- $44.5m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 11
- Location
- Marshfield, WI
- Founding
- Data as of
- 12/2022
- EIN
- 39-1135610
Organization Overview
First Choice Credit Union is located in Marshfield, WI. As of 12/2022, First Choice Credit Union employed 11 individuals. First Choice 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 12/2022, First Choice Credit Union generated $1.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.3% each year. All expenses for the organization totaled $1.2m during the year ending 12/2022. While expenses have increased by 1.8% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
FIRST CHOICE CU IS A NOT-FOR-PROFIT, MEMBER OWNED FINANCIAL ORGANIZATION DEDICATED TO PROVIDING ITS MEMBERS A VARIETY OF FINANCIAL PRODUCTS AND SERVICES IN A PERSONAL AND PROFESSIONAL MANNER AT COMPETITIVE RATES AND MAINTAIN THE CREDIT UNION'S LONG TERM FINANCIAL STABILITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOLDING DEPOSITS FOR AND MAKING LOANS TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dan Ross Jr Treasurer | OfficerTrustee | 0.75 | $0 |
Gary Grieser Director | Trustee | 0.63 | $0 |
Debbie Stangl Director | Trustee | 0.63 | $0 |
Dennis Kmiec Chair | OfficerTrustee | 0.5 | $0 |
Jean Lampi Vice Chair | OfficerTrustee | 0.75 | $0 |
Kim Frederick Secretary | OfficerTrustee | 0.75 | $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 | $971,668 |
| Investment income | $228,503 |
| 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 | $1,200,171 |
| 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. | $120,454 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $303,549 |
| Pension plan accruals and contributions | $22,523 |
| Other employee benefits | $78,032 |
| Payroll taxes | $29,982 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $16,314 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $26,140 |
| Advertising and promotion | $31,866 |
| Office expenses | $82,396 |
| Information technology | $5,810 |
| Royalties | $0 |
| Occupancy | $47,650 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,462 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $36,200 |
| Insurance | $17,286 |
| All other expenses | $16,410 |
| Total functional expenses | $1,172,065 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $575,739 |
| Savings and temporary cash investments | $25,995,233 |
| 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 | $16,726,960 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $45,562 |
| Net Land, buildings, and equipment | $437,657 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $265,741 |
| Intangible assets | $0 |
| Other assets | $444,717 |
| Total assets | $44,491,609 |
| Accounts payable and accrued expenses | $313,458 |
| Grants payable | $0 |
| Deferred revenue | $11,022 |
| 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 | $38,225,662 |
| Total liabilities | $38,550,142 |
| 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 | $1,725,000 |
| Retained earnings, endowment, accumulated income, or other funds | $4,216,467 |
| Total liabilities and net assets/fund balances | $44,491,609 |