Financial Center First Credit Union
- Assets
- $760.8m
- Revenue
- $33.7m
- Investments
- $35.8m
- Employees
- 393
- Location
- Indianapolis, IN
- Founding
- 03/2017
- Data as of
- 12/2020
- EIN
- 35-0928620
Organization Overview
Financial Center First Credit Union is located in Indianapolis, IN. The organization was established in 2017. 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 12/2020, Financial Center First Credit Union employed 393 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Financial Center First 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 12/2020, Financial Center First Credit Union generated $33.7m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $30.7m during the year ending 12/2020. While expenses have increased by 3.6% per year over the past 6 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.
Since 2017, Financial Center First Credit Union has awarded 15 individual grants totaling $261,470. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
FINANCIAL CENTER FIRST CREDIT UNION'S MISSION IS TO IMPROVE THE FINANCIAL LIVES OF ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCIAL CENTER FIRST CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS 80,872 MEMBERS.
FINANCIAL CENTER FIRST CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS 80,872 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Kevin Ryan CEO | Officer | 40 | $363,613 |
Cameron Minges Executive Vice President | Officer | 40 | $213,319 |
Daniel Kavanaugh Senior VP | Officer | 40 | $197,710 |
Michael Nelson Chief Financial Officer | Officer | 40 | $193,769 |
Jennifer Rue Chief Risk & Compl. Officer | Officer | 40 | $169,149 |
Edward Valasek Chief Information Officer | Officer | 40 | $161,480 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dei Incorporated Contractor-builder | 12/30/20 | $249,157 |
Corelation Data Processing | 12/30/20 | $587,227 |
Swbc Collection Services | 12/30/20 | $629,919 |
Swbc Collection Services | 12/30/20 | $629,919 |
Corelation Data Processing | 12/30/20 | $587,227 |
Fiserv Data Processing | 12/30/20 | $1,374,774 |
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 | $33,621,982 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $51,347 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $33,673,329 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $126,060 |
| 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. | $3,057,620 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,998,034 |
| Pension plan accruals and contributions | $349,196 |
| Other employee benefits | $1,369,951 |
| Payroll taxes | $821,239 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $619,172 |
| Fees for services: Accounting | $81,211 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $764,700 |
| Office expenses | $2,676,452 |
| Information technology | $2,364,729 |
| Royalties | $0 |
| Occupancy | $1,022,522 |
| Travel | $265,245 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,782,100 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,481,506 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $30,701,000 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,157,815 |
| Savings and temporary cash investments | $94,507,967 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,198,019 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $589,227,472 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,535,168 |
| Net Land, buildings, and equipment | $10,646,696 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $35,771,635 |
| Investments—program-related | $0 |
| Intangible assets | $868,188 |
| Other assets | $15,848,040 |
| Total assets | $760,761,000 |
| Accounts payable and accrued expenses | $4,351,857 |
| 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 | $674,123,906 |
| Total liabilities | $678,475,763 |
| 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 | $82,285,237 |
| Total liabilities and net assets/fund balances | $760,761,000 |
Grants Awarded
Over the last fiscal year, Financial Center First Credit Union has awarded $200,770 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
Muncie, IN PURPOSE: GENERAL OPERATING SUPPORT | $81,667 |
Muncie, IN PURPOSE: GENERAL OPERATING SUPPORT | $81,667 |
Indianapolis, IN PURPOSE: GENERAL OPERATING SUPPORT | $7,500 |
Indianapolis, IN PURPOSE: GENERAL OPERATING SUPPORT | $7,500 |
Indianapolis, IN PURPOSE: GENERAL OPERATING SUPPORT | $5,609 |
Normal, IL PURPOSE: GENERAL OPERATING SUPPORT | $5,609 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ih Mississippi Valley Credit Union Moline, IL | $1,477,272,406 | $95,764,953 |
Consumers Cooperative Credit Union Gurnee, IL | $1,332,600,988 | $86,644,006 |
Forum Credit Union Indianapolis, IN | $1,488,919,520 | $84,015,212 |
Department Of Financial Institution Division Of Credit Unions In Ind Columbus, IN | $1,559,069,587 | $83,495,107 |
Commonwealth Credit Union Frankfort, KY | $1,383,472,650 | $81,263,726 |
Scott Credit Union Edwardsville, IL | $1,268,134,429 | $68,652,150 |
Interra Credit Union Goshen, IN | $1,400,460,265 | $67,652,585 |
Credit Union 1 Rantoul, IL | $958,631,700 | $59,629,366 |
Park Community Credit Union Inc Louisville, KY | $975,232,326 | $55,059,990 |
Beacon Credit Union Wabash, IN | $1,260,998,614 | $54,449,737 |
Great Lakes Credit Union Bannockburn, IL | $883,772,298 | $47,845,545 |
Deere Employees Credit Union Moline, IL | $1,039,065,095 | $51,717,341 |