First Choice Credit Union
- Assets
- $43.5m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 16
- Location
- Marshfield, WI
- Founding
- Data as of
- 12/2021
- EIN
- 39-1135610
Organization Overview
First Choice Credit Union is located in Marshfield, WI. As of 12/2021, First Choice Credit Union employed 16 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 12/2021, First Choice Credit Union generated $1.1m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.5%) each year. All expenses for the organization totaled $1.0m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.1%) per year over the past 6 years. 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
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 |
|---|---|---|---|
Rob Schulz President | Officer | 40 | $70,669 |
Ken Forrest Evp | Officer | 40 | $52,782 |
Jenni Yetter Treasurer | OfficerTrustee | 0.63 | $0 |
Dennis Kmiec Chairman | OfficerTrustee | 0.5 | $0 |
Jean Lampi Vice Chair | OfficerTrustee | 0.5 | $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 | $894,154 |
| Investment income | $181,044 |
| 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 | $1,075,198 |
| 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. | $123,451 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $274,864 |
| Pension plan accruals and contributions | $20,760 |
| Other employee benefits | $59,273 |
| Payroll taxes | $28,895 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,756 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $23,276 |
| Advertising and promotion | $19,935 |
| Office expenses | $71,214 |
| Information technology | $6,947 |
| Royalties | $0 |
| Occupancy | $46,010 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,622 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $35,480 |
| Insurance | $14,820 |
| All other expenses | $933 |
| Total functional expenses | $1,027,681 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $489,253 |
| Savings and temporary cash investments | $26,919,578 |
| 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 | $14,936,649 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $47,996 |
| Net Land, buildings, and equipment | $393,210 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $265,741 |
| Intangible assets | $0 |
| Other assets | $399,913 |
| Total assets | $43,452,340 |
| Accounts payable and accrued expenses | $218,900 |
| Grants payable | $0 |
| Deferred revenue | $32,926 |
| 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 | $37,287,150 |
| Total liabilities | $37,538,976 |
| 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 | $4,188,364 |
| Total liabilities and net assets/fund balances | $43,452,340 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that First Choice Credit Union has recieved totaling $6,230.
| Awarding Organization | Amount |
|---|---|
Wisconsin Credit Union Foundationinc Madison, WI PURPOSE: CREDIT UNION DEVELOPMENT | $6,230 |
Peer Organizations
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|---|---|---|
Chinese American Service League Inc Chicago, IL | $15,835,299 | $20,315,146 |
Sholom Home East Inc St Paul, MN | $55,805,227 | $20,264,604 |
Dow Rummel Village Sioux Falls, SD | $76,421,386 | $18,523,416 |
Nebraska Student Loan Program Inc Lincoln, NE | $230,624,169 | $45,453,979 |
Botsford Continuing Care Corporation Southfield, MI | $28,554,348 | $16,692,642 |
American Association Of Orthopaedic Surgeons Of America Rosemont, IL | $21,165,468 | $24,653,127 |
Blackburn University Carlinville, IL | $69,417,787 | $20,572,819 |
Community Support Services Inc Akron, OH | $23,036,222 | $26,517,082 |
Montgomery Place Chicago, IL | $31,885,880 | $16,111,662 |
Region 3b Area Agency On Aging Battle Creek, MI | $12,282,051 | $21,229,876 |
Southwest Counseling Solutions Inc Detroit, MI | $10,435,524 | $23,926,279 |
Adec Inc Bristol, IN | $35,707,130 | $22,045,756 |