1st Community Credit Union
- Assets
- $274.1m
- Revenue
- $14.5m
- Investments
- $29.6m
- Employees
- 85
- Location
- Sparta, WI
- Founding
- Data as of
- 12/2023
- EIN
- 39-6049882
Organization Overview
1st Community Credit Union is located in Sparta, WI. As of 12/2023, 1st Community Credit Union employed 85 individuals. 1st Community 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 12/2023, 1st Community Credit Union generated $14.5m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.5% each year . All expenses for the organization totaled $13.4m during the year ending 12/2023. While expenses have increased by 12.6% per year over the past 8 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
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
A COOPERATIVE, NONPROFIT CORPORATION, INCORPORATED TO ENCOURAGE THRIFT AMONG ITS MEMBERS, CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE COST, AND PROVIDE AN OPPORTUNITY FOR ITS MEMBERS TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wendy Whitehead Chairperson | OfficerTrustee | 1 | $0 |
Joe Belling Vice Chairperson | OfficerTrustee | 1 | $0 |
Nicholas Greenwell Secretary | OfficerTrustee | 1 | $0 |
Phil Yahnke Treasurer | OfficerTrustee | 1 | $0 |
Douglas Allen Director | Trustee | 1 | $0 |
Doug Billings Director | Trustee | 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 | $12,118,289 |
| Investment income | $2,408,017 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,637 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,529,943 |
| 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 | $3,108,290 |
| Compensation of current officers, directors, key employees. | $1,029,392 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,800,029 |
| Pension plan accruals and contributions | $99,365 |
| Other employee benefits | $465,188 |
| Payroll taxes | $273,657 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $33,405 |
| Fees for services: Accounting | $68,351 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $781,552 |
| Advertising and promotion | $259,375 |
| Office expenses | $250,497 |
| Information technology | $605,545 |
| Royalties | $0 |
| Occupancy | $294,768 |
| Travel | $29,706 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $139,955 |
| Interest | $1,336,711 |
| Payments to affiliates | $42,727 |
| Depreciation, depletion, and amortization | $385,321 |
| Insurance | $57,243 |
| All other expenses | $20,546 |
| Total functional expenses | $13,383,817 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,503,270 |
| Savings and temporary cash investments | $17,955,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $316,872 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $206,873,872 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $621,844 |
| Net Land, buildings, and equipment | $8,656,514 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $29,604,716 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,538,493 |
| Total assets | $274,070,581 |
| Accounts payable and accrued expenses | $20,648,650 |
| Grants payable | $0 |
| Deferred revenue | $72,240 |
| 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 | $232,219,012 |
| Total liabilities | $252,939,902 |
| 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 | $21,130,679 |
| Total liabilities and net assets/fund balances | $274,070,581 |