First Class Community Credit Union
- Assets
- $100.4m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 25
- Location
- West Des Moines, IA
- Founding
- Data as of
- 12/2021
- EIN
- 42-0214790
Organization Overview
First Class Community Credit Union is located in West Des Moines, IA. As of 12/2021, First Class Community Credit Union employed 25 individuals. First Class 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 12/2021, First Class Community Credit Union generated $4.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $4.0m during the year ending 12/2021. While expenses have increased by 2.2% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
N/A
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Zac Pollock CEO | 40 | $123,575 | |
Kathleen Sukup Executive Vi | 40 | $106,723 | |
Marc Swanson Board Member | Trustee | 1.5 | $0 |
Larry Moore Board Member | Trustee | 1.5 | $0 |
Craig Doster Board Member | Trustee | 1.5 | $0 |
James Gearhart Board Member | Trustee | 1.5 | $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 | $3,539,981 |
| Investment income | $545,363 |
| 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 | $4,085,344 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $972,876 |
| Pension plan accruals and contributions | $73,377 |
| Other employee benefits | $110,781 |
| Payroll taxes | $83,262 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,849 |
| Fees for services: Accounting | $22,906 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $66,420 |
| Office expenses | $312,107 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $145,004 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | -$3,076 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $131,677 |
| Insurance | $33,334 |
| All other expenses | $191,846 |
| Total functional expenses | $3,976,393 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,121,649 |
| Savings and temporary cash investments | $25,579,524 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $186,103 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $37,071,512 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $213,257 |
| Net Land, buildings, and equipment | $1,178,825 |
| Investments—publicly traded securities | $32,027,916 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,048,275 |
| Total assets | $100,427,061 |
| Accounts payable and accrued expenses | $1,435,569 |
| 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 | $92,091,510 |
| Total liabilities | $93,527,079 |
| 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 | $5,632,359 |
| Retained earnings, endowment, accumulated income, or other funds | $1,267,623 |
| Total liabilities and net assets/fund balances | $100,427,061 |
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