First Community Credit Union
- Assets
- $1.1b
- Revenue
- $50.4m
- Investments
- $1.1m
- Employees
- 332
- Location
- Jamestown, ND
- Founding
- 05/1971
- Data as of
- 12/2021
- EIN
- 45-0226664
Organization Overview
First Community Credit Union is located in Jamestown, ND. The organization was established in 1971. 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 12/2021, First Community Credit Union employed 332 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. First 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 Community Credit Union generated $50.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.4% each year. All expenses for the organization totaled $37.7m during the year ending 12/2021. While expenses have increased by 8.5% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
FIRST COMMUNITY CREDIT UNION PROMOTES THRIFT AND PROVIDES A SOURCE OF CREDIT TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FURNISHING COOPERATIVE FINANCIAL SERVICES TO MEMBERS AS A STATE-CHARTERED CREDIT UNION.
PROVIDING FINANCIAL PRODUCTS SUCH AS SAVINGS AND CHECKING ACCOUNTS, IRA ACCOUNTS, CERTIFICATES OF DEPOSIT, CONSUMER LOANS, HOME MORTGAGE LOANS, AND SMALL BUSINESS LOANS TO MEMBERS WITHIN OUR FIELD OF MEMBERSHIP.
PROVIDING LOANS TO MEMBERS FOR PROVIDENT PURPOSES, THEREBY HELPING TO STABILIZE THE CREDIT STRUCTURE OF THE UNITED STATES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Schmitz CEO | Officer | 45 | $401,577 |
Jeremy Lindell Mortgage Loan Officer | 50 | $298,351 | |
Darin Finck Chief Lending Officer | 45 | $219,748 | |
Darin Engstrom Mortgage Loan Officer | 46 | $214,421 | |
Craig Grundstrom Chief Development Officer | 45 | $203,849 | |
Steve Davis Svp/regional Senior Credit Officer | 43 | $198,085 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wild Crg Architect And Building Contractor | 12/30/21 | $4,347,480 |
Ncr Corporation Online Banking Provider | 12/30/21 | $559,830 |
Kasasa Ltd Member Account Service | 12/30/21 | $477,388 |
Pscu Debit And Credit Card Processor | 12/30/21 | $2,067,789 |
Hillerud Construction Inc Building Contractor | 12/30/21 | $1,443,434 |
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 | $46,176,295 |
| Investment income | $3,372,120 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $181,585 |
| Net Gain/Loss on Asset Sales | $684,590 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $50,434,728 |
| 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. | $620,026 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,010,228 |
| Pension plan accruals and contributions | $1,113,451 |
| Other employee benefits | $2,865,637 |
| Payroll taxes | $1,085,182 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $130,408 |
| Fees for services: Accounting | $155,205 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $355,702 |
| Advertising and promotion | $1,656,642 |
| Office expenses | $1,631,253 |
| Information technology | $1,399,649 |
| Royalties | $0 |
| Occupancy | $1,929,923 |
| Travel | $155,580 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,539,343 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,586,825 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $37,700,549 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,064,343 |
| Savings and temporary cash investments | $19,636,484 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $4,422,096 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $728,938,862 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,730,069 |
| Net Land, buildings, and equipment | $35,503,812 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,136,700 |
| Investments—program-related | $222,065,989 |
| Intangible assets | $0 |
| Other assets | $26,367,871 |
| Total assets | $1,060,866,226 |
| Accounts payable and accrued expenses | $6,085,016 |
| 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 | $917,613,320 |
| Total liabilities | $923,698,336 |
| 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 | $137,167,890 |
| Total liabilities and net assets/fund balances | $1,060,866,226 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Magnifi Financial Credit Union Melrose, MN | $1,639,292,297 | $78,975,601 |
Members Cooperative Credit Union Duluth, MN | $1,064,400,556 | $45,708,037 |
First Community Credit Union Jamestown, ND | $1,060,866,226 | $50,434,728 |
Ideal Credit Union Woodbury, MN | $932,167,158 | $42,764,424 |
City & County Credit Union Saint Paul, MN | $1,170,197,946 | $41,175,696 |
Capital Credit Union Bismarck, ND | $692,597,459 | $34,065,557 |
Town & Country Credit Union Minot, ND | $639,797,460 | $30,613,353 |
Southpoint Financial Credit Union Sleepy Eye, MN | $509,297,128 | $21,366,397 |
Valley Financial Credit Union Billings, MT | $409,425,878 | $18,570,812 |
North Star Community Credit Union Maddock, ND | $392,799,949 | $17,250,607 |
First Alliance Credit Union Stewartville, MN | $266,858,268 | $15,921,045 |
My Credit Union Bloomington, MN | $393,544,128 | $17,620,611 |