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Nonprofiteer
← FIRST FINANCIAL CREDIT UNION

Form 990 for tax year 2023

Filed by FIRST FINANCIAL CREDIT UNION.

This return was superseded by a later amendment. matched by us It is kept because history is preserved rather than replaced.

What the amendment changed

Compared with the latest return for 2023 , filed 6 August 2024. matched by us Only the Part I totals and the names listed in Part VII are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Total revenue
$12,973,055 changed to $5,221,898
Total expenses
$13,898,964 changed to $5,899,223
Program service revenue
$11,807,367 changed to $4,920,199
Investment income
$726,487 changed to $284,993
Other revenue
$439,201 changed to $16,706
Total assets, end of year
$219,005,750 changed to $0
Total liabilities, end of year
$209,807,554 changed to $0
Net assets or fund balances, end of year
$9,198,196 changed to $0

Listed only on the earlier return

  • Daniel Butterworth
  • John Gregg
  • Stephanie Bertelsen
  • Susan Beckwith
  • Susan Kosyla

Listed only on the later return

  • Polly Kosyla

Totals

Total revenue
$12,973,055
Total expenses
$13,898,964
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$11,807,367
Investment income
$726,487
Other revenue
$439,201
Total assets, end of year
$219,005,750
Total liabilities, end of year
$209,807,554
Net assets or fund balances, end of year
$9,198,196
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: INTEREST ON LOANS

    total $10,797,382 · related or exempt $10,797,382

  • 2b · Program service revenue: SHARE DRAFT/FEE INCOME

    total $864,848 · related or exempt $864,848

  • 2c · Program service revenue: COMMISSION/INTERCHANGE

    total $145,137 · related or exempt $145,137

  • 3 · Investment income

    total $663,961 · related or exempt $663,961

  • 7a · Gross sales of assets other than inventory

    securities $10,192,106

  • 7b · Less cost or other basis and sales expenses

    securities $10,129,580

  • 7c · Gain or loss

    securities $62,526

  • 7d · Net gain or loss

    total $62,526 · excluded $62,526

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $439,201 · related or exempt $439,201

  • 11e · Other revenue, total

    $439,201

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $496,541

  • 7 · Other salaries and wages

    total $1,752,155

  • 8 · Pension plan contributions

    total $117,770

  • 9 · Other employee benefits

    total $288,157

  • 10 · Payroll taxes

    total $183,078

  • 11b · Fees: legal

    total $23,098

  • 11c · Fees: accounting

    total $308,887

  • 11g · Fees: other

    total $323,337

  • 12 · Advertising and promotion

    total $294,348

  • 13 · Office expenses

    total $215,239

  • 14 · Information technology

    total $14,980

  • 16 · Occupancy

    total $272,860

  • 19 · Conferences, conventions and meetings

    total $152,331

  • 20 · Interest

    total $5,780,303

  • 22 · Depreciation, depletion and amortization

    total $195,221

  • 23 · Insurance

    total $66,591

  • 24a · Other expenses: LOSSES ON LOANS

    total $2,029,128

  • 24b · Other expenses: OTHER OPERATING COSTS

    total $671,474

  • 24c · Other expenses: LOAN PROGRAMS

    total $409,956

  • 24d · Other expenses: BANK CARD PROGRAMS

    total $181,503

  • 24e · All other expenses

    total $122,007

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $652,658 · end of year $1,087,868

  • 2 · Savings and temporary cash investments

    beginning of year $3,888,797 · end of year $7,251,911

  • 4 · Accounts receivable

    beginning of year $1,277,851 · end of year $1,472,249

  • 7 · Other notes and loans receivable

    beginning of year $150,124,583 · end of year $187,486,137

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,583,123 · end of year $951,203

  • 10a · Land, buildings and equipment: cost or other basis

    $6,030,241

  • 10b · Land, buildings and equipment: accumulated depreciation

    $2,041,898

  • 10c · Land, buildings and equipment, net

    beginning of year $3,544,586 · end of year $3,988,343

  • 11 · Investments: publicly traded securities

    beginning of year $427,379 · end of year $469,948

  • 13 · Investments: program-related

    beginning of year $12,075,300 · end of year $11,160,082

  • 15 · Other assets

    beginning of year $3,879,520 · end of year $5,138,009

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,493,062 · end of year $6,683,101

  • 21 · Escrow or custodial account liability

    beginning of year $1,178,167 · end of year $1,444,440

  • 23 · Secured mortgages and notes payable

    beginning of year $26,834,247 · end of year $40,300,000

  • 24 · Unsecured notes and loans payable

    beginning of year $2,000,000 · end of year $2,000,000

  • 25 · Other liabilities

    beginning of year $134,283,706 · end of year $159,380,013

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $10,664,615 · end of year $9,198,196

Mission and programs · 2023

Mission

TO PROVIDE SUPERIOR FINANCIAL VALUE WITH UNSURPASSED SERVICE WHILE MAINTAINING OUR TRADITION OF STABILITY, TRUST, AND SECURITY.

Activities or mission (Part I)

ENCOURAGE THRIFT AMONG ITS MEMBERS AND PROVIDE A SOURCE OF CREDIT AT REASONABLE INTEREST RATES.

  • LOANS (MORTGAGE, HOME EQUITY, CREDIT CARD, VEHICLE, AND OTHER) ARE GRANTED TO INDIVIDUALS WHO ARE MEMBERS IN GOOD STANDING WITH THE CREDIT UNION AND WHO QUALIFY FOR SUCH LOANS.

  • SHARE ACCOUNTS ARE OFFERED AT A NO-MONTHLY FEE BASIS TO THOSE MEMBERS WHO APPLY AND ARE IN GOOD STANDING WITH THE CREDIT UNION.

  • ATM/DEBIT CARDS AND CHECKCARDS ARE AVAILABLE TO MEMBERS WHO APPLY FOR ELECTRONIC ACCESS TO THEIR ACCOUNTS FOR DEPOSIT AND WITHDRAWAL OF FUNDS AND ACCOUNT INFORMATION.

As filed on the 2023 return.

Listed in Part VII

  • William Harlan

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Tom Monticello

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Michael Gebhardt

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Jamie Berra

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Susan Kosyla

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dionne Lewis

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jose Perez

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michael Abraham

    PRESIDENT/CEO

    Total calculated
    $300,599
    From this org
    $242,500
    From related orgs
    $0
    Other
    $58,099
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $220,000
    Bonus
    $22,500
    Other
    $0
    Deferred
    $13,872
    Nontaxable benefits
    $44,227
    Filer's total
    $300,599

  • William Lump

    CFO

    Total calculated
    $195,942
    From this org
    $168,492
    From related orgs
    $0
    Other
    $27,450
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,492
    Bonus
    $3,000
    Other
    $0
    Deferred
    $12,188
    Nontaxable benefits
    $15,262
    Filer's total
    $195,942

  • Daniel Butterworth

    VICE PRESIDENT

    Total calculated
    $184,719
    From this org
    $146,349
    From related orgs
    $0
    Other
    $38,370
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $135,649
    Bonus
    $10,700
    Other
    $0
    Deferred
    $7,671
    Nontaxable benefits
    $30,699
    Filer's total
    $184,719

  • Stephanie Bertelsen

    VICE PRESIDENT

    Total calculated
    $156,453
    From this org
    $116,138
    From related orgs
    $0
    Other
    $40,315
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $107,838
    Bonus
    $8,300
    Other
    $0
    Deferred
    $8,482
    Nontaxable benefits
    $31,833
    Filer's total
    $156,453

  • Susan Beckwith

    DIRECTOR OF RISK MANAGEMEN

    Total calculated
    $140,702
    From this org
    $121,822
    From related orgs
    $0
    Other
    $18,880
    Hours/week
    40

  • John Gregg

    VICE PRESIDENT

    Total calculated
    $122,537
    From this org
    $108,134
    From related orgs
    $0
    Other
    $14,403
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • FIRST FINANCIAL CUSO SERVICES LLC

    C · HOLDING · IL · 100% owned · share of income $393,587 · share of assets $12,303,771

    Directly controlled by FIRST FINANCIAL CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
8 May 2024
IRS schema version
2023v5.0
Source object
202441299349304109

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