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Nonprofiteer
← FIRST COMMUNITY CREDIT UNION

Form 990 for tax year 2023

Filed by FIRST COMMUNITY CREDIT UNION.

Totals

Total revenue
$62,808,074
Total expenses
$47,436,500
Contributions and grants received
$0
Grants paid
$370,714
Program service revenue
$48,605,926
Investment income
$12,517,782
Other revenue
$1,684,366
Total assets, end of year
$1,676,601,574
Total liabilities, end of year
$1,492,619,239
Net assets or fund balances, end of year
$183,982,335
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 $37,447,320 · related or exempt $37,447,320

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $11,158,606 · related or exempt $11,158,606

  • 3 · Investment income

    total $12,474,578 · excluded $12,474,578

  • 7a · Gross sales of assets other than inventory

    other assets $50,773

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

    other assets $7,569

  • 7c · Gain or loss

    other assets $43,204

  • 7d · Net gain or loss

    total $43,204 · excluded $43,204

  • 11a · Other revenue: INSURANCE SALES

    total $1,204,135 · unrelated business $1,204,135

  • 11b · Other revenue: INVESTMENT SERVICES

    total $347,225 · unrelated business $347,225

  • 11c · Other revenue: NON-MEMBER ATM INCOME

    total $133,006 · unrelated business $133,006

  • 11e · Other revenue, total

    $1,684,366

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $304,714

  • 2 · Grants to domestic individuals

    total $66,000

  • 5 · Compensation of officers, directors and key employees

    total $1,698,917

  • 7 · Other salaries and wages

    total $20,308,802

  • 8 · Pension plan contributions

    total $492,094

  • 9 · Other employee benefits

    total $1,639,077

  • 10 · Payroll taxes

    total $3,336,758

  • 11b · Fees: legal

    total $53,322

  • 11c · Fees: accounting

    total $71,325

  • 11g · Fees: other

    total $128,712

  • 12 · Advertising and promotion

    total $389,529

  • 13 · Office expenses

    total $6,639,403

  • 14 · Information technology

    total $2,191,603

  • 16 · Occupancy

    total $2,064,266

  • 17 · Travel

    total $101,799

  • 19 · Conferences, conventions and meetings

    total $292,578

  • 20 · Interest

    total $5,022,538

  • 22 · Depreciation, depletion and amortization

    total $2,189,368

  • 23 · Insurance

    total $269,403

  • 24a · Other expenses: REGULATORY FEES

    total $126,111

  • 24b · Other expenses: ASSOCIATION DUES

    total $60,281

  • 24c · Other expenses: PROVISIONS FOR LOSSES

    total -$10,100

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $10,995,670 · end of year $10,313,138

  • 2 · Savings and temporary cash investments

    beginning of year $252,967,434 · end of year $184,316,427

  • 4 · Accounts receivable

    beginning of year $2,449,907 · end of year $18,923

  • 7 · Other notes and loans receivable

    beginning of year $963,051,286 · end of year $963,274,698

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,516,934 · end of year $1,895,387

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

    $92,071,871

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

    $17,435,616

  • 10c · Land, buildings and equipment, net

    beginning of year $66,710,254 · end of year $74,636,255

  • 11 · Investments: publicly traded securities

    beginning of year $458,388,052 · end of year $401,482,620

  • 12 · Investments: other securities

    beginning of year -$2,104,763 · end of year -$1,548,348

  • 14 · Intangible assets

    beginning of year $15,333,948 · end of year $15,206,223

  • 15 · Other assets

    beginning of year $27,110,344 · end of year $27,006,251

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,397,234 · end of year $6,346,702

  • 21 · Escrow or custodial account liability

    beginning of year $387,177 · end of year $391,645

  • 25 · Other liabilities

    beginning of year $1,623,617,710 · end of year $1,485,880,892

  • 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 $167,016,945 · end of year $183,982,335

Mission and programs · 2023

Mission

TO BUILD LASTING FINANCIAL RELATIONSHIPS THROUGH PERSONALIZED BANKING.

  • ALL ACTIVITIES OF A STATE CHARTERED CREDIT UNION, INCLUDING FUNDING AND SERVICING OF LOANS, DEPOSITS, ACH SERVICES, ATM ACCESS, ETC. SERVICES ARE PROVIDED MONDAY THROUGH FRIDAY, WITH THE EXCEPTION OF FEDERAL HOLIDAYS.

As filed on the 2023 return.

Listed in Part VII

  • Robin McAlpin

    BOARD MEMBER (CHAIRPERSON)

    Total calculated
    $23,250
    From this org
    $23,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Shaun Hoback

    BOARD MEMBER (FORMER CHAIR)

    Total calculated
    $19,750
    From this org
    $19,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Hall Thomas

    BOARD MEMBER

    Total calculated
    $18,500
    From this org
    $18,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Linda Furman Grile

    BOARD MEMBER (SECRETARY)

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Brian Menefee

    BOARD MEMBER (VICE-CHAIR)

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Steve Mohrland

    BOARD MEMBER

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Dan Gibson

    BOARD MEMBER

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Frank Sproul

    BOARD MEMBER

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Dennis Erickson

    BOARD MEMBER (TREASURER)

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Gerald Prickett

    BOARD MEMBER

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • June Chadbourne

    BOARD MEMBER

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Mary-Ellen Robbins

    BOARD MEMBER

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Elizabeth Davis

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    10

  • Renee Nelson

    EXECUTIVE VICE PRESIDENT/CFO

    Total calculated
    $765,051
    From this org
    $723,024
    From related orgs
    $0
    Other
    $42,027
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $506,650
    Bonus
    $191,950
    Other
    $24,424
    Deferred
    $15,000
    Nontaxable benefits
    $27,027
    Filer's total
    $765,051

  • David Elmer

    PRESIDENT/CEO/TREASURER

    Total calculated
    $710,366
    From this org
    $668,339
    From related orgs
    $0
    Other
    $42,027
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $622,915
    Bonus
    $21,000
    Other
    $24,424
    Deferred
    $15,000
    Nontaxable benefits
    $27,027
    Filer's total
    $710,366

  • Denise Hill

    EXECUTIVE VICE PRESIDENT/COO

    Total calculated
    $307,158
    From this org
    $304,187
    From related orgs
    $0
    Other
    $2,971
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $29,187
    Bonus
    $275,000
    Other
    $0
    Deferred
    $1,459
    Nontaxable benefits
    $1,512
    Filer's total
    $307,158

  • Mike Leep

    SVP FINANCE

    Total calculated
    $305,702
    From this org
    $267,957
    From related orgs
    $0
    Other
    $37,745
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $239,857
    Bonus
    $28,100
    Other
    $0
    Deferred
    $10,718
    Nontaxable benefits
    $27,027
    Filer's total
    $305,702

  • Erin Spencer

    SVP COMMUNICATIONS & ENGAGEMENT

    Total calculated
    $282,330
    From this org
    $252,900
    From related orgs
    $0
    Other
    $29,430
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $235,000
    Bonus
    $17,900
    Other
    $0
    Deferred
    $11,250
    Nontaxable benefits
    $18,180
    Filer's total
    $282,330

  • Kevin Isley

    SVP EBANKING & DEVELOPMENT

    Total calculated
    $290,119
    From this org
    $251,842
    From related orgs
    $0
    Other
    $38,277
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $233,942
    Bonus
    $17,900
    Other
    $0
    Deferred
    $11,250
    Nontaxable benefits
    $27,027
    Filer's total
    $290,119

  • Wendy Osgood

    SVP BRANCH ADMINISTRATION

    Total calculated
    $274,984
    From this org
    $249,270
    From related orgs
    $0
    Other
    $25,714
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $230,770
    Bonus
    $18,500
    Other
    $0
    Deferred
    $7,534
    Nontaxable benefits
    $18,180
    Filer's total
    $274,984

  • Jeremy Alger

    SVP INFORMATION TECHNOLOGY

    Total calculated
    $286,947
    From this org
    $248,670
    From related orgs
    $0
    Other
    $38,277
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $230,770
    Bonus
    $17,900
    Other
    $0
    Deferred
    $11,250
    Nontaxable benefits
    $27,027
    Filer's total
    $286,947

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
  • 3 · Compensation survey or study
  • 3 · Approval by the board or 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

The 10 largest by cash amount. The API serves every itemized grant.

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Provenance

Return type
form_990
Tax year
2023
Filed
25 April 2024
IRS schema version
2023v5.0
Source object
202431179349300733

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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