Totals
- Total revenue
- $76,733,253
- Total expenses
- $68,279,557
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $66,328,936
- Investment income
- $9,725,216
- Other revenue
- $679,101
- Total assets, end of year
- $1,327,869,515
- Total liabilities, end of year
- $1,180,731,607
- Net assets or fund balances, end of year
- $147,137,908
- 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: MEMBER INTEREST INCOME
total $54,595,662 · related or exempt $54,595,662
-
2b · Program service revenue: SERVICE CHARGES & FEES
total $8,106,143 · related or exempt $8,073,491 · unrelated business $32,652
-
2c · Program service revenue: OTHER FEES
total $3,627,131 · related or exempt $3,627,131
-
3 · Investment income
total $9,675,860 · excluded $9,675,860
-
6a · Gross rents
real property $318,025
-
6b · Less rental expenses
real property $0
-
6c · Rental income or loss
real property $318,025
-
6d · Net rental income or loss
total $318,025 · excluded $318,025
-
7a · Gross sales of assets other than inventory
other assets $53,597
-
7b · Less cost or other basis and sales expenses
securities $4,241 · other assets $0
-
7c · Gain or loss
securities -$4,241 · other assets $53,597
-
7d · Net gain or loss
total $49,356 · excluded $49,356
-
11a · Other revenue: CHANGE IN UNREALIZED GAIN (LOSS)
total $361,076 · excluded $361,076
-
11e · Other revenue, total
$361,076
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $816,408
-
7 · Other salaries and wages
total $17,430,914
-
8 · Pension plan contributions
total $999,386
-
9 · Other employee benefits
total $3,517,264
-
10 · Payroll taxes
total $1,290,434
-
11b · Fees: legal
total $88,936
-
11c · Fees: accounting
total $165,983
-
11g · Fees: other
total $788,542
-
12 · Advertising and promotion
total $1,453,132
-
13 · Office expenses
total $1,869,343
-
14 · Information technology
total $1,461,404
-
16 · Occupancy
total $1,950,165
-
17 · Travel
total $168,385
-
20 · Interest
total $28,284,533
-
22 · Depreciation, depletion and amortization
total $2,105,698
-
24a · Other expenses: MEMBER SERVICE
total $5,099,709
-
24b · Other expenses: LOAN SERVICE & COLLECTI
total $502,688
-
24c · Other expenses: PROVISION FOR LOAN LOSS
total $165,000
-
24d · Other expenses: EMPLOYEE TRAINING
total $121,633
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $57,034,483 · end of year $8,562,329
-
2 · Savings and temporary cash investments
beginning of year $22,984,816 · end of year $19,587,787
-
5 · Loans and receivables from officers and key people
beginning of year $4,654,128 · end of year $4,775,004
-
7 · Other notes and loans receivable
beginning of year $945,936,859 · end of year $987,325,653
-
9 · Prepaid expenses and deferred charges
beginning of year $4,661,423 · end of year $2,695,050
-
10a · Land, buildings and equipment: cost or other basis
$58,372,400
-
10b · Land, buildings and equipment: accumulated depreciation
$18,083,247
-
10c · Land, buildings and equipment, net
beginning of year $39,687,924 · end of year $40,289,153
-
12 · Investments: other securities
beginning of year $2,517,600 · end of year $4,525,400
-
13 · Investments: program-related
beginning of year $205,583,773 · end of year $224,483,123
-
15 · Other assets
beginning of year $33,731,417 · end of year $35,626,016
-
17 · Accounts payable and accrued expenses
beginning of year $11,537,248 · end of year $12,793,931
-
24 · Unsecured notes and loans payable
beginning of year $145,037,108 · end of year $83,013,983
-
25 · Other liabilities
beginning of year $1,022,289,161 · end of year $1,084,923,693
-
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 $137,928,906 · end of year $147,137,908
Mission and programs · 2024
Mission
TO PROVIDE INDIVIDUALIZED FINANCIAL SOLUTIONS FOR OUR MEMBERS THROUGH COMPETITIVE PRODUCTS AND WELL-TRAINED AND EMPOWERED EMPLOYEES.
Activities or mission (Part I)
STRENGTHEN COMMUNITY BY HELPING MEMBERS GROW & THRIVE
-
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.
As filed on the 2024 return.
Listed in Part VII
-
Owen OlsonOWEN OLSON
CHAIRMAN
- Total calculated
- $7,200
- From this org
- $7,200
- From related orgs
- $0
- Other
- $0
- Hours/week
- 4
-
Colin WegenastCOLIN WEGENAST
DIRECTOR
- Total calculated
- $7,200
- From this org
- $7,200
- From related orgs
- $0
- Other
- $0
- Hours/week
- 4
-
Bonnie NelsonBONNIE NELSON
SECRETARY
- Total calculated
- $7,200
- From this org
- $7,200
- From related orgs
- $0
- Other
- $0
- Hours/week
- 4
-
Sharman ZachrisonSHARMAN ZACHRISON
DIRECTOR
- Total calculated
- $7,200
- From this org
- $7,200
- From related orgs
- $0
- Other
- $0
- Hours/week
- 4
-
Mark WatneMARK WATNE
DIRECTOR
- Total calculated
- $7,200
- From this org
- $7,200
- From related orgs
- $0
- Other
- $0
- Hours/week
- 4
-
Douglas KalianoffDOUGLAS KALIANOFF
DIRECTOR
- Total calculated
- $7,200
- From this org
- $7,200
- From related orgs
- $0
- Other
- $0
- Hours/week
- 4
-
Chris AarhusCHRIS AARHUS
DIRECTOR
- Total calculated
- $7,200
- From this org
- $7,200
- From related orgs
- $0
- Other
- $0
- Hours/week
- 4
-
Steve SchmitzSTEVE SCHMITZ
CEO
- Total calculated
- $579,025
- From this org
- $523,395
- From related orgs
- $0
- Other
- $55,630
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $448,869
- Bonus
- $59,298
- Other
- $15,228
- Deferred
- $41,287
- Nontaxable benefits
- $14,343
- Filer's total
- $579,025
-
Sean RinkenbergerSEAN RINKENBERGER
CFO
- Total calculated
- $297,170
- From this org
- $242,612
- From related orgs
- $0
- Other
- $54,558
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $214,817
- Bonus
- $24,119
- Other
- $3,676
- Deferred
- $28,827
- Nontaxable benefits
- $25,731
- Filer's total
- $297,170
-
Craig GrundstromCRAIG GRUNDSTROM
CHIEF DEVELOPMENT OFFICER
- Total calculated
- $314,678
- From this org
- $278,164
- From related orgs
- $0
- Other
- $36,514
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $249,731
- Bonus
- $21,564
- Other
- $6,869
- Deferred
- $36,514
- Nontaxable benefits
- $0
- Filer's total
- $314,678
-
Darin FinckDARIN FINCK
CHIEF LENDING OFFICER
- Total calculated
- $319,411
- From this org
- $273,490
- From related orgs
- $0
- Other
- $45,921
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $245,785
- Bonus
- $22,195
- Other
- $5,510
- Deferred
- $34,625
- Nontaxable benefits
- $11,296
- Filer's total
- $319,411
-
Steve DavisSTEVE DAVIS
SVP MORTGAGE LENDING
- Total calculated
- $268,027
- From this org
- $243,381
- From related orgs
- $0
- Other
- $24,646
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $217,231
- Bonus
- $19,281
- Other
- $6,869
- Deferred
- $24,646
- Nontaxable benefits
- $0
- Filer's total
- $268,027
-
James VollrathJAMES VOLLRATH
CHIEF TECHNOLOGY OFFICER
- Total calculated
- $261,127
- From this org
- $211,205
- From related orgs
- $0
- Other
- $49,922
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $189,823
- Bonus
- $17,530
- Other
- $3,852
- Deferred
- $29,324
- Nontaxable benefits
- $20,598
- Filer's total
- $261,127
-
Stephanie FinckSTEPHANIE FINCK
COO
- Total calculated
- $258,313
- From this org
- $214,845
- From related orgs
- $0
- Other
- $43,468
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $192,898
- Bonus
- $18,473
- Other
- $3,474
- Deferred
- $25,920
- Nontaxable benefits
- $17,548
- Filer's total
- $258,313
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
- 1a · Travel for companions
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
- 4b · Supplemental nonqualified retirement plan
Answered no
- 4a · Severance or change-of-control payment
- 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.
Disregarded entities
Part I: entities that legally are the filer and file no return of their own.
-
FIRST COMMUNITY SCHOLARSHIPS LLC
COLLEGE SCHOLARSHIPS · ND · income $122,086 · assets $1,356,650
Directly controlled by FIRST COMMUNITY CREDIT UNION
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 7 November 2025
- IRS schema version
- 2024v5.2
- Source object
- 202543189349302429
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