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Nonprofiteer
← FIRST PACE CREDIT UNION

Form 990 for tax year 2023

Filed by FIRST PACE CREDIT UNION.

Totals

Total revenue
$398,551
Total expenses
$478,020
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$324,551
Investment income
$74,000
Other revenue
$0
Total assets, end of year
$9,529,737
Total liabilities, end of year
$7,714,278
Net assets or fund balances, end of year
$1,815,459
Program services expenses (Part IX)
$478,020
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$478,020

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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 Income

    total $292,902 · related or exempt $292,902 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Fee Income

    total $12,709 · related or exempt $12,709 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: Interchange (other) Income

    total $12,783 · related or exempt $12,783 · unrelated business $0 · excluded $0

  • 2d · Program service revenue: Misc Income

    total $6,157 · related or exempt $4,322 · unrelated business $1,835 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $74,000 · related or exempt $0 · unrelated business $0 · excluded $74,000

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $40,931 · program services $40,931

  • 5 · Compensation of officers, directors and key employees

    total $61,207 · program services $61,207

  • 7 · Other salaries and wages

    total $100,098 · program services $100,098

  • 8 · Pension plan contributions

    total $3,829 · program services $3,829

  • 9 · Other employee benefits

    total $16,123 · program services $16,123

  • 10 · Payroll taxes

    total $25,565 · program services $25,565

  • 12 · Advertising and promotion

    total $7,174 · program services $7,174

  • 13 · Office expenses

    total $132,977 · program services $132,977

  • 14 · Information technology

    total $38,693 · program services $38,693

  • 16 · Occupancy

    total $20,029 · program services $20,029

  • 19 · Conferences, conventions and meetings

    total $10,273 · program services $10,273

  • 20 · Interest

    total $59 · program services $59

  • 22 · Depreciation, depletion and amortization

    total $674 · program services $674

  • 23 · Insurance

    total $13,893 · program services $13,893

  • 24a · Other expenses: DUES

    total $6,495 · program services $6,495 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $19,819 · end of year $22,775

  • 2 · Savings and temporary cash investments

    beginning of year $66,420 · end of year $62,263

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $5,733,828 · end of year $6,061,914

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $13,473 · end of year $16,389

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

    $1,238

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

    $517

  • 10c · Land, buildings and equipment, net

    beginning of year $129 · end of year $721

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $2,848,000 · end of year $2,623,000

  • 13 · Investments: program-related

    beginning of year $2,097,890 · end of year $606,790

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $223,096 · end of year $135,885

  • 17 · Accounts payable and accrued expenses

    beginning of year $13,979 · end of year $61,702

  • 25 · Other liabilities

    beginning of year $9,093,748 · end of year $7,652,576

  • 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 $1,894,928 · end of year $1,815,459

Mission and programs · 2023

Mission

Provide savings, loans and other financial services to members at terms generally better than available in the marketplace and with a "service-based emphasis" that recognizes the members as "owners."

  • Multiple products offered to help the member, with reasonable terms and competitive rates.

    Expenses $478,020

  • Offer free checking accounts with a free VISA Debit Card to help members become financially responsible. Also free online/mobile banking with bill pay, remote deposit, Person to Person and Account to Account transfers between financial institutions. Also have free online statements. All services offered for free, to empower the member with tools for good money management.

  • Competitive dividends paid on approximately 1393 share savings accounts, money market accounts, club accounts and term share certificates, to help our 972 members save for the future. Free online and mobile banking and electronic statements for the members to help monitor their finances.

As filed on the 2023 return.

Listed in Part VII

  • Chris Lamminen

    President

    Total calculated
    $53,376
    From this org
    $51,188
    From related orgs
    $0
    Other
    $2,188
    Hours/week
    40

  • Brian Ecker

    Vice Chair

    Total calculated
    $0
    Hours/week
    0.5

  • Mike Popek

    Board Member

    Total calculated
    $0
    Hours/week
    0.5

  • Dan Gerten

    Chair

    Total calculated
    $0
    Hours/week
    0.5

  • Ray Kobler

    Secretary

    Total calculated
    $0
    Hours/week
    0.5

  • Quinton Vorhies

    Treasurer

    Total calculated
    $0
    Hours/week
    0.5

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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
18 April 2024
IRS schema version
2023v5.0
Source object
202411289349302591

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