First Trust Credit Union

Not tax-deductible

Michigan City, INMutual-benefit / member-servingSince 1959EIN 35-1089892Revenue $10.3M in FY2025

On file with the IRSfirsttrustcu.com950 E US Highway 20, 46360-7470 · Michigan City, INTax-exempt since Oct 2019

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The Credit Union anticipates and provides financial needs, wants, and goals for our member-owners, including various loans at reasonable rates and savings accounts with a good return.

100¢ of each $1 spent went to programs.
$301K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
6 of 6
filings with a surplus
Average surplus $1.7M a year · 23% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$301K
to officers and key staff · 4% of spending
Looks good: pay to officers and key staff is 4% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
18 mo
of spending, in cash
Looks good: 17.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$160.0M
87% of total assets
Concern: liabilities are 87% of assets; over 80%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$10.3M
+19% vs prior year
Spent
$7.1M
To programs
100%
Net assets
$24.6M
By yearFY2020–FY2025
Revenue
$10.3M
FY2025▲ +19%
Tap a bar for its year
Revenue by fiscal year
FY2020$5.7M
FY2021$5.7M
FY2022$6.2M
FY2023$7.0M
FY2024$8.7M
FY2025$10.3M
Expenses
$7.1M
FY2025▲ +12%
Tap a bar for its year
Expenses by fiscal year
FY2020$5.0M
FY2021$4.6M
FY2022$4.9M
FY2023$5.4M
FY2024$6.4M
FY2025$7.1M
Net assets
$24.6M
FY2025▲ +15%
Tap a bar for its year
Net assets by fiscal year
FY2020$15.1M
FY2021$16.3M
FY2022$17.5M
FY2023$19.1M
FY2024$21.5M
FY2025$24.6M

From the FY2025 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Oct 2019.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $7.1M

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

9 people listed on the 990; $301K paid to officers and key staff.

Part VII, Section A · reportable compensation
$211,551Pt VII · Sec A
$89,375Pt VII · Sec A
Treasurer & Vice Chair
$0Pt VII · Sec A
Chairman
$0Pt VII · Sec A
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A

Compensation history total reportable pay by year · 2 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Kim Kniola$211,551$183,297$181,146$172,388$181,105$169,176
Dan Rajsic$89,375$83,286$80,881$79,138$94,483$90,028

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes
  • Loans to or from officersSch L · Pt II11 listed

Programs and updates

Helps members achieve financial goals with loans and savings accounts.

Questions for First Trust Credit Union

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Provided by the organization

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1 program · $7.1M · in their own filed words · FY2025
01

First trust credit union offers its members low cost consumer loans and competitive rates on regular savings, certificates of deposits, ira's, money markets, and club accounts,

$7.1Mprogram expense

By the numbers

The FY2025 990, line by line.

1The main four
Money inPt VIII
$10.3M
Ln 12
Fees for servicesLn 2g$5.2M
Investment incomeLn 3$5.0M
Other incomeLn 4–11$76K
Money outPt IX
$7.1M
Ln 25
Programscol B$7.1M
Owns and owesPt X
$24.6M
net assets · Ln 32
Cash and savingsLn 1–2$10.5M
Total assetsLn 16$184.6M
LiabilitiesLn 26$160.0M
PeoplePt VI, VII
9
listed · VII A
PaidVII A2
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$5.2M
Investment incomeLn 3$5.0M
Other incomeLn 4–11$76K
Total revenueLn 12$10.3M
Assets in detailPt X, end of year
CashLn 1$1.3M
SavingsLn 2$9.2M
Cash and savings togetherLn 1–2$10.5M
InvestmentsLn 11–13$115.4M
Land, buildings, equipmentLn 10c$2.4M
Other assetsLn 15$6.2M
Total assetsLn 16$184.6M
LiabilitiesLn 26$160.0M
Net assetsLn 32$24.6M
OperationsPt I, VI
EmployeesI 548
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$11.2M$10.5M
InvestmentsLn 11–13$107.5M$115.4M
Land, buildings, equipmentLn 10c$2.2M$2.4M
Total assetsLn 16$176.4M$184.6M
LiabilitiesLn 26$155.0M$160.0M
Net assetsLn 32$21.5M$24.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$2.0M$2.0M
Pension plan contributionsLn 8$64K$64K
Other employee benefitsLn 9$233K$233K
Payroll taxesLn 10$147K$147K
Other fees for servicesLn 11g$169K$169K
Advertising and promotionLn 12$182K$182K
Office expensesLn 13$218K$218K
OccupancyLn 16$288K$288K
Conferences, conventions and meetingsLn 19$37K$37K
InterestLn 20$1.7M$1.7M
Depreciation, depletion and amortizationLn 22$259K$259K
InsuranceLn 23$65K$65K
Other expenses (24a–d)Ln 24$1.6M$1.6M
All other expensesLn 24e$166K$166K
Total functional expensesLn 25$7.1M$7.1M$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $10.3M$7.1M$3.2M$24.6M 990 PDF
FY2024 $8.7M$6.4M$2.3M$21.5M 990 PDF
FY2023 $7.0M$5.4M$1.6M$19.1M 990 PDF
FY2022 $6.2M$4.9M$1.3M$17.5M 990 PDF
FY2021 $5.7M$4.6M$1.1M$16.3M 990 PDF
FY2020 $5.7M$5.0M$725K$15.1M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2025 990 (6 parts)
Part I · Summary $10,306,039 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $5,031,138$5,219,016
I-10 Investment incomePrior year $3,577,728$5,011,240
I-11 Other revenuePrior year $68,888$75,783
I-12 Total revenuePrior year $8,677,754$10,306,039
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $2,404,530$2,474,179
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $3,955,635$4,668,038
I-18 Total expensesPrior year $6,360,165$7,142,217
I-19 Revenue less expensesPrior year $2,317,589$3,163,822
Part VI · Governance 7 of 7 board members independent, 1 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-12a Written conflict of interest policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $10,306,039 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $5,194,386 · Unrelated business $24,630$5,219,016
VIII-3 Investment incomeExcluded from tax $5,011,240$5,011,240
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $75,783$75,783
VIII-12 Total revenueRelated to mission $5,194,386 · Unrelated business $24,630 · Excluded from tax $5,087,023$10,306,039
Part IX · Statement of functional expenses $7,142,217 across 14 lines filed
IX-7 Other salaries and wagesPrograms $2,031,153$2,031,153
IX-8 Pension plan contributionsPrograms $63,659$63,659
IX-9 Other employee benefitsPrograms $232,785$232,785
IX-10 Payroll taxesPrograms $146,582$146,582
IX-11g Other fees for servicesPrograms $168,698$168,698
IX-12 Advertising and promotionPrograms $181,739$181,739
IX-13 Office expensesPrograms $217,575$217,575
IX-16 OccupancyPrograms $287,813$287,813
IX-19 Conferences, conventions and meetingsPrograms $37,391$37,391
IX-20 InterestPrograms $1,709,956$1,709,956
IX-22 Depreciation, depletion and amortizationPrograms $259,346$259,346
IX-23 InsurancePrograms $64,534$64,534
IX-24 Other expenses (24a–d)Programs $1,574,749$1,574,749
IX-24e All other expensesPrograms $166,237$166,237
IX-25 Total functional expensesPrograms $7,142,217 · Management $0 · Fundraising $0$7,142,217
Part X · Balance sheet $184,636,638 assets, 12 lines filed
Asset lines not itemized here account for $49,878,030; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $847,738$1,268,420
X-2 Savings and temporary cash investmentsStart of year $10,311,523$9,220,406
X-9 Prepaid expenses and deferred chargesStart of year $363,509$278,998
X-10c Land, buildings and equipment, netStart of year $2,151,389$2,379,861
X-12 Other securitiesStart of year $107,540,284$115,448,532
X-15 Other assetsStart of year $6,389,296$6,162,391
X-16 Total assetsStart of year $176,430,949$184,636,638
X-17 Accounts payable and accrued expensesStart of year $165,931$221,927
X-25 Other liabilitiesStart of year $154,799,919$159,785,790
X-26 Total liabilitiesStart of year $154,965,850$160,007,717
X-32 Total net assets or fund balancesStart of year $21,465,099$24,628,921
X-33 Total liabilities and net assetsStart of year $176,430,949$184,636,638
Part XI · Reconciliation of net assets $24,628,921 net assets at year end
XI-1 Total revenue$10,306,039
XI-2 Total expenses$7,142,217
XI-3 Revenue less expenses$3,163,822
XI-4 Net assets at start of year$21,465,099
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$24,628,921

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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