First Community Credit Union

Not tax-deductible

Jamestown, NDMutual-benefit / member-servingSince 1939Mutual / membership EIN 45-0226664Revenue $76.7M in FY2024

On file with the IRSmyfccu.com310 10th St Se, 58401-5555 · Jamestown, NDTax-exempt since May 1971

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First Community Credit Union promotes thrift and provides a source of Credit to its members.

$2.0M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

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FY2024 · 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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $10.3M a year · 18% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$2.0M
to officers and key staff · 3% of spending
Looks good: pay to officers and key staff is 3% of spending; 15% or less.
Pt VII · Sec A
5 mo
of spending, in cash
Plus $229.0M in investments, Pt X · Ln 11–13
Looks good: 4.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.2B
89% of total assets
Concern: liabilities are 89% 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
$76.7M
+16% vs prior year
Spent
$68.3M
Net assets
$147.1M
By yearFY2020–FY2024
Revenue
$76.7M
FY2024▲ +16%
Tap a bar for its year
Revenue by fiscal year
FY2020$49.1M
FY2021$50.4M
FY2022$51.9M
FY2023$66.0M
FY2024$76.7M
Expenses
$68.3M
FY2024▲ +23%
Tap a bar for its year
Expenses by fiscal year
FY2020$39.7M
FY2021$37.7M
FY2022$41.4M
FY2023$55.4M
FY2024$68.3M
Net assets
$147.1M
FY2024▲ +7%
Tap a bar for its year
Net assets by fiscal year
FY2020$129.2M
FY2021$137.2M
FY2022$124.8M
FY2023$137.9M
FY2024$147.1M

From the FY2024 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: FY2024. IRS ruling in May 1971.

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

Who runs it and what they're paid

14 people listed on the 990; $2.0M paid to officers and key staff.

Part VII, Section A · reportable compensation
$523,395Pt VII · Sec A
Chief Development Officer
$278,164Pt VII · Sec A
Chief Lending Officer
$273,490Pt VII · Sec A
SVP Mortgage Lending
$243,381Pt VII · Sec A
$242,612Pt VII · Sec A
$214,845Pt VII · Sec A
Chief Technology Officer
$211,205Pt VII · Sec A
$7,200Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Steve Schmitz$523,395$508,791$461,010$401,577$404,167
Jeremy Lindell———$298,351$431,155
Darin Engstrom———$214,421$322,650
Craig Grundstrom$278,164$236,264$227,160$203,849$198,572
Darin Finck$273,490$253,034$243,113$219,748$213,842
Steve Davis$243,381$227,162$219,284$198,085—
Sean Rinkenberger$242,612$207,135$207,135$172,949$160,675
Brian Olson——$226,407——

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 II2 listed

Programs and updates

Encourages saving and offers loans to members.

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Provided by the organization

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3 programs · in their own filed words · FY2024
01

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.

Pt IX · col B
02

Providing loans to members for provident purposes, thereby helping to stabilize the credit structure of the united states.

Pt IX · col B
03

Furnishing cooperative financial services to members as a state-chartered credit union.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$76.7M
Ln 12
Fees for servicesLn 2g$66.3M
Investment incomeLn 3$9.7M
Other incomeLn 4–11$679K
Money outPt IX
$68.3M
Ln 25
Owns and owesPt X
$147.1M
net assets · Ln 32
Cash and savingsLn 1–2$28.2M
Total assetsLn 16$1.3B
LiabilitiesLn 26$1.2B
PeoplePt VI, VII
14
listed · VII A
PaidVII A14
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$66.3M
Investment incomeLn 3$9.7M
Other incomeLn 4–11$679K
Gains on assetsLn 7$49K
Total revenueLn 12$76.7M
Assets in detailPt X, end of year
CashLn 1$8.6M
SavingsLn 2$19.6M
Cash and savings togetherLn 1–2$28.2M
InvestmentsLn 11–13$229.0M
Land, buildings, equipmentLn 10c$40.3M
Other assetsLn 15$35.6M
Total assetsLn 16$1.3B
LiabilitiesLn 26$1.2B
Net assetsLn 32$147.1M
OperationsPt I, VI
EmployeesI 5332
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$80.0M$28.2M
InvestmentsLn 11–13$208.1M$229.0M
Land, buildings, equipmentLn 10c$39.7M$40.3M
Total assetsLn 16$1.32B$1.33B
LiabilitiesLn 26$1.18B$1.18B
Net assetsLn 32$137.9M$147.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$816K
Other salaries and wagesLn 7$17.4M
Pension plan contributionsLn 8$999K
Other employee benefitsLn 9$3.5M
Payroll taxesLn 10$1.3M
Legal feesLn 11b$89K
Accounting feesLn 11c$166K
Other fees for servicesLn 11g$789K
Advertising and promotionLn 12$1.5M
Office expensesLn 13$1.9M
Information technologyLn 14$1.5M
OccupancyLn 16$2.0M
TravelLn 17$168K
InterestLn 20$28.3M
Depreciation, depletion and amortizationLn 22$2.1M
Other expenses (24a–d)Ln 24$5.9M
Total functional expensesLn 25$68.3M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $76.7M$68.3M$8.5M$147.1M 990 PDF
FY2023 $66.0M$55.4M$10.6M$137.9M 990 PDF
FY2022 $51.9M$41.4M$10.4M$124.8M 990 PDF
FY2021 $50.4M$37.7M$12.7M$137.2M 990 PDF
FY2020 $49.1M$39.7M$9.4M$129.2M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $76,733,253 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $59,286,665$66,328,936
I-10 Investment incomePrior year $6,053,022$9,725,216
I-11 Other revenuePrior year $643,600$679,101
I-12 Total revenuePrior year $65,983,287$76,733,253
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 $22,877,265$24,054,406
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $32,517,218$44,225,151
I-18 Total expensesPrior year $55,394,483$68,279,557
I-19 Revenue less expensesPrior year $10,588,804$8,453,696
Part VI · Governance 7 of 7 board members independent, no flags
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
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 $76,733,253 across 6 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $66,296,284 · Unrelated business $32,652$66,328,936
VIII-3 Investment incomeExcluded from tax $9,675,860$9,675,860
VIII-6 Net rental income or lossExcluded from tax $318,025$318,025
VIII-7 Net gain or loss on sales of assetsExcluded from tax $49,356$49,356
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $361,076$361,076
VIII-12 Total revenueRelated to mission $66,296,284 · Unrelated business $32,652 · Excluded from tax $10,404,317$76,733,253
Part IX · Statement of functional expenses $68,279,557 across 16 lines filed
IX-5 Pay of current officers, directors and key staff$816,408
IX-7 Other salaries and wages$17,430,914
IX-8 Pension plan contributions$999,386
IX-9 Other employee benefits$3,517,264
IX-10 Payroll taxes$1,290,434
IX-11b Legal fees$88,936
IX-11c Accounting fees$165,983
IX-11g Other fees for services$788,542
IX-12 Advertising and promotion$1,453,132
IX-13 Office expenses$1,869,343
IX-14 Information technology$1,461,404
IX-16 Occupancy$1,950,165
IX-17 Travel$168,385
IX-20 Interest$28,284,533
IX-22 Depreciation, depletion and amortization$2,105,698
IX-24 Other expenses (24a–d)$5,889,030
IX-25 Total functional expenses$68,279,557
Part X · Balance sheet $1,327,869,515 assets, 14 lines filed
Asset lines not itemized here account for $992,100,657; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $57,034,483$8,562,329
X-2 Savings and temporary cash investmentsStart of year $22,984,816$19,587,787
X-9 Prepaid expenses and deferred chargesStart of year $4,661,423$2,695,050
X-10c Land, buildings and equipment, netStart of year $39,687,924$40,289,153
X-12 Other securitiesStart of year $2,517,600$4,525,400
X-13 Program-related investmentsStart of year $205,583,773$224,483,123
X-15 Other assetsStart of year $33,731,417$35,626,016
X-16 Total assetsStart of year $1,316,792,423$1,327,869,515
X-17 Accounts payable and accrued expensesStart of year $11,537,248$12,793,931
X-24 Unsecured notes and loans payableStart of year $145,037,108$83,013,983
X-25 Other liabilitiesStart of year $1,022,289,161$1,084,923,693
X-26 Total liabilitiesStart of year $1,178,863,517$1,180,731,607
X-32 Total net assets or fund balancesStart of year $137,928,906$147,137,908
X-33 Total liabilities and net assetsStart of year $1,316,792,423$1,327,869,515
Part XI · Reconciliation of net assets $147,137,908 net assets at year end
XI-1 Total revenue$76,733,253
XI-2 Total expenses$68,279,557
XI-3 Revenue less expenses$8,453,696
XI-4 Net assets at start of year$137,928,906
XI-5 Net unrealized gains (losses) on investments$755,306
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$147,137,908

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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