FIRST COMMUNITY CREDIT UNION OF BELOIT

EIN: 390269470

BELOIT, WI

Total Revenue
$23,331,307
Total Expenses
$19,252,132
Total Assets
$373,260,757
Net Assets
$38,883,056
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1933
Legal Domicile
WI
Principal Officer
JACK GILL
Phone
6083629077
Tax Period
2024-01-01 to 2024-12-31

FIRST COMMUNITY CREDIT UNION OF BELOIT, founded in 1933, is a mid-sized nonprofit that reported $23.3M in total revenue in fiscal year 2024. Revenue surged 38% from the prior year, signaling strong growth momentum. The organization ran a surplus of $4.1M, a strong 17% operating margin.

Mission

TO ENCOURAGE THRIFT AMONG ITS MEMBERS; TO CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE COST; TO PROVIDE AN OPPORTUNITY FOR EACH OF ITS MEMBERS TO IMPROVE THE MEMBER'S RESPECTIVE ECONOMIC AND SOCIAL CONDITIONS; AND TO PERFORM THE FUNCTIONS AND EXERCISE THE POWERS DESIGNATED FOR CREDIT UNIONS UNDER APPLICABLE LAW.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $22,218,901
Investment Income $1,112,406
Other Revenue $0
TOTAL REVENUE $23,331,307

Expense Breakdown

Grants Paid $38,370
Salaries & Benefits $6,036,675
Fundraising Expenses $0
Other Expenses $13,177,087
TOTAL EXPENSES $19,252,132

Year-over-Year Comparison

2024 2023 Change
Revenue $23,331,307 $16,850,275 +0.4%
Expenses $19,252,132 $13,388,424 +0.4%
Net Income $4,079,175 $3,461,851 +0.2%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

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Liquidity & Cash Position

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Governance

Voting Members
11
Independent Members
11
Employees
152
Volunteers
11

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
7
$760,396
Total Directors
12
$0
Key Employees
0
$0
Highest Compensated
4
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
WAYNE UDULUTCH CHAIRMAN 1.00
Officer Director
$0 $0 $0
DAVE WALLER VICE CHAIRMAN 1.00
Officer Director
$0 $0 $0
DENNIS DREIKOSEN TREASURER 1.00
Officer Director
$0 $0 $0
ROGER ALLEN SECRETARY 1.00
Officer Director
$0 $0 $0
JARED BAREFIELD BOARD MEMBER 1.00
Director
$0 $0 $0
BRYAN BRAUER BOARD MEMBER 1.00
Director
$0 $0 $0
MARY ANN FLAVIN BOARD MEMBER 1.00
Director
$0 $0 $0
STUART MEYERSON BOARD MEMBER 1.00
Director
$0 $0 $0
DUANE NEUENDORF BOARD MEMBER (THRU 7/24) 1.00
Director
$0 $0 $0
LORI PERKINS BOARD MEMBER 1.00
Director
$0 $0 $0
JAMES PETZRICK BOARD MEMBER 1.00
Director
$0 $0 $0
IAN SCHLITZ BOARD MEMBER 1.00
Director
$0 $0 $0
JACK GILL PRESIDENT & CEO 40.00
Officer
$459,173 $74,821 $533,994
AMY TINCHER CFO 40.00
Officer
$119,566 $18,956 $138,522
MARK HUTCHINSON CFO (THRU 3/24) 40.00
Officer
$76,835 $11,045 $87,880
MIKE POGORELEC VP OF LENDING 40.00
Highest
$169,395 $7,598 $176,993
CHAD ROCHE AVP, SALES AND MEMBER SERVICES 40.00
Highest
$117,058 $5,511 $122,569
TINA LA DUE DIRECTOR OF HR 40.00
Highest
$109,706 $25,935 $135,641
ROBERT GRORUD IT MANAGER 40.00
Highest
$106,194 $6,146 $112,340
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $23,331,307 $19,252,132 $373,260,757 $4,079,175
2023 $16,850,275 $13,388,424 $317,251,089 $3,461,851
2022 $12,468,345 $9,003,318 $262,733,735 $3,465,027
2021 $11,535,690 $7,791,514 $226,400,035 $3,744,176
2020 $11,520,886 $7,935,530 $198,247,870 $3,585,356
2019 $10,317,036 $8,216,343 $166,551,882 $2,100,693
2018 $8,354,102 $6,736,846 $156,226,074 $1,617,256
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