First Community Credit Union of Beloit

Nonprofit profile at a glance

EIN
390269470
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Beloit, WI, USA
Phone
6083629077
Rating confidence
Limited
Sector
Credit Unions

Reported finances

Revenue
$23,331,307
Expenses
$19,252,132
Assets
$373,260,757
Liabilities
$334,377,701

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

19 people listed

Executive titles in this filing

  • JACK GILL (PRESIDENT & CEO)

Highest reported compensation

  • JACK GILL (PRESIDENT & CEO): $533,994 total reported compensation
  • MIKE POGORELEC (VP OF LENDING): $176,993 total reported compensation
  • AMY TINCHER (CFO): $138,522 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

First community credit union is a not-for-profit financial cooperative and values service to our loyal members, community giving, long-term growth, and financial health.

What it reported doing in 2024

Total loans grew by $43,599,533 for 2024. As of 12/31/2024 we had $62,450,620 in mortgages/home equity loans and $251,009,372 in consumer loans. We also had 1,493 credit card accounts with our members at 12/31/24. We have deposit, transaction, and investment accounts with 29,273 members as of 12/31/2024. During 2024 total shares grew by $53,003,787 for a year-end total of $314,904,620.

Operating model

Revenue model
Earned-program. 94% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 71
  • Accountability: 91
  • Sustainability: 71
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 17.5%; rating input score 79; 79th percentile among comparable filings
  • Total-asset coverage ratio: 19.39; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.9; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 6.8%; rating input score 37; 37th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 10.9% per year; rating input score 100; 77th percentile among comparable filings
  • Asset growth: 11.3% per year; rating input score 100; 70th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 11 of 11 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $534K · 19 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 10 of 10 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 8 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.
  • Moderate — Sustainability: Officer compensation ratio scored 37/100.