Civic Intelligence

First Class Community Credit Union

990 • Fiscal year 2019 • EIN 42-0214790

Jan 01, 2019 to Dec 31, 2019 • Filed on Apr 18, 2020

Organization ProfileWWW.GOFIRSTCLASS.ORG

View Organization Page

2051 Westown ParkwayWest Des Moines, IA 50265

(515) 224-4300

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

87th percentile

0.91x

Higher debt load relative to assets than 87% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Liabilities / Revenue

44th percentile

16.28x

Higher debt load relative to revenue than 44% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Net Margin

21st percentile

5.3%

Higher net margin than 21% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Top Officer Pay

19th percentile

$112,100

Higher top officer pay than 19% of similar nonprofits.

Top officer pay equals 2.5% of source-year revenue.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Asset Growth

56th percentile

3.9%

Faster asset growth than 56% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Revenue Growth

67th percentile

9.3%

Faster revenue growth than 67% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets87th percentile

Assets

Up

$79,791,069

Up $3,021,449 (+3.9%) from 2018

Net Assets

Up

$7,124,481

Up $317,953 (+4.7%) from 2018

Liabilities

Up

$72,666,588

Up $2,703,496 (+3.9%) from 2018

Revenue And Expenses
Liabilities / Revenue44th percentileNet Margin21st percentile

Revenue

Up

$4,462,839

Up $380,673 (+9.3%) from 2018

Expenses

Up

$4,228,044

Up $454,843 (+12%) from 2018

Net Income

Down

$234,795

Down $74,170 (-24%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth56th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$150M$100M$50M$0Assets 2010: $53,626,187Liabilities 2010: $48,161,909Net Assets 2010: $5,464,2782010Assets 2011: $57,996,502Liabilities 2011: $52,435,822Net Assets 2011: $5,560,6802011Assets 2012: $63,482,542Liabilities 2012: $57,723,350Net Assets 2012: $5,759,1922012Assets 2014: $65,889,763Liabilities 2014: $59,686,043Net Assets 2014: $6,203,7202014Assets 2015: $70,778,764Liabilities 2015: $64,504,260Net Assets 2015: $6,274,5042015Assets 2016: $74,358,191Liabilities 2016: $68,161,403Net Assets 2016: $6,196,7882016Assets 2017: $73,773,178Liabilities 2017: $67,409,339Net Assets 2017: $6,363,8392017Assets 2018: $76,769,620Liabilities 2018: $69,963,092Net Assets 2018: $6,806,5282018Assets 2019: $79,791,069Liabilities 2019: $72,666,588Net Assets 2019: $7,124,4812019Assets 2020: $93,065,481Liabilities 2020: $85,797,450Net Assets 2020: $7,268,0312020Assets 2021: $100,427,061Liabilities 2021: $93,527,079Net Assets 2021: $6,899,9822021Assets 2022: $99,378,905Liabilities 2022: $94,816,181Net Assets 2022: $4,562,7242022Assets 2023: $93,363,952Liabilities 2023: $87,241,832Net Assets 2023: $6,122,1202023Assets 2024: $94,426,306Liabilities 2024: $87,110,947Net Assets 2024: $7,315,3592024

Highlighted filing

2019

Assets$79,791,069
Liabilities$72,666,588
Net Assets$7,124,481
Open 2019 Filing

Operations Trend

Revenue Growth67th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0Expenses 2010: $4,400,1602010Expenses 2011: $3,428,4782011Expenses 2012: $3,338,0562012Revenue 2014: $3,674,766Expenses 2014: $3,412,246Net Income 2014: $262,5202014Revenue 2015: $3,808,349Expenses 2015: $3,742,589Net Income 2015: $65,7602015Revenue 2016: $3,594,038Expenses 2016: $3,488,983Net Income 2016: $105,0552016Revenue 2017: $3,732,106Expenses 2017: $3,565,838Net Income 2017: $166,2682017Revenue 2018: $4,082,166Expenses 2018: $3,773,201Net Income 2018: $308,9652018Revenue 2019: $4,462,839Expenses 2019: $4,228,044Net Income 2019: $234,7952019Revenue 2020: $4,247,644Expenses 2020: $4,134,034Net Income 2020: $113,6102020Revenue 2021: $4,085,344Expenses 2021: $3,976,393Net Income 2021: $108,9512021Revenue 2022: $4,390,414Expenses 2022: $4,029,698Net Income 2022: $360,7162022Revenue 2023: $4,761,310Expenses 2023: $4,229,685Net Income 2023: $531,6252023Revenue 2024: $4,799,945Expenses 2024: $4,410,729Net Income 2024: $389,2162024

Highlighted filing

2019

Revenue$4,462,839
Expenses$4,228,044
Net Income$234,795
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Apr 18, 2020
Return Version
2019v5.0
Gross Receipts
$4,462,839
Mission and Program Overview

Mission

State chartered credit union

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$34,753,998$37,112,474▲ $2,358,476
Savings and Temporary Cash Investments$22,041,805$25,485,186▲ $3,443,381
Investments in Publicly Traded Securities$14,922,860$11,373,345▼ $3,549,515
Pd in Cap Srpls Land Bldg Eqp Fund$5,599,470$5,599,470→ $0
Rtn Earn Endowment Incm Other Fnds$1,207,058$1,525,011▲ $317,953
Cash and Non-Interest-Bearing Accounts$844,761$1,330,793▲ $486,032
Land, Buildings, and Equipment, Net$1,209,139$1,249,457▲ $40,318
Prepaid Expenses and Deferred Charges$320,569$352,383▲ $31,814
Accounts Receivable$5,429$134,847▲ $129,418
Total Assets$76,769,620$79,791,069▲ $3,021,449
Other Assets Total$2,671,059$2,752,584▲ $81,525
Liabilities
Other Liabilities$68,295,167$71,501,803▲ $3,206,636
Accounts Payable and Accrued Expenses$1,667,925$1,164,785▼ $503,140
Total Liabilities$69,963,092$72,666,588▲ $2,703,496
Net Assets / Fund Balance
Total Net Assets Fund Balance$6,806,528$7,124,481▲ $317,953
Total Liabilities and Net Assets / Fund Balance$76,769,620$79,791,069▲ $3,021,449

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$671,572$1,721,962$2,393,534
Equipment$116,253$544,404$660,657
Land$461,632-$461,632
Compensation and Service Providers
Top Officer Pay19th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Zac PollockCEOFT$112,100$112,100

Board Members and Trustees

NameTitle
Brad JacobsonBoard Member
Carol CowlingBoard Member
Craig DosterBoard Member
Gary OlsonBoard Member
James GearhartBoard Member
Lance ColesBoard Member
Larry MooreBoard Member
Marc SwansonBoard Member
Patricia TonsiBoard Member
Randy PelhamBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,618,089
Investment Income
$844,750
Other Revenue
$0
Change in Net Assets
$234,795

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,462,839
Total Revenue per Audited Statements
$4,462,839
Total Revenue per Form 990
$4,462,839
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,004,602
Salaries, Compensation, and Employee Benefits$1,223,442
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$974,046
All Other Expenses---$422,652
Office Expenses---$339,560
Other Expenses---$255,999
Occupancy---$150,214
Advertising---$132,200
Depreciation Depletion---$130,458
Other Employee Benefits---$110,862
Payroll Taxes---$73,973
Pension Plan Contributions---$64,561
Insurance---$38,489
Fees for Services Accounting---$24,633
Conferences and Meetings---$20,123
Fees for Services Legal---$10,469
Total Functional Expenses$0$0$0$4,228,044

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,228,044
Total Expenses per Audited Statements$4,228,044
Total Expenses per Form 990$4,228,044
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Deposits$71,501,803
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“All depositors are considered members.”

Form 990, Page 6, Part VI, Line 7A

“The credit union members elect on an annual basis the members of the board of directors.”

Form 990, Page 6, Part VI, Line 7B

“Any proposed mergers must be approved by a majority of the membership.”

Form 990, Page 6, Part VI, Line 11B

“No review was or will be conducted.”

Form 990, Page 6, Part VI, Line 12C

“The security matrix on the data processing system prohibits employees and directors from initiating transactions on all accounts listed on their conflict of interest disclosure statement, which is updated annually.”

Form 990, Page 6, Part VI, Line 15A

“The process for determining compensation for the ceo includes a comparison of compensation for similarly qualified persons in comparable positions, review and approval by the board of directors and is documented in the board minutes. The last review was conducted in december 2019.”

Form 990, Page 6, Part VI, Line 19

“The monthly financial statements are posted in the lobby and are updated on a monthly basis. The governing documents and conflict of interest policy are made available upon request.”

Filing and Contact Details

Filer

Filer Name
First Class Community Credit Union
EIN
42-0214790
Phone
5152244300
Address
2051 WESTOWN PARKWAY, WEST DES MOINES, IA 50265

Signing Officer

Name
Kathleen Sukup
Title
Executive Vice Pres
Phone
5152244300
Signed
2020-04-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Zac Pollock
Formed
1925
Legal Domicile
Ia
Voting Board Members
10
Independent Board Members
10
Employees
24
Volunteers
10

Preparer

Firm
Petersen & Associates
Address
506 E GOLD COAST RD STE 100, PAPILLION, NE 68046-4790
Preparer
Steven O Petersen
Phone
4023332800
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“N/A”

Form 990, Part XI, Line 9

“Net change in investment valuation reserve 83,158”

Raw XML Appendix374 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990/ReportOtherLiabilitiesInd0true
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IRS990/SavingsAndTempCashInvstGrp/EOYAmt025485186
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt01721962
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt02393534
IRS990ScheduleD/EquipmentGrp/BookValueAmt0116253
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0544404
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0660657
IRS990ScheduleD/ExpensesSubtotalAmt04228044
IRS990ScheduleD/LandGrp/BookValueAmt0461632
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IRS990ScheduleD/TotalBookValueLandBuildingsAmt01249457
IRS990ScheduleD/TotalExpensesPerForm990Amt04228044
IRS990ScheduleD/TotalLiabilityAmt071501803
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IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt04228044
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0N/A
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL DEPOSITORS ARE CONSIDERED MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE CREDIT UNION MEMBERS ELECT ON AN ANNUAL BASIS THE MEMBERS OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ANY PROPOSED MERGERS MUST BE APPROVED BY A MAJORITY OF THE MEMBERSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4NO REVIEW WAS OR WILL BE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE SECURITY MATRIX ON THE DATA PROCESSING SYSTEM PROHIBITS EMPLOYEES AND DIRECTORS FROM INITIATING TRANSACTIONS ON ALL ACCOUNTS LISTED ON THEIR CONFLICT OF INTEREST DISCLOSURE STATEMENT, WHICH IS UPDATED ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE PROCESS FOR DETERMINING COMPENSATION FOR THE CEO INCLUDES A COMPARISON OF COMPENSATION FOR SIMILARLY QUALIFIED PERSONS IN COMPARABLE POSITIONS, REVIEW AND APPROVAL BY THE BOARD OF DIRECTORS AND IS DOCUMENTED IN THE BOARD MINUTES. THE LAST REVIEW WAS CONDUCTED IN DECEMBER 2019.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE MONTHLY FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY AND ARE UPDATED ON A MONTHLY BASIS. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8NET CHANGE IN INVESTMENT VALUATION RESERVE 83,158
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PART XI, LINE 9
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsEOYAmt079791069
IRS990/TotalAssetsGrp/BOYAmt076769620
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IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt024
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt04228044
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt069963092
IRS990/TotalLiabilitiesEOYAmt072666588
IRS990/TotalLiabilitiesGrp/BOYAmt069963092
IRS990/TotalLiabilitiesGrp/EOYAmt072666588
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IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt07124481
IRS990/TotalProgramServiceRevenueAmt03618089
IRS990/TotalReportableCompFromOrgAmt0112100
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04462839
IRS990/TotalVolunteersCnt010
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt079791069
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02051 WESTOWN PARKWAY
IRS990/USAddress/CityNm0DES MOINES
IRS990/USAddress/StateAbbreviationCd0IA
IRS990/USAddress/ZIPCd050265
IRS990/VotingMembersGoverningBodyCnt010
IRS990/VotingMembersIndependentCnt010
IRS990/WebsiteAddressTxt0WWW.GOFIRSTCLASS.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02020-09-22 18:59:49Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0KATHLEEN SUKUP
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE VICE PRES
ReturnHeader/BusinessOfficerGrp/PhoneNum05152244300
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-04-18
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FIRST CLASS COMMUNITY CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0FIRS
ReturnHeader/Filer/EIN0420214790
ReturnHeader/Filer/PhoneNum05152244300
ReturnHeader/Filer/USAddress/AddressLine1Txt02051 WESTOWN PARKWAY
ReturnHeader/Filer/USAddress/CityNm0WEST DES MOINES
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ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt070.184.213.184
ReturnHeader/FilingSecurityInformation/IPDt02020-04-23
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm007:27:52
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0470749138
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0PETERSEN & ASSOCIATES
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0506 E GOLD COAST RD STE 100
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0PAPILLION
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0680464790
ReturnHeader/PreparerPersonGrp/PhoneNum04023332800
ReturnHeader/PreparerPersonGrp/PreparationDt02020-04-22
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN O PETERSEN
ReturnHeader/ReturnTs02020-04-23T07:27:52-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-01-01
ReturnHeader/TaxPeriodEndDt02019-12-31
ReturnHeader/TaxYr02019

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$79,791,069
Liabilities
$72,666,588
Net assets
$7,124,481
Revenue
$4,462,839
Expenses
$4,228,044
Net income
$234,795
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$94.4$87.1$7.32$4.80$4.41$0.39
2023Detailed filing. Detailed filing data is available for this year.$93.4$87.2$6.12$4.76$4.23$0.53
2022Detailed filing. Detailed filing data is available for this year.$99.4$94.8$4.56$4.39$4.03$0.36
2021Detailed filing. Detailed filing data is available for this year.$100$93.5$6.90$4.09$3.98$0.11
2020Detailed filing. Detailed filing data is available for this year.$93.1$85.8$7.27$4.25$4.13$0.11
2019Detailed filing. Detailed filing data is available for this year.$79.8$72.7$7.12$4.46$4.23$0.23
2018Detailed filing. Detailed filing data is available for this year.$76.8$70.0$6.81$4.08$3.77$0.31
2017Detailed filing. Detailed filing data is available for this year.$73.8$67.4$6.36$3.73$3.57$0.17
2016Detailed filing. Detailed filing data is available for this year.$74.4$68.2$6.20$3.59$3.49$0.11
2015Detailed filing. Detailed filing data is available for this year.$70.8$64.5$6.27$3.81$3.74$0.07
2014Detailed filing. Detailed filing data is available for this year.$65.9$59.7$6.20$3.67$3.41$0.26
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$63.5$57.7$5.76$3.34
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$58.0$52.4$5.56$3.43
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$53.6$48.2$5.46$4.40