2024-09-19T15:26:13-05:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 20 EAST THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2023-01-01 866050959 TRUWEST CREDIT UNION TRUW 6026292065 2190 E ELLIOT ROAD 310 TEMPE AZ 85284 MICHAEL WARD SVP CHIEF FINANCIAL OFFICER 6026292065 2024-09-18 1 0 MELISSA HANGSLEBEN P02087031 6022662248 2024-09-18 2023 2024-08-08 14:25:15Z X ALAN ALTHOUSE 2190 E ELLIOT ROAD 310 TEMPE AZ 85284 92658859 0 X WWW.TRUWEST.ORG X 1952 AZ A COOPERATIVE PROVIDING FINANCIAL SOLUTIONS SO MEMBERS CAN ACHIEVE THEIR GOALS. 9 9 310 15 932028 0 0 0 61792162 82076554 9035128 10502528 1414875 79061 72242165 92658143 252304 235268 6734799 19750391 32402387 32897264 0 0 0 20911421 24062418 60300911 76945341 11941254 15712802 1514781756 1810234989 1400355296 1686028127 114426460 124206862 TRUWEST CREDIT UNION IS A COOPERATIVE PROVIDING TRUSTED FINANCIAL SOLUTIONS AND SERVICES, SO MEMBERS CAN ACHIEVE THEIR GOALS. 0 0 THE CREDIT UNION PROVIDES ITS MEMBER-OWNERS LOW COST FINANCIAL SERVICES INCLUDING FINANCIAL PLANNING. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 26844 0 1 310 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X MICHAEL WARD 6026292063 2190 E ELLIOT ROAD 310 TEMPE AZ 85284 FRED FARBOD SVP & CHIEF LENDING OFFICER 40.00 X 988063 0 159957 ALAN ALTHOUSE PRESIDENT & CEO 40.00 X 714301 0 213792 GARY BERNARD EVP CHIEF OPERATIONS OFFICER 40.00 X 617367 0 165373 BRENT CATTANI FINANCIAL ADVISOR II 40.00 X 499850 0 62086 CHRIS KEARNEY SVP & CHIEF INFORMATION OFFICER 40.00 X 392398 0 146351 MICHAEL WARD SVP & CHIEF FINANCIAL OFFICER 40.00 X 322531 0 131392 JENNIFER KIMMELL SVP & CHIEF MARKETING OFFICER 40.00 X 267820 0 143522 ALYSSE MEDINA SVP & CHIEF LEGAL OFFICER 40.00 X 271352 0 119972 KATHERINE SCIASCIA MORTGAGE LOAN ORIGINATOR 40.00 X 289071 0 55324 DARREN KENNON FINANCIAL ADVISOR II 40.00 X 269593 0 58513 NIKKI BADJE SVP & CHIEF HUMAN RESOURCES OFFICER 40.00 X 256369 0 40971 GUY AUSTIN FINANCIAL ADVISOR II 32.00 X 256454 0 35416 KATHLEEN HOFFMAN MORTGAGE LOAN ORIGINATOR 40.00 X 220098 0 40817 RICK O'CONNOR CHAIRMAN 5.00 X X 19200 0 0 DAVE HOLODY DIRECTOR 1.50 X 16225 0 0 SUSANNA DEFRANCO TREASURER 1.50 X X 13500 0 0 THOMAS CUMMISKEY DIRECTOR 1.00 X 12975 0 0 JEFF HOMER DIRECTOR 1.00 X 12975 0 0 SCOTT JOHS SECRETARY 1.00 X X 12525 0 0 MIKE MOULTON VICE CHAIRMAN 5.00 X X 12150 0 0 MIKE VASKO DIRECTOR 1.00 X 10275 0 0 TIM NIESZ DIRECTOR 1.00 X 9450 0 0 5484542 0 1373486 63 0 1 0 NCR CORPORATION 864 SPRING ST NW ATLANTA GA 30308 ONLINE BANKING & ATM MAINTENANCE 2634487 VISA USA INC PO BOX 742233 LOS ANGELES CA 90074 CREDIT & DEBIT CARD SERVICES 2560252 FISERV PO BOX 208457 DALLAS TX 75320 CORE PROCESSING SYSTEM 1078699 HUBBARD BROADCASTING INC PO BOX 511553 LOS ANGELES CA 90051 DIGITAL ADVERTISING 960027 AMPLIFI LOYALTY SOLUTIONS LLC 1620 BOND ST NAPERVILLE IL 60563 CARD REWARD SERVICING 737446 39 LOAN INTEREST INCOME 522100 68191753 68191753 INTERCHANGE INCOME 522100 5790501 5790501 FEES AND CHARGES 522100 4611229 4464888 146341 WEALTH MANAGEMENT COMMISSIONS 522100 3125085 2339398 785687 GAIN ON SALE OF LOANS HELD FOR SA 522100 239549 239549 118437 118437 82076554 10502137 10502137 66542 66542 1107 716 391 391 391 MISCELLANEOUS INCOME 522100 12519 12519 12519 92658143 81144526 932028 10581589 212768 22500 19750391 5070806 21023515 1318576 3715278 1769089 628107 200295 5720846 1853535 635299 5141152 2282918 99688 321861 1987178 1163835 39475 ACCOUNT PROCESSING 1213922 OTHER STAFF EXPENSES 1171769 ATM SERVICE COSTS 981767 ASSOCIATION DUES 247839 372932 76945341 22907108 19868407 67714951 86754494 295655 391939 1156876530 1303004760 5702691 6132601 33287596 19872730 11650655 13414866 202686217 323135744 12288788 13390572 34659161 44141606 1514781756 1810234989 13806365 14416372 199647285 1386548931 1471964470 1400355296 1686028127 X 0 0 0 0 114426460 124206862 114426460 124206862 1514781756 1810234989 X 15712802 7341172 -13273572 X 0 1 X 1 0 5587184 5587184 12647935 8065025 4582910 14603861 11807705 2796156 448616 448616 13414866 MEMBER DEPOSIT ACCOUNTS 1458619869 DEFERRED COMPENSATION LIABILITY 1955114 LEASE LIABILITY 11389487 1471964470 X 92658143 0 92658143 0 92658143 84524856 7579515 7579515 76945341 0 76945341 PART X, LINE 2: THE CREDIT UNION PAYS MOST TAXES, EXCEPT FOR FEDERAL AND STATE INCOME TAXES AS THEY ARE EXEMPT, UNDER INTERNAL REVENUE CODE 501(C)(14). THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES THEY HAVE DEEMED TAXABLE. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023 AND 2022. THE CREDIT UNION'S 2020 THROUGH 2022 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XII, LINE 2D - OTHER ADJUSTMENTS: CREDIT FOR LOAN LOSSES MOVED FROM EXPENSES TO PART XI OF THE FORM 990 7,579,515. 1 GOWEST FOUNDATION 18000 INTERNATIONAL BLVD SUITE 1102 SEATAC WA 98188 911649328 501(C)(3) 7000 0 N/A N/A OPERATIONAL SUPPORT ALASKA USA FOUNDATION PO BOX 196613 ANCHORAGE AK 995196613 200286383 501(C)(3) 10000 0 N/A N/A OPERATIONAL SUPPORT DELL CHILDREN'S MEDICAL CENTER FOUNDATION 4900 MUELLER BLVD AUSTIN TX 78723 200468031 501(C)(3) 10062 0 N/A N/A OPERATIONAL SUPPORT MARBRIDGE FOUNDATION 2310 BLISS SPILLAR RD MANCHACA TX 78652 741183095 501(C)(3) 10100 0 N/A N/A OPERATIONAL SUPPORT MARICOPA COMMUNITY COLLEGES FOUNDATION 2419 W 14TH ST TEMPE AZ 852816942 860327449 501(C)(3) 40000 0 N/A N/A OPERATIONAL SUPPORT AMERICAN LUNG ASSOCIATION 102 W MCDOWELL RD PHOENIX AZ 85003 860111676 501(C)(3) 60259 0 N/A N/A OPERATIONAL SUPPORT PHOENIX CHILDREN'S HOSPITAL 2929 E CAMELBACK ROAD SUITE 122 PHOENIX AZ 850164425 860422559 501(C)(3) 65347 0 N/A N/A OPERATIONAL SUPPORT 7 0 SCHOLARSHIPS 8 22500 N/A N/A PART I, LINE 2: THE CREDIT UNION DONATES TO REPUTABLE 501(C)(3) ORGANIZATIONS. THE CHECKS ARE ISSUED DIRECTLY TO THE ORGANIZATIONS AND TO THE INDIVIDUAL'S SCHOOL IN THE UNITED STATES. X 1 1 X X X X 0 1 0 FRED FARBOD SVP & CHIEF LENDING OFFICER 299993 0 60450 0 627620 0 129354 0 30603 0 1148020 0 609000 0 ALAN ALTHOUSE PRESIDENT & CEO 556132 0 107350 0 50819 0 190652 0 23140 0 928093 0 0 0 GARY BERNARD EVP CHIEF OPERATIONS OFFICER 352594 0 70450 0 194323 0 133483 0 31890 0 782740 0 190000 0 BRENT CATTANI FINANCIAL ADVISOR II 35104 0 464547 0 199 0 22100 0 39986 0 561936 0 0 0 CHRIS KEARNEY SVP & CHIEF INFORMATION OFFICER 322220 0 61850 0 8328 0 105649 0 40702 0 538749 0 0 0 MICHAEL WARD SVP & CHIEF FINANCIAL OFFICER 267880 0 52650 0 2001 0 105252 0 26140 0 453923 0 0 0 JENNIFER KIMMELL SVP & CHIEF MARKETING OFFICER 214196 0 44550 0 9074 0 102872 0 40650 0 411342 0 0 0 ALYSSE MEDINA SVP & CHIEF LEGAL OFFICER 220962 0 44350 0 6040 0 96871 0 23101 0 391324 0 0 0 KATHERINE SCIASCIA MORTGAGE LOAN ORIGINATOR 20630 0 259547 0 8894 0 19603 0 35721 0 344395 0 0 0 DARREN KENNON FINANCIAL ADVISOR II 36361 0 229444 0 3788 0 20934 0 37579 0 328106 0 0 0 NIKKI BADJE SVP & CHIEF HUMAN RESOURCES OFFICER 210293 0 42650 0 3426 0 15368 0 25603 0 297340 0 0 0 GUY AUSTIN FINANCIAL ADVISOR II 29668 0 224265 0 2521 0 18351 0 17065 0 291870 0 0 0 KATHLEEN HOFFMAN MORTGAGE LOAN ORIGINATOR 15233 0 204031 0 834 0 17450 0 23367 0 260915 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS IS APPROVED FOR BOARD AND SENIOR LEADERSHIP OFFICIALS AND IS INCLUDED AS A TAXABLE BENEFIT. PART I, LINE 4B DEFERRED COMPENSATION PLAN [SECTION 457(F)] - THE CREDIT UNION HAS A NONQUALIFIED DEFERRED COMPENSATION PLAN FOR MEMBERS OF EXECUTIVE MANAGEMENT. THE FOLLOWING EMPLOYEES RECEIVED CONTRIBUTIONS TO THE PLAN DURING CALENDAR 2023. ALAN ALTHOUSE, PRESIDENT & CEO - $167,027 GARY BERNARD, EVP CHIEF OPERATING OFFICER - $108,333 FRED FARBOD, SVP & CHIEF LENDING OFFICER - $105,729 CHRIS KEARNEY, SVP & CHIEF INFORMATION OFFICER - $85,074 MICHAEL WARD, SVP & CHIEF FINANCIAL OFFICER - $86,292 JENNIFER KIMMELL, SVP & CHIEF MARKETING OFFICER - $82,901 ALYSSE MEDINA, SVP & CHIEF LEGAL OFFICER - $79,542 THE FOLLOWING EMPLOYEES HAD A DISTRIBUTION FROM THE 457(F) PLAN DURING 2023: GARY BERNARD - $190,000 FRED FARBOD - $609,000 FORM 990, PART VI, SECTION A, LINE 1A THE CREDIT UNION HAS AN EXECUTIVE COMMITTEE THAT HAS BEEN GIVEN AUTHORITY TO MAKE VARIOUS DECISION ON BEHALF OF THE GOVERNING BODY, SUCH AS COMPENSATION AND 457F PLAN CONTRIBUTION AND DISTRIBUTIONS. FORM 990, PART VI, SECTION A, LINE 6 PARTICIPATION IN THIS CREDIT UNION IS LIMITED TO THOSE WHO QUALIFY FOR MEMBERSHIP AS DEFINED IN THE CREDIT UNION'S CHARTER AND BYLAWS. THIS GENERALLY CONSISTS OF THOSE WHO LIVE, ATTEND SCHOOL, OR WORK IN MARICOPA, PINAL, YAVAPAI, AND PIMA COUNTIES IN ARIZONA, THOSE WHO LIVE OR WORK IN TRAVIS AND WILLIAMSON COUNTIES IN TEXAS, AND THOSE WHO ARE MEMBERS OF AN APPROVED COMMON BOND INTEREST GROUP. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, THE SPOUSE OF A MEMBER, THE BLOOD OR ADOPTIVE RELATIVES OF EITHER OF THEM AND THEIR SPOUSES MAY BE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE CREDIT UNION ELECT THE GOVERNING BODY OF THE INSTITUTION. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN DECISIONS SUCH AS MERGERS AND CONVERSIONS TO A DIFFERENT CHARTER TYPE REQUIRE MEMBERSHIP APPROVAL. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. ONCE THE DRAFT IS AVAILABLE, IT IS REVIEWED BY MANAGEMENT AND ANY CHANGES INCORPORATED INTO THE FILING. ONCE THIS DETAILED REVIEW IS COMPLETE, THE DRAFT OF THE FORM 990 IS PRESENTED TO THE EXECUTIVE COMMITTEE FOR THEIR REVIEW AND COMMENTS PRIOR TO FILING WITH THE IRS. THE BOARD IS THEN GIVEN A COPY OF THE RETURN FOR THEIR REVIEW PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION REGULARLY MONITORS AND REVIEWS ACTIVITY OF THE ENTITY FOR POTENTIAL CONFLICTS. FOR EXAMPLE, ALL LOANS TO MEMBERS OF THE BOARD OF DIRECTORS ARE UNDERWRITTEN BY STAFF USING STANDARD UNDERWRITING GUIDELINES FOR ALL MEMBERS, WITH THE SAME RATES AND TERMS AVAILABLE TO ALL MEMBERS, AND THEN REPORTED TO AND RATIFIED BY THE FULL BOARD OF DIRECTORS. THIS PROCESS WAS LAST COMPLETED DURING 2023. FORM 990, PART VI, SECTION B, LINE 15 HRN PERFORMANCE SOLUTIONS IS A THIRD PARTY COMPANY THAT SPECIALIZES IN COMPENSATION. HRN GATHERS DATA FROM 700 CREDIT UNIONS ACROSS THE UNITED STATES AND DEVELOPS THE CREDIT UNIONS SALARY RANGES BASED ON COMPARABLE ASSET SIZE AND GEOGRAPHICAL LOCATION. THE CREDIT UNION ALSO UTILIZES CUES SALARY SURVEY AND CUNA EXECUTIVE COMPENSATION SURVEY TO REVIEW THE CEO'S COMPENSATION. THE CEO'S COMPENSATION IS REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE. ONCE A DECISION IS MADE, THE CHAIRMAN OF THE BOARD EMAILS THE SENIOR VICE PRESIDENT OF HUMAN RESOURCES WITH THE DECISION. ADDITIONALLY, EVERY JUNE, HRN'S COMPENSATION ANALYSTS REVIEW EACH SENIOR LEADERS JOB DESCRIPTION TO ENSURE THEIR ROLES ARE GRADED PROPERLY COMPARED TO THE MARKET. IF ADDITIONAL INCREASES NEED TO OCCUR, THE CEO MAY BUDGET FOR ADDITIONAL INCREASES. EACH SENIOR LEADER RECEIVES AN ANNUAL MERIT INCREASE BASED ON THE PREVIOUS YEAR-END PERFORMANCE REVIEW. ALL INCREASES ARE ADDED TO THE FINAL BUDGET AND REVIEWED AND APPROVED BY THE BOARD. THESE PROCESSES WERE LAST COMPLETED DURING 2023. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S MONTHLY FINANCIAL STATEMENTS ARE DISPLAYED AT ALL THE BRANCH LOCATIONS. THE AUDITED FINANCIALS, GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN MEMBERSHIP SHARES 4,165. PROVISION FOR CREDIT LOSSES -7,579,515. CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE -5,698,222.