FIRST CREDIT UNION: Form 990, tax year 2023
View the entire original 990 at ProPublica ↗
- Organization
- FIRST CREDIT UNION (EIN 86-0100904)
- Tax period
- 2023-01-01 to 2023-12-31
- Filed
- 2024-11-06
- IRS object ID
- 202413119349302396
- Schema version
- 2023v5.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-11-06T16:59:20-06:00 | ReturnTs |
| Tax Period End | 2023-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 410746749 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CLIFTONLARSONALLEN LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 20 EAST THOMAS ROAD SUITE 2300 | AddressLine1Txt |
| City | PHOENIX | CityNm |
| State Abbreviation | AZ | StateAbbreviationCd |
| ZIP | 85012 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2023-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 860100904 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | FIRST CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | FIRS | BusinessNameControlTxt |
| Phone | 4807565500 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 25 SOUTH ARIZONA PLACE 111 | AddressLine1Txt |
| City | CHANDLER | CityNm |
| State Abbreviation | AZ | StateAbbreviationCd |
| ZIP | 85225 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | JAY CURTIS | PersonNm |
| Person Title | PRESIDENT & CEO | PersonTitleTxt |
| Phone | 4807565500 | PhoneNum |
| Signature | 2024-10-25 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | Yes (1) | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | MELISSA HANGSLEBEN | PreparerPersonNm |
| PTIN | P02087031 | PTIN |
| Phone | 6022662248 | PhoneNum |
| Preparation | 2024-10-24 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2024-10-15 13:58:12Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | JAY CURTIS | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 25 SOUTH ARIZONA PLACE 111 | AddressLine1Txt |
| City | CHANDLER | CityNm |
| State Abbreviation | AZ | StateAbbreviationCd |
| ZIP | 85225 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $39,477,423 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.FIRSTCU.ORG | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1929 | FormationYr |
| Legal Domicile State | AZ | LegalDomicileStateCd |
| Activity Or Mission | NON-PROFIT COOPERATIVE THAT PROVIDES BANKING AND OTHER FINANCIAL SERVICES TO ITS MEMBERS. | ActivityOrMissionDesc |
| Voting Members Governing Body | 7 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 6 | VotingMembersIndependentCnt |
| Total Employee | 183 | TotalEmployeeCnt |
| Total Volunteers | 10 | TotalVolunteersCnt |
| Total Gross UBI | $482,893 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $971,886 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $24,739,055 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $30,109,586 | CYProgramServiceRevenueAmt |
| PY Investment Income | $4,615,857 | PYInvestmentIncomeAmt |
| CY Investment Income | $8,143,503 | CYInvestmentIncomeAmt |
| PY Other Revenue | $1,255,831 | PYOtherRevenueAmt |
| CY Other Revenue | $57,089 | CYOtherRevenueAmt |
| PY Total Revenue | $30,610,743 | PYTotalRevenueAmt |
| CY Total Revenue | $39,282,064 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $50,400 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $69,203 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $727,850 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $3,255,502 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $11,901,764 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $13,135,327 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $13,155,397 | PYOtherExpensesAmt |
| CY Other Expenses | $18,837,532 | CYOtherExpensesAmt |
| PY Total Expenses | $25,835,411 | PYTotalExpensesAmt |
| CY Total Expenses | $35,297,564 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $4,775,332 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $3,984,500 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $711,017,037 | TotalAssetsBOYAmt |
| Total Assets EOY | $703,838,970 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $669,443,228 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $658,111,321 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $41,573,809 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $45,727,649 | NetAssetsOrFundBalancesEOYAmt |
| Mission | NON-PROFIT COOPERATIVE THAT PROVIDES BANKING AND OTHER FINANCIAL SERVICES TO ITS MEMBERS. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | FIRST CREDIT UNION WORKED TO GIVE BACK TO THE COMMUNITIES IT SERVES THROUGH LOWER FEES, BETTER RATES, BY IMPROVING ITS TECHNOLOGY PLATFORMS, BY PROVIDING FINANCIAL EDUCATION TO STUDENTS IN LOCAL SCHOOLS, BY WORKING WITH OUR MEMBERS TO RAISE MONEY AND SUPPLIES TO CHARITABLE CAUSES, AND BY WORKING TO IMPROVE OUR FINANCIAL SERVICES OFFERINGS TO OUR MEMBERS. | Desc |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | Yes (1) | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | 0 | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | Yes (1) | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | Yes (1) | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 9823 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 183 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 7 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 6 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | Yes (1) | LocalChaptersInd |
| Policies Reference Chapters | Yes (1) | PoliciesReferenceChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | DOUGLAS ALLDREDGE | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 4807565500 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 25 SOUTH ARIZONA PLACE 111 | AddressLine1Txt |
| City | CHANDLER | CityNm |
| State Abbreviation | AZ | StateAbbreviationCd |
| ZIP | 85225 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (17 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Key EmployeeKeyEmployeeInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|
| JAY CURTIS | ||||||||
| PRESIDENT/CEO/BOARD MEMBER | 40.00 | Yes (X) | Yes (X) | $902,183 | $0 | $141,173 | ||
| CARYN HORVITZ-STRAUSS | ||||||||
| BOARD CHAIR | 1.00 | Yes (X) | Yes (X) | $5,577 | $0 | $0 | ||
| RUSS PUCKETT | ||||||||
| VICE CHAIR | 1.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| KENNETH MULLINS | ||||||||
| SECRETARY | 1.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| BEN TAN | ||||||||
| TREASURER | 1.00 | Yes (X) | Yes (X) | $4,436 | $0 | $0 | ||
| WILLIAM JIMRO | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| BARRY SCHLEGEL | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| LORI GALLEGOS | ||||||||
| EVP (THRU 3/31/2023) | 40.00 | Yes (X) | $344,153 | $0 | $60,063 | |||
| DOUGLAS ALLDREDGE | ||||||||
| CFO | 40.00 | Yes (X) | $318,748 | $0 | $98,595 | |||
| THOMAS GESSEL | ||||||||
| CNO | 40.00 | Yes (X) | $314,866 | $0 | $73,591 | |||
| HEIDI KIM | ||||||||
| CXO | 40.00 | Yes (X) | $277,370 | $0 | $76,837 | |||
| BENJAMIN RICKS | ||||||||
| VP/IT | 40.00 | $183,295 | $0 | $38,405 | Yes (X) | |||
| THOMAS WASSON | ||||||||
| CLO (THRU 4/26/2023) | 40.00 | $105,735 | $0 | $66,606 | Yes (X) | |||
| SCOT GILBREATH | ||||||||
| VP/RE LENDING | 40.00 | $177,689 | $0 | $31,231 | Yes (X) | |||
| CHANTEL CAMPBELL | ||||||||
| VP/FINANCE | 40.00 | $139,407 | $0 | $33,435 | Yes (X) | |||
| KRISTIN PARKER | ||||||||
| AVP/LENDING | 40.00 | $128,862 | $0 | $15,909 | Yes (X) | |||
| LISA PETERS | ||||||||
| VP/COMPLIANCE & RISK | 40.00 | $155,229 | $0 | $20,241 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $3,057,550 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $656,086 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 14 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| THE ELEMENT GROUP INC | |||||
| 155 BREWERY LANE STE 1 | PORTSMOUTH | NH | 03801 | CONSTRUCTION SERVICES | $1,079,937 |
| Q2 SOFTWARE INC | |||||
| PO BOX 205970 | DALLAS | TX | 75320 | ONLINE BANKING SERVICES | $867,005 |
| CAL IT GROUP LLC | |||||
| 19671 BEACH BLVD STE 205 | HUNTINGTON BEACH | CA | 92648 | IT TECHNICAL SUPPORT | $631,797 |
| JACK HENRY AND ASSOCIATES INC | |||||
| 663 W HWY 60 | MONETT | MO | 65708 | CORE PROCESSOR SERVICES | $429,586 |
| LENDERS PRO | |||||
| 1600 HORIZON DR STE 120 | CHALFONT | PA | 18914 | INDIRECT LENDING SERVICES | $406,884 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 22 | CntrctRcvdGreaterThan100KCnt |
| Government Grants | $971,886 | GovernmentGrantsAmt |
| Total Contributions | $971,886 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| INTEREST ON LOANS | 522100 | $23,154,909 | $23,154,909 | |
| FEE INCOME | 522100 | $4,146,420 | $3,663,527 | $482,893 |
| INTERCHANGE INCOME | 522100 | $2,808,257 | $2,808,257 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $30,109,586 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $8,271,909 | TotalRevenueColumnAmt |
| Exclusion | $8,271,909 | ExclusionAmt |
Gross Rents GrossRentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $124,042 | RealAmt |
Less Rental Expenses LessRentalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $66,953 | RealAmt |
Rental Income Or Loss RentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $57,089 | RealAmt |
Net Rental Income Or Loss NetRentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $57,089 | TotalRevenueColumnAmt |
| Exclusion | $57,089 | ExclusionAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $128,406 | SecuritiesAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | -$128,406 | SecuritiesAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$128,406 | TotalRevenueColumnAmt |
| Exclusion | -$128,406 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $39,282,064 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $29,626,693 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $482,893 | UnrelatedBusinessRevenueAmt |
| Exclusion | $8,200,592 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $69,203 | TotalAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,255,502 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,839,292 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $7,914,350 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $327,098 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,306,245 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $748,342 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $171,472 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $67,179 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $884,371 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $694,842 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,235,341 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,379,084 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,635,482 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $193,402 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $146,441 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,078,432 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,045,482 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $155,498 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| PROVISION FOR LOAN LOSS | $4,940,258 |
| OTHER OPERATING EXPENSE | $1,746,044 |
| LOAN SERVICING | $1,704,695 |
| VISA DEBIT CARD EXPENSE | $1,054,167 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $705,342 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $35,297,564 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $20,794,067 | BOYAmt |
| EOY | $24,640,776 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $36,011,828 | BOYAmt |
| EOY | $64,113,404 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $152,512 | BOYAmt |
| EOY | $288,291 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $8,846,347 | BOYAmt |
| EOY | $8,934,812 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $411,121,244 | BOYAmt |
| EOY | $396,246,320 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $7,609,525 | BOYAmt |
| EOY | $8,527,938 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $29,836,456 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $18,254,674 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,810,897 | BOYAmt |
| EOY | $11,581,782 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $178,616,171 | BOYAmt |
| EOY | $156,741,919 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $21,592,815 | BOYAmt |
| EOY | $17,070,761 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $15,461,631 | BOYAmt |
| EOY | $15,692,967 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $711,017,037 | BOYAmt |
| EOY | $703,838,970 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $6,304,522 | BOYAmt |
| EOY | $7,747,055 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $20,000,000 | BOYAmt |
| EOY | $45,000,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $643,138,706 | BOYAmt |
| EOY | $605,364,266 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $669,443,228 | BOYAmt |
| EOY | $658,111,321 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $41,573,809 | BOYAmt |
| EOY | $45,727,649 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $41,573,809 | BOYAmt |
| EOY | $45,727,649 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $711,017,037 | BOYAmt |
| EOY | $703,838,970 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $3,984,500 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $2,191,424 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | -$2,022,084 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | 0 | FSAuditedInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule B IRS990ScheduleB
Contributor Information ContributorInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor | RESTRICTED | ContributorNum |
Contributor Business Name ContributorBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor US Address ContributorUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Contributions | RESTRICTED | TotalContributionsAmt |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $2,651,987 | OtherCostOrOtherBasisAmt |
| Book Value | $2,651,987 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $10,934,536 | OtherCostOrOtherBasisAmt |
| Depreciation | $5,840,091 | DepreciationAmt |
| Book Value | $5,094,445 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $3,512,226 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,465,966 | DepreciationAmt |
| Book Value | $2,046,260 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $12,737,707 | OtherCostOrOtherBasisAmt |
| Depreciation | $10,948,617 | DepreciationAmt |
| Book Value | $1,789,090 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $11,581,782 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| MEMBERS SHARES AND SAVINGS ACCOUNTS | $599,825,406 |
| OPERATING LEASE LIABILITY | $5,538,860 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $605,364,266 | TotalLiabilityAmt |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Recipient Table RecipientTable (4 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Recipient EINRecipientEIN | IRC SectionIRCSectionDesc | Cash GrantCashGrantAmt | Non Cash AssistanceNonCashAssistanceAmt | Purpose Of GrantPurposeOfGrantTxt |
|---|---|---|---|---|---|---|---|---|
| DOWNTOWN CHANDLER FARMERS MKT | ||||||||
| 3 S ARIZONA AVE | CHANDLER | AZ | 85225 | 205900834 | 501(C)(3) | $15,000 | $0 | UNRESTRICTED |
| GOWEST FOUNDATION | ||||||||
| 501 NORTH 44TH ST STE 110 | PHOENIX | AZ | 85008 | 911649328 | 501(C)(3) | $7,000 | $0 | 2023 AUCTION |
| ICAN | ||||||||
| 650 E MORELOS ST | CHANDLER | AZ | 85225 | 860761030 | 501(C)(3) | $6,000 | $0 | 2023 DREAMBIG PETER PAN |
| PHOENIX CHILDREN'S HOSPITAL FOUNDATION | ||||||||
| 2929 E CAMELBACK RD SUITE 122 | PHOENIX | AZ | 85016 | 742421549 | 501(C)(3) | $6,603 | $0 | CANCER RESEARCH |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 4 | Total501c3OrgCnt |
| Total Other Org | 0 | TotalOtherOrgCnt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 2: | FormAndLineReferenceDesc |
| Explanation | THE CREDIT UNION MONITORS THE USE OF FUNDS BY ENSURING THE ORGANIZATION IS A 501(C)(3). THE CREDIT UNION ALSO REVIEWS THE ORGANIZATION'S STATED MISSION ALONG WITH PROGRAM OFFERINGS TO ENSURE THE AWARD IS CONSISTENT WITH THEIR MISSION. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | Yes (X) | TravelForCompanionsInd |
| Written Policy Ref T And E Expnss | Yes (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (1) | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Form990 Of Other Organizations | Yes (X) | Form990OfOtherOrganizationsInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | Yes (1) | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (10 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JAY CURTIS | ||||||||||||||
| PRESIDENT/CEO/BOARD MEMBER | $505,455 | $0 | $146,582 | $0 | $250,146 | $0 | $124,313 | $0 | $16,860 | $0 | $1,043,356 | $0 | $200,000 | $0 |
| DOUGLAS ALLDREDGE | ||||||||||||||
| CFO | $245,375 | $0 | $50,000 | $0 | $23,373 | $0 | $72,975 | $0 | $25,620 | $0 | $417,343 | $0 | $0 | $0 |
| LORI GALLEGOS | ||||||||||||||
| EVP (THRU 3/31/2023) | $80,000 | $0 | $35,000 | $0 | $229,153 | $0 | $36,400 | $0 | $23,663 | $0 | $404,216 | $0 | $0 | $0 |
| THOMAS GESSEL | ||||||||||||||
| CNO | $253,275 | $0 | $50,000 | $0 | $11,591 | $0 | $55,342 | $0 | $18,249 | $0 | $388,457 | $0 | $0 | $0 |
| HEIDI KIM | ||||||||||||||
| CXO | $218,750 | $0 | $50,000 | $0 | $8,620 | $0 | $53,619 | $0 | $23,218 | $0 | $354,207 | $0 | $0 | $0 |
| BENJAMIN RICKS | ||||||||||||||
| VP/IT | $163,295 | $0 | $20,000 | $0 | $0 | $0 | $14,807 | $0 | $23,598 | $0 | $221,700 | $0 | $0 | $0 |
| SCOT GILBREATH | ||||||||||||||
| VP/RE LENDING | $167,000 | $0 | $10,000 | $0 | $689 | $0 | $13,856 | $0 | $17,375 | $0 | $208,920 | $0 | $0 | $0 |
| LISA PETERS | ||||||||||||||
| VP/COMPLIANCE & RISK | $128,042 | $0 | $17,977 | $0 | $9,210 | $0 | $11,637 | $0 | $8,604 | $0 | $175,470 | $0 | $0 | $0 |
| CHANTEL CAMPBELL | ||||||||||||||
| VP/FINANCE | $124,918 | $0 | $12,166 | $0 | $2,323 | $0 | $10,716 | $0 | $22,719 | $0 | $172,842 | $0 | $0 | $0 |
| THOMAS WASSON | ||||||||||||||
| CLO (THRU 4/26/2023) | $53,300 | $0 | $0 | $0 | $52,435 | $0 | $57,816 | $0 | $8,790 | $0 | $172,341 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINE 1A | TRAVEL FOR COMPANIONS IS PAID FOR OFFICERS AND KEY EMPLOYEES, WHICH IS INCLUDED IN REPORTABLE COMPENSATION. |
| PART I, LINES 4A-B | THE FOLLOWING INDIVIDUAL RECEIVED A SEVERANCE PAYMENT DURING 2023 - LORI GALLEGOS, EVP - $229,153 SPLIT DOLLAR LIFE INSURANCE: THE CREDIT UNION HAS MADE LOANS FOR LIFE INSURANCE PREMIUM PAYMENTS TO CURRENT MEMBERS OF TOP MANAGEMENT. THE LOANS ARE COLLATERALIZED BY THE ASSIGNMENT OF THE POLICY DEATH BENEFITS AND CASH VALUES OF EACH RESPECTIVE LIFE INSURANCE POLICY. THE POLICIES ARE OWNED BY THE CURRENT EXECUTIVES AND THEY HAVE THE RIGHT TO NAME THE BENEFICIARIES FOR AMOUNTS NOT SECURED BY THE ASSIGNMENTS. THE CREDIT UNION MAINTAINS A 457(F) NON-QUALIFIED DEFERRRED COMPENSATION PLAN FOR A SELECT GROUP OF MANAGEMENT. PARTICIPANTS ARE ELIGIBLE BASED ON APPROVAL BY THE CREDIT UNION'S BOARD OF DIRECTORS. THE CREDIT UNION DID NOT MAKE ANY CONTRIBUTIONS TO THE 457(F) PLAN FOR THE PERIOD ENDED DECEMBER 31, 2023. THERE WAS ONE DISTRIBUTION MADE FROM THE 457(F) PLAN FOR THE PERIOD ENDED DECEMBER 31, 2023: JAY CURTIS: $200,000 |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp (5 entries)
| Relationship With OrgRelationshipWithOrgTxt | Loan PurposeLoanPurposeTxt | Loan From OrganizationLoanFromOrganizationInd | Original PrincipalOriginalPrincipalAmt | Balance DueBalanceDueAmt | DefaultDefaultInd | Board Or Committee ApprovalBoardOrCommitteeApprovalInd | Written AgreementWrittenAgreementInd |
|---|---|---|---|---|---|---|---|
| DOUGLAS ALLDREDGE | |||||||
| CFO | SPLIT DOLLAR LIFE INSURANCE | Yes (X) | $1,614,000 | $1,667,143 | 0 | Yes (1) | Yes (1) |
| THOMAS GESSEL | |||||||
| CNO | SPLIT DOLLAR LIFE INSURANCE | Yes (X) | $1,043,250 | $1,068,046 | 0 | Yes (1) | Yes (1) |
| HEIDI KIM | |||||||
| CXO | SPLIT DOLLAR LIFE INSURANCE | Yes (X) | $1,002,000 | $1,034,992 | 0 | Yes (1) | Yes (1) |
| LORI GALLEGOS | |||||||
| EVP | SPLIT DOLLAR LIFE INSURANCE | Yes (X) | $1,739,000 | $1,796,259 | 0 | Yes (1) | Yes (1) |
| JAY CURTIS | |||||||
| PRESIDENT/CEO/BOARD MEMBER | SPLIT DOLLAR LIFE INSURANCE | Yes (X) | $3,261,000 | $3,368,372 | 0 | Yes (1) | Yes (1) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $8,934,812 | TotalBalanceDueAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART II, LOANS TO AND/OR FROM INTERESTED PERSONS | FormAndLineReferenceDesc |
| Explanation | SPLIT DOLLAR LIFE INSURANCE: THE CREDIT UNION HAS MADE LOANS FOR LIFE INSURANCE PREMIUM PAYMENTS TO CURRENT MEMBERS OF TOP MANAGEMENT. THE LOANS ARE COLLATERALIZED BY THE ASSIGNMENT OF THE POLICY DEATH BENEFITS AND CASH VALUES OF EACH RESPECTIVE LIFE INSURANCE POLICY. THE POLICIES ARE OWNED BY THE CURRENT EXECUTIVES AND THEY HAVE THE RIGHT TO NAME THE BENEFICIARIES FOR AMOUNTS NOT SECURED BY THE ASSIGNMENTS. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (9 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 1A | THE ORGANIZATION HAS AN EXECUTIVE COMMITTEE WHICH CONSISTS OF THE CHAIR, VICE-CHAIR, SECRETARY, AND TREASURER. THEY CAN ACT ON BEHALF OF THE BOARD AS OFFICIAL SIGNERS OF BOARD-APPROVED DOCUMENTS AND IN APPROVING PRESIDENT/CEO ANNUAL SALARY INCREASE AND BONUS STRUCTURE. |
| FORM 990, PART VI, SECTION A, LINE 6 | THE CREDIT UNION IS A COOPERATIVE. AS SUCH, THE MEMBERS ARE THE OWNERS. FIRST CREDIT UNION OFFERS MEMBERSHIP TO PERSONS WHO LIVE, WORK, AND WORSHIP WITHIN A TEN MILE RADIUS OF ANY FIRST CREDIT UNION BRANCH. IN ADDITION, MEMBERSHIP IS AVAILABLE TO EMPLOYEES OF CERTAIN SPECIFIED ENTITIES IN THE FOLLOWING CATEGORIES: FEDERAL GOVERNMENT, MEDICAL CENTERS, MUNICIPALITIES, PRIVATE, PUBLIC, RELIGIOUS, AND CHARITABLE ORGANIZATIONS. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE GOVERNING BODY (BOARD OF DIRECTORS) IS ELECTED BY THE MEMBERS, WHO CAN CAST ONE VOTE EACH. |
| FORM 990, PART VI, SECTION A, LINE 7B | BYLAW CHANGES ARE SUBJECT TO APPROVAL BY MEMBERS. |
| 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 BOARD OF DIRECTORS FOR THEIR REVIEW AND COMMENTS PRIOR TO FILING WITH THE IRS. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE CREDIT UNION HAS A CONFLICT OF INTEREST POLICY FOR THE BOARD, WHICH THEY REVIEW ANNUALLY AND SIGN A DECLARATION AS TO WHETHER THEY HAVE ANY CONFLICTS AND IDENTIFY AS SUCH. FOR EMPLOYEES, THE CREDIT UNION HAS A SECTION IN THE EMPLOYEE HANDBOOK THAT STATES THE POLICY FOR STAFF. A CONFLICT OF INTEREST OCCURS WHEN A DIRECTOR'S PERSONAL INTERESTS INTERFERE OR APPEAR TO INTERFERE WITH THE INTERESTS OF THE CREDIT UNION AS A WHOLE. CONFLICTS OF INTEREST ALSO ARISE WHEN A DIRECTOR OR A MEMBER OF HIS OR HER IMMEDIATE FAMILY OR AN ENTITY WITH WHICH THE DIRECTOR IS AFFILIATED RECEIVES IMPROPER PERSONAL BENEFITS AS A RESULT OF HIS OR HER POSITION. THE MERE APPEARANCE OF A CONFLICT OF INTEREST SHOULD BE AVOIDED AT ANY COST. ANY SITUATION THAT INVOLVES OR MAY REASONABLY BE EXPECTED TO INVOLVE A CONFLICT OF INTEREST WITH THE CREDIT UNION SHALL BE DISCLOSED IMMEDIATELY TO THE BOARD. DISCLOSURE: A DIRECTOR SHALL PROMPTLY DISCLOSE TO THE BOARD ANY KNOWN INTEREST, RELATIONSHIP OR RESPONSIBILITY HELD BY THE DIRECTOR, ANY MEMBER OF HIS OR HER IMMEDIATE FAMILY, OR ANY OF HIS OR HER BUSINESS ASSOCIATES WITH RESPECT TO ANY POTENTIAL OR ACTUAL CONSIDERATION, EVEN IF SUCH INTEREST, RELATIONSHIP OR RESPONSIBILITY HAS OTHERWISE GENERALLY BEEN DISCLOSED TO THE BOARD. ADDITIONALLY, DIRECTORS MUST DISCLOSE INFORMATION REGARDING THEIR FINANCIAL INTERESTS IN ORGANIZATIONS DOING BUSINESS WITH THE CREDIT UNION. BOARD ACTION: IN THE EVENT OF A POTENTIAL CONFLICT, THE BOARD, WITH THE ABSTENTION OF THE INTERESTED DIRECTOR, MAY DECIDE WHETHER OR NOT THAT DIRECTOR MAY PARTICIPATE IN ANY DISCUSSION OR VOTE ON THE ISSUE THAT GAVE RISE TO THE POTENTIAL CONFLICT. RECUSAL: ANY DIRECTOR WITH SUCH AN INTEREST, RELATIONSHIP OR RESPONSIBILITY WHICH CONFLICTS OR POTENTIALLY CONFLICTS WITH THE INTEREST OF THE CREDIT UNION SHALL RECUSE HIMSELF OR HERSELF FROM ANY DISCUSSION AND VOTE ON THE ISSUE THAT GAVE RISE TO THE CONFLICT. |
| FORM 990, PART VI, SECTION B, LINE 15 | THE CEO'S COMPENSATION IS BASED ON A FORMAL REVIEW THAT IS COMPLETED BY ALL BOARD MEMBERS ALONG WITH SELF EVALUATION BY CEO. THERE IS A REVIEW OF INDUSTRY SPECIFIC SALARY SURVEY INFORMATION THAT IS PERFORMED BY INDEPENDENT MEMBERS OF THE EXECUTIVE COMMITTEE WITH THE COMPENSATION DECISION DOCUMENTED IN THE CEO'S FILE AND IS PRESENTED TO THE FULL BOARD. OTHER OFFICER AND KEY EMPLOYEE'S COMPENSATION IS BASED ON A FORMAL REVIEW THAT IS COMPLETED BY THE CEO. THERE IS A REVIEW OF INDUSTRY SPECIFIC SALARY SURVEY INFORMATION AND IS PERFORMED BY THE CEO WITH THE DECISION DOCUMENTED IN THE EMPLOYEE FILE AND PAYROLL SYSTEM. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE CREDIT UNION MAKES THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABE UPON REQUEST. |
| FORM 990, PART XI, LINE 9: | CHANGE IN PENSION PLAN ASSETS 596,432. BAFCU MERGER EQUITY -26,520. CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE -2,591,996. |