2024-11-06T11:18:20-06:00 2023-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2023-01-01 330358683 AMERICAN FIRST CREDIT UNION AMER 8002901112 6 POINTE DRIVE 400 BREA CA 928219322 JON SHIGEMATSU PRESIDENT/CEO 8002901112 2024-10-31 1 0 VALENTINO CREUS CPA P01054153 8189549700 2023 2024-10-15 13:58:12Z JON SHIGEMATSU 6 POINTE DRIVE 400 BREA CA 928219322 50130393 0 X WWW.AMERFIRST.ORG X CREDIT UNION 1989 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 7 7 158 12 528462 0 0 0 35638915 45801583 1759770 4328810 963321 0 38362006 50130393 42375 31862 0 0 13404442 14364018 0 0 0 18373160 32924256 31819977 47320136 6542029 2810257 978621575 1000374146 892280126 909593495 86341449 90780651 X A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT ANDSAVINGS AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR THEM AT RATES OF INTEREST SET BY THE BOARD OF DIRECTORS, AND PROVIDING AN OPPORTUNITY FOR THEM TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, AMERICAN FIRST CREDIT UNION CONDUCTSITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITSMEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. 0 0 ACHIEVEMENT OF MEMBER SATISFACTION IN CONNECTION WITH SERVICES PERTAINING TO CHECKING/SAVINGS ACCOUNTS, ATTRACTIVE CD RATES, IRA AND SIMILAR ACCOUNTS. ACHIEVEMENT OF SATISFACTORY SERVICES PROVIDED TO MEMBERS IN CONNECTION WITH CONSUMER AND REAL ESTATE LOANS, I.E., AUTO LOANS, MASTERCARD, 1ST MORTGAGE, PERSONAL LINES OF CREDIT, 2ND MORTGAGE, HOME EQUITY LINES OF CREDIT, AND COMMERCIAL REAL ESTATE. ACHIEVEMENT OF SATISFACTORY SERVICES PROVIDED TO MEMBERS IN CONNECTION WITH OUR LONG TERM COMMITMENT TO HELP OUR MEMBERS REACH THEIR FINANCIAL GOALS. THE ORGANIZATION HAS ALSO CREATED A PRIZE LINKED SAVINGS ACCOUNT IN WHICH IT PAYS INTEREST LIKE A SAVINGS ACCOUNT AND MEMBERS WHO MEET MINIMUM QUALIFICATIONS ARE ENTERED INTO 3 DRAWINGS. MONTHLY - $1,000 PRIZE, QUARTERLY - $10,000 PRIZE AND ANNUALLY - $50,000 PRIZE. 0 0 1 0 0 0 0 0 0 1 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 12954 0 1 158 1 1 1 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X X FRANK BORAWSKI CFO 8002901112 6 POINTE DRIVE SUITE 400 BREA CA 928219322 TOM COOK CHAIRMAN 1.00 X 0 0 0 ROGER VANDER WENDE VICE CHAIRPERSON 1.00 X 0 0 0 JASON PHILIBERT BOARD TREASURER 1.00 X 298 0 0 AMANDA SECOLA BOARD SECRETARY 1.00 X 0 0 0 ERIC LEDESMA DIRECTOR 1.00 X 0 0 0 PATTI MALOTT DIRECTOR 1.00 X 0 0 0 DONNA BROOKS DIRECTOR 1.00 X 0 0 0 GIZI CLEMMER SUPV CMTE CHAIRPERSON 1.00 X 0 0 0 DAVID WEED SUPV CMTE VICE CHAIRPERSON 1.00 X 0 0 0 ROBERT WARKENTON SUPV CMTE MEMBER 1.00 X 0 0 0 CARI MEDINA SUPV CMTE MEMBER 1.00 X 0 0 0 JAMES HABBEN SUPV CMTE MEMBER 1.00 X 0 0 0 JON SHIGEMATSU CEO/PRESIDENT 40.00 X 569230 0 53857 FRANK BORAWSKI CFO 40.00 X 267370 0 10260 THERESA DAVY COO 40.00 X 316769 0 31680 ROBERT FARRINGTON SR VP COMMERCIAL REAL ESTA 40.00 X 290356 0 49293 PAUL WELCH SVP OF RISK MANAGEMENT 40.00 X 255314 0 8809 VICTOR GALLEGO COMMERCIAL RE LOAN OFFICER 40.00 X 253933 0 45390 MICHAEL WILLIAMS VP OF CONSUMER LENDING 40.00 X 204390 0 26505 DWIGHT MCDANIEL BUSINESS DEVELOPMENT 40.00 X 197117 0 16017 CARLOS RAMIREZ AVP REAL ESTATE 40.00 X 197026 0 42248 MICHAEL PEPIN VP DELIVERY & TECHNOLOGY 40.00 X 165404 0 15161 2717207 0 299220 28 0 1 0 FISERV INC PO BOX 208457 DALLAS TX 753208457 CORE SYSTEM MAINTENANCE 2404660 ICI CONSULTING 739 PINTA DRIVE SAINT PETERSBURG FL 33715 LENDING ADVISORS 1898920 MASTERCARD 2000 PURCHASE STREET PURCHASE NY 10577 PAYMENT PROCESSOR 638679 BUSINESS DATA INC 321 N OAK ST INGLEWOOD CA 90302 FINANCIAL DOCUMENTS DELIVERY 333615 FINANCIAL TECHNOLOGY SOLUTIONS INTL 406 E HUNTINGTON DR SUITE 100 MONROVIA CA 91016 DATA TRANSFORMATION 280950 27 INTEREST ON LOANS 522100 35440495 35440495 OTHER OPERATING INCOME 522100 7825445 7754218 71227 FEE INCOME 522100 2535643 2078408 457235 45801583 4328810 4328810 50130393 49601931 528462 0 X 31862 2717207 8705835 458608 1597096 885272 123591 334775 5419566 674861 1584218 1294148 1453649 299627 15439901 553506 LOAN SERVICING EXPENSE 2485652 PROVISION FOR CREDIT LO 2028777 OTHER NON-INTEREST 697202 MISC. OPERATING EXPENSE 412849 121934 47320136 1772698 1540579 30804480 34368768 247314 685561 839186 7196894 5155510 2327081 2041384 87612541 81378497 804660952 828102413 50758262 51856005 978621575 1000374146 11755521 14662894 880524605 894930601 892280126 909593495 X 0 0 0 0 86341449 90780651 86341449 90780651 978621575 1000374146 X 2810257 2601222 -972277 X X 0 1 X 1 0 4527 4527 4527 1 CCUL - PAC 2855 E GUASTI ROAD ONTARIO CA 91761 940357265 4527 PART I-A, LINE 1: CONTRIBUTION TO CALIFORNIA CREDIT UNION LEAGUE TO PROMOTE TRADE INFORMATION PERTAINING TO CREDIT UNIONS. 2791051 1552949 1238102 4405843 3602561 803282 2041384 ALL OTHER INVESTMENTS 6946553 F LOANS AND LEASES 810069409 F LOANS HELD FOR SALE 2999752 F NCUA SHARE INSURANCE CAP DEPOSITS 7486699 C MEMBERSHIP CAPITAL AT CORP. CUS 600000 C 828102413 ACCRUED INTEREST ON LOANS 2185249 FORECLOSED ASSETS 545879 ACCRUED INTEREST ON INVESTMENTS 543179 ALL OTHER ASSETS 46114460 FIXED ASSETS HELD FOR SALE 2467238 51856005 MEMBER SHARE DEPOSITS 854930601 DRAWS AGAINST LINE OF CREDIT 40000000 894930601 X PART X, LINE 2: ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE FINANCIAL STATEMENTS. THIS REQUIRES THE EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE CREDIT UNION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE LIKELY THAN NOT" OF BEING SUSTAINED "WHEN CHALLENGED OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS DEEMED TO NOT MEET THE MORE-LIKELY-THAN-NOT THRESHOLD SHOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEAR ENDED DECEMBER 31, 2023 AND 2022, THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS AND, ACCORDINGLY, HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. THE CREDIT UNION IS SUBJECT TO AND PAYS ALL STATE AND CITY TAXES ON GOODS AND SERVICES PURCHASED BY THE CREDIT UNION. X 1 1 X X 0 1 0 JON SHIGEMATSU CEO/PRESIDENT 480065 0 68188 0 20977 0 14850 0 39007 0 623087 0 0 0 FRANK BORAWSKI CFO 253150 0 14000 0 220 0 10260 0 0 0 277630 0 0 0 THERESA DAVY COO 268198 0 40000 0 8571 0 12982 0 18698 0 348449 0 0 0 ROBERT FARRINGTON SR VP COMMERCIAL REAL ESTA 250136 0 40000 0 220 0 11707 0 37586 0 339649 0 0 0 PAUL WELCH SVP OF RISK MANAGEMENT 198521 0 40000 0 16793 0 7952 0 857 0 264123 0 0 0 VICTOR GALLEGO COMMERCIAL RE LOAN OFFICER 68566 0 183865 0 1502 0 10465 0 34925 0 299323 0 0 0 MICHAEL WILLIAMS VP OF CONSUMER LENDING 168706 0 22000 0 13684 0 9283 0 17222 0 230895 0 0 0 DWIGHT MCDANIEL BUSINESS DEVELOPMENT 53877 0 143216 0 24 0 8486 0 7531 0 213134 0 0 0 CARLOS RAMIREZ AVP REAL ESTATE 190692 0 6000 0 334 0 8010 0 34238 0 239274 0 0 0 MICHAEL PEPIN VP DELIVERY & TECHNOLOGY 147260 0 3000 0 15144 0 7422 0 7739 0 180565 0 0 0 PART I, LINE 4B THE CREDIT UNION ESTABLISHED A NONQUALIFIED DEFERRED COMPENSATION PLAN FOR CERTAIN EXECUTIVE/SENIOR MANAGEMENT EMPLOYEES UNDER INTERNAL REVENUE CODE (IRC) SECTION 457(F). MICHAEL PEPIN HCE MORTGAGE X 301500 247314 0 1 1 247314 FORM 990, PART VI, SECTION A, LINE 6 AMERICAN FIRST CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION THAT IS OWNED AND CONTROLLED BY ITS MEMBERS, AND OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS TO ITS MEMBERS. AMERICAN FIRST CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF AMERICAN FIRST CREDIT UNION IS COMPRISED OF VOLUNTEER MEMBERS WHO ARE DIRECTLY ELECTED BY ITS MEMBERS. EACH MEMBER OF THE GOVERNING BOARD SERVES FOR A PERIOD AS PRESCRIBED BY OUR BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7B AT THE END OF EACH TERM OF THE BOARD MEMBERS, ELECTIONS ARE HELD AND BOARD MEMBERS ARE VOTED BY THE MEMBERS OF THE CREDIT UNION PURSUANT TO ITS BY-LAWS. MEMBER VOTES ARE ALSO REQUIRED TO RATIFY DECISIONS DEALING WITH REORGANIZATIONS AS IN THE CASE OF MERGER OR DISSOLUTION. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS PROVIDED TO THE BOD WHO RECOMMENDS CHANGES WHEN NECESSARY. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION CONFLICT OF INTEREST AND ETHICS POLICY IS MONITORED ON A REGULAR BASIS. COMPLIANCE IS MONITORED THROUGH THIRD PARTY AUDITS, THE INTERNAL AUDIT STAFF AND COMPLIANCE DEPARTMENTS. RELATED PARTY TRANSACTIONS ARE REPORTED TO THE GOVERNING BODY FOR REVIEW AND APPROPRIATENESS. FORM 990, PART VI, SECTION B, LINE 15 THE CEO COMPENSATION IS DETERMINED BY THE ORGANIZATION'S GOVERNING BODY. THE BOARD REVIEWS THE CEO'S ACCOMPLISHMENTS, CREDIT UNION FINANCIAL POSITION, OTHER EXECUTIVE SALARIES AND INDUSTRY COMPENSATION SURVEYS FOR RANGES IN LIKE POSITIONS WITHIN THE INDUSTRY IN DETERMINING THE APPROPRIATE SALARY. THE SALARY AND COMPENSATION OF OTHER OFFICERS OF THE ORGANIZATION ARE DETERMINED BY THE CEO AND CHIEF OPERATING OFFICER. COMPENSATION LEVELS ARE DETERMINED THROUGH THE USE OF THIRD PARTY VENDORS THAT SUPPLY INDUSTRY COMPENSATION INFORMATION FOR LIKE ORGANIZATIONS BY ASSET SIZE AND REGIONAL COMPENSATION TRENDS. MINIMUM AND MAXIMUM COMPENSATION RANGES ARE ESTABLISHED FOR EACH POSITION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATIONS CONFLICT OF INTEREST POLICY IS AVAILABLE UPON REQUEST TO MEMBERS OF THE ORGANIZATION. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES 5,419,566. FORM 990, PART XI, LINE 9: CECL TRANSITIONAL AMOUNT (AS DETERMINED UNDER 702.703(B)) -972,277. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.