2024-11-15T11:39:26-06:00 2023-12-31 390758449 WIPFLI LLP 1502 LONDON ROAD SUITE 200 DULUTH MN 55812 990 2023-01-01 856010733 STATE EMPLOYEES CREDIT UNION STAT 5059837328 813 ST MICHAELS DRIVE SANTA FE NM 87505 ETHAN HENDRICKSON CHIEF FINANCIAL OFFICER 5059837328 2024-11-15 1 1 MICHAEL J PETERSON CPA P01833529 2187224705 2024-11-08 2023 2024-10-15 13:58:12Z STATE EMPLOYEES CREDIT UNION OF NEW MEXICO ANDY RAMOS 813 ST MICHAELS DRIVE SANTA FE NM 87505 58384621 0 X WWW.SECUNM.ORG X 1958 NM NEW MEXICO STATE-CHARTERED CREDIT UNION PROVIDING FINANCIAL SERVICES TO ITS MEMBERS AS PROVIDED BY THE NEW MEXICO CREDIT UNION ACT 7 7 249 12 0 0 1826265 0 42926283 53482611 3471761 4818724 59592 83286 48283901 58384621 0 0 0 0 14627209 16186914 0 0 0 18522687 31764694 33149896 47951608 15134005 10433013 1068857027 1149326046 981525122 1049871664 87331905 99454382 NEW MEXICO STATE-CHARTERED CREDIT UNION PROVIDING FINANCIAL SERVICES TO ITS MEMBERS AS PROVIDED BY THE NEW MEXICO CREDIT UNION ACT. 0 0 NEW MEXICO STATE-CHARTERED CREDIT UNION PROVIDING FINANCIAL SERVICES TO ITS 53,239 MEMBERS AS PROVIDED BY THE NEW MEXICO CREDIT UNION ACT. 0 0 0 0 0 0 0 1 0 1 0 1 0 1 0 1 0 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 38037 0 1 249 1 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 0 0 X ETHAN HENDRICKSON 5059837328 813 ST MICHAELS DRIVE SANTA FE NM 87505 JERRY RAEL CHAIR 1.00 X X 0 0 0 JOANNE VIGIL-COPPLER VICE CHAIR 1.00 X X 0 0 0 KENNETH KIRK TREASURER 1.00 X X 0 0 0 PAMELA GONZALES SECRETARY 1.00 X X 0 0 0 MICHAEL DURAN DIRECTOR 1.00 X 0 0 0 VIRGINIA HENDLEY DIRECTOR 1.00 X 0 0 0 ROSEMARY WICKARD DIRECTOR 1.00 X 0 0 0 ANDY RAMOS PRESIDENT/CEO 40.00 X 575842 0 17782 SCHWAN HARDI EVP CHIEF FINANCIAL OFF (THRU 06/23) 40.00 X 110806 0 0 ETHAN HENDRICKSON CHIEF FINANCIAL OFFICER 40.00 X 31382 0 2091 LINDSAY JONES EVP CHIEF OPERATIONS OFFICER 40.00 X 293922 0 28907 EDWARD CHRISTIANS EVP CHIEF INFORMATION OFFICER 40.00 X 275920 0 31078 EMILIO ATENCIO CHIEF LENDING OFFICER 40.00 X 202713 0 36878 WILLIAM THORN CHIEF PEOPLE OFFICER 40.00 X 225748 0 37209 RYAN KLINKRODT VP COMMERICAL LENDING 40.00 X 205999 0 41471 MARIA SUAZO SVP RETAIL ENGAGEMENT 40.00 X 148795 0 46865 KYLE MOORE SVP MARKETING & COMMUNITY 40.00 X 138186 0 45482 DARLENE VIGIL AVP/REAL ESTATE LOAN MANAGER 40.00 X 127993 0 31008 GABRIEL FERNANDEZ VP COMMERICAL LENDING 40.00 X 131896 0 31504 2469202 0 350275 16 0 1 0 JIM DIXON CONSTRUCTION 280 DEL NORTE COURT BOSQUE FARMS NM 87068 CONSTRUCTION 2494703 FISERV INC 75 REMITTANCE DR CHICAGO IL 60675 BANKING PRODUCTS & SERVICES 2224254 KASASA LTD PO BOX 527 LUBBOCK TX 79408 BANKING PRODUCTS & SERVICES 572792 BECK INTERIORS 8300 JEFFERSON NE SUITE A ALBUQUERQUE NM 87113 CONSTRUCTION 467825 SAMAHA CONSULTING 650 WEST AVE UNIT 3011 MIAMI BEACH FL 33139 CONSULTING 417468 19 INTEREST ON LOANS RECEIVABLE 522100 41027994 41027994 NON INTEREST INCOME 900099 6264993 6264993 FEES AND SERVICE CHARGES 522100 6189624 6189624 53482611 4818724 4818724 83286 0 83286 83286 83286 58384621 53482611 0 4902010 1870278 11069250 684227 1681256 881903 200594 50000 4709047 731486 798279 376333 852080 210376 290339 3763556 1050294 152181 DIVIDENDS ON MEMBER SHA 15951608 PROVISION FOR LOAN LOSS 1585965 LOAN SERVICING EXPENSE 439537 STATE EXAM FEES 156188 446831 47951608 7995846 7970138 66333044 89648484 2152846 3157541 14305162 14967769 809075598 876532297 900271 1531400 41431695 10750615 27889133 30681080 4956570 1061620 109191009 94913746 26057548 28861971 1068857027 1149326046 10281013 15382974 363504 319556 970880605 1034169134 981525122 1049871664 X 0 0 0 0 87331905 99454382 87331905 99454382 1068857027 1149326046 X 10433013 3587157 -1897693 X 0 1 X 1 0 0 1 X 7522382 7522382 28046449 6485058 21561391 76216 8967 67249 5786648 4256590 1530058 30681080 AVAILABLE-FOR-SALE DEBT SECURITIES 94913746 F 94913746 SHARES AND DEPOSITS 959169134 LINE OF CREDIT 75000000 1034169134 58384621 0 58384621 0 58384621 47951608 0 47951608 0 47951608 PART IV, LINE 2B: THE CREDIT UNION MAINTAINS ESCROW ACCOUNTS FOR TAXES AND INSURANCE AS PART OF THEIR LOAN PROGRAM. X X X 0 1 0 ANDY RAMOS PRESIDENT/CEO 490285 0 73557 0 12000 0 0 0 17782 0 593624 0 0 0 LINDSAY JONES EVP CHIEF OPERATIONS OFFICER 262233 0 31689 0 0 0 7058 0 21849 0 322829 0 0 0 EDWARD CHRISTIANS EVP CHIEF INFORMATION OFFICER 259628 0 16292 0 0 0 9229 0 21849 0 306998 0 0 0 WILLIAM THORN CHIEF PEOPLE OFFICER 212193 0 13555 0 0 0 6805 0 30404 0 262957 0 0 0 RYAN KLINKRODT VP COMMERICAL LENDING 103531 0 62468 0 40000 0 14117 0 27354 0 247470 0 40000 0 EMILIO ATENCIO CHIEF LENDING OFFICER 192240 0 10473 0 0 0 35051 0 1827 0 239591 0 0 0 MARIA SUAZO SVP RETAIL ENGAGEMENT 138322 0 10473 0 0 0 18511 0 28354 0 195660 0 0 0 KYLE MOORE SVP MARKETING & COMMUNITY 127247 0 10939 0 0 0 18128 0 27354 0 183668 0 0 0 GABRIEL FERNANDEZ VP COMMERICAL LENDING 113085 0 18811 0 0 0 4150 0 27354 0 163400 0 0 0 DARLENE VIGIL AVP/REAL ESTATE LOAN MANAGER 121703 0 6290 0 0 0 18566 0 12442 0 159001 0 0 0 PART I, LINE 3 A COMMITTEE OF THE BOARD OF DIRECTORS MEETS ANNUALLY TO REVIEW THE PERFORMANCE OF THE PRESIDENT/CEO AND DETERMINE ANY MARKET OR MERIT INCREASE. THE CEO HAS A WRITTEN CONTRACT WITH THE BOARD OF DIRECTORS WITH A DISCRETE TERM. REGIONAL BANKING AND CREDIT UNION SALARY SURVEYS, AS WELL AS OTHER PEER GROUP STUDIES AND CONSULTANCY, IS USED TO INFORM RECOMMENDATIONS FOR CEO REMUNERATION. PART I, LINE 4B HAROLD DIXON, MARK SADOWSKI AND ANDY RAMOS PARTICIPATED IN A SPLIT-DOLLAR LIFE INSURANCE PLAN DURING 2023. SEE SCHEDULE L, PART II FOR FURTHER DETAIL. IN ADDITION, THE CREDIT UNION MAINTAINS 457(F) PLANS FOR THE FOLLOWING OFFICERS AND KEY POSITIONS/PERSON AS FOLLOWS. THE AMOUNT OF DEFERRALS DURING THE YEAR TO EACH PARTICIPATING LISTED INDIVIDUAL IS: EMILIO ATENCIO - $28,538 KYLE MOORE - $13,482 MARIA SUAZO - $13,482 RYAN KLINKRODT - $8,454 DARLENE VIGIL - $14,020 IN 2023, RYAN KLINKRODT RECEIVED A DISTRUBTION OF $40,000 HAROLD DIXON FORMER PRESIDENT/CEO SPLIT-DOLLAR LIFE INSURANCE AGREEMENT X 3600000 4713141 0 1 1 MARK SADOWSKI FORMER CHIEF FINANCIAL OFFICER SPLIT-DOLLAR LIFE INSURANCE AGREEMENT X 770000 835752 0 1 1 ANDY RAMOS PRESIDENT/CEO SPLIT-DOLLAR LIFE INSURANCE AGREEMENT X 8800000 9418876 0 1 1 14967769 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS OWNED AND GOVERNED BY ITS MEMBERS. MEMBERS OWN SHARES, ELECT BOARD MEMBERS AND VOTE ON ISSUES SUCH AS MERGERS AND CHARTER CONVERSIONS. BOARD AND MANAGEMENT DECISIONS AFFECT THE FEES MEMBERS PAY, INTEREST RATES THEY ARE CHARGED FOR LOANS, SERVICES THE CREDIT UNION OFFERS AND WHETHER MEMBERS RECEIVE DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION IS OWNED AND GOVERNED BY ITS MEMBERS, WHO OWN SHARES AND ELECT BOARD MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B THE CREDIT UNION IS GOVERNED BY ITS MEMBERS, WHO VOTE ON ISSUES SUCH AS MERGERS AND CHARTER CONVERSIONS. FORM 990, PART VI, SECTION B, LINE 11B THE INFORMATION REPORTED ON THE 990 WAS ACCUMULATED BY INTERNAL ACCOUNTING STAFF AND PROVIDED TO A PAID PREPARER TO ASSEMBLE. A DRAFT OF THE 990 IS PROVIDED TO MANAGEMENT FOR REVIEW PRIOR TO SUBMISSION TO THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C EMPLOYEES AND VOLUNTEERS ARE REQUIRED TO SIGN A CONFLICT OF INTEREST POLICY AND DISCLOSURE FORM AT THEIR EMPLOYMENT, AS WELL AS TO COMPLETE A NEW FORM ANNUALLY AND DISCLOSE ANY NEW CONFLICTS OR POSSIBLE CONFLICTS SHOULD THEY EXIST. THIS IS OVERSEEN BY THE HUMAN RESOURCES DEPARTMENT, SUPERVISORY COMMITTEE, AND BOARD OF DIRECTORS AS APPLICABLE (BOARD AND SUPERVISORY FOR THE REVIEW OF SENIOR MANAGEMENT AND CONFLICTS OF INTEREST, AND HUMAN RESOURCES FOR THE REVIEW OF STAFF/ADMINISTRATIVE MANAGEMENT OF CONFLICTS OF INTEREST). THE POLICY APPLIES TO ALL EMPLOYEES, BOARD OF DIRECTORS, AND SUPERVISORY COMMITTEE MEMBERS. ACTUAL CONFLICTS OF INTEREST, AS WELL AS POSSIBLE CONFLICTS OF INTEREST, ARE REVIEWED FROM THE PERSPECTIVE OF PERSONAL AND/OR FINANCIAL INTEREST OR BENEFIT THAT MAY BE OBTAINED BY THE EMPLOYEE IDENTIFYING THE POSSIBLE OR ACTUAL CONFLICT OF INTEREST. IN SUCH CASES, THE EMPLOYEE WITH THE STATED CONFLICT WILL ABSTAIN FROM ANY DISCUSSION OR VOTE INVOLVING THE MATTER OF THE CONFLICT OF INTEREST. THE PRESIDENT/CEO IS RESPONSIBLE FOR THE MANAGEMENT OF ANY CONFLICT OF INTEREST ISSUES THAT MAY ARISE IN THE WORKPLACE. FORM 990, PART VI, SECTION B, LINE 15A AN ANNUAL REVIEW OF THE PERFORMANCE OF THE PRESIDENT/CEO IS CONDUCTED BY THE BOARD OF DIRECTORS. IT ALSO SETS THE SALARY AND BENEFITS OF THE PRESIDENT/CEO BASED ON A COMBINATION OF INDIVIDUAL AND ORGANIZATIONAL PERFORMANCE, IN ADDITION TO CONDUCTING ANNUAL SALARY AND TOTAL COMPENSATION STUDIES WITH RELEVANT PEER GROUPS (FINANCIAL SERVICES, CREDIT UNIONS). FURTHER, THE CREDIT UNION ESTABLISHES COMPENSATION LEVELS FOR EACH CREDIT UNION POSITION THROUGH AN INTERNAL LEVELING AND GRADING PROCESS TO ENSURE MARKET ALIGNMENT WITH INTERNAL PARITY. COMPENSATION FOR OTHER OFFICERS OR KEY EMPLOYEES OF THE ORGANIZATION IS BASED UPON EVALUATION OF A COMBINATION OF THEIR EDUCATION, EXPERIENCE, SKILLS AND COMPETENCIES THEREIN. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE FOR REVIEW ON REQUEST AT THE CREDIT UNION'S MAIN OFFICE. CREDIT UNION MEMBERS CAN OBTAIN INFORMATION ABOUT THEIR CREDIT UNION BY ATTENDING THE ANNUAL MEETING FOR THE MEMBERSHIP, SPECIFICALLY REQUESTING INFORMATION FROM THE CREDIT UNION, READING CREDIT UNION PUBLICATIONS AND ACCESSING INFORMATION ON THEIR CREDIT UNION'S WEBSITE. FORM 990, PART XI, LINE 9: NET CHANGE IN DEFINED BENEFIT OBLIGATION 1,338,655. CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE - ASU NO. 2016-13 -3,236,348.