2022-11-08T16:13:22-06:00 2021-12-31 410746749 CLIFTONLARSONALLEN LLP 20 EAST THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2021-01-01 860100904 FIRST CREDIT UNION FIRS 4807565500 25 SOUTH ARIZONA PLACE 111 CHANDLER AZ 85225 JAY CURTIS PRESIDENT & CEO 4807565500 2022-11-05 1 JAY CURTIS 999009999 MELISSA HANGSLEBEN P02087031 6022662248 2022-11-05 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z JAY CURTIS 25 SOUTH ARIZONA PLACE 111 CHANDLER AZ 85225 24444944 0 X WWW.FIRSTCU.ORG X 1929 AZ NON-PROFIT COOPERATIVE THAT PROVIDES BANKING AND OTHER FINANCIAL SERVICES TO ITS MEMBERS. 7 6 179 9 431371 0 0 0 21873644 22108640 2442850 2224831 4677 19938 24321171 24353409 49596 37655 764069 699758 10833259 9710468 0 0 0 11439745 9918131 23086669 20366012 1234502 3987397 590539749 666315890 541997003 613513689 48542746 52802201 NON-PROFIT COOPERATIVE THAT PROVIDES BANKING AND OTHER FINANCIAL SERVICES TO ITS MEMBERS. 0 0 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. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 4941 0 179 1 1 1 0 0 0 0 0 0 0 X 7 6 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X DOUGLAS ALLDREDGE 4807565500 25 SOUTH ARIZONA PLACE 111 CHANDLER AZ 85225 JAY CURTIS PRESIDENT & CEO, BOARD MEMBER 40.00 X X 743227 0 121565 BEN TAN TREASURER 1.00 X X 2685 0 0 CARYN HORVITZ-STRAUSS CHAIR 1.00 X X 2426 0 0 KENNETH MULLINS SECRETARY 1.00 X X 1224 0 0 RUSS PUCKETT VICE CHAIR 1.00 X X 1224 0 0 BARRY SCHLEGEL DIRECTOR 1.00 X 1339 0 0 WILLIAM JIMRO DIRECTOR 1.00 X 0 0 0 LORI GALLEGOS COO 40.00 X 478003 0 86585 DOUGLAS ALLDREDGE CFO 40.00 X 391306 0 75131 THOMAS GESSEL CIO 40.00 X 260018 0 50519 HEIDI KIM SVP/OPERATIONS 40.00 X 187321 0 52088 THOMAS WASSON CLO 40.00 X 175576 0 25815 BENJAMIN RICKS VP/IT 40.00 X 170904 0 30820 SCOT GILBREATH VP/RE LENDING 40.00 X 160536 0 27187 CHANTEL CAMPBELL VP/FINANCE 40.00 X 122084 0 26915 LISA PETERS AVP/COMPLIANCE 40.00 X 128833 0 16230 KRISTIN PARKER AVP/LENDING 40.00 X 115498 0 20422 2942204 0 533277 13 0 1 0 DOWNTOWN CHANDLER PARTNERS LP PO BOX 10 SCOTTSDALE AZ 85282 PROPERTY MANAGEMENT SERVICES 903423 VISA USA INC PO BOX 742233 LOS ANGELES CA 90074 DEBIT AND CREDIT CARD PROCESSING SERVICE 866399 RSG BUILDERS LLC 501 N 44TH ST STE 105 PHOENIX AZ 85008 CONSTRUCTION LABOR 806040 Q2 SOFTWARE INC PO BOX 205970 DALLAS TX 75320 ONLINE BANKING SERVICES 658391 CU DIRECT PO BOX 51482 ONTARIO CA 91761 INDIRECT LENDING SOLUTIONS 470500 17 INTEREST ON LOANS 522100 16234382 16234382 FEE INCOME 522100 3374795 2943424 431371 INTERCHANGE INCOME 522100 2499463 2499463 22108640 2066551 2066551 81723 61785 19938 19938 19938 188030 29750 158280 158280 158280 24353409 21677269 431371 2244769 37655 699758 2647152 6131983 -822060 1171595 581798 122988 47906 554260 646274 1001360 1279476 1524518 79753 116635 4 1056699 132175 OTHER OPERATING EXPENSE 1276460 LOAN SERVICING 1137705 VISA DEBIT CARD EXPENSE 860585 MISCELLANEOUS EXPENSES 81333 20366012 724519 926111 76054911 80707586 77250 360668 3659250 8768010 348554409 359430046 6083160 8573503 24782390 15149096 9367888 9633294 115012240 166972545 17091579 17071676 13914543 13872451 590539749 666315890 6362129 10867867 5000000 0 530634874 602645822 541997003 613513689 X 0 0 0 0 48542746 52802201 48542746 52802201 590539749 666315890 X 3987397 -2065751 2337809 X 0 0 0 2311987 2311987 8195503 4952190 3243313 3059973 758739 2301234 11214927 9438167 1776760 9633294 MEMBERS SHARES AND SAVINGS ACCOUNTS 595659064 OPERATING LEASE LIABILITY 6986758 602645822 1 PHOENIX CHILDRENS HOSPITAL FOUNDATION 2929 E CAMELBACK ROAD SUITE 122 PHOENIX AZ 85016 742421549 501(C)(3) 9000 0 UNRESTRICTED 1 0 PART I, LINE 2: 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. X 1 1 X X X X 0 1 0 JAY CURTIS PRESIDENT & CEO, BOARD MEMBER 421865 0 90000 0 231362 0 104417 0 17148 0 864792 0 200000 0 LORI GALLEGOS COO 240000 0 65000 0 173003 0 69437 0 17148 0 564588 0 150000 0 DOUGLAS ALLDREDGE CFO 211069 0 35000 0 145237 0 57983 0 17148 0 466437 0 125000 0 THOMAS GESSEL CIO 212384 0 37500 0 10134 0 39030 0 11489 0 310537 0 0 0 HEIDI KIM SVP/OPERATIONS 150577 0 25000 0 11744 0 34940 0 17148 0 239409 0 0 0 BENJAMIN RICKS VP/IT 145942 0 12500 0 12462 0 13672 0 17148 0 201724 0 0 0 THOMAS WASSON CLO 143135 0 17500 0 14941 0 14045 0 11770 0 201391 0 0 0 SCOT GILBREATH VP/RE LENDING 151728 0 7500 0 1308 0 12843 0 14344 0 187723 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS IS PAID FOR OFFICERS AND KEY EMPLOYEES, WHICH IS INCLUDED IN REPORTABLE COMPENSATION. PART I, LINE 4B 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 MADE THE FOLLOWING CONTRIBUTIONS FOR THE PERIOD ENDED DECEMBER 31, 2021: JAY CURTIS: $81,192 DOUGLAS ALLDREDGE: $34,758 LORI GALLEGOS: $46,212 THOMAS GESSEL: $18,228 HEIDI KIM: $19,954 THE FOLLOWING WERE THE DISTRIBUTIONS FROM THE 457(F) PLAN FOR THE PERIOD ENDED DECEMBER 31, 2021: JAY CURTIS: $200,000 LORI GALLEGOS: $150,000 DOUGLAS ALLDREDGE: $125,000 DOUGLAS ALLDREDGE CFO SPLIT DOLLAR LIFE INSURANCE X 1614000 1630140 0 1 1 THOMAS GESSEL CIO SPLIT DOLLAR LIFE INSURANCE X 1043250 1065019 0 1 1 HEIDI KIM SVP OPERATIONS SPLIT DOLLAR LIFE INSURANCE X 1002000 1022851 0 1 1 LORI GALLEGOS COO SPLIT DOLLAR LIFE INSURANCE X 1739000 1756390 0 1 1 JAY CURTIS PRESIDENT/CEO SPLIT DOLLAR LIFE INSURANCE X 3261000 3293610 0 1 1 8768010 PART II, LOANS TO AND/OR FROM INTERESTED PERSONS 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. 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 REVIEWED BY THE CFO AND CEO AND WILL BE MADE AVAILABLE TO THE BOARD OF DIRECTORS FOR THEIR REVIEW PRIOR TO FILING. 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. 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 2,301,477. CREDIT FOR LOAN LOSSES 36,332.