2021-10-21T10:36:54-05:00 2020-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2020-01-01 751084210 FIRST BASIN CREDIT UNION FIRS 4323335600 7100 E TX HWY 191 ODESSA TX 79765 SHEM CULPEPPER CEO 4323335600 2021-10-20 1 SHEM CULPEPPER 999009999 ROBIN D HOAG CPA P00360662 2482443000 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z X SHEM CULPEPPER 2740 NORTH COUNTY ROAD WEST ODESSA TX 79764 14304352 0 X WWW.FIRSTBASIN.COM X 1965 TX VOLUNTARY, COOPERATIVE, NOT-FOR-PROFIT SAVINGS INSTITUTION (CREDIT UNION) INCORPORATED UNDER THE PROVISIONS OF THE TEXAS CREDIT UNION ACT, FOR THE PURPOSE OF ENCOURAGING THRIFT AMONG MEMBERS, PROVIDING CREDIT AT A FAIR AND REASONABLE RATE OF INTEREST AND PROVIDING AN OPPORTUNITY TO IMPROVE A MEMBER'S ECONOMIC CONDITION. 6 6 110 6 81093 1921 0 0 15076093 13592882 2138255 286870 95232 424600 17309580 14304352 0 0 0 0 5880551 6117631 0 0 0 8823654 7115986 14704205 13233617 2605375 1070735 267217357 291617955 238855371 262231317 28361986 29386638 THE PURPOSE OF THE CREDIT UNION IS TO ENCOURAGE THRIFT AMONG MEMBERS, PROVIDE CREDIT AT A FAIR AND REASONABLE RATE OF INTEREST AND PROVIDE AN OPPORTUNITY TO IMPROVE THE MEMBER'S ECONOMIC CONDITION. 0 0 LOANS TO MEMBERS DEPOSIT ACCOUNTS CARD SERVICES 0 0 0 0 0 0 0 1 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 3988 0 1 110 1 1 1 0 0 0 0 0 0 0 X 6 6 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X ANA GONZALEZ 4324386013 7100 E TX HWY 191 ODESSA TX 79765 WESLEY BURNETT BOARD MEMBER 1.00 X 3600 0 0 SAMUEL GONZALEZ CHAIPERSON 1.00 X 4800 0 0 GARY WINDHAM BOARD SECRETARY/TREASURER 1.00 X 4800 0 0 REBECCA MARLER BOARD MEMBER 1.00 X 4800 0 0 STEVE COMPTON BOARD MEMBER 1.00 X 3200 0 0 CATHY LARACUENTE BOARD MEMBER 1.00 X 4800 0 0 SHEM CULPEPPER CHIEF EXECUTIVE OFFICER 40.00 X 374279 0 26053 ANA GONZALEZ CHIEF FINANCIAL OFFICER 40.00 X 127361 0 9174 TIM O'REILLY CHIEF MARKETING OFFICER 40.00 X 204398 0 24605 BRADLEY STILLWELL CHIEF OPERATIONS OFFICER 40.00 X 134547 0 15004 JULIA TARIN CHIEF RETAIL OFFICER 40.00 X 128525 0 8034 DOUG SYPOLT CHIEF LENDING OFFICER 40.00 X 152203 0 9154 1147313 0 92024 6 0 1 0 JC ROBERTS CONSTRUCTION P O BOX 60631 MIDLAND TX 79711 CONSTRUCTION FIRM 6779122 SMITH HAMILTON P O BOX 53008 LUBBOCK TX 79453 SERVICE & EQUIPMENT PROVIDER 331221 JACK HENRY AND ASSOCIATES PO BOX 609 MONETT MO 65708 CORE SYSTEM PROVIDER 269785 NETSWORK PO BOX 5486 MIDLAND TX 79704 NETWORK SUPPORT 231778 HARLAND CLARKE PO BOX 935077 ATLANTA GA 31193 CARD SERVICES 223021 12 LOAN INCOME 522100 8527691 8527691 FEE INCOME 522100 4984098 4984098 FINANCE AND INSURANCE 520000 81093 81093 13592882 286870 286870 MISCELLANEOUS 900099 424600 424600 424600 14304352 13936389 81093 286870 X 791870 3989730 105251 942711 288069 49000 123399 415237 659387 1590576 416424 2505 56203 1043427 42207 648469 83115 PROVISION FOR LOAN LOSS 1115219 MAINTENANCE 430413 LOAN SERVICING EXPENSES 216785 TRAINING/DEVELOPMENT/ED 185839 37781 13233617 4352903 4183735 59063889 90848957 125822 180353208 167028355 352499 505305 14291279 4118152 9196251 10173127 1047138 1000000 875300 884400 11850347 16994076 267217357 291617955 3235450 4642074 5000000 0 230619921 257589243 238855371 262231317 X 0 0 0 0 28361986 29386638 28361986 29386638 267217357 291617955 1070735 -46083 0 X X 0 1 X 1 0 0 0 5736678 5736678 4673994 1917426 2756568 30900 10967 19933 3849707 2189759 1659948 10173127 SHARE INSURANCE DEPOSIT 2545439 DEPOSITS 905841 ACCRUED INCOME 766905 OTHER ASSETS -1379734 WORK IN PROCESS 13509373 LOANS IN PROCESS OF LIQUIDATION 646252 16994076 MEMBER SHARES 257589243 257589243 X 14304352 0 14304352 0 14304352 13233617 0 13233617 0 13233617 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE INTERNAL REVENUE CODE SECTION 501(C)(14), FROM FEDERAL INCOME TAX. X X 1 1 X X 0 1 0 SHEM CULPEPPER CHIEF EXECUTIVE OFFICER 295015 0 66691 0 12573 0 18174 0 7879 0 400332 0 0 0 TIM O'REILLY CHIEF MARKETING OFFICER 161511 0 42887 0 0 0 19320 0 5285 0 229003 0 0 0 DOUG SYPOLT CHIEF LENDING OFFICER 124271 0 27932 0 0 0 4050 0 5104 0 161357 0 0 0 PART I, LINE 1A ODESSA COUNTRY CLUB MEMBERSHIP FOR SHEM CULPEPPER PART I, LINE 4B IN 2020, SHEM CULPEPPER AND TIM O'REILLY PARTICIPATED IN A 457(F) FOR WHICH EACH PARTICIPANT ACCRUED $46,857 AND $22,230, RESPECTIVELY. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION IS A CREDIT UNION, WHICH IS A NOT-FOR-PROFIT ORGANIZATION. THE CREDIT UNION HAS MEMBERS AND THESE MEMBERS HAVE THE RIGHT TO ELECT THE GOVERNING BODY OF THE CREDIT UNION, AND THE MEMBERS MAY RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IF DECIDED UPON BY THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7A EACH PRIMARY SHAREHOLDER OR MEMBER OF THE CREDIT UNION THAT HAS $25 DEPOSITED INTO THEIR REGULAR SHARE ACCOUNT IS CONSIDERED A MEMBER IN GOOD STANDING AND IS AFFORDED ONE VOTE FOR ELECTION OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS OF THE CREDIT UNION HAS DELEGATED THE AUTHORITY TO REVIEW AND APPROVE THE SUBMISSION OF THE FORM 990 TO THE PRESIDENT/CEO OF THE CREDIT UNION. ONCE THE PRESIDENT/CEO HAS APPROVED THE INFORMATION REPORTED ON THE FORM, THE INFORMATION IS MADE AVAILABLE TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION HAS IMPLEMENTED A SEGREGATION OF DUTIES TO HELP MINIMIZE THE EVENT OF A PERSON IN A POSITION OF AUTHORITY BENEFITTING FINANCIALLY FROM A DECISION. POLICIES HAVE BEEN WRITTEN TO HELP MITIGATE SUCH OCCURENCES, AND THESE POLICIES ARE REVIEWED ON A YEARLY BASIS BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION USES COMPEASE THAT WILL PROVIDE PAYROLL DATA FOR POSITIONS ACROSS THE COUNTRY WITHIN THE CREDIT UNION INDUSTRY. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION WILL ALLOW MEMBERS TO REVIEW GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY UPON REQUEST. THE FINANCIAL STATEMENTS ARE POSTED MONTHLY AT EACH BRANCH, REVIEWED DURING THE CREDIT UNION'S ANNUAL MEETING, AND DISCLOSED IN THE QUARTERLY CALL REPORT WHICH IS AVAILABLE ON THE NCUA'S WEBSITE. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 123,399. FORM 990, PART IX, LINE 24E GAIN OR LOSS ON SALE OF ASSET 24,800. OTHER OPERATING 9,527. GAIN OR LOSS ON SALE OF LOAN 3,051. UNRELATED BUSINESS INCOME TAX 403. FORM 990, PART XII, LINE 2C THE CREDIT UNION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.