2025-11-12T15:04:00-06:00 2024-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2024-01-01 330358683 AMERICAN FIRST CREDIT UNION AMER 8002901112 6 POINTE DRIVE 400 BREA CA 928219322 JON SHIGEMATSU PRESIDENT/CEO 8002901112 2025-11-12 1 0 NATALIE HULL CPA P00089332 8189549700 2024 2025-03-06 01:10:19Z JON SHIGEMATSU 6 POINTE DRIVE 400 BREA CA 928219322 57251174 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 7 162 12 494636 0 0 0 45801583 47599478 4328810 6343331 0 841127 50130393 54783936 31862 58635 0 0 14364018 14444018 0 0 0 32924256 38354518 47320136 52857171 2810257 1926765 1000374146 1001654896 909593495 907871918 90780651 93782978 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 MORTGAGES, PERSONAL LINES OF CREDIT, 2ND MORTGAGES, 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 0 1 1 1 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 0 0 1 9589 0 1 162 1 1 1 0 0 0 0 0 1 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 CHAIRPERSON 1.00 X 0 0 0 ROGER VANDER WENDE VICE CHAIRPERSON 1.00 X 0 0 0 JASON PHILIBERT BOARD TREASURER 1.00 X 1307 0 0 AMANDA SECOLA BOARD SECRETARY 1.00 X 0 0 0 ERIC LEDESMA BOARD MEMBER 1.00 X 0 0 0 PATTI MALOTT BOARD MEMBER 1.00 X 0 0 0 DONNA BROOKS BOARD MEMBER 1.00 X 0 0 0 GIZI CLEMMER SUPV CMTE CHAIRPERSON 1.00 X 0 0 0 DAVID WEED SUPV CMTE MEMBER 1.00 X 0 0 0 ROBERT WARKENTON SUPV CMTE MEMBER 1.00 X 0 0 0 DOLORES 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 1062239 0 59096 FRANK BORAWSKI CFO 40.00 X 299956 0 10425 THERESA DAVY COO 40.00 X 426708 0 58710 PAUL WELCH SVP OF RISK MANAGEMENT 40.00 X 346926 0 7033 ROBERT FARRINGTON SR VP COMMERCIAL REAL ESTA 40.00 X 297108 0 43077 MICHAEL WILLIAMS VP OF CONSUMER LENDING 40.00 X 238257 0 24752 JEREMY JORGENSEN COMMERCIAL RE LOAN OFFICER 40.00 X 256181 0 23928 VICTOR GALLEGO COMMERCIAL RE LOAN OFFICER 40.00 X 189784 0 48512 MICHAEL PEPIN VP DELIVERY & TECHNOLOGY 40.00 X 173586 0 16233 WILLIAM HUFF SUPERVISOR DELIVERY & TECHNOLOGY OPERATIONS 40.00 X 160117 0 30895 RUBY HUGGLER DIRECTOR PROJECT MANAGEMENT 40.00 X 160081 0 24988 3612250 0 347649 29 0 1 0 FISERV INC PO BOX 208457 DALLAS TX 753208457 CORE SYSTEM MAINTENANCE 2747060 MASTERCARD 2000 PURCHASE STREET PURCHASE NY 10577 PAYMENT PROCESSOR 657460 RAISIN SOLUTIONS US LLC 1407 BROADWAY NEW YORK NY 10018 FINANCIAL MARKETPLACE PLATFORM 545765 LENDING SOLUTIONS INC 2200 POINT BLVD ELGIN IL 60123 COLLECTION SERVICES 460769 BUSINESS DATA INC 321 N OAK ST INGLEWOOD CA 90302 FINANCIAL DOCUMENTS DELIVERY 426690 25 INTEREST ON LOANS 522100 38597107 38597107 OTHER OPERATING INCOME 522100 6232448 6173236 59212 FEE INCOME 522100 2769923 2334499 435424 47599478 5212571 5212571 3597998 2467238 1130760 1130760 1130760 GAIN ON ALL OTHER INVE 522100 447878 447878 GAIN ON SALES OF LOANS 522100 393249 393249 841127 54783936 54289300 494636 0 58635 3612250 7949983 533738 1514777 833270 171899 374386 3711560 931412 1698228 1432472 1378486 271654 20675208 507650 PROVISION FOR CREDIT LO 3607149 LOAN SERVICING EXPENSE 2425231 OTHER NON-INTEREST LOSS 676428 MISC. OPERATING EXPENSE 365963 126792 52857171 1540579 1624694 34368768 47341206 247314 839186 768114 8724150 5681739 2041384 3042411 81378497 77877796 828102413 821765347 51856005 49235328 1000374146 1001654896 14662894 13183993 894930601 894687925 909593495 907871918 X 0 0 0 0 90780651 93782978 90780651 93782978 1000374146 1001654896 1926765 1075562 0 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 1777687 1013364 5933099 3904052 2029047 3042411 ALL OTHER INVESTMENTS 7261457 F LOANS AND LEASES 778100581 F LOANS HELD FOR SALE 28015745 F NCUA SHARE INSURANCE CAP DEPOSITS 7862564 C MEMBERSHIP CAPITAL AT CORP. CUS 525000 C 821765347 MEMBER SHARE DEPOSITS 864687925 DRAWS AGAINST LINE OF CREDIT 30000000 894687925 X 54104678 0 54104678 679258 679258 54783936 52177913 0 52177913 679258 679258 52857171 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, 2024 AND 2023, 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. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFICATION 679,258. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFICATION 679,258. 1 FMBC HELPING HANDS COMMUNITY SERVICES 1300 E 57TH ST LOS ANGELES CA 90011 872985884 501(C)(3) 7500 0 FMV TO PROVIDE SUPPORT AND SERVICES TO INDIVIDUALS AND FAMILIES IN NEED, WITH A FOCUS ON ADDRESSING VARIOUS CHALLENGES LIKE DEVELOPMENTAL DISABILITIES, ADDICTION, AND HOMELESSNESS. FARRS BEST 2140 N HOLLYWOOD WAY 11567 BURBANK CA 91510 853885259 501(C)(3) 7500 0 FMV TO HELP SERVE AND EMPOWER MINORITY YOUTH FROM UNDERSERVED COMMUNITIES TO IMPROVE THEIR LIVES THROUGH EMPLOYMENT AND BUSINESS LEADERSHIP. BOYS & GIRLS CLUB PO BOX 1283 FULLERTON CA 92836 951855645 501(C)(3) 7500 0 FMV TO HELP ALL YOUNG PEOPLE REACH THEIR FULL POTENTIAL AS PRODUCTIVE, CARING, RESPONSIBLE CITIZENS. 3 3 X 1 1 X X 0 1 0 JON SHIGEMATSU CEO/PRESIDENT 953096 0 75048 0 34095 0 15525 0 43571 0 1121335 0 0 0 FRANK BORAWSKI CFO 262227 0 37500 0 229 0 10425 0 0 0 310381 0 0 0 THERESA DAVY COO 383820 0 37500 0 5388 0 15525 0 43185 0 485418 0 0 0 PAUL WELCH SVP OF RISK MANAGEMENT 292728 0 37500 0 16698 0 6128 0 905 0 353959 0 0 0 ROBERT FARRINGTON SR VP COMMERCIAL REAL ESTA 258470 0 37500 0 1138 0 1166 0 41911 0 340185 0 0 0 MICHAEL WILLIAMS VP OF CONSUMER LENDING 214687 0 2800 0 20770 0 6363 0 18389 0 263009 0 0 0 JEREMY JORGENSEN COMMERCIAL RE LOAN OFFICER 78323 0 173551 0 4307 0 11571 0 12357 0 280109 0 0 0 VICTOR GALLEGO COMMERCIAL RE LOAN OFFICER 68008 0 118108 0 3668 0 8948 0 39564 0 238296 0 0 0 MICHAEL PEPIN VP DELIVERY & TECHNOLOGY 153768 0 4000 0 15818 0 7792 0 8441 0 189819 0 0 0 WILLIAM HUFF SUPERVISOR DELIVERY & TECHNOLOGY OPE 146147 0 4000 0 9970 0 7407 0 23488 0 191012 0 0 0 RUBY HUGGLER DIRECTOR PROJECT MANAGEMENT 148054 0 5600 0 6427 0 7411 0 17577 0 185069 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). 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 XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.