2025-11-17T13:59:05+00:00 2024-12-31 350921680 CROWE LLP 575 Market Street Suite 3300 San Francisco CA 941055829 990 2024-01-01 860101004 Arizona Financial Credit Union ARIZ 6026831000 333 N 44TH STREET Phoenix AZ 85008 Travis Fonnesbeck SVP & Chief Financial Officer 6026831000 2025-11-17 true Diane Kirmaci P01578407 4155761100 2025-11-17 2024 2025-03-06 01:10:19Z Amy Hysell 333 N 44TH STREET Phoenix AZ 85008 226010348 false X www.arizonafinancial.org X 2022 AZ The purpose of Arizona Financial Credit Union (AZFCU) is to promote thrift and to provide credit to its members. 9 9 816 13 13565952 2046011 0 0 164491472 178762523 34325289 41799659 5401941 5318127 204218702 225880309 189323 251482 0 74189585 82242082 0 0 93538575 114686500 167917483 197180064 36301219 28700245 3314738957 3421476840 3013013637 3082457364 301725320 339019476 The purpose of Arizona Financial Credit Union (AZFCU) is to promote thrift and to provide credit to its members. false false AZFCU IS A STATE CHARTERED COOPERATIVE ASSOCIATION ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AMONG AND CREATING A SOURCE OF CREDIT FOR ITS MEMBERS. THE CREDIT UNION PROVIDES MORTGAGE, VEHICLE AND OTHER CONSUMER AND COMMERCIAL LOANS TO ITS MEMBERS. THE CREDIT UNION ALSO OFFERS A VARIETY OF ACCOUNTS FOR MEMBERS TO TRANSACT AND SAVE, INCLUDING SHARE DRAFT ACCOUNTS AND SHARE CERTIFICATES. AS A MEMBER-OWNED ORGANIZATION, THE CREDIT UNION STRIVES TO PROVIDE COMPETITIVE INTEREST AND DIVIDEND RATES TO ITS MEMBERS AND CONVENIENT WAYS FOR MEMBERS TO ACCESS THEIR ACCOUNTS, INCLUDING ONLINE AND MOBILE BANKING AND SHARED BRANCHING SERVICES. AZFCU OFFERS CREDIT LIFE AND DISABILITY INSURANCE TO ITS MEMBERS WHEN THEY FINANCE A VEHICLE OR OPEN A CREDIT CARD. THIS INSURANCE WOULD PAY OFF THE LOAN IN THE CASE OF A DEATH OR DISABILITY. AZFCU OFFERS AUTO WARRANTIES AT FAIR PRICES TO ITS MEMBERS. THESE WARRANTIES ARE COMPREHENSIVE AND HELP WITH THE COSTS OF REPAIR OF THE VEHICLE. 0 false false false false false false false false true false true false false true true true true true false false false false false false false false false true false true false false false false false false false false false false false false false false true true true false false false true 58634 0 true 816 true true true false false false false false false false X 9 9 true false true false true true false true false false true true true true true true true true true true true true X Travis Fonnesbeck 6026831000 333 N 44TH STREET Phoenix AZ 85008 David Albertson Board Vice chairperson 3.0 X X 1588 0 0 Libby Bissa Board Secretary 3.0 X X 17010 0 0 William Greene Board Chairperson 3.0 X X 21979 0 0 Zeek Ojeh Board Treasurer 3.0 X X 0 0 0 Cathleen Gleason Board Member 3.0 X 12412 0 0 Debby Black Board Member 3.0 X 0 0 0 Jeffrey Barton Board Member 3.0 X 0 0 0 Jennifer Villalobos Board Member 3.0 X 0 0 0 Kim Baldwin Board Member 3.0 X 0 0 0 Amy Hysell President/CEO (AZFCU) 40.0 X 777889 0 65426 Travis Fonnesbeck SVP & CFO (AZFCU) 40.0 X 306833 0 28687 Chad Forkenbrock EVP & Chief Operating Officer (AZFCU) 40.0 X 448658 0 38101 Gregory Thorell SVP Residential Lending (AZFCU) 40.0 X 423266 0 44786 Jason Paprocki EVP & Chief Strategy Officer (AZFCU) 40.0 X 506725 0 39457 Juan Ruiz EVP & Chief People and Culture Officer (AZFCU) 40.0 X 385392 0 39436 Michael Thorell Arizona Market President & Chief Lending Officer (AZFCU) 40.0 X 488270 0 63735 Travis Merrell SVP & Chief Credit Officer (AZFCU) 40.0 X 316688 0 27481 William Randall Gaston SVP & Commercial Lending (AZFCU) 40.0 X 418085 0 33750 Andrew Martinez COMMERCIAL PRODUCER (AFIS) 40.0 X 486232 0 21292 Gregory Okonowski COMMERCIAL PRODUCER (AFIS) 40.0 X 577140 0 29781 Joseph Cook PPD Producer (AFIS) 40.0 X 468862 0 30529 Kelly Harding COMMERCIAL PRODUCER (AFIS) 40.0 X 639141 0 37459 Ryan West Investment Representative (AZFCU) 40.0 X 470211 0 34669 6766381 0 534589 127 false true false DBSI 6950 W Morelos Place Suite 1 Chandler AZ 85226 Design Services 1209809 Diebold Inc PO Box 643543 Pittsburgh PA 15264 ATM Services 576715 PSCU Inc 560 Carillon Parkway St Petersburg FL 33716 Afer hours customer service 564240 Mark A Kirkorsky PC PO Box 25287 Tempe AZ 85385 Credit Collections 504161 Tolin Mechanical Systems Co PO Box 732293 Dallas TX 75373 Mechanical Maintenance Services 456181 24 0 0 0 0 0 0 0 0 INTEREST ON LOANS 522291 115584496 115584496 0 0 FEES AND SERVICE CHARGES 522130 21053850 20620038 433812 0 Interchange Revenue 522130 26731653 26731653 0 0 Insurance 524143 14992674 1860534 13132140 0 Warranty Income 524128 399850 399850 0 0 0 0 0 0 178762523 41856520 0 0 41856520 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 73178 0 130039 0 -56861 -56861 0 0 -56861 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 OTHER INCOME 522130 5318127 5318127 0 0 0 0 0 0 5318127 225880309 170514698 13565952 41799659 251482 0 0 0 4505654 0 60328980 4716428 8271903 4419117 0 277312 298015 0 0 0 1500420 3641025 2132319 10573550 0 4319797 786871 0 0 57567418 0 5588096 536100 Debit and ATM Processing Fees 10526878 Loan Servicing Expense 8004278 Loan Losses 4927526 Dues and Subscriptions 312216 3694679 197180064 22587213 20134086 428086034 485599536 0 0 0 0 0 0 100038 0 1821968362 1840605881 0 0 0 0 92240488 46929150 48046907 45311338 712836083 710205652 24094555 24442123 0 123460478 121465768 133559287 173712456 3314738957 3421476840 59142298 42188820 16613 11774 0 0 2953854726 3040256770 3013013637 3082457364 X 301725320 339019476 301725320 339019476 3314738957 3421476840 28700245 8631897 -37986 0 0 0 X false true true false false true X 12977234 12977234 52024441 27149687 24874754 1604601 1542734 61867 25323838 18236729 7087109 310374 310374 45311338 Accrued Income Receivable 9908186 Operating Lease right-of-use assets 7667708 NCUSIF Deposit 26274314 CSV Life Insurance Policies 79403547 Other Assets 49050433 Loans held for sale 1408268 173712456 Federal Income Taxes Operating Lease Liabilities 7887289 Members' share accounts 3032048400 Borrowings Finance lease liabilities 321081 3040256770 X 0 0 0 0 0 0 0 0 0 0 0 0 Schedule D, Part IV, Line 2b Explanation of escrow agreement ESCROW ACCOUNTS ARE HELD TEMPORARILY FOR CURRENT CUSTOMERS ENGAGED IN LOAN ACTIVITY. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The Credit Union is exempt, by statute, from federal and state income taxes. However, effective July 1, 2022, with approval of the Credit Union's change in charter from federal to state, the Credit Union is subject to unrelated business income tax. The Credit Union's wholly owned subsidiaries, WSFG and AFIS, are subject to state and federal income tax. Operations of the Credit Union and wholly owned subsidiaries resulted in an insignificant amount of income taxes for the years ended December 31, 2024 and 2023. true Base Arizona 1417 N WOODSIDE RD Chandler AZ 85224 852376087 501(C)(3) 12500 General Support United Sound Inc 1136 E Harmony Ave Ste 201 Mesa AZ 85204 471534338 501(C)(3) 12500 General Support Young & Empowered Women 7932 E Solano Dr Scottsdale AZ 85250 862440688 501(C)(3) 10000 General Support Confidence Kits Inc 6665 S Lyon Dr Gilbert AZ 85298 882243621 501(C)(3) 10000 General Support A Permanent Voice 5611 S 32nd St Phoenix AZ 85040 832049209 501(C)(3) 12500 General Support Agua Fria Food and Clothing Bank Inc 405 E Harrison Dr Avondale AZ 85323 562515365 501(C)(3) 12500 General Support Friends of the Quartzsite Food Bank 40 N Moon Mountain Quartzsite AZ 85359 473013722 501(C)(3) 10000 General Support Arizona State Fire Training Committee Inc PO Box 132 Avondale AZ 85323 860789707 501(C)(3) 12500 General Support Help a Dog Smile PO Box 8195 Glendale AZ 85312 461118966 501(C)(3) 12500 General Support Karuna Horse Rescue Inc 4875 W Oasis Rd Tucson AZ 85742 821485919 501(C)(3) 27500 General Support Larry Thomas Youth Development Corporation PO Box 8071 Chandler AZ 85246 845069540 501(C)(3) 10000 General Support Lights Camera Discover 325 E Souther Ave STE 115 Phoenix AZ 85040 465004833 501(C)(3) 10000 General Support Autism Society of Greater Phoenix PO Box 10543 Phoenix AZ 85064 274374903 501(C)(3) 17500 General Assistance Shethrives Foundation 11039 E Quade Ave Mesa AZ 85212 934662659 501(C)(3) 10000 General Support Little Humble Entrepreneurs Foundation 1634 E Wouthern Ave Phoenix AZ 85040 932336619 501(C)(3) 10000 General Support The Joy Bus 3375 E Shea Blvd STE C1 Phoenix AZ 85028 463188719 501(C)(3) 10000 General Support Local First Arizona 407 E Roosevelt St Phoenix AZ 85004 202626253 501(C)(3) 10000 Small Business Grant 17 0 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds Funding for community donations and contributions is included in the annual financial plan, and approved by the Board of Directors. Donations made are reported to the Board of Directors on a monthly basis for review. X X true true X X X false true false Amy Hysell President/CEO (AZFCU) 665159 0 96000 0 16730 0 62001 0 3425 0 843315 0 0 0 Travis Fonnesbeck SVP & CFO (AZFCU) 270677 0 29061 0 7095 0 16954 0 11733 0 335520 0 0 0 Chad Forkenbrock EVP & Chief Operating Officer (AZFCU) 395477 0 34090 0 19091 0 33094 0 5007 0 486759 0 0 0 Gregory Thorell SVP Residential Lending (AZFCU) 391740 0 0 0 31526 0 29225 0 15561 0 468052 0 0 0 Jason Paprocki EVP & Chief Strategy Officer (AZFCU) 428399 0 49202 0 29124 0 32705 0 6752 0 546182 0 0 0 Juan Ruiz EVP & Chief People and Culture Officer (AZFCU) 345793 0 37200 0 2399 0 34027 0 5409 0 424828 0 0 0 Michael Thorell Arizona Market President & Chief Lending Officer (AZFCU) 424333 0 37808 0 26129 0 50095 0 13640 0 552005 0 0 0 Travis Merrell SVP & Chief Credit Officer (AZFCU) 307810 0 553 0 8325 0 12888 0 14593 0 344169 0 0 0 William Randall Gaston SVP & Commercial Lending (AZFCU) 393111 0 0 0 24974 0 21624 0 12126 0 451835 0 0 0 Ryan West Investment Representative (AZFCU) 36530 0 431860 0 1821 0 21887 0 12782 0 504880 0 0 0 Kelly Harding COMMERCIAL PRODUCER (AFIS) 639141 0 0 0 0 0 20700 0 16759 0 676600 0 0 0 Gregory Okonowski COMMERCIAL PRODUCER (AFIS) 572140 0 5000 0 0 0 20700 0 9081 0 606921 0 0 0 Andrew Martinez COMMERCIAL PRODUCER (AFIS) 481232 0 5000 0 0 0 20700 0 592 0 507524 0 0 0 Joseph Cook PPD Producer (AFIS) 463862 0 5000 0 0 0 17250 0 13279 0 499391 0 0 0 Schedule J, Part I, Line 1a First-class or charter travel AZFCU allows board members to utilize first class travel if certain criteria are met. The travel expenses are treated as taxable compensation. Schedule J, Part I, Line 1a Travel for companions AZFCU allows a companion to join each director or executive leadership team member on business travel. The companions are expected to participate in the networking events and represent AFCU. The travel expenses are treated as taxable compensation. Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan AZFCU provides a supplemental nonqualified retirement plan for executives. The organization makes annual contributions to the plan. Contributions to the plan for 2024 are as follows: Amy Hysell: $200,597 Jason Paprocki: $75,435 Michael Thorell: $90,678 Gregory Thorell: $93,595 William Randall Gaston: $80,855 Chad Forkenbrock: $197,106 Travis Merrell: $75,659 Juan Ruiz: $65,879 Travis Fonnesbeck: $74,762 Form 990, Part VI, Line 2 Family/business relationships amongst interested persons Michael Thorell and Gregory Thorell - Family relationship Form 990, Part VI, Line 4 Significant changes to organizational documents The organization revised its bylaws - specifically Article VI, Section 8 (Suspension of Officers) and Article IX, Section 5 (Suspension of Directors or Committee Members) - to better align the Credit Union's governance and operations with the Credit Union Modernization Act and to ensure consistency with modern regulatory and governance standards. Form 990, Part VI, Line 6 Classes of members or stockholders AZFCU is chartered with the State of Arizona. Membership eligibility includes those who have a family or household member who is already a member of AZFCU those who are members of Local First Arizona and those who live, work, worship, attend school, or regularly conduct business in one of the following counties: Coconino, Gila, La Paz, Maricopa, Mohave, Navajo, Pima, Pinal, Yavapai, and Yuma. Voting Rights: Irrespective of the number of shares, no member has more than one vote. Application for Membership: Applications for membership from persons eligible for membership shall be signed by the applicant on forms approved by the board. Upon approval of an application by a membership officer and upon subscription to at least one share of this credit union and the payment of the initial installment, and the payment of a uniform entrance fee if required by the board, the applicant is admitted to membership. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body There is only one class of membership. Each member has one vote to elect or appoint individual(s) to the governing body, irrespective of the number of shares owned. Form 990, Part VI, Line 8b Documentation of meetings held by committees of governing body There is no committee with authority to act on behalf of the governing body. Form 990, Part VI, Line 11b Review of form 990 by governing body The Form 990 is prepared by the VP & Controller and reviewed by Crowe LLP based on information provided by AZFCU management. The draft of the return is reviewed by management with any changes incorporated. Following management review the full 990 is provided to the board of directors for review and approval from the board of directors executive committee prior to filing with the IRS. Form 990, Part VI, Line 12c Conflict of interest policy AZFCU'S CONFLICT OF INTEREST POLICIES ARE OUTLINED IN ITS EMPLOYEE HANDBOOK. AZFCU REGULARLY MONITORS CONFLICTS AND ENFORCEMENT WITH THE POLICY. IN ADDITION, AZFCU CONDUCTS AN ANNUAL SURVEY FOR ALL BOARD OF DIRECTORS, SUPERVISORY COMMITTEE MEMBERS AND SENIOR MANAGEMENT TO REPORT AND MONITOR CONFLICTS OF INTEREST. QUESTIONNAIRES REGARDING RELATED ENTITIES AND POTENTIAL CONFLICTS OF INTEREST ARE ADMINISTERED AT LEAST ANNUALLY TO EMPLOYEES THAT ARE SENIOR VICE PRESIDENT AND ABOVE AND MEMBERS OF THE BOARD OF DIRECTORS AND SUPERVISORY COMMITTEE. Form 990, Part VI, Line 15a Process to establish compensation of top management official Regular salary reviews are conducted for the CEO utilizing Data from the Bureau of Labor Statistics and professional compensation organizations for comparative compensation purposes. All salary changes are based on organizational results as outlined in a performance review and is ultimately decided by the board of directors. The CEO's salary was reviewed and approved by the board in November of 2024. Form 990, Part VI, Line 15b Process to establish compensation of other employees An annual salary review is conducted for all employees, including officers and key employees using various market pricing tools and resources. Data from the Bureau of Labor statistics and professional compensation organizations is used for comparative compensation purposes. All salary changes are based on the results of competitive market data. Employee salaries were reviewed and approved by the board in November 2024. Form 990, Part VI, Line 19 Required documents available to the public THE CREDIT UNION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. Arizona Federal Insurance Solutions LLC 333 N 44th Street Phoenix AZ 85008 203242545 Insurance AZ 15824113 28612160 Arizona Financial Credit Union Western States Financial Group LLC 333 N 44th Street Phoenix AZ AZ 85008 861020339 Auto-Buying Services AZ 408680 5455680 Arizona Financial Credit Union Arizona Financial Foundation 333 N 44TH STREET PHOENIX AZ 85008 993354692 Grant Making AZ 501(c)(3) 7 AZFCU true false false false false false false false false false false false false false true true false false false false