Form 990 for tax year 2024
Filed by COMMUNITY 1ST CREDIT UNION.
This return was superseded by a later amendment. matched by us It is kept because history is preserved rather than replaced.
What the amendment changed
Compared with the latest return for 2024 , filed 23 December 2025. matched by us Only the Part I totals and the names listed in Part VII are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.
- Total revenue
- $11,373,637 changed to $7,823,096
- Total expenses
- $10,725,929 changed to $7,822,765
- Program service revenue
- $8,953,381 changed to $5,918,558
- Investment income
- $2,357,934 changed to $1,853,964
- Other revenue
- $62,322 changed to $50,574
- Total assets, end of year
- $186,974,161 changed to $0
- Total liabilities, end of year
- $165,273,927 changed to $0
- Net assets or fund balances, end of year
- $21,700,234 changed to $0
Listed only on the earlier return
- DARCY VANDER VOET
- LOU KUSH
- MICHAEL BAGWELL
Listed under a different title
- ALAN WALKER: BOARD SECRETARY then BOARD MEMBER (THRU 1/25)
- JAMES REMY: BOARD MEMBER then BOARD SECRETARY
- LARRY WILLIAMS: BOARD MEMBER then BOARD MEMBER (THRU 1/25)
Totals
- Total revenue
- $11,373,637
- Total expenses
- $10,725,929
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $8,953,381
- Investment income
- $2,357,934
- Other revenue
- $62,322
- Total assets, end of year
- $186,974,161
- Total liabilities, end of year
- $165,273,927
- Net assets or fund balances, end of year
- $21,700,234
- Program services expenses (Part IX)
- not reported
- Management and general expenses
- not reported
- Fundraising expenses
- not reported
- Program service expenses (Part III)
- not reported
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
2a · Program service revenue: INTEREST ON LOANS
total $7,885,362 · related or exempt $7,885,362
-
2b · Program service revenue: FEES & CHARGES
total $553,507 · related or exempt $548,269 · unrelated business $5,238
-
2c · Program service revenue: INTERCHANGE INCOME
total $453,523 · related or exempt $453,523
-
2f · All other program service revenue
total $60,989 · excluded $60,989
-
3 · Investment income
total $2,362,846 · excluded $2,362,846
-
6a · Gross rents
real property $62,322
-
6b · Less rental expenses
real property $0
-
6c · Rental income or loss
real property $62,322
-
6d · Net rental income or loss
total $62,322 · excluded $62,322
-
7a · Gross sales of assets other than inventory
other assets $25,000
-
7b · Less cost or other basis and sales expenses
other assets $29,912
-
7c · Gain or loss
other assets -$4,912
-
7d · Net gain or loss
total -$4,912 · excluded -$4,912
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $446,751
-
7 · Other salaries and wages
total $2,538,003
-
8 · Pension plan contributions
total $28,077
-
9 · Other employee benefits
total $534,582
-
10 · Payroll taxes
total $240,774
-
11a · Fees: management
total $30,215
-
11b · Fees: legal
total $72,000
-
11g · Fees: other
total $110,024
-
12 · Advertising and promotion
total $33,835
-
13 · Office expenses
total $577,150
-
14 · Information technology
total $1,253,779
-
16 · Occupancy
total $276,282
-
17 · Travel
total $162,484
-
19 · Conferences, conventions and meetings
total $10,718
-
20 · Interest
total $2,979,677
-
22 · Depreciation, depletion and amortization
total $357,626
-
23 · Insurance
total $37,554
-
24a · Other expenses: DEBIT CARD CHARGES
total $294,377
-
24b · Other expenses: LOAN SERVICING FEES
total $240,475
-
24c · Other expenses: BAD DEBT EXPENSE
total $195,000
-
24d · Other expenses: MISCELLANEOUS
total $150,118
-
24e · All other expenses
total $156,428
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $938,179 · end of year $799,645
-
2 · Savings and temporary cash investments
beginning of year $2,622,204 · end of year $3,496,456
-
4 · Accounts receivable
beginning of year $31,297 · end of year $36,561
-
7 · Other notes and loans receivable
beginning of year $150,170,163 · end of year $126,464,091
-
9 · Prepaid expenses and deferred charges
beginning of year $810,807 · end of year $779,688
-
10a · Land, buildings and equipment: cost or other basis
$14,166,643
-
10b · Land, buildings and equipment: accumulated depreciation
$3,664,536
-
10c · Land, buildings and equipment, net
beginning of year $10,759,848 · end of year $10,502,107
-
11 · Investments: publicly traded securities
beginning of year $38,331,926 · end of year $43,496,495
-
13 · Investments: program-related
beginning of year $4,000 · end of year $4,000
-
14 · Intangible assets
beginning of year $339,910 · end of year $266,153
-
15 · Other assets
beginning of year $1,359,434 · end of year $1,128,965
-
17 · Accounts payable and accrued expenses
beginning of year $4,714,592 · end of year $5,414,275
-
19 · Deferred revenue
beginning of year $11,702 · end of year $8,897
-
25 · Other liabilities
beginning of year $179,588,948 · end of year $159,850,755
-
29 · Capital stock, trust principal or current funds
beginning of year $0 · end of year $0
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $0 · end of year $0
-
31 · Retained earnings, endowment or other funds
beginning of year $21,052,526 · end of year $21,700,234
Mission and programs · 2024
Mission
TO ESTABLISH AND MAINTAIN THE TRUST OF OUR MEMBERS, WHILE CONTINUALLY EARNING OUR PLACE AS THEIR PREFERRED FINANCIAL INSTITUTION.
Activities or mission (Part I)
HELPING ENSURE A MORE PROSPEROUS FINANCIAL FUTURE FOR OUR MEMBERS.
-
MUTUAL, MEMBERSHIP BENEFITS PROGRAMS, GENERAL/OTHER: PROVIDED ITS 11,837 MEMBERS THE OPPORTUNITY FOR SAVINGS, DEPOSIT, LOANS AND OTHER FINANCIAL SERVICES DURING 2024.
As filed on the 2024 return.
Listed in Part VII
-
FRANK WORDEN
BOARD CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 3
-
ELAINE TIERNEY
BOARD VICE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 2.5
-
LOU KUSH
BOARD VICE CHAIRPERSON (THRU 8/24)
- Total calculated
- $0
- Hours/week
- 2
-
ALAN WALKER
BOARD SECRETARY
- Total calculated
- $0
- Hours/week
- 2
-
LARRY WILLIAMS
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
STEVEN BATES
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
JANICE PARENT
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
JAMES REMY
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
DANIEL LEFREE
PRESIDENT/CEO/TREASURER
- Total calculated
- $285,414
- From this org
- $247,931
- From related orgs
- $0
- Other
- $37,483
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $230,031
- Bonus
- $2,700
- Other
- $15,200
- Deferred
- $17,669
- Nontaxable benefits
- $19,814
- Filer's total
- $285,414
-
NICOLE LOUGHEED
EXECUTIVE VICE PRESIDENT/CFO
- Total calculated
- $161,338
- From this org
- $148,327
- From related orgs
- $0
- Other
- $13,011
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $135,770
- Bonus
- $2,700
- Other
- $9,857
- Deferred
- $12,296
- Nontaxable benefits
- $715
- Filer's total
- $161,338
-
DARCY VANDER VOET
VICE PRESIDENT OF OPERATIONS
- Total calculated
- $127,271
- From this org
- $108,700
- From related orgs
- $0
- Other
- $18,571
- Hours/week
- 50
-
MICHAEL BAGWELL
VICE PRESIDENT OF TECHNOLOGY
- Total calculated
- $127,668
- From this org
- $108,700
- From related orgs
- $0
- Other
- $18,968
- Hours/week
- 50
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 1a · Travel for companions
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Compensation committee
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- PART I, LINE 1A
- DIRECTORS, SUPERVISORY COMMITTEE MEMBERS AND SENIOR MANAGEMENT MAY BE REIMBURSED FOR SPOUSAL TRAVEL. THE REIMBURSEMENT IS INCLUDED IN THEIR TAXABLE COMPENSATION.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 21 April 2025
- IRS schema version
- 2024v5.1
- Source object
- 202511159349300841
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