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Nonprofiteer
← PREMIER AMERICA CREDIT UNION

Form 990 for tax year 2023

Filed by PREMIER AMERICA CREDIT UNION.

Totals

Total revenue
$158,602,721
Total expenses
$150,631,543
Contributions and grants received
$0
Grants paid
$430,424
Program service revenue
$145,203,719
Investment income
$13,234,873
Other revenue
$164,129
Total assets, end of year
$3,473,374,773
Total liabilities, end of year
$3,163,402,845
Net assets or fund balances, end of year
$309,971,928
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: INCOME FROM MEMBER LOANS

    total $130,584,383 · related or exempt $130,584,383

  • 2b · Program service revenue: INTERCHANGE INCOME

    total $5,933,891 · related or exempt $5,933,891

  • 2c · Program service revenue: SERVICE CHARGES & OTHER FEES

    total $4,509,457 · related or exempt $4,269,577 · unrelated business $239,880

  • 2d · Program service revenue: INVESTMENT BROKERAGE COMMISSIONS

    total $2,531,483 · related or exempt $2,531,483

  • 2e · Program service revenue: OTHER NON-INTEREST INCOME

    total $1,644,505 · related or exempt $293,262 · unrelated business $1,351,243

  • 3 · Investment income

    total $13,234,873 · excluded $13,234,873

  • 6a · Gross rents

    real property $164,129

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $164,129

  • 6d · Net rental income or loss

    total $164,129 · excluded $164,129

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $430,424

  • 5 · Compensation of officers, directors and key employees

    total $5,096,842

  • 7 · Other salaries and wages

    total $34,646,027

  • 8 · Pension plan contributions

    total $1,613,198

  • 9 · Other employee benefits

    total $2,782,893

  • 10 · Payroll taxes

    total $2,808,307

  • 11b · Fees: legal

    total $469,174

  • 11c · Fees: accounting

    total $514,348

  • 11g · Fees: other

    total $2,139,295

  • 12 · Advertising and promotion

    total $5,087,764

  • 13 · Office expenses

    total $10,046,322

  • 14 · Information technology

    total $4,324,891

  • 15 · Royalties

    total $352,044

  • 16 · Occupancy

    total $3,622,228

  • 17 · Travel

    total $522,720

  • 19 · Conferences, conventions and meetings

    total $551,541

  • 20 · Interest

    total $14,951,663

  • 22 · Depreciation, depletion and amortization

    total $1,500,890

  • 23 · Insurance

    total $266,325

  • 24a · Other expenses: DIVIDENDS PAID TO MEMBE

    total $48,154,694

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $5,340,000

  • 24c · Other expenses: LOAN PROCESSING EXPENSE

    total $3,025,749

  • 24d · Other expenses: INCOME TAX EXPENSE

    total $370,767

  • 24e · All other expenses

    total $2,013,437

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $106,375,570 · end of year $115,129,040

  • 4 · Accounts receivable

    beginning of year $11,257,929 · end of year $12,560,193

  • 5 · Loans and receivables from officers and key people

    beginning of year $10,697,748 · end of year $5,637,749

  • 7 · Other notes and loans receivable

    beginning of year $3,191,037,464 · end of year $2,926,004,905

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,126,772 · end of year $3,892,970

  • 10a · Land, buildings and equipment: cost or other basis

    $42,900,472

  • 10b · Land, buildings and equipment: accumulated depreciation

    $24,590,333

  • 10c · Land, buildings and equipment, net

    beginning of year $13,698,881 · end of year $18,310,139

  • 11 · Investments: publicly traded securities

    beginning of year $372,292,763 · end of year $331,539,078

  • 12 · Investments: other securities

    beginning of year $15,000,000 · end of year $15,000,000

  • 14 · Intangible assets

    beginning of year $1,710,450 · end of year $1,034,434

  • 15 · Other assets

    beginning of year $46,875,176 · end of year $44,266,265

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,867,961 · end of year $23,861,061

  • 19 · Deferred revenue

    beginning of year $387,413 · end of year $266,667

  • 23 · Secured mortgages and notes payable

    beginning of year $375,000,000 · end of year $280,000,000

  • 25 · Other liabilities

    beginning of year $3,085,994,979 · end of year $2,859,275,117

  • 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 $295,822,400 · end of year $309,971,928

Mission and programs · 2023

Mission

A COOPERATIVE ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONGST 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, PREMIER AMERICA CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS

Activities or mission (Part I)

A COOPERATIVE ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONGST ITS MEMBERS.

  • PREMIER AMERICA CREDIT UNION ENCOURAGED AND PROMOTED SAVINGS AND ACQUIRED 9,806 NEW MEMBERS IN 2023. TOTAL MEMBERSHIP STOOD AT 110,927 AS OF DECEMBER 31, 2023 WHILE THE ORGANIZATION CONTINUED TO PAY MEMBERS FAVORABLE DIVIDEND RATES ON THEIR SAVINGS.

  • PREMIER AMERICA CREDIT UNION CONTINUED TO MEET THE MORTGAGE NEEDS OF FIRST-TIME HOME BUYERS. DURING THE YEAR, THE ORGANIZATION GRANTED 338 REAL ESTATE LOANS.

  • PREMIER AMERICA CREDIT UNION'S CORE VALUES AND PURPOSE DRIVE OUR COMMITMENT TO SERVING MEMBERS AND LOCAL COMMUNITIES. IN 2023, OUR DEDICATION TO GIVING BACK WAS OF PARAMOUNT IMPORTANCE AS PREMIER AMERICA CREDIT UNION DONATED $473,516 TO LOCAL CHARITIES AND COMMUNITY ORGANIZATIONS AND TEAM MEMBERS INVESTED OVER 600 HOURS OF SERVICE TO NONPROFIT ORGANIZATIONS. PREMIER AMERICA CREDIT UNION IS FOCUSED ON PROVIDING SAFE, RESPONSIBLE AND AFFORDABLE FINANCIAL SERVICES TO HELP MEMBERS REACH THEIR DREAMS.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Gary Holmen

    CHAIR

    Total calculated
    $3,810
    From this org
    $3,810
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Joann Klonowski

    VICE CHAIR

    Total calculated
    $400
    From this org
    $400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Bill Hampel

    DIRECTOR

    Total calculated
    $3,531
    From this org
    $3,531
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Larry Martin

    DIRECTOR

    Total calculated
    $2,108
    From this org
    $2,108
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • William Cole

    DIRECTOR

    Total calculated
    $3,144
    From this org
    $3,144
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Larry Colson

    DIRECTOR

    Total calculated
    $2,559
    From this org
    $2,559
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Mechelle Best

    DIRECTOR

    Total calculated
    $400
    From this org
    $400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Eric Goldner

    DIRECTOR

    Total calculated
    $2,158
    From this org
    $2,158
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Eva Gomez

    SECRETARY/TREASURER

    Total calculated
    $3,029
    From this org
    $3,029
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Rodolfo Pereira

    PRESIDENT & CEO

    Total calculated
    $2,171,376
    From this org
    $935,197
    From related orgs
    $0
    Other
    $1,236,179
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $766,001
    Bonus
    $169,196
    Other
    $0
    Deferred
    $1,194,864
    Nontaxable benefits
    $41,315
    Filer's total
    $2,171,376

  • Ie-Chen Cheng

    CHIEF FINANCIAL OFFICER

    Total calculated
    $470,779
    From this org
    $435,257
    From related orgs
    $0
    Other
    $35,522
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $394,764
    Bonus
    $40,493
    Other
    $0
    Deferred
    $19,800
    Nontaxable benefits
    $15,722
    Filer's total
    $470,779

  • Toni Daniels

    CHIEF ADMINISTRATIVE OFFICER

    Total calculated
    $432,342
    From this org
    $387,975
    From related orgs
    $0
    Other
    $44,367
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $320,476
    Bonus
    $67,499
    Other
    $0
    Deferred
    $19,800
    Nontaxable benefits
    $24,567
    Filer's total
    $432,342

  • Ernesto Norona

    CHIEF OPERATIONS OFFICER

    Total calculated
    $472,966
    From this org
    $405,717
    From related orgs
    $0
    Other
    $67,249
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $331,896
    Bonus
    $73,821
    Other
    $0
    Deferred
    $19,800
    Nontaxable benefits
    $47,449
    Filer's total
    $472,966

  • Janakirmana Yandapalli

    FORMER CHIEF TECH OFFICER

    Total calculated
    $384,099
    From this org
    $341,134
    From related orgs
    $0
    Other
    $42,965
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $271,138
    Bonus
    $69,996
    Other
    $0
    Deferred
    $19,800
    Nontaxable benefits
    $23,165
    Filer's total
    $384,099

  • Marcia Girardi

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $433,657
    From this org
    $383,515
    From related orgs
    $0
    Other
    $50,142
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $317,077
    Bonus
    $66,438
    Other
    $0
    Deferred
    $19,800
    Nontaxable benefits
    $30,342
    Filer's total
    $433,657

  • David Fitzgerald

    CHIEF LENDING OFFICER

    Total calculated
    $357,921
    From this org
    $327,391
    From related orgs
    $0
    Other
    $30,530
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $294,132
    Bonus
    $33,259
    Other
    $0
    Deferred
    $19,800
    Nontaxable benefits
    $10,730
    Filer's total
    $357,921

  • Shelley Tam

    CHIEF PEOPLE OFFICER

    Total calculated
    $352,566
    From this org
    $288,197
    From related orgs
    $0
    Other
    $64,369
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $251,974
    Bonus
    $36,223
    Other
    $0
    Deferred
    $18,612
    Nontaxable benefits
    $45,757
    Filer's total
    $352,566

  • Kelly Karren

    FINANCIAL ADVISOR

    Total calculated
    $423,321
    From this org
    $389,924
    From related orgs
    $0
    Other
    $33,397
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $63,361
    Bonus
    $326,563
    Other
    $0
    Deferred
    $19,800
    Nontaxable benefits
    $13,597
    Filer's total
    $423,321

  • Anthony Velarde

    FINANCIAL ADVISOR

    Total calculated
    $357,999
    From this org
    $314,705
    From related orgs
    $0
    Other
    $43,294
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $61,444
    Bonus
    $253,261
    Other
    $0
    Deferred
    $19,311
    Nontaxable benefits
    $23,983
    Filer's total
    $357,999

  • Tamara Scott

    VP, RETAIL DELIVER

    Total calculated
    $271,617
    From this org
    $230,181
    From related orgs
    $0
    Other
    $41,436
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $215,143
    Bonus
    $15,038
    Other
    $0
    Deferred
    $3,525
    Nontaxable benefits
    $37,911
    Filer's total
    $271,617

  • Charles Kim

    VP, COMMERCIAL LENDING

    Total calculated
    $263,424
    From this org
    $240,550
    From related orgs
    $0
    Other
    $22,874
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $222,249
    Bonus
    $18,301
    Other
    $0
    Deferred
    $14,535
    Nontaxable benefits
    $8,339
    Filer's total
    $263,424

  • Todd Helmerson

    VP, RESIDENTIAL LENDING

    Total calculated
    $248,965
    From this org
    $220,293
    From related orgs
    $0
    Other
    $28,672
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $202,557
    Bonus
    $17,736
    Other
    $0
    Deferred
    $13,677
    Nontaxable benefits
    $14,995
    Filer's total
    $248,965

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
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
TRAVEL FOR COMPANIONS - PREMIER AMERICA CREDIT UNION WILL PAY FOR THE SPOUSE OR ONE COMPANION'S PLANE FARE FOR OUT OF TOWN OFFICIAL TRAVELS (CONFERENCES), HOTEL ACCOMMODATIONS (SHARED ROOM) AND MEALS. WILLIAM COLE, LARRY COLSON, EVA GOMEZ, ERIC GOLDNER, BILL HAMPEL, GARY HOLMEN, AND LARRY MARTIN RECEIVED THIS BENEFIT IN 2023. THE AMOUNTS ARE REPORTED AS REPORTABLE COMPENSATION ON FORM 990, PART VII AND SCHEDULE J, PART II.
PART I, LINE 4B
RODOLFO PEREIRA, PRESIDENT & CEO, PARTICIPATED IN A NON-QUALIFIED RETIREMENT PLAN IN 2023 SPONSORED BY PREMIER AMERICA CREDIT UNION. THERE WERE NO CONTRIBUTIONS TO OR DISTRIBUTIONS FROM THE PLAN. THE DEFINED BENEFIT LIABILITY ACCRUAL AMOUNT SHOWN BELOW IS INCLUDED ON FORM 990, PART VII AND SCHEDULE J, PART II: RODOLFO PEREIRA - $1,175,064

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

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2023
Filed
11 November 2024
IRS schema version
2023v5.1
Source object
202433199349302173

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