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Nonprofiteer
← ADDITION FINANCIAL CREDIT UNION

Form 990 for tax year 2024

Filed by ADDITION FINANCIAL CREDIT UNION.

Totals

Total revenue
$172,550,204
Total expenses
$155,260,898
Contributions and grants received
$0
Grants paid
$423,002
Program service revenue
$144,910,984
Investment income
$27,639,220
Other revenue
$0
Total assets, end of year
$2,735,864,519
Total liabilities, end of year
$2,509,406,304
Net assets or fund balances, end of year
$226,458,215
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 LOANS

    total $105,309,311 · related or exempt $105,309,311

  • 2b · Program service revenue: OTHER INCOME

    total $26,847,592 · related or exempt $26,847,592

  • 2c · Program service revenue: FEES & CHARGES

    total $12,550,297 · related or exempt $12,550,297

  • 2d · Program service revenue: FINANCE & INSURANCE

    total $203,784 · unrelated business $203,784

  • 3 · Investment income

    total $27,639,220 · related or exempt $27,639,220

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $423,002

  • 5 · Compensation of officers, directors and key employees

    total $3,724,550

  • 7 · Other salaries and wages

    total $33,042,402

  • 8 · Pension plan contributions

    total $1,514,085

  • 9 · Other employee benefits

    total $4,825,932

  • 10 · Payroll taxes

    total $2,595,963

  • 11b · Fees: legal

    total $2,359,160

  • 11c · Fees: accounting

    total $600,768

  • 11g · Fees: other

    total $7,619,368

  • 12 · Advertising and promotion

    total $6,187,706

  • 13 · Office expenses

    total $12,752,097

  • 16 · Occupancy

    total $4,713,372

  • 19 · Conferences, conventions and meetings

    total $950,798

  • 20 · Interest

    total $44,010,058

  • 22 · Depreciation, depletion and amortization

    total $3,707,586

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $19,182,294

  • 24b · Other expenses: LOAN OPERATIONS

    total $6,074,061

  • 24c · Other expenses: STATE OPERATING FEES

    total $318,534

  • 24d · Other expenses: MEMBER INSURANCE

    total $264,683

  • 24e · All other expenses

    total $394,479

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $24,627,112 · end of year $25,233,287

  • 2 · Savings and temporary cash investments

    beginning of year $347,061,708 · end of year $274,767,423

  • 4 · Accounts receivable

    beginning of year $730,552 · end of year $1,679,473

  • 5 · Loans and receivables from officers and key people

    beginning of year $45,904,337 · end of year $49,328,757

  • 7 · Other notes and loans receivable

    beginning of year $1,954,421,635 · end of year $1,804,122,600

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,417,654 · end of year $2,574,068

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

    $123,375,789

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

    $62,418,904

  • 10c · Land, buildings and equipment, net

    beginning of year $62,993,877 · end of year $60,956,885

  • 11 · Investments: publicly traded securities

    beginning of year $416,335,260 · end of year $462,087,611

  • 12 · Investments: other securities

    beginning of year $15,934,740 · end of year $12,868,460

  • 14 · Intangible assets

    beginning of year $6,266,513 · end of year $6,231,840

  • 15 · Other assets

    beginning of year $35,451,243 · end of year $36,014,115

  • 17 · Accounts payable and accrued expenses

    beginning of year $20,689,313 · end of year $23,338,959

  • 24 · Unsecured notes and loans payable

    beginning of year $320,000,000 · end of year $60,000,000

  • 25 · Other liabilities

    beginning of year $2,367,395,282 · end of year $2,426,067,345

  • 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 $204,060,036 · end of year $226,458,215

Mission and programs · 2024

Mission

ADDITION FINANCIAL CREDIT UNION IS COMMITTED TO HELPING MEMBERS ACHIEVE THEIR MONEY MANAGEMENT GOALS.

  • PROVIDE 187,897 MEMBERS WITH REGULAR SAVINGS, SHARE DRAFTS, CERTIFICATES OF DEPOSIT, IRA, HEALTH SAVINGS AND MONEY MARKET ACCOUNTS WITH AGGREGATE DEPOSIT BALANCES THAT APPROXIMATED $2,426,067,000 AS OF DECEMBER 31, 2024.

  • PROVIDE 87,349 LOANS INCLUDING MORTGAGES, BUSINESS, HOME EQUITY, CREDIT CARDS, SHARE SECURED, VEHICLE, AND LINE OF CREDIT LOANS WITH AGGREGATE LOAN BALANCES THAT APPROXIMATED $1,850,385,000 AS OF DECEMBER 31, 2024.

As filed on the 2024 return.

Listed in Part VII

  • Richard Collins

    BOARD CHAIRPERSON

    Total calculated
    $4,074
    From this org
    $4,074
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Dale Kelly

    BOARD VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    10

  • Ronald Person

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    10

  • Naval Modani

    BOARD TREASURER

    Total calculated
    $0
    Hours/week
    10

  • Janet Bush

    BOARD MEMBER

    Total calculated
    $5,585
    From this org
    $5,585
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Gabriela Ortigoni

    BOARD MEMBER

    Total calculated
    $7,758
    From this org
    $7,758
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Kimberly Marten

    BOARD MEMBER

    Total calculated
    $831
    From this org
    $831
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Judith Padres

    BOARD MEMBER

    Total calculated
    $792
    From this org
    $792
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Cary Dortona

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    10

  • Kevin Miller

    PRESIDENT/CEO

    Total calculated
    $1,050,845
    From this org
    $999,561
    From related orgs
    $0
    Other
    $51,284
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $762,561
    Bonus
    $211,000
    Other
    $26,000
    Deferred
    $17,250
    Nontaxable benefits
    $34,034
    Filer's total
    $1,050,845

  • Kevin Dougherty

    CHIEF OPERATING OFFICER

    Total calculated
    $525,700
    From this org
    $497,196
    From related orgs
    $0
    Other
    $28,504
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $407,279
    Bonus
    $89,917
    Other
    $0
    Deferred
    $17,250
    Nontaxable benefits
    $11,254
    Filer's total
    $525,700

  • Qing Lu

    CHIEF FINANCIAL OFFICER

    Total calculated
    $463,975
    From this org
    $421,247
    From related orgs
    $0
    Other
    $42,728
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $331,053
    Bonus
    $90,194
    Other
    $0
    Deferred
    $17,250
    Nontaxable benefits
    $25,478
    Filer's total
    $463,975

  • Sam Nelson

    CHIEF ADMINISTRATIVE OFFICER

    Total calculated
    $475,356
    From this org
    $424,242
    From related orgs
    $0
    Other
    $51,114
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $359,403
    Bonus
    $64,839
    Other
    $0
    Deferred
    $17,250
    Nontaxable benefits
    $33,864
    Filer's total
    $475,356

  • Kevin Wright

    CHIEF INFORMATION OFFICER

    Total calculated
    $467,227
    From this org
    $426,331
    From related orgs
    $0
    Other
    $40,896
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $361,824
    Bonus
    $64,507
    Other
    $0
    Deferred
    $17,250
    Nontaxable benefits
    $23,646
    Filer's total
    $467,227

  • Miriam Mitchell

    CHIEF LENDING OFFICER

    Total calculated
    $395,009
    From this org
    $343,895
    From related orgs
    $0
    Other
    $51,114
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $290,467
    Bonus
    $53,428
    Other
    $0
    Deferred
    $17,250
    Nontaxable benefits
    $33,864
    Filer's total
    $395,009

  • Nora Rodriguez Patterson

    CHIEF COMMUNICATIONS OFFICER

    Total calculated
    $327,398
    From this org
    $300,614
    From related orgs
    $0
    Other
    $26,784
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $248,555
    Bonus
    $52,059
    Other
    $0
    Deferred
    $14,986
    Nontaxable benefits
    $11,798
    Filer's total
    $327,398

  • Joseph MacLaren

    ASSISTANT GENERAL COUNSEL

    Total calculated
    $273,267
    From this org
    $227,238
    From related orgs
    $0
    Other
    $46,029
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $221,452
    Bonus
    $5,786
    Other
    $0
    Deferred
    $11,995
    Nontaxable benefits
    $34,034
    Filer's total
    $273,267

  • Shirley Shoemaker

    SVP BRANCH OPERATIONS

    Total calculated
    $252,575
    From this org
    $229,721
    From related orgs
    $0
    Other
    $22,854
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $201,562
    Bonus
    $28,159
    Other
    $0
    Deferred
    $11,600
    Nontaxable benefits
    $11,254
    Filer's total
    $252,575

  • Matthew Walsh

    VP INFORMATION TECHNOLOGY

    Total calculated
    $222,162
    From this org
    $186,651
    From related orgs
    $0
    Other
    $35,511
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $177,477
    Bonus
    $9,174
    Other
    $0
    Deferred
    $10,033
    Nontaxable benefits
    $25,478
    Filer's total
    $222,162

  • Alex Dejesus

    SVP MEMBER EXPERIENCE

    Total calculated
    $210,331
    From this org
    $200,266
    From related orgs
    $0
    Other
    $10,065
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $110,349
    Bonus
    $89,917
    Other
    $0
    Deferred
    $10,032
    Nontaxable benefits
    $33
    Filer's total
    $210,331

  • Jason Hansen

    VP MARKETING

    Total calculated
    $222,458
    From this org
    $187,374
    From related orgs
    $0
    Other
    $35,084
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,431
    Bonus
    $8,943
    Other
    $0
    Deferred
    $9,777
    Nontaxable benefits
    $25,307
    Filer's total
    $222,458

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

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 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 4B
KEVIN MILLER, KEVIN DOUGHERTY, SAM NELSON, KEVIN WRIGHT, QING LU, MIRIAM MITCHELL, NORA RODRIGUEZ PATTERSON, AND JOSEPH MACLAREN PARTICIPATE IN A SUPPLEMENTAL RETIREMENT BENEFITS ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR" PLAN. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS.

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

  • ADDITION FINANCIAL FOUNDATION INC

    $423,002

    THE ADDITION FINANCIAL FOUNDATION, INC. WAS PRIMARILY FORMED TO ASSIST ADDITION FINANCIAL CREDIT UNION PROMOTE AND PROVIDE ASSISTANCE TO INITIATIVES BENEFITING EDUCATION.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • PRIMERA TITLE LLC

    RELATED · TITLE AGENCY · FL · 51% owned · share of income $36,190 · share of assets $53,418 · general or managing partner

    Directly controlled by ADDITIONAL FINANCIAL CREDIT UNION

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • PRIMERA LENDING SERVICES LLC

    C · LENDING SERVICES · FL · 100% owned · share of income $36,843 · share of assets $5,341,287 · controlled entity

    Directly controlled by ADDITION FINANCIAL CREDIT UNION

Provenance

Return type
form_990
Tax year
2024
Filed
17 November 2025
IRS schema version
2024v5.2
Source object
202513219349303976

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