Totals
- Total revenue
- $50,130,393
- Total expenses
- $47,320,136
- Contributions and grants received
- $0
- Grants paid
- $31,862
- Program service revenue
- $45,801,583
- Investment income
- $4,328,810
- Other revenue
- $0
- Total assets, end of year
- $1,000,374,146
- Total liabilities, end of year
- $909,593,495
- Net assets or fund balances, end of year
- $90,780,651
- 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 $35,440,495 · related or exempt $35,440,495
-
2b · Program service revenue: OTHER OPERATING INCOME
total $7,825,445 · related or exempt $7,754,218 · unrelated business $71,227
-
2c · Program service revenue: FEE INCOME
total $2,535,643 · related or exempt $2,078,408 · unrelated business $457,235
-
3 · Investment income
total $4,328,810 · related or exempt $4,328,810
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $31,862
-
5 · Compensation of officers, directors and key employees
total $2,717,207
-
7 · Other salaries and wages
total $8,705,835
-
8 · Pension plan contributions
total $458,608
-
9 · Other employee benefits
total $1,597,096
-
10 · Payroll taxes
total $885,272
-
11b · Fees: legal
total $123,591
-
11c · Fees: accounting
total $334,775
-
11g · Fees: other
total $5,419,566
-
12 · Advertising and promotion
total $674,861
-
13 · Office expenses
total $1,584,218
-
14 · Information technology
total $1,294,148
-
16 · Occupancy
total $1,453,649
-
17 · Travel
total $299,627
-
20 · Interest
total $15,439,901
-
22 · Depreciation, depletion and amortization
total $553,506
-
24a · Other expenses: LOAN SERVICING EXPENSE
total $2,485,652
-
24b · Other expenses: PROVISION FOR CREDIT LO
total $2,028,777
-
24c · Other expenses: OTHER NON-INTEREST
total $697,202
-
24d · Other expenses: MISC. OPERATING EXPENSE
total $412,849
-
24e · All other expenses
total $121,934
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,772,698 · end of year $1,540,579
-
2 · Savings and temporary cash investments
beginning of year $30,804,480 · end of year $34,368,768
-
5 · Loans and receivables from officers and key people
end of year $247,314
-
9 · Prepaid expenses and deferred charges
beginning of year $685,561 · end of year $839,186
-
10a · Land, buildings and equipment: cost or other basis
$7,196,894
-
10b · Land, buildings and equipment: accumulated depreciation
$5,155,510
-
10c · Land, buildings and equipment, net
beginning of year $2,327,081 · end of year $2,041,384
-
11 · Investments: publicly traded securities
beginning of year $87,612,541 · end of year $81,378,497
-
13 · Investments: program-related
beginning of year $804,660,952 · end of year $828,102,413
-
15 · Other assets
beginning of year $50,758,262 · end of year $51,856,005
-
17 · Accounts payable and accrued expenses
beginning of year $11,755,521 · end of year $14,662,894
-
25 · Other liabilities
beginning of year $880,524,605 · end of year $894,930,601
-
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 $86,341,449 · end of year $90,780,651
Mission and programs · 2023
Mission
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.
Activities or mission (Part I)
A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS.
-
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 MORTGAGE, PERSONAL LINES OF CREDIT, 2ND MORTGAGE, 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.
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Tom CookTOM COOK
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Roger Vander WendeROGER VANDER WENDE
VICE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Jason PhilibertJASON PHILIBERT
BOARD TREASURER
- Total calculated
- $298
- From this org
- $298
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Amanda SecolaAMANDA SECOLA
BOARD SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Eric LedesmaERIC LEDESMA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Patti MalottPATTI MALOTT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Donna BrooksDONNA BROOKS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Gizi ClemmerGIZI CLEMMER
SUPV CMTE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
David WeedDAVID WEED
SUPV CMTE VICE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Robert WarkentonROBERT WARKENTON
SUPV CMTE MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Cari MedinaCARI MEDINA
SUPV CMTE MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
James HabbenJAMES HABBEN
SUPV CMTE MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Jon ShigematsuJON SHIGEMATSU
CEO/PRESIDENT
- Total calculated
- $623,087
- From this org
- $569,230
- From related orgs
- $0
- Other
- $53,857
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $480,065
- Bonus
- $68,188
- Other
- $20,977
- Deferred
- $14,850
- Nontaxable benefits
- $39,007
- Filer's total
- $623,087
-
Frank BorawskiFRANK BORAWSKI
CFO
- Total calculated
- $277,630
- From this org
- $267,370
- From related orgs
- $0
- Other
- $10,260
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $253,150
- Bonus
- $14,000
- Other
- $220
- Deferred
- $10,260
- Nontaxable benefits
- $0
- Filer's total
- $277,630
-
Theresa DavyTHERESA DAVY
COO
- Total calculated
- $348,449
- From this org
- $316,769
- From related orgs
- $0
- Other
- $31,680
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $268,198
- Bonus
- $40,000
- Other
- $8,571
- Deferred
- $12,982
- Nontaxable benefits
- $18,698
- Filer's total
- $348,449
-
Robert FarringtonROBERT FARRINGTON
SR VP COMMERCIAL REAL ESTA
- Total calculated
- $339,649
- From this org
- $290,356
- From related orgs
- $0
- Other
- $49,293
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $250,136
- Bonus
- $40,000
- Other
- $220
- Deferred
- $11,707
- Nontaxable benefits
- $37,586
- Filer's total
- $339,649
-
Paul WelchPAUL WELCH
SVP OF RISK MANAGEMENT
- Total calculated
- $264,123
- From this org
- $255,314
- From related orgs
- $0
- Other
- $8,809
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $198,521
- Bonus
- $40,000
- Other
- $16,793
- Deferred
- $7,952
- Nontaxable benefits
- $857
- Filer's total
- $264,123
-
Victor GallegoVICTOR GALLEGO
COMMERCIAL RE LOAN OFFICER
- Total calculated
- $299,323
- From this org
- $253,933
- From related orgs
- $0
- Other
- $45,390
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $68,566
- Bonus
- $183,865
- Other
- $1,502
- Deferred
- $10,465
- Nontaxable benefits
- $34,925
- Filer's total
- $299,323
-
Michael WilliamsMICHAEL WILLIAMS
VP OF CONSUMER LENDING
- Total calculated
- $230,895
- From this org
- $204,390
- From related orgs
- $0
- Other
- $26,505
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $168,706
- Bonus
- $22,000
- Other
- $13,684
- Deferred
- $9,283
- Nontaxable benefits
- $17,222
- Filer's total
- $230,895
-
Dwight McDanielDWIGHT MCDANIEL
BUSINESS DEVELOPMENT
- Total calculated
- $213,134
- From this org
- $197,117
- From related orgs
- $0
- Other
- $16,017
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $53,877
- Bonus
- $143,216
- Other
- $24
- Deferred
- $8,486
- Nontaxable benefits
- $7,531
- Filer's total
- $213,134
-
Carlos RamirezCARLOS RAMIREZ
AVP REAL ESTATE
- Total calculated
- $239,274
- From this org
- $197,026
- From related orgs
- $0
- Other
- $42,248
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $190,692
- Bonus
- $6,000
- Other
- $334
- Deferred
- $8,010
- Nontaxable benefits
- $34,238
- Filer's total
- $239,274
-
Michael PepinMICHAEL PEPIN
VP DELIVERY & TECHNOLOGY
- Total calculated
- $180,565
- From this org
- $165,404
- From related orgs
- $0
- Other
- $15,161
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $147,260
- Bonus
- $3,000
- Other
- $15,144
- Deferred
- $7,422
- Nontaxable benefits
- $7,739
- Filer's total
- $180,565
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 · First-class or charter travel
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 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
- THE CREDIT UNION ESTABLISHED A NONQUALIFIED DEFERRED COMPENSATION PLAN FOR CERTAIN EXECUTIVE/SENIOR MANAGEMENT EMPLOYEES UNDER INTERNAL REVENUE CODE (IRC) SECTION 457(F).
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
- 2023
- Filed
- 31 October 2024
- IRS schema version
- 2023v5.1
- Source object
- 202423119349300342
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
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