Form 990 for tax year 2024
Filed by CREDIT UNIONS IN THE STATE OF NEW MEXICO.
Totals
- Total revenue
- $68,194,766
- Total expenses
- $65,598,291
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $62,323,579
- Investment income
- $5,871,187
- Other revenue
- $0
- Total assets, end of year
- $916,557,398
- Total liabilities, end of year
- $845,455,521
- Net assets or fund balances, end of year
- $71,101,877
- Program services expenses (Part IX)
- $0
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- not reported
Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
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: LOAN INTEREST
total $37,421,876 · related or exempt $37,421,876
-
2b · Program service revenue: OTHER OPERATING INCOME
total $12,555,998 · related or exempt $12,555,998
-
2c · Program service revenue: FEES AND CHARGES
total $11,503,998 · related or exempt $11,503,998
-
2d · Program service revenue: NON-MEMBER ATM FEES
total $841,707 · unrelated business $841,707
-
3 · Investment income
total $5,898,395 · related or exempt $5,898,395
-
7b · Less cost or other basis and sales expenses
other assets $27,208
-
7c · Gain or loss
other assets -$27,208
-
7d · Net gain or loss
total -$27,208 · related or exempt -$27,208
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $1,991,766
-
7 · Other salaries and wages
total $23,735,833
-
9 · Other employee benefits
total $1,428,232
-
11b · Fees: legal
total $107,389
-
11c · Fees: accounting
total $101,187
-
12 · Advertising and promotion
total $2,654,628
-
13 · Office expenses
total $15,442,137
-
16 · Occupancy
total $2,583,266
-
19 · Conferences, conventions and meetings
total $687,061
-
20 · Interest
total $9,820,759
-
24a · Other expenses: PROVISIONS FOR LOAN LOSSE
total $4,623,000
-
24b · Other expenses: LOAN SERVICING
total $993,029
-
24c · Other expenses: PROFESSIONAL FEES
total $604,637
-
24d · Other expenses: MISC OPERATING EXP
total $475,870
-
24e · All other expenses
total $349,497
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $26,932,177 · end of year $78,781,936
-
2 · Savings and temporary cash investments
beginning of year $46,665,273 · end of year $36,767,655
-
7 · Other notes and loans receivable
beginning of year $655,431,689 · end of year $654,612,729
-
10a · Land, buildings and equipment: cost or other basis
$51,277,639
-
10b · Land, buildings and equipment: accumulated depreciation
$20,954,545
-
10c · Land, buildings and equipment, net
beginning of year $25,177,405 · end of year $30,323,094
-
11 · Investments: publicly traded securities
beginning of year $68,238,299 · end of year $58,399,045
-
15 · Other assets
beginning of year $55,270,107 · end of year $57,672,939
-
17 · Accounts payable and accrued expenses
beginning of year $21,763,073 · end of year $18,413,366
-
25 · Other liabilities
beginning of year $788,071,816 · end of year $827,042,155
-
31 · Retained earnings, endowment or other funds
beginning of year $67,880,061 · end of year $71,101,877
Mission and programs · 2024
Mission
FIRST FINANCIAL CREDIT UNION IS A COOPERATIVE, NOT-FOR-PROFIT FINANCIAL INSTITUTION ORGANIZED TO PROMOTE THRIFT AND PROVIDE CREDIT TO MEMBERS; AT ADVANTAGEOUS RATES OVER THOSE GENERALLY AVAILABLE FROM OTHER BANKING SOURCES.
-
INTEREST IS CHARGED AT MARKET RATES TO MEMBERS TO PROVIDE REVENUE TO PAY FOR THE COST OF THE FUNDS.
-
FEES AND CHARGES ARE ASSESSED TO MEMBERS FOR FINANCIAL SERVICES. THESE FEES GENERATE THE REVENUE NECESSARY TO PAY THE COSTS TO PROVIDE THESE SERVICES.
-
EARNINGS FROM THE INVESTMENTS. THE EXCESS OF FUNDS RECEIVED FROM MEMBERS, OVER THE AMOUNT LOANDED TO MEMBERS, AS WELL AS ACCUMULATED SURPLUS, IS INVESTED IN SECURITIES ALLOWED BY THE NCUA, AND THE CREDIT UNION'S GOVERNING DOCUMENTS.
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Ronald MooreheadRONALD MOOREHEAD
PRESIDENT/CE
- Total calculated
- $1,346,452
- From this org
- $1,324,215
- From related orgs
- $0
- Other
- $22,237
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $1,324,215
- Bonus
- not reported
- Other
- not reported
- Deferred
- $22,237
- Nontaxable benefits
- not reported
- Filer's total
- $1,346,452
-
Karen OrtizKAREN ORTIZ
EVP/COO
- Total calculated
- $645,313
- From this org
- $632,516
- From related orgs
- $0
- Other
- $12,797
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $632,516
- Bonus
- not reported
- Other
- not reported
- Deferred
- $12,797
- Nontaxable benefits
- not reported
- Filer's total
- $645,313
-
Steve CoffeySTEVE COFFEY
CIO
- Total calculated
- $367,291
- From this org
- $355,175
- From related orgs
- $0
- Other
- $12,116
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $355,175
- Bonus
- not reported
- Other
- not reported
- Deferred
- $12,116
- Nontaxable benefits
- not reported
- Filer's total
- $367,291
-
Chris SamborskiCHRIS SAMBORSKI
CLO
- Total calculated
- $328,874
- From this org
- $313,223
- From related orgs
- $0
- Other
- $15,651
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $313,223
- Bonus
- not reported
- Other
- not reported
- Deferred
- $15,651
- Nontaxable benefits
- not reported
- Filer's total
- $328,874
-
Yvonne Alaniz-CarpeYVONNE ALANIZ-CARPE
CFO
- Total calculated
- $271,378
- From this org
- $258,431
- From related orgs
- $0
- Other
- $12,947
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $258,431
- Bonus
- not reported
- Other
- not reported
- Deferred
- $12,947
- Nontaxable benefits
- not reported
- Filer's total
- $271,378
-
Dennis HoustonDENNIS HOUSTON
CSO
- Total calculated
- $260,884
- From this org
- $248,566
- From related orgs
- $0
- Other
- $12,318
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $248,566
- Bonus
- not reported
- Other
- not reported
- Deferred
- $12,318
- Nontaxable benefits
- not reported
- Filer's total
- $260,884
-
Stormy BarrettSTORMY BARRETT
VP BRANCH OF
- Total calculated
- $206,178
- From this org
- $196,357
- From related orgs
- $0
- Other
- $9,821
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $196,357
- Bonus
- not reported
- Other
- not reported
- Deferred
- $9,821
- Nontaxable benefits
- not reported
- Filer's total
- $206,178
-
Vincent EsparazaVINCENT ESPARAZA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Cynthia FrostCYNTHIA FROST
1ST VICE CHA
- Total calculated
- $0
- Hours/week
- 5
-
Rick GoshornRICK GOSHORN
SECRETARY/TR
- Total calculated
- $0
- Hours/week
- 5
-
Cassie KelleyCASSIE KELLEY
EX-OFFICER
- Total calculated
- $0
- Hours/week
- 5
-
Stewart LoganSTEWART LOGAN
2ND VICE CHA
- Total calculated
- $0
- Hours/week
- 5
-
Boyd MillerBOYD MILLER
EMERITUS DIR
- Total calculated
- $0
- Hours/week
- 5
-
Loretta MontoyaLORETTA MONTOYA
CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 5
-
Iva NelsonIVA NELSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Vanessa RagsdaleVANESSA RAGSDALE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Melissa WaunekaMELISSA WAUNEKA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
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
- 3 · Approval by the board or compensation committee
Answered no
- 2 · Substantiation required before reimbursing expenses
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
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.
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 corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
C U USER INC C U USERS INC
C CORP · INS. SALES · NM · 100% owned · share of income $284,284 · share of assets $433,932 · controlled entity
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 9 May 2025
- IRS schema version
- 2024v5.0
- Source object
- 202511339349304416
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