Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $33,238,417 · related or exempt $33,238,417

• 2b · Program service revenue: FEES AND SERVICE CHARGES

  total $10,394,939 · related or exempt $10,232,224 · unrelated business $162,715

• 2c · Program service revenue: Interchange Revenue

  total $14,846,826 · related or exempt $14,846,826

• 2d · Program service revenue: Insurance

  total $5,671,298 · related or exempt $1,090,221 · unrelated business $4,581,077

• 2e · Program service revenue: Warranty Income

  total $187,625 · related or exempt $187,625

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $13,861,816 · excluded $13,861,816

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7c · Gain or loss

  securities $0 · other assets $0

• 11a · Other revenue: OTHER INCOME

  total $1,816,945 · related or exempt $1,816,945

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $1,816,945

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $6,218

• 5 · Compensation of officers, directors and key employees

  total $2,303,300

• 7 · Other salaries and wages

  total $24,616,770

• 8 · Pension plan contributions

  total $1,064,804

• 9 · Other employee benefits

  total $3,607,825

• 10 · Payroll taxes

  total $1,674,769

• 11b · Fees: legal

  total $283,329

• 11c · Fees: accounting

  total $99,515

• 11g · Fees: other

  total $1,158,282

• 12 · Advertising and promotion

  total $1,549,553

• 13 · Office expenses

  total $1,413,191

• 14 · Information technology

  total $4,228,007

• 16 · Occupancy

  total $1,704,024

• 17 · Travel

  total $292,694

• 20 · Interest

  total $2,797,943

• 22 · Depreciation, depletion and amortization

  total $2,695,506

• 23 · Insurance

  total $202,684

• 24a · Other expenses: Debit and ATM Processing Fees

  total $6,002,878

• 24b · Other expenses: Loan Servicing Expense

  total $4,481,388

• 24c · Other expenses: Loan Losses

  total $3,267,466

• 24e · All other expenses

  total $1,374,202

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  end of year $67,705,527

• 2 · Savings and temporary cash investments

  end of year $56,883,149

• 5 · Loans and receivables from officers and key people

  end of year $0

• 6 · Loans and receivables from disqualified persons

  end of year $0

• 7 · Other notes and loans receivable

  end of year $1,678,498,651

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

  $88,686,862

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

  $38,850,598

• 10c · Land, buildings and equipment, net

  end of year $49,836,264

• 11 · Investments: publicly traded securities

  end of year $984,604,598

• 12 · Investments: other securities

  beginning of year $0 · end of year $22,816,430

• 13 · Investments: program-related

  beginning of year $0 · end of year $15,786,075

• 14 · Intangible assets

  end of year $125,455,188

• 15 · Other assets

  beginning of year $0 · end of year $169,607,384

• 17 · Accounts payable and accrued expenses

  end of year $46,692,752

• 22 · Loans and payables to officers and key people

  end of year $0

• 25 · Other liabilities

  beginning of year $0 · end of year $2,882,271,479

• 31 · Retained earnings, endowment or other funds

  end of year $242,229,035

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Travel for companions

Arizona Financial Credit Union (AFCU) allows a companion to join each director or executive leadership team member on business travel. The companions are expected to participate in the networking events and represent AFCU. The travel expenses are treated as taxable compensation.

Schedule J, Part I, Line 1a Tax indemnification and gross-up payments

A tax gross-up was paid by AFCU to Ronald Westad. The fair value was included in his annual taxable income.

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan

Arizona Financial Credit Union (AFCU) provides a supplemental nonqualified retirement plan for executives. The organization makes annual contributions to the plan. Contributions to the plan for 2022 are as follows: Ronald Westad: $159,564 Amy Hysell: $33,835 Jason Paprocki: $29,284 Michael James Thorell: $5,558 Gregory Thorell: $6,168 William Randall Gaston: $5,340 Chad Forkenbrock: $35,449 Travis Merrell: $4,932 Juan Ruiz: $14,852 Diane Hank: $2,755 Travis Fonnesbeck: $4,839 Randall Shipman: $15,977 There were no distributions made from the plan during 2022.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• Arizona Federal Insurance Solutions LLC

  Insurance · AZ · income $5,772,737 · assets $21,223,273

  Directly controlled by Arizona Financial Credit Union

• Western States Financial Group LLC

  Auto-Buying Services · AZ · income $192,326 · assets $4,808,421

  Directly controlled by Arizona Financial Credit Union