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Nonprofiteer
← CREDIT UNIONS IN THE STATE OF NEW MEXICO

Form 990 for tax year 2022

Filed by CREDIT UNIONS IN THE STATE OF NEW MEXICO.

Totals

Total revenue
$35,859,928
Total expenses
$31,238,218
Contributions and grants received
$273,940
Grants paid
$0
Program service revenue
$33,680,001
Investment income
$1,905,987
Other revenue
$0
Total assets, end of year
$601,485,351
Total liabilities, end of year
$550,544,207
Net assets or fund balances, end of year
$50,941,144
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.

  • 1e · Government grants (contributions)

    $273,940

  • 2a · Program service revenue: INTEREST INCOME

    total $23,259,671 · related or exempt $23,259,671

  • 2b · Program service revenue: FEES AND CHARGES

    total $10,420,330 · related or exempt $10,420,330

  • 3 · Investment income

    total $1,905,987 · excluded $1,905,987

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,375,547

  • 7 · Other salaries and wages

    total $8,695,982

  • 8 · Pension plan contributions

    total $345,148

  • 9 · Other employee benefits

    total $386,012

  • 10 · Payroll taxes

    total $743,044

  • 11b · Fees: legal

    total $66,151

  • 11c · Fees: accounting

    total $125,115

  • 11g · Fees: other

    total $628,619

  • 12 · Advertising and promotion

    total $1,589,044

  • 13 · Office expenses

    total $7,036,252

  • 14 · Information technology

    total $682,304

  • 16 · Occupancy

    total $693,745

  • 19 · Conferences, conventions and meetings

    total $95,807

  • 20 · Interest

    total $3,864,317

  • 21 · Payments to affiliates

    total $92,926

  • 22 · Depreciation, depletion and amortization

    total $1,230,334

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $1,221,340 · program services $1,221,340

  • 24b · Other expenses: DATA PROCESSING

    total $945,200 · program services $945,200

  • 24c · Other expenses: LOAN SERVICING

    total $874,331 · program services $874,331

  • 24e · All other expenses

    total $547,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,088,765 · end of year $8,879,452

  • 2 · Savings and temporary cash investments

    beginning of year $164,793 · end of year $2,005,825

  • 4 · Accounts receivable

    beginning of year $1,524,008 · end of year $1,969,491

  • 7 · Other notes and loans receivable

    beginning of year $361,158,790 · end of year $443,622,703

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

    $29,573,658

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

    $10,104,670

  • 10c · Land, buildings and equipment, net

    beginning of year $18,492,258 · end of year $19,468,988

  • 11 · Investments: publicly traded securities

    beginning of year $128,609,689 · end of year $108,257,500

  • 12 · Investments: other securities

    beginning of year $10,452,023 · end of year $11,739,553

  • 14 · Intangible assets

    beginning of year $17,449 · end of year $1,197,735

  • 15 · Other assets

    beginning of year $3,532,964 · end of year $4,344,104

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,334,249 · end of year $7,887,010

  • 19 · Deferred revenue

    beginning of year $1,125,631 · end of year $753,762

  • 23 · Secured mortgages and notes payable

    beginning of year $23,252,971 · end of year $17,000,000

  • 25 · Other liabilities

    beginning of year $446,617,771 · end of year $524,903,435

  • 29 · Capital stock, trust principal or current funds

    beginning of year $4,737,147 · end of year $4,737,147

  • 31 · Retained earnings, endowment or other funds

    beginning of year $52,972,970 · end of year $46,203,997

Mission and programs · 2022

Mission

THE MISSION OF RIO GRANDE CREDIT UNION IS TO CREATE A TRUSTED PARTNERSHIP WITH OUR MEMBERS THAT DEMONSTRATES EXCELLENT MEMBER SERVICE BY PROVIDING FINANCIAL EDUCATION SOLUTIONS, COMPETITIVE PRICING, AND CONVENIENCE.

  • EARNINGS FROM THE INVESTMENTS OF THE EXCESS OF FUNDS RECEIVED FROM MEMBERS, OVER THE AMOUNT LOANED TO MEMBERS, AS WELL AS ACCUMULATED SURPLUS, IS INVESTED IN SECURITIES ALLOWED BY THE NCUA, AND THE CREDIT UNIONS GOVERNING DOCUMENTS.

    Revenue $1,905,987

  • FEES AND CHARGES ARE ASSESSED TO MEMBERS FOR FINANCIAL SERVICES. THESE FEES GENERATE THE REVENUE NECESSARY TO PAY THE COSTS TO PROVIDE THESE SERVICES.

    Revenue $10,420,330

  • INTEREST IS CHARGED AT MARKET RATES TO MEMBERS TO PROVIDE REVENUE TO PAY FOR THE COST OF THE FUNDS.

    Revenue $23,259,671

As filed on the 2022 return.

Listed in Part VII

  • Mike Athens

    PRESIDENTCEO

    Total calculated
    $303,538
    From this org
    $289,682
    From related orgs
    $0
    Other
    $13,856
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $289,682
    Bonus
    not reported
    Other
    not reported
    Deferred
    $9,092
    Nontaxable benefits
    $4,764
    Filer's total
    $303,538

  • Roy Stange

    CHIEF FINANCIAL OFFICER

    Total calculated
    $202,935
    From this org
    $187,413
    From related orgs
    $0
    Other
    $15,522
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $187,413
    Bonus
    not reported
    Other
    not reported
    Deferred
    $9,624
    Nontaxable benefits
    $5,898
    Filer's total
    $202,935

  • Lily Currin

    VP OF HUMAN RESOURCES

    Total calculated
    $156,617
    From this org
    $149,587
    From related orgs
    $0
    Other
    $7,030
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,587
    Bonus
    not reported
    Other
    not reported
    Deferred
    $6,899
    Nontaxable benefits
    $131
    Filer's total
    $156,617

  • Jeff Cain

    VP OF MARKETING

    Total calculated
    $146,836
    From this org
    $134,031
    From related orgs
    $0
    Other
    $12,805
    Hours/week
    40

  • Tia Sabawi

    VP OF CONSUMER LENDING

    Total calculated
    $146,699
    From this org
    $134,642
    From related orgs
    $0
    Other
    $12,057
    Hours/week
    40

  • Erin Gomez

    VP OF SPECIALTY SERVICES

    Total calculated
    $142,691
    From this org
    $134,615
    From related orgs
    $0
    Other
    $8,076
    Hours/week
    40

  • April Bradshaw

    VP OF MEMBER OPERATIONS

    Total calculated
    $142,110
    From this org
    $128,032
    From related orgs
    $0
    Other
    $14,078
    Hours/week
    40

  • Paige Akers

    VP OF RISK MANAGEMENT

    Total calculated
    $132,471
    From this org
    $124,888
    From related orgs
    $0
    Other
    $7,583
    Hours/week
    40

  • Lucy Sedillo

    SECRETARYTREASURER

    Total calculated
    $783
    From this org
    $783
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Irene Serna

    DIRECTOR

    Total calculated
    $367
    From this org
    $367
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Dan Mayfield

    CHAIR

    Total calculated
    $312
    From this org
    $312
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Cynthia Borrego

    DIRECTOR

    Total calculated
    $188
    From this org
    $188
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Mark Sanchez

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Dianne Brown

    1ST VICE CHAIR

    Total calculated
    $0
    Hours/week
    4

  • Ron Maestas

    2ND VICE CHAIR

    Total calculated
    $0
    Hours/week
    4

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

Answered no

None.

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
2022
Filed
16 October 2023
IRS schema version
2022v5.0
Source object
202302909349300930

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