Skip to content
Nonprofiteer
← AMERICAN FIRST CREDIT UNION

Form 990 for tax year 2022

Filed by AMERICAN FIRST CREDIT UNION.

Totals

Total revenue
$38,362,006
Total expenses
$31,819,977
Contributions and grants received
$0
Grants paid
$42,375
Program service revenue
$35,638,915
Investment income
$1,759,770
Other revenue
$963,321
Total assets, end of year
$978,621,575
Total liabilities, end of year
$892,280,126
Net assets or fund balances, end of year
$86,341,449
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 $27,027,044 · related or exempt $27,027,044

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $6,084,156 · related or exempt $6,001,048 · unrelated business $83,108

  • 2c · Program service revenue: FEE INCOME

    total $2,527,715 · related or exempt $2,057,216 · unrelated business $470,499

  • 3 · Investment income

    total $3,458,024 · related or exempt $3,458,024

  • 7a · Gross sales of assets other than inventory

    securities $3,462,290

  • 7b · Less cost or other basis and sales expenses

    securities $5,157,698 · other assets $2,846

  • 7c · Gain or loss

    securities -$1,695,408 · other assets -$2,846

  • 7d · Net gain or loss

    total -$1,698,254 · related or exempt -$1,698,254

  • 11a · Other revenue: GAIN ON SALES OF LOANS

    total $591,356 · related or exempt $591,356

  • 11b · Other revenue: OTHER NON-INTEREST INC

    total $371,965 · related or exempt $371,965

  • 11e · Other revenue, total

    $963,321

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $42,375

  • 5 · Compensation of officers, directors and key employees

    total $2,623,596

  • 7 · Other salaries and wages

    total $7,876,621

  • 8 · Pension plan contributions

    total $446,281

  • 9 · Other employee benefits

    total $1,578,936

  • 10 · Payroll taxes

    total $879,008

  • 11b · Fees: legal

    total $94,049

  • 11c · Fees: accounting

    total $281,766

  • 11g · Fees: other

    total $2,912,302

  • 12 · Advertising and promotion

    total $608,107

  • 13 · Office expenses

    total $1,602,498

  • 14 · Information technology

    total $1,289,517

  • 16 · Occupancy

    total $1,431,490

  • 17 · Travel

    total $333,911

  • 20 · Interest

    total $5,055,734

  • 22 · Depreciation, depletion and amortization

    total $705,601

  • 24a · Other expenses: LOAN SERVICING EXPENSE

    total $2,667,843

  • 24b · Other expenses: PROVISIONS FOR LOAN & L

    total $958,794

  • 24c · Other expenses: MISC. OPERATING EXPENSE

    total $296,656

  • 24d · Other expenses: OPERATING FEES

    total $105,771

  • 24e · All other expenses

    total $29,121

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,018,187 · end of year $1,772,698

  • 2 · Savings and temporary cash investments

    beginning of year $41,976,791 · end of year $30,804,480

  • 9 · Prepaid expenses and deferred charges

    beginning of year $638,788 · end of year $685,561

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

    $7,944,412

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

    $5,617,331

  • 10c · Land, buildings and equipment, net

    beginning of year $2,729,034 · end of year $2,327,081

  • 11 · Investments: publicly traded securities

    beginning of year $121,292,704 · end of year $87,612,541

  • 13 · Investments: program-related

    beginning of year $631,905,165 · end of year $804,660,952

  • 15 · Other assets

    beginning of year $42,799,766 · end of year $50,758,262

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,915,309 · end of year $11,755,521

  • 25 · Other liabilities

    beginning of year $742,140,152 · end of year $880,524,605

  • 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 $93,304,974 · end of year $86,341,449

Mission and programs · 2022

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 ANUALLY - $50,000 PRIZE.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Tom Cook

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Roger Vander Wende

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Jason Philibert

    BOARD TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Amanda Secola

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Eric Ledesma

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Patti Malott

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Donna Brooks

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Gizi Clemmer

    SUPV CMTE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • David Weed

    SUPV CMTE VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Robert Warkenton

    SUPV CMTE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Cari Medina

    SUPV CMTE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • James Habben

    SUPV CMTE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jon Shigematsu

    CEO/PRESIDENT

    Total calculated
    $572,904
    From this org
    $523,084
    From related orgs
    $0
    Other
    $49,820
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $441,303
    Bonus
    $65,000
    Other
    $16,781
    Deferred
    $13,725
    Nontaxable benefits
    $36,095
    Filer's total
    $572,904

  • Frank Borawski

    CFO

    Total calculated
    $89,793
    From this org
    $86,764
    From related orgs
    $0
    Other
    $3,029
    Hours/week
    40

  • Julie M Given-Glance Former

    CFO

    Total calculated
    $139,537
    From this org
    $127,494
    From related orgs
    $0
    Other
    $12,043
    Hours/week
    40

  • Theresa Davy

    COO

    Total calculated
    $325,636
    From this org
    $302,793
    From related orgs
    $0
    Other
    $22,843
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $256,094
    Bonus
    $42,000
    Other
    $4,699
    Deferred
    $5,451
    Nontaxable benefits
    $17,392
    Filer's total
    $325,636

  • Jeremy Jorgensen

    COMMERCIAL RE LOAN OFFICER

    Total calculated
    $413,097
    From this org
    $389,048
    From related orgs
    $0
    Other
    $24,049
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $72,372
    Bonus
    $316,661
    Other
    $15
    Deferred
    $13,725
    Nontaxable benefits
    $10,324
    Filer's total
    $413,097

  • Teanna Donovan

    SR COMMERCIAL RE LOAN OFFICER

    Total calculated
    $362,107
    From this org
    $331,005
    From related orgs
    $0
    Other
    $31,102
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $67,508
    Bonus
    $263,475
    Other
    $22
    Deferred
    $10,591
    Nontaxable benefits
    $20,511
    Filer's total
    $362,107

  • Victor Gallego

    COMMERCIAL RE LOAN OFFICER

    Total calculated
    $353,522
    From this org
    $311,883
    From related orgs
    $0
    Other
    $41,639
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $62,401
    Bonus
    $249,459
    Other
    $23
    Deferred
    $9,728
    Nontaxable benefits
    $31,911
    Filer's total
    $353,522

  • Robert Farrington

    SR VP COMMERCIAL REAL ESTATE

    Total calculated
    $334,497
    From this org
    $287,401
    From related orgs
    $0
    Other
    $47,096
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $236,858
    Bonus
    $50,000
    Other
    $543
    Deferred
    $12,150
    Nontaxable benefits
    $34,946
    Filer's total
    $334,497

  • Constance Kelly

    SR COMMERCIAL RE LOAN OFFICER

    Total calculated
    $282,582
    From this org
    $264,124
    From related orgs
    $0
    Other
    $18,458
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $77,963
    Bonus
    $185,406
    Other
    $755
    Deferred
    $6,112
    Nontaxable benefits
    $12,346
    Filer's total
    $282,582

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
2022
Filed
13 October 2023
IRS schema version
2022v5.0
Source object
202342909349301179

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.