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← SAFE 1 CREDIT UNION

Form 990 for tax year 2024

Filed by SAFE 1 CREDIT UNION.

This return was superseded by a later amendment. matched by us It is kept because history is preserved rather than replaced.

What the amendment changed

Compared with the latest return for 2024 , filed 17 December 2025. matched by us Only the return's totals, a 990-PF's accounting method and the names listed in Part VII (Part VIII on a 990-PF) are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Those are the same on the two returns, so the amendment changed something else.

Totals

Total revenue
$58,951,487
Total expenses
$45,235,986
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$39,626,507
Investment income
$7,393,843
Other revenue
$11,931,137
Total assets, end of year
$1,001,281,015
Total liabilities, end of year
$849,673,057
Net assets or fund balances, end of year
$151,607,958
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: Interest on Loans

    total $39,626,507 · related or exempt $39,626,507

  • 3 · Investment income

    total $7,393,843 · related or exempt $7,393,843

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6d · Net rental income or loss

    total $0

  • 7d · Net gain or loss

    total $0

  • 8c · Net income from fundraising events

    total $0

  • 9c · Net income from gaming

    total $0

  • 10c · Net income from sales of inventory

    total $0

  • 11a · Other revenue: Fee and Other Income

    total $11,931,137 · related or exempt $11,809,301 · unrelated business $121,836

  • 11e · Other revenue, total

    $11,931,137

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $11,219,216

  • 5 · Compensation of officers, directors and key employees

    total $1,930,980

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $11,078,493

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $0

  • 11c · Fees: accounting

    total $0

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $4,503,833

  • 12 · Advertising and promotion

    total $75,598

  • 13 · Office expenses

    total $4,603,923

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $2,213,477

  • 17 · Travel

    total $185,723

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $2,281,080

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $0

  • 23 · Insurance

    total $0

  • 24a · Other expenses: Provision for credit losses

    total $4,708,107

  • 24b · Other expenses: Other non-operating expense

    total $1,038,173

  • 24c · Other expenses: Loan Servicing Fees

    total $930,454

  • 24d · Other expenses: Other expenses

    total $288,431

  • 24e · All other expenses

    total $178,498

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $14,641,965 · end of year $13,441,926

  • 2 · Savings and temporary cash investments

    beginning of year $131,361,010 · end of year $113,096,134

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    end of year $0

  • 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

    beginning of year $726,257,213 · end of year $748,301,781

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    end of year $0

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

    $35,325,672

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

    $16,998,911

  • 10c · Land, buildings and equipment, net

    beginning of year $15,971,216 · end of year $18,326,761

  • 11 · Investments: publicly traded securities

    end of year $0

  • 12 · Investments: other securities

    end of year $0

  • 13 · Investments: program-related

    beginning of year $110,303,676 · end of year $63,143,355

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    beginning of year $38,910,136 · end of year $44,971,058

  • 17 · Accounts payable and accrued expenses

    beginning of year $117,372,074 · end of year $9,661,125

  • 25 · Other liabilities

    beginning of year $784,650,335 · end of year $840,011,932

  • 31 · Retained earnings, endowment or other funds

    beginning of year $135,422,807 · end of year $151,607,958

Mission and programs · 2024

Mission

Provided deposit and loan accounts to 81,521 members. Provided low cost source of credit and low cost financial services to our members. Provided source for member savings and checking account needs.

  • Provided deposit and loan accounts to 81,521 members. Provided low cost source of credit and low cost financial services to our members. Provided source for member savings and checking account needs.

As filed on the 2024 return.

Listed in Part VII

  • David King

    CEO/President

    Total calculated
    $467,522
    From this org
    $400,407
    From related orgs
    $0
    Other
    $67,115
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $360,892
    Bonus
    not reported
    Other
    $39,515
    Deferred
    $27,600
    Nontaxable benefits
    $39,515
    Filer's total
    $467,522

  • Cindy Wonderly

    CFO/EVP-Finance

    Total calculated
    $314,823
    From this org
    $255,100
    From related orgs
    $0
    Other
    $59,723
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $248,250
    Bonus
    $6,850
    Other
    not reported
    Deferred
    $20,408
    Nontaxable benefits
    $39,315
    Filer's total
    $314,823

  • Lorraine Townsend

    EVP-Operations

    Total calculated
    $276,098
    From this org
    $243,450
    From related orgs
    $0
    Other
    $32,648
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $236,600
    Bonus
    $6,850
    Other
    not reported
    Deferred
    $19,476
    Nontaxable benefits
    $13,172
    Filer's total
    $276,098

  • Michael George

    EVP-Marketing

    Total calculated
    $275,148
    From this org
    $218,364
    From related orgs
    $0
    Other
    $56,784
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $212,350
    Bonus
    $6,014
    Other
    not reported
    Deferred
    $17,469
    Nontaxable benefits
    $39,315
    Filer's total
    $275,148

  • Timothy Spencer

    EVP-Lending

    Total calculated
    $266,188
    From this org
    $234,274
    From related orgs
    $0
    Other
    $31,914
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $228,260
    Bonus
    $6,014
    Other
    not reported
    Deferred
    $18,742
    Nontaxable benefits
    $13,172
    Filer's total
    $266,188

  • Mary Higgins

    VP Compliance

    Total calculated
    $189,201
    From this org
    $149,575
    From related orgs
    $0
    Other
    $39,626
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,725
    Bonus
    $6,850
    Other
    not reported
    Deferred
    $11,966
    Nontaxable benefits
    $27,660
    Filer's total
    $189,201

  • Jeff Simpson

    VP Finance

    Total calculated
    $183,847
    From this org
    $138,790
    From related orgs
    $0
    Other
    $45,057
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,014
    Bonus
    $2,776
    Other
    not reported
    Deferred
    $5,542
    Nontaxable benefits
    $39,515
    Filer's total
    $183,847

  • Carol Dobbs

    EVP Risk

    Total calculated
    $181,895
    From this org
    $156,225
    From related orgs
    $0
    Other
    $25,670
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,375
    Bonus
    $6,850
    Other
    not reported
    Deferred
    $12,498
    Nontaxable benefits
    $13,172
    Filer's total
    $181,895

  • Chris Hanson

    VP IT

    Total calculated
    $179,222
    From this org
    $165,946
    From related orgs
    $0
    Other
    $13,276
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,349
    Bonus
    $5,597
    Other
    not reported
    Deferred
    $13,276
    Nontaxable benefits
    not reported
    Filer's total
    $179,222

  • Micaela Venegas

    IT Supervisor

    Total calculated
    $171,748
    From this org
    $147,404
    From related orgs
    $0
    Other
    $24,344
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,315
    Bonus
    $3,089
    Other
    not reported
    Deferred
    $11,172
    Nontaxable benefits
    $13,172
    Filer's total
    $171,748

  • Marie Rodriguez

    VP Call Center

    Total calculated
    $150,278
    From this org
    $126,950
    From related orgs
    $0
    Other
    $23,328
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $120,100
    Bonus
    $6,850
    Other
    not reported
    Deferred
    $10,156
    Nontaxable benefits
    $13,172
    Filer's total
    $150,278

  • Richard Ruiz

    Vice Chair

    Total calculated
    $2,314
    From this org
    $2,314
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Brian Driesen

    Treasurer

    Total calculated
    $2,179
    From this org
    $2,179
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Tracy Chitwood

    Board Member

    Total calculated
    $1,743
    From this org
    $1,743
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Serene Storslett

    SC Chair

    Total calculated
    $1,085
    From this org
    $1,085
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Mike Reed

    Board Member

    Total calculated
    $849
    From this org
    $849
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Ray Voight

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Ron Wolfe

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Maureen Buscher-Dang

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Dawn Cole

    Chairman

    Total calculated
    $0
    Hours/week
    2

  • Michael Bennett

    Secretary

    Total calculated
    $0
    Hours/week
    2

  • Woody Morrison

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Vernon Powers

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Robert Dickson

    SC Member

    Total calculated
    $0
    Hours/week
    1

  • Doug Kileen

    SC Member

    Total calculated
    $0
    Hours/week
    1

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

None.

Answered no

  • 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.

Provenance

Return type
form_990
Tax year
2024
Filed
24 November 2025
IRS schema version
2024v5.2
Source object
202543289349300324

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