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← 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
$4,130,099
Total expenses
$3,619,373
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$2,718,184
Investment income
$387,722
Other revenue
$1,024,193
Total assets, end of year
$67,045,402
Total liabilities, end of year
$57,664,365
Net assets or fund balances, end of year
$9,381,037
Program services expenses (Part IX)
$3,619,373
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 100.0% 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 $2,718,184 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $387,722 · unrelated business $0 · excluded $0

  • 11a · Other revenue: FEES AND CHARGES

    total $996,438 · related or exempt $928,430 · unrelated business $68,008 · excluded $0

  • 11b · Other revenue: OTHER GAINS

    total $27,755 · related or exempt $27,755 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $1,024,193

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $234,799 · program services $234,799 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $795,651 · program services $795,651 · management and general $0 · fundraising $0

  • 8 · Pension plan contributions

    total $124,800 · program services $124,800 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $107,502 · program services $107,502 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $79,497 · program services $79,497 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $17,878 · program services $17,878 · management and general $0 · fundraising $0

  • 11g · Fees: other

    total $121,835 · program services $121,835 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $78,723 · program services $78,723 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $154,587 · program services $154,587 · management and general $0 · fundraising $0

  • 14 · Information technology

    total $330,001 · program services $330,001 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $75,018 · program services $75,018 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $12,821 · program services $12,821 · management and general $0 · fundraising $0

  • 20 · Interest

    total $4,574 · program services $4,574 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $222,568 · program services $222,568 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $45,981 · program services $45,981 · management and general $0 · fundraising $0

  • 24a · Other expenses: LOAN SERVICING

    total $48,134 · program services $48,134 · management and general $0 · fundraising $0

  • 24b · Other expenses: DEBIT & CREDIT CARD SERVICES

    total $142,946 · program services $142,946 · management and general $0 · fundraising $0

  • 24c · Other expenses: LOAN LOSS PROVISION

    total $585,000 · program services $585,000 · management and general $0 · fundraising $0

  • 24d · Other expenses: DIVIDENDS PAID

    total $341,849 · program services $341,849 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $95,209 · program services $95,209 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,389,482 · end of year $1,154,784

  • 2 · Savings and temporary cash investments

    beginning of year $35,527,859 · end of year $37,099,711

  • 4 · Accounts receivable

    end of year $40,008

  • 5 · Loans and receivables from officers and key people

    beginning of year $100,172 · end of year $62,527

  • 7 · Other notes and loans receivable

    beginning of year $25,510,065 · end of year $25,981,442

  • 9 · Prepaid expenses and deferred charges

    beginning of year $811,545 · end of year $173,845

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

    $3,373,623

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

    $1,673,640

  • 10c · Land, buildings and equipment, net

    beginning of year $1,893,240 · end of year $1,699,983

  • 12 · Investments: other securities

    beginning of year $1,516,766

  • 15 · Other assets

    beginning of year $181,199 · end of year $833,102

  • 17 · Accounts payable and accrued expenses

    beginning of year $662,264 · end of year $627,487

  • 25 · Other liabilities

    beginning of year $57,099,977 · end of year $57,036,878

  • 31 · Retained earnings, endowment or other funds

    beginning of year $9,168,087 · end of year $9,381,037

Mission and programs · 2022

Mission

PROVIDING DEPOSIT & LOAN PRODUCTS & SERVICES TO MEMBERS OF THE ORGANIZATION

  • THE CREDIT UNION PROVIDED MEMBERS A VARIETY OF BANKING SERVICES INCLUDING LOANS AT COMPETETIVE RATES

  • THE CREDIT UNION RETURNED EARNINGS OF CLOSE TO $365,000 TO ITS MEMBERS IN THE FORM OF DIVIDENDS

  • THE CREDIT UNION INCRESED ITS MEMBER EQUITY POSITION BY APPROXIMATELY $996,000 DURING 2020

As filed on the 2022 return.

Listed in Part VII

  • Mary Goldsmith

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Dave Olsen

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Susan Kent

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • David Johnson

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • George Wright

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • George Padilla

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Gerald Wheeler

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Pam Vega

    CEO/TREASURER

    Total calculated
    $135,500
    From this org
    $135,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Louanne Garcia

    CFO

    Total calculated
    $99,299
    From this org
    $99,299
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
25 April 2023
IRS schema version
2022v5.0
Source object
202321239349302332

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