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Nonprofiteer
← COMMUNITY 1ST CREDIT UNION

Form 990 for tax year 2024

Filed by COMMUNITY 1ST CREDIT UNION.

What the amendment changed

Compared with the return it replaced , filed 21 April 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.

Total revenue
$11,373,637 changed to $7,823,096
Total expenses
$10,725,929 changed to $7,822,765
Program service revenue
$8,953,381 changed to $5,918,558
Investment income
$2,357,934 changed to $1,853,964
Other revenue
$62,322 changed to $50,574
Total assets, end of year
$186,974,161 changed to $0
Total liabilities, end of year
$165,273,927 changed to $0
Net assets or fund balances, end of year
$21,700,234 changed to $0

Listed only on the earlier return

  • Darcy Vander Voet
  • Lou Kush
  • Michael Bagwell

Listed under a different title

  • Alan Walker: BOARD SECRETARY then BOARD MEMBER (THRU 1/25)
  • James Remy: BOARD MEMBER then BOARD SECRETARY
  • Larry Williams: BOARD MEMBER then BOARD MEMBER (THRU 1/25)

Totals

Total revenue
$7,823,096
Total expenses
$7,822,765
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$5,918,558
Investment income
$1,853,964
Other revenue
$50,574
Total assets, end of year
$0
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$0
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 $5,102,637 · related or exempt $5,102,637

  • 2b · Program service revenue: INTERCHANGE INCOME

    total $437,693 · related or exempt $437,693

  • 2c · Program service revenue: FEES & CHARGES

    total $315,679 · related or exempt $311,677 · unrelated business $4,002

  • 2f · All other program service revenue

    total $62,549 · excluded $62,549

  • 3 · Investment income

    total $1,856,543 · excluded $1,856,543

  • 6a · Gross rents

    real property $50,574

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $50,574

  • 6d · Net rental income or loss

    total $50,574 · excluded $50,574

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

    other assets $2,579

  • 7c · Gain or loss

    other assets -$2,579

  • 7d · Net gain or loss

    total -$2,579 · excluded -$2,579

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $421,350

  • 7 · Other salaries and wages

    total $1,860,040

  • 8 · Pension plan contributions

    total $117,624

  • 9 · Other employee benefits

    total $355,112

  • 10 · Payroll taxes

    total $191,151

  • 11b · Fees: legal

    total $10,549

  • 11c · Fees: accounting

    total $43,650

  • 11g · Fees: other

    total $75,359

  • 12 · Advertising and promotion

    total $12,452

  • 13 · Office expenses

    total $442,744

  • 14 · Information technology

    total $991,089

  • 16 · Occupancy

    total $229,779

  • 17 · Travel

    total $40,799

  • 19 · Conferences, conventions and meetings

    total $1,039

  • 20 · Interest

    total $1,925,143

  • 22 · Depreciation, depletion and amortization

    total $273,201

  • 23 · Insurance

    total $24,980

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $230,323

  • 24b · Other expenses: DEBIT CARD CHARGES

    total $211,967

  • 24c · Other expenses: LOAN SERVICING FEES

    total $162,667

  • 24d · Other expenses: MISCELLANEOUS

    total $93,819

  • 24e · All other expenses

    total $107,928

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $799,645 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $3,496,456 · end of year $0

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    beginning of year $36,561 · 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 $126,464,091 · end of year $0

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $779,688 · end of year $0

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

    $0

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $10,502,107 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $43,496,495 · end of year $0

  • 12 · Investments: other securities

    end of year $0

  • 13 · Investments: program-related

    beginning of year $4,000 · end of year $0

  • 14 · Intangible assets

    beginning of year $266,153 · end of year $0

  • 15 · Other assets

    beginning of year $1,128,965 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,414,275 · end of year $0

  • 19 · Deferred revenue

    beginning of year $8,897 · end of year $0

  • 25 · Other liabilities

    beginning of year $159,850,755 · end of year $0

  • 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 $21,700,234 · end of year $0

Mission and programs · 2024

Mission

TO ESTABLISH AND MAINTAIN THE TRUST OF OUR MEMBERS, WHILE CONTINUALLY EARNING OUR PLACE AS THEIR PREFERRED FINANCIAL INSTITUTION.

Activities or mission (Part I)

HELPING ENSURE A MORE PROSPEROUS FINANCIAL FUTURE FOR OUR MEMBERS.

  • MUTUAL, MEMBERSHIP BENEFITS PROGRAMS, GENERAL/OTHER: PROVIDED ITS 11,027 MEMBERS THE OPPORTUNITY FOR SAVINGS, DEPOSIT, LOANS AND OTHER FINANCIAL SERVICES DURING 2025.

As filed on the 2024 return.

Listed in Part VII

  • Daniel Lefree

    PRESIDENT/CEO/TREASURER

    Total calculated
    $257,673
    From this org
    $222,385
    From related orgs
    $0
    Other
    $35,288
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $208,485
    Bonus
    $0
    Other
    $13,900
    Deferred
    $18,321
    Nontaxable benefits
    $16,967
    Filer's total
    $257,673

  • Nicole Lougheed

    EXECUTIVE VICE PRESIDENT/CFO

    Total calculated
    $163,677
    From this org
    $133,258
    From related orgs
    $0
    Other
    $30,419
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $123,037
    Bonus
    $150
    Other
    $10,071
    Deferred
    $12,195
    Nontaxable benefits
    $18,224
    Filer's total
    $163,677

  • Frank Worden

    BOARD CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1.5

  • Elaine Tierney

    BOARD VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • James Remy

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Steven Bates

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Janice Parent

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Alan Walker

    BOARD MEMBER (THRU 1/25)

    Total calculated
    $0
    Hours/week
    1

  • Larry Williams

    BOARD MEMBER (THRU 1/25)

    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

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
DIRECTORS, SUPERVISORY COMMITTEE MEMBERS AND SENIOR MANAGEMENT MAY BE REIMBURSED FOR SPOUSAL TRAVEL. THE REIMBURSEMENT IS INCLUDED IN THEIR TAXABLE COMPENSATION.

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.

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

Provenance

Return type
form_990
Tax year
2024
Filed
23 December 2025
IRS schema version
2024v5.2
Source object
202523579349301212

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