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Nonprofiteer
← COMMUNITY 1ST CREDIT UNION

Form 990 for tax year 2023

Filed by COMMUNITY 1ST CREDIT UNION.

Totals

Total revenue
$11,928,214
Total expenses
$11,003,885
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$10,038,884
Investment income
$1,830,308
Other revenue
$59,022
Total assets, end of year
$205,367,768
Total liabilities, end of year
$184,315,242
Net assets or fund balances, end of year
$21,052,526
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 $8,811,385 · related or exempt $8,811,385

  • 2b · Program service revenue: FEES & CHARGES

    total $628,727 · related or exempt $624,428 · unrelated business $4,299

  • 2c · Program service revenue: INTERCHANGE INCOME

    total $480,840 · related or exempt $480,840

  • 2f · All other program service revenue

    total $117,932 · excluded $117,932

  • 3 · Investment income

    total $1,868,771 · excluded $1,868,771

  • 6a · Gross rents

    real property $59,022

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $59,022

  • 6d · Net rental income or loss

    total $59,022 · excluded $59,022

  • 7a · Gross sales of assets other than inventory

    securities $321,463 · other assets $140,492

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

    securities $0 · other assets $500,418

  • 7c · Gain or loss

    securities $321,463 · other assets -$359,926

  • 7d · Net gain or loss

    total -$38,463 · excluded -$38,463

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $413,931

  • 7 · Other salaries and wages

    total $2,537,469

  • 8 · Pension plan contributions

    total $324,716

  • 9 · Other employee benefits

    total $553,263

  • 10 · Payroll taxes

    total $245,072

  • 11b · Fees: legal

    total $11,526

  • 11c · Fees: accounting

    total $78,781

  • 11g · Fees: other

    total $74,824

  • 12 · Advertising and promotion

    total $19,121

  • 13 · Office expenses

    total $592,808

  • 14 · Information technology

    total $1,195,139

  • 16 · Occupancy

    total $245,053

  • 17 · Travel

    total $122,007

  • 19 · Conferences, conventions and meetings

    total $19,324

  • 20 · Interest

    total $2,870,963

  • 22 · Depreciation, depletion and amortization

    total $442,400

  • 23 · Insurance

    total $17,182

  • 24a · Other expenses: DEBIT CARD CHARGES

    total $395,908

  • 24b · Other expenses: LOAN SERVICING FEES

    total $253,615

  • 24c · Other expenses: BAD DEBT EXPENSE

    total $252,254

  • 24d · Other expenses: MISCELLANEOUS

    total $198,866

  • 24e · All other expenses

    total $139,663

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,225,101 · end of year $938,179

  • 2 · Savings and temporary cash investments

    beginning of year $2,261,025 · end of year $2,622,204

  • 4 · Accounts receivable

    beginning of year $20,345 · end of year $31,297

  • 7 · Other notes and loans receivable

    beginning of year $166,566,260 · end of year $150,170,163

  • 9 · Prepaid expenses and deferred charges

    beginning of year $503,183 · end of year $810,807

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

    $14,091,998

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

    $3,332,150

  • 10c · Land, buildings and equipment, net

    beginning of year $11,285,970 · end of year $10,759,848

  • 11 · Investments: publicly traded securities

    beginning of year $39,165,770 · end of year $38,331,926

  • 13 · Investments: program-related

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

  • 14 · Intangible assets

    beginning of year $419,475 · end of year $339,910

  • 15 · Other assets

    beginning of year $1,645,988 · end of year $1,359,434

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,677,429 · end of year $4,714,592

  • 19 · Deferred revenue

    beginning of year $13,722 · end of year $11,702

  • 25 · Other liabilities

    beginning of year $197,438,769 · end of year $179,588,948

  • 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 $20,967,197 · end of year $21,052,526

Mission and programs · 2023

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 12,901 MEMBERS THE OPPORTUNITY FOR SAVINGS, DEPOSIT, LOANS AND OTHER FINANCIAL SERVICES DURING 2023.

As filed on the 2023 return.

Listed in Part VII

  • Frank Worden

    BOARD CHAIRPERSON

    Total calculated
    $307
    From this org
    $307
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Lou Kush

    BOARD VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2.5

  • Alan Walker

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    2.5

  • Elaine Tierney

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Larry Williams

    BOARD MEMBER

    Total calculated
    $272
    From this org
    $272
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Steven Bates

    BOARD MEMBER

    Total calculated
    $272
    From this org
    $272
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Janice Parent

    BOARD MEMBER

    Total calculated
    $343
    From this org
    $343
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • James Remy

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Sharon Chavez

    BOARD MEMBER (THRU 1/23)

    Total calculated
    $0
    Hours/week
    2

  • Mark Borgaard

    BOARD MEMBER (THRU 7/23)

    Total calculated
    $0
    Hours/week
    2

  • Daniel Lefree

    PRESIDENT/CEO/TREASURER

    Total calculated
    $257,382
    From this org
    $219,541
    From related orgs
    $0
    Other
    $37,841
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $205,769
    Bonus
    $0
    Other
    $13,772
    Deferred
    $17,770
    Nontaxable benefits
    $20,071
    Filer's total
    $257,382

  • Nicole Lougheed

    EXECUTIVE VICE PRESIDENT/CFO

    Total calculated
    $155,355
    From this org
    $141,500
    From related orgs
    $0
    Other
    $13,855
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $120,357
    Bonus
    $11,500
    Other
    $9,643
    Deferred
    $12,108
    Nontaxable benefits
    $1,747
    Filer's total
    $155,355

  • Darcy Vander Voet

    VICE PRESIDENT OF OPERATIONS

    Total calculated
    $136,825
    From this org
    $116,565
    From related orgs
    $0
    Other
    $20,260
    Hours/week
    50

  • Michael Bagwell

    VICE PRESIDENT OF TECHNOLOGY

    Total calculated
    $134,537
    From this org
    $113,627
    From related orgs
    $0
    Other
    $20,910
    Hours/week
    50

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.

Provenance

Return type
form_990
Tax year
2023
Filed
22 October 2024
IRS schema version
2023v5.1
Source object
202402979349300925

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