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Nonprofiteer
← FIRST ALLIANCE CREDIT UNION

Form 990 for tax year 2022

Filed by FIRST ALLIANCE CREDIT UNION.

Totals

Total revenue
$16,521,407
Total expenses
$14,787,855
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$15,656,491
Investment income
$864,916
Other revenue
$0
Total assets, end of year
$288,094,542
Total liabilities, end of year
$262,855,469
Net assets or fund balances, end of year
$25,239,073
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 $10,426,786 · related or exempt $10,426,786

  • 2b · Program service revenue: Member Service Fees

    total $4,394,356 · related or exempt $4,381,536 · unrelated business $12,820

  • 2c · Program service revenue: Loan Income and Fees

    total $473,760 · related or exempt $473,760

  • 2d · Program service revenue: Credit Card Income

    total $361,589 · related or exempt $361,589

  • 3 · Investment income

    total $888,040 · excluded $888,040

  • 7a · Gross sales of assets other than inventory

    other assets $236,099

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

    other assets $259,223

  • 7c · Gain or loss

    other assets -$23,124

  • 7d · Net gain or loss

    total -$23,124 · excluded -$23,124

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $507,004

  • 5 · Compensation of officers, directors and key employees

    total $1,098,811

  • 7 · Other salaries and wages

    total $3,677,987

  • 8 · Pension plan contributions

    total $161,171

  • 9 · Other employee benefits

    total $1,074,860

  • 10 · Payroll taxes

    total $340,300

  • 11b · Fees: legal

    total $66,849

  • 11c · Fees: accounting

    total $68,450

  • 11f · Fees: investment management

    total $4,756

  • 11g · Fees: other

    total $489,796

  • 12 · Advertising and promotion

    total $680,021

  • 13 · Office expenses

    total $446,880

  • 14 · Information technology

    total $1,042,307

  • 16 · Occupancy

    total $532,863

  • 17 · Travel

    total $82,940

  • 19 · Conferences, conventions and meetings

    total $244,081

  • 20 · Interest

    total $113,547

  • 21 · Payments to affiliates

    total $66,041

  • 22 · Depreciation, depletion and amortization

    total $924,528

  • 23 · Insurance

    total $98,686

  • 24a · Other expenses: ATM Expense

    total $1,293,384

  • 24b · Other expenses: Lending Expense

    total $925,083

  • 24c · Other expenses: Provision for Loan Loss

    total $408,000

  • 24d · Other expenses: Credit Card Expense

    total $221,269

  • 24e · All other expenses

    total $218,241

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,245,980 · end of year $8,802,707

  • 2 · Savings and temporary cash investments

    beginning of year $21,553,618 · end of year $13,808,185

  • 4 · Accounts receivable

    beginning of year $1,045,216 · end of year $694,473

  • 5 · Loans and receivables from officers and key people

    beginning of year $28,363 · end of year $28,684

  • 7 · Other notes and loans receivable

    beginning of year $190,915,118 · end of year $215,112,506

  • 9 · Prepaid expenses and deferred charges

    beginning of year $598,872 · end of year $605,420

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

    $17,977,665

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

    $6,272,940

  • 10c · Land, buildings and equipment, net

    beginning of year $12,396,707 · end of year $11,704,725

  • 11 · Investments: publicly traded securities

    beginning of year $25,234,644 · end of year $26,383,539

  • 12 · Investments: other securities

    beginning of year $279,726 · end of year $279,726

  • 15 · Other assets

    beginning of year $9,560,024 · end of year $10,674,577

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,054,064 · end of year $17,037,406

  • 19 · Deferred revenue

    beginning of year $34,871 · end of year $0

  • 25 · Other liabilities

    beginning of year $239,530,782 · end of year $245,818,063

  • 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 $25,238,551 · end of year $25,239,073

Mission and programs · 2022

Mission

We place our members' needs first by providing compassion, guidance, and resources to promote their financial well-being. As a financial cooperative all income is used to pay operating expenses or returned to members in the form of dividends or services.

Activities or mission (Part I)

First Alliance Credit Union places members' needs first by providing compassion, guidance, and resources to promote their financial well-being.

  • Pay interest and dividends on amounts deposited by members.

  • Provide free checking and cash handling services to members.

  • Provide residential mortgage, home improvement, commercial, and other misc. loans to members.

As filed on the 2022 return.

Listed in Part VII

  • Theresa Hornberg

    Chair

    Total calculated
    $1,869
    From this org
    $1,869
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Roberta Olson

    Vice Chair

    Total calculated
    $875
    From this org
    $875
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.4

  • Russell Hess

    Secretary

    Total calculated
    $322
    From this org
    $322
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • Jane Drennan

    Director

    Total calculated
    $770
    From this org
    $770
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.3

  • Rawhi Said

    Director

    Total calculated
    $714
    From this org
    $714
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.2

  • Julian Currie

    Director

    Total calculated
    $532
    From this org
    $532
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.9

  • Alan Michael DeBolt

    Director

    Total calculated
    $518
    From this org
    $518
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.8

  • Hilary Stonelake-Curtis

    Director (partial year)

    Total calculated
    $0
    Hours/week
    1

  • Mike Rosek

    President/CEO/Treasurer

    Total calculated
    $354,937
    From this org
    $270,604
    From related orgs
    $0
    Other
    $84,333
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $241,540
    Bonus
    $29,064
    Other
    $0
    Deferred
    $62,125
    Nontaxable benefits
    $22,550
    Filer's total
    $355,279

  • Mark Hettinger

    EVP/COO

    Total calculated
    $255,507
    From this org
    $185,318
    From related orgs
    $0
    Other
    $70,189
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $162,506
    Bonus
    $22,812
    Other
    $0
    Deferred
    $35,888
    Nontaxable benefits
    $34,759
    Filer's total
    $255,965

  • Valerie Mathias

    SVP Finance/CFO

    Total calculated
    $248,937
    From this org
    $185,425
    From related orgs
    $0
    Other
    $63,512
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $163,829
    Bonus
    $21,596
    Other
    $0
    Deferred
    $41,379
    Nontaxable benefits
    $22,565
    Filer's total
    $249,369

  • David Schouten

    SVP IT/CIO

    Total calculated
    $237,775
    From this org
    $177,652
    From related orgs
    $0
    Other
    $60,123
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $154,988
    Bonus
    $22,664
    Other
    $0
    Deferred
    $25,822
    Nontaxable benefits
    $34,724
    Filer's total
    $238,198

  • Andrea Allen

    Director of Lending

    Total calculated
    $147,059
    From this org
    $107,079
    From related orgs
    $0
    Other
    $39,980
    Hours/week
    40

  • Lisett Comai-Legrand -Director

    of Sales and Member Experience

    Total calculated
    $145,443
    From this org
    $116,032
    From related orgs
    $0
    Other
    $29,411
    Hours/week
    40

  • Nancy Hubber

    Director of Human Resources

    Total calculated
    $119,080
    From this org
    $102,278
    From related orgs
    $0
    Other
    $16,802
    Hours/week
    40

  • Jeremiah Halloran

    Director of Digital Services

    Total calculated
    $118,908
    From this org
    $102,354
    From related orgs
    $0
    Other
    $16,554
    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. 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

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 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 following individuals participated in the 457(f) plans offered by the Credit Union. Mike Rosek - President/CEO (457f) - Accrued $48,008 Mark Hettinger - EVP/COO (457f) - Accrued $24,140 Valerie Mathias - SVP Finance/CFO (457f) - Accrued $30,160 David Schouten - SVP IT/CIO (457f) - Accrued $22,080 There were no distribution during 2022.

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
21 April 2023
IRS schema version
2022v5.0
Source object
202341159349300509

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