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Nonprofiteer
← ARIZONA CENTRAL CREDIT UNION

Form 990 for tax year 2022

Filed by ARIZONA CENTRAL CREDIT UNION.

Totals

Total revenue
$38,271,912
Total expenses
$32,068,931
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$29,955,421
Investment income
$2,605,145
Other revenue
$5,711,346
Total assets, end of year
$755,233,028
Total liabilities, end of year
$701,518,544
Net assets or fund balances, end of year
$53,714,484
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 $26,040,505 · related or exempt $26,040,505

  • 2b · Program service revenue: FEES & SERVICE CHARGES

    total $3,892,095 · related or exempt $3,892,095

  • 2c · Program service revenue: FINANCE & INSURANCE

    total $22,821 · unrelated business $22,821

  • 3 · Investment income

    total $2,363,900 · related or exempt $2,363,900

  • 7a · Gross sales of assets other than inventory

    other assets $1,991,478

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

    other assets $1,750,233

  • 7c · Gain or loss

    other assets $241,245

  • 7d · Net gain or loss

    total $241,245 · related or exempt $241,245

  • 11a · Other revenue: OTHER OPERATING INCOME

    total $5,711,346 · related or exempt $5,711,346

  • 11e · Other revenue, total

    $5,711,346

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,126,955

  • 7 · Other salaries and wages

    total $10,984,586

  • 8 · Pension plan contributions

    total $488,360

  • 9 · Other employee benefits

    total $1,280,409

  • 10 · Payroll taxes

    total $885,707

  • 11b · Fees: legal

    total $64,865

  • 11c · Fees: accounting

    total $68,397

  • 11g · Fees: other

    total $641,260

  • 12 · Advertising and promotion

    total $1,064,185

  • 13 · Office expenses

    total $2,439,854

  • 14 · Information technology

    total $4,841,676

  • 16 · Occupancy

    total $1,688,756

  • 17 · Travel

    total $73,719

  • 19 · Conferences, conventions and meetings

    total $32,973

  • 20 · Interest

    total $1,668,245

  • 22 · Depreciation, depletion and amortization

    total $1,119,625

  • 23 · Insurance

    total $144,122

  • 24a · Other expenses: LOAN SERVICING

    total $2,099,184

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $481,626

  • 24c · Other expenses: MISCELLANEOUS

    total $441,146

  • 24d · Other expenses: MAINTENANCE AND REPAIRS

    total $204,046

  • 24e · All other expenses

    total $229,235

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,700,721 · end of year $5,626,931

  • 2 · Savings and temporary cash investments

    beginning of year $89,140,644 · end of year $5,260,739

  • 4 · Accounts receivable

    beginning of year $284,440 · end of year $376,621

  • 5 · Loans and receivables from officers and key people

    beginning of year $2,957,500 · end of year $3,758,750

  • 7 · Other notes and loans receivable

    beginning of year $523,521,707 · end of year $649,802,535

  • 9 · Prepaid expenses and deferred charges

    beginning of year $655,448 · end of year $818,369

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

    $32,115,779

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

    $17,478,417

  • 10c · Land, buildings and equipment, net

    beginning of year $14,580,290 · end of year $14,637,362

  • 11 · Investments: publicly traded securities

    beginning of year $87,393,566 · end of year $59,862,330

  • 12 · Investments: other securities

    beginning of year $2,128,577 · end of year $2,089,532

  • 15 · Other assets

    beginning of year $15,223,657 · end of year $12,999,859

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,800,958 · end of year $12,311,684

  • 23 · Secured mortgages and notes payable

    beginning of year $15,000,000 · end of year $15,000,000

  • 25 · Other liabilities

    beginning of year $658,886,465 · end of year $674,206,860

  • 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 $56,899,127 · end of year $53,714,484

Mission and programs · 2022

Mission

PROVIDE CHECKING, SAVINGS, AND LOAN SERVICES FOR MEMBERS.

Activities or mission (Part I)

CREDIT UNION OPERATED WITHOUT PROFIT FOR MUTUAL PURPOSES TO SERVE MEMBERS AND COMMUNITY.

  • THE CREDIT UNION PROVIDES DRAFT AND SHARE ACCOUNTS THAT ARE BOTH PAPER (CHECK) AND ELECTRONICALLY (WEB, MOBILE, CARD SERVICES) BASED. IT ALSO PROVIDES SAVINGS AND CERTIFICATE OF DEPOSIT ACCOUNTS. IN ADDITION, IT PROVIDES CONSUMER LOANS AND BUSINESS LOANS OVER A PORTFOLIO OF PRODUCTS, ALL OF WHICH ARE FOR EXEMPT FUNCTION ACTIVITIES FOR ITS MEMBERS.

  • OUTGOING WIRE SERVICES

  • TRAINING

As filed on the 2022 return.

Listed in Part VII

  • MARK DENKE

    CHAIR

    Total calculated
    $13,200
    From this org
    $13,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • STEPHANIE MCQUILLAN

    VICE CHAIR

    Total calculated
    $10,200
    From this org
    $10,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • SANDRA WATTS

    SECRETARY

    Total calculated
    $10,200
    From this org
    $10,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • VERONICA PIOTROWSKI

    TREASURER

    Total calculated
    $10,200
    From this org
    $10,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • LARRY PFEIFFER

    CHAIR ELECT

    Total calculated
    $4,400
    From this org
    $4,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • BRIAN RACZYNSKI

    BOD MEMBER

    Total calculated
    $8,400
    From this org
    $8,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • NICOLETTE LEMMON

    BOD MEMBER

    Total calculated
    $8,400
    From this org
    $8,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • KYLE HALLSTORM

    BOD MEMBER

    Total calculated
    $6,300
    From this org
    $6,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • GREGORY HARDEN

    CEO

    Total calculated
    $405,596
    From this org
    $371,288
    From related orgs
    $0
    Other
    $34,308
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $361,188
    Bonus
    $1,100
    Other
    $9,000
    Deferred
    $22,116
    Nontaxable benefits
    $12,192
    Filer's total
    $405,596

  • MICHAEL NEILL

    CFO, VP OF FINANCE & ACCOUNTING

    Total calculated
    $173,211
    From this org
    $157,054
    From related orgs
    $0
    Other
    $16,157
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,954
    Bonus
    $1,100
    Other
    $0
    Deferred
    $9,841
    Nontaxable benefits
    $6,316
    Filer's total
    $173,211

  • JUSTIN WHITESIDES

    SVP CHIEF ADMINISTRATIVE OFFICER

    Total calculated
    $239,998
    From this org
    $209,630
    From related orgs
    $0
    Other
    $30,368
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $201,330
    Bonus
    $1,100
    Other
    $7,200
    Deferred
    $12,477
    Nontaxable benefits
    $17,891
    Filer's total
    $239,998

  • JANET MOODIE

    SVP COO

    Total calculated
    $236,850
    From this org
    $218,457
    From related orgs
    $0
    Other
    $18,393
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $210,157
    Bonus
    $1,100
    Other
    $7,200
    Deferred
    $12,681
    Nontaxable benefits
    $5,712
    Filer's total
    $236,850

  • LISA WILMOT

    DIR. MORTGAGE OPERATIONS

    Total calculated
    $178,656
    From this org
    $167,391
    From related orgs
    $0
    Other
    $11,265
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,608
    Bonus
    $52,783
    Other
    $0
    Deferred
    $10,200
    Nontaxable benefits
    $1,065
    Filer's total
    $178,656

  • YVETTE CLAY

    VP CLO

    Total calculated
    $182,027
    From this org
    $161,924
    From related orgs
    $0
    Other
    $20,103
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,774
    Bonus
    $1,150
    Other
    $0
    Deferred
    $9,857
    Nontaxable benefits
    $10,246
    Filer's total
    $182,027

  • ANGELA SMITH

    VP CHIEF STRATEGIST

    Total calculated
    $160,347
    From this org
    $142,357
    From related orgs
    $0
    Other
    $17,990
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,257
    Bonus
    $1,100
    Other
    $0
    Deferred
    $6,584
    Nontaxable benefits
    $11,406
    Filer's total
    $160,347

  • KATHERIN PLUHOWSKY

    VP FINANCIAL RESOLUTION

    Total calculated
    $152,751
    From this org
    $135,084
    From related orgs
    $0
    Other
    $17,667
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,984
    Bonus
    $1,100
    Other
    $0
    Deferred
    $6,484
    Nontaxable benefits
    $11,183
    Filer's total
    $152,751

  • PAUL BAUER III

    DIR. BUSINESS FINANCIAL SERVICES

    Total calculated
    $144,296
    From this org
    $138,996
    From related orgs
    $0
    Other
    $5,300
    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

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 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 CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO GREGORY HARDEN, JANET MOODIE, YVETTE CLAY, AND MICHAEL NEILL THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR". UNDER THE AGREEMENT, THE EXECUTIVE IS THE OWNER OF THE POLICY AND MAKES A COLLATERAL ASSIGNMENT TO THE CREDIT UNION IN RETURN FOR A LOAN. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH, THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON.

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
17 October 2023
IRS schema version
2022v5.0
Source object
202312919349302101

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