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Nonprofiteer
← ARIZONA FINANCIAL CREDIT UNION

Form 990 for tax year 2024

Filed by ARIZONA FINANCIAL CREDIT UNION.

Totals

Total revenue
$225,880,309
Total expenses
$197,180,064
Contributions and grants received
$0
Grants paid
$251,482
Program service revenue
$178,762,523
Investment income
$41,799,659
Other revenue
$5,318,127
Total assets, end of year
$3,421,476,840
Total liabilities, end of year
$3,082,457,364
Net assets or fund balances, end of year
$339,019,476
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$0

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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: INTEREST ON LOANS

    total $115,584,496 · related or exempt $115,584,496 · unrelated business $0 · excluded $0

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

    total $21,053,850 · related or exempt $20,620,038 · unrelated business $433,812 · excluded $0

  • 2c · Program service revenue: Interchange Revenue

    total $26,731,653 · related or exempt $26,731,653 · unrelated business $0 · excluded $0

  • 2d · Program service revenue: Insurance

    total $14,992,674 · related or exempt $1,860,534 · unrelated business $13,132,140 · excluded $0

  • 2e · Program service revenue: Warranty Income

    total $399,850 · related or exempt $399,850 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $41,856,520 · related or exempt $0 · unrelated business $0 · excluded $41,856,520

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $0 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $73,178

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

    securities $0 · other assets $130,039

  • 7c · Gain or loss

    securities $0 · other assets -$56,861

  • 7d · Net gain or loss

    total -$56,861 · related or exempt $0 · unrelated business $0 · excluded -$56,861

  • 8a · Fundraising events: gross income

    $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0 · unrelated business $0 · excluded $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11a · Other revenue: OTHER INCOME

    total $5,318,127 · related or exempt $5,318,127 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $5,318,127

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $251,482

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $4,505,654

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $60,328,980

  • 8 · Pension plan contributions

    total $4,716,428

  • 9 · Other employee benefits

    total $8,271,903

  • 10 · Payroll taxes

    total $4,419,117

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $277,312

  • 11c · Fees: accounting

    total $298,015

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $1,500,420

  • 12 · Advertising and promotion

    total $3,641,025

  • 13 · Office expenses

    total $2,132,319

  • 14 · Information technology

    total $10,573,550

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $4,319,797

  • 17 · Travel

    total $786,871

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $57,567,418

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $5,588,096

  • 23 · Insurance

    total $536,100

  • 24a · Other expenses: Debit and ATM Processing Fees

    total $10,526,878

  • 24b · Other expenses: Loan Servicing Expense

    total $8,004,278

  • 24c · Other expenses: Loan Losses

    total $4,927,526

  • 24d · Other expenses: Dues and Subscriptions

    total $312,216

  • 24e · All other expenses

    total $3,694,679

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $22,587,213 · end of year $20,134,086

  • 2 · Savings and temporary cash investments

    beginning of year $428,086,034 · end of year $485,599,536

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $100,038 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $1,821,968,362 · end of year $1,840,605,881

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

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

    $92,240,488

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

    $46,929,150

  • 10c · Land, buildings and equipment, net

    beginning of year $48,046,907 · end of year $45,311,338

  • 11 · Investments: publicly traded securities

    beginning of year $712,836,083 · end of year $710,205,652

  • 12 · Investments: other securities

    beginning of year $24,094,555 · end of year $24,442,123

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $123,460,478 · end of year $121,465,768

  • 15 · Other assets

    beginning of year $133,559,287 · end of year $173,712,456

  • 17 · Accounts payable and accrued expenses

    beginning of year $59,142,298 · end of year $42,188,820

  • 21 · Escrow or custodial account liability

    beginning of year $16,613 · end of year $11,774

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $2,953,854,726 · end of year $3,040,256,770

  • 31 · Retained earnings, endowment or other funds

    beginning of year $301,725,320 · end of year $339,019,476

Mission and programs · 2024

Mission

The purpose of Arizona Financial Credit Union (AZFCU) is to promote thrift and to provide credit to its members.

  • AZFCU IS A STATE CHARTERED COOPERATIVE ASSOCIATION ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AMONG AND CREATING A SOURCE OF CREDIT FOR ITS MEMBERS. THE CREDIT UNION PROVIDES MORTGAGE, VEHICLE AND OTHER CONSUMER AND COMMERCIAL LOANS TO ITS MEMBERS. THE CREDIT UNION ALSO OFFERS A VARIETY OF ACCOUNTS FOR MEMBERS TO TRANSACT AND SAVE, INCLUDING SHARE DRAFT ACCOUNTS AND SHARE CERTIFICATES. AS A MEMBER-OWNED ORGANIZATION, THE CREDIT UNION STRIVES TO PROVIDE COMPETITIVE INTEREST AND DIVIDEND RATES TO ITS MEMBERS AND CONVENIENT WAYS FOR MEMBERS TO ACCESS THEIR ACCOUNTS, INCLUDING ONLINE AND MOBILE BANKING AND SHARED BRANCHING SERVICES.

  • AZFCU OFFERS CREDIT LIFE AND DISABILITY INSURANCE TO ITS MEMBERS WHEN THEY FINANCE A VEHICLE OR OPEN A CREDIT CARD. THIS INSURANCE WOULD PAY OFF THE LOAN IN THE CASE OF A DEATH OR DISABILITY. AZFCU OFFERS AUTO WARRANTIES AT FAIR PRICES TO ITS MEMBERS. THESE WARRANTIES ARE COMPREHENSIVE AND HELP WITH THE COSTS OF REPAIR OF THE VEHICLE.

As filed on the 2024 return.

Listed in Part VII

  • David Albertson

    Board Vice chairperson

    Total calculated
    $1,588
    From this org
    $1,588
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Libby Bissa

    Board Secretary

    Total calculated
    $17,010
    From this org
    $17,010
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • William Greene

    Board Chairperson

    Total calculated
    $21,979
    From this org
    $21,979
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Zeek Ojeh

    Board Treasurer

    Total calculated
    $0
    Hours/week
    3

  • Cathleen Gleason

    Board Member

    Total calculated
    $12,412
    From this org
    $12,412
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Debby Black

    Board Member

    Total calculated
    $0
    Hours/week
    3

  • Jeffrey Barton

    Board Member

    Total calculated
    $0
    Hours/week
    3

  • Jennifer Villalobos

    Board Member

    Total calculated
    $0
    Hours/week
    3

  • Kim Baldwin

    Board Member

    Total calculated
    $0
    Hours/week
    3

  • Amy Hysell

    President/CEO (AZFCU)

    Total calculated
    $843,315
    From this org
    $777,889
    From related orgs
    $0
    Other
    $65,426
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $665,159
    Bonus
    $96,000
    Other
    $16,730
    Deferred
    $62,001
    Nontaxable benefits
    $3,425
    Filer's total
    $843,315

  • Travis Fonnesbeck

    SVP & CFO (AZFCU)

    Total calculated
    $335,520
    From this org
    $306,833
    From related orgs
    $0
    Other
    $28,687
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $270,677
    Bonus
    $29,061
    Other
    $7,095
    Deferred
    $16,954
    Nontaxable benefits
    $11,733
    Filer's total
    $335,520

  • Chad Forkenbrock

    EVP & Chief Operating Officer (AZFCU)

    Total calculated
    $486,759
    From this org
    $448,658
    From related orgs
    $0
    Other
    $38,101
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $395,477
    Bonus
    $34,090
    Other
    $19,091
    Deferred
    $33,094
    Nontaxable benefits
    $5,007
    Filer's total
    $486,759

  • Gregory Thorell

    SVP Residential Lending (AZFCU)

    Total calculated
    $468,052
    From this org
    $423,266
    From related orgs
    $0
    Other
    $44,786
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $391,740
    Bonus
    $0
    Other
    $31,526
    Deferred
    $29,225
    Nontaxable benefits
    $15,561
    Filer's total
    $468,052

  • Jason Paprocki

    EVP & Chief Strategy Officer (AZFCU)

    Total calculated
    $546,182
    From this org
    $506,725
    From related orgs
    $0
    Other
    $39,457
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $428,399
    Bonus
    $49,202
    Other
    $29,124
    Deferred
    $32,705
    Nontaxable benefits
    $6,752
    Filer's total
    $546,182

  • Juan Ruiz

    EVP & Chief People and Culture Officer (AZFCU)

    Total calculated
    $424,828
    From this org
    $385,392
    From related orgs
    $0
    Other
    $39,436
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $345,793
    Bonus
    $37,200
    Other
    $2,399
    Deferred
    $34,027
    Nontaxable benefits
    $5,409
    Filer's total
    $424,828

  • Michael Thorell

    Arizona Market President & Chief Lending Officer (AZFCU)

    Total calculated
    $552,005
    From this org
    $488,270
    From related orgs
    $0
    Other
    $63,735
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $424,333
    Bonus
    $37,808
    Other
    $26,129
    Deferred
    $50,095
    Nontaxable benefits
    $13,640
    Filer's total
    $552,005

  • Travis Merrell

    SVP & Chief Credit Officer (AZFCU)

    Total calculated
    $344,169
    From this org
    $316,688
    From related orgs
    $0
    Other
    $27,481
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $307,810
    Bonus
    $553
    Other
    $8,325
    Deferred
    $12,888
    Nontaxable benefits
    $14,593
    Filer's total
    $344,169

  • William Randall Gaston

    SVP & Commercial Lending (AZFCU)

    Total calculated
    $451,835
    From this org
    $418,085
    From related orgs
    $0
    Other
    $33,750
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $393,111
    Bonus
    $0
    Other
    $24,974
    Deferred
    $21,624
    Nontaxable benefits
    $12,126
    Filer's total
    $451,835

  • Andrew Martinez

    COMMERCIAL PRODUCER (AFIS)

    Total calculated
    $507,524
    From this org
    $486,232
    From related orgs
    $0
    Other
    $21,292
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $481,232
    Bonus
    $5,000
    Other
    $0
    Deferred
    $20,700
    Nontaxable benefits
    $592
    Filer's total
    $507,524

  • Gregory Okonowski

    COMMERCIAL PRODUCER (AFIS)

    Total calculated
    $606,921
    From this org
    $577,140
    From related orgs
    $0
    Other
    $29,781
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $572,140
    Bonus
    $5,000
    Other
    $0
    Deferred
    $20,700
    Nontaxable benefits
    $9,081
    Filer's total
    $606,921

  • Joseph Cook

    PPD Producer (AFIS)

    Total calculated
    $499,391
    From this org
    $468,862
    From related orgs
    $0
    Other
    $30,529
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $463,862
    Bonus
    $5,000
    Other
    $0
    Deferred
    $17,250
    Nontaxable benefits
    $13,279
    Filer's total
    $499,391

  • Kelly Harding

    COMMERCIAL PRODUCER (AFIS)

    Total calculated
    $676,600
    From this org
    $639,141
    From related orgs
    $0
    Other
    $37,459
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $639,141
    Bonus
    $0
    Other
    $0
    Deferred
    $20,700
    Nontaxable benefits
    $16,759
    Filer's total
    $676,600

  • Ryan West

    Investment Representative (AZFCU)

    Total calculated
    $504,880
    From this org
    $470,211
    From related orgs
    $0
    Other
    $34,669
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $36,530
    Bonus
    $431,860
    Other
    $1,821
    Deferred
    $21,887
    Nontaxable benefits
    $12,782
    Filer's total
    $504,880

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 · First-class or charter travel
  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Form 990 of other organizations
  • 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)

Schedule J, Part I, Line 1a First-class or charter travel
AZFCU allows board members to utilize first class travel if certain criteria are met. The travel expenses are treated as taxable compensation.
Schedule J, Part I, Line 1a Travel for companions
AZFCU allows a companion to join each director or executive leadership team member on business travel. The companions are expected to participate in the networking events and represent AFCU. The travel expenses are treated as taxable compensation.
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
AZFCU provides a supplemental nonqualified retirement plan for executives. The organization makes annual contributions to the plan. Contributions to the plan for 2024 are as follows: Amy Hysell: $200,597 Jason Paprocki: $75,435 Michael Thorell: $90,678 Gregory Thorell: $93,595 William Randall Gaston: $80,855 Chad Forkenbrock: $197,106 Travis Merrell: $75,659 Juan Ruiz: $65,879 Travis Fonnesbeck: $74,762

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

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • Arizona Federal Insurance Solutions LLC

    Insurance · AZ · income $15,824,113 · assets $28,612,160

    Directly controlled by Arizona Financial Credit Union

  • Western States Financial Group LLC

    Auto-Buying Services · AZ · income $408,680 · assets $5,455,680

    Directly controlled by Arizona Financial Credit Union

Provenance

Return type
form_990
Tax year
2024
Filed
17 November 2025
IRS schema version
2024v5.1
Source object
202523219349313572

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