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← CREDIT UNIONS IN THE STATE OF NEW MEXICO

Form 990 for tax year 2023

Filed by CREDIT UNIONS IN THE STATE OF NEW MEXICO.

Totals

Total revenue
$39,583,621
Total expenses
$42,140,393
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$37,092,382
Investment income
$2,491,239
Other revenue
$0
Total assets, end of year
$611,932,366
Total liabilities, end of year
$562,175,171
Net assets or fund balances, end of year
$49,757,195
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 INCOME

    total $28,369,505 · related or exempt $28,369,505

  • 2b · Program service revenue: FEES AND CHARGES

    total $8,722,877 · related or exempt $8,722,877

  • 3 · Investment income

    total $2,491,239 · related or exempt $2,491,239

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,217,831

  • 7 · Other salaries and wages

    total $9,537,709

  • 8 · Pension plan contributions

    total $391,383

  • 9 · Other employee benefits

    total $557,092

  • 10 · Payroll taxes

    total $855,801

  • 11b · Fees: legal

    total $90,417

  • 11c · Fees: accounting

    total $61,049

  • 11g · Fees: other

    total $968,944

  • 12 · Advertising and promotion

    total $1,575,496

  • 13 · Office expenses

    total $7,508,641

  • 14 · Information technology

    total $712,049

  • 16 · Occupancy

    total $789,434

  • 19 · Conferences, conventions and meetings

    total $19,974

  • 20 · Interest

    total $10,906,969

  • 21 · Payments to affiliates

    total $76,023

  • 22 · Depreciation, depletion and amortization

    total $588,404

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $3,760,900

  • 24b · Other expenses: LOAN SERVICING

    total $1,252,341

  • 24c · Other expenses: DATA PROCESSING

    total $1,006,101

  • 24d · Other expenses: MISC EXP

    total $263,835

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,879,452 · end of year $2,737,886

  • 2 · Savings and temporary cash investments

    beginning of year $2,005,825 · end of year $2,422,962

  • 4 · Accounts receivable

    beginning of year $1,969,491

  • 7 · Other notes and loans receivable

    beginning of year $443,622,703 · end of year $442,752,470

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

    $30,620,264

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

    $11,536,159

  • 10c · Land, buildings and equipment, net

    beginning of year $19,468,988 · end of year $19,084,105

  • 11 · Investments: publicly traded securities

    beginning of year $108,257,500 · end of year $134,734,178

  • 12 · Investments: other securities

    beginning of year $11,739,553 · end of year $3,479,000

  • 14 · Intangible assets

    beginning of year $1,197,735

  • 15 · Other assets

    beginning of year $4,344,104 · end of year $6,721,765

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,887,010 · end of year $7,131,091

  • 19 · Deferred revenue

    beginning of year $753,762 · end of year $3,522,770

  • 23 · Secured mortgages and notes payable

    beginning of year $17,000,000 · end of year $10,000,000

  • 25 · Other liabilities

    beginning of year $524,903,435 · end of year $541,521,310

  • 29 · Capital stock, trust principal or current funds

    beginning of year $4,737,147 · end of year $4,737,146

  • 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 $46,203,997 · end of year $45,020,049

Mission and programs · 2023

Mission

THE MISSION OF RIO GRANDE CREDIT UNION IS TO CREATE A TRUSTED PARTNERSHIP WITH OUR MEMBERS THAT DEMONSTRATES EXCELLENT MEMBER SERVICE BY PROVIDING FINANCIAL EDUCATION SOLUTIONS,COMPETITIVE PRICING AND CONVENIENCE.

  • EARNINGS FROM THE INVESTMENTS OF THE EXCESS OF FUNDS RECEIVED FROM MEMBERS, OVER THE AMOUNT LOANED TO MEMBERS, AS WELL AS ACCUMULATED SURPLUS, IS INVESTED IN SECURITIES ALLOWED BY THE NCUA, AND THE CREDIT UNIONS GOVERNING DOCUMENTS.

    Revenue $2,491,239

  • FEES AND CHARGES ARE ASSESSED TO MEMBERS FOR FINANCIAL SERVICES. THESE FEES GENERATE THE REVENUE NECESSARY TO PAY THE COSTS TO PROVIDE THESE SERVICES.

    Revenue $8,722,877

  • INTEREST IS CHARGED AT MARKET RATES TO MEMBERS TO PROVIDE REVENUE TO PAY FOR THE COST OF THE FUNDS.

    Revenue $28,369,505

As filed on the 2023 return.

Listed in Part VII

  • Lucy Sedillo

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    4

  • Irene Serena

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Dan Mayfield

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Mark Sanchez

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Dianne Brown

    CHAIR

    Total calculated
    $0
    Hours/week
    4

  • Mike Athens

    PRESIDENT /CEO

    Total calculated
    $385,697
    From this org
    $385,697
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $253,992
    Bonus
    $22,525
    Other
    $109,180
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $385,697

  • Roy Stange

    CHIEF FINANCIAL OFFICER

    Total calculated
    $102,570
    From this org
    $102,570
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Lily Currin

    VP OF HUMAN RESOURCES

    Total calculated
    $161,530
    From this org
    $161,530
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,055
    Bonus
    $12,745
    Other
    $1,730
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $161,530

  • Jeff Cain

    VP OF MARKETING

    Total calculated
    $141,377
    From this org
    $141,377
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Tia Sabawi

    VP OF CONSUMER LENDING

    Total calculated
    $143,653
    From this org
    $143,653
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Erin Gomez

    VP OF SPECIALITY SERVICES

    Total calculated
    $146,283
    From this org
    $146,283
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • April Bradshaw

    VP OF MEMBER OPERATIONS

    Total calculated
    $136,722
    From this org
    $136,722
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Cynthia Borrego

    SECRETARY TREASURER

    Total calculated
    $0
    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 · Form 990 of other organizations
  • 3 · Written employment contract
  • 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

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
27 January 2026
IRS schema version
2023v6.0
Source object
202620299349301412

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