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Nonprofiteer
← TRUWEST CREDIT UNION

Form 990 for tax year 2022

Filed by TRUWEST CREDIT UNION.

Totals

Total revenue
$72,242,165
Total expenses
$60,300,911
Contributions and grants received
$0
Grants paid
$252,304
Program service revenue
$61,792,162
Investment income
$9,035,128
Other revenue
$1,414,875
Total assets, end of year
$1,514,781,756
Total liabilities, end of year
$1,400,355,296
Net assets or fund balances, end of year
$114,426,460
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: LOAN INTEREST INCOME

    total $46,980,745 · related or exempt $46,980,745

  • 2b · Program service revenue: INTERCHANGE INCOME

    total $5,934,682 · related or exempt $5,934,682

  • 2c · Program service revenue: FEES AND CHARGES

    total $5,564,567 · related or exempt $5,418,664 · unrelated business $145,903

  • 2d · Program service revenue: WEALTH MANAGEMENT COMMISSIONS

    total $3,103,080 · related or exempt $2,514,294 · unrelated business $588,786

  • 2e · Program service revenue: COLLATERAL PROTECTION INSURANCE

    total $137,090 · related or exempt $137,090

  • 2f · All other program service revenue

    total $71,998 · related or exempt $71,998

  • 3 · Investment income

    total $8,998,719 · excluded $8,998,719

  • 5 · Royalties

    total $74,805 · excluded $74,805

  • 7a · Gross sales of assets other than inventory

    other assets $36,409

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

    other assets $0

  • 7c · Gain or loss

    other assets $36,409

  • 7d · Net gain or loss

    total $36,409 · excluded $36,409

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $1,340,070 · excluded $1,340,070

  • 11e · Other revenue, total

    $1,340,070

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $229,804

  • 2 · Grants to domestic individuals

    total $22,500

  • 4 · Benefits paid to or for members

    total $6,734,799

  • 5 · Compensation of officers, directors and key employees

    total $4,098,452

  • 7 · Other salaries and wages

    total $22,071,309

  • 8 · Pension plan contributions

    total $1,298,915

  • 9 · Other employee benefits

    total $3,307,361

  • 10 · Payroll taxes

    total $1,626,350

  • 11b · Fees: legal

    total $645,463

  • 11c · Fees: accounting

    total $151,227

  • 11g · Fees: other

    total $5,593,761

  • 12 · Advertising and promotion

    total $1,066,031

  • 13 · Office expenses

    total $531,402

  • 14 · Information technology

    total $4,765,060

  • 16 · Occupancy

    total $2,562,375

  • 17 · Travel

    total $104,765

  • 19 · Conferences, conventions and meetings

    total $235,833

  • 22 · Depreciation, depletion and amortization

    total $1,466,042

  • 23 · Insurance

    total $59,365

  • 24a · Other expenses: OTHER STAFF EXPENSES

    total $1,169,501

  • 24b · Other expenses: ACCOUNT PROCESSING

    total $1,134,853

  • 24c · Other expenses: ATM SERVICE COSTS

    total $909,733

  • 24d · Other expenses: ASSOCIATION DUES

    total $243,658

  • 24e · All other expenses

    total $272,352

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $28,028,319 · end of year $22,907,108

  • 2 · Savings and temporary cash investments

    beginning of year $268,837,877 · end of year $67,714,951

  • 4 · Accounts receivable

    beginning of year $526,275 · end of year $295,655

  • 7 · Other notes and loans receivable

    beginning of year $939,151,364 · end of year $1,156,876,530

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,691,052 · end of year $5,702,691

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

    $31,578,818

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

    $19,928,163

  • 10c · Land, buildings and equipment, net

    beginning of year $12,514,909 · end of year $11,650,655

  • 11 · Investments: publicly traded securities

    beginning of year $226,740,006 · end of year $202,686,217

  • 12 · Investments: other securities

    beginning of year $10,828,763 · end of year $12,288,788

  • 15 · Other assets

    beginning of year $27,869,103 · end of year $34,659,161

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,053,779 · end of year $13,806,365

  • 25 · Other liabilities

    beginning of year $1,364,854,432 · end of year $1,386,548,931

  • 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 $143,279,457 · end of year $114,426,460

Mission and programs · 2022

Mission

A COOPERATIVE PROVIDING TRUSTED FINANCIAL SOLUTIONS SO MEMBERS CAN ACHIEVE THEIR GOALS.

Activities or mission (Part I)

A COOPERATIVE PROVIDING FINANCIAL SOLUTIONS SO MEMBERS CAN ACHIEVE THEIR GOALS.

  • THE CREDIT UNION PROVIDES ITS MEMBER-OWNERS LOW COST FINANCIAL SERVICES INCLUDING FINANCIAL PLANNING.

As filed on the 2022 return.

Listed in Part VII

  • Rick O'Connor

    CHAIRMAN

    Total calculated
    $18,742
    From this org
    $18,742
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Susanna Defranco

    SECRETARY

    Total calculated
    $12,217
    From this org
    $12,217
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Mike Moulton

    VICE CHAIRMAN

    Total calculated
    $11,550
    From this org
    $11,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Thomas Cummiskey

    DIRECTOR

    Total calculated
    $12,195
    From this org
    $12,195
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Scott Johs

    TREASURER

    Total calculated
    $13,050
    From this org
    $13,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.5

  • Tim Niesz

    DIRECTOR

    Total calculated
    $9,600
    From this org
    $9,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Mike Vasko

    DIRECTOR

    Total calculated
    $12,075
    From this org
    $12,075
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Dave Holody

    DIRECTOR

    Total calculated
    $8,850
    From this org
    $8,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jeff Homer

    DIRECTOR

    Total calculated
    $11,325
    From this org
    $11,325
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Gary Bernard

    EVP CHIEF OPERATIONS OFFICER

    Total calculated
    $546,841
    From this org
    $410,062
    From related orgs
    $0
    Other
    $136,779
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $331,688
    Bonus
    $63,600
    Other
    $14,774
    Deferred
    $118,650
    Nontaxable benefits
    $18,129
    Filer's total
    $546,841

  • Alan Althouse

    PRESIDENT & CEO

    Total calculated
    $1,114,867
    From this org
    $934,746
    From related orgs
    $0
    Other
    $180,121
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $523,861
    Bonus
    $96,200
    Other
    $314,685
    Deferred
    $161,992
    Nontaxable benefits
    $18,129
    Filer's total
    $1,114,867

  • Fred Farbod

    SVP CHIEF LENDING OFFICER

    Total calculated
    $499,097
    From this org
    $353,115
    From related orgs
    $0
    Other
    $145,982
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $282,404
    Bonus
    $54,600
    Other
    $16,111
    Deferred
    $124,849
    Nontaxable benefits
    $21,133
    Filer's total
    $499,097

  • Chris Kearney

    SVP CHIEF INFORMATION OFFICER

    Total calculated
    $475,959
    From this org
    $348,255
    From related orgs
    $0
    Other
    $127,704
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $289,267
    Bonus
    $55,500
    Other
    $3,488
    Deferred
    $103,002
    Nontaxable benefits
    $24,702
    Filer's total
    $475,959

  • Nikki Badje

    SVP CHIEF HUMAN RESOURCES OFFICER

    Total calculated
    $230,807
    From this org
    $209,242
    From related orgs
    $0
    Other
    $21,565
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $201,300
    Bonus
    $6,093
    Other
    $1,849
    Deferred
    $12,571
    Nontaxable benefits
    $8,994
    Filer's total
    $230,807

  • Michael Ward

    SVP CHIEF FINANCIAL OFFICER

    Total calculated
    $429,734
    From this org
    $309,699
    From related orgs
    $0
    Other
    $120,035
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $249,545
    Bonus
    $47,300
    Other
    $12,854
    Deferred
    $101,908
    Nontaxable benefits
    $18,127
    Filer's total
    $429,734

  • Alysse Medina

    SVP AND CHIEF LEGAL OFFICER

    Total calculated
    $364,146
    From this org
    $254,842
    From related orgs
    $0
    Other
    $109,304
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $210,628
    Bonus
    $39,700
    Other
    $4,514
    Deferred
    $92,264
    Nontaxable benefits
    $17,040
    Filer's total
    $364,146

  • Jennifer Kimmell

    SVP CHIEF MARKETING OFFICER

    Total calculated
    $327,399
    From this org
    $243,002
    From related orgs
    $0
    Other
    $84,397
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $202,244
    Bonus
    $39,900
    Other
    $858
    Deferred
    $58,651
    Nontaxable benefits
    $25,746
    Filer's total
    $327,399

  • Katherine Sciascia

    MORTGAGE LOAN ORIGINATOR

    Total calculated
    $420,925
    From this org
    $376,618
    From related orgs
    $0
    Other
    $44,307
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $18,393
    Bonus
    $345,219
    Other
    $13,006
    Deferred
    $19,300
    Nontaxable benefits
    $25,007
    Filer's total
    $420,925

  • Brent Cattani

    FINANCIAL ADVISOR II

    Total calculated
    $485,769
    From this org
    $464,618
    From related orgs
    $0
    Other
    $21,151
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $36,363
    Bonus
    $427,601
    Other
    $654
    Deferred
    $20,750
    Nontaxable benefits
    $401
    Filer's total
    $485,769

  • Kathleen Hoffman

    MORTGAGE LOAN ORIGINATOR

    Total calculated
    $525,999
    From this org
    $493,870
    From related orgs
    $0
    Other
    $32,129
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $22,512
    Bonus
    $470,474
    Other
    $884
    Deferred
    $14,755
    Nontaxable benefits
    $17,374
    Filer's total
    $525,999

  • Kelly Argall

    MORTGAGE LOAN OFFICER

    Total calculated
    $520,487
    From this org
    $484,827
    From related orgs
    $0
    Other
    $35,660
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $22,859
    Bonus
    $461,576
    Other
    $392
    Deferred
    $19,300
    Nontaxable benefits
    $16,360
    Filer's total
    $520,487

  • Darren Kennon

    MORTGAGE LOAN OFFICER

    Total calculated
    $313,204
    From this org
    $266,709
    From related orgs
    $0
    Other
    $46,495
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $36,141
    Bonus
    $228,024
    Other
    $2,544
    Deferred
    $21,392
    Nontaxable benefits
    $25,103
    Filer's total
    $313,204

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 · Tax indemnification and gross-up payments
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 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)

PART I, LINE 4B
DEFERRED COMPENSATION PLAN [SECTION 457(F)] - THE CREDIT UNION HAS A NONQUALIFIED DEFERRED COMPENSATION PLAN FOR MEMBERS OF EXECUTIVE MANAGEMENT. THE FOLLOWING EMPLOYEES RECEIVED CONTRIBUTIONS TO THE PLAN DURING CALENDAR 2022. ALAN ALTHOUSE, PRESIDENT & CEO - $139,792 GARY BERNARD, CHIEF OPERATING OFFICER - $95,000 FRED FARBOD, CHIEF LENDING OFFICER - $102,649 CHRIS KEARNEY, CHIEF INFORMATION OFFICER - $83,702 MICHAEL WARD, CHIEF FINANCIAL OFFICER - $83,779 ALYSSE MEDINA, CHIEF LEGAL OFFICER - $77,226 JENNIFER KIMMELL, CHIEF MARKETING OFFICER - $40,838 THE FOLLOWING EMPLOYEE HAD A DISTRIBUTION FROM THE 457(F) PLAN DURING 2022: ALAN ALTHOUSE - $305,000

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

Provenance

Return type
form_990
Tax year
2022
Filed
8 August 2023
IRS schema version
2022v5.0
Source object
202342239349300934

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