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Nonprofiteer
← FIRST RESPONDERS CREDIT UNION

Form 990 for tax year 2022

Filed by FIRST RESPONDERS CREDIT UNION.

Totals

Total revenue
$16,089,033
Total expenses
$12,432,948
Contributions and grants received
$0
Grants paid
$168,625
Program service revenue
$14,524,260
Investment income
$1,564,773
Other revenue
$0
Total assets, end of year
$426,852,511
Total liabilities, end of year
$384,912,748
Net assets or fund balances, end of year
$41,939,763
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$12,472,198

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 EARNED ON LOANS TO MEMBE

    total $12,740,785 · related or exempt $12,740,785

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

    total $1,690,111 · related or exempt $1,690,111

  • 2f · All other program service revenue

    total $93,364 · related or exempt $93,364

  • 3 · Investment income

    total $1,294,259 · excluded $1,294,259

  • 7a · Gross sales of assets other than inventory

    other assets $270,514

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

    other assets $0

  • 7c · Gain or loss

    other assets $270,514

  • 7d · Net gain or loss

    total $270,514 · excluded $270,514

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $152,625

  • 2 · Grants to domestic individuals

    total $16,000

  • 5 · Compensation of officers, directors and key employees

    total $1,251,126

  • 7 · Other salaries and wages

    total $2,371,191

  • 8 · Pension plan contributions

    total $486,250

  • 9 · Other employee benefits

    total $428,038

  • 10 · Payroll taxes

    total $261,625

  • 11b · Fees: legal

    total $26,970

  • 11c · Fees: accounting

    total $125,675

  • 11f · Fees: investment management

    total $97,775

  • 11g · Fees: other

    total $72,046

  • 12 · Advertising and promotion

    total $456,883

  • 13 · Office expenses

    total $303,030

  • 14 · Information technology

    total $1,237,726

  • 16 · Occupancy

    total $302,310

  • 17 · Travel

    total $87,337

  • 19 · Conferences, conventions and meetings

    total $137,484

  • 20 · Interest

    total $2,775,903

  • 22 · Depreciation, depletion and amortization

    total $218,826

  • 23 · Insurance

    total $118,747

  • 24a · Other expenses: ATM/NOW SERVICE

    total $522,884

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $382,604

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $346,000

  • 24d · Other expenses: DUES & SUBSCRIPTIONS

    total $139,794

  • 24e · All other expenses

    total $114,099

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,149,174 · end of year $1,050,330

  • 2 · Savings and temporary cash investments

    beginning of year $36,561,609 · end of year $6,707,137

  • 5 · Loans and receivables from officers and key people

    beginning of year $2,656,001 · end of year $2,685,748

  • 7 · Other notes and loans receivable

    beginning of year $296,227,169 · end of year $337,019,421

  • 9 · Prepaid expenses and deferred charges

    beginning of year $271,265 · end of year $297,304

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

    $6,406,090

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

    $3,133,282

  • 10c · Land, buildings and equipment, net

    beginning of year $3,408,006 · end of year $3,272,808

  • 12 · Investments: other securities

    beginning of year $52,703,546 · end of year $68,078,564

  • 13 · Investments: program-related

    beginning of year $500,000 · end of year $500,000

  • 14 · Intangible assets

    end of year $281,020

  • 15 · Other assets

    beginning of year $4,539,444 · end of year $6,960,179

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,332,142 · end of year $3,050,422

  • 23 · Secured mortgages and notes payable

    beginning of year $5,000,000 · end of year $33,000,000

  • 25 · Other liabilities

    beginning of year $350,034,859 · end of year $348,862,326

  • 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 $41,649,213 · end of year $41,939,763

Mission and programs · 2022

Mission

PROVIDE FINANCIAL SERVICES TO OUR MEMBERS

  • PROVIDE FINANCIAL SERVICES TO OUR MEMBERS

    Expenses $12,472,198 · Revenue $14,524,260

As filed on the 2022 return.

Listed in Part VII

  • JOSEPH QUINN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SEAN O'BRIEN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SEAN COSTELLO

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    3

  • RALPH DOWLING

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MARC SANDERS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KEVIN MEEHAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOSEPH CASPER

    TREASURER/CLERK

    Total calculated
    $5,731
    From this org
    $5,731
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • EDMUND STREET

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • WILLIAM O'SULLIVAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DANIEL DOWLING

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CHRISTOPHER BURKE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CHARLES BUCHANAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DANIEL MAGOON

    CHAIRMAN

    Total calculated
    $11,462
    From this org
    $11,462
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • ANDY PUGA

    VP OF DIGITAL STRATEGY

    Total calculated
    $189,497
    From this org
    $145,916
    From related orgs
    $0
    Other
    $43,581
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $133,176
    Bonus
    $12,500
    Other
    $240
    Deferred
    $22,004
    Nontaxable benefits
    $21,577
    Filer's total
    $189,497

  • CATHERINE GUERARD

    VP OF MEMBER SERVICE

    Total calculated
    $129,856
    From this org
    $102,857
    From related orgs
    $0
    Other
    $26,999
    Hours/week
    35

  • CRISTINA PRENTIS

    CHIEF FINANCIAL OFFICER

    Total calculated
    $203,244
    From this org
    $177,175
    From related orgs
    $0
    Other
    $26,069
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $158,749
    Bonus
    $13,500
    Other
    $4,926
    Deferred
    $26,069
    Nontaxable benefits
    $0
    Filer's total
    $203,244

  • KAITRYN THORNTON

    VP OF LENDING

    Total calculated
    $154,590
    From this org
    $135,356
    From related orgs
    $0
    Other
    $19,234
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $115,626
    Bonus
    $12,500
    Other
    $7,230
    Deferred
    $19,234
    Nontaxable benefits
    $0
    Filer's total
    $154,590

  • CATHY BOUCHER

    EVP

    Total calculated
    $273,407
    From this org
    $232,109
    From related orgs
    $0
    Other
    $41,298
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $203,772
    Bonus
    $20,527
    Other
    $7,810
    Deferred
    $33,115
    Nontaxable benefits
    $8,183
    Filer's total
    $273,407

  • RICHARD HAYWARD JR

    CEO

    Total calculated
    $236,532
    From this org
    $194,967
    From related orgs
    $0
    Other
    $41,565
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $176,764
    Bonus
    $0
    Other
    $18,203
    Deferred
    $28,616
    Nontaxable benefits
    $12,949
    Filer's total
    $236,532

  • JOHN WINNE

    CEO (RETIRED 7/1/2022)

    Total calculated
    $284,778
    From this org
    $245,553
    From related orgs
    $0
    Other
    $39,225
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $212,008
    Bonus
    $0
    Other
    $33,545
    Deferred
    $26,503
    Nontaxable benefits
    $12,722
    Filer's total
    $284,778

  • JENNIFER COOK

    AVP ELECTRONIC SERVICES

    Total calculated
    $135,179
    From this org
    $104,242
    From related orgs
    $0
    Other
    $30,937
    Hours/week
    35

  • RAYMOND LAZCANO

    FINANCIAL ADVISOR

    Total calculated
    $126,715
    From this org
    $103,411
    From related orgs
    $0
    Other
    $23,304
    Hours/week
    35

  • WENDY REITER

    CONTROLLER

    Total calculated
    $156,229
    From this org
    $122,677
    From related orgs
    $0
    Other
    $33,552
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $112,117
    Bonus
    $8,000
    Other
    $2,560
    Deferred
    $18,284
    Nontaxable benefits
    $15,268
    Filer's total
    $156,229

  • KAREN GUILIANO

    LOAN SERVICING MANAGER

    Total calculated
    $125,495
    From this org
    $108,421
    From related orgs
    $0
    Other
    $17,074
    Hours/week
    35

  • KRISTEN RUSSELL

    AVP BUSINESS DEVELOPMENT

    Total calculated
    $154,784
    From this org
    $116,658
    From related orgs
    $0
    Other
    $38,126
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $103,934
    Bonus
    $10,500
    Other
    $2,224
    Deferred
    $16,499
    Nontaxable benefits
    $21,627
    Filer's total
    $154,784

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 committee
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 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 1A
THE CEO IS CONTRACTUALLY ALLOWED TO HAVE HIS SPOUSE TRAVEL WITH HIM TO TWO CONFERENCES PER YEAR.
PART I, LINE 1B
THE CEOS SALARY IS REVIEWED ANNUALLY IN FEBRUARY BY THE EXECUTIVE COMMITTEE OF THE CREDIT UNION. THE COMMITTEE IS COMPRISED OF THE THREE CHAIR OFFICERS OF THE BOARD OF DIRECTORS (BOD). THE COMMITTEE USES A COMPREHENSIVE COMPENSATION PROGRAM DEVELOPED BY AN INDEPENDENT 3RD PARTY WHICH INCLUDES ADMINISTRATION OF THE ANNUAL REVIEW AND USES INDUSTRY BENCHMARKS AS WELL AS CPI INDICES TO MAKE THEIR RECOMMENDATIONS. THE COMMITTEE REVIEWS THE CEOS PERFORMANCE EVALUATION THAT IS COMPILED BY THE INDEPENDENT 3RD PARTY WHICH INCLUDES A BOARD ASSESSMENT, PERFORMANCE ASSESSMENT AND SPECIAL PROJECTS ASSESSMENT. BASED ON METRICS ESTABLISHED BY THE EXECUTIVE COMMITTEE, THE PERFORMANCE EVALUATION CALCULATES A RECOMMENDED MERIT ADJUSTMENT TO THE CEOS BASE PAY AND AN ANNUAL BONUS. THE EXECUTIVE COMMITTEE WILL DISCUSS THE RESULTS OF THE EVALUATION AND RECOMMEND AN AMOUNT FOR THE MERIT ADJUSTMENT AND THE ANNUAL BONUS FOR THE CEO TO THE FULL BOD. THE FULL BOD VOTES ON THE INCREASE AND BONUS AND THIS IS DOCUMENTED IN THE MEETING MINUTES OF THE CREDIT UNION. THIS WAS LAST DONE IN FEBRUARY 2022.
PART I, LINE 4B
THE RETIRED CEO PARTICIPATES IN A SERP FUNDED BY SPLIT DOLLAR LIFE INSURANCE. THE EVP HAS A DEFERRED COMP AGREEMENT IN PLACE.

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
2 October 2023
IRS schema version
2022v5.0
Source object
202342759349300839

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