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Nonprofiteer
← FIRST CREDIT UNION

Form 990 for tax year 2023

Filed by FIRST CREDIT UNION.

Totals

Total revenue
$39,282,064
Total expenses
$35,297,564
Contributions and grants received
$971,886
Grants paid
$69,203
Program service revenue
$30,109,586
Investment income
$8,143,503
Other revenue
$57,089
Total assets, end of year
$703,838,970
Total liabilities, end of year
$658,111,321
Net assets or fund balances, end of year
$45,727,649
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Listed in Part VII

  • JAY CURTIS

    PRESIDENT/CEO/BOARD MEMBER

    Total calculated
    $1,043,356
    From this org
    $902,183
    From related orgs
    $0
    Other
    $141,173
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $505,455
    Bonus
    $146,582
    Other
    $250,146
    Deferred
    $124,313
    Nontaxable benefits
    $16,860
    Filer's total
    $1,043,356

  • CARYN HORVITZ-STRAUSS

    BOARD CHAIR

    Total calculated
    $5,577
    From this org
    $5,577
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • RUSS PUCKETT

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • KENNETH MULLINS

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • BEN TAN

    TREASURER

    Total calculated
    $4,436
    From this org
    $4,436
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • WILLIAM JIMRO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • BARRY SCHLEGEL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • LORI GALLEGOS

    EVP (THRU 3/31/2023)

    Total calculated
    $404,216
    From this org
    $344,153
    From related orgs
    $0
    Other
    $60,063
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $80,000
    Bonus
    $35,000
    Other
    $229,153
    Deferred
    $36,400
    Nontaxable benefits
    $23,663
    Filer's total
    $404,216

  • DOUGLAS ALLDREDGE

    CFO

    Total calculated
    $417,343
    From this org
    $318,748
    From related orgs
    $0
    Other
    $98,595
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $245,375
    Bonus
    $50,000
    Other
    $23,373
    Deferred
    $72,975
    Nontaxable benefits
    $25,620
    Filer's total
    $417,343

  • THOMAS GESSEL

    CNO

    Total calculated
    $388,457
    From this org
    $314,866
    From related orgs
    $0
    Other
    $73,591
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $253,275
    Bonus
    $50,000
    Other
    $11,591
    Deferred
    $55,342
    Nontaxable benefits
    $18,249
    Filer's total
    $388,457

  • HEIDI KIM

    CXO

    Total calculated
    $354,207
    From this org
    $277,370
    From related orgs
    $0
    Other
    $76,837
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $218,750
    Bonus
    $50,000
    Other
    $8,620
    Deferred
    $53,619
    Nontaxable benefits
    $23,218
    Filer's total
    $354,207

  • BENJAMIN RICKS

    VP/IT

    Total calculated
    $221,700
    From this org
    $183,295
    From related orgs
    $0
    Other
    $38,405
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $163,295
    Bonus
    $20,000
    Other
    $0
    Deferred
    $14,807
    Nontaxable benefits
    $23,598
    Filer's total
    $221,700

  • THOMAS WASSON

    CLO (THRU 4/26/2023)

    Total calculated
    $172,341
    From this org
    $105,735
    From related orgs
    $0
    Other
    $66,606
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $53,300
    Bonus
    $0
    Other
    $52,435
    Deferred
    $57,816
    Nontaxable benefits
    $8,790
    Filer's total
    $172,341

  • SCOT GILBREATH

    VP/RE LENDING

    Total calculated
    $208,920
    From this org
    $177,689
    From related orgs
    $0
    Other
    $31,231
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,000
    Bonus
    $10,000
    Other
    $689
    Deferred
    $13,856
    Nontaxable benefits
    $17,375
    Filer's total
    $208,920

  • CHANTEL CAMPBELL

    VP/FINANCE

    Total calculated
    $172,842
    From this org
    $139,407
    From related orgs
    $0
    Other
    $33,435
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $124,918
    Bonus
    $12,166
    Other
    $2,323
    Deferred
    $10,716
    Nontaxable benefits
    $22,719
    Filer's total
    $172,842

  • KRISTIN PARKER

    AVP/LENDING

    Total calculated
    $144,771
    From this org
    $128,862
    From related orgs
    $0
    Other
    $15,909
    Hours/week
    40

  • LISA PETERS

    VP/COMPLIANCE & RISK

    Total calculated
    $175,470
    From this org
    $155,229
    From related orgs
    $0
    Other
    $20,241
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,042
    Bonus
    $17,977
    Other
    $9,210
    Deferred
    $11,637
    Nontaxable benefits
    $8,604
    Filer's total
    $175,470

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 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
TRAVEL FOR COMPANIONS IS PAID FOR OFFICERS AND KEY EMPLOYEES, WHICH IS INCLUDED IN REPORTABLE COMPENSATION.
PART I, LINES 4A-B
THE FOLLOWING INDIVIDUAL RECEIVED A SEVERANCE PAYMENT DURING 2023 - LORI GALLEGOS, EVP - $229,153 SPLIT DOLLAR LIFE INSURANCE: THE CREDIT UNION HAS MADE LOANS FOR LIFE INSURANCE PREMIUM PAYMENTS TO CURRENT MEMBERS OF TOP MANAGEMENT. THE LOANS ARE COLLATERALIZED BY THE ASSIGNMENT OF THE POLICY DEATH BENEFITS AND CASH VALUES OF EACH RESPECTIVE LIFE INSURANCE POLICY. THE POLICIES ARE OWNED BY THE CURRENT EXECUTIVES AND THEY HAVE THE RIGHT TO NAME THE BENEFICIARIES FOR AMOUNTS NOT SECURED BY THE ASSIGNMENTS. THE CREDIT UNION MAINTAINS A 457(F) NON-QUALIFIED DEFERRRED COMPENSATION PLAN FOR A SELECT GROUP OF MANAGEMENT. PARTICIPANTS ARE ELIGIBLE BASED ON APPROVAL BY THE CREDIT UNION'S BOARD OF DIRECTORS. THE CREDIT UNION DID NOT MAKE ANY CONTRIBUTIONS TO THE 457(F) PLAN FOR THE PERIOD ENDED DECEMBER 31, 2023. THERE WAS ONE DISTRIBUTION MADE FROM THE 457(F) PLAN FOR THE PERIOD ENDED DECEMBER 31, 2023: JAY CURTIS: $200,000

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
2023
Filed
25 October 2024
IRS schema version
2023v5.1
Source object
202413119349302396

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