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Nonprofiteer
← CITIZENS EQUITY FIRST CREDIT UNION

Form 990 for tax year 2022

Filed by CITIZENS EQUITY FIRST CREDIT UNION.

Totals

Total revenue
$291,593,880
Total expenses
$244,775,584
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$269,242,885
Investment income
$18,356,357
Other revenue
$3,994,638
Total assets, end of year
$7,682,726,978
Total liabilities, end of year
$6,954,720,369
Net assets or fund balances, end of year
$728,006,609
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

    total $215,571,856 · related or exempt $215,571,856

  • 2b · Program service revenue: FEES AND CHARGES

    total $53,670,475 · related or exempt $53,670,475

  • 2c · Program service revenue: MEMBER INITIATION FEES

    total $554 · related or exempt $554

  • 3 · Investment income

    total $18,333,864 · excluded $18,333,864

  • 6a · Gross rents

    real property $745,176

  • 6b · Less rental expenses

    real property $1,962

  • 6c · Rental income or loss

    real property $743,214

  • 6d · Net rental income or loss

    total $743,214 · related or exempt $743,214

  • 7a · Gross sales of assets other than inventory

    other assets $1,533,059

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

    other assets $1,510,566

  • 7c · Gain or loss

    other assets $22,493

  • 7d · Net gain or loss

    total $22,493 · excluded $22,493

  • 11a · Other revenue: INVESTMENT SERVICES

    total $1,889,480 · unrelated business $1,889,480

  • 11b · Other revenue: ATM SURCHARGES

    total $1,361,944 · unrelated business $1,361,944

  • 11e · Other revenue, total

    $3,251,424

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $2,504,282

  • 7 · Other salaries and wages

    total $63,728,693

  • 8 · Pension plan contributions

    total $7,962,502

  • 9 · Other employee benefits

    total $10,461,568

  • 10 · Payroll taxes

    total $4,954,462

  • 11b · Fees: legal

    total $1,656,969

  • 11c · Fees: accounting

    total $234,741

  • 12 · Advertising and promotion

    total $9,276,755

  • 13 · Office expenses

    total $8,165,262

  • 14 · Information technology

    total $5,506,865

  • 16 · Occupancy

    total $7,488,631

  • 17 · Travel

    total $124,395

  • 19 · Conferences, conventions and meetings

    total $791,291

  • 22 · Depreciation, depletion and amortization

    total $7,963,181

  • 23 · Insurance

    total $1,242,772

  • 24a · Other expenses: DIVIDENDS

    total $63,978,714

  • 24b · Other expenses: LOAN LOSSES (NET)

    total $17,188,001

  • 24c · Other expenses: LOAN SERVICING

    total $7,211,228

  • 24d · Other expenses: NON-OPERATING EXPENSES

    total $130,720

  • 24e · All other expenses

    total $24,204,552

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $80,553,407 · end of year $94,597,427

  • 2 · Savings and temporary cash investments

    beginning of year $570,049,445 · end of year $186,240,926

  • 4 · Accounts receivable

    beginning of year $8,237,652 · end of year $9,028,783

  • 7 · Other notes and loans receivable

    beginning of year $4,907,242,791 · end of year $5,477,746,619

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,124,949 · end of year $6,603,634

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

    $186,222,182

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

    $107,978,076

  • 10c · Land, buildings and equipment, net

    beginning of year $81,467,711 · end of year $78,244,106

  • 11 · Investments: publicly traded securities

    beginning of year $1,953,992,746 · end of year $1,706,170,781

  • 12 · Investments: other securities

    beginning of year $10,207,000 · end of year $5,595,000

  • 14 · Intangible assets

    beginning of year $14,519,015 · end of year $25,788,914

  • 15 · Other assets

    beginning of year $86,891,990 · end of year $92,710,788

  • 17 · Accounts payable and accrued expenses

    beginning of year $151,983,781 · end of year $97,747,336

  • 19 · Deferred revenue

    beginning of year $2,909,656 · end of year $2,768,922

  • 21 · Escrow or custodial account liability

    beginning of year $23,698,238 · end of year $24,574,767

  • 25 · Other liabilities

    beginning of year $6,878,088,515 · end of year $6,829,629,344

  • 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 $661,606,516 · end of year $728,006,609

Mission and programs · 2022

Mission

PROVIDE QUALITY SERVICE AND PRODUCTS TO IMPROVE THE FINANCIAL WELL BEING OF MEMBERS.

  • INTRODUCED HYBRID HELOC, WHICH PROVIDES MEMBERS WITH A HOME EQUITY LINE OF CREDIT AT A VARIABLE RATE, WHILE ALLOWING THEM TO LOCK IN PORTIONS OF THEIR BALANCES AT FIXED RATES AND PAYMENTS. INTRODUCED THE CEFCU CASH BACK MASTERCARD, A CREDIT CARD PRODUCT THAT EARNS CASH BACK ON ALL ELIGIBLE PURCHASES.

  • CONTINUED TO PROVIDE A WIDE VARIETY OF SAVINGS PRODUCTS WITH LOW FEES AND COMPETITIVE RATES. PAID DIVIDENDS TOTALING 22% OF REVENUES INCLUDING A $35 MILLION EXTRAORDINARY DIVIDEND DIVIDED BETWEEN BORROWERS AND SAVERS.

  • PROVIDED A FULL RANGE OF MORTGAGE, CONSUMER, AND BUSINESS LOANS TO MEMBERS AND MEMBER OWNED BUSINESSES. GRANTED OVER $1.7 BILLION IN CONSUMER LOANS, OVER $458 MILLION IN MORTGAGE LOANS, AND OVER $257 MILLION TO MEMBER OWNED BUSINESSES.

As filed on the 2022 return.

Listed in Part VII

  • Erec D Montgomery

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    3

  • Kavita Sachdev

    VICE CHAIRMAN

    Total calculated
    $3,047
    From this org
    $3,047
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Timothy R Brunton

    BOARD MEMBER

    Total calculated
    $2,695
    From this org
    $2,695
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Robert M Metzinger

    BOARD MEMBER

    Total calculated
    $597
    From this org
    $597
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Angel G Martinez

    CHAIRMAN

    Total calculated
    $1,758
    From this org
    $1,758
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Eric J Rahn

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Matthew D Joliff

    SECRETARY

    Total calculated
    $0
    Hours/week
    3

  • Todd W Bryant

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Sean D Scranton

    BOARD MEMBER

    Total calculated
    $1,332
    From this org
    $1,332
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Jennifer T Strickland

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Billy J Frank

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Jada A Hoerr

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Joseph R Needham

    VICE CHAIRMAN

    Total calculated
    $2,923
    From this org
    $2,923
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Matthew J Mamer

    PRESIDENT-TREASURER

    Total calculated
    $709,788
    From this org
    $635,349
    From related orgs
    $0
    Other
    $74,439
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $497,915
    Bonus
    $109,442
    Other
    $27,992
    Deferred
    $68,946
    Nontaxable benefits
    $5,493
    Filer's total
    $709,788

  • Alycia D Hightower

    CHIEF PEOPLE OFFICER

    Total calculated
    $289,018
    From this org
    $250,323
    From related orgs
    $0
    Other
    $38,695
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $200,286
    Bonus
    $23,037
    Other
    $27,000
    Deferred
    $35,166
    Nontaxable benefits
    $3,529
    Filer's total
    $289,018

  • Wyatt S Wolven

    CHIEF FINANCIAL OFFICER

    Total calculated
    $286,137
    From this org
    $258,008
    From related orgs
    $0
    Other
    $28,129
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $224,189
    Bonus
    $31,554
    Other
    $2,265
    Deferred
    $23,197
    Nontaxable benefits
    $4,932
    Filer's total
    $286,137

  • Mark A Hoffmire

    CHIEF OPERATIONS OFFICER

    Total calculated
    $386,430
    From this org
    $316,250
    From related orgs
    $0
    Other
    $70,180
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $257,570
    Bonus
    $31,680
    Other
    $27,000
    Deferred
    $65,306
    Nontaxable benefits
    $4,874
    Filer's total
    $386,430

  • Timothy I Dunton

    CHIEF DELIVERY OFFICER

    Total calculated
    $405,405
    From this org
    $333,592
    From related orgs
    $0
    Other
    $71,813
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $291,158
    Bonus
    $42,434
    Other
    $0
    Deferred
    $59,335
    Nontaxable benefits
    $12,478
    Filer's total
    $405,405

  • Kevin D Schneider

    CHIEF LEGAL COUNSEL

    Total calculated
    $415,152
    From this org
    $348,150
    From related orgs
    $0
    Other
    $67,002
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $304,606
    Bonus
    $43,544
    Other
    $0
    Deferred
    $63,225
    Nontaxable benefits
    $3,777
    Filer's total
    $415,152

  • Todd R Haller

    VICE PRESIDENT

    Total calculated
    $281,622
    From this org
    $239,127
    From related orgs
    $0
    Other
    $42,495
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $202,286
    Bonus
    $24,668
    Other
    $12,173
    Deferred
    $42,495
    Nontaxable benefits
    $0
    Filer's total
    $281,622

  • Peter Diaz

    CA COMMUNITY PRESIDENT

    Total calculated
    $285,402
    From this org
    $246,832
    From related orgs
    $0
    Other
    $38,570
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $202,714
    Bonus
    $30,929
    Other
    $13,189
    Deferred
    $29,249
    Nontaxable benefits
    $9,321
    Filer's total
    $285,402

  • Theresa A Lake

    VICE PRESIDENT

    Total calculated
    $271,662
    From this org
    $224,942
    From related orgs
    $0
    Other
    $46,720
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $180,938
    Bonus
    $23,504
    Other
    $20,500
    Deferred
    $45,431
    Nontaxable benefits
    $1,289
    Filer's total
    $271,662

  • Denise Ghere

    SENIOR VICE PRESIDENT

    Total calculated
    $255,041
    From this org
    $217,605
    From related orgs
    $0
    Other
    $37,436
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $188,002
    Bonus
    $27,704
    Other
    $1,899
    Deferred
    $31,417
    Nontaxable benefits
    $6,019
    Filer's total
    $255,041

  • Ronald Routh

    VICE PRESIDENT

    Total calculated
    $236,735
    From this org
    $175,011
    From related orgs
    $0
    Other
    $61,724
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $129,783
    Bonus
    $18,228
    Other
    $27,000
    Deferred
    $52,702
    Nontaxable benefits
    $9,022
    Filer's total
    $236,735

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
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Independent compensation consultant
  • 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

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.

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CEFCU FINANCIAL SERVICES INC

    C · INSURANCE · IL · 100% owned · share of income $750,180 · share of assets $5,241,194 · controlled entity

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202313199349320331

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