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Nonprofiteer
← FIRST RESPONDERS CREDIT UNION

Form 990 for tax year 2023

Filed by FIRST RESPONDERS CREDIT UNION.

Totals

Total revenue
$20,405,832
Total expenses
$16,670,689
Contributions and grants received
$0
Grants paid
$175,000
Program service revenue
$18,405,205
Investment income
$1,961,749
Other revenue
$38,878
Total assets, end of year
$424,274,895
Total liabilities, end of year
$377,979,401
Net assets or fund balances, end of year
$46,295,494
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$16,670,689

Listed in Part VII

  • CHARLES BUCHANAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CHRISTOPHER BURKE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DANIEL DOWLING

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DANIEL MAGOON

    CHAIRMAN

    Total calculated
    $12,504
    From this org
    $12,504
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • EDMUND STREET

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOSEPH CASPER

    TREASURER/CLERK

    Total calculated
    $6,252
    From this org
    $6,252
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • KEVIN MEEHAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MARC SANDERS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • RALPH DOWLING

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SEAN COSTELLO

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    3

  • SEAN O'BRIEN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • WILLIAM O'SULLIVAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ANDY PUGA

    SVP/CIO

    Total calculated
    $209,780
    From this org
    $161,922
    From related orgs
    $0
    Other
    $47,858
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $145,890
    Bonus
    $15,792
    Other
    $240
    Deferred
    $24,831
    Nontaxable benefits
    $23,027
    Filer's total
    $209,780

  • CATHERINE GUERARD

    VP MEMBER SERVICES

    Total calculated
    $146,492
    From this org
    $126,036
    From related orgs
    $0
    Other
    $20,456
    Hours/week
    35

  • CATHY BOUCHER

    EVP/COO

    Total calculated
    $289,510
    From this org
    $245,116
    From related orgs
    $0
    Other
    $44,394
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $214,004
    Bonus
    $24,139
    Other
    $6,973
    Deferred
    $35,670
    Nontaxable benefits
    $8,724
    Filer's total
    $289,510

  • CRAIG MACKENZIE

    EVP/COO

    Total calculated
    $94,279
    From this org
    $91,467
    From related orgs
    $0
    Other
    $2,812
    Hours/week
    35

  • CRISTINA PRENTIS

    SVP/CFO

    Total calculated
    $226,323
    From this org
    $196,838
    From related orgs
    $0
    Other
    $29,485
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $172,282
    Bonus
    $16,632
    Other
    $7,924
    Deferred
    $29,355
    Nontaxable benefits
    $130
    Filer's total
    $226,323

  • KAITRYN THORNTON

    VP LENDING

    Total calculated
    $160,165
    From this org
    $139,704
    From related orgs
    $0
    Other
    $20,461
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $120,697
    Bonus
    $11,650
    Other
    $7,357
    Deferred
    $20,461
    Nontaxable benefits
    $0
    Filer's total
    $160,165

  • KENNETH NASIFF

    SVP MBL

    Total calculated
    $107,965
    From this org
    $96,084
    From related orgs
    $0
    Other
    $11,881
    Hours/week
    35

  • KRISTEN RUSSELL

    VP BUSINESS DEVELOPMENT

    Total calculated
    $173,463
    From this org
    $130,601
    From related orgs
    $0
    Other
    $42,862
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $115,751
    Bonus
    $11,540
    Other
    $3,310
    Deferred
    $19,685
    Nontaxable benefits
    $23,177
    Filer's total
    $173,463

  • RICHARD HAYWARD JR

    PRESIDENT & CEO

    Total calculated
    $452,916
    From this org
    $375,311
    From related orgs
    $0
    Other
    $77,605
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $320,811
    Bonus
    $23,689
    Other
    $30,811
    Deferred
    $54,415
    Nontaxable benefits
    $23,190
    Filer's total
    $452,916

  • ALEXA CAHILL

    AVP HR

    Total calculated
    $123,168
    From this org
    $105,984
    From related orgs
    $0
    Other
    $17,184
    Hours/week
    35

  • JENNIFER COOK

    AVP ELEXTRONIC SERVICES

    Total calculated
    $139,433
    From this org
    $106,715
    From related orgs
    $0
    Other
    $32,718
    Hours/week
    35

  • RAYMOND LAZCANO

    FINANCIAL ADVISOR

    Total calculated
    $154,962
    From this org
    $127,497
    From related orgs
    $0
    Other
    $27,465
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $88,589
    Bonus
    $38,237
    Other
    $671
    Deferred
    $19,227
    Nontaxable benefits
    $8,238
    Filer's total
    $154,962

  • WENDY REITER

    CONTROLLER

    Total calculated
    $165,681
    From this org
    $129,433
    From related orgs
    $0
    Other
    $36,248
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $117,082
    Bonus
    $9,633
    Other
    $2,718
    Deferred
    $19,862
    Nontaxable benefits
    $16,386
    Filer's total
    $165,681

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 A GUEST 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 2023.
PART I, LINE 4B
THE RETIRED AND CURRENT CEOS PARTICIPATE IN A SERP FUNDED BY SPLIT DOLLAR LIFE INSURANCE. ONE 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
2023
Filed
2 October 2024
IRS schema version
2023v5.1
Source object
202442779349300209

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