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Nonprofiteer
← PREMIER AMERICA CREDIT UNION

Form 990 for tax year 2022

Filed by PREMIER AMERICA CREDIT UNION.

Totals

Total revenue
$127,070,331
Total expenses
$109,818,679
Contributions and grants received
$0
Grants paid
$322,066
Program service revenue
$119,143,288
Investment income
$7,741,861
Other revenue
$185,182
Total assets, end of year
$3,773,072,753
Total liabilities, end of year
$3,477,250,353
Net assets or fund balances, end of year
$295,822,400
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: INCOME FROM MEMBER LOANS

    total $103,298,572 · related or exempt $103,298,572

  • 2b · Program service revenue: INTERCHANGE INCOME

    total $5,801,272 · related or exempt $5,801,272

  • 2c · Program service revenue: SERVICE CHARGES & OTHER FEES

    total $4,967,995 · related or exempt $4,709,730 · unrelated business $258,265

  • 2d · Program service revenue: INVESTMENT BROKERAGE COMMISSIONS

    total $2,673,362 · related or exempt $2,673,362

  • 2e · Program service revenue: OTHER NON-INTEREST INCOME

    total $2,402,087 · related or exempt $1,181,041 · unrelated business $1,221,046

  • 3 · Investment income

    total $7,741,861 · excluded $7,741,861

  • 6a · Gross rents

    real property $185,182

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $185,182

  • 6d · Net rental income or loss

    total $185,182 · excluded $185,182

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $322,066

  • 5 · Compensation of officers, directors and key employees

    total $4,452,704

  • 7 · Other salaries and wages

    total $31,214,348

  • 8 · Pension plan contributions

    total $2,688,871

  • 9 · Other employee benefits

    total $2,261,564

  • 10 · Payroll taxes

    total $3,016,831

  • 11b · Fees: legal

    total $368,615

  • 11c · Fees: accounting

    total $397,136

  • 11g · Fees: other

    total $2,529,169

  • 12 · Advertising and promotion

    total $5,235,593

  • 13 · Office expenses

    total $9,169,259

  • 14 · Information technology

    total $4,489,611

  • 15 · Royalties

    total $307,869

  • 16 · Occupancy

    total $3,497,717

  • 17 · Travel

    total $410,000

  • 19 · Conferences, conventions and meetings

    total $312,533

  • 20 · Interest

    total $4,646,292

  • 22 · Depreciation, depletion and amortization

    total $1,550,972

  • 23 · Insurance

    total $255,279

  • 24a · Other expenses: DIVIDENDS PAID TO MEMBE

    total $19,800,716

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $7,350,000

  • 24c · Other expenses: LOAN PROCESSING EXPENSE

    total $3,382,305

  • 24d · Other expenses: CORE DEPOSIT PREMIUM AM

    total $668,034

  • 24e · All other expenses

    total $1,491,195

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $434,199,782 · end of year $106,375,570

  • 4 · Accounts receivable

    beginning of year $8,804,051 · end of year $11,257,929

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $10,697,748

  • 7 · Other notes and loans receivable

    beginning of year $2,447,543,049 · end of year $3,191,037,464

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,620,969 · end of year $4,126,772

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

    $36,288,063

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

    $22,589,182

  • 10c · Land, buildings and equipment, net

    beginning of year $14,943,542 · end of year $13,698,881

  • 11 · Investments: publicly traded securities

    beginning of year $443,909,027 · end of year $372,292,763

  • 12 · Investments: other securities

    beginning of year $15,000,392 · end of year $15,000,000

  • 14 · Intangible assets

    beginning of year $2,501,444 · end of year $1,710,450

  • 15 · Other assets

    beginning of year $35,090,284 · end of year $46,875,176

  • 17 · Accounts payable and accrued expenses

    beginning of year $23,185,669 · end of year $15,867,961

  • 19 · Deferred revenue

    beginning of year $497,139 · end of year $387,413

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $375,000,000

  • 25 · Other liabilities

    beginning of year $3,070,062,572 · end of year $3,085,994,979

  • 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 $312,867,160 · end of year $295,822,400

Mission and programs · 2022

Mission

A COOPERATIVE ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONGST ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR THEM AT RATES OF INTEREST SET BY THE BOARD OF DIRECTORS, AND PROVIDING AN OPPORTUNITY FOR THEM TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, PREMIER AMERICA CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS.

Activities or mission (Part I)

A COOPERATIVE ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONGST ITS MEMBERS.

  • PREMIER AMERICA CREDIT UNION ENCOURAGED AND PROMOTED SAVINGS AND ACQUIRED 13,607 NEW MEMBERS IN 2022. TOTAL MEMBERSHIP STOOD AT 117,622 AS OF DECEMBER 31, 2022 WHILE DEPOSIT BALANCES GREW BY $15 MILLION COMPARED TO THE PREVIOUS YEAR, AND THE ORGANIZATION CONTINUED TO PAY MEMBERS FAVORABLE DIVIDEND RATES ON THEIR SAVINGS.

  • PREMIER AMERICA CREDIT UNION MET MORTGAGE NEEDS OF FIRST TIME HOME BUYERS AND REFINANCING NEEDS OF EXISTING HOMEOWNERS, ALLOWING THEM TO TAKE ADVANTAGE OF LOWER INTEREST RATES. LOWER INTEREST RATES WERE MADE POSSIBLE BY BEING A FNMA MORTGAGE LOAN SELLER AND SERVICER. DURING THE YEAR, THE ORGANIZATION GRANTED 928 REAL ESTATE LOANS.

  • PREMIER AMERICA CREDIT UNION'S CORE VALUES AND PURPOSE DRIVE OUR COMMITMENT TO SERVING MEMBERS AND LOCAL COMMUNITIES. IN 2022, OUR DEDICATION TO GIVING BACK WAS OF PARAMOUNT IMPORTANCE AS PREMIER AMERICA CREDIT UNION DONATED $317,942 TO LOCAL CHARITIES AND COMMUNITY ORGANIZATIONS AND TEAM MEMBERS INVESTED OVER 600 HOURS OF SERVICE TO NONPROFIT ORGANIZATIONS. PREMIER AMERICA CREDIT UNION IS FOCUSED ON PROVIDING SAFE, RESPONSIBLE AND AFFORDABLE FINANCIAL SERVICES TO HELP MEMBERS REACH THEIR DREAMS.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Toni Daniels

    CHIEF ADMINISTRATIVE OFFICER

    Total calculated
    $1,607,992
    From this org
    $1,578,356
    From related orgs
    $0
    Other
    $29,636
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,500,849
    Bonus
    $77,507
    Other
    $0
    Deferred
    $18,300
    Nontaxable benefits
    $11,336
    Filer's total
    $1,607,992

  • Rodolfo Pereira

    PRESIDENT & CEO

    Total calculated
    $1,037,280
    From this org
    $995,765
    From related orgs
    $0
    Other
    $41,515
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $749,390
    Bonus
    $246,375
    Other
    $0
    Deferred
    $18,300
    Nontaxable benefits
    $23,215
    Filer's total
    $1,037,280

  • Kelly Karren

    FINANCIAL ADVISOR

    Total calculated
    $512,543
    From this org
    $485,165
    From related orgs
    $0
    Other
    $27,378
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $485,165
    Bonus
    $0
    Other
    $0
    Deferred
    $18,393
    Nontaxable benefits
    $8,985
    Filer's total
    $512,543

  • Ernesto Norona

    CHIEF OPERATIONS OFFICER

    Total calculated
    $459,542
    From this org
    $406,905
    From related orgs
    $0
    Other
    $52,637
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $322,138
    Bonus
    $84,767
    Other
    $0
    Deferred
    $25,596
    Nontaxable benefits
    $27,041
    Filer's total
    $459,542

  • Janakiramana Yandapalli

    CHIEF TECHNOLOGY OFFICER

    Total calculated
    $445,681
    From this org
    $403,531
    From related orgs
    $0
    Other
    $42,150
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $313,156
    Bonus
    $90,375
    Other
    $0
    Deferred
    $19,631
    Nontaxable benefits
    $22,519
    Filer's total
    $445,681

  • Marcia Girardi

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $414,582
    From this org
    $372,502
    From related orgs
    $0
    Other
    $42,080
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $296,212
    Bonus
    $76,290
    Other
    $0
    Deferred
    $18,300
    Nontaxable benefits
    $23,780
    Filer's total
    $414,582

  • Orlando Duque

    MORTGAGE LOAN OFFICER

    Total calculated
    $403,165
    From this org
    $377,670
    From related orgs
    $0
    Other
    $25,495
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $377,670
    Bonus
    $0
    Other
    $0
    Deferred
    $18,905
    Nontaxable benefits
    $6,590
    Filer's total
    $403,165

  • Ernie Celaya

    MORTGAGE LOAN OFFICER

    Total calculated
    $359,671
    From this org
    $321,730
    From related orgs
    $0
    Other
    $37,941
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $321,730
    Bonus
    $0
    Other
    $0
    Deferred
    $18,756
    Nontaxable benefits
    $19,185
    Filer's total
    $359,671

  • Anthony Velarde

    FINANCIAL ADVISOR

    Total calculated
    $323,815
    From this org
    $288,723
    From related orgs
    $0
    Other
    $35,092
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $288,723
    Bonus
    $0
    Other
    $0
    Deferred
    $16,712
    Nontaxable benefits
    $18,380
    Filer's total
    $323,815

  • W Brad Cunningham

    FORMER CFO

    Total calculated
    $305,598
    From this org
    $291,069
    From related orgs
    $0
    Other
    $14,529
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $208,822
    Bonus
    $82,247
    Other
    $0
    Deferred
    $9,739
    Nontaxable benefits
    $4,790
    Filer's total
    $305,598

  • David Fitzgerald

    CHIEF LENDING OFFICER

    Total calculated
    $289,036
    From this org
    $264,913
    From related orgs
    $0
    Other
    $24,123
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $243,981
    Bonus
    $20,932
    Other
    $0
    Deferred
    $16,067
    Nontaxable benefits
    $8,056
    Filer's total
    $289,036

  • Brindon Gardner

    MORTGAGE LOAN OFFICER

    Total calculated
    $274,001
    From this org
    $241,790
    From related orgs
    $0
    Other
    $32,211
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $241,790
    Bonus
    $0
    Other
    $0
    Deferred
    $16,067
    Nontaxable benefits
    $16,144
    Filer's total
    $274,001

  • Ie-Chen Cheng

    CHIEF FINANCIAL OFFICER

    Total calculated
    $182,724
    From this org
    $168,762
    From related orgs
    $0
    Other
    $13,962
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,762
    Bonus
    $0
    Other
    $0
    Deferred
    $10,142
    Nontaxable benefits
    $3,820
    Filer's total
    $182,724

  • Gary Holmen

    VICE CHAIR

    Total calculated
    $5,512
    From this org
    $5,512
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Bill Hampel

    DIRECTOR

    Total calculated
    $3,124
    From this org
    $3,124
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Larry Martin

    DIRECTOR

    Total calculated
    $2,211
    From this org
    $2,211
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Eva Gomez

    DIRECTOR

    Total calculated
    $1,962
    From this org
    $1,962
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • William Cole

    CHAIR

    Total calculated
    $1,667
    From this org
    $1,667
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Larry Colson

    DIRECTOR

    Total calculated
    $695
    From this org
    $695
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Joann Klonowski

    DIRECTOR

    Total calculated
    $695
    From this org
    $695
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Mechelle Best

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John De Vere Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kurt Ford

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Eric Goldner

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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 · 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
TRAVEL FOR COMPANIONS - PREMIER AMERICA CREDIT UNION WILL PAY FOR THE SPOUSE OR ONE COMPANION'S PLANE FARE FOR OUT OF TOWN OFFICIAL TRAVELS (CONFERENCES), HOTEL ACCOMODATIONS (SHARED ROOM) AND MEALS. WILLIAM COLE, LARRY COLSON, EVA GOMEZ, ERIC GOLDNER, BILL HAMPEL, GARY HOLMEN, AND LARRY MARTIN RECEIVED THIS BENEFIT IN 2022.
PART I, LINE 4
THE FOLLOWING INDIVIDUALS PARTICIPATED IN A NONQUALIFIED RETIREMENT PLAN IN 2022 SPONSORED BY PREMIER AMERICA CREDIT UNION: TONI DANIELS THERE WERE NO EMPLOYER CONTRIBUTIONS INTO THE PLAN ON BEHALF OF THE PARTICIPANTS IN 2022. TONI DANIELS, CHIEF ADMINISTRATIVE OFFICER, HAD ONE DISTRIBUTION IN 2022 IN THE AMOUNT OF $1,192,660. THE INDIVIDUAL REACHED A SPECIFIED LEVEL OF VESTING IN 2022, SO THE DOLLAR AMOUNT IS NOW INCLUDED IN REPORTABLE COMPENSATION OF THE CURRENT YEAR FORM 990, PART VII AND SCHEDULE J, PART II.

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
14 November 2023
IRS schema version
2022v5.0
Source object
202313199349320521

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