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Nonprofiteer
← FIRSTMARK CREDIT UNION

Form 990 for tax year 2023

Filed by FIRSTMARK CREDIT UNION.

Totals

Total revenue
$75,060,064
Total expenses
$72,698,806
Contributions and grants received
$0
Grants paid
$86,985
Program service revenue
$51,330,963
Investment income
$23,729,101
Other revenue
$0
Total assets, end of year
$1,199,200,708
Total liabilities, end of year
$1,114,581,445
Net assets or fund balances, end of year
$84,619,263
Program services expenses (Part IX)
$72,698,806
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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: PERSONAL LOANS

    total $20,626,972 · related or exempt $20,626,972

  • 2b · Program service revenue: OTHER

    total $16,082,048 · related or exempt $16,082,048

  • 2c · Program service revenue: REAL ESTATE LOANS

    total $10,045,937 · related or exempt $10,045,937

  • 2d · Program service revenue: CREDIT CARD LOANS

    total $4,454,452 · related or exempt $4,454,452

  • 2e · Program service revenue: NON MEMBER ATM FEES

    total $100,900 · unrelated business $100,900

  • 2f · All other program service revenue

    total $20,654 · unrelated business $20,654

  • 3 · Investment income

    total $24,115,537 · related or exempt $24,115,537

  • 7a · Gross sales of assets other than inventory

    securities $1,303,860 · other assets $1,577,594

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

    securities $2,287,794 · other assets $980,096

  • 7c · Gain or loss

    securities -$983,934 · other assets $597,498

  • 7d · Net gain or loss

    total -$386,436 · related or exempt -$386,436

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $86,985 · program services $86,985

  • 5 · Compensation of officers, directors and key employees

    total $1,731,443 · program services $1,731,443

  • 7 · Other salaries and wages

    total $16,359,548 · program services $16,359,548

  • 9 · Other employee benefits

    total $3,520,359 · program services $3,520,359

  • 10 · Payroll taxes

    total $1,353,752 · program services $1,353,752

  • 11b · Fees: legal

    total $4,847 · program services $4,847

  • 11c · Fees: accounting

    total $229,923 · program services $229,923

  • 11f · Fees: investment management

    total $161,448 · program services $161,448

  • 11g · Fees: other

    total $5,055,453 · program services $5,055,453

  • 12 · Advertising and promotion

    total $1,901,647 · program services $1,901,647

  • 13 · Office expenses

    total $4,890,969 · program services $4,890,969

  • 16 · Occupancy

    total $2,972,063 · program services $2,972,063

  • 19 · Conferences, conventions and meetings

    total $644,408 · program services $644,408

  • 20 · Interest

    total $21,009,396 · program services $21,009,396

  • 22 · Depreciation, depletion and amortization

    total $2,333,816 · program services $2,333,816

  • 23 · Insurance

    total $248,885 · program services $248,885

  • 24a · Other expenses: DATA PROCESSING

    total $3,549,560 · program services $3,549,560

  • 24b · Other expenses: LOAN SERVICING

    total $3,104,005 · program services $3,104,005

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $2,761,101 · program services $2,761,101

  • 24d · Other expenses: ALL OTHER EXPENSES

    total $559,160 · program services $559,160

  • 24e · All other expenses

    total $220,038 · program services $220,038

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $16,901,519 · end of year $13,241,733

  • 4 · Accounts receivable

    beginning of year $3,662,749 · end of year $15,888,423

  • 5 · Loans and receivables from officers and key people

    beginning of year $14,823,984 · end of year $19,037,352

  • 7 · Other notes and loans receivable

    beginning of year $732,630,753 · end of year $652,618,453

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,532,691 · end of year $2,797,705

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

    $65,075,508

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

    $23,611,518

  • 10c · Land, buildings and equipment, net

    beginning of year $31,837,313 · end of year $41,463,990

  • 11 · Investments: publicly traded securities

    beginning of year $325,695,268 · end of year $354,398,622

  • 12 · Investments: other securities

    beginning of year $64,955,289 · end of year $69,895,418

  • 15 · Other assets

    beginning of year $35,988,496 · end of year $29,859,012

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,658,836 · end of year $7,130,168

  • 23 · Secured mortgages and notes payable

    beginning of year $94,244,501 · end of year $75,886,609

  • 25 · Other liabilities

    beginning of year $1,057,938,298 · end of year $1,031,564,668

  • 31 · Retained earnings, endowment or other funds

    beginning of year $70,186,427 · end of year $84,619,263

Mission and programs · 2023

Mission

SEE SCHEDULE O

Activities or mission (Part I)

TO HELP PEOPLE TO BETTER THEIR LIVES AND BUSINESSES.

  • FIRSTMARK CREDIT UNION, A MEMBER OWNED AND LOCALLY CONTROLLED FINANCIAL COOPERATIVE, IS DEDICATED TO MEETING THE FINANCIAL NEEDS OF MEMBERS; PROVIDING EXCELLENCE IN PERSONALIZED SERVICE; OFFERING INNOVATIVE AND COMPREHENSIVE PRODUCTS AND SERVICES; SAFEGUARDING MEMBER INVESTMENTS BY MAINTAINING FINANCIAL STRENGTH; BEING A RESPONSIBLE EMPLOYER BY ADDRESSING THE NEEDS OF EMPLOYEES; AND BEING A RESPONSIBLE CORPORATE CITIZEN IN THE COMMUNITY

As filed on the 2023 return.

Listed in Part VII

  • DONALD PINSON

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    5

  • MATTHEW RALPH

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    5

  • KYLE FRIESENHAHN

    SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • RODOLFO PENA

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • IGNACIO OROZCO JR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • CLARE COLEMAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • DONALD JONES JR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • ERICKA OLIVAREZ

    ADVISORY DIR

    Total calculated
    $0
    Hours/week
    5

  • LLOYD VERSTUYFT

    ADVISORY DIR

    Total calculated
    $0
    Hours/week
    5

  • REDELL ERVIN

    FMR DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • BRIAN GOTTARDY

    FMR ADV DIRE

    Total calculated
    $0
    Hours/week
    5

  • NATHANAEL TARWASOKONO

    PRESIDENT/CE

    Total calculated
    $528,526
    From this org
    $500,578
    From related orgs
    $0
    Other
    $27,948
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $486,827
    Bonus
    $1,322
    Other
    $12,429
    Deferred
    $13,509
    Nontaxable benefits
    $14,439
    Filer's total
    $528,526

  • GREGG THORNE

    CAO

    Total calculated
    $315,011
    From this org
    $288,881
    From related orgs
    $0
    Other
    $26,130
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $261,673
    Bonus
    $3,281
    Other
    $23,927
    Deferred
    $12,161
    Nontaxable benefits
    $13,969
    Filer's total
    $315,011

  • MICHAEL GRUNDON

    CFO

    Total calculated
    $370,340
    From this org
    $346,426
    From related orgs
    $0
    Other
    $23,914
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $343,430
    Bonus
    $1,322
    Other
    $1,674
    Deferred
    $14,700
    Nontaxable benefits
    $9,214
    Filer's total
    $370,340

  • RICHARD DANNY SMITH

    CHIEF EXP OF

    Total calculated
    $237,797
    From this org
    $215,208
    From related orgs
    $0
    Other
    $22,589
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $199,191
    Bonus
    $15,521
    Other
    $496
    Deferred
    $8,723
    Nontaxable benefits
    $13,866
    Filer's total
    $237,797

  • LAURA WARD

    CRO

    Total calculated
    $222,747
    From this org
    $202,164
    From related orgs
    $0
    Other
    $20,583
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $200,039
    Bonus
    $1,306
    Other
    $819
    Deferred
    $11,462
    Nontaxable benefits
    $9,121
    Filer's total
    $222,747

  • MARY LEONARDI

    CPO

    Total calculated
    $57,022
    From this org
    $51,686
    From related orgs
    $0
    Other
    $5,336
    Hours/week
    45

  • VERONICA TERAN

    VP OF ACCOUN

    Total calculated
    $187,503
    From this org
    $169,023
    From related orgs
    $0
    Other
    $18,480
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $163,622
    Bonus
    $4,975
    Other
    $426
    Deferred
    $9,864
    Nontaxable benefits
    $8,616
    Filer's total
    $187,503

  • RICK NELSON

    VP OF BUS PA

    Total calculated
    $186,970
    From this org
    $168,699
    From related orgs
    $0
    Other
    $18,271
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $160,005
    Bonus
    $8,529
    Other
    $165
    Deferred
    $9,662
    Nontaxable benefits
    $8,609
    Filer's total
    $186,970

  • ANDREW DENOCOUR

    VP PRODUCT D

    Total calculated
    $178,797
    From this org
    $160,237
    From related orgs
    $0
    Other
    $18,560
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $158,594
    Bonus
    $1,421
    Other
    $222
    Deferred
    $9,525
    Nontaxable benefits
    $9,035
    Filer's total
    $178,797

  • DAVID PUENTE

    DIRECTOR MTG

    Total calculated
    $159,642
    From this org
    $142,073
    From related orgs
    $0
    Other
    $17,569
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $138,552
    Bonus
    $3,171
    Other
    $350
    Deferred
    $8,568
    Nontaxable benefits
    $9,001
    Filer's total
    $159,642

  • MARK LEITA

    VP COMP & LE

    Total calculated
    $163,975
    From this org
    $146,843
    From related orgs
    $0
    Other
    $17,132
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $142,988
    Bonus
    $3,554
    Other
    $301
    Deferred
    $8,561
    Nontaxable benefits
    $8,571
    Filer's total
    $163,975

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

  • 3 · Compensation committee
  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

  • FMCU FINANCIAL GROUP LLC

    C CORP · CUSO · TX · 100% owned · share of income $3,564 · share of assets $790,538 · controlled entity

    Directly controlled by FMCU

Provenance

Return type
form_990
Tax year
2023
Filed
6 November 2024
IRS schema version
2023v5.0
Source object
202433119349302053

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