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Nonprofiteer
← AMERICAN FIRST CREDIT UNION

Form 990 for tax year 2025

Filed by AMERICAN FIRST CREDIT UNION.

Totals

Total revenue
$62,518,082
Total expenses
$57,711,196
Contributions and grants received
$0
Grants paid
$76,290
Program service revenue
$56,169,906
Investment income
$5,058,987
Other revenue
$1,289,189
Total assets, end of year
$1,240,869,363
Total liabilities, end of year
$1,139,181,456
Net assets or fund balances, end of year
$101,687,907
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: INTEREST ON LOANS

    total $45,852,061 · related or exempt $45,852,061

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $7,310,742 · related or exempt $7,285,710 · unrelated business $25,032

  • 2c · Program service revenue: FEE INCOME

    total $3,007,103 · related or exempt $2,633,651 · unrelated business $373,452

  • 3 · Investment income

    total $5,058,987 · related or exempt $5,058,987

  • 11a · Other revenue: GAIN ON SALES OF LOANS

    total $902,891 · related or exempt $902,891

  • 11b · Other revenue: GAIN ON ALL OTHER INVE

    total $382,054 · related or exempt $382,054

  • 11c · Other revenue: REO MISCELLANEOUS INCO

    total $4,244 · related or exempt $4,244

  • 11e · Other revenue, total

    $1,289,189

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $76,290

  • 5 · Compensation of officers, directors and key employees

    total $3,177,509

  • 7 · Other salaries and wages

    total $8,677,530

  • 8 · Pension plan contributions

    total $526,046

  • 9 · Other employee benefits

    total $1,555,597

  • 10 · Payroll taxes

    total $873,867

  • 11b · Fees: legal

    total $952,849

  • 11c · Fees: accounting

    total $337,804

  • 11g · Fees: other

    total $3,212,528

  • 12 · Advertising and promotion

    total $1,046,319

  • 13 · Office expenses

    total $1,928,944

  • 14 · Information technology

    total $1,329,222

  • 16 · Occupancy

    total $1,373,569

  • 17 · Travel

    total $317,797

  • 20 · Interest

    total $22,294,239

  • 22 · Depreciation, depletion and amortization

    total $699,977

  • 24a · Other expenses: PROVISION FOR CREDIT LO

    total $5,014,266

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $2,578,570

  • 24c · Other expenses: OTHER NON-INTEREST LOSS

    total $1,016,479

  • 24d · Other expenses: MISC. OPERATING EXPENSE

    total $596,275

  • 24e · All other expenses

    total $125,519

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,624,694 · end of year $1,701,697

  • 2 · Savings and temporary cash investments

    beginning of year $47,341,206 · end of year $53,162,567

  • 9 · Prepaid expenses and deferred charges

    beginning of year $768,114 · end of year $1,428,339

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

    $8,644,873

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

    $5,938,719

  • 10c · Land, buildings and equipment, net

    beginning of year $3,042,411 · end of year $2,706,154

  • 11 · Investments: publicly traded securities

    beginning of year $77,877,796 · end of year $72,543,677

  • 13 · Investments: program-related

    beginning of year $821,765,347 · end of year $1,056,161,647

  • 15 · Other assets

    beginning of year $49,235,328 · end of year $53,165,282

  • 17 · Accounts payable and accrued expenses

    beginning of year $13,183,993 · end of year $17,463,825

  • 25 · Other liabilities

    beginning of year $894,687,925 · end of year $1,121,717,631

  • 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 $93,782,978 · end of year $101,687,907

Mission and programs · 2025

Mission

A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT ANDSAVINGS AMONG 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, AMERICAN FIRST CREDIT UNION CONDUCTSITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITSMEMBERS 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 AMONG ITS MEMBERS.

  • ACHIEVEMENT OF MEMBER SATISFACTION IN CONNECTION WITH SERVICES PERTAINING TO CHECKING/SAVINGS ACCOUNTS, ATTRACTIVE CD RATES, IRA AND SIMILAR ACCOUNTS.

  • ACHIEVEMENT OF SATISFACTORY SERVICES PROVIDED TO MEMBERS IN CONNECTION WITH CONSUMER AND REAL ESTATE LOANS, I.E., AUTO LOANS, MASTERCARD, 1ST MORTGAGES, PERSONAL LINES OF CREDIT, 2ND MORTGAGES, HOME EQUITY LINES OF CREDIT, AND COMMERCIAL REAL ESTATE.

  • ACHIEVEMENT OF SATISFACTORY SERVICES PROVIDED TO MEMBERS IN CONNECTION WITH OUR LONG TERM COMMITMENT TO HELP OUR MEMBERS REACH THEIR FINANCIAL GOALS. THE ORGANIZATION HAS ALSO CREATED A PRIZE LINKED SAVINGS ACCOUNT IN WHICH IT PAYS INTEREST LIKE A SAVINGS ACCOUNT AND MEMBERS WHO MEET MINIMUM QUALIFICATIONS ARE ENTERED INTO 3 DRAWINGS. MONTHLY - $1,000 PRIZE, QUARTERLY - $10,000 PRIZE AND ANNUALLY - $50,000 PRIZE.

As filed on the 2025 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Tom Cook

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Eric Ledesma

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Jason Philibert

    BOARD TREASURER

    Total calculated
    $889
    From this org
    $889
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Amanda Secola

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • David De Leon

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • David Weed

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Donna Brooks

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Gizi Clemmer

    SUPV CMTE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Dolores Medina

    SUPV CMTE VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • James Habben

    SUPV CMTE SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Robert Warkenton

    SUPV CMTE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Andrei Roudenko

    SUPV CMTE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jon Shigematsu

    CEO/PRESIDENT

    Total calculated
    $712,288
    From this org
    $648,264
    From related orgs
    $0
    Other
    $64,024
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $544,701
    Bonus
    $78,757
    Other
    $24,806
    Deferred
    $15,750
    Nontaxable benefits
    $48,274
    Filer's total
    $712,288

  • Frank Borawski

    CFO

    Total calculated
    $323,714
    From this org
    $312,969
    From related orgs
    $0
    Other
    $10,745
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $272,729
    Bonus
    $40,000
    Other
    $240
    Deferred
    $10,745
    Nontaxable benefits
    $0
    Filer's total
    $323,714

  • Theresa Davy

    COO

    Total calculated
    $373,195
    From this org
    $335,326
    From related orgs
    $0
    Other
    $37,869
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $289,269
    Bonus
    $40,000
    Other
    $6,057
    Deferred
    $15,262
    Nontaxable benefits
    $22,607
    Filer's total
    $373,195

  • Robert Farrington

    SVP COMMERCIAL REAL ESTATE

    Total calculated
    $372,081
    From this org
    $309,121
    From related orgs
    $0
    Other
    $62,960
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $267,927
    Bonus
    $40,000
    Other
    $1,194
    Deferred
    $16,277
    Nontaxable benefits
    $46,683
    Filer's total
    $372,081

  • Paul Welch

    SVP OF RISK MANAGEMENT

    Total calculated
    $287,245
    From this org
    $277,196
    From related orgs
    $0
    Other
    $10,049
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $218,500
    Bonus
    $40,000
    Other
    $18,696
    Deferred
    $9,089
    Nontaxable benefits
    $960
    Filer's total
    $287,245

  • Michael Williams

    VP OF CONSUMER LENDING

    Total calculated
    $279,868
    From this org
    $250,189
    From related orgs
    $0
    Other
    $29,679
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $196,146
    Bonus
    $34,000
    Other
    $20,043
    Deferred
    $9,479
    Nontaxable benefits
    $20,200
    Filer's total
    $279,868

  • Victor Gallego

    COMMERCIAL RE LOAN OFFICER

    Total calculated
    $319,283
    From this org
    $264,987
    From related orgs
    $0
    Other
    $54,296
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $71,818
    Bonus
    $193,131
    Other
    $38
    Deferred
    $10,629
    Nontaxable benefits
    $43,667
    Filer's total
    $319,283

  • Jeremy Jorgensen

    COMMERCIAL RE LOAN OFFICER

    Total calculated
    $264,318
    From this org
    $239,742
    From related orgs
    $0
    Other
    $24,576
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $81,216
    Bonus
    $155,782
    Other
    $2,744
    Deferred
    $10,847
    Nontaxable benefits
    $13,729
    Filer's total
    $264,318

  • Francisco Casas

    SR LOSS MIT RECOVERY OFFICER

    Total calculated
    $205,965
    From this org
    $191,308
    From related orgs
    $0
    Other
    $14,657
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,271
    Bonus
    $21,803
    Other
    $234
    Deferred
    $4,591
    Nontaxable benefits
    $10,066
    Filer's total
    $205,965

  • Michael Pepin

    VP DELIVERY & TECHNOLOGY

    Total calculated
    $197,718
    From this org
    $180,379
    From related orgs
    $0
    Other
    $17,339
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,588
    Bonus
    $6,000
    Other
    $13,791
    Deferred
    $8,087
    Nontaxable benefits
    $9,252
    Filer's total
    $197,718

  • William Huff

    SUPV DELIVERY & TECH OPS/DEVELOPMENT

    Total calculated
    $192,761
    From this org
    $167,139
    From related orgs
    $0
    Other
    $25,622
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,512
    Bonus
    $6,000
    Other
    $9,627
    Deferred
    $714
    Nontaxable benefits
    $24,908
    Filer's total
    $192,761

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 · First-class or charter travel
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 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 4B
THE CREDIT UNION ESTABLISHED A NONQUALIFIED DEFERRED COMPENSATION PLAN FOR CERTAIN EXECUTIVE/SENIOR MANAGEMENT EMPLOYEES UNDER INTERNAL REVENUE CODE (IRC) SECTION 457(F).

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

  • BOYS & GIRLS CLUB OF FULLERTON

    $12,500

    TO HELP ALL YOUNG PEOPLE REACH THEIR FULL POTENTIAL AS PRODUCTIVE, CARING, RESPONSIBLE CITIZENS.

  • FMBC HELPING HANDS COMMUNITY SERVICES

    $12,500

    TO PROVIDE SUPPORT AND SERVICES TO INDIVIDUALS AND FAMILIES IN NEED, WITH A FOCUS ON ADDRESSING VARIOUS CHALLENGES LIKE DEVELOPMENTAL DISABILITIES, ADDICTION, AND HOMELESSNESS.

  • FARR'S BEST

    $10,000

    TO HELP SERVE AND EMPOWER MINORITY YOUTH FROM UNDERSERVED COMMUNITIES TO IMPROVE THEIR LIVES THROUGH EMPLOYMENT AND BUSINESS LEADERSHIP.

Provenance

Return type
form_990
Tax year
2025
Filed
28 July 2026
IRS schema version
2025v4.2
Source object
202642099349300934

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