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Nonprofiteer
← FINANCIAL CENTER FIRST CREDIT UNION

Form 990 for tax year 2022

Filed by FINANCIAL CENTER FIRST CREDIT UNION.

Totals

Total revenue
$42,966,700
Total expenses
$38,073,000
Contributions and grants received
$0
Grants paid
$155,774
Program service revenue
$43,212,154
Investment income
-$245,454
Other revenue
$0
Total assets, end of year
$839,916,000
Total liabilities, end of year
$755,273,634
Net assets or fund balances, end of year
$84,642,366
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: FEES AND OTHER CHARGES

    total $3,934,719 · related or exempt $3,885,654 · unrelated business $49,065

  • 2b · Program service revenue: INTERCHANGE INCOME

    total $3,574,882 · related or exempt $3,574,882

  • 2c · Program service revenue: INSURANCE COMMISSIONS

    total $208,000 · related or exempt $208,000

  • 2d · Program service revenue: INTEREST INCOME

    total $32,213,305 · related or exempt $32,213,305

  • 2e · Program service revenue: INVESTMENT SERVICE FEES

    total $245,319 · related or exempt $233,053 · unrelated business $12,266

  • 2f · All other program service revenue

    total $3,035,929 · related or exempt $2,914,808 · unrelated business $121,121

  • 3 · Investment income

    total $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    other assets $0

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

    other assets $245,454

  • 7c · Gain or loss

    other assets -$245,454

  • 7d · Net gain or loss

    total -$245,454 · related or exempt -$245,454

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $155,774

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $4,413,795

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $8,444,711

  • 8 · Pension plan contributions

    total $326,285

  • 9 · Other employee benefits

    total $1,594,516

  • 10 · Payroll taxes

    total $931,643

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $470,447

  • 11c · Fees: accounting

    total $151,078

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $874,855

  • 13 · Office expenses

    total $3,310,752

  • 14 · Information technology

    total $2,617,780

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $1,271,220

  • 17 · Travel

    total $435,364

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $4,055,361

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $2,028,527

  • 23 · Insurance

    total $0

  • 24a · Other expenses: CREDIT CARD PROCESSING

    total $397,188

  • 24b · Other expenses: COLLECTION AND LOAN EXPENSES

    total $549,401

  • 24c · Other expenses: BAD DEBT EXPENSE

    total $3,025,592

  • 24d · Other expenses: OTHER

    total $3,018,711

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,463,255 · end of year $5,671,911

  • 2 · Savings and temporary cash investments

    beginning of year $114,061,644 · end of year $41,204,082

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $2,349,311 · end of year $2,798,216

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $619,278,698 · end of year $675,063,658

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,761,377 · end of year $2,071,132

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

    $29,179,435

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

    $17,951,097

  • 10c · Land, buildings and equipment, net

    beginning of year $11,458,436 · end of year $11,228,338

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $44,309,286 · end of year $85,508,345

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $793,457 · end of year $726,316

  • 15 · Other assets

    beginning of year $15,839,536 · end of year $15,644,002

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,145,395 · end of year $8,901,928

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $726,191,939 · end of year $746,371,706

  • 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 $85,977,666 · end of year $84,642,366

Mission and programs · 2022

Mission

FINANCIAL CENTER FIRST CREDIT UNION'S MISSION IS TO IMPROVE THE FINANCIAL LIVES OF ITS MEMBERS.

  • FINANCIAL CENTER FIRST CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS 78,251 MEMBERS.

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

Listed in Part VII

  • James Ryan End 114

    CEO/PRESIDENT

    Total calculated
    $1,594,886
    From this org
    $1,591,673
    From related orgs
    $0
    Other
    $3,213
    Hours/week
    40 + 5 related

    Schedule J breakdown matched by us

    Base
    $812,792
    Bonus
    $25,727
    Other
    $753,154
    Deferred
    $2,636
    Nontaxable benefits
    $577
    Filer's total
    $1,594,886

  • Cameron Minges

    CEO/PRESIDENT

    Total calculated
    $330,644
    From this org
    $320,297
    From related orgs
    $0
    Other
    $10,347
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $283,668
    Bonus
    $17,807
    Other
    $18,822
    Deferred
    $10,347
    Nontaxable benefits
    $0
    Filer's total
    $330,644

  • Michael Nelson End 1231

    CHIEF FINANCIAL OFFICER

    Total calculated
    $263,701
    From this org
    $252,358
    From related orgs
    $0
    Other
    $11,343
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $220,143
    Bonus
    $15,399
    Other
    $16,816
    Deferred
    $6,466
    Nontaxable benefits
    $4,877
    Filer's total
    $263,701

  • Brian Wilson

    VP OF FINANCE

    Total calculated
    $232,376
    From this org
    $228,983
    From related orgs
    $0
    Other
    $3,393
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,702
    Bonus
    $8,334
    Other
    $69,947
    Deferred
    $1,989
    Nontaxable benefits
    $1,404
    Filer's total
    $232,376

  • Jennifer Rue

    CHIEF RISK & COMPL. OFFICER

    Total calculated
    $222,819
    From this org
    $212,766
    From related orgs
    $0
    Other
    $10,053
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,043
    Bonus
    $26,079
    Other
    $1,644
    Deferred
    $6,925
    Nontaxable benefits
    $3,128
    Filer's total
    $222,819

  • Carl Britton

    VP OF LENDING

    Total calculated
    $210,915
    From this org
    $194,495
    From related orgs
    $0
    Other
    $16,420
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $170,078
    Bonus
    $23,150
    Other
    $1,267
    Deferred
    $6,957
    Nontaxable benefits
    $9,463
    Filer's total
    $210,915

  • Amber Cashman

    AVP OF CENTRALIZED SALES

    Total calculated
    $208,249
    From this org
    $200,956
    From related orgs
    $0
    Other
    $7,293
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,622
    Bonus
    $66,660
    Other
    $674
    Deferred
    $2,838
    Nontaxable benefits
    $4,455
    Filer's total
    $208,249

  • Edward Valasek End 1031

    CHIEF INFORMATION OFFICER

    Total calculated
    $192,636
    From this org
    $182,679
    From related orgs
    $0
    Other
    $9,957
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,145
    Bonus
    $12,223
    Other
    $1,311
    Deferred
    $5,568
    Nontaxable benefits
    $4,389
    Filer's total
    $192,636

  • Frances Tooley

    CHIEF DEVELOPMENT OFFICER

    Total calculated
    $164,773
    From this org
    $146,539
    From related orgs
    $0
    Other
    $18,234
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $131,425
    Bonus
    $11,837
    Other
    $3,277
    Deferred
    $5,815
    Nontaxable benefits
    $12,419
    Filer's total
    $164,773

  • Jeffery Leverenz

    ACCOUNT VP INDIRECT PROGRAM

    Total calculated
    $163,357
    From this org
    $151,621
    From related orgs
    $0
    Other
    $11,736
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $94,749
    Bonus
    $54,451
    Other
    $2,421
    Deferred
    $4,370
    Nontaxable benefits
    $7,366
    Filer's total
    $163,357

  • Billy Wells End 63

    COO

    Total calculated
    $157,636
    From this org
    $153,610
    From related orgs
    $0
    Other
    $4,026
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,251
    Bonus
    $20,100
    Other
    $259
    Deferred
    $3,329
    Nontaxable benefits
    $697
    Filer's total
    $157,636

  • Dianna Miller

    VP OF ACCOUNTING

    Total calculated
    $150,061
    From this org
    $131,698
    From related orgs
    $0
    Other
    $18,363
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $109,102
    Bonus
    $19,799
    Other
    $2,797
    Deferred
    $4,622
    Nontaxable benefits
    $13,741
    Filer's total
    $150,061

  • James Norton

    VP OF STRATEGIC DEVELOPMENT

    Total calculated
    $144,684
    From this org
    $135,626
    From related orgs
    $0
    Other
    $9,058
    Hours/week
    40

  • Sherry Sigler

    VP OF RETAIL OPERATIONS

    Total calculated
    $143,362
    From this org
    $127,537
    From related orgs
    $0
    Other
    $15,825
    Hours/week
    40

  • Christine Stefani

    VP OF HR

    Total calculated
    $135,265
    From this org
    $120,793
    From related orgs
    $0
    Other
    $14,472
    Hours/week
    40

  • Joan Kerulis

    DIR INT AUDIT

    Total calculated
    $130,157
    From this org
    $119,436
    From related orgs
    $0
    Other
    $10,721
    Hours/week
    40

  • Dusty Simmons

    CHIEF STRATEGY OFFICER

    Total calculated
    $130,022
    From this org
    $120,905
    From related orgs
    $0
    Other
    $9,117
    Hours/week
    40

  • James Davidson Beg 81

    VP OF FINANCIAL WELLNESS

    Total calculated
    $128,702
    From this org
    $118,477
    From related orgs
    $0
    Other
    $10,225
    Hours/week
    40

  • Alexander Hall

    INFRASTRUCTURE MANAGER

    Total calculated
    $126,647
    From this org
    $118,280
    From related orgs
    $0
    Other
    $8,367
    Hours/week
    40

  • James Ryan Jr End 21

    VP OF RELATIONSHIP MANAGEMENT

    Total calculated
    $114,723
    From this org
    $111,463
    From related orgs
    $0
    Other
    $3,260
    Hours/week
    40

  • Marla Tackett End 630

    VP OF STRATEGIC DEVELOPMENT

    Total calculated
    $86,440
    From this org
    $83,486
    From related orgs
    $0
    Other
    $2,954
    Hours/week
    40

  • Aaron Matthew Alsup Beg 727

    VP OF ERM

    Total calculated
    $65,630
    From this org
    $62,704
    From related orgs
    $0
    Other
    $2,926
    Hours/week
    40

  • Matthew Daniels

    EVP FINANCE OPERATIONS

    Total calculated
    $59,776
    From this org
    $59,776
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Christopher Sibila End 1212

    SVP INFORMATION TECHNOLOGY

    Total calculated
    $29,427
    From this org
    $29,427
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Larry Marcum

    CHAIRPERSON

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jr Keneipp

    FIRST CHAIRMAN

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • James Benoit

    DIRECTOR

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jason Pickett

    SECRETARY

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jeanine Lugo

    DIRECTOR

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jeffery George

    DIRECTOR

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Thomas Spahr

    SECOND VICE CHAIRMAN

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • William Stevens

    DIRECTOR

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Bryan Fluke Beg 517

    DIRECTOR

    Total calculated
    $8,000
    From this org
    $8,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Claudia Fluentes Beg 517

    DIRECTOR

    Total calculated
    $8,000
    From this org
    $8,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Cindy Lorentson Cook End 517

    DIRECTOR

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Raymond Battey End 517

    TREASURER

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

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

Answered no

  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 1A
TRAVEL FOR COMPANIONS: BOARD MEMBERS AND PRESIDENT/CEO SPOUSES/SIGNIFICANT OTHERS ARE ALLOWED TO TRAVEL WITH BOARD. SPOUSAL AIRFARE/REGISTRATION WAS REPORTED ON FORM 1099-MISC IF MINIMUM REPORTING THRESHOLD MET.
SCHEDULE J, PART I, LINE 4A
SEVERANCE PAYMENTS WERE MADE TO CERTAIN PERSONS INCLUDED IN PART VII, SECTION A, LINE 1A AND HAVE BEEN INCLUDED IN SCHEDULE J COLUMN (B)(III) FOR OTHER REPORTABLE COMPENSATION. THE FOLLOWING RECEIVED THE SEVERANCE PAYMENTSS FOR THE DISCLOSED AMOUNTS: JAMES RYAN JR. $34,476 BRIAN WILSON $68,845
SCHEDULE J, PART I, LINE 4B
JAMES RYAN (CEO) IS FULLY VESTED IN A SPLIT-DOLLAR RETIREMENT PLAN. CAMERON MINGES (EVP) AND MICHAEL NELSON (CFO) ARE 0% VESTED IN THEIR SPLIT-DOLLAR PLANS. NO PARTIAL OR FULL VESTING FOR MINGES AND NELSON WILL OCCUR UNTIL 2025. JAMES RYAN (CEO) ALSO PARTICIPATES IN A 457(F) PLAN. THERE WERE NO CONTRIBUTIONS DURING THE CURRENT YEAR. THERE WAS A DISTRIBUTION OF $750,000 FROM THE PLAN DURING THE CURRENT YEAR.

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

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • FINANCIAL CENTER SERVICES LLC

    INSURANCE · IN · income $127,326 · assets $658,479

    Directly controlled by FCFCU

  • FINANCIAL CENTER ALLIANCE GROUP

    IT CONSULTING · IN · income $0 · assets $0

    Directly controlled by FCFCU

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202303199349311395

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