Firstmark Credit Union FY2020 filing

Not tax-deductible

San Antonio, TXMutual-benefit / member-servingSince 1932Mutual / membership EIN 74-0879805Revenue $52.5M in FY2020

On file with the IRSfirstmarkcu.org2023 Gold Canyon Rd, 78232-1703 · San Antonio, TXTax-exempt since Jun 1976

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To help people to better their lives and businesses.

$2.4M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $2.8M a year · 4% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$2.4M
to officers and key staff · 5% of spending
Looks good: pay to officers and key staff is 5% of spending; 15% or less.
Pt VII · Sec A
3 mo
of spending, in cash
Plus $474.4M in investments, Pt X · Ln 11–13
Fine: 2.9 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $3K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$1.0B
91% of total assets
Concern: liabilities are 91% of assets; over 80%.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$52.5M
Spent
$52.6M
To programs
0%
Net assets
$109.4M
By yearFY2020–FY2024
Revenue
$52.5M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$52.5M
FY2021$50.7M
FY2022$60.2M
FY2023$75.1M
FY2024$71.3M
Expenses
$52.6M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$52.6M
FY2021$46.0M
FY2022$54.4M
FY2023$72.7M
FY2024$70.2M
Net assets
$109.4M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$109.4M
FY2021$109.4M
FY2022$70.2M
FY2023$84.6M
FY2024$90.9M

From the FY2020 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jun 1976.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

22 people listed on the 990; $2.4M paid to officers and key staff.

Part VII, Section A · reportable compensation
$460,580Pt VII · Sec A
$228,228Pt VII · Sec A
$217,376Pt VII · Sec A
$216,593Pt VII · Sec A
Executive Di
$214,436Pt VII · Sec A
$179,968Pt VII · Sec A
Manager, Aut
$163,305Pt VII · Sec A
VP of Accoun
$155,162Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Gregg Thorne$535,093$288,881$236,345$230,640$216,593
Nathanael Tarwasokono—$500,578$475,177$481,524$460,580
Michael Grundon$249,441$346,426$242,811$243,933$228,228
Steve Mott$226,438————
Tamika Baker———$61,157$217,376
Richard Danny Smith$204,096$215,208$197,334$196,203$179,968
Laura Ward$215,128$202,164$123,513——
Dawn Sloans———$51,927$214,436

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Firstmark Credit Union executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Empowers individuals and businesses to improve their lives and livelihoods.

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Provided by the organization

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1 program · in their own filed words · FY2020
01

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…

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2022
Total grants receivedfrom 1 funder$3K
Grants paid · 22 grants · $514K · 2020–2024
San Antonio Area FoundationTX · FY2023$20,004
San Antonio Business JournalFY2023$6,000
San Antonio Area FoundationTX · FY2022$20,000
San Antonio Education FundTX · FY2021$16,000
San Antonio Area FoundationTX · FY2021$15,000
San Antonio IsdFY2020$16,761
San Antonio ChamberFY2020$15,500
San Antonio Area FoundationTX · FY2020$15,075
See all 22 grants →

By the numbers

The FY2020 990, line by line.

1The main four
Money inPt VIII
$52.5M
Ln 12
Fees for servicesLn 2g$45.0M
Investment incomeLn 3$7.4M
Money outPt IX
$52.6M
Ln 25
Owns and owesPt X
$109.4M
net assets · Ln 32
Cash and savingsLn 1–2$12.7M
Total assetsLn 16$1.2B
LiabilitiesLn 26$1.0B
PeoplePt VI, VII
22
listed · VII A
PaidVII A12
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$45.0M
Investment incomeLn 3$7.4M
Gains on assetsLn 7$1.6M
Total revenueLn 12$52.5M
Assets in detailPt X, end of year
CashLn 1$12.7M
Cash and savings togetherLn 1–2$12.7M
InvestmentsLn 11–13$474.4M
Land, buildings, equipmentLn 10c$23.3M
Other assetsLn 15$35.6M
Total assetsLn 16$1.2B
LiabilitiesLn 26$1.0B
Net assetsLn 32$109.4M
OperationsPt I, VI
EmployeesI 5302
VolunteersI 61
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$7.6M$12.7M
InvestmentsLn 11–13$261.2M$474.4M
Land, buildings, equipmentLn 10c$23.6M$23.3M
Total assetsLn 16$1.02B$1.16B
LiabilitiesLn 26$910.1M$1.05B
Net assetsLn 32$109.9M$109.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$179K
Pay of current officers, directors and key staffLn 5$1.9M
Other salaries and wagesLn 7$14.6M
Pension plan contributionsLn 8$59K
Other employee benefitsLn 9$2.6M
Payroll taxesLn 10$1.2M
Management feesLn 11a$17K
Legal feesLn 11b$6K
Accounting feesLn 11c$154K
Investment management feesLn 11f$156K
Other fees for servicesLn 11g$6.3M
Advertising and promotionLn 12$1.1M
Office expensesLn 13$6.2M
OccupancyLn 16$2.8M
Conferences, conventions and meetingsLn 19$270K
InterestLn 20$6.2M
Depreciation, depletion and amortizationLn 22$1.8M
InsuranceLn 23$28K
Other expenses (24a–d)Ln 24$7.0M
Total functional expensesLn 25$52.6M$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $71.3M$70.2M$1.1M$90.9M 990 PDF
FY2023 $75.1M$72.7M$2.4M$84.6M 990 PDF
FY2022 $60.2M$54.4M$5.8M$70.2M 990 PDF
FY2021 $50.7M$46.0M$4.7M$109.4M 990 PDF
FY2020 Viewing $52.5M$52.6M−$102K$109.4M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $52,462,441 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $50,943,518$45,040,620
I-10 Investment incomePrior year $8,502,400$7,421,821
I-11 Other revenue$0
I-12 Total revenuePrior year $59,445,918$52,462,441
I-13 Grants and similar amounts paidPrior year $64,500$178,899
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $19,257,861$20,346,694
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $32,091,357$32,038,866
I-18 Total expensesPrior year $51,413,718$52,564,459
I-19 Revenue less expensesPrior year $8,032,200−$102,018
Part VI · Governance 8 of 8 board members independent, 1 to look at
VI-1a Voting members of the governing body8
VI-1b Independent voting members8
VI-13 Written whistleblower policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $52,462,441 across 4 lines filed
Lines not itemized here account for $23,944 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $44,895,423 · Unrelated business $121,253$45,016,676
VIII-3 Investment incomeRelated to mission $5,791,981$5,791,981
VIII-7 Net gain or loss on sales of assetsRelated to mission $1,629,840$1,629,840
VIII-12 Total revenueRelated to mission $52,317,244 · Unrelated business $145,197$52,462,441
Part IX · Statement of functional expenses $52,564,459 across 19 lines filed
IX-1 Grants to domestic organizations$178,899
IX-5 Pay of current officers, directors and key staff$1,924,223
IX-7 Other salaries and wages$14,641,249
IX-8 Pension plan contributions$59,254
IX-9 Other employee benefits$2,559,290
IX-10 Payroll taxes$1,162,678
IX-11a Management fees$17,040
IX-11b Legal fees$5,969
IX-11c Accounting fees$153,691
IX-11f Investment management fees$155,975
IX-11g Other fees for services$6,315,900
IX-12 Advertising and promotion$1,056,124
IX-13 Office expenses$6,201,425
IX-16 Occupancy$2,804,424
IX-19 Conferences, conventions and meetings$269,812
IX-20 Interest$6,234,871
IX-22 Depreciation, depletion and amortization$1,791,018
IX-23 Insurance$28,051
IX-24 Other expenses (24a–d)$7,004,566
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$52,564,459
Part X · Balance sheet $1,157,640,122 assets, 13 lines filed
Asset lines not itemized here account for $603,243,721; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $7,647,068$12,732,868
X-4 Accounts receivableStart of year $4,204,453$6,638,962
X-9 Prepaid expenses and deferred chargesStart of year $1,615,886$1,781,434
X-10c Land, buildings and equipment, netStart of year $23,610,873$23,303,214
X-11 Publicly traded securitiesStart of year $216,487,418$388,814,670
X-12 Other securitiesStart of year $44,675,571$85,561,114
X-15 Other assetsStart of year $28,436,058$35,564,139
X-16 Total assetsStart of year $1,020,010,997$1,157,640,122
X-17 Accounts payable and accrued expensesStart of year $6,181,130$10,282,623
X-25 Other liabilitiesStart of year $854,363,115$977,412,835
X-26 Total liabilitiesStart of year $910,133,828$1,048,272,762
X-32 Total net assets or fund balancesStart of year $109,877,169$109,367,360
X-33 Total liabilities and net assetsStart of year $1,020,010,997$1,157,640,122
Part XI · Reconciliation of net assets $109,367,360 net assets at year end
XI-1 Total revenue$52,462,441
XI-2 Total expenses$52,564,459
XI-3 Revenue less expenses−$102,018
XI-4 Net assets at start of year$109,877,169
XI-9 Other changes in net assets−$407,791
XI-10 Net assets at end of year$109,367,360

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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