Firstmark Credit Union FY2023 filing

Not tax-deductible

San Antonio, TXMutual-benefit / member-servingSince 1932Mutual / membership EIN 74-0879805Revenue $75.1M in FY2023

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.

100¢ of each $1 spent went to programs.
$2.4M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2023 · 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
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$2.4M
to officers and key staff · 3% of spending
Looks good: pay to officers and key staff is 3% of spending; 15% or less.
Pt VII · Sec A
2 mo
of spending, in cash
Plus $424.3M in investments, Pt X · Ln 11–13
Fine: 2.2 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
$1.1B
93% of total assets
Concern: liabilities are 93% of assets; over 80%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$75.1M
+25% vs prior year
Spent
$72.7M
To programs
100%
Net assets
$84.6M
By yearFY2020–FY2024
Revenue
$75.1M
FY2023▲ +25%
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
$72.7M
FY2023▲ +34%
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
$84.6M
FY2023▲ +21%
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 FY2023 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

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

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $72.7M

Form 990 Part IX, line 25. Every line is in By the numbers.

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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
$500,578Pt VII · Sec A
$346,426Pt VII · Sec A
$288,881Pt VII · Sec A
$215,208Pt VII · Sec A
$202,164Pt VII · Sec A
VP of Accoun
$169,023Pt VII · Sec A
VP of Bus PA
$168,699Pt VII · Sec A
VP Product D
$160,237Pt 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
  • Loans to or from officersSch L · Pt II3 listed

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 · FY2023
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 FY2023 990, line by line.

1The main four
Money inPt VIII
$75.1M
Ln 12
Fees for servicesLn 2g$51.3M
Investment incomeLn 3$23.7M
Money outPt IX
$72.7M
Ln 25
Programscol B$72.7M
Owns and owesPt X
$84.6M
net assets · Ln 32
Cash and savingsLn 1–2$13.2M
Total assetsLn 16$1.2B
LiabilitiesLn 26$1.1B
PeoplePt VI, VII
22
listed · VII A
PaidVII A11
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$51.3M
Investment incomeLn 3$23.7M
Gains on assetsLn 7−$386K
Total revenueLn 12$75.1M
Assets in detailPt X, end of year
CashLn 1$13.2M
Cash and savings togetherLn 1–2$13.2M
InvestmentsLn 11–13$424.3M
Land, buildings, equipmentLn 10c$41.5M
Other assetsLn 15$29.9M
Total assetsLn 16$1.2B
LiabilitiesLn 26$1.1B
Net assetsLn 32$84.6M
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 FY23End FY23
Cash and savingsLn 1–2$16.9M$13.2M
InvestmentsLn 11–13$390.7M$424.3M
Land, buildings, equipmentLn 10c$31.8M$41.5M
Total assetsLn 16$1.23B$1.20B
LiabilitiesLn 26$1.16B$1.11B
Net assetsLn 32$70.2M$84.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$87K$87K
Pay of current officers, directors and key staffLn 5$1.7M$1.7M
Other salaries and wagesLn 7$16.4M$16.4M
Other employee benefitsLn 9$3.5M$3.5M
Payroll taxesLn 10$1.4M$1.4M
Legal feesLn 11b$5K$5K
Accounting feesLn 11c$230K$230K
Investment management feesLn 11f$161K$161K
Other fees for servicesLn 11g$5.1M$5.1M
Advertising and promotionLn 12$1.9M$1.9M
Office expensesLn 13$4.9M$4.9M
OccupancyLn 16$3.0M$3.0M
Conferences, conventions and meetingsLn 19$644K$644K
InterestLn 20$21.0M$21.0M
Depreciation, depletion and amortizationLn 22$2.3M$2.3M
InsuranceLn 23$249K$249K
Other expenses (24a–d)Ln 24$10.0M$10.0M
All other expensesLn 24e$220K$220K
Total functional expensesLn 25$72.7M$72.7M$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $71.3M$70.2M$1.1M$90.9M 990 PDF
FY2023 Viewing $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 $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 FY2023 990 (6 parts)
Part I · Summary $75,060,064 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $47,738,456$51,330,963
I-10 Investment incomePrior year $12,427,376$23,729,101
I-11 Other revenue$0
I-12 Total revenuePrior year $60,165,832$75,060,064
I-13 Grants and similar amounts paidPrior year $178,386$86,985
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $21,467,494$22,965,102
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $32,743,418$49,646,719
I-18 Total expensesPrior year $54,389,298$72,698,806
I-19 Revenue less expensesPrior year $5,776,534$2,361,258
Part VI · Governance 7 of 7 board members independent, 1 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
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 $75,060,064 across 4 lines filed
Lines not itemized here account for $20,654 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $51,209,409 · Unrelated business $100,900$51,310,309
VIII-3 Investment incomeRelated to mission $24,115,537$24,115,537
VIII-7 Net gain or loss on sales of assetsRelated to mission −$386,436−$386,436
VIII-12 Total revenueRelated to mission $74,938,510 · Unrelated business $121,554$75,060,064
Part IX · Statement of functional expenses $72,698,806 across 18 lines filed
IX-1 Grants to domestic organizationsPrograms $86,985$86,985
IX-5 Pay of current officers, directors and key staffPrograms $1,731,443$1,731,443
IX-7 Other salaries and wagesPrograms $16,359,548$16,359,548
IX-9 Other employee benefitsPrograms $3,520,359$3,520,359
IX-10 Payroll taxesPrograms $1,353,752$1,353,752
IX-11b Legal feesPrograms $4,847$4,847
IX-11c Accounting feesPrograms $229,923$229,923
IX-11f Investment management feesPrograms $161,448$161,448
IX-11g Other fees for servicesPrograms $5,055,453$5,055,453
IX-12 Advertising and promotionPrograms $1,901,647$1,901,647
IX-13 Office expensesPrograms $4,890,969$4,890,969
IX-16 OccupancyPrograms $2,972,063$2,972,063
IX-19 Conferences, conventions and meetingsPrograms $644,408$644,408
IX-20 InterestPrograms $21,009,396$21,009,396
IX-22 Depreciation, depletion and amortizationPrograms $2,333,816$2,333,816
IX-23 InsurancePrograms $248,885$248,885
IX-24 Other expenses (24a–d)Programs $9,973,826$9,973,826
IX-24e All other expensesPrograms $220,038$220,038
IX-25 Total functional expensesPrograms $72,698,806 · Management $0 · Fundraising $0$72,698,806
Part X · Balance sheet $1,199,200,708 assets, 13 lines filed
Asset lines not itemized here account for $671,655,805; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $16,901,519$13,241,733
X-4 Accounts receivableStart of year $3,662,749$15,888,423
X-9 Prepaid expenses and deferred chargesStart of year $2,532,691$2,797,705
X-10c Land, buildings and equipment, netStart of year $31,837,313$41,463,990
X-11 Publicly traded securitiesStart of year $325,695,268$354,398,622
X-12 Other securitiesStart of year $64,955,289$69,895,418
X-15 Other assetsStart of year $35,988,496$29,859,012
X-16 Total assetsStart of year $1,229,028,062$1,199,200,708
X-17 Accounts payable and accrued expensesStart of year $6,658,836$7,130,168
X-25 Other liabilitiesStart of year $1,057,938,298$1,031,564,668
X-26 Total liabilitiesStart of year $1,158,841,635$1,114,581,445
X-32 Total net assets or fund balancesStart of year $70,186,427$84,619,263
X-33 Total liabilities and net assetsStart of year $1,229,028,062$1,199,200,708
Part XI · Reconciliation of net assets $84,619,263 net assets at year end
XI-1 Total revenue$75,060,064
XI-2 Total expenses$72,698,806
XI-3 Revenue less expenses$2,361,258
XI-4 Net assets at start of year$70,186,427
XI-9 Other changes in net assets$12,071,578
XI-10 Net assets at end of year$84,619,263

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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