Financial Security Credit Union

Not tax-deductible

Carlsbad, NMMutual-benefit / member-servingMutual / membership EIN 85-0161080Revenue $4.3M in FY2024Latest return filed Nov 17, 2025

On file with the IRSfinseccu.com1105 W Pierce St, 88220-4014 · Carlsbad, NMTax-exempt since Jan 1973

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The Credit Union strives to offer the best possible dividends on shares, loans at reasonable rates, a product mix to meet the needs of our members, and to provide efficient and friendly service to those who are in our common bond. The Credit Union seeks to maintain its long-term Financial stability, while protecting the assets of the members.

Run by 10 volunteers and 24 employees.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

Before you give

FY2024 · 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
5 of 5
filings with a surplus
Average surplus $533K a year · 16% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$150K
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
31 mo
of spending, in cash
Looks good: 30.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$48.8M
84% of total assets
Concern: liabilities are 84% of assets; over 80%.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$4.3M
+15% vs prior year
Spent
$3.3M
Net assets
$9.3M
By yearFY2020–FY2024
Revenue
$4.3M
FY2024▲ +15%
Tap a bar for its year
Revenue by fiscal year
FY2020$2.8M
FY2021$2.7M
FY2022$3.2M
FY2023$3.7M
FY2024$4.3M
Expenses
$3.3M
FY2024▲ +17%
Tap a bar for its year
Expenses by fiscal year
FY2020$2.6M
FY2021$2.7M
FY2022$2.6M
FY2023$2.8M
FY2024$3.3M
Net assets
$9.3M
FY2024▲ +17%
Tap a bar for its year
Net assets by fiscal year
FY2020$6.2M
FY2021$6.4M
FY2022$7.0M
FY2023$8.0M
FY2024$9.3M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jan 1973.

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

Who runs it and what they're paid

6 people listed on the 990; $150K paid to officers and key staff.

Part VII, Section A · reportable compensation
$149,973Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
Vice Chairman
$0Pt VII · Sec A

Compensation history total reportable pay by year · 2 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Judy Carrasco$149,973$149,474$133,538$125,100$112,500
Katherine Navarrette—$118,181$102,251$99,304$93,870

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 Financial Security Credit Union executive salaries →

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

Offers members affordable loans, good savings rates, and helpful financial services.

Questions for Financial Security Credit Union

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3 programs · in their own filed words · FY2024
01

The credit union provided members a variety of banking services including loans at rates below those offered by traditional financial institutions.

Pt IX · col B
02

The credit union returned earnings of approximately $375,000 in the form of INTEREST/DIVIDENDS to its members.

Pt IX · col B
03

The credit union increased the members' equity position by approximately $941,000.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$4.3M
Ln 12
Fees for servicesLn 2g$3.9M
Other incomeLn 4–11$296K
Investment incomeLn 3$64K
Money outPt IX
$3.3M
Ln 25
Owns and owesPt X
$9.3M
net assets · Ln 32
Cash and savingsLn 1–2$8.6M
Total assetsLn 16$58.1M
LiabilitiesLn 26$48.8M
PeoplePt VI, VII
6
listed · VII A
PaidVII A1
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$3.9M
Investment incomeLn 3$64K
Other incomeLn 4–11$296K
Gains on assetsLn 7$64K
Total revenueLn 12$4.3M
Assets in detailPt X, end of year
CashLn 1$92K
SavingsLn 2$8.5M
Cash and savings togetherLn 1–2$8.6M
Land, buildings, equipmentLn 10c$3.2M
Other assetsLn 15$2.2M
Total assetsLn 16$58.1M
LiabilitiesLn 26$48.8M
Net assetsLn 32$9.3M
OperationsPt I, VI
EmployeesI 524
VolunteersI 610
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$12.4M$8.6M
Land, buildings, equipmentLn 10c$3.0M$3.2M
Total assetsLn 16$59.8M$58.1M
LiabilitiesLn 26$51.4M$48.8M
Net assetsLn 32$8.4M$9.3M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$150K
Other salaries and wagesLn 7$759K
Pension plan contributionsLn 8$140K
Other employee benefitsLn 9$43K
Payroll taxesLn 10$87K
Other fees for servicesLn 11g$102K
Advertising and promotionLn 12$51K
Office expensesLn 13$43K
OccupancyLn 16$81K
Conferences, conventions and meetingsLn 19$41K
InterestLn 20$376K
Depreciation, depletion and amortizationLn 22$128K
InsuranceLn 23$57K
Other expenses (24a–d)Ln 24$1.1M
All other expensesLn 24e$223K
Total functional expensesLn 25$3.3M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest ViewingFiled with the IRS Nov 17, 2025 $4.3M$3.3M$942K$9.3M 990 PDF
FY2023Filed with the IRS Nov 12, 2024 $3.7M$2.8M$888K$8.0M 990 PDF
FY2022Filed with the IRS Nov 8, 2023 $3.2M$2.6M$606K$7.0M 990 PDF
FY2021Filed with the IRS Nov 15, 2022 $2.7M$2.7M$70K$6.4M 990 PDF
FY2020Filed with the IRS Nov 15, 2021 $2.8M$2.6M$159K$6.2M 990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $4,273,885 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $2,969,082$3,913,421
I-10 Investment incomePrior year $560,034$64,013
I-11 Other revenuePrior year $199,601$296,451
I-12 Total revenuePrior year $3,728,717$4,273,885
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $1,204,154$1,179,485
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,637,018$2,152,674
I-18 Total expensesPrior year $2,841,172$3,332,159
I-19 Revenue less expensesPrior year $887,545$941,726
Part VI · Governance 5 of 5 board members independent, no flags
VI-1a Voting members of the governing body5
VI-1b Independent voting members5
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $4,273,885 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $3,913,421$3,913,421
VIII-7 Net gain or loss on sales of assetsRelated to mission $64,013$64,013
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $275,529 · Unrelated business $20,922$296,451
VIII-12 Total revenueRelated to mission $4,252,963 · Unrelated business $20,922 · Excluded from tax $0$4,273,885
Part IX · Statement of functional expenses $3,332,159 across 15 lines filed
IX-5 Pay of current officers, directors and key staff$149,973
IX-7 Other salaries and wages$759,112
IX-8 Pension plan contributions$140,043
IX-9 Other employee benefits$42,995
IX-10 Payroll taxes$87,362
IX-11g Other fees for services$102,375
IX-12 Advertising and promotion$51,457
IX-13 Office expenses$43,020
IX-16 Occupancy$80,552
IX-19 Conferences, conventions and meetings$41,102
IX-20 Interest$375,885
IX-22 Depreciation, depletion and amortization$128,169
IX-23 Insurance$56,799
IX-24 Other expenses (24a–d)$1,050,346
IX-24e All other expenses$222,969
IX-25 Total functional expenses$3,332,159
Part X · Balance sheet $58,141,403 assets, 11 lines filed
Asset lines not itemized here account for $44,076,215; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $629,973$91,641
X-2 Savings and temporary cash investmentsStart of year $11,721,250$8,490,450
X-9 Prepaid expenses and deferred chargesStart of year $109,615$102,818
X-10c Land, buildings and equipment, netStart of year $3,016,663$3,160,750
X-15 Other assetsStart of year $3,126,340$2,219,529
X-16 Total assetsStart of year $59,797,422$58,141,403
X-17 Accounts payable and accrued expensesStart of year $68,690$27,742
X-25 Other liabilitiesStart of year $51,357,119$48,800,325
X-26 Total liabilitiesStart of year $51,425,809$48,828,067
X-32 Total net assets or fund balancesStart of year $8,371,613$9,313,336
X-33 Total liabilities and net assetsStart of year $59,797,422$58,141,403
Part XI · Reconciliation of net assets $9,313,336 net assets at year end
XI-1 Total revenue$4,273,885
XI-2 Total expenses$3,332,159
XI-3 Revenue less expenses$941,726
XI-4 Net assets at start of year$8,371,613
XI-9 Other changes in net assets−$3
XI-10 Net assets at end of year$9,313,336

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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