First Credit Union FY2020 filing

Chandler, AZMutual-benefit / member-servingSince 1929Mutual / membership EIN 86-0100904Revenue $24.3M in FY2020

On file with the IRSfirstcu.org25 S Arizona Pl Ste 111, 85225-5537 · Chandler, AZTax-exempt since Oct 1970

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Non-profit cooperative that provides banking and other financial services to its members.

$2.7M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

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FY2020 · Form 990Independent: from IRS data, not the org
Download 990
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 $4.3M a year · 13% 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
$2.7M
to officers and key staff · 12% of spending
Looks good: pay to officers and key staff is 12% of spending; 15% or less.
Pt VII · Sec A
40 mo
of spending, in cash
Plus $132.1M in investments, Pt X · Ln 11–13
Looks good: 39.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $8K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$542.0M
92% of total assets
Concern: liabilities are 92% of assets; over 80%.
Pt X · Ln 26
Independent board members
6
of 7 voting members
Looks good: 6 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
$24.3M
Spent
$23.1M
Net assets
$48.5M
By yearFY2020–FY2024
Revenue
$24.3M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$24.3M
FY2021$24.4M
FY2022$30.6M
FY2023$39.3M
FY2024$50.4M
Expenses
$23.1M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$23.1M
FY2021$20.4M
FY2022$25.8M
FY2023$35.3M
FY2024$42.7M
Net assets
$48.5M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$48.5M
FY2021$52.8M
FY2022$41.6M
FY2023$45.7M
FY2024$55.8M

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 Oct 1970.

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

Who runs it and what they're paid

17 people listed on the 990; $2.7M paid to officers and key staff.

Part VII, Section A · reportable compensation
President/CEO/Board Member
$764,392Pt VII · Sec A
$463,768Pt VII · Sec A
$259,507Pt VII · Sec A
$234,290Pt VII · Sec A
$168,231Pt VII · Sec A
$167,736Pt VII · Sec A
SVP/Operations
$167,176Pt VII · Sec A
VP/Re Lending
$158,118Pt VII · Sec A

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

NameFY2024FY2023FY2022FY2021FY2020
Jay Curtis$887,423$902,183$610,129$743,227$764,392
Lori Gallegos$244,846$344,153$382,904$478,003$463,768
Douglas Alldredge$458,193$318,748$286,530$391,306$259,507
Heidi Kim$409,887$277,370$244,475$187,321$167,176
Thomas Gessel$339,946$314,866$295,554$260,018$234,290
Benjamin Ricks$200,462$183,295$181,998$170,904$167,736
Thomas Wasson—$105,735$185,698$175,576$168,231
Scot Gilbreath$185,298$177,689$167,920$160,536$158,118

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.

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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

Offers banking and financial services to its members.

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Provided by the organization

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1 program · in their own filed words · FY2020
01

First credit union worked to give back to the communities it serves through lower fees, better rates, by improving its technology platforms, by providing financial education to students in local schools, by working with our members to raise money and supplies to charitable causes, and by working to improve our financial services…

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 · FY2025
Total grants receivedfrom 1 funder$8K
Grants paid · 12 grants · $99K · 2020–2024
Childrens Miracle NetworkUT · FY2024$9,500
IcanAZ · FY2024$6,000
Arizona Food Bank NetworkAZ · FY2024$5,008
IcanAZ · FY2023$6,000
Childrens Miracle NetworkUT · FY2020$10,000

By the numbers

The FY2020 990, line by line.

1The main four
Money inPt VIII
$24.3M
Ln 12
Fees for servicesLn 2g$21.9M
Investment incomeLn 3$2.4M
Other incomeLn 4–11$5K
Money outPt IX
$23.1M
Ln 25
Owns and owesPt X
$48.5M
net assets · Ln 32
Cash and savingsLn 1–2$76.8M
Total assetsLn 16$590.5M
LiabilitiesLn 26$542.0M
PeoplePt VI, VII
17
listed · VII A
PaidVII A11
Voting boardVI 1a7
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$21.9M
Investment incomeLn 3$2.4M
Other incomeLn 4–11$5K
Gains on assetsLn 7$134K
Total revenueLn 12$24.3M
Assets in detailPt X, end of year
CashLn 1$725K
SavingsLn 2$76.1M
Cash and savings togetherLn 1–2$76.8M
InvestmentsLn 11–13$132.1M
Land, buildings, equipmentLn 10c$9.4M
Other assetsLn 15$13.9M
Total assetsLn 16$590.5M
LiabilitiesLn 26$542.0M
Net assetsLn 32$48.5M
OperationsPt I, VI
EmployeesI 5179
VolunteersI 69
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 FY20End FY20
Cash and savingsLn 1–2$41.5M$76.8M
InvestmentsLn 11–13$82.7M$132.1M
Land, buildings, equipmentLn 10c$7.4M$9.4M
Total assetsLn 16$491.8M$590.5M
LiabilitiesLn 26$456.6M$542.0M
Net assetsLn 32$35.2M$48.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$48K
Grants to domestic individualsLn 2$2K
Benefits paid to or for membersLn 4$764K
Pay of current officers, directors and key staffLn 5$2.7M
Other salaries and wagesLn 7$6.2M
Pension plan contributionsLn 8$222K
Other employee benefitsLn 9$1.1M
Payroll taxesLn 10$556K
Legal feesLn 11b$75K
Accounting feesLn 11c$50K
Other fees for servicesLn 11g$614K
Advertising and promotionLn 12$774K
Office expensesLn 13$1.1M
Information technologyLn 14$1.7M
OccupancyLn 16$1.6M
TravelLn 17$85K
Conferences, conventions and meetingsLn 19$99K
Depreciation, depletion and amortizationLn 22$930K
InsuranceLn 23$141K
Other expenses (24a–d)Ln 24$3.7M
All other expensesLn 24e$616K
Total functional expensesLn 25$23.1M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $50.4M$42.7M$7.7M$55.8M 990 PDF
FY2023 $39.3M$35.3M$4.0M$45.7M 990 PDF
FY2022 $30.6M$25.8M$4.8M$41.6M 990 PDF
FY2021 $24.4M$20.4M$4.0M$52.8M 990 PDF
FY2020 Viewing $24.3M$23.1M$1.2M$48.5M 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 $24,321,171 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $23,491,498$21,873,644
I-10 Investment incomePrior year $7,699,013$2,442,850
I-11 Other revenuePrior year $68,354$4,677
I-12 Total revenuePrior year $31,258,865$24,321,171
I-13 Grants and similar amounts paidPrior year $49,835$49,596
I-14 Benefits paid to membersPrior year $770,473$764,069
I-15 Salaries and benefitsPrior year $10,431,173$10,833,259
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $11,570,034$11,439,745
I-18 Total expensesPrior year $22,821,515$23,086,669
I-19 Revenue less expensesPrior year $8,437,350$1,234,502
Part VI · Governance 6 of 7 board members independent, no flags
VI-1a Voting members of the governing body7
VI-1b Independent voting members6
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 $24,321,171 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $21,443,952 · Unrelated business $429,692$21,873,644
VIII-3 Investment incomeExcluded from tax $2,309,214$2,309,214
VIII-6 Net rental income or lossExcluded from tax $4,677$4,677
VIII-7 Net gain or loss on sales of assetsExcluded from tax $133,636$133,636
VIII-12 Total revenueRelated to mission $21,443,952 · Unrelated business $429,692 · Excluded from tax $2,447,527$24,321,171
Part IX · Statement of functional expenses $23,086,669 across 21 lines filed
IX-1 Grants to domestic organizations$47,596
IX-2 Grants to domestic individuals$2,000
IX-4 Benefits paid to or for members$764,069
IX-5 Pay of current officers, directors and key staff$2,727,109
IX-7 Other salaries and wages$6,230,717
IX-8 Pension plan contributions$221,534
IX-9 Other employee benefits$1,098,361
IX-10 Payroll taxes$555,538
IX-11b Legal fees$75,239
IX-11c Accounting fees$49,841
IX-11g Other fees for services$614,310
IX-12 Advertising and promotion$774,171
IX-13 Office expenses$1,131,556
IX-14 Information technology$1,664,527
IX-16 Occupancy$1,558,252
IX-17 Travel$85,413
IX-19 Conferences, conventions and meetings$98,792
IX-22 Depreciation, depletion and amortization$929,946
IX-23 Insurance$140,907
IX-24 Other expenses (24a–d)$3,700,778
IX-24e All other expenses$616,013
IX-25 Total functional expenses$23,086,669
Part X · Balance sheet $590,539,749 assets, 14 lines filed
Asset lines not itemized here account for $352,213,659; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $955,653$724,519
X-2 Savings and temporary cash investmentsStart of year $40,497,801$76,054,911
X-4 Accounts receivableStart of year $85,979$77,250
X-9 Prepaid expenses and deferred chargesStart of year $4,988,956$6,083,160
X-10c Land, buildings and equipment, netStart of year $7,387,395$9,367,888
X-11 Publicly traded securitiesStart of year $66,351,329$115,012,240
X-12 Other securitiesStart of year $16,305,112$17,091,579
X-15 Other assetsStart of year $15,431,982$13,914,543
X-16 Total assetsStart of year $491,790,423$590,539,749
X-17 Accounts payable and accrued expensesStart of year $5,523,693$6,362,129
X-25 Other liabilitiesStart of year $451,027,586$530,634,874
X-26 Total liabilitiesStart of year $456,551,279$541,997,003
X-32 Total net assets or fund balancesStart of year $35,239,144$48,542,746
X-33 Total liabilities and net assetsStart of year $491,790,423$590,539,749
Part XI · Reconciliation of net assets $48,542,746 net assets at year end
XI-1 Total revenue$24,321,171
XI-2 Total expenses$23,086,669
XI-3 Revenue less expenses$1,234,502
XI-4 Net assets at start of year$35,239,144
XI-5 Net unrealized gains (losses) on investments$1,169,066
XI-9 Other changes in net assets$10,900,034
XI-10 Net assets at end of year$48,542,746

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

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