2025-11-10T09:43:01-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 2875 MICHELLE DRIVE 300 IRVINE CA 92606 990 2024-01-01 860100904 FIRST CREDIT UNION FIRS 4807565500 25 SOUTH ARIZONA PLACE 111 CHANDLER AZ 85225 JAY CURTIS PRESIDENT & CEO 4807565500 2025-10-30 1 1 LISA N RYSSEL CPA P00643670 7149781300 2025-10-30 2024 2025-03-06 01:10:19Z JAY CURTIS 25 SOUTH ARIZONA PLACE 111 CHANDLER AZ 85225 50949894 0 X WWW.FIRSTCU.ORG X 1929 AZ NON-PROFIT COOPERATIVE THAT PROVIDES BANKING AND OTHER FINANCIAL SERVICES TO ITS MEMBERS. 7 6 192 10 470905 0 971886 0 30109586 31740826 8143503 18652229 57089 11444 39282064 50404499 69203 67906 3255502 7156697 13135327 13432586 0 0 0 18837532 22088683 35297564 42745872 3984500 7658627 703838970 735111582 658111321 679292182 45727649 55819400 NON-PROFIT COOPERATIVE THAT PROVIDES BANKING AND OTHER FINANCIAL SERVICES TO ITS MEMBERS. 0 0 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 OFFERINGS TO OUR MEMBERS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 10359 0 1 192 1 1 1 0 0 0 0 0 0 0 0 0 X 7 6 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X DOUGLAS ALLDREDGE 4807565500 25 SOUTH ARIZONA PLACE 111 CHANDLER AZ 85225 JAY CURTIS PRESIDENT/CEO/BOARD MEMBER 40.00 X X 887423 0 66518 CARYN HORVITZ-STRAUSS BOARD CHAIR 1.00 X X 0 0 0 RUSS PUCKETT VICE CHAIR 1.00 X X 0 0 0 BEN TAN TREASURER 1.00 X X 0 0 0 KENNETH MULLINS SECRETARY 1.00 X X 0 0 0 WILLIAM JIMRO DIRECTOR 1.00 X 0 0 0 BARRY SCHLEGEL DIRECTOR 1.00 X 0 0 0 DOUGLAS ALLDREDGE CFO 40.00 X 458193 0 70063 THOMAS GESSEL CNO 40.00 X 339946 0 63521 HEIDI KIM CXO 40.00 X 409887 0 72032 BENJAMIN RICKS VP/IT 40.00 X 200462 0 49304 CHANTEL CAMPBELL VP/FINANCE 40.00 X 150449 0 46602 SCOT GILBREATH VP/RE LENDING 40.00 X 185298 0 41120 KRISTIN PARKER VP/CREDIT ADMINISTRATION 40.00 X 146492 0 37725 LISA PETERS VP/COMPLIANCE & RISK 40.00 X 155229 0 29905 ROBERT GAGE IT MANAGER 40.00 X 117213 0 23209 LETICIA KAUFMAN DIRECTOR OF CREDIT MANAGEMENT 40.00 X 120297 0 8352 LORI GALLEGOS FORMER EVP (THRU 3/31/2023) 0.00 X 244846 0 40877 3415735 0 549228 12 1 1 0 ANYHOUR SOLUTIONS LLC 4425 HARRISON AVE 2 ROCKFORD IL 61108 MEMBER TELEPHONE SUPPORT 370271 RPT REMARKETING LLC 2602 NORTH 37TH DRIVE PHOENIX AZ 85009 REMARKETING REPOSSESSED COLLATERAL 174296 CHRISTOPHER R WALKER 4108 E WINSLOW AVE PHOENIX AZ 85040 BUILDING SECURITY 157609 BARTLETT PRINGLE & WOLF LLP 1123 CHAPALA STREET SANTA BARBARA CA 93101 SOFTWARE CONSULTING 152059 ALSR HOLDINGS LLC 108015 DAVID TAYLOR DRIVE ST 250 CHARLOTTE NC 28262 COLLECTIONS SOFTWARE 123731 10 INTEREST ON LOANS 522100 24874451 24874451 FEE INCOME 522100 4131786 3660881 470905 INTERCHANGE INCOME 522100 2734589 2734589 31740826 11773194 11773194 106102 94658 11444 11444 11444 6269772 1060000 0 450737 6269772 609263 6879035 6879035 50404499 31269921 470905 18663673 67906 7156697 2814401 7976882 434846 1451935 754522 43114 71228 850157 984634 1221482 1910937 1737366 209672 162442 1913311 1094580 160200 PROVISION FOR LOAN LOSS 6400000 OTHER OPERATING EXPENSE 2080422 LOAN SERVICING 1852016 VISA DEBIT CARD EXPENSE 978503 418619 42745872 24640776 20355386 64113404 87449283 288291 327510 8934812 9024159 396246320 404159632 8527938 9854983 30952473 18121873 11581782 12830600 156741919 167704555 17070761 9096077 15692967 14309397 703838970 735111582 7747055 9376723 45000000 10000000 605364266 659915459 658111321 679292182 X 0 0 0 0 45727649 55819400 45727649 55819400 703838970 735111582 X 7658627 2044509 388615 X 0 0 0 2311987 2311987 10324431 5867902 4456529 3487511 1741154 1746357 14828544 10512817 4315727 12830600 MEMBERS SHARES AND SAVINGS ACCOUNTS 650249678 OPERATING LEASE LIABILITY 4707781 NON MEMBER BROKERED CERTIFICATES 4958000 659915459 1 ICAN 650 E MORELOS ST CHANDLER AZ 85225 860761030 501(C)(3) 6000 0 UNRESTRICTED CITY OF CHANDLER OSTRICH FESTIVAL 101 W COMMONWEALTH AVE CHANDLER AZ 85225 860107200 501(C)(3) 7000 0 UNRESTRICTED CHILDREN'S MIRACLE NETWORK 205 WEST 700 SOUTH SALT LAKE CITY UT 84101 870387205 501(C)(3) 9500 0 UNRESTRICTED ARIZONA FOOD BANK NETWORK 340 E CORONADO RD STE 400 PHOENIX AZ 85004 860507679 501(C)(3) 5008 0 UNRESTRICTED 4 PART I, LINE 2: THE CREDIT UNION MONITORS THE USE OF FUNDS BY ENSURING THE ORGANIZATION IS A 501(C)(3). THE CREDIT UNION ALSO REVIEWS THE ORGANIZATION'S STATED MISSION ALONG WITH PROGRAM OFFERINGS TO ENSURE THE AWARD IS CONSISTENT WITH THEIR MISSION. X 1 1 X X X X X X 1 1 0 JAY CURTIS PRESIDENT/CEO/BOARD MEMBER 521629 0 161705 0 204089 0 44975 0 21543 0 953941 0 0 0 DOUGLAS ALLDREDGE CFO 268038 0 50000 0 140155 0 44081 0 25982 0 528256 0 0 0 HEIDI KIM CXO 247211 0 50000 0 112676 0 48828 0 23204 0 481919 0 0 0 THOMAS GESSEL CNO 274989 0 50000 0 14957 0 44537 0 18984 0 403467 0 0 0 LORI GALLEGOS FORMER EVP (THRU 3/31/2023) 0 0 0 0 244846 0 16456 0 24421 0 285723 0 0 0 BENJAMIN RICKS VP/IT 178038 0 20000 0 2424 0 23062 0 26242 0 249766 0 0 0 SCOT GILBREATH VP/RE LENDING 173423 0 10500 0 1375 0 23456 0 17664 0 226418 0 0 0 CHANTEL CAMPBELL VP/FINANCE 136082 0 10000 0 4367 0 21300 0 25302 0 197051 0 0 0 LISA PETERS VP/COMPLIANCE & RISK 128042 0 17977 0 9210 0 21301 0 8604 0 185134 0 0 0 KRISTIN PARKER VP/CREDIT ADMINISTRATION 132115 0 10000 0 4377 0 20979 0 16746 0 184217 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS IS PAID FOR OFFICERS AND KEY EMPLOYEES, WHICH IS INCLUDED IN REPORTABLE COMPENSATION. PART I, LINES 4A-B SPLIT DOLLAR LIFE INSURANCE: THE CREDIT UNION HAS MADE LOANS FOR LIFE INSURANCE PREMIUM PAYMENTS TO CURRENT MEMBERS OF TOP MANAGEMENT. THE LOANS ARE COLLATERALIZED BY THE ASSIGNMENT OF THE POLICY DEATH BENEFITS AND CASH VALUES OF EACH RESPECTIVE LIFE INSURANCE POLICY. THE POLICIES ARE OWNED BY THE CURRENT EXECUTIVES AND THEY HAVE THE RIGHT TO NAME THE BENEFICIARIES FOR AMOUNTS NOT SECURED BY THE ASSIGNMENTS. THE CREDIT UNION MAINTAINS A 457(F) NON-QUALIFIED DEFERRRED COMPENSATION PLAN FOR A SELECT GROUP OF MANAGEMENT. PARTICIPANTS ARE ELIGIBLE BASED ON APPROVAL BY THE CREDIT UNION'S BOARD OF DIRECTORS. THE CREDIT UNION DID NOT MAKE ANY CONTRIBUTIONS TO THE 457(F) PLAN FOR THE PERIOD ENDED DECEMBER 31, 2024. THERE WAS THREE DISTRIBUTION MADE FROM THE 457(F) PLAN FOR THE PERIOD ENDED DECEMBER 31, 2024: NAME: JAY CURTIS, DESCRIPTION: DISTRIBUTION, CURRENT YEAR AMOUNT: $125,000. PLAN DESCRIPTION: 457(F) PLAN NAME: HEIDI KIM, DESCRIPTION: DISTRIBUTION, CURRENT YEAR AMOUNT: $100,000. PLAN DESCRIPTION: 457(F) PLAN NAME: DOUGLAS ALLREDGE, DESCRIPTION: DISTRIBUTION, CURRENT YEAR AMOUNT: $125,000. PLAN DESCRIPTION: 457(F) PLAN THERE WAS ONE SEVERANCE PAYMENT MADE DURING 2024: LORI GALLEGOS: SEVERANCE PAYMENT: $244,846 DOUGLAS ALLDREDGE CFO SPLIT DOLLAR LIFE INSURANCE X 1614000 1683814 0 1 1 THOMAS GESSEL CNO SPLIT DOLLAR LIFE INSURANCE X 1043250 1078726 0 1 1 HEIDI KIM CXO SPLIT DOLLAR LIFE INSURANCE X 1002000 1045342 0 1 1 LORI GALLEGOS RETIRED EVP SPLIT DOLLAR LIFE INSURANCE X 1739000 1814221 0 1 1 JAY CURTIS PRESIDENT/CEO/BOARD MEMBER SPLIT DOLLAR LIFE INSURANCE X 3261000 3402056 0 1 1 9024159 PART II, LOANS TO AND/OR FROM INTERESTED PERSONS SPLIT DOLLAR LIFE INSURANCE: THE CREDIT UNION HAS MADE LOANS FOR LIFE INSURANCE PREMIUM PAYMENTS TO CURRENT MEMBERS OF TOP MANAGEMENT. THE LOANS ARE COLLATERALIZED BY THE ASSIGNMENT OF THE POLICY DEATH BENEFITS AND CASH VALUES OF EACH RESPECTIVE LIFE INSURANCE POLICY. THE POLICIES ARE OWNED BY THE CURRENT EXECUTIVES AND THEY HAVE THE RIGHT TO NAME THE BENEFICIARIES FOR AMOUNTS NOT SECURED BY THE ASSIGNMENTS. FORM 990, PART VI, SECTION A, LINE 1A THE ORGANIZATION HAS AN EXECUTIVE COMMITTEE WHICH CONSISTS OF THE CHAIR, VICE-CHAIR, SECRETARY, AND TREASURER. THEY CAN ACT ON BEHALF OF THE BOARD AS OFFICIAL SIGNERS OF BOARD-APPROVED DOCUMENTS AND IN APPROVING PRESIDENT/CEO ANNUAL SALARY INCREASE AND BONUS STRUCTURE. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS A COOPERATIVE. AS SUCH, THE MEMBERS ARE THE OWNERS. FIRST CREDIT UNION OFFERS MEMBERSHIP TO PERSONS WHO LIVE, WORK, AND WORSHIP WITHIN A TEN MILE RADIUS OF ANY FIRST CREDIT UNION BRANCH. IN ADDITION, MEMBERSHIP IS AVAILABLE TO EMPLOYEES OF CERTAIN SPECIFIED ENTITIES IN THE FOLLOWING CATEGORIES: FEDERAL GOVERNMENT, MEDICAL CENTERS, MUNICIPALITIES, PRIVATE, PUBLIC, RELIGIOUS, AND CHARITABLE ORGANIZATIONS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BODY (BOARD OF DIRECTORS) IS ELECTED BY THE MEMBERS, WHO CAN CAST ONE VOTE EACH. FORM 990, PART VI, SECTION A, LINE 7B BYLAW CHANGES ARE SUBJECT TO APPROVAL BY MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. ONCE THE DRAFT IS AVAILABLE, IT IS REVIEWED BY MANAGEMENT AND ANY CHANGES INCORPORATED INTO THE FILING. ONCE THIS DETAILED REVIEW IS COMPLETE, THE DRAFT OF THE FORM 990 IS PRESENTED TO THE BOARD OF DIRECTORS FOR THEIR REVIEW AND COMMENTS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION HAS A CONFLICT OF INTEREST POLICY FOR THE BOARD, WHICH THEY REVIEW ANNUALLY AND SIGN A DECLARATION AS TO WHETHER THEY HAVE ANY CONFLICTS AND IDENTIFY AS SUCH. FOR EMPLOYEES, THE CREDIT UNION HAS A SECTION IN THE EMPLOYEE HANDBOOK THAT STATES THE POLICY FOR STAFF. A CONFLICT OF INTEREST OCCURS WHEN A DIRECTOR'S PERSONAL INTERESTS INTERFERE OR APPEAR TO INTERFERE WITH THE INTERESTS OF THE CREDIT UNION AS A WHOLE. CONFLICTS OF INTEREST ALSO ARISE WHEN A DIRECTOR OR A MEMBER OF HIS OR HER IMMEDIATE FAMILY OR AN ENTITY WITH WHICH THE DIRECTOR IS AFFILIATED RECEIVES IMPROPER PERSONAL BENEFITS AS A RESULT OF HIS OR HER POSITION. THE MERE APPEARANCE OF A CONFLICT OF INTEREST SHOULD BE AVOIDED AT ANY COST. ANY SITUATION THAT INVOLVES OR MAY REASONABLY BE EXPECTED TO INVOLVE A CONFLICT OF INTEREST WITH THE CREDIT UNION SHALL BE DISCLOSED IMMEDIATELY TO THE BOARD. DISCLOSURE: A DIRECTOR SHALL PROMPTLY DISCLOSE TO THE BOARD ANY KNOWN INTEREST, RELATIONSHIP OR RESPONSIBILITY HELD BY THE DIRECTOR, ANY MEMBER OF HIS OR HER IMMEDIATE FAMILY, OR ANY OF HIS OR HER BUSINESS ASSOCIATES WITH RESPECT TO ANY POTENTIAL OR ACTUAL CONSIDERATION, EVEN IF SUCH INTEREST, RELATIONSHIP OR RESPONSIBILITY HAS OTHERWISE GENERALLY BEEN DISCLOSED TO THE BOARD. ADDITIONALLY, DIRECTORS MUST DISCLOSE INFORMATION REGARDING THEIR FINANCIAL INTERESTS IN ORGANIZATIONS DOING BUSINESS WITH THE CREDIT UNION. BOARD ACTION: IN THE EVENT OF A POTENTIAL CONFLICT, THE BOARD, WITH THE ABSTENTION OF THE INTERESTED DIRECTOR, MAY DECIDE WHETHER OR NOT THAT DIRECTOR MAY PARTICIPATE IN ANY DISCUSSION OR VOTE ON THE ISSUE THAT GAVE RISE TO THE POTENTIAL CONFLICT. RECUSAL: ANY DIRECTOR WITH SUCH AN INTEREST, RELATIONSHIP OR RESPONSIBILITY WHICH CONFLICTS OR POTENTIALLY CONFLICTS WITH THE INTEREST OF THE CREDIT UNION SHALL RECUSE HIMSELF OR HERSELF FROM ANY DISCUSSION AND VOTE ON THE ISSUE THAT GAVE RISE TO THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION IS BASED ON A FORMAL REVIEW THAT IS COMPLETED BY ALL BOARD MEMBERS ALONG WITH SELF EVALUATION BY CEO. THERE IS A REVIEW OF INDUSTRY SPECIFIC SALARY SURVEY INFORMATION THAT IS PERFORMED BY INDEPENDENT MEMBERS OF THE EXECUTIVE COMMITTEE WITH THE COMPENSATION DECISION DOCUMENTED IN THE CEO'S FILE AND IS PRESENTED TO THE FULL BOARD. OTHER OFFICER AND KEY EMPLOYEE'S COMPENSATION IS BASED ON A FORMAL REVIEW THAT IS COMPLETED BY THE CEO. THERE IS A REVIEW OF INDUSTRY SPECIFIC SALARY SURVEY INFORMATION AND IS PERFORMED BY THE CEO WITH THE DECISION DOCUMENTED IN THE EMPLOYEE FILE AND PAYROLL SYSTEM. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION MAKES THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN PENSION PLAN ASSETS 388,615.