American First Credit Union
- Assets
- $842.4m
- Revenue
- $36.3m
- Investments
- $0.0
- Employees
- 165
- Location
- Brea, CA
- Founding
- 09/1961
- Data as of
- 12/2021
- EIN
- 33-0358683
Organization Overview
American First Credit Union is located in Brea, CA. The organization was established in 1961. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, American First Credit Union employed 165 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. American First Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, American First Credit Union generated $36.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.5% each year. All expenses for the organization totaled $28.1m during the year ending 12/2021. While expenses have increased by 5.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACHIEVEMENT OF MEMBER SATISFACTION IN CONNECTION WITH SERVICES PERTAINING TO CHECKING/SAVINGS ACCOUNTS, ATTRACTIVE CD RATES, IRA AND SIMILAR ACCOUNTS.
ACHIEVEMENT OF SATISFACTORY SERVICES PROVIDED TO MEMBERS IN CONNECTION WITH CONSUMER AND REAL ESTATE LOANS, I.E., AUTO LOANS, MASTERCARD, 1ST MORTGAGE, PERSONAL LINES OF CREDIT, 2ND MORTGAGE, HOME EQUITY LINES OF CREDIT, AND COMMERCIAL REAL ESTATE.
ACHIEVEMENT OF SATISFACTORY SERVICES PROVIDED TO MEMBERS IN CONNECTION WITH OUR LONG TERM COMMITMENT TO HELP OUR MEMBERS REACH THEIR FINANCIAL GOALS. THE ORGANIZATION HAS ALSO CREATED A PRIZE LINKED SAVINGS ACCOUNT IN WHICH IT PAYS INTEREST LIKE A SAVINGS ACCOUNT AND MEMBERS WHO MEET MINIMUM QUALIFICATIONS ARE ENTERED INTO 3 DRAWINGS. MONTHLY - $1,000 PRIZE, QUARTERLY - $10,000 PRIZE AND ANUALLY - $50,000 PRIZE.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jon Shigematsu Ceo/president | Officer | 40 | $941,880 |
Theresa Davy COO | Officer | 40 | $390,782 |
Paul Welch SVP Of Risk Management | 40 | $316,522 | |
Constance Kelly Sr Commercial Re Loan Officer | 40 | $306,368 | |
Jeremy Jorgensen Commercial Re Loan Officer | 40 | $260,018 | |
Robert Farrington Sr VP Commercial Real Estate | 40 | $256,484 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bccs Inc Contractors | 12/30/21 | $678,999 |
Technology Unlimited Inc It Services | 12/30/21 | $215,770 |
Ongoing Operations Llc It Services | 12/30/21 | $190,484 |
Fiserv Inc Core System Maintenance | 12/30/21 | $1,585,154 |
Hillmann Consulting Llc Consulting | 12/30/21 | $221,370 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $33,037,006 |
| Investment income | $3,227,268 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,165 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $36,268,439 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,876 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,928,624 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,746,903 |
| Pension plan accruals and contributions | $462,540 |
| Other employee benefits | $1,404,973 |
| Payroll taxes | $838,963 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $57,366 |
| Fees for services: Accounting | $268,064 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,636,587 |
| Advertising and promotion | $465,939 |
| Office expenses | $1,489,711 |
| Information technology | $1,271,772 |
| Royalties | $0 |
| Occupancy | $1,456,604 |
| Travel | $121,714 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,609,722 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $518,428 |
| Insurance | $0 |
| All other expenses | $106,749 |
| Total functional expenses | $28,075,649 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,018,187 |
| Savings and temporary cash investments | $41,976,791 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $638,788 |
| Net Land, buildings, and equipment | $2,729,034 |
| Investments—publicly traded securities | $121,292,704 |
| Investments—other securities | $0 |
| Investments—program-related | $631,905,165 |
| Intangible assets | $0 |
| Other assets | $42,799,766 |
| Total assets | $842,360,435 |
| Accounts payable and accrued expenses | $6,915,309 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $742,140,152 |
| Total liabilities | $749,055,461 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $93,304,974 |
| Total liabilities and net assets/fund balances | $842,360,435 |
Grants Awarded
Over the last fiscal year, American First Credit Union has awarded $15,620 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Kennesaw, GA PURPOSE: FIGHT BACK AGAINST CANCER BY HONORING CANCER SURVIVORS AND REMEMBERING THOSE WHO WERE LOST. | $10,620 |
EVERFI INC PURPOSE: TO SUPPORT FINANCIAL EDUCATION FOR HIGH SCHOOLS | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
California Credit Union Glendale, CA | $4,290,889,688 | $164,391,792 |
Credit Unions In The State Of California Sunnyvale, CA | $11,067,829,708 | $197,844,755 |
Educational Employees Credit Union Fresno, CA | $4,681,848,243 | $140,033,802 |
Oregon Community Credit Union Eugene, OR | $2,826,121,126 | $182,242,816 |
Provident Credit Union Redwood City, CA | $3,536,838,918 | $114,626,988 |
Valley Strong Credit Union Bakersfield, CA | $3,451,789,893 | $131,789,936 |
Technology Credit Union San Jose, CA | $4,123,158,923 | $173,209,130 |
One Az Credit Union Phoenix, AZ | $3,043,080,305 | $105,409,190 |
Credit Unions In The State Of California San Diego, CA | $3,476,522,108 | $114,723,458 |
Premier America Credit Union Chatsworth, CA | $3,406,612,540 | $107,505,968 |
Vantage West Credit Union Tucson, AZ | $2,536,511,128 | $106,118,675 |
Altura Credit Union Riverside, CA | $2,322,631,067 | $106,884,732 |