First Credit Union
- Assets
- $666.3m
- Revenue
- $24.4m
- Investments
- $17.1m
- Employees
- 179
- Location
- Chandler, AZ
- Founding
- 10/1970
- Data as of
- 12/2021
- EIN
- 86-0100904
Organization Overview
First Credit Union is located in Chandler, AZ. The organization was established in 1970. 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, First Credit Union employed 179 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 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, First Credit Union generated $24.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $20.4m during the year ending 12/2021. 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
NON-PROFIT COOPERATIVE THAT PROVIDES BANKING AND OTHER FINANCIAL SERVICES TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jay Curtis President & Ceo, Board Member | OfficerTrustee | 40 | $743,227 |
Lori Gallegos COO | Officer | 40 | $478,003 |
Douglas Alldredge CFO | Officer | 40 | $391,306 |
Thomas Gessel Cio | Officer | 40 | $260,018 |
Heidi Kim Svp/operations | Officer | 40 | $187,321 |
Thomas Wasson Clo | Officer | 40 | $175,576 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Downtown Chandler Partners Lp Property Management Services | 12/30/21 | $903,423 |
Visa Usa Inc Debit And Credit Card Processing Service | 12/30/21 | $866,399 |
Rsg Builders Llc Construction Labor | 12/30/21 | $806,040 |
Q2 Software Inc Online Banking Services | 12/30/21 | $658,391 |
Cu Direct Indirect Lending Solutions | 12/30/21 | $470,500 |
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 | $22,108,640 |
| Investment income | $2,066,551 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $19,938 |
| Net Gain/Loss on Asset Sales | $158,280 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,353,409 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $37,655 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $699,758 |
| Compensation of current officers, directors, key employees. | $2,647,152 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,131,983 |
| Pension plan accruals and contributions | -$822,060 |
| Other employee benefits | $1,171,595 |
| Payroll taxes | $581,798 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $122,988 |
| Fees for services: Accounting | $47,906 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $554,260 |
| Advertising and promotion | $646,274 |
| Office expenses | $1,001,360 |
| Information technology | $1,279,476 |
| Royalties | $0 |
| Occupancy | $1,524,518 |
| Travel | $79,753 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $116,635 |
| Interest | $4 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,056,699 |
| Insurance | $132,175 |
| All other expenses | $0 |
| Total functional expenses | $20,366,012 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $926,111 |
| Savings and temporary cash investments | $80,707,586 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $360,668 |
| Loans from Officers, Directors, or Controlling Persons | $8,768,010 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $359,430,046 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $8,573,503 |
| Net Land, buildings, and equipment | $9,633,294 |
| Investments—publicly traded securities | $166,972,545 |
| Investments—other securities | $17,071,676 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $13,872,451 |
| Total assets | $666,315,890 |
| Accounts payable and accrued expenses | $10,867,867 |
| 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 | $602,645,822 |
| Total liabilities | $613,513,689 |
| 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 | $52,802,201 |
| Total liabilities and net assets/fund balances | $666,315,890 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
San Francisco Fire Credit Union San Francisco, CA | $1,733,829,261 | $55,402,558 |
San Mateo Credit Union Redwood City, CA | $1,651,880,221 | $59,342,431 |
Credit Unions In The State Of California Westminster, CA | $1,978,868,694 | $57,183,235 |
Credit Unions In The State Of California Eureka, CA | $2,147,688,324 | $57,226,931 |
Credit Unions In The State Of California Yuba City, CA | $1,450,440,549 | $51,784,136 |
Pacific Service Credit Union Concord, CA | $1,408,244,390 | $45,146,351 |
Credit Unions In The State Of San Diego, CA | $1,264,438,336 | $40,598,480 |
Credit Unions In State Of Arizona Glendale, AZ | $1,059,321,576 | $47,143,966 |
Credit Unions In The State Of California Stockton, CA | $0 | $14,416,859 |
1st United Services Credit Union Pleasanton, CA | $1,288,886,913 | $40,373,728 |
The Police Credit Union Of California San Bruno, CA | $1,147,295,008 | $39,832,693 |
Silver State Schools Credit Union Las Vegas, NV | $1,130,843,063 | $44,363,932 |