First Imperial Credit Union
- Assets
- $181.8m
- Revenue
- $11.7m
- Investments
- $0.0
- Employees
- 74
- Location
- El Centro, CA
- Founding
- 09/1961
- Data as of
- 12/2021
- EIN
- 95-1652773
Organization Overview
First Imperial Credit Union is located in El Centro, 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, First Imperial Credit Union employed 74 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. First Imperial 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 Imperial Credit Union generated $11.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.3% each year . All expenses for the organization totaled $6.7m during the year ending 12/2021. While expenses have increased by 4.4% 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
THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO MEMBERS INCLUDING ACCESS TO SHARE ACCOUNTS, CERTIFICATES OF DEPOSIT AND RETIREMENT SAVINGS ACCOUNTS, WITH ACTIVE PROMOTION OF ATM/DEBIT CARDS, ELECTRONIC BILL PAY AND HOME BANKING. MEMBERS ALSO HAVE ACCESS TO CONSUMER LOANS INCLUDING VEHICLE LOANS, PERSONAL LINES OF CREDIT AND CREDIT CARDS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Fidel Gonzales President/ceo | Officer | 40 | $228,946 |
Cuauhtemoc DE La Torre Evp/cfo | Officer | 40 | $176,754 |
Jorge Alcantar COO | Officer | 40 | $112,796 |
Christopher Petree Chairperson | Trustee | 0.75 | $0 |
Victor Torres Vice Chairperson | Trustee | 0.75 | $0 |
Josh Mercado Board Treasurer | Trustee | 0.75 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Castillo Construction Company Building Maintenance | 12/30/21 | $125,493 |
Jack Henry & Associates Inc Computer Software/hardware | 12/30/21 | $387,639 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,826,265 |
| 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 | $1,826,265 |
| Total Program Service Revenue | $9,273,707 |
| Investment income | $263,496 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $19,146 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,686,350 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $8,860 |
| 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. | $518,496 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,880,252 |
| Pension plan accruals and contributions | $411,500 |
| Other employee benefits | $175,816 |
| Payroll taxes | $182,318 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,740 |
| Fees for services: Accounting | $45,420 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $242,454 |
| Advertising and promotion | $119,473 |
| Office expenses | $1,022,606 |
| Information technology | $42,886 |
| Royalties | $0 |
| Occupancy | $334,871 |
| Travel | $71,625 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $690,367 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $436,289 |
| Insurance | $116,677 |
| All other expenses | $0 |
| Total functional expenses | $6,723,789 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,628,937 |
| Savings and temporary cash investments | $20,987,261 |
| 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 | $161,917 |
| Net Land, buildings, and equipment | $7,321,392 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $143,760,906 |
| Intangible assets | $0 |
| Other assets | $5,951,473 |
| Total assets | $181,811,886 |
| Accounts payable and accrued expenses | $2,314,894 |
| 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 | $160,071,226 |
| Total liabilities | $162,386,120 |
| 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 | $19,425,766 |
| Total liabilities and net assets/fund balances | $181,811,886 |
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