First Financial Credit Union
- Assets
- $518.3m
- Revenue
- $2.2m
- Investments
- $19.5m
- Employees
- 221
- Location
- West Covina, CA
- Founding
- 09/1961
- Data as of
- 12/2017
- EIN
- 95-2653867
Organization Overview
First Financial Credit Union is located in West Covina, 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 12/2016, First Financial Credit Union employed 221 individuals. First Financial 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 12/2017, First Financial Credit Union generated $2.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (55.5%) each year. All expenses for the organization totaled $2.2m during the year ending 12/2017. As we would expect to see with falling revenues, expenses have declined by (54.5%) per year over the past 3 years. 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
2017
Describe the Organization's Mission:
Part 3 - Line 1
TO BE A PROGRESSIVE FINANCIAL ORGANIZATION OFFERING PRODUCTS AND SERVICES TO MEET MEMBER NEEDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACHIEVED A 95% OR GREATER "RECOMMEND A FRIEND" RATING ON MEMBER INTERACTIVE STUDY THROUGHOUT 2016; PROVIDED MEMBER SATISFACTION BY OFFERING COMPETITIVE RATES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carlton Musmann President/ceo | Officer | 40 | $462,964 |
Dietmar Huesch Evp Coo/cfo | Officer | 40 | $273,331 |
Fred Perez Vp/ Clo | 40 | $193,030 | |
Valerie Wilkins VP | Officer | 40 | $183,120 |
Cynthia Manns VP | Officer | 40 | $182,799 |
Torri Scott VP | Officer | 40 | $175,872 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry & Associates Inc System Maintenance | 12/30/16 | $1,193,883 |
Voya Trust 401k Account Management | 12/30/16 | $793,474 |
Straight Arrow Construction Building Repairs And Improvements | 12/30/16 | $984,553 |
Fiserv Solutions System Maintenance | 12/30/16 | $479,048 |
Business Data Inc Member Statements | 12/30/16 | $334,726 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $50,423 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,194,957 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $140,560 |
| Compensation of current officers, directors, key employees. | $145,691 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $780,692 |
| Pension plan accruals and contributions | $55,404 |
| Other employee benefits | $103,841 |
| Payroll taxes | $134,303 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,521 |
| Fees for services: Accounting | $3,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $27,513 |
| Advertising and promotion | $35,368 |
| Office expenses | $37,773 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $124,718 |
| Travel | $7,689 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $726 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $86,098 |
| Insurance | $9,381 |
| All other expenses | $145,392 |
| Total functional expenses | $2,166,505 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,178,319 |
| Savings and temporary cash investments | $41,512,042 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,941,803 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $412,085,274 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $19,515,058 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $20,784,648 |
| Total assets | $518,254,298 |
| Accounts payable and accrued expenses | $3,145,783 |
| 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 | $473,597,759 |
| Total liabilities | $476,743,542 |
| 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 |
| Total liabilities and net assets/fund balances | $41,510,756 |
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