Credit Unions In The State Of New Mexico

Organization Overview

Credit Unions In The State Of New Mexico is located in Artesia, NM. The organization was established in 1973. 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, Credit Unions In The State Of New Mexico employed 18 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Credit Unions In The State Of New Mexico 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, Credit Unions In The State Of New Mexico generated $4.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.2% each year. All expenses for the organization totaled $3.7m during the year ending 12/2021. While expenses have increased by 4.8% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

ENCOURAGE THRIFT AMONG MEMBERS, CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE RATE OF INTEREST, AND PROVIDE AN OPPORTUNITY FOR MEMBERS TO IMPROVE THEIR ECONOMIC CONDITION.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE CREDIT UNION ISSUED 1,261 LOANS TO MEMBERS DURING THE YEAR ENDED DECEMBER 31, 2021.


THE CREDIT UNION INCREASED MEMBERS EQUITY BY $1,135,000 DURING THE YEAR ENDED DECEMBER 31,2021.


OUR LENDING STAFF COUNSELED MEMBERS ON THE IMPORTANCE OF USING CREDIT RESPONSIBLY.


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Board, Officers & Key Employees

Name (title)Compensation
Karen Rapp
CFO
$1,242,126
Robert Chumbley
VP Lending
$309,949
Ronald Johnston
CEO
$182,537
Stuart Johnston
VP
$116,334
Cherie Widmayer
Vice-President
$0
Brian Taylor
President
$0

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$4,638,283
Investment income $172,057
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $7,428
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $4,817,768

Peer Organizations

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