Firefighters First Credit Union
- Assets
- $1.2b
- Revenue
- $12.1m
- Investments
- $198.6m
- Employees
- 193
- Location
- Los Angeles, CA
- Founding
- 02/1975
- Data as of
- 04/2017
- EIN
- 95-0949175
Organization Overview
Firefighters First Credit Union is located in Los Angeles, CA. The organization was established in 1975. According to its NTEE Classification (M24) the organization is classified as: Fire Prevention, under the broad grouping of Public Safety, Disaster Preparedness & Relief and related organizations. As of 12/2016, Firefighters First Credit Union employed 193 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Firefighters 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 04/2017, Firefighters First Credit Union generated $12.1m 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 (35.2%) each year. All expenses for the organization totaled $11.1m during the year ending 04/2017. As we would expect to see with falling revenues, expenses have declined by (33.9%) 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 PROVIDE FINANCIAL SERVICES EXCLUSIVELY TO FIREFIGHTERS THROUGHOUT THE STATE OF CALIFORNIA. WE STRIVE TO OFFER THE BEST RATES AND SERVICES TO OUR MEMBERSHIP. EFFECTIVE APRIL 18, 2017, WE ARE FEDERALLY INSURED AND OFFER SERVICES TO FIREFIGHTERS NATIONWIDE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FIREFIGHTERS FIRST CREDIT UNION PROVIDES A VAST ARRAY OF REAL ESTATE LOANS AND SERVICES, WHICH INCLUDES 1ST TRUST DEEDS, 2ND'S, HOME EQUITY, CONSTRUCTION, LAND LOANS AND NON-OWNER OCCUPIED LOANS. IN ADDITION, WE SERVICE REAL ESTATE LOANS SOLD ON THE SECONDARY MARKET. AS OF DECEMBER 31, 2016, WE SERVICE OVER 4,270 LOANS TOTALING $683 MILLION. THROUGH OUR REAL ESTATE SERVICES, OUR EXPERT STAFF WILL ASSIST YOU FROM BEGINNING TO END INCLUDING THE ASSISTANCE OF THE DECISION OF PURCHASING A HOME. IN ADDITION, OUR STAFF WILL REVIEW ALL THE LOAN OPTIONS TO ENSURE MEMBERS ARE OBTAINING THE LOAN THAT BEST FITS THEIR NEEDS. WE SERVICE ALL REAL ESTATE LOANS WHETHER THEY ARE KEPT IN-HOUSE OR SOLD ON THE SECONDARY MARKET. TO ENSURE THE PROCESSING OF THE LOAN IS SMOOTH AND ACCURATE, WE ALSO COMPLETE ESCROW SERVICES IN-HOUSE FOR RE-FINANCES.
FIREFIGHTERS FIRST CREDIT UNION PROVIDES ADDITIONAL INVESTMENT AND INSURANCE PRODUCTS AND SERVICES ABOVE OUR TRADITIONAL PRODUCTS AND SERVICES. OUR LICENSED FINANCIAL ADVISORS ARE REGISTERED THROUGH CUSO FINANCIAL SERVICES, L.P. ("CFS") AS BROKER DEALER, TO ASSIST OUR MEMBERS WITH THEIR FINANCIAL NEEDS FROM COLLEGE EDUCATION TO RETIREMENT. AS OF DECEMBER 31, 2016, WE HAVE OVER 1,100 HOUSEHOLD ACCOUNTS WITH OVER $200 MILLION IN ASSETS UNDER MANAGEMENT. MEMBERS ARE WELCOME TO COME IN AND SPEAK WITH OUR FINANCIAL ADVISORS. WE OFFER A COMPLIMENTARY NO OBLIGATION CONSULTATION AND ACCOUNT PROFILE. *NON-DEPOSIT INVESTMENT PRODUCTS AND SERVICES OFFERED THROUGH CUSO FINANCIAL SERVICES, L.P. (CFS), A REGISTERED BROKER/DEALER (MEMBER FINRA/SIPC) AND SEC REGISTERED INVESTMENT ADVISOR. PRODUCTS OFFERED THROUGH CFS: ARE NOT INSURED BY AMERICAN SHARE INSURANCE (ASI) OR OTHERWISE FEDERALLY INSURED, ARE NOT GUARANTEES OR OBLIGATIONS OF THE CREDIT UNION, AND MAY INVOLVE INVESTMENT RISK INCLUDING POSSIBLE LOSS OF PRINCIPAL. INVESTMENT REPRESENTATIVES ARE REGISTERED THROUGH CFS. FIREFIGHTERS FIRST CREDIT UNION HAS CONTRACTED WITH CFS TO MAKE NON-DEPOSIT INVESTMENT PRODUCTS AND SERVICES AVAILABLE TO ITS MEMBERS.
FIREFIGHTERS FIRST CREDIT UNION OFFERS A FULL SUITE OF BUSINESS SERVICES FROM SAVINGS, CHECKING, BUSINESS LOANS AND COMMERCIAL REAL ESTATE LOANS. WE HAVE PROFESSIONAL STAFF TO ASSIST MEMBERS WITH THEIR BUSINESS NEEDS. ADDITIONAL SERVICES SUCH AS PAYROLL AND CREDIT CARD PROCESSING ARE ALSO AVAILABLE. OUR CHECKING AND BUSINESS VISA ACCOUNTS OFFER REWARD POINTS WHEN USING THE CHECK CARD OR VISA CARD. AS OF DECEMBER 31, 2016, WE SERVICE OVER 2,000 LOANS TOTALING OVER $88 MILLION.
IN MARCH 2010, FIREFIGHTERS FIRST CREDIT UNION PARTNERED WITH AN INSURANCE COMPANY TO CREATE "FIREFIGHTERS INSURANCE SERVICES" (FIS). THIS SERVICE PROVIDES MEMBERS WITH COMPETITIVE RATES FOR AUTO, HOMEOWNERS, EARTHQUAKE AND LIFE INSURANCE. THROUGH FIS WE ALSO OFFER INSURANCE COVERAGE TO LARGE ORGANIZATIONS SUCH AS OTHER CREDIT UNIONS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Mastro CEO | Officer | 55 | $604,167 |
Dixie Abramian Evp | Officer | 60 | $418,816 |
Jason Torrey-Payne Financial Advisor | 45 | $397,084 | |
Matthew Mitchell SVP Lending/operations | Officer | 60 | $292,585 |
Dyan Mashman SVP It | Officer | 60 | $235,518 |
Kelly Ramsay SVP Marketing | Officer | 60 | $233,807 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv System Core Processor | 12/30/16 | $1,111,060 |
Digital Insight Home Banking | 12/30/16 | $949,439 |
Click Appraisal Service | 12/30/16 | $345,020 |
Wasatch Janitorial Services | 12/30/16 | $412,497 |
At&t Phone System | 12/30/16 | $343,237 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $507,350 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $149,194 |
| 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 | $12,109,605 |
| 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 | $1,766,478 |
| Compensation of current officers, directors, key employees. | $1,583,410 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,296,267 |
| Pension plan accruals and contributions | $131,892 |
| Other employee benefits | $290,107 |
| Payroll taxes | $465,795 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $19,639 |
| Fees for services: Accounting | $22,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $18,000 |
| Fees for services: Other | $1,269,555 |
| Advertising and promotion | $133,881 |
| Office expenses | $1,062,140 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $472,324 |
| Travel | $89,370 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $89,664 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $216,765 |
| Insurance | $18,506 |
| All other expenses | $0 |
| Total functional expenses | $11,115,701 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,707,717 |
| Savings and temporary cash investments | $741,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,425,778 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $946,977,516 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,185,007 |
| Investments—publicly traded securities | $3,018,373 |
| Investments—other securities | $198,629,165 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $27,702,065 |
| Total assets | $1,207,572,674 |
| Accounts payable and accrued expenses | $10,893,806 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $270,031 |
| 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 | $1,083,038,653 |
| Total liabilities | $1,094,202,490 |
| 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 | $113,370,184 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Northwest Firefighters Relief Assoc Insurance Trust Lake Oswego, OR | $10,734,227 | $15,306,886 |
Firefighters First Credit Union Los Angeles, CA | $1,207,572,674 | $12,109,605 |
Lassen County Fire Safe Council Susanville, CA | $2,166,276 | $5,788,470 |
California Fire Safe Council Inc Mcclellan, CA | $3,188,815 | $7,442,242 |
Laguna Food Pantry Laguna Beach, CA | $1,705,091 | $4,138,467 |
Butte County Fire Safe Council Paradise, CA | $2,130,536 | $3,383,314 |
Fire Service Training Institute Santa Barbara, CA | $1,061,522 | $3,786,221 |
North Bay Fire Sebastopol, CA | $3,391,167 | $3,347,655 |
Long Beach Firemens Credit Union Long Beach, CA | $235,231,552 | $4,753,718 |
Western Fire Cheifs Assn Wilsonville, OR | $1,922,188 | $2,287,595 |
Fire Safe Marin San Anselmo, CA | $389,829 | $1,877,267 |
Santa Clara Fire Safe Council Saratoga, CA | $821,713 | $1,531,844 |