First Imperial Credit Union
- Assets
- $184.1m
- Revenue
- $10.5m
- Investments
- $0.0
- Employees
- 68
- Location
- El Centro, CA
- Founding
- 09/1961
- Data as of
- 12/2022
- 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 12/2022, First Imperial Credit Union employed 68 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 12/2022, First Imperial Credit Union generated $10.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.5% each year. All expenses for the organization totaled $8.3m during the year ending 12/2022. While expenses have increased by 6.6% per year over the past 8 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
2022
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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher H Petree Chairperson | Trustee | 0.75 | $0 |
Victor Torres Board Member | Trustee | 0.75 | $0 |
Katie Luna Treasurer | Trustee | 0.75 | $0 |
Michael Campbell Secretary | Trustee | 0.75 | $0 |
Victor Jaime Board Member | Trustee | 0.75 | $0 |
Kathleen Lang Board Member | Trustee | 0.75 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry & Associates Inc Computer Software/hardware | 12/30/22 | $415,608 |
Cdw It Solutions | 12/30/22 | $136,759 |
Cook Solutions Group Technology And Securities Solutions | 12/30/22 | $118,112 |
Ims Postage Service | 12/30/22 | $107,803 |
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 | $10,073,138 |
| Investment income | $431,857 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,899 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,509,894 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $11,559 |
| 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. | $558,015 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,419,234 |
| Pension plan accruals and contributions | $427,349 |
| Other employee benefits | $190,587 |
| Payroll taxes | $228,244 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,385 |
| Fees for services: Accounting | $40,620 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $253,098 |
| Advertising and promotion | $144,358 |
| Office expenses | $1,138,395 |
| Information technology | $86,823 |
| Royalties | $0 |
| Occupancy | $372,092 |
| Travel | $79,201 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $555,075 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $484,238 |
| Insurance | $12,727 |
| All other expenses | $27,638 |
| Total functional expenses | $8,290,550 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,559,258 |
| Savings and temporary cash investments | $9,351,389 |
| 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 | $201,704 |
| Net Land, buildings, and equipment | $7,234,499 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $156,743,405 |
| Intangible assets | $0 |
| Other assets | $7,034,186 |
| Total assets | $184,124,441 |
| Accounts payable and accrued expenses | $2,231,654 |
| 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 | $159,693,056 |
| Total liabilities | $161,924,710 |
| 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 | $22,199,731 |
| Total liabilities and net assets/fund balances | $184,124,441 |