2024-10-28T10:14:04-07:00 2023-12-31 990 2023-01-01 741137995 FIRST CENTRAL CREDIT UNION FIRS 2547769333 6201 SANGER AVENUE WACO TX 76710 JO BETSY TYLER PRESIDENT/CEO 2547769333 2024-10-28 1 2023 2024-10-15 13:58:12Z JO BETSY TYLER 6201 SANGER AVE WACO TX 76710 15479340 0 X WWW.FIRSTCENTRALCU.COM X CREDIT UNION 1937 TX SEE SCHEDULE O, FIRST PARAGRAPH 9 9 83 10 164873 0 125000 2478839 10204543 11468443 815335 1367185 151447 164873 11296325 15479340 0 0 0 0 3725583 4277582 0 0 0 5724493 7460708 9450076 11738290 1846249 3741050 148590492 166079617 132143416 144926198 16447076 21153419 FIRST CENTRAL CREDIT UNION IS A FINANCIAL INSTITUTION, SPECIFICALLY A CREDIT UNION WHICH IS A COOPERATIVE PROVIDER OF FINANCIAL SERVICES TO OUR MEMBERS. FIRST CENTRAL CREDIT UNION IS COMMITTED TO PROVIDING SECURE, COMPETITIVE FINANCIAL SERVICES, DEDICATED TO OFFERING THE BEST POSSIBLE BENEFITS TO OUR MEMBERS, AND TO MAKING A DIFFERENCE IN THE COMMUNITIES WE SERVE WHILE CONTINUING TO BUILD CAPITAL RESERVES THROUGH INNOVATIVE AND SOUND BUSINESS PRACTICES. FIRST CENTRAL CREDIT UNION IS A STATE OF TEXAS CHARTERED CREDIT UNION AND A MEMBER OF CUNA. WE ARE ALSO DESIGNATED AS "JUNTOS AVANZAMOS" BY CORNERSTONE CREDIT UNION LEAGUE WHICH SIGNIFIES THAT FIRST CENTRAL HAS A LONG TERM VISION AND COMMITMENT TO SERVING THE NEEDS OF THE HISPANIC MARKET. IN 2018 FIRST CENTRAL CREDIT UNION WAS AWARDED CERTIFICATION AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) BY THE US DEPARTMENT OF THE TREASURY. 0 0 MEMBER LOANS: FIRST CENTRAL CREDIT UNION PROVIDES VEHICLE LOANS, SIGNATURE LOANS, HOME EQUITY LOANS, REAL ESTATE LOANS, AND CREDIT CARDS. WE UTILIZE VERY EFFICIENT UNDER WRITING PROCEDURES TO PROVIDE REASONABLE AND COMPETITIVE RATES TO OUR MEMBERS. CHECKING ACCOUNTS: FIRST CENTRAL CREDIT UNION PROVIDES CHECKING ACCOUNTS FOR MEMBERS WITH VARIOUS FEATURES FROM FREE CHECKING ACCOUNTS TO THOSE WITH ENHANCED BENEFITS SUCH AS CHECKING ACCOUNTS WITH MONTHLY REWARDS. WE DO OFFER CHECKING ACCOUNTS THAT PAY DIVIDENDS MONTHLY. ADDITIONALLY, THE CREDIT UNION EXTENDS THE REACH OF THESE ACCOUNTS TO ALL MEMBERS WITH FREE DEBIT CARDS, INTERNET ACCOUNT ACCESS, AND FREE USE OF BILL PAY. OVER 71% OF THE CREDIT UNION'S MEMBERS HAVE A CHECKING ACCOUNT. FIRST CENTRAL CREDIT UNION ALSO OFFERS MONEY MARKET ACCOUNTS. SHARE ACCOUNTS: FIRST CENTRAL CREDIT UNION'S SHARE ACCOUNTS OFFER ADVANTAGES TO MEMBERS OF ALL AGES. THE CREDIT UNION HAD 19,650 MEMBER OWNED ACCOUNTS AS OF DECEMBER 31, 2023. MEMBER SAVINGS ACCOUNTS PAY DIVIDENDS QUARTERLY. FIRST CENTRAL CREDIT UNION OFFERS ACCESS THROUGH BRANCHES AT DIFFERENT LOCATIONS, HOME BANKING VIA THE INTERNET, TELEPHONE, AND ATM MACHINES WORLDWIDE. WE OFFER SPECIAL SAVINGS ACCOUNTS DESIGNED FOR CHILDREN AND TEENAGERS TO ENCOURAGE THE DEVELOPMENT OF CONSISTENT SPENDING HABITS. 0 0 0 0 0 0 1 0 0 0 0 0 0 1 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 4487 0 1 83 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 0 1 1 0 0 X JO BETSY TYLER 2547769333 6201 SANGER AVENUE WACO TX 76710 JO BETSY TYLER PRESIDENT/CEO 40 0 X 321829 0 14624 RACHAEL BOSSE SENIOR LENDING MANAGER 40 0 X 145365 0 15614 SHELLI McCOY CHIEF RETAIL OFFICER 40 0 X 139693 0 13766 ORLANDO RODRIGUEZ JR SENIOR ACCOUNTING AND IT MANAGER 40 0 X 113122 0 14637 LINDA GUNN SENIOR HR & TRAINING MANAGER 40 0 X 105125 0 13379 VICKI DECKARD CHAIRMAN 1 0 X 0 0 0 GLENN WILLIAMSON VICE CHAIRMAN 1 0 X 0 0 0 CHERYL GRAVES SECRETARY/TREASURER 1 0 X 0 0 0 ELIO SMYTHE DIRECTOR 1 0 X 0 0 0 EVERETT ALEXANDER DIRECTOR 1 0 X 0 0 0 DAN DENT DIRECTOR 1 0 X 0 0 0 JOSHUA REYES DIRECTOR 1 0 X 0 0 0 LORI ALAMBAR DIRECTOR 1 0 X 0 0 0 LORI DELEON DIRECTOR 1 0 X 0 0 0 ASIA HOWARD DIRECTOR 1 0 X 0 0 0 825134 0 72020 4 0 1 0 0 0 0 0 0 2478839 0 0 2478839 INTEREST on LOANS 522130 5860236 5860236 0 0 MEMBER FEES AND CHARGES 522130 5168055 5168055 0 0 LOAN FEE INCOME 522130 37166 37166 0 0 402986 402986 0 0 11468443 1367185 0 0 1367185 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 OTHER INCOME 900099 164873 0 164873 0 0 0 0 0 164873 15479340 11468443 164873 1367185 0 0 0 0 917153 0 2574706 111057 410795 263871 0 5170 48000 0 0 3264 973525 422256 2582990 266461 0 554757 31702 0 87219 1276083 0 376699 0 PROVISION FOR LOAN LOSS 361358 LOAN SERVICE FEES 358555 ASSOCIATION DUES 81069 STATE OF TEXAS OPERATING FEES 19250 12350 11738290 0 0 0 8049529 7526675 7396264 11980956 0 0 0 0 0 0 0 0 75793610 89669737 0 0 298412 811397 10220431 5601510 4871776 4618921 0 0 44238582 42238602 0 0 0 0 7942319 9233329 148590492 166079617 3409586 3548998 0 0 0 0 0 0 0 0 0 0 0 0 0 0 128733830 141377200 132143416 144926198 X 0 0 0 0 16447076 21153419 16447076 21153419 148590492 166079617 3741050 965293 0 0 0 0 X 0 1 X 0 1 1 309 0 0 0 0 0 Schedule C, Part I-A, Line 1 FIRST CENTRAL CREDIT UNION MADE A CONTRIBUTION TO THE CUNA/ACCUL NATIONAL ADVOCACY FUND. 0 1679906 1679906 0 3738378 1334269 2404109 0 102858 102858 0 0 4662084 4130964 531120 0 37205 33419 3786 4618921 0 0 AVAILABLE FOR SALE SECURITIES 31773360 F TIME DEPOSITS 10357165 C MEMBERSHIP CAPTIAL CATALYST CORPORATE 108077 C 42238602 CORPORATE OWNED LIFE INSURANCE 2256380 PACIFIC LIFE ANNUITY 2089634 OTHER RECEIVABLES 1860698 NCUA SHARE INSURANCE CAPITALIZATION DEP. 1233761 NORTHWESTERN MUTUAL LIFE INSURANCE 880000 NET TOTAL FORCLOSED & REPOSSESSED ASSETS 375006 ACCRUED INTEREST LOANS 350162 ACCRUED INTEREST INVESTMENTS 147316 RETURN CASH ITEMS-CHECKS 40339 CANDY BARS-INVENTORY 33 9233329 0 MEMBER SHARE ACCOUNTS 141377200 141377200 14624990 0 0 0 5664 5664 14619326 0 860014 860014 15479340 12308106 0 0 0 569816 569816 11738290 0 0 0 11738290 Schedule D, Part XI, Line 2d INTEREST INCOME: LOAN TO MEMBERS ON AUDITORS STATEMENT OF INCOME HAS A TOTAL OF $5,865,899, OUR TOTALS IS $5,860,235, A DIFFERENCE OF $5,664. Schedule D, Part XI, Line 4b The $860,014 is a CDFI Grant income error. The data we had when the end of year 2023 financials were completed showed that we had earned $2,478,839, however months later into 2024, a reporting data error was discovered. The correct calculations shows that we earned $1,618,825. The correct figure is reflected in the auditors statement of income. It is important to note that the remaining CDFI grant income was earned in 2024. We promptly notified CDFI of the reporting error and provided them with the correct information. Schedule D, Part XII, Line 2d The credit union made a planned and informed decision to accelerate the depreciation of our interactive teller machines by year end 2021 for the purpose of allocating future expenses for the construction of a new headquarters. The auditors set of financials has the depreciation of the machines scheduled over 60 months. The difference is a decrease of depreciation expense by $564,157. The remaining difference of $5,659 is related to loan expenses. 0 0 0 JO BETSY TYLER PRESIDENT/CEO 275255 0 46574 0 0 0 0 0 14624 0 336453 0 0 0 RACHAEL BOSSE SENIOR LENDING MANAGER 129583 0 15771 0 0 0 0 0 15614 0 160968 0 0 0 SHELLI McCOY CHIEF RETAIL OFFICER 138493 0 1200 0 0 0 0 0 13766 0 153459 0 0 ORLANDO RODRIGUEZ JR SENIOR ACCOUNTING AND IT MANAGER 119208 0 13914 0 0 0 0 0 14637 0 147759 0 0 0 LINDA GUNN SENIOR HR & TRAINING MANAGER 92210 0 12914 0 0 0 0 0 13379 0 118503 0 0 0 JO BETSY TYLER PRESIDENT/CEO VEHICLE X 52000 25258 0 0 1 LORI ALAMBAR DIRECTOR VEHICLE X 45306 36464 0 0 1 LORI ALAMBAR DIRECTOR FARM EQUIPMENT X 40524 32983 0 0 1 LORI ALAMBAR DIRECTOR HOME EQUITY X 25000 13089 0 0 1 LORI ALAMBAR DIRECTOR FARM EQUIPMENT X 11975 4983 0 0 1 LORI ALAMBAR DIRECTOR FARM EQUIPMENT X 51000 3036 0 0 1 LORI ALAMBAR DIRECTOR VEHICLE X 12000 3023 0 0 1 JOSH REYES DIRECTOR VEHICLE X 30000 21521 0 0 1 JOSH REYES DIRECTOR VEHICLE X 24679 19451 0 0 1 JOSH REYES DIRECTOR VEHICLE X 28310 10525 0 0 1 JOSH REYES DIRECTOR SIGNATURE X 8000 6254 0 0 1 LORI DELEON DIRECTOR VEHICLE X 6423 4293 0 0 1 LORI DELEON DIRECTOR SIGNATURE X 3400 2420 0 0 1 ASIA HOWARD DIRECTOR SIGNATURE X 22136 16843 0 0 1 200143 Form 990, Part VI, Section A, Line 6 FIRST CENTRAL CREDIT UNION IS A STATE OF TEXAS CHARTERED CREDIT UNION. A CREDIT UNION IS A MEMBER OWNED COOPERATIVE OF FINANCIAL SERVICES. Form 990, Part VI, Section A, Line 7a FIRST CENTRAL CREDIT UNION HAS A NOMINATING COMMITTEE THAT IS APPOINTED BY THE BOARD OF DIRECTORS TO SELECT CANDIDATES. THE CANDIDATES ARE PRESENTED TO THE MEMBERSHIP VIA THE CREDIT UNION NEWSLETTER. SHOULD SOMEONE CHOOSE TO RUN AGAINST A CANDIDATE, THEY WOULD NEED TO OBTAIN A PETITION WITH 75 MEMBER SIGNATURES TO CAUSE A BALLOT VOTE, OTHERWISE THE CANDIDATES SELECTED BY THE NOMINATING COMMITTEE WILL BE SELECTED. Form 990, Part VI, Section B, Line 11b FIRST CENTRAL CREDIT UNION'S BOARD OF DIRECTORS WILL REVIEW THE 2023 FORM 990 DURING A SCHEDULED MONTHLY BOARD MEETING BEFORE THE 2023 FORM 990 IS FILED. Form 990, Part VI, Section B, Line 12c OUR ORGANIZATION CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THE WRITTEN CONFLICT OF INTEREST POLICY, OUR BOARD OF DIRECTORS AND MANAGEMENT TEAM REVIEWS THIS POLICY ANNUALLY. Form 990, Part VI, Section B, Line 15 THE BOARD OF DIRECTORS BEGAN UTILIZING COMPENSATION REPORTS FROM AN INDEPENDENT COMPENSATION CONSULTANT SEVERAL YEARS AGO TO ASSIST IN THE ESTABLISHMENT OF THE CEO'S BASE SALARY, HENCEFORTH, THE BOARD OF DIRECTORS AND OUR HUMAN RESOURCES MANAGER MEET ANNUALLY TO DISCUSS AND DETERMINE THE CEO'S SALARY FOR THE YEAR. Form 990, Part VI, Section C, Line 19 FIRST CENTRAL CREDIT UNION MAKES ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO OUR MEMBERS UPON REQUEST AND OUR FINANCIAL STATEMENTS ARE POSTED MONTHLY FOR PUBLIC VIEWING IN EACH BRANCH'S ENTRANCE AREAS. Credit Union was waiting for 2023 Financial Statement Audit that was completed in September of 2024. The credit union successfully filed an extension .