2024-10-28T15:58:50-05:00 2023-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 751084210 FIRST BASIN CREDIT UNION FIRS 4323335600 7100 E TX HWY 191 ODESSA TX 79765 SHEM CULPEPPER CEO 4323335600 2024-10-28 1 0 JEREMY SMITH P02536780 2482443000 2023 2024-10-15 13:58:12Z SHEM CULPEPPER 2740 NORTH COUNTY ROAD WEST ODESSA TX 79764 19937091 0 X WWW.FIRSTBASIN.COM X 1965 TX VOLUNTARY, COOPERATIVE, NOT-FOR-PROFIT SAVINGS INSTITUTION (CREDIT UNION) INCORPORATED UNDER THE PROVISIONS OF THE TEXAS CREDIT UNION ACT, FOR THE PURPOSE OF ENCOURAGING THRIFT AMONG MEMBERS, PROVIDING CREDIT AT A FAIR AND REASONABLE RATE OF INTEREST AND PROVIDING AN OPPORTUNITY TO IMPROVE A MEMBER'S ECONOMIC CONDITION. 6 6 145 6 62440 0 0 0 16444279 18204094 1238965 1101263 1009649 631734 18692893 19937091 0 0 0 0 7019853 7454354 0 0 0 8905582 11466678 15925435 18921032 2767458 1016059 322243586 314372660 297193497 287857768 25050089 26514892 THE PURPOSE OF THE CREDIT UNION IS TO ENCOURAGE THRIFT AMONG MEMBERS, PROVIDE CREDIT AT A FAIR AND REASONABLE RATE OF INTEREST AND PROVIDE AN OPPORTUNITY TO IMPROVE THE MEMBER'S ECONOMIC CONDITION. 0 0 LOANS TO MEMBERS DEPOSIT ACCOUNTS CARD SERVICES 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4255 0 1 145 1 1 1 0 0 0 0 0 0 0 X 6 6 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X ANA GONZALEZ 4324386013 7100 E TX HWY 191 ODESSA TX 79765 SAMUEL GONZALEZ CHAIPERSON 1.00 X 4800 0 0 GARY WINDHAM BOARD SECRETARY 1.00 X 4800 0 0 REBECCA MARLER BOARD TREASURER 1.00 X 4000 0 0 WESLEY BURNETT BOARD MEMBER 1.00 X 4800 0 0 CATHY LARACUENTE BOARD MEMBER 1.00 X 4800 0 0 STEVE COMPTON BOARD VICE CHAIRPERSON 1.00 X 2000 0 0 SHEM CULPEPPER CHIEF EXECUTIVE OFFICER 40.00 X 398046 0 72220 ANA GONZALEZ CHIEF FINANCIAL OFFICER 40.00 X 148271 0 10505 TIMOTHY O'REILLY CHIEF MARKETING OFFICER 40.00 X 224441 0 40530 BRADLEY STILLWELL CHIEF OPERATIONS OFFICER 40.00 X 154681 0 5945 WILLIAM DOUGLAS SYPOLT CHIEF LENDING OFFICER 40.00 X 165420 0 11111 JULIA TARIN CHIEF RETAIL OFFICER 40.00 X 149426 0 9215 1265485 0 149526 6 0 1 0 JACK HENRY AND ASSOCIATES PO BOX 609 MONETT MO 65708 CORE SYSTEM PROVIDER 851815 LANVERA LTD 112 WRANGLER DR STE 150 COPELL TX 75019 MEMBER STATEMENTS PROVIDER 242546 JSA ARCHITECTS 415 N JACKSON AVE ODESSA TX 79761 CONSTRUCTION 201643 COWBOYS STADIUM LP P O BOX 840015 DALLAS TX 75284 BUSINESS DEVELOPMENT 182498 PRO FOUND RECOVERY SOLUTIONS 11618 FAIR OAKS BLVD SUITE 101 FAIR OAKS CA 95628 RECOVERIES 168903 10 LOAN INCOME 522100 11661124 11661124 FEE INCOME 522100 6480530 6480530 FINANCE AND INSURANCE 520000 62440 62440 18204094 1101263 1101263 MISCELLANEOUS INCOME 522100 537079 537079 LIQUIDATION OF SOUTHWEST CORPORAT 522100 94655 94655 631734 19937091 18773388 62440 1101263 X 919213 4961946 96958 1085200 391037 60000 156061 880166 758277 2561697 657260 2585 73591 1533380 34278 1134618 101137 PROVISION FOR LOAN LOSS 1625117 MISCELLANEOUS 652534 MAINTENANCE 637494 LOAN SERVICING EXPENSES 388528 209955 18921032 5412794 5530704 33644205 3719902 200042213 219027660 538279 444401 31656690 6973858 25567439 24682832 53581064 53981238 893700 937900 2563892 6048023 322243586 314372660 8710565 8100852 6700000 288482932 273056916 297193497 287857768 X 0 0 0 0 25050089 26514892 25050089 26514892 322243586 314372660 X 1016059 1929256 -1480512 X X 0 1 X 1 0 0 0 5533948 5533948 20310709 2769813 17540896 30900 25491 5409 5781133 4178554 1602579 24682832 MEMBER SHARES 273056916 273056916 X 19937091 0 19937091 0 19937091 18921032 0 18921032 0 18921032 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE AND INTERNAL REVENUE CODE SECTION 501(C)(14), FROM FEDERAL INCOME TAX. X 1 1 X X 0 1 0 SHEM CULPEPPER CHIEF EXECUTIVE OFFICER 314681 0 72509 0 10856 0 66339 0 5881 0 470266 0 0 0 TIMOTHY O'REILLY CHIEF MARKETING OFFICER 178544 0 45897 0 0 0 34585 0 5945 0 264971 0 0 0 WILLIAM DOUGLAS SYPOLT CHIEF LENDING OFFICER 148689 0 16731 0 0 0 9045 0 2066 0 176531 0 0 0 BRADLEY STILLWELL CHIEF OPERATIONS OFFICER 147121 0 3177 0 4383 0 0 0 5945 0 160626 0 0 0 ANA GONZALEZ CHIEF FINANCIAL OFFICER 146281 0 1990 0 0 0 8875 0 1630 0 158776 0 0 0 JULIA TARIN CHIEF RETAIL OFFICER 147436 0 1990 0 0 0 8867 0 348 0 158641 0 0 0 PART I, LINE 4B SHEM CULPEPPER AND TIM O'REILLY PARTICIPATED IN A 457(F) FOR WHICH THE CREDIT UNION ACCRUED $47,106 AND $23,553, RESPECTIVELY DURING 2023. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION IS A CREDIT UNION, WHICH IS A NOT-FOR-PROFIT ORGANIZATION. THE CREDIT UNION HAS MEMBERS AND THESE MEMBERS HAVE THE RIGHT TO ELECT THE GOVERNING BODY OF THE CREDIT UNION, AND THE MEMBERS MAY RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IF DECIDED UPON BY THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7A EACH PRIMARY SHAREHOLDER OR MEMBER OF THE CREDIT UNION THAT HAS $25 DEPOSITED INTO THEIR REGULAR SHARE ACCOUNT IS CONSIDERED A MEMBER IN GOOD STANDING AND IS AFFORDED ONE VOTE FOR ELECTION OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS OF THE CREDIT UNION HAS DELEGATED THE AUTHORITY TO REVIEW AND APPROVE THE SUBMISSION OF THE FORM 990 TO THE PRESIDENT/CEO OF THE CREDIT UNION. ONCE THE PRESIDENT/CEO HAS APPROVED THE INFORMATION REPORTED ON THE FORM, THE INFORMATION IS MADE AVAILABLE TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION HAS IMPLEMENTED A SEGREGATION OF DUTIES TO HELP MINIMIZE THE EVENT OF A PERSON IN A POSITION OF AUTHORITY BENEFITTING FINANCIALLY FROM A DECISION. POLICIES HAVE BEEN WRITTEN TO HELP MITIGATE SUCH OCCURENCES, AND THESE POLICIES ARE REVIEWED ON A YEARLY BASIS BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION USES COMPEASE THAT WILL PROVIDE PAYROLL DATA FOR POSITIONS ACROSS THE COUNTRY WITHIN THE CREDIT UNION INDUSTRY. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION WILL ALLOW MEMBERS TO REVIEW GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY UPON REQUEST. THE FINANCIAL STATEMENTS ARE POSTED MONTHLY AT EACH BRANCH, REVIEWED DURING THE CREDIT UNION'S ANNUAL MEETING, AND DISCLOSED IN THE QUARTERLY CALL REPORT WHICH IS AVAILABLE ON THE NCUA'S WEBSITE. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 156,061. FORM 990, PART IX, LINE 24E TRAINING/DEVELOPMENT/EDUCATION 209,955. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -1,480,512. FORM 990, PART XII, LINE 2C THE CREDIT UNION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.