2024-11-06T13:26:16-06:00 2023-12-31 750882037 BOLINGER SEGARS GILBERT AND MOSS LLP 8215 NASHVILLE AVENUE LUBBOCK TX 79423 990 2023-01-01 750921163 CAPROCK SANTA FE CREDIT UNION CAPR 8068285825 PO BOX 100 SLATON TX 79364 ANN MARIE WRIGHT PRESIDENT 8068285825 2024-11-04 1 1 MATT R WILLIS P00419741 8067473806 2024-11-04 X 2023 2024-10-15 13:58:12Z ANN MARIE WRIGHT PO BOX 100 SLATON TX 79364 2796690 0 2742 X WWW.CSFCU.COM X 1954 TX THE CREDIT UNION WAS ESTABLISHED TO PROVIDE QUALITY FINANCIAL SERVICES TO ITS MEMBERS. 9 9 12 10 20870 586 0 0 1802445 1846660 462461 850381 133304 99649 2398210 2796690 9106 8795 0 0 680367 707144 0 0 0 692196 1081029 1381669 1796968 1016541 999722 49104994 48611211 30984915 29692971 18120079 18918240 THE MISSION OF THE CREDIT UNION IS TO SERVE OUR MEMBERSHIP BY PROVIDING STABILITY, MEMBER DRIVEN SERVICES, COMPETITIVE RATES AND REASONABLE FEES, PERSONAL SERVICE, AND TECHNICAL ADVANCES THAT ENHANCE AND EXPAND SERVICES. 0 0 THE CREDIT UNION SERVED ITS MEMBERSHIP BY HOLDING DEPOSITS FOR AND MAKING LOANS TO ITS APPROXIMATELY 4,547 MEMBERS WHO COMPRISED 8,620 DIFFERENT ACCOUNTS DURING THE YEAR. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 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 1077 0 12 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 0 1 1 1 0 X ANN MARIE WRIGHT 8068285825 405 RAILROAD AVE SLATON TX 79364 ANN MARIE WRIGHT PRESIDENT/CEO 40.00 X 135893 0 16464 MIKE GREEN CHAIRMAN 2.00 X X 0 0 0 PAULA MILLER VICE CHAIRMAN 2.00 X X 0 0 0 JUANITA HEATHINGTON SEC/TREAS 2.00 X X 0 0 0 W L RICE 123 - 423 BOARD MEMBER 1.00 X 0 0 0 MICKEY COLE BOARD MEMBER 2.00 X 0 0 0 KEITH CREAGER BOARD MEMBER 2.00 X 0 0 0 ANGELA POLK BOARD MEMBER 1.50 X 0 0 0 BENNY ARGUELLO BOARD MEMBER 1.00 X 0 0 0 DARLENE JONES BOARD MEMBER 2.00 X 0 0 0 TOMMY JOHNSON 423 - 1223 BOARD MEMBER 2.00 X 0 0 0 135893 0 16464 1 0 1 0 0 INTEREST FROM MEMBERS 522100 1617941 1617941 FEE INCOME 522100 228719 228719 1846660 850381 850381 INSURANCE & MISC.INC 524298 99649 78779 20870 99649 2796690 2775820 20870 0 6270 2525 152357 320685 192370 41732 55011 54038 13761 55493 55076 62472 2715 496605 37122 20371 PROVISION FOR LOAN LOSS 151351 SHARE DRAFT ACCOUNT 45320 DUES 16238 CREDIT REPORTS 15456 1796968 269364 247945 31034890 30327261 16855791 17129486 34051 33703 983892 514946 470966 468946 439932 403870 49104994 48611211 228045 186146 30756870 29506825 30984915 29692971 X 371287 371287 0 0 17748792 18546953 18120079 18918240 49104994 48611211 X 999722 -201561 0 X X 0 0 0 1050 1050 637787 227212 410575 345055 287734 57321 468946 MEMBER SHARES AND SAVINGS 29292964 ACCRUED INTEREST 97304 OTHER ACCRUED EXPENSES 8751 ACCRUED EMPLOYEE BENEFITS 107806 29506825 X PART X, LINE 2: THE CREDIT UNION HAS ADOPTED THE "UNCERTAIN TAX POSITIONS" PROVISIONS OF ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. THE PRIMARY TAX POSITION OF THE CORPORATION IS ITS FILING STATUS AS A TAX EXEMPT ENTITY. THE CREDIT UNION DETERMINED THAT IT IS MORE LIKELY THAN NOT THAT ITS TAX POSITIONS WILL BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE (IRS), OR OTHER STATE TAXING AUTHORITIES. THE CREDIT UNION IS NO LONGER SUBJECT TO EXAMINATIONS BY FEDERAL TAXING AUTHORITIES FOR YEARS BEFORE 2021. THERE WERE NO PENALTIES OR INTEREST DURING THE YEARS ENDED JUNE 30, 2024 AND 2023. X X X 0 0 0 ANN MARIE WRIGHT PRESIDENT/CEO 135893 0 0 0 0 0 3840 0 12624 0 152357 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION WAS FORMED BY THE MEMBERS TO PROVIDE QUALITY FINANCIAL SERVICES TO ITS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE CREDIT UNION VOTE ON THE BOARD OF DIRECTORS. ELECTIONS ARE DONE ON A ONE MEMBER ONE VOTE BASIS. FORM 990, PART VI, SECTION B, LINE 11B EACH DIRECTOR WILL BE GIVEN A COPY OF THE FORM 990 AT THE BOARD MEETING PRIOR TO FILING THE FORM WITH THE INTERNAL REVENUE SERVICE. THE FORM 990 WILL BE DISCUSSED AND QUESTIONS WILL BE ANSWERED. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS ARE REQUIRED TO REVIEW AND BE FAMILIAR WITH THE POLICIES OUTLINED IN THE ORGANIZATION'S CONFLICT OF INTEREST POLICY. ADDITIONALLY, THE BOARD OF DIRECTORS ARE REQUIRED TO DISCLOSE ANY ACTION OR SITUATION THAT MIGHT VIOLATE THE POLICY TO THE FULL BOARD OF DIRECTORS AS SOON AS POSSIBLE. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS USE A COMPENSATION SURVEY PREPARED BY THE CORNERSTONE CREDIT UNION LEAGUE, WHEN DETERMINING THE COMPENSATION OF THE TOP MANAGEMENT OFFICIAL. THE PRESIDENT/CEO, AS THE TOP MANAGEMENT OFFICIAL, IS THE ONLY EMPLOYEE OFFICER OF THE CREDIT UNION. THE CREDIT UNION DOES NOT HAVE ANY OTHER EMPLOYEES MEETING THE DEFINITION OF OFFICER OR KEY EMPLOYEE. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION WILL PROVIDE A COMPLETE COPY OF ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS TO ANY MEMBER WHO REQUESTS A COPY OF ANY SUCH DOCUMENT, AT THE CREDIT UNION'S OFFICE IN SLATON, TX. FORM 990, PART XII, LINE 2B: AUDITED FINANCIAL STATEMENTS WERE PREPARED BY AN INDEPENDENT ACCOUNTANT FOR THE CREDIT UNION'S FISCAL YEAR END OF JUNE 30TH. THE TAX RETURN HAS BEEN AND CONTINUES TO BE PREPARED BASED ON A CALENDAR YEAR END OF DECEMBER 31. THE BOARD AS A WHOLE IS RESPONSIBLE FOR OVERSEEING THE FINANCIAL STATEMENT AUDIT AND SELECTING THE INDEPENDENT FINANCIAL STATEMENT AUDITOR. FORM 990, PART XI, LINE 8: ON JANUARY 1, 2023, THE CREDIT UNION ADOPTED ASU 2016-13 FINANCIAL INSTRUMENTS CREDIT LOSSES, TOPIC 326. THIS STANDARD REPLACED THE PREVIOUS PROBABLE INCURRED LOSS MODEL WHICH INCORPORATED ONLY KNOWN INFORMATION AS OF THE BALANCE SHEET DATE. THE EXPECTED CREDIT LOSS MODEL IS BASED ON MANAGEMENT'S BEST ESTIMATE OF LIFETIME EXPECTED CREDIT LOSSES (ECL) INHERENT IN THE CREDIT UNION'S RELEVANT FINANCIAL ASSETS. THERE ARE TWO COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES: RESERVES ON POOLED LOANS SHARING RISK CHARACTERISTICS (PORTFOLIO SEGMENTS) AND INDIVIDUALLY EVALUATED LOANS THAT DO NOT FIT WITHIN A PORTFOLIO SEGMENT. FOR LOANS, THE ECL IS TYPICALLY ESTIMATED USING QUANTITATIVE METHODS THAT CONSIDER A VARIETY OF FACTORS SUCH AS HISTORICAL LOSS EXPERIENCE, THE CURRENT CREDIT QUALITY OF THE PORTFOLIO AS WELL AS SUPPORTABLE FORECASTS OF THE ECONOMIC OUTLOOK OVER THE LIFE OF THE LOAN. ON JANUARY 1, 2023, THE CREDIT UNION EARLY ADOPTED THE GUIDANCE PROSPECTIVELY WITH A CUMULATIVE ADJUSTMENT TO UNDIVIDED EARNINGS.