2025-11-06T14:58:10-07:00 2024-12-31 990 2024-01-01 741137995 FIRST CENTRAL CREDIT UNION FIRS 2547769333 6201 SANGER AVENUE WACO TX 76710 JO BETSY TYLER PRESIDENT/CEO 2547769333 2025-05-15 1 2024 2025-03-06 01:10:19Z JO BETSY TYLER 6201 SANGER AVE WACO TX 76710 16211380 0 X WWW.FIRSTCENTRALCU.COM X CREDIT UNION 1937 TX SEE SCHEDULE O, FIRST PARAGRAPH 9 9 86 10 184616 0 2478839 0 11468443 13765277 1367185 1900237 164873 545866 15479340 16211380 0 0 0 0 4277582 4526815 0 0 0 7460708 10079748 11738290 14606563 3741050 1604817 166079617 168623164 144926198 145609432 21153419 23013732 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 74% 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 20,037 MEMBER OWNED ACCOUNTS AS OF DECEMBER 31, 2024. 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 5120 0 1 86 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 347628 0 15221 SHELLI McCOY CHIEF RETAIL OFFICER 40 0 X 147445 0 16383 RACHAEL BOSSE SENIOR LENDING MANAGER 40 0 X 140337 0 16341 ORLANDO RODRIGUEZ JR SENIOR ACCOUNTING AND IT MANAGER 40 0 X 130886 0 15466 LINDA GUNN SENIOR HR & TRAINING MANAGER 40 0 X 101514 0 14158 NICHOLAS COOK SENIOR IT MANAGER 40 0 X 100484 0 14115 LORI ALAMBAR CHAIRMAN 1 0 X 0 0 0 VICKI DECKARD 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 DAN DENT DIRECTOR 1 0 X 0 0 0 JOSHUA REYES DIRECTOR 1 0 X 0 0 0 GLENN WILLIAMSON 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 RONNIE JONES DIRECTOR 1 0 X 0 0 0 968294 0 91684 6 0 1 0 0 0 0 0 0 0 0 0 0 INTEREST on LOANS 522130 7841952 7841952 0 0 MEMBER FEES & CHARGES 522130 5893795 5893795 0 0 LOAN FEE INCOME 522130 29530 29530 0 0 0 0 0 0 13765277 1900237 0 0 1900237 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 184616 0 184616 0 OTHER INCOME-VISA 900099 361250 361250 0 0 0 0 0 0 545866 16211380 14126527 184616 1900237 0 0 0 0 1059977 0 2611427 113109 465938 276364 0 9845 51342 0 0 22393 1236288 563948 2677247 289403 0 536726 36065 0 100000 2422720 0 454640 0 PROVISION FOR LOAN LOSS 680271 LOAN SERVICE FEES 776746 ASSOCIATION DUES 77673 STATE OF TX OPERATING FEES 21974 122467 14606563 0 0 0 7526675 7481107 11980956 10065379 0 0 0 0 0 0 0 0 89669737 89355584 0 0 811397 972442 10270588 5956163 4618921 4314425 0 0 42238602 43876211 0 0 0 0 9233329 12558016 166079617 168623164 3548998 3013770 0 0 0 0 0 0 0 0 0 0 0 0 0 0 141377200 142595662 144926198 145609432 X 0 0 0 0 21153419 23013732 21153419 23013732 166079617 168623164 1604817 255496 0 0 0 0 X 0 1 X 0 1 1 310 0 0 0 0 0 Schedule C, Part I-A, Line 1 FIRST CENTRAL CREDIT UNION MADE A CONTRIBUTION TO THE CORNERSTONE LEAGUE AND AMERICA'S CREDIT UNIONS NATIONAL ADVOCACY FUND. 0 1544004 1544004 0 3785986 1452490 2333496 0 112374 107474 4900 0 4791019 4361188 429831 0 37205 35011 2194 4314425 AVAILABLE FOR SALE SECURITIES 33573971 F TIME DEPOSITS 10140169 C MEMBERSHIP CAPITAL CCFCU/FHLB STOCK MBR 162071 C 43876211 OTHER RECEIVABLES 4318471 CORPORATE OWNED LIFE INSURANCE 2313528 MET LIFE ANNUITY & CONTRA ACCOUNT 2197361 NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 1389993 NORTHWESTERN MUTUAL LIFE INSURANCE 990000 TOTAL FORCLOSED & REPOSSESSED ASSETS (NET) 497582 ACCRUED INTEREST ON LOANS 357321 PENN MUTUAL 288571 ACCRUED INTEREST ON INVESTMENTS 152696 RETURN CASH ITEMS-CKS 52493 12558016 0 ALL SHARE ACCOUNTS 142595662 142595662 16974016 0 0 860014 0 860014 16114002 0 97378 97378 16211380 14791265 0 0 0 282080 282080 14509185 0 97378 97378 14606563 Schedule D, Part XI, Line 2c 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 XI, Line 4b Audited set of financials has two of our expense accounts booked on their financials under income. Visa incentive expense for $113,467 and Charged off share items expense for $7,200. Audited set of financials has two accounts that they booked as expenses that we booked under income on our financials. Corporate owned life insurance expense is $7,176 and Indirect Lending Expense of $16,113. On First Central's books, both items are expenses but are netted out of our income. The net of all four items are as followed and reported as one reconciled amount: Visa Incentive Expense: $113,467, Charge Off Share Expense: $7,200, Less Corporate Owned Life Expense: ($7,176), Less Indirect Lending Expense ($16,113). Net total is $97,378. Schedule D, Part XII, Line 2d Audited set of financials has an extra depreciation expense for our ITM terminals that amount to $282,080. In 2021, the credit union made a planned and informed decision to accelerate the depreciation of our interactive teller machines by year end of 2021 for the purpose of allocating future expenses for the constructions of a new headquarters. The auditors set of financials has the depreciation scheduled over 60 months. Schedule D, Part XII, Line 4b Audited set of financials has two of our expense accounts booked on their financials under income. Visa incentive expense for $113,467 and Charged off share items expense for $7,200. Audited set of financials has two accounts that they booked as expenses that we booked under income on our financials. Corporate owned life insurance expense is $7,176 and Indirect Lending Expense of $16,113. On First Central's books, both items are expenses but are netted out of our income. The net of all four items are as followed and reported as one reconciled amount: Visa Incentive Expense: $113,467, Charge Off Share Expense: $7,200, Less Corporate Owned Life Expense: ($7,176), Less Indirect Lending Expense ($16,113). Net total is $97,378. 0 0 0 JO BETSY TYLER PRESIDENT/CEO 300479 0 47149 0 0 0 0 0 15221 0 362849 0 0 0 SHELLI McCOY CHIEF RETAIL OFFICER 146245 0 1200 0 0 0 0 0 16383 0 163828 0 0 0 RACHAEL BOSSE SENIOR LENDING MANAGER 139137 0 1200 0 0 0 0 0 16341 0 156678 0 0 0 ORLANDO RODRIGUEZ JR SENIOR ACCOUNTING AND IT MANAGER 129686 0 1200 0 0 0 0 0 15466 0 146352 0 0 0 LINDA GUNN SENIOR HR & TRAINING MANAGER 100314 0 1200 0 0 0 0 0 14158 0 115672 0 0 0 NICHOLAS COOK SENIOR IT MANAGER 99284 0 1200 0 0 0 0 0 14115 0 114599 0 0 0 LORI ALAMBAR DIRECTOR REC VEHICLE X 79984 76781 0 0 1 RONNIE JAMES DIRECTOR VEHICLE X 54200 30440 0 0 1 JO BETSY TYLER PRESIDENT VEHICLE X 52000 15716 0 0 1 LORI ALAMBAR DIRECTOR VEHICLE X 45305 29507 0 0 1 RONNIE JAMES DIRECTOR HOME EQUITY X 31300 13212 0 0 1 LORI ALAMBAR DIRECTOR LINE OF CREDIT X 23500 23561 0 0 1 CHERYL GRAVES DIRECTOR SIGNATURE X 16600 15106 0 0 1 LORI DELEON DIRECTOR VEHICLE X 4745 3509 0 0 1 LORI DELEON DIRECTOR SIGNATURE X 3400 3232 0 0 1 RONNIE JAMES DIRECTOR LINE OF CREDIT X 2000 1603 0 0 1 LORI DELEON DIRECTOR SIGNATURE X 1200 1145 0 0 1 213812 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 2024 FORM 990 DURING A SCHEDULED MONTHLY BOARD MEETING BEFORE THE 2024 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 SENIOR 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. We successfully filed an extension.