2014-11-17T15:55:43-06:00 2013-12-31 261694946 SCHWARTZ COLE AND ASSOCIATES LLC 11776 W SAMPLE RD STE 106 CORAL SPRINGS FL 330653180 990 2013-01-01 850102571 CREDIT UNIONS IN THE STATE OF NEW M FIRST FINANCIAL CREDIT UNION CRED 5054621115 601 TIJERAS NW ALBUQUERQUE NM 87102 BEN HEYWARD PRESIDENT 5054621115 2014-11-17 true DANIEL J COLE P00055998 9547551760 2014-11-17 2013 2015-11-30 17:44:51Z RONALD MOOREHEAD 601 TIJERAS NW ALBUQUERQUE NM 87102 32165469 false X WWW.FFNM.COM X 1937 NM FIRST FINANCIAL CREDIT UNION IS A COOPERATIVE, NOT-FOR-PROFIT FINANCIAL INSTITUTION ORGANIZED TO PROMOTE THRIFT AND PROVIDE CREDIT TO MEMBERS; AT ADVANTAGED RATES OVER THOSE GENERALLY AVAILABLE FROM OTHER BANKING SOURCES. 8 8 231 43693 0 23708473 25647375 832886 -432654 0 24541359 25214721 0 0 10546623 11441502 0 0 10990991 14069186 21537614 25510688 3003745 -295967 399562426 415454922 362518012 378706177 37044414 36748745 FIRST FINANCIAL CREDIT UNION IS A COOPERATIVE, NOT-FOR-PROFIT FINANCIAL INSTITUTION ORGANIZED TO PROMOTE THRIFT AND PROVIDE CREDIT TO MEMBERS; AT ADVANTAGED RATES OVER THOSE GENERALLY AVAILABLE FROM OTHER BANKING SOURCES. false false INTEREST IS CHARGED AT MARKET RATES TO MEMBERS TO PROVIDE REVENUE TO PAY FOR THE COST OF THE FUNDS. FEES AND CHARGES ARE ASSESSED TO MEMBERS FOR FINANCIAL SERVICES. THESE FEES GENERATE THE REVENUE NECESSARY TO PAY THE COSTS TO PROVIDE THESE SERVICES. EARNINGS FROM THE INVESTMENTS. THE EXCESS OF FUNDS RECEIVED FROM MEMBERS, OVER THE AMOUNT LOANDED TO MEMBERS, AS WELL AS ACCUMULATED SURPLUS, IS INVESTED IN SECURITIES ALLOWED BY THE NCUA, AND THE CREDIT UNION'S GOVERNING DOCUMENTS. false false false false false false false false false true false false false true true true true false false false false false false false false false false false true false false false false false false false false false false false true false false true 12793 0 true 231 true true true false false false false false X 8 8 false false false false true true true true true false true true false true true true false true true true true true X RONALD MOOREHEAD 5057665600 601 TIJERAS NW ALBUQUERQUE NM 87102 CASSIE KELLEY CHAIRPERSON 5.00 X X 0 0 0 PABLO RAEL 2ND VICE CHR 5.00 X X 0 0 0 VICTOR PADILLA DIRECTOR 5.00 X 0 0 0 CATHY THOMAS DIRECTOR 5.00 X 0 0 0 JOHN BLUMENTHAL SEC/TREAS 5.00 X X 0 0 0 BOYD MILLER DIRECTOR 5.00 X 0 0 0 VINCENT ESPARZA 1ST VICE CHA 5.00 X X 0 0 0 LORETTA MONTOYA DIRECTOR 5.00 X 0 0 0 BEN HEYWARD FORMER PRESI 45.00 X 472218 0 12525 RONALD MOOREHEAD INTERIM CEO 45.00 X 261985 0 12656 KAREN BROTEN COO 45.00 X 138019 0 6635 ANDREW T SCHOL VP IT 45.00 X 126686 0 6067 GAVIN GILLETTE SR. VP OF AD 45.00 X 110106 0 5516 DAWN J DAL PORTO VP BRANCH OP 45.00 X 106879 0 7503 1215893 50902 6 false true false BENCHMARK REAL ESTATE 733 VALVERDE SE ALBUQUERQUE NM 87108 506178 DEBORAH SELIGMAN PO BOX 7806 ALBAQUERQUE NM 871947806 ATTORNEY 336474 2 LOAN INTEREST 16636328 16636328 FEES AND CHARGES 6235612 6235612 OTHER NON OPERATING INCOME 2731742 2731742 NON-MEMBER ATM FEES 525990 43693 43693 25647375 352570 352570 5252350 913174 5124400 1826348 127950 -913174 -785224 -785224 25214721 25171028 43693 841120 8038236 664372 1214625 683149 1468488 287449 1860380 293821 PROVISIONS FOR LOAN LOSSE 3725000 OFFICE OPERATIONS 2922873 PROFESSIONAL FEES 1442044 EDUCATIONAL AND PROMOTION 744722 1324409 25510688 0 0 0 11760086 12150404 23779859 30737277 312400017 308216428 21246916 11495114 10253939 9751802 22811011 35493273 18557514 19105738 399562426 415454922 2150096 2533189 360367916 376172988 362518012 378706177 X 37044414 36748745 37044414 36748745 399562426 415454922 -295967 298 X false true X true false 1443437 1443437 5747134 1134871 4612263 3783774 2663865 1119909 10272571 7696378 2576193 9751802 MEMBER SHARES 376172988 376172988 X 25214721 25214721 25214721 25510688 25510688 25510688 SCHEDULE D, PAGE 3, PART X FEDERAL AND STATE TAX EXEMPTION: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES. THE CUSO, HOWEVER, IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. THE INTERNAL REVENUE SERVICE (IRS) HAS ISSUED A CLARIFICATION IN THE FORM OF A TECHNICAL ADVICE MEMORANDUM (TAMS) ON THE ISSUE OF UNRELATED BUSINESS INCOME TAX (UBIT). THE IRS HAS INDICATED THIS MEMORANDUM WILL CLARIFY ITS POSITION ON WHAT TYPES OF REVENUE ARE SUBJECT TO UBIT. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE- CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS RELATED TO VARIOUS ACTIVITIES CONDUCTED BY STATE-CHARTERED CREDIT UNIONS. AT THIS TIME, THERE IS UNCERTAINTY REGARDING WHETHER THE CREDIT UNION SHOULD PAY INCOME TAX ON CERTAIN TYPES OF NET TAXABLE INCOME FROM ACTIVITIES THAT MAY BE CONSIDERED BY TAXING AUTHORITIES AS UNRELATED TO THE PURPOSE FOR WHICH THE CREDIT UNION WAS GRANTED NONTAXABLE STATUS. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. MANAGEMENT HAS EVALUATED THE CREDIT UNION'S TAX POSITIONS AND CONCLUDED THAT THE CREDIT UNION HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENTS TO THE FINANCIAL STATEMENTS. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES DEEMED TO BE UNRELATED TO THE CREDIT UNION'S NONTAXABLE STATUS IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. WHILE IT SEEMS LIKELY THAT CERTAIN INCOME STREAMS OF STATE CHARTERED CREDIT UNIONS WILL BE SUBJECT TO UBIT, THE ISSUE REMAINS OPEN. THE CREDIT UNION FILES IRS FORMS 990 AND 990T IN THE U.S. FEDERAL JURISDICTION AND HAS A DECEMBER 31 TAX YEAR END. X false false false BEN HEYWARD FORMER PRESIDENT 456066 16152 12525 8540 484743 RONALD MOOREHEAD INTERIM CEO / CFO 252625 9360 12656 13636 274641 FORM 990, PAGE 1, PART I, LINE 6 THE VOLUNTEERS FORM THE SUPERVISORY COMMITTEE WHICH OVERSEES THE ELECTION OF THE BOARD OF DIRECTORS AND ALSO REVIEWS THE AUDITS. FORM 990, PAGE 6, PART VI, LINE 6 MEMBERSHIP IS AVAILABLE TO ANYONE WHO QUALIFIES UNDER THE FIELD OF MEMBERSHIP, REQUESTS MEMBERSHIP, AND IS APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PAGE 6, PART VI, LINE 7A YES THERE IS A PROCESS FOR THE ELECTION OF MEMBERS. THE MEMBER MUST FIRST MEET CERTAIN REQUIREMENTS SUCH AS LENGTH OF TIME OF MEMBERSHIP, UNDERSTANDING OF HOW A CREDIT UNION WORKS, AND THE SERVICES OFFERED. THEY ARE THEN ELECTED TO NOMINATION BY A NOMINATING COMMITTEE OF 3 PEOPLE AFTER BEING EVALUATED BY THE COMMITTEE. THE MEMBER MUST THEN BE VOTED ONTO THE CREDIT UNIONS BOARD OF DIRECTORS BY OTHER MEMBERS. FORM 990, PAGE 6, PART VI, LINE 7B YES, CERTAIN DECISIONS WOULD BE APPROVED BY MEMBERSHIP. FORM 990, PAGE 6, PART VI, LINE 11B FORM 990 REVIEWED AT REGULARLY SCHEDULED BOARD MEETING. FORM 990, PAGE 6, PART VI, LINE 12C YES, THE ENFORCEMENT OF A CONFLICTS OF INTEREST POLICY IS ACTIVELY CARRIED OUT BY THE ORGANIZATION. THE POLICY IS PRINTED IN THE EMPLOYEE HANDBOOK AND IS ALSO INTEGRATED INTO THE BOARD OF DIRECTORS POLICIES. FORM 990, PAGE 6, PART VI, LINE 15A YES, COMPENSATION FOR TOP OFFICALS IS SUBJECT TO REVIEW AND APPROVAL BY THE BOARD. IN ADDITION, CREDIT UNION USES COMPENSATION COMMITTEE AND COMPENSATION SURVEY. FORM 990, PAGE 6, PART VI, LINE 15B YES, COMPENSATION FOR OFFICERS AND KEY EMPLOYEES IS SUBJECT TO REVIEW AND APPROVAL BY CEO AND VP OF HUMAN RESOURCES. SALARY SURVEYS ARE USED. FORM 990, PAGE 6, PART VI, LINE 19 THE BOOKS ARE AVAILABLE TO THE PUBLIC TO REVIEW UPON REQUEST. THE CALL REPORT IS ALSO OPEN TO THE PUBLIC TO REVIEW AND IS PUBLISHED ON THE NCUA WEBSITE. THE CURRENT MONTHS STATEMENT OF FINANCIAL POSITION IS POSTED IN THE LOBBY OF EACH BRANCH. FORM 990, PART XI, LINE 9 MISC 298 C U USER INC C U USER INC 601 TIJERAS NW ALBUQUERQUE NM 87102 850321660 INS. SALES NM N/A C CORP 59871 523148 1.00000 false false false false false false true false false false false false false false false false false false false false