Credit Unions in the State of New M First Finacial Credit Union
Nonprofit profile at a glance
- EIN
- 850102571
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Albuquerque, NM, USA
- Phone
- 5054621115
- Rating
- 42
- Verdict
- MIXED
- Rating confidence
- Moderate
Reported finances
- Revenue
- $68,194,766
- Expenses
- $65,598,291
- Assets
- $916,557,398
- Liabilities
- $845,455,521
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
17 people listed
Executive titles in this filing
- RONALD MOOREHEAD (PRESIDENT/CE)
Highest reported compensation
- RONALD MOOREHEAD (PRESIDENT/CE): $1,346,452 total reported compensation
- KAREN ORTIZ (EVP/COO): $645,313 total reported compensation
- STEVE COFFEY (CIO): $367,291 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
First financial credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members; at advantageous rates over those generally available from other banking sources.
What it reported doing in 2024
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.
Operating model
- Revenue model
- Earned-program. 91% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
The verdict
MIXED - Most voting board members are independent and revenue has grown recently. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 0
- Transparency & Controls: 59
- Accountability: 91
- Sustainability: 54
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 0%; rating input score 0
- Program expense ratio: 0%; rating input score 0
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 83.3%; rating input score 83; 0th percentile among comparable filings
- Pay-setting controls: 1 of 6 controls in place; rating input score 17
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
- Governance controls: 7 of 9 controls in place; rating input score 78
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 3.8%; rating input score 51; 51st percentile among comparable filings
- Total-asset coverage ratio: 13.97; rating input score 93; 93rd percentile among comparable filings
- Liabilities to assets ratio: 0.92; rating input score 10; 10th percentile among comparable filings
- Officer compensation ratio: 5.2%; rating input score 15; 15th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 8.3% per year; rating input score 100; 69th percentile among comparable filings
- Asset growth: 7.3% per year; rating input score 100; 54th percentile among comparable filings
Details
- Where the money goes: 0% of revenue deployed · 0% of spending went to programs
- Governance: 13 of 13 board members independent · 7 of 9 filing controls reported
- Programs: 3 filed program accomplishments
- Leadership: top reported pay $1.3M · 17 people listed · 1 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $7.8M reported
- Consistency: 12 of 15 current checks pass · 3 findings to review
- Schedules: 4 filed schedules · includes executive pay
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 7 filed money-flow records
- Related organizations: 1 filed related-organization link
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.
- High — Financial Efficiency: Mission deployment rate scored 0/100.
- High — Financial Efficiency: Program expense ratio scored 0/100.
- Review — Accountability: Governance controls: 2 of 9 not reported.
- Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
- Moderate — Transparency & Controls: Schedule D land buildings reconciliation did not reconcile in the filed values.
- Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
- Review — Sustainability: Operating margin scored 51/100.
- High — Sustainability: Liabilities to assets ratio scored 10/100.
- High — Sustainability: Officer compensation ratio scored 15/100.
- High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.