Overview
What is Credit Unions In The State Of New M First Financial Credit Union?
First Financial Credit Union, a cooperative not-for-profit financial institution based in Albuquerque, New Mexico (ZIP code 87107), operates under the name "Credit Unions in the State of New M." Established to promote thrift and provide credit to members, this credit union offers competitive rates that surpass those typically found in other banking sources. With a team of 107 employees, they charge interest at market rates to generate revenue and cover operational costs. First Financial Credit Union's mission is to serve its community by providing financial services to its members at advantageous rates.
Official website here: www.ffnm.com
Is Credit Unions In The State Of New M First Financial Credit Union legitimate?
Credit Unions In The State Of New M First Financial Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Credit Unions In The State Of New M First Financial Credit Union submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $1,991,766
Professional Fundraising Fees: $0
Other Salaries and Wages: $23,735,833
For more financial information, click here
Official website here: www.ffnm.com
What is the mission statement of Credit Unions In The State Of New M First Financial Credit Union?
First Financial Credit Union functions as a cooperative, not-for-profit financial institution dedicated to encouraging thrift and lending advantageous credit rates to its members. Established with the goal of offering competitive interest rates, the credit union aims to surpass the ones generally accessible from other banking sources. It derives revenue by charging market rates of interest to its members, ensuring financial sustainability.
Official website here: www.ffnm.com
What is the revenue of Credit Unions In The State Of New M First Financial Credit Union?
Credit Unions In The State Of New M First Financial Credit Union's revenue in 2024 was $68,194,766.
Official website here: www.ffnm.com
Who are the executives of Credit Unions In The State Of New M First Financial Credit Union and what are their salaries?
The average compensation at Credit Unions In The State Of New M First Financial Credit Union during 2024 was $90,910. There are 283 employees and 12 volunteers at Credit Unions In The State Of New M First Financial Credit Union.
Here are 17 key members and their salaries:
- Compensation: $1,324,215
- Related: $0
- Other: $22,237
- Compensation: $632,516
- Related: $0
- Other: $12,797
- Compensation: $355,175
- Related: $0
- Other: $12,116
- Compensation: $313,223
- Related: $0
- Other: $15,651
- Compensation: $258,431
- Related: $0
- Other: $12,947
- Compensation: $248,566
- Related: $0
- Other: $12,318
- Compensation: $196,357
- Related: $0
- Other: $9,821
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.ffnm.com
Where can I find the form 990 for Credit Unions In The State Of New M First Financial Credit Union?
Credit Unions In The State Of New M First Financial Credit Union's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.ffnm.com
Learn more at the official website: www.ffnm.com
Mission Statement of Credit Unions In The State Of New M First Financial Credit Union
First Financial Credit Union, a cooperative not-for-profit financial institution, was established with a mission to promote thrift and provide credit to members at advantageous rates compared to those generally available from other banking sources. By operating as a cooperative, First Financial Credit Union aims to offer financial services that prioritize the needs and wellbeing of its members.
At the heart of this credit union's mission lies its commitment to helping members save through thrift initiatives and borrow at favorable rates. The institution's primary goal is to provide affordable financial services, ensuring that members can access credit when needed while contributing to a collective pool of savings. This not-for-profit approach sets First Financial Credit Union apart from traditional banking sources, making it a valuable resource for individuals seeking a more community-oriented and member-focused financial solution.
First Financial Credit Union generates revenue by charging members interest on loans at market rates. While this may seem standard in the financial sector, the credit union's mission to prioritize its members' interests ensures that these rates remain competitive and more advantageous than those offered by other banking sources. By maintaining a strong focus on the financial wellbeing of its members, First Financial Credit Union fosters an environment of financial stability and growth.
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Impact
October, 2024
First Financial Credit Union significantly impacts the Albuquerque community and the broader state of New Mexico by providing accessible financial services tailored to the needs of its members. As a cooperative financial institution, it promotes thrift among its members and offers credit at favorable rates that often surpass those available from traditional banks. This accessibility to advantageous financial products encourages savings and responsible borrowing, empowering individuals to manage their finances effectively.
The credit union operates with the intention of returning value to its members rather than maximizing profit. By charging interest at competitive market rates and utilizing this revenue to cover operational costs, it ensures that the financial benefits flow back to the members in the form of lower fees, higher savings rates, and quality customer service. This member-centric approach not only fosters financial literacy and stability but also strengthens community ties by prioritizing the financial well-being of the community it serves.
Overall, First Financial Credit Union contributes to the economic vitality of New Mexico by boosting financial inclusion and creating a supportive environment for its members' economic growth.
This information is meant to be a general summary of Credit Unions In The State Of New M First Financial Credit Union. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2024.
- Investment Income: $5,898,395
- Program Service Revenue: $62,323,579
- Gross Receipts: $68,221,974
Assets and Liabilities:
- Total Assets: $861,940,972
- Total Liabilities: $796,345,871
- Net Assets: $65,595,101
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST
Revenue
$37,421,876
OTHER OPERATING INCOME
Revenue
$12,555,998
FEES AND CHARGES
Revenue
$11,503,998
NON-MEMBER ATM FEES
Revenue
$841,707
Organization Details
Founding Year
1937
Principal Officer
Yvonne Alaniz-Carpe
Website
www.ffnm.comNTEE Category
Code: W60 - Public benefit
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