TY 2013 Form 990

(A)
Name and Title

(B)
Average hours per week (list any hours for related organizations below dotted line)

(D)
Reportable compensation from the organization (W- 2/1099-MISC)

(E)
Reportable compensation from related organizations (W- 2/1099-MISC)

(F)
Estimated amount of other compensation from the organization and related organizations

(1) Louie Baca........................................................................
President

1.00
.......................0.00

(2) James Knecht........................................................................
Secretary

1.00
.......................0.00

(3) Norman McDonald........................................................................
Treasurer

1.00
.......................0.00

(4) Horacio Padilla........................................................................
Vice President

1.00
.......................0.00

(5) Paul Baca........................................................................
Board Member

1.00
.......................0.00

(6) Gerry Troyer........................................................................
Manager/ CEO

40.00
.......................0.00

73,821

3,112

(A)
Name and Title

(B)
Average hours per week (list any hours for related organizations below dotted line)

(D)
Reportable compensation from the organization (W- 2/1099-MISC)

(E)
Reportable compensation from related organizations (W- 2/1099-MISC)

(F)
Estimated amount of other compensation from the organization and related organizations

(A)
Name and business address

(B)
Description of services

Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization MediumBullet

Do not include amounts reported on lines 6b, 7b, 8b, 9b, and 10b of Part VIII.	(A) Total expenses	(B) Program service expenses	(C) Management and general expenses	(D) Fundraising expenses
1	Grants and other assistance to governments and organizations in the United States. See Part IV, line 21	0
2	Grants and other assistance to individuals in the United States. See Part IV, line 22	0
3	Grants and other assistance to governments, organizations, and individuals outside the United States. See Part IV, lines 15 and 16	0
4	Benefits paid to or for members	0
5	Compensation of current officers, directors, trustees, and key employees ....	76,933
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) ....	0
7	Other salaries and wages	229,169
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	2,866
9	Other employee benefits .......	9,828
10	Payroll taxes ...........	28,750
11	Fees for services (non-employees):
a	Management ......	0
b	Legal .........	220
c	Accounting ...........	7,980
d	Lobbying ...........	0
e	Professional fundraising services. See Part IV, line 17	0
f	Investment management fees ......	0
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O) ........	5,505
12	Advertising and promotion ....	141
13	Office expenses .......	70,256
14	Information technology ......	0
15	Royalties ..	0
16	Occupancy ...........	30,215
17	Travel ............	11,662
18	Payments of travel or entertainment expenses for any federal, state, or local public officials ......	0
19	Conferences, conventions, and meetings ....	4,712
20	Interest ...........	0
21	Payments to affiliates .......	0
22	Depreciation, depletion, and amortization .....	23,627
23	Insurance ..............	22,110
24	Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a	Dividend expense	169,341
b	Provision for loan losses	76,000
c	Fiserv Data Expense	42,622
d	Miscellaneous	42,205
e	All other expenses	104,492
25	Total functional expenses. Add lines 1 through 24e	958,634	0	0	0
26	Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).

Do not include amounts reported on lines 6b,
7b, 8b, 9b, and 10b of Part VIII.

(A)
Total expenses

(B)
Program service expenses

(D)
Fundraising expenses

Grants and other assistance to governments and organizations in the United States. See Part IV, line 21

Grants and other assistance to individuals in the United States. See Part IV, line 22

Grants and other assistance to governments, organizations, and individuals outside the United States. See Part IV, lines 15 and 16

Benefits paid to or for members

Compensation of current officers, directors, trustees, and key employees ....

76,933

Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) ....

Other salaries and wages

229,169

Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....

2,866

Other employee benefits .......

9,828

Payroll taxes ...........

28,750

Fees for services (non-employees):

Management ......

Legal .........

220

Accounting ...........

7,980

Lobbying ...........

Professional fundraising services. See Part IV, line 17

Investment management fees ......

Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O) ........

5,505

Advertising and promotion ....

141

Office expenses .......

70,256

Information technology ......

Royalties ..

Occupancy ...........

30,215

Travel ............

11,662

Payments of travel or entertainment expenses for any federal, state, or local public officials ......

Conferences, conventions, and meetings ....

4,712

Interest ...........

Payments to affiliates .......

Depreciation, depletion, and amortization .....

23,627

Insurance ..............

22,110

Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)

Dividend expense

169,341

Provision for loan losses

76,000

Fiserv Data Expense

42,622

Miscellaneous

42,205

All other expenses

104,492

Total functional expenses. Add lines 1 through 24e

958,634

Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here MediumBullet

if following SOP 98-2 (ASC 958-720).

Part X Balance Sheet Check if Schedule O contains a response or note to any line in this Part X ..............
	1	Cash–non-interest-bearing .............	841,172	1	882,767
2	Savings and temporary cash investments .........	3,087,922	2	3,329,541
3	Pledges and grants receivable, net ...........		3	0
4	Accounts receivable, net .............		4	0
5	Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of Schedule L ..................
			5	0
6	Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations (see instructions) Complete Part II of Schedule L
			6	0
7	Notes and loans receivable, net .............	12,875,939	7	13,026,568
8	Inventories for sale or use ..............		8	0
9	Prepaid expenses and deferred charges ..........		9	0
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	475,513
b	Less: accumulated depreciation .....	10b	335,067	134,057	10c	140,446
11	Investments—publicly traded securities ..........		11	0
12	Investments—other securities. See Part IV, line 11 .....		12	0
13	Investments—program-related. See Part IV, line 11 .....	5,685,299	13	5,855,299
14	Intangible assets ...............		14	0
15	Other assets. See Part IV, line 11 ...........	450,405	15	365,696
16	Total assets. Add lines 1 through 15 (must equal line 34)......	23,074,794	16	23,600,317
	17	Accounts payable and accrued expenses .........	21,631	17	28,108
18	Grants payable .................		18
19	Deferred revenue ................		19
20	Tax-exempt bond liabilities .............		20
21	Escrow or custodial account liability. Complete Part IV of Schedule D..		21
22	Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
	persons. Complete Part II of Schedule L..........		22
23	Secured mortgages and notes payable to unrelated third parties ..		23
24	Unsecured notes and loans payable to unrelated third parties ....		24
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17-24). Complete Part X of Schedule D....................	20,175,061	25	20,612,107
26	Total liabilities. Add lines 17 through 25.........	20,196,692	26	20,640,215
		Organizations that follow SFAS 117 (ASC 958), check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets ..............		27
28	Temporarily restricted net assets ...........		28
29	Permanently restricted net assets ...........		29
	Organizations that do not follow SFAS 117 (ASC 958), check here and complete lines 30 through 34.
30	Capital stock or trust principal, or current funds ........	274,488	30	274,488
31	Paid-in or capital surplus, or land, building or equipment fund .....		31
32	Retained earnings, endowment, accumulated income, or other funds	2,603,614	32	2,685,614
33	Total net assets or fund balances ...........	2,878,102	33	2,960,102
34	Total liabilities and net assets/fund balances ........	23,074,794	34	23,600,317

Part X Balance Sheet Check if Schedule O contains a response or note to any line in this Part X ..............

(A)
Beginning of year

(B)
End of year

Cash–non-interest-bearing .............

841,172

882,767

Savings and temporary cash investments .........

3,087,922

3,329,541

Pledges and grants receivable, net ...........

Accounts receivable, net .............

Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of
Schedule L ..................

Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations (see instructions) Complete Part II of Schedule L

Notes and loans receivable, net .............

12,875,939

13,026,568

Inventories for sale or use ..............

Prepaid expenses and deferred charges ..........

10a

Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D

10a

475,513

Less: accumulated depreciation .....

10b

335,067

134,057

10c

140,446

Investments—publicly traded securities ..........

Investments—other securities. See Part IV, line 11 .....

Investments—program-related. See Part IV, line 11 .....

5,685,299

5,855,299

Intangible assets ...............

Other assets. See Part IV, line 11 ...........

450,405

365,696

Total assets. Add lines 1 through 15 (must equal line 34)......

23,074,794

23,600,317

Accounts payable and accrued expenses .........

21,631

28,108

Grants payable .................

Deferred revenue ................

Tax-exempt bond liabilities .............

Escrow or custodial account liability. Complete Part IV of Schedule D..

Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified

persons. Complete Part II of Schedule L..........

Secured mortgages and notes payable to unrelated third parties ..

Unsecured notes and loans payable to unrelated third parties ....

Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17-24). Complete Part X of Schedule D....................

20,175,061

20,612,107

Total liabilities. Add lines 17 through 25.........

20,196,692

20,640,215

Organizations that follow SFAS 117 (ASC 958), check here MediumBullet

and complete lines 27 through 29, and lines 33 and 34.

Unrestricted net assets ..............

Temporarily restricted net assets ...........

Permanently restricted net assets ...........

Organizations that do not follow SFAS 117 (ASC 958), check here MediumBullet

and complete lines 30 through 34.

Capital stock or trust principal, or current funds ........

274,488

Paid-in or capital surplus, or land, building or equipment fund .....

Retained earnings, endowment, accumulated income, or other funds

2,603,614

2,685,614

Total net assets or fund balances ...........

2,878,102

2,960,102

Total liabilities and net assets/fund balances ........

23,074,794

23,600,317

	(a) Donor advised funds	(b) Funds and other accounts
1	Total number at end of year .........
2	Aggregate contributions to (during year) ...
3	Aggregate grants from (during year) .....
4	Aggregate value at end of year ........


a	Total number of conservation easements .......................	2a
b	Total acreage restricted by conservation easements ..................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
d	Number of conservation easements included in (c) acquired after 8/17/06, and not on a historic structure listed in the National Register ....................	2d

		Amount
c	Beginning balance .................................	1c
d	Additions during the year ..............................	1d
e	Distributions during the year .............................	1e
f	Ending balance ...................................	1f

Description of property	(a) Cost or other basis (investment)	(c) Accumulated depreciation	(d) Book value
1a	Land .................	11,694		11,694
b	Buildings ................	255,641	171,550	84,091
c	Leasehold improvements ............
d	Equipment ................	198,825	154,164	44,661
e	Other .................	9,353	9,353
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).).......	140,446

Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return Complete if the organization answered 'Yes' to Form 990, Part IV, line 12a.
1	Total revenue, gains, and other support per audited financial statements .......	1
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains on investments ..........	2a
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIII.) ............	2d
e	Add lines 2a through 2d .....................	2e
3	Subtract line 2e from line 1.....................	3
4	Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b .	4a
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b.......................	4c
5	Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......	5

Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' to Form 990, Part IV, line 12a.
1	Total expenses and losses per audited financial statements ...........	1
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities ..........	2a
b	Prior year adjustments ..............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIII.) ............	2d
e	Add lines 2a through 2d......................	2e
3	Subtract line 2e from line 1.....................	3
4	Amounts included on Form 990, Part IX, line 25, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b ..	4a
b	Other (Describe in Part XIII.) ............	4b
c	Add lines 4a and 4b.......................	4c
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......	5

- TIN:

SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or to provide any additional information.
MediumBullet

Attach to Form 990 or 990-EZ.
MediumBullet

Information about Schedule O (Form 990 or 990-EZ) and its instructions is at
www.irs.gov/form990.

OMB No. 1545-0047

2013

Open to Public
Inspection

Name of the organization

Belen Railway Employees Credit Union

Employer identification number

85-0234701

Return Reference	Explanation
Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder	The Credit Union is owned and governed by its members.
Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body	Members own shares, elect board members, and vote on issues such as mergers and charter conversions.
Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders	Board and management decisions affect fees members pay, interest rates they are charged for loans, services the credit union offers, and whether members receive dividend payments.
Form 990, Part VI, Line 11b: Form 990 Review Process	Form 990 is prepared by an outside preparer and is given to the principal officer and board to review.
Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts	Adherence to Credit Union regulations.
Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees	Approval by the Board of Directors.
Form 990, Part VI, Line 19: Other Organization Documents Publicly Available	Credit Union members can obtain information about their credit union by attending the annual meeting for members, specifically requesting information from the credit union, and reading credit union newsletters.Available upon request:1. Articles of Incorporation and Bylaws2. Financial Statements3. IRS Form 990 Information Return4. Non-confidential pages of quarterly call reports; also available online at the NCUA websiteAvailable at the annual meeting:1. Amendments to Bylaws or Articles of Incorporation2. Summary of annual supervisory committee procedures
Form 990, Part IX, Line 24e: Other Expenses	Association Dues: Column (A) - Total = $14438; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0
Form 990, Part IX, Line 24e: Other Expenses	ATM Service Fees: Column (A) - Total = $15189; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0
Form 990, Part IX, Line 24e: Other Expenses	Credit Report Charges: Column (A) - Total = $4318; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0
Form 990, Part IX, Line 24e: Other Expenses	Debit Card Expense: Column (A) - Total = $11079; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0
Form 990, Part IX, Line 24e: Other Expenses	Education & Promotion: Column (A) - Total = $9231; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0
Form 990, Part IX, Line 24e: Other Expenses	Examination Fee Expense: Column (A) - Total = $5400; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0
Form 990, Part IX, Line 24e: Other Expenses	Life Savings Insurance: Column (A) - Total = $16789; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0
Form 990, Part IX, Line 24e: Other Expenses	Loan Servicing Expense: Column (A) - Total = $2369; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0
Form 990, Part IX, Line 24e: Other Expenses	NCUSIF Stable Exp Assessment : Column (A) - Total = $16647; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0
Form 990, Part IX, Line 24e: Other Expenses	Other Expenses: Column (A) - Total = $9032; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2013

Additional Data

Software ID:	13000170
Software Version:	2013v3.1

1	Briefly describe the organization’s mission or most significant activities: New Mexico state chartered credit union providing financial services to its members as provided by the New Mexico Credit Union Act.
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	5
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	5
5	Total number of individuals employed in calendar year 2013 (Part V, line 2a) ......	5	9
6	Total number of volunteers (estimate if necessary) .............	6
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	0
b	Net unrelated business taxable income from Form 990-T, line 34 .........	7b

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........		0
9	Program service revenue (Part VIII, line 2g) .........	920,478	926,059
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	69,939	76,693
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	32,056	37,882
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)...................	1,022,473	1,040,634
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...		0
14	Benefits paid to or for members (Part IX, column (A), line 4).....		0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	278,842	347,546
16a	Professional fundraising fees (Part IX, column (A), line 11e).....		0
b	Total fundraising expenses (Part IX, column (D), line 25) 0
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e)....	557,233	611,088
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	836,075	958,634
19	Revenue less expenses. Subtract line 18 from line 12.......	186,398	82,000
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	23,074,794	23,600,317
21	Total liabilities (Part X, line 26).............	20,196,692	20,640,215
22	Net assets or fund balances. Subtract line 21 from line 20.....	2,878,102	2,960,102

Sign Here

	Signature of officer	Date

	Type or print name and title


4a	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )
	New Mexico state chartered credit union providing financial services to its members as provided by the New Mexico Credit Union Act.

4b	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4c	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4d	Other program services (Describe in Schedule O.)
	(Expenses $ including grants of $ ) (Revenue $ )
4e	Total program service expenses

				(A) Total revenue	(B) Related or exempt function revenue	(C) Unrelated business revenue	(D) Revenue excluded from tax under sections 512-514
1a	Federated campaigns..1a
b	Membership dues....1b
c	Fundraising events....1c
d	Related organizations...1d
e	Government grants (contributions)1e

f	All other contributions, gifts, grants, and similar amounts not included above1f

g	Noncash contributions included in lines 1a-1f:$
h	Total. Add lines 1a-1f.......			0
			Business Code
2a	Fee Income		522210	58,332	58,332
b	Loan Income		522210	867,727	867,727
c
d
e
f	All other program service revenue .
g	Total. Add lines 2a–2f........			926,059
3	Investment income (including dividends, interest, and other similar amounts).......			76,693	76,693
4	Income from investment of tax-exempt bond proceeds..			0
5	Royalties...........			0
		(i) Real	(ii) Personal
6a	Gross rents
b	Less: rental expenses
c	Rental income or (loss)
d	Net rental income or (loss).......			0
		(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory
b	Less: cost or other basis and sales expenses
c	Gain or (loss)
d	Net gain or (loss)..........			0
8a	Gross income from fundraising events (not including $ of contributions reported on line 1c). See Part IV, line 18 ..
	a
b	Less: direct expenses ...b
c	Net income or (loss) from fundraising events..			0
9a	Gross income from gaming activities. See Part IV, line 19 ...
	a
b	Less: direct expenses ...b
c	Net income or (loss) from gaming activities...			0
10a	Gross sales of inventory, less returns and allowances .
	a
b	Less: cost of goods sold ..b
c	Net income or (loss) from sales of inventory..			0
Miscellaneous Revenue			Business Code
11a	Debit Card & Other Rev.		522100	37,882	37,882
b
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......			37,882
12	Total revenue. See Instructions......			1,040,634	1,040,634

1b	Sub-Total................
c	Total from continuation sheets to Part VII, Section A....
d	Total (add lines 1b and 1c)............	73,821	3,112

(A) Name and business address	(B) Description of services	(C) Compensation





2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 0

		(a)Current year	(b)Prior year	b (c)Two years back	(d)Three years back	(e)Four years back
1a	Beginning of year balance ....
b	Contributions ........
c	Net investment earnings, gains, and losses
d	Grants or scholarships .....
e	Other expenditures for facilities and programs ........
f	Administrative expenses ....
g	End of year balance ......

(a) Description of security or category (including name of security)		(b)Book value	(c) Method of valuation: Cost or end-of-year market value
(1)Financial derivatives
(2)Closely-held equity interests
Other








Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)

1.(a) Description of liability		(b) Book value
Federal income taxes
Shares and deposits		20,612,107








Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)		20,612,107
2. Liability for uncertain tax positions In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII ..................................................