Copper State Credit Union
- Assets
- $599.4m
- Revenue
- $24.1m
- Investments
- $2.9m
- Employees
- 236
- Location
- Phoenix, AZ
- Founding
- 10/1970
- Data as of
- 12/2021
- EIN
- 86-6050693
Organization Overview
Copper State Credit Union is located in Phoenix, AZ. The organization was established in 1970. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Copper State Credit Union employed 236 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Copper State Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Copper State Credit Union generated $24.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.0% each year . All expenses for the organization totaled $23.2m during the year ending 12/2021. While expenses have increased by 16.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE CREDIT TO MEMBERS, PROMOTE THRIFT TO MEMBERS AND PROVIDE FINANCIAL SERVICES TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED CREDIT IN 2021 TO 8,058 MEMBERS FOR $236,555,826. AS OF DECEMBER 31, 2021, 19,401 MEMBERS HAD $390,946,510 IN OUTSTANDING LOANS.
PROMOTE THRIFT TO 42,867 MEMBER WITH TOTAL DEPOSITS OF $529,756,266 AS OF DECEMBER 31, 2021.
PROVIDE FINANCIAL SERVICES, INCLUDING CHECKING ACCOUNTS, ATM/DEBIT CARDS, CREDIT CARDS, SAVINGS ACCOUNTS, CERTIFICATES OF DEPOSIT AND MONEY MARKET ACCOUNTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Scott President/ceo | Officer | 50 | $428,502 |
Anthony Rocha Financial Advisor | 50 | $221,132 | |
David Skilton Chief Financial Officer | Officer | 50 | $168,998 |
Gregory Albano Senior Vp/ Cio | 50 | $166,572 | |
Gregory Reiley Chief Lending Officer | 50 | $159,999 | |
Teresa Trostel Chief Risk Officer | 50 | $131,297 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Core Data System Services | 12/30/21 | $914,932 |
Alkami Technology Inc Online/mobile Banking Provider | 12/30/21 | $750,290 |
Fis- Fidelity Info Services Debit Card Processing Servicer | 12/30/21 | $571,762 |
Hyland Software Online Storage | 12/30/21 | $276,001 |
Diebold Atm Servicing And Sales | 12/30/21 | $245,321 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $22,719,656 |
| Investment income | $1,322,017 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $106,278 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,147,951 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $689,993 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,746,574 |
| Pension plan accruals and contributions | $384,049 |
| Other employee benefits | $881,888 |
| Payroll taxes | $686,358 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,901 |
| Fees for services: Accounting | $161,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $23,599 |
| Advertising and promotion | $1,080,518 |
| Office expenses | $2,970,477 |
| Information technology | $1,004,778 |
| Royalties | $0 |
| Occupancy | $858,723 |
| Travel | $23,158 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $132,249 |
| Interest | $1,130,376 |
| Payments to affiliates | $124,288 |
| Depreciation, depletion, and amortization | $962,720 |
| Insurance | $115,017 |
| All other expenses | $154,989 |
| Total functional expenses | $23,249,594 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,924,886 |
| Savings and temporary cash investments | $38,689,420 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $764,753 |
| Loans from Officers, Directors, or Controlling Persons | $7,638,000 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $389,218,477 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $805,298 |
| Net Land, buildings, and equipment | $21,496,427 |
| Investments—publicly traded securities | $120,435,730 |
| Investments—other securities | $2,940,693 |
| Investments—program-related | $0 |
| Intangible assets | $1,742,537 |
| Other assets | $12,762,339 |
| Total assets | $599,418,560 |
| Accounts payable and accrued expenses | $16,188,638 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $10,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $529,756,267 |
| Total liabilities | $555,944,905 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $43,473,655 |
| Total liabilities and net assets/fund balances | $599,418,560 |
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|---|---|---|
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