Copper State Credit Union
- Assets
- $609.5m
- Revenue
- $28.6m
- Investments
- $3.2m
- Employees
- 188
- Location
- Phoenix, AZ
- Founding
- 10/1970
- Data as of
- 12/2022
- 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 12/2022, Copper State Credit Union employed 188 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 12/2022, Copper State Credit Union generated $28.6m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 16.3% each year . All expenses for the organization totaled $24.8m during the year ending 12/2022. While expenses have increased by 15.3% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TO ENABLE OUR MEMBERFAMILIES TO ACHIEVE FINANCIAL PROSPERITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED CREDIT IN 2022 TO 6,594 MEMBERS FOR $187,995,646. AS OF DECEMBER 31, 2022, 20,101 MEMBERS HAD $446,558,209 IN OUTSTANDING LOANS.
PROMOTE THRIFT TO 44,484 MEMBERS WITH TOTAL DEPOSITS OF $541,974,644 AS OF DECEMBER 31, 2022.
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 |
|---|---|---|---|
Jerry Hartrim Director | Trustee | 1 | $3,600 |
Paul Waterman Treasurer | Trustee | 1 | $3,900 |
Andrew Roberts Chairperson | Trustee | 1 | $5,350 |
Erica Gibbons Director | Trustee | 1 | $4,100 |
Roger Zollinger Director | Trustee | 1 | $3,400 |
Chris Urness Director | Trustee | 1 | $1,400 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Alkami Technology Inc Online/mobile Banking Provider | 12/30/22 | $1,105,822 |
Fiserv Core Data System Services | 12/30/22 | $1,065,439 |
Fis- Fidelity Info Services Debit Card Processing Servicer | 12/30/22 | $677,036 |
Meridian Link Loan Application Server | 12/30/22 | $362,614 |
Colley Construction Construction | 12/30/22 | $305,674 |
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 | $25,589,159 |
| Investment income | $2,215,414 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $787,123 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,591,696 |
| 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. | $720,320 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,298,629 |
| Pension plan accruals and contributions | $370,482 |
| Other employee benefits | $782,223 |
| Payroll taxes | $660,609 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $800 |
| Fees for services: Accounting | $141,375 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,005,572 |
| Office expenses | $3,118,989 |
| Information technology | $1,128,257 |
| Royalties | $0 |
| Occupancy | $903,130 |
| Travel | $19,193 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $145,090 |
| Interest | $997,644 |
| Payments to affiliates | $138,241 |
| Depreciation, depletion, and amortization | $997,762 |
| Insurance | $168,813 |
| All other expenses | $854,213 |
| Total functional expenses | $24,827,520 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,020,740 |
| Savings and temporary cash investments | $12,042,730 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $400,868 |
| Loans from Officers, Directors, or Controlling Persons | $7,638,000 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $444,402,470 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $682,940 |
| Net Land, buildings, and equipment | $21,264,277 |
| Investments—publicly traded securities | $103,221,265 |
| Investments—other securities | $3,172,893 |
| Investments—program-related | $0 |
| Intangible assets | $1,379,291 |
| Other assets | $12,257,523 |
| Total assets | $609,482,997 |
| Accounts payable and accrued expenses | $9,509,404 |
| 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 | $25,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $541,974,644 |
| Total liabilities | $576,484,048 |
| 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 | $32,998,949 |
| Total liabilities and net assets/fund balances | $609,482,997 |