1st United Credit Union
- Assets
- $1.2b
- Revenue
- $51.2m
- Investments
- $7.5m
- Employees
- 184
- Location
- Pleasanton, CA
- Founding
- 06/1961
- Data as of
- 12/2023
- EIN
- 94-0335800
Organization Overview
1st United Credit Union is located in Pleasanton, CA. The organization was established in 1961. 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 12/2023, 1st United Credit Union employed 184 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 1st United 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 12/2023, 1st United Credit Union generated $51.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $46.4m during the year ending 12/2023. While expenses have increased by 5.9% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE A LIFETIME OF SIMPLER, FASTER, FRIENDLIER FINANCIAL SERVICES FOR OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
1ST UNITED CREDIT UNION OFFERS A COMPREHENSIVE PORTFOLIO OF SAVINGS AND LOAN PRODUCTS FOR MEMBERS. 1ST UNITED'S PRODUCTS ARE AN EXCELLENT VALUE, COMPETITIVELY PRICED AND EASY TO PURCHASE. ALL OF OUR PRODUCTS ARE AVAILABLE TO MEMBERS THROUGH OUR EXTENSIVE BRANCH NETWORK, VIA OUR MEMBER SERVICES CALL CENTER OR ONLINE AT 1STUNITEDCU.ORG.
1ST UNITED CREDIT UNION OFFERS FINANCIAL PLANNING AND INVESTMENT SERVICES FOR OUR MEMBERS. THESE SERVICES ARE AVAILABLE TO ALL MEMBERS OF THE CREDIT UNION AND ARE DELIVERED THROUGH CUSO FINANCIAL SERVICES, A REGISTERED BROKER-DEALER.
AT 1ST UNITED CREDIT UNION, WE ARE KNOWN IN THE COMMUNITY FOR OUR FINANCIAL EDUCATION PROGRAM. THE CREDIT UNION OFFERS FINANCIAL EDUCATION AND FRAUD PREVENTION SEMINARS ON-SITE AT LOCAL SCHOOLS AND OTHER COMMUNITY MEETING PLACES, AND SELF-STUDY MATERIALS ON OUR WEBSITE AT 1STUNITEDCU.ORG.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Howard T Garrigan Bod Member | Trustee | 1 | $0 |
Dave Macdonald Chairperson | Trustee | 2 | $0 |
Steve Manning Vice Chairperson | Trustee | 1 | $8,020 |
Susan Muranishi Bod Member | Trustee | 1 | $0 |
Patrick O'connell Bod Member | Trustee | 1 | $7,188 |
Veleta Savanah Bod Member | Trustee | 1 | $1,274 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry & Associates Inc Core Processor | 12/30/23 | $1,275,478 |
Synergi Partners Inc Incentive Consulting | 12/30/23 | $524,100 |
Gateway Services Group Llc Investment Services | 12/30/23 | $488,655 |
Integrated Builders Groupinc Design-build Contractor | 12/30/23 | $428,195 |
Bridge It Consulting Inc It Consultant | 12/30/23 | $326,232 |
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 | $42,931,126 |
| Investment income | $8,355,919 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,137,582 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $51,170,118 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $18,915 |
| 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. | $3,504,476 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,974,896 |
| Pension plan accruals and contributions | $979,268 |
| Other employee benefits | $2,357,085 |
| Payroll taxes | $1,136,497 |
| Fees for services: Management | $128,050 |
| Fees for services: Legal | $154,844 |
| Fees for services: Accounting | $113,621 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $46,298 |
| Fees for services: Other | $296,271 |
| Advertising and promotion | $801,141 |
| Office expenses | $269,106 |
| Information technology | $3,079,641 |
| Royalties | $0 |
| Occupancy | $1,451,966 |
| Travel | $11,205 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $229,198 |
| Interest | $11,104,700 |
| Payments to affiliates | $118,302 |
| Depreciation, depletion, and amortization | $1,000,800 |
| Insurance | $298,371 |
| All other expenses | $2,076,299 |
| Total functional expenses | $46,369,301 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,668,282 |
| Savings and temporary cash investments | $76,126,053 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $133,580 |
| Loans from Officers, Directors, or Controlling Persons | $3,258,973 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $878,276,275 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,593,995 |
| Net Land, buildings, and equipment | $5,859,552 |
| Investments—publicly traded securities | $223,562,586 |
| Investments—other securities | $7,501,600 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $21,529,863 |
| Total assets | $1,224,510,759 |
| Accounts payable and accrued expenses | $12,754,860 |
| 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 | $13,630,431 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,085,988,372 |
| Total liabilities | $1,112,373,663 |
| 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 | $112,137,096 |
| Total liabilities and net assets/fund balances | $1,224,510,759 |
Grants Awarded
Over the last fiscal year, 1st United Credit Union has awarded $26,829 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ALAMEDA COUNTY FOOD BANK PURPOSE: FOOD BANK SERVICES | $12,250 |
TOYS FOR TOTS PURPOSE: CHARITABLE DONATION | $14,579 |