The Golden 1 Credit Union
- Assets
- $18.3b
- Revenue
- $525.4m
- Investments
- $6.5b
- Employees
- 2,510
- Location
- Sacramento, CA
- Founding
- 01/2017
- Data as of
- 12/2021
- EIN
- 94-0362025
Organization Overview
The Golden 1 Credit Union is located in Sacramento, CA. The organization was established in 2017. 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, Golden 1 Credit Union employed 2,510 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Golden 1 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, Golden 1 Credit Union generated $525.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.2% each year. All expenses for the organization totaled $394.5m during the year ending 12/2021. While expenses have increased by 5.3% 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
THE GOLDEN 1 CREDIT UNION DELIVERS FINANCIAL SOLUTIONS WITH VALUE, CONVENIENCE, AND EXCEPTIONAL SERVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GOLDEN 1 OFFERS AN ARRAY OF DEPOSIT PRODUCTS TO OUR MEMBERSHIP, INCLUDING SAVINGS, CHECKING, MONEY MARKET, IRAS AND CERTIFICATES. WHILE EARNING COMPETITIVE DIVIDEND RATES, OUR MEMBERSHIP CAN ACCESS THEIR DEPOSITS THROUGH OUR BRANCH NETWORK, VIA AN ATM, ONLINE OR BY CALLING OUR MEMBER SERVICE CONTACT CENTER.
GOLDEN 1 OFFERS AN ARRAY OF COMPETITIVE LOAN OPTIONS TO OUR MEMBERSHIP, INCLUDING NEW AND USED AUTO, FIRST MORTGAGE, HOME EQUITY, CREDIT CARD AND PERSONAL LOANS. GOLDEN 1 STRIVES TO MAINTAIN COMPETITIVE PRICING AND A VARIETY OF LOAN PRODUCTS THAT MEET OUR MEMBER'S BORROWING NEEDS. MEMBERS CAN APPLY FOR LOANS IN A BRANCH, ONLINE, OR AT AN AUTO DEALERSHIP.
GOLDEN 1 OFFERS OUR MEMBERS AN ARRAY OF INSURANCE AND INVESTMENT-RELATED PRODUCTS SUCH AS CREDIT LIFE/CREDIT DISABILITY, MECHANICAL BREAKDOWN INSURANCE, GUARANTEED ASSET PROTECTION ANDFINANCIAL CONSULTING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Donna Bland Board Director And President/ceo | OfficerTrustee | 60 | $974,574 |
Deborah Merchain Home Loan Advisor - External | 50 | $918,074 | |
Kevin Cavanaugh Mgr - External Hl Production | 50 | $861,728 | |
Alan Russell Home Loan Advisor - External | 50 | $833,175 | |
Jamie Myers Home Loan Advisor - External | 50 | $833,108 | |
Yen Pham Home Loan Advisor - External | 50 | $697,717 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sacramento Kings Lp Advertising | 12/30/21 | $4,606,487 |
Avtex Solutions Llc Information Technology Services | 12/30/21 | $1,556,243 |
Dna Brand Mechanics Advertising | 12/30/21 | $3,809,661 |
J-co General And Steel Construction Construction | 12/30/21 | $2,874,913 |
Allied Universal Security Srvcs Security Services | 12/30/21 | $1,452,222 |
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 | $340,281,782 |
| Investment income | $63,864,957 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $9,540,385 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $525,382,897 |
| 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. | $18,081,823 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $125,365,063 |
| Pension plan accruals and contributions | $12,179,185 |
| Other employee benefits | $18,907,614 |
| Payroll taxes | $10,919,689 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,425,108 |
| Fees for services: Accounting | $715,460 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,455,972 |
| Advertising and promotion | $14,559,084 |
| Office expenses | $16,456,921 |
| Information technology | $17,180,375 |
| Royalties | $0 |
| Occupancy | $19,091,024 |
| Travel | $321,896 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $384,001 |
| Interest | $1,988,836 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $24,373,388 |
| Insurance | $743,733 |
| All other expenses | $9,470,108 |
| Total functional expenses | $394,456,753 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $146,952,057 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,527,226,544 |
| Loans from Officers, Directors, or Controlling Persons | $16,971,887 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $9,344,239,107 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $82,433,691 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $6,455,065,954 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $758,798,045 |
| Total assets | $18,331,687,285 |
| Accounts payable and accrued expenses | $2,769,767 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $16,647,034,203 |
| Total liabilities | $16,649,803,970 |
| 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 | $1,681,883,315 |
| Total liabilities and net assets/fund balances | $18,331,687,285 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Golden 1 Credit Union Sacramento, CA | $18,331,687,285 | $525,382,897 |
Patelco Credit Union Dublin, CA | $9,047,982,000 | $276,202,116 |
Onpoint Community Credit Union Portland, OR | $9,040,369,064 | $300,691,175 |
San Diego County Credit Union San Diego, CA | $10,817,931,463 | $305,241,036 |
Credit Unions In The State Of California Pasadena, CA | $5,170,841,754 | $207,665,347 |
Credit Unions In The State Of California Santa Rosa, CA | $7,428,683,362 | $248,972,690 |
Travis Credit Union Vacaville, CA | $4,695,813,134 | $194,928,518 |
Safe Credit Union Folsom, CA | $4,443,372,826 | $162,136,670 |
California Credit Union Glendale, CA | $4,290,889,688 | $164,391,792 |
Credit Unions In The State Of California Sunnyvale, CA | $11,067,829,708 | $197,844,755 |
Educational Employees Credit Union Fresno, CA | $4,681,848,243 | $140,033,802 |
Oregon Community Credit Union Eugene, OR | $2,826,121,126 | $182,242,816 |