Credit Unions In The State Of California
- Assets
- $255.6m
- Revenue
- $6.9m
- Investments
- $153.3m
- Employees
- 39
- Location
- San Jose, CA
- Founding
- 06/1961
- Data as of
- 12/2021
- EIN
- 94-0760540
Organization Overview
Credit Unions In The State Of California is located in San Jose, 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 12/2021, Credit Unions In The State Of California employed 39 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Credit Unions In The State Of California 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, Credit Unions In The State Of California generated $6.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.2% each year. All expenses for the organization totaled $6.1m during the year ending 12/2021. While expenses have increased by 0.2% 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
PACIFIC POSTAL CREDIT UNION BUILDS FINANCIAL PARTNERSHIPS AND PROVIDES COMPETITIVE SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PACIFIC POSTAL CREDIT UNION PROVIDES CONSUMER FINANCIAL SERVICES TO POSTAL AND CIVIL SERVICE EMPLOYEES AND THEIR FAMILIES IN A DESIGNATED GEOGRAPHICAL AREA IN CALIFORNIA. THE CREDIT UNION PROVIDES A VAST ARRAY OF LOAN PRODUCTS TO MEMBERS AT COMPETITIVE MARKET RATES AND LOWER THAN MARKET FEES. DURING 2021 THE CREDIT UNION PROVIDED A TOTAL OF $44,916,627 IN LOAN DOLLARS TO ITS MEMBERS AND AN ADDITIONAL $9,078,936 IN PARTICIPATION LOANS.
PACIFIC POSTAL CREDIT UNION PROVIDES DEPOSIT SERVICES TO MEMBERS AT LOWER THAN MARKET FEES. DURING 2021, MEMBERS INCREASED THEIR DEPOSIT ACCOUNTS TO $11,330,773 AND TOTAL MEMBERSHIP OF THE CREDIT UNION WAS 13,707 AT DECEMBER 31, 2021.
FOR THE YEAR-ENDED DECEMBER 31, 2021, PACIFIC POSTAL CREDIT UNION'S PERCENTAGE OF FEE INCOME EARNED AS A PERCENTAGE OF TOTAL INCOME WAS 15%, WHICH IS LESS THAN HALF OF THE INDUSTRY STANDARD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Fardad Khosravi President & CEO | Officer | 40 | $281,851 |
Paul Lindsley CFO | Officer | 40 | $143,216 |
David Clark It Manager | 40 | $123,040 | |
Karole Morikawa Marketing Manager | 40 | $122,497 | |
Elsa Pham Marketing Manager | 40 | $119,230 | |
Cyndee Lemon Operations Manager | 40 | $113,314 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Co-op Financial Services Atm Services | 12/30/21 | $255,106 |
Finastra Data Processing | 12/30/21 | $203,945 |
Fis Visa Processing | 12/30/21 | $118,412 |
Cubus Homebanking | 12/30/21 | $117,160 |
Tpx Communications | 12/30/21 | $112,677 |
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 | $5,175,320 |
| Investment income | $1,687,020 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$499 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,861,841 |
| 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 | $448,547 |
| Compensation of current officers, directors, key employees. | $467,610 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,998,818 |
| Pension plan accruals and contributions | $130,968 |
| Other employee benefits | $458,130 |
| Payroll taxes | $181,042 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $270,898 |
| Advertising and promotion | $177,428 |
| Office expenses | $90,966 |
| Information technology | $328,250 |
| Royalties | $0 |
| Occupancy | $400,173 |
| Travel | $29,962 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $86 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $91,913 |
| Insurance | $77,350 |
| All other expenses | $276,271 |
| Total functional expenses | $6,062,035 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $641,102 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $664,342 |
| Loans from Officers, Directors, or Controlling Persons | $3,165,765 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $84,286,925 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $478,732 |
| Net Land, buildings, and equipment | $259,806 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $153,324,335 |
| Investments—program-related | $0 |
| Intangible assets | $113,281 |
| Other assets | $12,637,179 |
| Total assets | $255,571,467 |
| Accounts payable and accrued expenses | $1,910,445 |
| 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 | $217,799,805 |
| Total liabilities | $219,710,250 |
| 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 | $35,861,217 |
| Total liabilities and net assets/fund balances | $255,571,467 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Credit Unions In The State Of California San Jose, CA | $681,759,070 | $22,054,983 |
Credit Unions In The State Of California Glendora, CA | $610,952,696 | $24,733,288 |
Sacramento Credit Union Sacramento, CA | $686,832,962 | $22,206,265 |
Safeamerica Credit Union Pleasanton, CA | $545,562,610 | $20,698,342 |
Wheelhouse Credit Union San Diego, CA | $389,094,591 | $17,122,868 |
1st Northern California Credit Union Martinez, CA | $878,372,297 | $16,635,726 |
Premierone Credit Union San Jose, CA | $564,442,079 | $17,632,094 |
Eagle Community Credit Union Lake Forest, CA | $329,547,938 | $17,550,263 |
Boulder Dam Credit Union Boulder City, NV | $864,129,621 | $17,427,262 |
Credit Unions In The State Of California Sacramento, CA | $267,106,457 | $14,853,588 |
Credit Unions In The State Of California Sacramento, CA | $521,811,500 | $16,140,124 |
Deer Valley Credit Union Phoenix, AZ | $248,381,939 | $11,691,961 |