Credit Unions In The State Of California
- Assets
- $207.6m
- Revenue
- $5.7m
- Investments
- $0.0
- Employees
- 43
- Location
- Stockton, CA
- Founding
- 09/1961
- Data as of
- 12/2021
- EIN
- 94-1215832
Organization Overview
Credit Unions In The State Of California is located in Stockton, 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 43 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 $5.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $5.8m during the year ending 12/2021. While expenses have increased by 1.1% 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
A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PREMIER COMMUNITY CREDIT UNION PROVIDES LOAN PRODUCTS TO OUR MEMBERS AT VERY COMPETITIVE RATES. FOR THE YEAR ENDED 12/31/21, THE TOTAL LOANS GRANTED TO OUR MEMBERS WAS $27,776,934.PREMIER COMMUNITY CREDIT UNION ONLY MAKES LOANS TO ITS MEMBERS THAT RESIDE OR WORK IN SAN JOAQUIN COUNTY. UNLIKE MULTI-NATIONAL CONGLOMERATES, OUR LOANS ARE MADE TO THE MEMBERS OF OUR LOCAL COMMUNITIES. THE CREDIT UNION USES A CONSERVATIVE APPROACH TO LENDING, AND HAS NEVER SOLD A SUBPRIME LOAN PRODUCT TO ITS MEMBERSHIP. THE CREDIT UNION KEEPS AND SERVICES THE LOANS IT MAKES TO OUR MEMBERS, SO THE SUCCESS OF OUR ORGANIZATION IS DETERMINED BY MAKING GOOD LOANS TO OUR MEMBERS THAT THEY CAN AFFORD.
PREMIER COMMUNITY CREDIT UNION ALSO PROVIDES SAVINGS PRODUCTS TO OUR MEMBERS. LIKE MANY CREDIT UNIONS ACROSS THE NATION, PREMIER COMMUNITY CREDIT UNION HAS OFFERED NEARLY FREE CHECKING ACCOUNTS TO OUR MEMBERS FOR MANY YEARS, SAVING WELL OVER $100.00 PER CHECKING ACCOUNT JUST ON MONTHLY MAINTENANCE FEES ALONE. OUR SCHEDULE OF FEES IS GENERALLY LESS EXPENSIVE THAN MANY OTHER COMPETING INSTITUTIONS WHICH BENEFITS OUR MEMBERSHIP AND PROMOTES THRIFT.
PREMIER COMMUNITY CREDIT UNION ALSO PROVIDES OPPORTUNITIES FOR ITS MEMBERS TO UTILIZE CONVENIENT ELECTRONIC SERVICES. THE CREDIT UNION PROCESSES VISA DEBIT AND VISA CREDIT CARD TRANSACTIONS, AUDIO RESPONSE, HOME-BANKING AND BILL-PAYER TRANSACTIONS. THE CREDIT UNION ALSO SUPPORTS POINT OF SALE ELECTRONIC TRANSACTIONS AND OWNS ATM MACHINES TO MAKE IT EASIER FOR MEMBERS TO HAVE ACCESS TO THEIR ACCOUNTS ON A 24/7 BASIS. THE CREDIT UNION BELONGS TO A SURCHARGE FREE CREDIT UNION OWNED ATM NETWORK SO THAT MEMBERS CAN USE ANOTHER CREDIT UNION'S ATM MACHINE WITHOUT PAYING A SURCHARGE. THE CREDIT UNION ALSO PARTICIPATES IN A SHARED BRANCHING ARRANGEMENT TO MAKE BANKING EVEN MORE CONVENIENT FOR OUR MEMBERS SO THAT THEY CAN PERFORM NORMAL BANKING TRANSACTIONS FROM ANY CREDIT UNION WITHIN THE NETWORK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Russel Hagen CEO | Officer | 50 | $169,228 |
Allan Patterson Chairperson | Trustee | 1 | $0 |
Jacalyn Davis Vice Chairperson | Trustee | 1 | $0 |
Linda Mora Board Treasurer | Trustee | 1 | $0 |
Hank Klor Board Member | Trustee | 1 | $0 |
Emily Nicholas Supervisory Committee Member | Trustee | 1 | $0 |
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 | $4,810,405 |
| Investment income | $928,965 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $8,821 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,748,191 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $169,228 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,084,551 |
| Pension plan accruals and contributions | $41,378 |
| Other employee benefits | $363,632 |
| Payroll taxes | $140,533 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $44,202 |
| Fees for services: Accounting | $77,959 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $786,033 |
| Advertising and promotion | $62,206 |
| Office expenses | $345,296 |
| Information technology | $547,208 |
| Royalties | $0 |
| Occupancy | $242,869 |
| Travel | $19,764 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $111,521 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $269,007 |
| Insurance | $3,275 |
| All other expenses | $28,429 |
| Total functional expenses | $5,790,640 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,888,617 |
| Savings and temporary cash investments | $27,132,188 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $335,848 |
| Net Land, buildings, and equipment | $3,467,201 |
| Investments—publicly traded securities | $96,581,583 |
| Investments—other securities | $0 |
| Investments—program-related | $69,827,195 |
| Intangible assets | $0 |
| Other assets | $5,356,109 |
| Total assets | $207,588,741 |
| Accounts payable and accrued expenses | $1,735,705 |
| 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 | $191,703,991 |
| Total liabilities | $193,439,696 |
| 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 | $14,149,045 |
| Total liabilities and net assets/fund balances | $207,588,741 |
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 |