San Mateo Credit Union

Organization Overview

San Mateo Credit Union is located in Redwood City, 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 12/2022, San Mateo Credit Union employed 252 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. San Mateo 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, San Mateo Credit Union generated $70.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.0% each year. All expenses for the organization totaled $51.8m during the year ending 12/2022. While expenses have increased by 5.3% 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.

Since 2016, San Mateo Credit Union has awarded 48 individual grants totaling $524,170. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

PROVIDE A RANGE OF FINANCIAL PRODUCTS AND SERVICES TO IMPROVE THE FINANCIAL LIVES OF OUR MEMBERS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

SAN MATEO CREDIT UNION IS A FINANCIAL COOPERATIVE SERVING THE COMMUNITIES WITHIN SAN MATEO COUNTY, CITY OF PALO ALTO AND SELECT NEIGHBORHOODS IN SAN FRANCISCO. WE HAVE SEVEN BRANCHES THROUGHOUT THESE GEOGRAPHICAL AREAS AND A HEADQUARTERS OFFICE LOCATED IN REDWOOD CITY, CALIFORNIA. AS OF YEAR-END 2022, WE HAD 90,768 MEMBER-OWNERS. WE OFFER OUR MEMBERS A WIDE ARRAY OF RETAIL FINANCIAL PRODUCTS AND SERVICES, AND WE PROVIDE FINANCIAL EDUCATION TO YOUTH AND ADULTS THROUGHOUT THE COMMUNITIES WE SERVE. SMCU OFFERS AN ARRAY OF CONSUMER FINANCIAL PRODUCTS, INCLUDING RESIDENTIAL REAL ESTATE LOANS, AUTOMOBILE LOANS, SECURED AND UNSECURED LOANS AND CREDIT CARDS, AS WELL AS CHECKING, SAVINGS AND CERTIFICATE OF DEPOSIT ACCOUNTS.


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Board, Officers & Key Employees

Name (title)Compensation
Wade Painter
Ceo/president
$801,842
Valerie Alsip
Evp/coo
$559,420
David Diamond
Vp, Chief Financial Officer
$401,435
Patricia Ellingson
Svp, Chief Lending Officer
$379,450
Rebecca Nixon
VP Employee Relations
$322,343
Doreen Szymankski
VP Member Experience
$285,006

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Visa
Card Network Provider
$2,816,927
Pscu
Credit Card Processor
$1,618,903
Jack Henry & Associates
Core System Services
$585,951
Alkami Technology
Mobile Deposit Services
$1,123,469
Financial Technology Solutions Intl Inc
Atm Servicing
$501,521
View All Vendors

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$59,827,484
Investment income $8,905,205
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $1,335,771
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $70,068,460

Grants Awarded

Over the last fiscal year, San Mateo Credit Union has awarded $140,050 in support to 7 organizations.

Grant RecipientAmount

NATIONAL CREDIT UNION FOUNDATION

PURPOSE: ANNUAL PROGRAM SUPPORT

$60,000

SAN MATEO COUNTY COMMUNITY COLLEGES FOUNDATION (SMCCCF)

PURPOSE: SPONSORSHIPS AND SCHOLARSHIPS

$16,300

CHILDREN'S MIRACLE NETWORK

PURPOSE: WINE AUCTION

$26,450

REDWOOD CITY POLICE ACTIVITIES LEAGUE

PURPOSE: ANNUAL PROGRAM SUPPORT AND GOLF EVENT

$11,800

SAN MATEO COUNTY HISTORICAL ASSOCIATION

PURPOSE: ANNUAL PROGRAM SUPPORT

$10,750

CHAMBER SAN MATEO COUNTY

PURPOSE: PROGRESS SEMINAR SPONSORSHIP

$8,000
View Grant Profile

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