San Mateo Credit Union
- Assets
- $1.7b
- Revenue
- $59.3m
- Investments
- $8.2m
- Employees
- 250
- Location
- Redwood City, CA
- Founding
- 06/1961
- Data as of
- 12/2021
- EIN
- 94-1231186
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 12/2021, San Mateo Credit Union employed 250 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 12/2021, San Mateo Credit Union generated $59.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $46.6m during the year ending 12/2021. While expenses have increased by 4.5% 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.
Since 2016, San Mateo Credit Union has awarded 41 individual grants totaling $384,120. 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE A RANGE OF FINANCIAL PRODCUTS 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 2021, WE HAD APPROXIMATELY 106,000 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) | Role | Hours | Compensation |
|---|---|---|---|
Wade Painter President/ceo | Officer | 40 | $760,117 |
Valerie Alsip Evp/coo | Officer | 40 | $394,303 |
Jennifer Wilkinson Svp/clo | Officer | 40 | $306,160 |
David Diamond Vp, CFO | Officer | 40 | $293,070 |
Patricia Ellingson VP Real Estate Lending | Officer | 40 | $267,051 |
Rebecca Nixon VP Hr | Officer | 40 | $231,491 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pscu Credit Card Processor | 12/30/21 | $1,964,047 |
Visa Card Network Provider | 12/30/21 | $1,090,734 |
Alkami Technology Mobile Deposit | 12/30/21 | $1,031,978 |
Jack Henry & Associates Inc Core System | 12/30/21 | $792,723 |
Co-op Financial Services Atm & Debit Card Processor | 12/30/21 | $908,378 |
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 | $56,676,373 |
| Investment income | $188,663 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,477,395 |
| 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 | $59,342,431 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $59,870 |
| Grants and other assistance to domestic individuals. | $10,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $4,053,861 |
| Compensation of current officers, directors, key employees. | $4,052,290 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,592,766 |
| Pension plan accruals and contributions | $904,899 |
| Other employee benefits | $2,179,527 |
| Payroll taxes | $1,272,862 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $158,387 |
| Fees for services: Accounting | $323,886 |
| Fees for services: Lobbying | $9,830 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,582,430 |
| Advertising and promotion | $1,244,760 |
| Office expenses | $1,693,955 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,203,937 |
| Travel | $14,092 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $125,944 |
| Interest | $101,232 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,505,237 |
| Insurance | $230,298 |
| All other expenses | $374,111 |
| Total functional expenses | $46,583,108 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $18,839,192 |
| Savings and temporary cash investments | $467,846,541 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,311,069 |
| Loans from Officers, Directors, or Controlling Persons | $11,132,005 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,057,423,608 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $394,283 |
| Net Land, buildings, and equipment | $18,160,378 |
| Investments—publicly traded securities | $30,157,093 |
| Investments—other securities | $8,167,300 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $38,448,752 |
| Total assets | $1,651,880,221 |
| Accounts payable and accrued expenses | $22,864,036 |
| 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 | $1,465,468,955 |
| Total liabilities | $1,488,332,991 |
| 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 | $163,547,230 |
| Total liabilities and net assets/fund balances | $1,651,880,221 |
Grants Awarded
Over the last fiscal year, San Mateo Credit Union has awarded $59,870 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
Redwood City, CA PURPOSE: PAL GOLF TOURNAMENT | $11,500 |
Madison, WI PURPOSE: ANNUAL PROGRAM SUPPORT | $10,000 |
Redwood City, CA PURPOSE: 2021 ANNUAL FIRST FREE FRIDAYS SPONSORSHIP | $10,000 |
Redwood City, CA PURPOSE: SEMINAR SPONSORSHIP | $9,620 |
Redwood City, CA PURPOSE: SCHOLARSHIP DONATION TO ANNUAL AWARDS | $6,750 |
Redwood City, CA PURPOSE: MEMBERSHIP DRIVE DONATION | $6,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that San Mateo Credit Union has recieved totaling $5,625.
| Awarding Organization | Amount |
|---|---|
National Credit Union Foundation Inc Madison, WI PURPOSE: FINANCIAL HEALTH | $5,625 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Provident Credit Union Redwood City, CA | $3,536,838,918 | $114,626,988 |
Valley Strong Credit Union Bakersfield, CA | $3,451,789,893 | $131,789,936 |
Technology Credit Union San Jose, CA | $4,123,158,923 | $173,209,130 |
One Az Credit Union Phoenix, AZ | $3,043,080,305 | $105,409,190 |
Credit Unions In The State Of California San Diego, CA | $3,476,522,108 | $114,723,458 |
Premier America Credit Union Chatsworth, CA | $3,406,612,540 | $107,505,968 |
Vantage West Credit Union Tucson, AZ | $2,536,511,128 | $106,118,675 |
Altura Credit Union Riverside, CA | $2,322,631,067 | $106,884,732 |