Compass Community Credit Union
- Assets
- $173.1m
- Revenue
- $6.2m
- Investments
- $0.0
- Employees
- 27
- Location
- Eureka, CA
- Founding
- 05/1961
- Data as of
- 12/2023
- EIN
- 94-1265580
Organization Overview
Compass Community Credit Union is located in Eureka, 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 12/2023, Compass Community Credit Union employed 27 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Compass Community 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 12/2023, Compass Community Credit Union generated $6.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.1% each year . All expenses for the organization totaled $6.4m during the year ending 12/2023. While expenses have increased by 22.3% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
NON-PROFIT STATE CHARTERED NATURAL PERSON CREDIT UNION. PROVIDING COMPETITIVELY PRICED FINANCIAL SERVICES TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED COMPETITIVELY PRICED DEPOSIT AND LOAN ACCOUNTS SERVICES TO OUR MEMBERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ray Litchfield CEO | Officer | 40 | $367,325 |
Pamela Turner Evp | Officer | 40 | $229,425 |
Bruce Lund VP | 40 | $163,179 | |
Megan Binschus Avp | 40 | $113,646 | |
Dax Williamson Board Chair | Trustee | 1 | $0 |
Wyatt Kneaper Board Vice Chair | 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 | $4,898,962 |
| Investment income | $921,048 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $6,237,895 |
| 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 | $2,045,895 |
| Compensation of current officers, directors, key employees. | $873,575 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,033,723 |
| Pension plan accruals and contributions | $200,084 |
| Other employee benefits | $482,522 |
| Payroll taxes | $129,596 |
| Fees for services: Management | $101,645 |
| Fees for services: Legal | $7,637 |
| Fees for services: Accounting | $26,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $90,635 |
| Office expenses | $340,466 |
| Information technology | $487,528 |
| Royalties | $0 |
| Occupancy | $111,622 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $44,790 |
| Interest | $90 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $225,195 |
| Insurance | $36,792 |
| All other expenses | $10,110 |
| Total functional expenses | $6,404,289 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,323,233 |
| Savings and temporary cash investments | $9,784,385 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $3,809,218 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $112,923,779 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $298,545 |
| Net Land, buildings, and equipment | $4,261,391 |
| Investments—publicly traded securities | $36,954,135 |
| Investments—other securities | $0 |
| Investments—program-related | $1,494,855 |
| Intangible assets | $0 |
| Other assets | $2,215,211 |
| Total assets | $173,064,752 |
| Accounts payable and accrued expenses | $560,466 |
| 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 | $153,642,099 |
| Total liabilities | $154,202,565 |
| Net assets without donor restrictions | $18,862,187 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $173,064,752 |