Credit Unions In The State Of California is located in Modesto, 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, Credit Unions In The State Of California employed 201 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 12/2022, Credit Unions In The State Of California generated $40.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $30.7m during the year ending 12/2022. While expenses have increased by 3.3% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE SUPERIOR SERVICE TO OUR MEMBERS AND COMMUNITY
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS A STATE CHARTERED CREDIT UNION, VALLEY FIRST CREDIT UNION (THE CREDIT UNION) PROVIDES LOANS TO MEMBERS AT REDUCED INTEREST RATES AS COMPARED TO COMPETITORS. IN GENERAL, THE CREDIT CRITERIA IS LESS STRINGENT, LOAN RATES ARE LOWER, AND A HIGHER LEVEL OF LOAN COVERAGE IS PROVIDED. AS OF 12/31/2022, THE CREDIT UNION HAD $730,849,349 IN OUTSTANDING LOAN BALANCES AND MORE THAN 80,000 MEMBERS. AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION, VALLEY FIRST CREDIT UNION IS CHARGED WITH GENERATING ECONOMIC GROWTH AND OPPORTUNITY IN ECONOMICALLY DISADVANTAGED COMMUNITIES WITH PROGRAMS THAT INJECT NEW SOURCES OF CAPITAL INTO NEIGHBORHOODS THAT LACK ACCESS TO FINANCING. IN 2022, WE RECEIVED THE LOW-INCOME DESIGNATION, WHICH EXPANDS ACCESS TO CAPITAL FOR SMALL BUSINESSES AND OTHERS WHO HAVE BEEN UNDERSERVED IN LOW-INCOME COMMUNITIES. MORE THAN 60% OF OUR LOANS ARE DONE IN COMMUNITIES WHERE MORE THAN HALF OF THE HOUSEHOLDS HAVE INCOMES BELOW 60% OF THE AREA INCOME OR THE POVERTY RATE IS AT 25% OR HIGHER. 45% OF OUR TOTAL LOAN PORTFOLIO IS TO HISPANIC BORROWERS.
VALLEY FIRST CREDIT UNION (THE CREDIT UNION )PROVIDES SAVINGS ACCOUNT PRODUCTS THAT ARE OF GREATER BENEFIT TO MEMBERS AS COMPARED TO COMPETITORS. VALLEY FIRST CREDIT UNION PAYS HIGHER DIVIDEND RATES FOR COMPARABLE SAVINGS PRODUCTS. AT 12/31/2022 THE CREDIT UNION HAD OVER 90,000 SHARE ACCOUNTS WITH BALANCES TOTALING MORE THAN $795,000,000. IN 2022, WE GAVE BACK MORE THAN $431,000 IN VARIOUS FINANCIAL PRODUCTS TO OUR MEMBERS. WE EXPANDED OUR SMALL BUSINESS BANKING PROGRAM WITH NEW PRODUCTS AND SERVICES TO HELP FILL A MUCH-NEEDED CREDIT GAP IN OUR COMMUNITY. VALLEY FIRST CREDIT UNION ALSO OPENED A SMALL BUSINESS DEVELOPMENT CENTER IN OUR TURLOCK BRANCH TO CONNECT LOCAL ENTREPRENEURS WITH RESOURCES. THE CREDIT UNION ALSO PROVIDED FINANCIAL EDUCATION TO 2,571 PEOPLE IN OUR COMMUNITY.
VALLEY FIRST CREDIT UNION PROVIDES CHECKING ACCOUNT PRODUCTS THAT ARE OF GREATER BENEFIT TO MEMBERS, AS COMPARED TO ITS COMPETITORS. SEVERAL TYPES OF CHECKING ACCOUNTS ARE OFFERED, FROM FREE CHECKING TO OUR PURPLE CHECKING PRODUCT, WHICH PROVIDES MEMBERS THE ABILITY TO HAVE NO SERVICE FEES, ATM REIMBURSEMENTS AND OFFERS CASH BACK ON PURCHASES. VALLEY FIRST CREDIT UNION LAUNCHED SMALL DOLLAR LOANS (PURPLE ADVANCE AND QUICK LOANS) TO HELP MEMBERS AVOID GOING TO CHECK CASHERS AND PAYDAY LENDERS. EMPLOYEES OF THE CREDIT UNION DONATED 1,115 HOURS VOLUNTEERING AT LOCAL NON-PROFIT ORGANIZATIONS, AND THE CREDIT UNION DONATED OVER $97,000 TO THOSE NON-PROFITS, AS WELL.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Fred Cruz Vice Chair | OfficerTrustee | 2 | $0 |
Patrick Dodd Former Treasurer | OfficerTrustee | 1 | $0 |
Patti Gillihan Secretary And Treasurer | OfficerTrustee | 2 | $0 |
Gary Hall Director | Trustee | 1 | $0 |
Tom Kane Director | Trustee | 2 | $0 |
Chris Peterson Chair | OfficerTrustee | 2 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Jack Henry & Associates Inc Core System | 12/30/22 | $1,127,458 |
Presidio Networked Solutions Group Llc Intel Processor, Data Migration | 12/30/22 | $1,094,664 |
Christie Powell Admin Building Remodel | 12/30/22 | $831,143 |
Q2 Software Inc Home Banking | 12/30/22 | $681,700 |
Financial Tech Solutions International ( Atm And Branch Services | 12/30/22 | $656,461 |
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 | $37,053,937 |
Investment income | $2,731,306 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $320,210 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $40,105,453 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $94,642 |
Grants and other assistance to domestic individuals. | $0 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $1,535,412 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $40,086 |
Other salaries and wages | $8,442,717 |
Pension plan accruals and contributions | $689,092 |
Other employee benefits | $1,210,494 |
Payroll taxes | $794,429 |
Fees for services: Management | $0 |
Fees for services: Legal | $273,980 |
Fees for services: Accounting | $244,997 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $2,409,880 |
Advertising and promotion | $1,269,436 |
Office expenses | $2,262,274 |
Information technology | $1,794,090 |
Royalties | $0 |
Occupancy | $1,698,174 |
Travel | $286,824 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $2,180,210 |
Insurance | $130,439 |
All other expenses | $60,660 |
Total functional expenses | $30,736,008 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $13,610,938 |
Savings and temporary cash investments | $20,085,013 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $1,862,756 |
Loans from Officers, Directors, or Controlling Persons | $12,400,045 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $718,449,303 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $2,339,266 |
Net Land, buildings, and equipment | $13,419,673 |
Investments—publicly traded securities | $0 |
Investments—other securities | $152,907,988 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $29,112,244 |
Total assets | $964,187,226 |
Accounts payable and accrued expenses | $12,371,389 |
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 | $81,000,000 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $794,853,363 |
Total liabilities | $888,224,752 |
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 | $75,962,474 |
Total liabilities and net assets/fund balances | $964,187,226 |
Over the last fiscal year, Credit Unions In The State Of California has awarded $49,752 in support to 3 organizations.
Grant Recipient | Amount |
---|---|
OPPORTUNITY STANISLAUS PURPOSE: PROGRAM SUPPORT | $34,583 |
UNITED WAY OF STANISLAUS CO PURPOSE: SUPPORT OUR COMMUNITY THROUGH A PARTNERSHIP WITH UNITED WAY | $5,169 |
STANISLAUS COMMUNITY FOUNDATION PURPOSE: PROGRAM AND ENDOWMENT SUPPORT | $10,000 |