Credit Unions In The State Of California

Organization Overview

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.

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.


Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.

Board, Officers & Key Employees

Name (title)Compensation
Fred Cruz
Vice Chair
$0
Patrick Dodd
Former Treasurer
$0
Patti Gillihan
Secretary And Treasurer
$0
Gary Hall
Director
$0
Tom Kane
Director
$0
Chris Peterson
Chair
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Jack Henry & Associates Inc
Core System
$1,127,458
Presidio Networked Solutions Group Llc
Intel Processor, Data Migration
$1,094,664
Christie Powell
Admin Building Remodel
$831,143
Q2 Software Inc
Home Banking
$681,700
Financial Tech Solutions International (
Atm And Branch Services
$656,461
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$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

Grants Awarded

Over the last fiscal year, Credit Unions In The State Of California has awarded $49,752 in support to 3 organizations.

Grant RecipientAmount

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
View Grant Profile

Peer Organizations

Organization NameAssets
Educational Employees Credit Union
Fresno, CA
$167,213,088
Selco Community Credit Union
Springfield, OR
$139,819,159
One Az Credit Union
Phoenix, AZ
$127,189,432
Credit Unions In The State Of California
Rancho Cucamonga, CA
$120,311,183
Premier America Credit Union
Chatsworth, CA
$127,070,331
Credit Unions In The State Of California
Downey, CA
$112,970,824
Credit Unions In The State Of California
Santa Ana, CA
$118,830,990
Credit Unions In The State Of California
San Diego, CA
$133,395,792
Advantis Credit Union
Oregon City, OR
$98,680,885
Credit Unions In The State Of California
Hollywood, CA
$100,298,881
Greater Nevada Credit Union
Carson City, NV
$81,598,679
Frontwave Credit Union
Oceanside, CA
$81,717,886
Truwest Credit Union
Tempe, AZ
$92,658,143
Credit Unions In The State Of California
Eureka, CA
$85,336,490
Schools Financial Credit Union
Sacramento, CA
$101,261,825
San Francisco Fire Credit Union
San Francisco, CA
$76,702,935
Credit Unions In The State Of California
Yuba City, CA
$66,362,551
Arizona Financial Credit Union
Phoenix, AZ
$80,017,866
Unitus Community Credit Union
Portland, OR
$70,835,899
Keypoint Credit Union
San Jose, CA
$69,312,506
Credit Unions In State Of Arizona
Glendale, AZ
$73,825,794
Credit Unions In The State Of
San Diego, CA
$62,378,718
Rivermark Community Credit Union
Beaverton, OR
$65,250,684
University Credit Union
Los Angeles, CA
$60,522,723
Credit Unions In The State Of California
Ventura, CA
$66,662,060

Create an account to unlock the data you need.

or