Provident Credit Union
- Assets
- $3.5b
- Revenue
- $145.1m
- Investments
- $0.0
- Employees
- 421
- Location
- Redwood City, CA
- Founding
- 06/1961
- Data as of
- 12/2023
- EIN
- 94-1482957
Organization Overview
Provident 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 12/2023, Provident Credit Union employed 421 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Provident 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, Provident Credit Union generated $145.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.8% each year. All expenses for the organization totaled $137.8m during the year ending 12/2023. While expenses have increased by 8.9% per year over the past 9 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 2015, Provident Credit Union has awarded 72 individual grants totaling $934,182. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDENT OFFERS A SUPER REWARDS CHECKING ACCOUNT WHICH PAYS MEMBERS HIGH RATES ON THEIR CHECKING ACCOUNTS IF THEY QUALIFY BY MAKING $400 IN PURCHASES USING THEIR DEBIT OR CREDIT CARD PER MONTH, HAVING DIRECT DEPOSIT OR BILL PAY EACH MONTH, AND RECEIVING AN E-STATEMENT INSTEAD OF A PAPER ONE. THIS ACCOUNT ACCRUES FINANCIAL BENEFITS TO MEMBERS AND SUPPORTS ENVIRONMENTALLY FRIENDLY BEHAVIOR BY ENCOURAGING VIRTUAL TRANSACTIONS VERSUS PAPER CHECKS, ELIMINATING PAPER AND MAILING COSTS FOR STATEMENTS, AND INCREASING ACCOUNT SECURITY FOR MEMBERS BY ELIMINATING VULNERABILITY TO IDENTITY THEFT THROUGH STOLEN MAILED STATEMENTS.
PROVIDENT'S MOVABLE MORTGAGE ALLOWS A MEMBER TO TRANSFER THE CURRENT RATE AND TERMS (BALANCE AT PAY-OFF, MARGIN, ETC.) OF THEIR EXISTING PCU HOME LOAN TO THEIR NEW HOME PURCHASE. IF BUYING UP AND THE MEMBER NEEDED MORE THAN THE EXISTING BALANCE TO COMPLETE THE PURCHASE, PROVIDENT WOULD BLEND THE TERMS OF THEIR EXISTING MORTGAGE WITH RATES AND TERMS CURRENTLY OFFERED ON OUR RATE SHEET FOR ANY SHORTAGE IN LOAN AMOUNT. TYPICALLY USED IN A RISING RATE ENVIRONMENT, THE NET EFFECT WOULD BE A LOWER RATE TO THE MEMBER.
PROVIDENT HAS A PROGRAM TO MODIFY RATES ON CERTAIN PORTFOLIO MORTGAGE LOANS ALLOWING MEMBERS TO BENEFIT FROM RATE DROPS WITHOUT GOING THROUGH A COMPLETE REFINANCE PROCESS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
June Rothe Chairman | Trustee | 2 | $0 |
Samuel Johnson Jr Vice Chairman | Trustee | 2 | $0 |
Christine Boland Secretary | Trustee | 2 | $0 |
David Buckmaster Treasurer | Trustee | 2 | $0 |
David Pelzner Board Member | Trustee | 2 | $0 |
Scott O'brien Board Member | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Eplus Technology Inc Information Technology | 12/30/23 | $2,210,823 |
Fiserv Solutions Inc Financial Services | 12/30/23 | $2,096,877 |
Mpx Postage And Statement Production | 12/30/23 | $881,496 |
Microsoft Corporation Information Technology | 12/30/23 | $1,331,159 |
Optiv Security Information Security Company | 12/30/23 | $543,095 |
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 | $122,177,191 |
| Investment income | $19,588,217 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,788,209 |
| Net Gain/Loss on Asset Sales | $8,504 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $145,149,155 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $203,104 |
| Grants and other assistance to domestic individuals. | $114,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $6,530,778 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $26,336,338 |
| Pension plan accruals and contributions | $1,415,600 |
| Other employee benefits | $7,587,937 |
| Payroll taxes | $2,533,497 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $188,027 |
| Fees for services: Accounting | $382,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,420,091 |
| Advertising and promotion | $3,676,116 |
| Office expenses | $9,446,690 |
| Information technology | $4,296,411 |
| Royalties | $0 |
| Occupancy | $6,697,267 |
| Travel | $634,704 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $47,203,208 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,908,702 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $137,818,872 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,786,739 |
| Savings and temporary cash investments | $102,605,010 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $8,403,214 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,166,471 |
| Net Land, buildings, and equipment | $29,445,654 |
| Investments—publicly traded securities | $794,308,839 |
| Investments—other securities | $0 |
| Investments—program-related | $2,508,261,992 |
| Intangible assets | $0 |
| Other assets | $41,402,251 |
| Total assets | $3,497,380,170 |
| Accounts payable and accrued expenses | $44,381,837 |
| 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 | $3,115,837,110 |
| Total liabilities | $3,160,218,947 |
| 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 | $337,161,223 |
| Total liabilities and net assets/fund balances | $3,497,380,170 |
Grants Awarded
Over the last fiscal year, Provident Credit Union has awarded $133,500 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
SAN JOSE STATE UNIVERSITY PURPOSE: TO PROMOTE THE LEARNING AND ADVANCEMENT OF STUDENTS. | $22,000 |
CRISTO REY DE LA SALLE EAST BAY PURPOSE: TO SUPPORT AND ENCOURAGE CORPORATE WORK STUDY PROGRAM. | $51,000 |
7TH DISTRICT ORGANIZATION OMEGA PSI PHI FRATERNITY INC PURPOSE: TO SUPPORT THE SCHOLARSHIP FUND. | $10,000 |
REDWOOD CITY CHAMBER OF COMMERCE PURPOSE: TO HELP ADVANCE AND PROMOTE BUSINESS IN THE SAN MATEO COUNTY. | $18,000 |
OAKLAND SCHOOL FOR THE ARTS PURPOSE: TO PROMOTE PUBLIC ART EDUCATION. | $10,000 |
HABITAT FOR HUMANITY EAST BAY SILICON VALLEY PURPOSE: TO BRING PEOPLE TOGETHER TO BUILD HOMES, COMMUNITIES, AND HOPE. | $9,000 |