Sacramento Credit Union
- Assets
- $686.8m
- Revenue
- $22.2m
- Investments
- $257.2m
- Employees
- 140
- Location
- Sacramento, CA
- Founding
- 09/1961
- Data as of
- 12/2021
- EIN
- 94-1530642
Organization Overview
Sacramento Credit Union is located in Sacramento, 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, Sacramento Credit Union employed 140 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Sacramento 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, Sacramento Credit Union generated $22.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $16.4m during the year ending 12/2021. While expenses have increased by 6.2% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE PROMPT, COMPETITIVE, QUALITY CONSUMER FINANCIAL SERVICES TO OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ESTABLISHED MARCH 18, 1935, SACRAMENTO CREDIT UNION (SCU) IS INCORPORATED UNDER SECTION 14100 OF THE CREDIT UNION DIVISION OF THE STATE OF CALIFORNIA DEPARTMENT OF BUSINESS OVERSIGHT. SCU IS A FEDERALLY INSURED COMMUNITY CREDIT UNION SERVING 27,633 MEMBERS ACROSS THE FOLLOWING COUNTIES: SACRAMENTO, EL DORADO, PLACER, SOLANO, SUTTER, YOLO, AND YUBA. COMPOSED OF INDIVIDUALS, CORPORATIONS, PARTNERSHIPS, AND OTHER LEGAL ENTITIES, SCU MAINTAINS THE STANDARDS OF A TRADITIONAL MEMBER-OWNED COOPERATIVE WHILE PROVIDING SUPERIOR FINANCIAL SERVICES AT SEVEN LOCATIONS AS WELL AS CONVENIENT PAYMENT OPPORTUNITIES AFFORDED BY ONLINE BANKING, BILL PAY, MOBILE BANKING, POINT-OF-SALE, AND ATM TRANSACTIONS.
SCU OFFERS A WIDE RANGE OF COMPETITIVELY PRICED CONSUMER LOAN PRODUCTS TO HELP MEMBERS WITH FINANCING FOR VEHICLES AND FIRST MORTGAGES. FINANCING IS ALSO AVAILABLE IN THE FORM OF SECURED AND UNSECURED LINES OF CREDIT. REGARDING THE LATTER, SCU OFFERS VISA PLATINUM CREDIT CARDS BOTH WITH AND WITHOUT THE POPULAR REWARDS FEATURE. SCU ALSO OFFERS COMMERCIAL REAL ESTATE LOANS AND SBA LOANS.
SCU OFFERS A BROAD RANGE OF DEPOSIT PRODUCTS TO ASSIST MEMBERS IN MANAGING CASH FLOW AND SAVING FOR THE FUTURE. INSURED TO AT LEAST $250,000 AND BACKED BY THE FULL FAITH AND CREDIT OF THE FEDERAL GOVERNMENT, SAVINGS OPPORTUNITIES INCLUDE THE FOLLOWING COMPETIVELY PRICED ACCOUNTS: REGULAR, VACATION CLUB, HOLIDAY, IRA, MONEY MARKET, REGULAR AND REWARDS CHECKING, AND CERTIFICATES OF DEPOSIT. SAVINGS IS MADE CONVENIENT VIA DIRECT DEPOSIT OF PAY CHECKS AS WELL AS ANY OTHER RECURRING SOURCE OF CASH INFLOW. THROUGH ONLINE, MOBILE OR TELEPHONE BANKING, MEMBERS CAN EASILY TRANSFER FUNDS BETWEEN SAVINGS ACCOUNTS OR MAKE PAYMENT ON LOANS. ALSO AVAILABLE ARE INVESTMENT SERVICES PROVIDED BY CERTIFIED IN-HOUSE FINANCIAL ADVISORS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tarik Eldin Director Investment Services | 40 | $831,728 | |
Bhavnesh Makin President/ceo | Officer | 40 | $407,863 |
Deri Ross Mortgage Loan Consultant | 40 | $237,602 | |
Michael Hastings Financial Advisor | 40 | $207,164 | |
Glenda Kaiser CFO | Officer | 40 | $154,370 |
Michael Maxwell VP Consumer Lending | 40 | $130,197 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ncr Corporation Online/mobile Banking Provider | 12/30/21 | $451,709 |
Jack Henry & Associates Inc Card Processor | 12/30/21 | $497,748 |
Finastra Data Processing | 12/30/21 | $203,087 |
Meridian Link Lending Software | 12/30/21 | $144,318 |
Master Craft Builders Construction Contractor | 12/30/21 | $153,160 |
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 | $19,412,904 |
| Investment income | $2,789,920 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $16,388 |
| Net Gain/Loss on Asset Sales | -$12,947 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,206,265 |
| 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 | $1,331,204 |
| Compensation of current officers, directors, key employees. | $632,854 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,583,787 |
| Pension plan accruals and contributions | $403,047 |
| Other employee benefits | $820,886 |
| Payroll taxes | $502,027 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $18,971 |
| Fees for services: Accounting | $66,158 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $510,663 |
| Advertising and promotion | $291,117 |
| Office expenses | $311,986 |
| Information technology | $1,175,360 |
| Royalties | $0 |
| Occupancy | $847,011 |
| Travel | $37,838 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $67 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $791,344 |
| Insurance | $65,406 |
| All other expenses | $182,476 |
| Total functional expenses | $16,421,053 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,102,367 |
| Savings and temporary cash investments | $53,233,910 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $646,909 |
| Loans from Officers, Directors, or Controlling Persons | $3,526,939 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $345,793,133 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $466,151 |
| Net Land, buildings, and equipment | $4,780,477 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $257,175,097 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $18,107,979 |
| Total assets | $686,832,962 |
| Accounts payable and accrued expenses | $4,504,770 |
| 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 | $593,522,739 |
| Total liabilities | $598,027,509 |
| 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 | $88,805,453 |
| Total liabilities and net assets/fund balances | $686,832,962 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
San Francisco Fire Credit Union San Francisco, CA | $1,733,829,261 | $55,402,558 |
Rivermark Community Credit Union Beaverton, OR | $1,282,908,447 | $59,063,025 |
San Mateo Credit Union Redwood City, CA | $1,651,880,221 | $59,342,431 |
Credit Unions In The State Of California Westminster, CA | $1,978,868,694 | $57,183,235 |
Credit Unions In The State Of California Eureka, CA | $2,147,688,324 | $57,226,931 |
Marion And Polk Schools Credit Union Salem, OR | $1,240,763,671 | $55,245,201 |
Credit Unions In The State Of California Yuba City, CA | $1,450,440,549 | $51,784,136 |
Pacific Service Credit Union Concord, CA | $1,408,244,390 | $45,146,351 |
First Community Credit Union Coquille, OR | $1,761,836,849 | $50,673,220 |
Credit Unions In The State Of San Diego, CA | $1,264,438,336 | $40,598,480 |
Credit Unions In State Of Arizona Glendale, AZ | $1,059,321,576 | $47,143,966 |
Credit Unions In The State Of California Stockton, CA | $0 | $14,416,859 |