Credit Unions In The State Of California
- Assets
- $188.7m
- Revenue
- $14.2m
- Investments
- $0.0
- Employees
- 77
- Location
- Santa Cruz, CA
- Founding
- 09/1961
- Data as of
- 12/2022
- EIN
- 94-2407726
Organization Overview
Credit Unions In The State Of California is located in Santa Cruz, 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 77 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 $14.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.0% each year . All expenses for the organization totaled $11.6m during the year ending 12/2022. While expenses have increased by 10.1% 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.
Since 2018, Credit Unions In The State Of California has awarded 23 individual grants totaling $229,775. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
A COMMUNITY DEVELOPMENT AND LOW INCOME CERTIFIED FINANCIAL COOPERATIVE ORGANIZED TO SERVE UNDERSERVED AND PROMOTE ECONOMIC EQUITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION IS A COMMUNITY DEVELOPMENT, LOW-INCOME AND JUNTOS AVANZAMOS CERTIFIED CREDIT UNION PROVIDING LOW-COST, LIFE-CHANGING SERVICES AND FINANCIAL LEARNING TO ITS LOCAL COMMUNITIES WITH A MISSION TO EMBRACE ECONOMIC JUSTICE AND FPROVIDE FINANCIAL ACCESS TO ALL PEOPLE. ADDITIONALLY, THE CREDIT UNION'S MISSION INCLUDES PROVIDING SERVICES TO UNBANKED AND UNDERSERVED MEMBERS OF OUR COMMUNITIES. SERVICES INCLUDE SAVINGS ACCOUNTS, MATRICULA CONSULAR ACCOUNTS AND ALL FACETS OF CONSUMER, REAL ESTATE AND COMMERCIAL/SMALL BUSINESS LENDING AS WELL AS ITIN LENDING AND SECOND CHANCE SERVICES. FIRST-TIME BORROWING PROGRAMS,CREDIT BUILDER LOANS, LINES OF CREDIT, VEHICLE, CREDIT CARDS AND SECOND CHANCE OPPORTUNITIES FOR BORROWING, ARE ALL PART OF THE CREDIT UNIONS SERVICES.
THE CREDIT UNION PROVIDES BUSINESS LENDING AND COMMERCIAL LENDING PRODUCTS INCLUDING REAL ESTATE FIRST AND SECOND LOANS, COMMUNITY DEVELOPMENT AND GOVERNMENT GUARANTEED LOANS SUCH AS SBA LOANS, SMALL BUSINESS AND MICRO BUSINESS LOANS AS WELL AS OTHER BUSINESS LOANS IN A COMMUNITY OF ENTREPRENEURIAL BUSINESSES THAT OFTEN HAVE FEW OPTIONS AVAILABLE TO THEM FROM THE MAINSTREAM BANKING INDUSTRY.
THE CREDIT UNION PROVIDES CONSUMER AND BUSINESS FINANCIAL PRODUCTS AND SERVICES INCLUDING FIXED-INCOME SAVINGS INSTRUMENTS, SHARE-DRAFT AND IRA ACCOUNTS, MATRICULA CONSULAR ACCOUNTS, SECOND CHANCE SAVINGS, AND NO OR LOW-COST CHECKING ACCOUNTS DESIGNED TO SERVE BOTH MODERATE AND LOW-INCOME COMMUNITY MEMBERS AS WELL AS OUR IMMIGRANT COMMUNITY MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Howard Sherer Chairman | Trustee | 1 | $0 |
Paulina Moreno Board Secretary | Trustee | 1 | $0 |
Phillip Lee Board Treasurer | Trustee | 1 | $0 |
Ami Ebright Board Member | Trustee | 1 | $0 |
Matt Farrell Board Member | Trustee | 1 | $0 |
Tammy Pelstring Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Slatter Construction Inc Construction | 12/30/19 | $322,814 |
Cook Security Group Inc Security Services | 12/30/19 | $143,293 |
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 | $10,274,698 |
| Investment income | $299,894 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,006,182 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,177,074 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $119,601 |
| 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. | $1,405,662 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,863,912 |
| Pension plan accruals and contributions | $72,481 |
| Other employee benefits | $746,989 |
| Payroll taxes | $289,131 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,526 |
| Fees for services: Accounting | $93,365 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $341,043 |
| Advertising and promotion | $329,230 |
| Office expenses | $1,873,147 |
| Information technology | $68,480 |
| Royalties | $0 |
| Occupancy | $725,916 |
| Travel | $30,116 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $244,184 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $240,459 |
| Insurance | $87,885 |
| All other expenses | $0 |
| Total functional expenses | $11,593,769 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,047,044 |
| Savings and temporary cash investments | $11,571,110 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $224,590 |
| Net Land, buildings, and equipment | $6,072,557 |
| Investments—publicly traded securities | $6,165,926 |
| Investments—other securities | $0 |
| Investments—program-related | $158,390,800 |
| Intangible assets | $0 |
| Other assets | $4,185,231 |
| Total assets | $188,657,258 |
| Accounts payable and accrued expenses | $7,313,600 |
| 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 | $163,978,170 |
| Total liabilities | $171,291,770 |
| 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 | $17,365,488 |
| Total liabilities and net assets/fund balances | $188,657,258 |
Grants Awarded
Over the last fiscal year, Credit Unions In The State Of California has awarded $40,250 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
THE DIVERSITY CENTER OF SANTA CRUZ COUNTY PURPOSE: TO ENHANCE THE LIVES AND PROMOTE FAIRNESS FOR THE LESBIAN, GAY, BISEXUAL AND TRANSGENDER COMMUNITY. | $10,000 |
POLISH AMERICAN FEDERAL CREDIT UNION PURPOSE: WAR IN UKRAINE- PER SCCCU BOARD OF DIRECTORS | $10,000 |
SENIORS COUNCIL OF SANTA CRUZ & SAN BENITO COUNTIES PURPOSE: VITA DONATIONS | $10,000 |
CASA PURPOSE: TO ASSIST IN PROVIDING ADVOCACY, STABILITY, AND HOPE TO CHILDREN WHO HAVE BEEN ABUSED. | $5,150 |
ARTS COUNCIL OF SANTA CRUZ COUNTY PURPOSE: TO ASSIST IN GENERATING CREATIVITY, VIBRANCY, AND CONNECTION IN SANTA CRUZ COMMUNITY. | $5,100 |