Credit Unions In The State Of California is located in Los Angeles, 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, Credit Unions In The State Of California employed 146 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 12/2023, Credit Unions In The State Of California generated $45.7m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.4% each year. All expenses for the organization totaled $40.3m during the year ending 12/2023. While expenses have increased by 9.3% 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.
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
THE CREDIT UNION PROVIDED DEPOSIT ACCOUNTS AND LOAN SERVICES TO 44,861 MEMBERS AS OF DECEMBER 31, 2023. IN 2023, 6,261 LOANS WERE MADE TO MEMBERS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Nora Yusa Board Chairperson | Trustee | 3 | $0 |
Venest Henry-Evans Board 1st Vice Chair | Trustee | 3 | $0 |
Gladys Berry Board Secretary | Trustee | 3 | $0 |
Gerard Watson Assistant Secretary | Trustee | 3 | $0 |
Belinda Walker Board Treasurer | Trustee | 3 | $0 |
Brian Lam Assistant Treasurer | Trustee | 3 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Upstart Network Inc Cloud Services | 12/30/23 | $1,560,417 |
Alkami Cloud Services | 12/30/23 | $672,398 |
Jack Henry And Associates Inc Financial Services | 12/30/23 | $730,246 |
Business Data Inc Web,print Mail And Archive Channels | 12/30/23 | $426,395 |
Temenos Usa Inc Cloud Services | 12/30/23 | $165,975 |
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 | $36,545,127 |
Investment income | $6,389,138 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | -$6,472 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $45,747,261 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $25,139 |
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. | $2,843,622 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $9,414,494 |
Pension plan accruals and contributions | $351,261 |
Other employee benefits | $1,113,066 |
Payroll taxes | $871,817 |
Fees for services: Management | $0 |
Fees for services: Legal | $81,882 |
Fees for services: Accounting | $198,500 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $510,369 |
Advertising and promotion | $513,562 |
Office expenses | $6,430,051 |
Information technology | $828,223 |
Royalties | $0 |
Occupancy | $1,235,006 |
Travel | $380,255 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $6,403,715 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $194,082 |
Insurance | $46,208 |
All other expenses | $115,450 |
Total functional expenses | $40,260,217 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $4,382,115 |
Savings and temporary cash investments | $62,078,360 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $0 |
Loans from Officers, Directors, or Controlling Persons | $4,054,490 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $939,450 |
Net Land, buildings, and equipment | $5,300,087 |
Investments—publicly traded securities | $0 |
Investments—other securities | $210,055,689 |
Investments—program-related | $661,110,475 |
Intangible assets | $0 |
Other assets | $21,674,343 |
Total assets | $969,595,009 |
Accounts payable and accrued expenses | $5,522,083 |
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 | $924,083,172 |
Total liabilities | $929,605,255 |
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 | $39,989,754 |
Total liabilities and net assets/fund balances | $969,595,009 |
Over the last fiscal year, Credit Unions In The State Of California has awarded $42,100 in support to 3 organizations.
Grant Recipient | Amount |
---|---|
LOS ANGELES CLEANTECH INCUBATOR PURPOSE: TO FOCUS THE PRIVATE AND PUBLIC SECTORS ON THE PROCESSES AND TECHNOLOGIES. | $27,500 |
SHELTER 37 INCORPORATED PURPOSE: TO PROVIDE LIFE, LEADERSHIP, AND EDUCATIONAL TRAINING AND PROGRAMS | $8,600 |
LOS ANGELES UNIFIED SCHOOL DISTRICT PURPOSE: TO SUPPORT THE LOS ANGELES UNIFIED SCHOOL DISTRICT. | $6,000 |