Credit Unions In The State Of
- Assets
- $1.3b
- Revenue
- $40.6m
- Investments
- $232.0m
- Employees
- 227
- Location
- San Diego, CA
- Founding
- 09/1961
- Data as of
- 12/2021
- EIN
- 95-1209332
Organization Overview
Credit Unions In The State Of, operating under the name Use Credit Union, is located in San Diego, 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, Use Credit Union employed 227 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Use 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, Use Credit Union generated $40.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $40.1m during the year ending 12/2021. While expenses have increased by 4.0% 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
WE TRANSFORM LIVES BY MAKING DREAMS HAPPEN!
Describe the Organization's Program Activity:
Part 3 - Line 4a
EFFECTIVE OCTOBER 28, 2022 UNIVERSITY & STATE EMPLOYEES CREDIT UNION CHANGED ITS NAME TO BLUPEAK CREDIT UNION. MEMBERSHIP IN BLUPEAK CREDIT UNION PROVIDES ACCESS TO A ROBUST ARRAY OF QUALITY FINANCIAL SERVICES AND PRODUCTS INCLUDING CHECKING AND SAVINGS ACCOUNTS. UNLIKE BANKS, WHICH RETURN THEIR PROFITS TO SHAREHOLDERS, BLUPEAK CREDIT UNION RETURNS ITS PROFITS TO MEMBERS IN THE FORM OF HIGHER RATES ON DEPOSITS AND A HOST OF FREE AND LOW-COST SERVICES. AS OF DECEMBER 31, 2021, CREDIT UNION MEMBERS HELD 72,483 DEPOSIT ACCOUNTS TOTALING OVER $1,142 MILLION. THESE ACCOUNTS INCLUDED FREE CHECKING, LOW-BALANCE SAVINGS, IRA'S, AND HIGH-YIELD MONEY MARKET AND TERM INVESTMENT ACCOUNTS.
AS A MEMBER-OWNED, NOT-FOR-PROFIT COOPERATIVE, BLUPEAK CREDIT UNION ("BLUPEAK") IS DEDICATED TO PROVIDING THE FINANCIAL PRODUCTS AND SERVICES MEMBERS NEED AT EVERY STAGE OF LIFE. WHETHER IT'S BUYING A FIRST CAR, FINANCING A NEW HOME, OR SEEKING A HIGHER EDUCATION, BLUPEAK OFFERS MEMBERS LOW-COST HOME, VEHICLE, AND PERSONAL LOANS, AS WELL AS, FREE FINANCIAL SEMINARS TO ASSIST THEM IN MAKING SOUND FINANCIAL CHOICES. AS OF DECEMBER 31, 2021, BLUPEAK MEMBERS HELD 30,183 MORTGAGE, HOME EQUITY, VEHICLE, CREDIT CARD, AND VARIOUS OTHER PERSONAL LOANS TOTALING OVER $751 MILLION.
SINCE 1936, BLUPEAK CREDIT UNION ("BLUPEAK") HAS BEEN HELPING PEOPLE ACHIEVE THEIR MOST IMPORTANT FINANCIAL GOALS. AS ONE OF CALIFORNIA'S LARGEST CREDIT UNIONS, BLUPEAK OFFERS FULL-SERVICE BANKING INCLUDING FREE AND LOW-COST E-SERVICES. MEMBERS CAN MANAGE THEIR PERSONAL FINANCES ANYTIME, ANYWHERE WITH TELEPHONE, ONLINE AND WIRELESS INTERNET BANKING. AS AN ADDITIONAL CONVENIENCE, BLUPEAK OFFERS BILLPAY SERVICES TO MEMBERS WITH QUALIFYING CHECKING ACCOUNTS AT NO COST. EACH MONTH, APPROXIMATELY 31,000 MEMBERS UTILIZE THE E-SERVICES AVAILABLE 24 HOURS PER DAY. IN ADDITION, BLUPEAK HAS PARTNERED WITH OTHER CREDIT UNIONS TO FORM THE CO-OP ATM NETWORK. THIS NETWORK PROVIDES MEMBERS ACCESS TO APPROXIMATELY 30,000 NO-FEE ATM'S THROUGHOUT THE UNITED STATES, INCLUDING LOCATIONS AT POPULAR RETAILERS.
ADDITIONAL BLUPEAK CREDIT UNION MEMBERSHIP BENEFITS INCLUDE: 1) PROFESSIONAL BROKERAGE AND INVESTMENT SERVICES, 2) TAX PREPARATION SERVICES, 3) MONEY-SAVING AUTO, HOME, HEALTH AND LIFE INSURANCE PROGRAMS, 4) FREE FINANCIAL EDUCATION SEMINARS, AND 5) MERCHANT, RECREATION AND TRAVEL DISCOUNTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Harris Former Officer | 40 | $581,624 | |
Laura Young Svp/chief Hr Officer (until 12/31/21) | Officer | 40 | $559,602 |
Todd Tharp President/ceo | Officer | 40 | $377,891 |
Matthew Lyons Evp/chief Operating Officer | Officer | 40 | $346,430 |
Shelly Duckart Sr Community Mortgage Specialist | 40 | $307,826 | |
Kathleen Dallas-Orr Sr Community Mortgage Specialist | 40 | $243,761 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Momentum Inc Design / Construction Services | 12/30/21 | $1,452,644 |
Worldpay Holding Llc Cardholder Services | 12/30/21 | $1,328,680 |
Ncr Corporation Online Banking / Website Hosting Service | 12/30/21 | $919,416 |
Mastercard International Cardholder Services | 12/30/21 | $842,250 |
Pscu Customer Phone Support Services | 12/30/21 | $569,901 |
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 | $35,979,143 |
| Investment income | $3,868,738 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$395,778 |
| Net Gain/Loss on Asset Sales | $1,146,377 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $40,598,480 |
| 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 | $2,760,705 |
| Compensation of current officers, directors, key employees. | $2,280,629 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,291,572 |
| Pension plan accruals and contributions | $485,434 |
| Other employee benefits | $1,567,501 |
| Payroll taxes | $1,128,222 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $538,585 |
| Fees for services: Accounting | $275,963 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,404,344 |
| Advertising and promotion | $1,768,307 |
| Office expenses | $2,012,748 |
| Information technology | $3,229,827 |
| Royalties | $0 |
| Occupancy | $2,466,604 |
| Travel | $67,131 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $90,438 |
| Interest | $158,800 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,599,986 |
| Insurance | $118,612 |
| All other expenses | $0 |
| Total functional expenses | $40,051,557 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $181,217,272 |
| Savings and temporary cash investments | $0 |
| 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 | $746,960,156 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,825,891 |
| Net Land, buildings, and equipment | $26,050,345 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $232,030,926 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $76,353,746 |
| Total assets | $1,264,438,336 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,119,509 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $5,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,154,958,315 |
| Total liabilities | $1,162,077,824 |
| 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 | $102,360,512 |
| Total liabilities and net assets/fund balances | $1,264,438,336 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
California Credit Union Glendale, CA | $4,290,889,688 | $164,391,792 |
Credit Unions In The State Of California Sunnyvale, CA | $11,067,829,708 | $197,844,755 |
Educational Employees Credit Union Fresno, CA | $4,681,848,243 | $140,033,802 |
Oregon Community Credit Union Eugene, OR | $2,826,121,126 | $182,242,816 |
Provident Credit Union Redwood City, CA | $3,536,838,918 | $114,626,988 |
Valley Strong Credit Union Bakersfield, CA | $3,451,789,893 | $131,789,936 |
Technology Credit Union San Jose, CA | $4,123,158,923 | $173,209,130 |
One Az Credit Union Phoenix, AZ | $3,043,080,305 | $105,409,190 |
Credit Unions In The State Of California San Diego, CA | $3,476,522,108 | $114,723,458 |
Premier America Credit Union Chatsworth, CA | $3,406,612,540 | $107,505,968 |
Vantage West Credit Union Tucson, AZ | $2,536,511,128 | $106,118,675 |
Altura Credit Union Riverside, CA | $2,322,631,067 | $106,884,732 |