Credit Unions In The State Of
- Assets
- $1.5b
- Revenue
- $62.4m
- Investments
- $156.1m
- Employees
- 172
- Location
- San Diego, CA
- Founding
- 09/1961
- Data as of
- 12/2023
- 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 12/2023, Use Credit Union employed 172 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 12/2023, Use Credit Union generated $62.4m 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 $60.1m during the year ending 12/2023. While expenses have increased by 7.8% 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
BLUPEAK CREDIT UNION IS A MEMBER-OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE; WE EXIST TO SERVE - TO ENRICH LIVES AND BUILD BETTER FUTURES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBERSHIP IN BLUPEAK CREDIT UNION ("BLUPEAK") 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, 2023, MEMBERS HELD 74,892 DEPOSIT ACCOUNTS TOTALING OVER $1,320 MILLION. THESE ACCOUNTS INCLUDED FREE CHECKING, LOW-BALANCE SAVINGS, IRA'S, AND HIGH-YIELD MONEY MARKET AND TERM INVESTMENT ACCOUNTS.
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.
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, 2023, BLUPEAK MEMBERS HELD 15,691 MORTGAGE, HOME EQUITY, VEHICLE, AND VARIOUS OTHER PERSONAL LOANS TOTALING OVER $893 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 29,700 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matt Adams Vice Chair | OfficerTrustee | 3 | $0 |
David Ely Director | Trustee | 3 | $0 |
Harry Le Grande Director | Trustee | 3 | $0 |
Joshua Lawrence Chair | OfficerTrustee | 3 | $0 |
Steven Lei Director | Trustee | 3 | $0 |
Yvonne Marsh Director | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Rdi Corporation Call Center Services | 12/30/23 | $1,550,968 |
Pscu Card Processing/call Center Services | 12/30/23 | $1,246,455 |
Ncr Corporation Online Banking/website Hosting Services | 12/30/23 | $1,103,170 |
Mastercard International Card Processing Services | 12/30/23 | $990,682 |
Momentum Inc Design/construction Services | 12/30/23 | $1,020,807 |
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 | $46,598,261 |
| Investment income | $15,255,795 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$46,399 |
| Net Gain/Loss on Asset Sales | $571,061 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $62,378,718 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $20,700 |
| 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. | $2,608,516 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,384,111 |
| Pension plan accruals and contributions | $474,086 |
| Other employee benefits | $1,395,031 |
| Payroll taxes | $1,036,366 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $130,086 |
| Fees for services: Accounting | $273,078 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,180,982 |
| Advertising and promotion | $2,209,731 |
| Office expenses | $1,532,133 |
| Information technology | $4,151,516 |
| Royalties | $0 |
| Occupancy | $1,931,069 |
| Travel | $73,397 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $150,705 |
| Interest | $6,050,350 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,185,982 |
| Insurance | $157,338 |
| All other expenses | $1,323,451 |
| Total functional expenses | $60,114,609 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $315,326,344 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $6,024,460 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $885,843,207 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,672,646 |
| Net Land, buildings, and equipment | $29,924,359 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $156,055,523 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $76,773,234 |
| Total assets | $1,472,619,773 |
| Accounts payable and accrued expenses | $4,021,973 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,431,517 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $50,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,333,857,397 |
| Total liabilities | $1,389,310,887 |
| 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 | $83,308,886 |
| Total liabilities and net assets/fund balances | $1,472,619,773 |