Wheelhouse Credit Union
- Assets
- $429.3m
- Revenue
- $17.9m
- Investments
- $0.0
- Employees
- 123
- Location
- San Diego, CA
- Founding
- 09/1961
- Data as of
- 12/2022
- EIN
- 95-1593663
Organization Overview
Wheelhouse 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 12/2022, Wheelhouse Credit Union employed 123 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Wheelhouse 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 12/2022, Wheelhouse Credit Union generated $17.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.0% each year. All expenses for the organization totaled $16.7m during the year ending 12/2022. While expenses have increased by 6.1% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
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
AMONG OUR LARGEST ACCOUNT HOLDER BASE (OUTSIDE OF MEMBERSHIP SAVINGS) IS A CHECKING ACCOUNT. WHEELHOUSE OFFERS VARIOUS PRODUCT LINES WITH VARYING FEATURES AND BENEFITS. OUR AVERAGE CHECKING BALANCE IS $11,000 AMONG THE CHECKING ACCOUNTS. THE TWO MOST POPULAR ACCOUNTS INCLUDE A NO-DIVIDEND, NO MONTHLY FEE ACCOUNT FOR THOSE MEETING CERTAIN CRITERIA (MOST OFTEN DIRECT DEPOSIT) AND A DIVIDEND-BEARING ACCOUNT WHICH REQUIRES AN AVERAGE DAILY BALANCE TO BE FREE OF REGULAR MONTHLY FEES. ALL MEMBERS WITH CHECKING ACCOUNTS HAVE A BASIC SAVINGS, BUT THE SECOND MOST POPULAR ACCT COMBINATION FOR CHECKING ACCT HOLDERS INCLUDES A SAVINGS AND CONSUMER LOAN, FOLLOWED BY A SAVINGS CERTIFICATE ACCT. THE CREDIT UNION UNDERWENT A NAME CHANGE IN SEPTEMBER OF 2018 CHANGING SAN DIEGO METROPOLITAN CREDIT UNION TO WHEELHOUSE CREDIT UNION. IN ADDITION TO THE NAME CHANGE, THE CREDIT UNION INTRODUCED A NEW HOME BANKING PLATFORM AND A NEW MONEY MOVING SERVICE AVAILABLE USING DEBIT CARDS AND ACH. IN OCTOBER OF 2019, WHEELHOUSE CREDIT UNION CONVERTED ITS CORE PROCESSOR FROM FISERV XP2 TO KEYSTONE.
THE SERVICE GARNERING LARGE ENROLLMENT IS INTERNET BANKING ENROLLMENT, WHICH ALLOWS MEMBERS TO MANAGE THEIR FINANCIAL ACCOUNTS 24 HOURS A DAY FROM A PERSONAL COMPUTER WITH INTERNET ACCESS. FEATURES OF THIS SERVICE ARE THE ABILITY TO VIEW ACCOUNT BALANCES AND HISTORIES AT ANY TIME, VIEW CHECK IMAGES, AND PERFORM TRANSFERS FROM ONE OF THE MEMBER'S ACCOUNTS TO ANOTHER. THE BREADTH OF TRANSACTIONS PROVIDED TO THE MEMBER VIA THIS PLATFORM PROVIDES AN EFFICIENCY AND CONVENIENCE TO THE MEMBER AND IS LESS COSTLY THAN A BRANCH TRANSACTION. NEW FEATURES TO INTERNET BANKING NOW ALLOW MEMBERS TO MAKE AND/OR SCHEDULE TRANSFERS AND LOAN PAYMENTS FROM INTERNAL AND/OR EXTERNAL SOURCES.
ENERGY EFFICIENT/SOLAR LOANS MAKE UP 44% OF THE LOAN PORTFOLIO WITH A PORTFOLIO BALANCE OF $158M AND AN AVERAGE LOAN BALANCE OF $30,000. THESE LOANS ARE GRANTED TO MEMBERS FOR STRUCTURAL IMPROVEMENTS TO THEIR HOMES WHICH MAKE THEM MORE ENERGY EFFICIENT. IMPROVEMENTS INCLUDE SOLAR PANELS, WINDOWS, ROOFING AND AIR CONDITIONING. BY PERFORMING SUCH IMPROVEMENTS TO THEIR HOME, MEMBERS SEE A SIGNIFICANT REDUCTION IN ENERGY EFFICIENT COSTS AS WELL AS RECEIVE A TAX CREDIT FROM THE IRS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sharon Floyd Chairperson | Trustee | 1 | $0 |
Stephanie Rose Vice Chairperson | Trustee | 1 | $0 |
Robert Wilson Board Secretary/treasurer | Trustee | 1 | $0 |
Melissa Russo Board Member | Trustee | 1 | $0 |
Michael Ahlering Board Member | Trustee | 1 | $0 |
Robert Lawrence Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wolters Lien Solution Financial Services | 12/30/21 | $385,630 |
Alkami Technology Inc Financial Services | 12/30/21 | $211,890 |
Business Data Inc Accounting | 12/30/21 | $162,353 |
Corelation Inc Financial Services | 12/30/21 | $156,140 |
Navigator Lend Solutions Financial Services | 12/30/21 | $111,601 |
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 | $15,636,373 |
| Investment income | $871,918 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,871,184 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,500 |
| Grants and other assistance to domestic individuals. | $10,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,358,734 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,150,558 |
| Pension plan accruals and contributions | $285,755 |
| Other employee benefits | $575,158 |
| Payroll taxes | $480,083 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,840 |
| Fees for services: Accounting | $84,446 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $219,959 |
| Advertising and promotion | $468,430 |
| Office expenses | $2,176,465 |
| Information technology | $824,340 |
| Royalties | $0 |
| Occupancy | $694,943 |
| Travel | $52,754 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,354,978 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,006,376 |
| Insurance | $127,451 |
| All other expenses | $0 |
| Total functional expenses | $16,650,413 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,465,129 |
| Savings and temporary cash investments | $17,892,394 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $2,257,200 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,124,366 |
| Net Land, buildings, and equipment | $6,247,515 |
| Investments—publicly traded securities | $36,874,704 |
| Investments—other securities | $0 |
| Investments—program-related | $358,750,481 |
| Intangible assets | $0 |
| Other assets | $3,648,063 |
| Total assets | $429,259,852 |
| Accounts payable and accrued expenses | $18,915,526 |
| 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 | $381,429,132 |
| Total liabilities | $400,344,658 |
| 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 | $28,915,194 |
| Total liabilities and net assets/fund balances | $429,259,852 |