Credit Unions In The State Of California
- Assets
- $2.0b
- Revenue
- $64.3m
- Investments
- $0.0
- Employees
- 308
- Location
- Westminster, CA
- Founding
- 06/1979
- Data as of
- 12/2022
- EIN
- 95-1644568
Organization Overview
Credit Unions In The State Of California is located in Westminster, CA. The organization was established in 1979. 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 308 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 $64.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.3% each year. All expenses for the organization totaled $46.7m during the year ending 12/2022. While expenses have increased by 3.4% per year over the past 8 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
PROVIDING LENDING SERVICES TO OUR MEMBER-OWNERS AT MORE ATTRACTIVE RATES WITH LOWER FEES. THE LENDING PRODUCTS OFFERED INCLUDE: HOME LOANS, HOME EQUITY LOANS, AUTO LOANS, MOTORCYCLE LOANS, VISA CREDIT CARDS, PERSONAL LOANS, BOAT LOANS, AND RV LOANS.
PROVIDING DEPOSIT SERVICES FOR OUR MEMBER-OWNERS WITH LOWER FEES AND ATTRACTIVE RATES. THE DEPOSIT SERVICES INCLUDE: CHECKING ACCOUNTS, SHARE SAVINGS, MONEY MARKET ACCOUNTS, SHARE CERTIFICATES OF DEPOSIT, IRAS, SPECIAL OCCASION CLUB ACCOUNTS, AND SUMMER SAVINGS PLANS.
A NEW ON-LINE ACCOUNT OPENING PROGRAM WAS LAUNCHED, A NEW HELOC PROGRAM, EMV CHIP ENABLED ATM MACHINES, EMV CHIP ENABLED DEBIT AND CREDIT CARDS, APPLE, SAMSUNG AND ANDROID PAY WERE INTRODUCED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jill Baker Board Chair | Trustee | 2 | $0 |
Jay Camerino Vice Chair | Trustee | 2 | $0 |
John Fylpaa Secretary/treasurer | Trustee | 2 | $0 |
Satinder Hawkins Board Member | Trustee | 2 | $0 |
Pamela Seki Board Member | Trustee | 2 | $0 |
Luther Williams Board Member | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Prenovost Normandin Bergh & Dawe Legal Services | 12/30/16 | $584,685 |
With Out Pink Slip Repossession Services | 12/30/16 | $109,269 |
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 | $54,841,812 |
| Investment income | $8,957,844 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $99,929 |
| Net Gain/Loss on Asset Sales | $48,840 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $64,266,960 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $67,299 |
| Grants and other assistance to domestic individuals. | $20,750 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,449,115 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,643,367 |
| Pension plan accruals and contributions | $2,160,152 |
| Other employee benefits | $1,970,735 |
| Payroll taxes | $1,171,703 |
| Fees for services: Management | $179,056 |
| Fees for services: Legal | $524,445 |
| Fees for services: Accounting | $133,359 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,732,645 |
| Advertising and promotion | $723,857 |
| Office expenses | $4,411,127 |
| Information technology | $297,487 |
| Royalties | $0 |
| Occupancy | $1,670,546 |
| Travel | $150,613 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $7,565,357 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,224,365 |
| Insurance | $38,836 |
| All other expenses | $235,180 |
| Total functional expenses | $46,656,926 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,815,424 |
| Savings and temporary cash investments | $171,979,197 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $7,340,283 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,563,053 |
| Net Land, buildings, and equipment | $4,127,352 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,777,953,120 |
| Intangible assets | $0 |
| Other assets | $43,001,745 |
| Total assets | $2,012,780,174 |
| Accounts payable and accrued expenses | $5,458,868 |
| 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 | $1,759,766,233 |
| Total liabilities | $1,765,225,101 |
| 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 | $247,555,073 |
| Total liabilities and net assets/fund balances | $2,012,780,174 |
Grants Awarded
Over the last fiscal year, Credit Unions In The State Of California has awarded $29,250 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CHILDREN'S MIRACLE NETWORK PURPOSE: PROVIDE FINANCIAL SUPPORT FOR MEDICAL CARE FOR CHILDREN | $20,850 |
LONG BEACH CITY COLLEGE FOUNDATION PURPOSE: TO RAISE FUNDS TO SUPPORT THE COLLEGE'S OUTSTANDING AND EVOLVING LEARNING ENVIRONMENT. | $8,400 |