Ilwu Federal Credit Union
- Assets
- $291.5m
- Revenue
- $11.6m
- Investments
- $0.0
- Employees
- 60
- Location
- Long Beach, CA
- Founding
- 09/1961
- Data as of
- 08/2019
- EIN
- 95-1786417
Organization Overview
Ilwu Federal Credit Union is located in Long Beach, 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 12/2018, Ilwu Federal Credit Union employed 60 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ilwu Federal 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 08/2019, Ilwu Federal Credit Union generated $11.6m in total revenue. The organization has seen a slow decline revenue. Over the past 5 years, revenues have fallen by an average of (0.7%) each year. All expenses for the organization totaled $9.7m during the year ending 08/2019. 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
2019
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
WE PROVIDED AUTO LOANS AT COMPETITIVE RATES FOR OUR MEMBERS.
WE PROVIDED REAL ESTATE LOANS AT COMPETITIVE RATES FOR OUR MEMBERS.
WE PROVIDED REVOLVING LINES OF CREDIT AT COMPETITIVE RATES FOR OUR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Ciaramitaro Chairman | Trustee | 1 | $0 |
Robert Brooks Vice Chairman | Trustee | 1 | $3,094 |
Victor Gallardo Secretary | Trustee | 1 | $0 |
Lewis Wright Board Member | Trustee | 1 | $5,305 |
Dan Imbagliazzo Board Member | Trustee | 1 | $0 |
Curtis Carter Board Member | Trustee | 1 | $5,025 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $792,317 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$19,217 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,612,140 |
| Statement of Expenses | |
|---|---|
| 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. | $805,212 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,821,949 |
| Pension plan accruals and contributions | $59,848 |
| Other employee benefits | $749,161 |
| Payroll taxes | $235,275 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $70,880 |
| Fees for services: Accounting | $47,090 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $383,114 |
| Advertising and promotion | $275,378 |
| Office expenses | $327,536 |
| Information technology | $794,022 |
| Royalties | $0 |
| Occupancy | $604,017 |
| Travel | $114,784 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,286,729 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $345,730 |
| Insurance | $62,636 |
| All other expenses | $0 |
| Total functional expenses | $9,716,566 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,133,991 |
| Savings and temporary cash investments | $5,867,110 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $717,505 |
| Investments—publicly traded securities | $22,448,741 |
| Investments—other securities | $0 |
| Investments—program-related | $238,680,098 |
| Intangible assets | $0 |
| Other assets | $1,476,447 |
| Total assets | $291,502,392 |
| Accounts payable and accrued expenses | $3,320,117 |
| 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 | $254,842,404 |
| Total liabilities | $258,162,521 |
| 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 |
| Total liabilities and net assets/fund balances | $33,339,871 |
Grants Awarded
Over the last fiscal year, Ilwu Federal Credit Union has awarded $14,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
BOYS & GIRLS CLUB OF LOS ANGELES HARBOR PURPOSE: TO PROVIDE AT-RISK YOUTH WITH OPPORTUNITY TO LEARN, HAVE FUN, AND DEVELOP | $7,500 |
INTERNATIONAL LONGSHORE & WAREHOUSE UNION PURPOSE: TO UNITE ALL LONGSHORE, DOCK WORKERS, AND ALL OTHER WORKERS FOR SECURITY UNITY ACTION. | $7,000 |