Safe 1 Credit Union
- Assets
- $882.2m
- Revenue
- $31.7m
- Investments
- $25.6m
- Employees
- 156
- Location
- Bakersfield, CA
- Founding
- 00/0000
- Data as of
- 12/2021
- EIN
- 95-1812302
Organization Overview
Safe 1 Credit Union is located in Bakersfield, CA. The organization was established in 0000. 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, Safe 1 Credit Union employed 156 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Safe 1 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, Safe 1 Credit Union generated $31.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.1% each year . All expenses for the organization totaled $21.7m during the year ending 12/2021. While expenses have increased by 8.8% 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
PROVIDE BORROWING SOURCE AND OFFER COMPETITIVE FINANCIAL PRODUCTS AND SERVICES TO MEMBERS OF SAFE 1 CREDIT UNION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ISSUE LOANS TO MEMBERS AT COMPETITIVE RATES
MEMBER RELATED INCOME GENERATED THAT WAS NOT INTEREST INCOME ON LOANS TO MEMBERS
NON-MEMBER REVENUE ATM SURCHARGES TO NON-MEMBERS ON OWNED ATMS RENT ON LEASED FACILITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lorraine Townsend Evp-Operations | 40 | $866,041 | |
David King CEO | Officer | 40 | $294,334 |
Cindy Wonderly CFO | Officer | 40 | $215,194 |
Michael George Evp-Marketing | 40 | $174,211 | |
Cecelia Arnold Evp-Technology | 40 | $155,227 | |
Doug Kileen CEO | Officer | 40 | $142,700 |
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 | $31,208,855 |
| Investment income | $639,514 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$138,701 |
| 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 | $31,709,668 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $709,144 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,834,192 |
| Pension plan accruals and contributions | $724,247 |
| Other employee benefits | $1,637,910 |
| Payroll taxes | $611,583 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $40,903 |
| Fees for services: Accounting | $42,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $136,965 |
| Office expenses | $2,656,044 |
| Information technology | $2,716,915 |
| Royalties | $0 |
| Occupancy | $1,193,525 |
| Travel | $14,509 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $116,734 |
| Interest | $1,471,711 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $624,918 |
| Insurance | $91,814 |
| All other expenses | $0 |
| Total functional expenses | $21,697,513 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,687,025 |
| Savings and temporary cash investments | $102,290,281 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,376,461 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $610,675,909 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $461,273 |
| Net Land, buildings, and equipment | $13,564,002 |
| Investments—publicly traded securities | $71,090,604 |
| Investments—other securities | $25,644,593 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $44,428,691 |
| Total assets | $882,218,839 |
| Accounts payable and accrued expenses | $8,915,728 |
| 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 | $758,257,291 |
| Total liabilities | $767,173,019 |
| 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 | $115,045,820 |
| Total liabilities and net assets/fund balances | $882,218,839 |
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