Frontwave Credit Union
- Assets
- $1.4b
- Revenue
- $81.7m
- Investments
- $0.0
- Employees
- 332
- Location
- Oceanside, CA
- Founding
- 06/1979
- Data as of
- 12/2023
- EIN
- 95-1820763
Organization Overview
Frontwave Credit Union is located in Oceanside, 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 12/2023, Frontwave Credit Union employed 332 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Frontwave 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, Frontwave Credit Union generated $81.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.8% each year. All expenses for the organization totaled $77.5m during the year ending 12/2023. While expenses have increased by 10.8% 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.
Since 2019, Frontwave Credit Union has awarded 14 individual grants totaling $191,730. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONGST ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FRONTWAVE CREDIT UNION PROVIDES A WIDE RANGE OF MEMBER SERVICES INCLUDING EDUCATING MEMBERS ON AVAILABLE PRODUCTS AND SERVICES, FEES INVOLVED, AND OPENING AND SERVICING DEPOSIT AND LOAN PRODUCTS.
FRONTWAVE CREDIT UNION USED CUTTING-EDGE TECHNOLOGY BY PROVIDING ITS MEMBERS WITH DIGITAL BANKING. THE MEMBERS CAN USE THE ONLINE AND MOBILE BANKING TOOLS TO MANAGE THEIR ACCOUNTS 24/7.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Amanda Cook Treasurer | Trustee | 3 | $0 |
Brian Sutton Chairman | OfficerTrustee | 3 | $0 |
Gary Greving Secretary | OfficerTrustee | 3 | $0 |
Gerald Polyascko Director | Trustee | 3 | $0 |
Michael Brigagliano Vice Chairman | OfficerTrustee | 3 | $0 |
Richard Rothwell Director | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sapphire Trail Llc Market Research | 12/30/23 | $150,029 |
No Limit Commercial Maintenance Janitorial Services And Supplies | 12/30/23 | $165,598 |
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 | $73,440,551 |
| Investment income | $7,614,687 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $500,015 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $81,717,886 |
| 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. | $2,067,212 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $18,629,273 |
| Pension plan accruals and contributions | $1,252,913 |
| Other employee benefits | $2,328,924 |
| Payroll taxes | $1,556,201 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,859,313 |
| Fees for services: Accounting | $180,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,883,380 |
| Advertising and promotion | $2,955,095 |
| Office expenses | $5,872,286 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,418,184 |
| Travel | $484,434 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $16,714,419 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,128,926 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $77,477,619 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $18,441,209 |
| Savings and temporary cash investments | $108,884,512 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $3,520,020 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $26,273,825 |
| Investments—publicly traded securities | $9,659,477 |
| Investments—other securities | $0 |
| Investments—program-related | $293,847,896 |
| Intangible assets | $0 |
| Other assets | $969,253,807 |
| Total assets | $1,429,880,746 |
| Accounts payable and accrued expenses | $28,605,681 |
| 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 | $1,303,417,728 |
| Total liabilities | $1,332,023,409 |
| 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 | $97,857,337 |
| Total liabilities and net assets/fund balances | $1,429,880,746 |
Grants Awarded
Over the last fiscal year, Frontwave Credit Union has awarded $75,070 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
ARMED SERVICES YMCA AT CAMP PENDLETON PURPOSE: CASH SPONSORSHIP FOR VARIOUS EVENTS HOSTED BY THE YMCA | $20,899 |
OCEANSIDE CHAMBER OF COMMERCE PURPOSE: GENERAL MEMBERSHIP AND CASH SPONSORSHIP OF COMMUNITY EVENTS | $20,010 |
MARINE CORPS ASSOCIATION & FOUNDATION PURPOSE: CASH SPONSORSHIP TO SUPPORT LOCAL COMMUNITY, ACTIVE DUTY MILITARY AND SUPPORTERS | $5,770 |
OCEANSIDE MUSEUM OF ART PURPOSE: GENERAL MEMBERSHIP AND CASH SPONSORSHIP OF COMMUNITY EVENTS | $8,000 |
KINANE EVENTS INC PURPOSE: TITLE SPONSORSHIP FOR OCEANSIDE TURKEY TROT - DONATED TO VARIOUS RECIPIENTS | $5,391 |
MOONLIGHT CULTURAL FOUNDATION PURPOSE: CASH SPONSORSHIP TO SUPPORT LOCAL COMMUNITY, ACTIVE DUTY MILITARY AND SUPPORTERS | $10,000 |