Credit Unions In The State Of California
- Assets
- $862.8m
- Revenue
- $28.7m
- Investments
- $10.4m
- Employees
- 143
- Location
- San Dimas, CA
- Founding
- 06/1961
- Data as of
- 12/2021
- EIN
- 95-1981100
Organization Overview
Credit Unions In The State Of California is located in San Dimas, 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 12/2021, Credit Unions In The State Of California employed 143 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 12/2021, Credit Unions In The State Of California generated $28.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $27.8m during the year ending 12/2021. While expenses have increased by 2.4% 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.
Since 2014, Credit Unions In The State Of California has awarded 46 individual grants totaling $1,310,437. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE CREDIT UNION IS OPERATED FOR THE PURPOSE OF PROMOTING THRIFT, PROVIDING CREDIT AT REASONABLE RATES, AND PROVIDING OTHER FINANCIAL SERVICES TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION OFFERS A FULL RANGE OF BANKING SERVICES TO ITS MEMBERS, BOTH RETAIL AND MINISTRY. AS OF 12/31/21, OUR MEMBERS HAD $762,806,316 ON DEPOSIT IN INSURED ACCOUNTS IN THE CREDIT UNION. THE CREDIT UNION HAD $106,126,705 IN SAVINGS ACCOUNTS, $231,808,637 IN CHECKING ACCOUNTS, $217,462,684 IN MONEY MARKET, AND $207,408,290 IN CERTIFICATES OF DEPOSIT AND IRAS. THE COST OF FUNDS AT YEAR-END ON THESE ACCOUNTS WAS 0.39%. THE CREDIT UNION BEGAN THE YEAR WITH 28,894 MEMBERS AND ENDED THE YEAR WITH 28,762 MEMBERS FOR A DECREASE OF 132. THE CREDIT UNION HAD 26,971 IN INDIVIDUAL ACCOUNTS AND 1,791 IN MINISTRY ACCOUNTS AT YEAR-END.
THE CREDIT UNION EXISTS TO PROVIDE LOANS TO ITS MEMBERS AT RATES AND TERMS NOT AVAILABLE TO OUR FIELD OF MEMBERSHIP THROUGH BANKS OR OTHER FINANCIAL INSTITUTIONS. THE LARGEST PORTION OF OUR RETAIL LOAN PORTFOLIO IS MADE UP OF FIRST TRUST DEED LOANS. THE CREDIT UNION HAD $275,912,781 IN RETAIL FIRST TRUST DEED LOANS AS OF 12/31/21. THEY REPRESENT 46% OF OUR LOAN PORTFOLIO AND 32% OF OUR TOTAL ASSETS. THE AVERAGE YIELD ON THESE LOANS WAS 3.07%. THE PORTFOLIO INCREASED 7.79% DURING 2021.
THE CREDIT UNION'S FIELD OF MEMBERSHIP INCLUDES MANY CHURCHES AND MINISTRIES. THE CREDIT UNION PROVIDES LOANS TO THESE MEMBERS TO BUY, BUILD, OR RENOVATE REAL PROPERTY AT RATES AND TERMS NOT AVAILABLE TO THEM THROUGH BANKS OR OTHER FINANCIAL INSTITUTIONS. THE LARGEST PORTION OF OUR MINISTRY LOAN PORTFOLIO IS MADE UP OF FIRST TRUST DEED LOANS. THE CREDIT UNION HAD $243,297,066 IN OUTSTANDING FIRST TRUST DEED LOANS TO CHURCHES AND MINISTRIES AS OF 12/31/21. THEY REPRESENT 41% OF OUR LOAN PORTFOLIO AND 28% OF OUR TOTAL ASSETS. THE YIELD ON THESE LOANS WAS 4.07%. THE PORTFOLIO DECREASED 2.58% DURING 2021
CREDIT UNION CONSUMER LENDING: THE CREDIT UNION HAS $12,856,042 IN CAR LOANS, $20,781,861 IN CREDIT CARD ACCOUNTS AND $2,465,750 IN STUDENT LOANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stuart Blair Korschun President/ceo | Officer | 40 | $805,519 |
Marjorie Hughes Evp/coo | Officer | 40 | $510,197 |
Michael Poirier SVP Ministry Lending | Officer | 40 | $376,835 |
Jason Thomas Svp/cfo | Officer | 40 | $343,389 |
David South Svp-Human Resources | Officer | 40 | $332,470 |
Aaron Caid Svp/cmo | Officer | 40 | $303,805 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pscu Financial Credit Card Processing | 12/30/21 | $2,201,875 |
Jack Henry & Associates Inc Episys Cu Core System | 12/30/21 | $615,943 |
Ncr Corporation Member Pc Banking Service | 12/30/21 | $578,570 |
Cu Engage Llc Consulting Svcs. Credit Card On Line | 12/30/21 | $407,369 |
Matlock Design Build Inc Building Remodeling | 12/30/21 | $253,504 |
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 | $27,855,519 |
| Investment income | $753,306 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $70,000 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$8,100 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,670,725 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $278,961 |
| Grants and other assistance to domestic individuals. | $88,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,750,399 |
| Compensation of current officers, directors, key employees. | $3,173,283 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,301,242 |
| Pension plan accruals and contributions | $932,788 |
| Other employee benefits | $2,414,723 |
| Payroll taxes | $750,011 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $73,091 |
| Fees for services: Accounting | $228,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $492,131 |
| Advertising and promotion | $611,427 |
| Office expenses | $924,413 |
| Information technology | $1,853,575 |
| Royalties | $0 |
| Occupancy | $492,138 |
| Travel | $228,396 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $33,264 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $518,427 |
| Insurance | $118,524 |
| All other expenses | $1,318,305 |
| Total functional expenses | $27,823,294 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $338,943 |
| Savings and temporary cash investments | $222,491,524 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $557,254 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $591,025,794 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,054,716 |
| Net Land, buildings, and equipment | $6,090,548 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $10,437,348 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $30,850,655 |
| Total assets | $862,846,782 |
| Accounts payable and accrued expenses | $5,444,332 |
| Grants payable | $0 |
| Deferred revenue | $128,485 |
| 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 | $762,806,316 |
| Total liabilities | $768,379,133 |
| 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 | $94,467,649 |
| Total liabilities and net assets/fund balances | $862,846,782 |
Grants Awarded
Over the last fiscal year, Credit Unions In The State Of California has awarded $278,961 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
Washington, DC PURPOSE: PROGRAM SUPPORT | $90,000 |
Nampa, ID PURPOSE: PROGRAM SUPPORT | $68,188 |
La Mirada, CA PURPOSE: PROGRAM SUPPORT | $27,412 |
Arlington, VA PURPOSE: PROGRAM SUPPORT | $25,000 |
King Os Prussia, PA PURPOSE: PROGRAM SUPPORT | $19,911 |
Covina, CA PURPOSE: PROGRAM SUPPORT | $15,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Credit Unions In The State Of California has recieved totaling $15,536.
| Awarding Organization | Amount |
|---|---|
American Baptist Foundation East Norriton, PA PURPOSE: PALMER GRANT PROGRAM. THESE GRANTS ENHANCE MINISTRIES OF DISCIPLESHIP AND INCARNATIONAL PRACTICE IN AMERICAN BAPTIST CHURCHES USA (ABCUSA) CONGREGATIONS AND ABCUSA-RELATED ORGANIZATIONS. | $15,536 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
California Credit Union Glendale, CA | $4,290,889,688 | $164,391,792 |
Credit Unions In The State Of California Sunnyvale, CA | $11,067,829,708 | $197,844,755 |
Educational Employees Credit Union Fresno, CA | $4,681,848,243 | $140,033,802 |
Oregon Community Credit Union Eugene, OR | $2,826,121,126 | $182,242,816 |
Provident Credit Union Redwood City, CA | $3,536,838,918 | $114,626,988 |
Valley Strong Credit Union Bakersfield, CA | $3,451,789,893 | $131,789,936 |
Technology Credit Union San Jose, CA | $4,123,158,923 | $173,209,130 |
One Az Credit Union Phoenix, AZ | $3,043,080,305 | $105,409,190 |
Credit Unions In The State Of California San Diego, CA | $3,476,522,108 | $114,723,458 |
Premier America Credit Union Chatsworth, CA | $3,406,612,540 | $107,505,968 |
Vantage West Credit Union Tucson, AZ | $2,536,511,128 | $106,118,675 |
Altura Credit Union Riverside, CA | $2,322,631,067 | $106,884,732 |