Altura Credit Union
- Assets
- $2.3b
- Revenue
- $106.9m
- Investments
- $0.0
- Employees
- 498
- Location
- Riverside, CA
- Founding
- 06/1961
- Data as of
- 12/2021
- EIN
- 95-2023588
Organization Overview
Altura Credit Union is located in Riverside, 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, Altura Credit Union employed 498 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Altura 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, Altura Credit Union generated $106.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.3% each year . All expenses for the organization totaled $85.3m during the year ending 12/2021. While expenses have increased by 9.8% 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
A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ALTURA CREDIT UNION OFFERS TRADITIONAL BANKING SERVICES, INCLUDING CHECKING ACCOUNTS, SAVINGS ACCOUNTS, AND INVESTMENT SERVICES (RETIREMENT ACCOUNTS, STOCKS, BONDS, AND MUTUAL FUNDS) FOR PERSONAL AND BUSINESS PURPOSES. IT ALSO OFFERS MOBILE BANKING THROUGH A PHONE APPLICATION AVAILABLE FOR IPHONE, ANDROID PHONES, AND BLACKBERRY PHONES. MEMBERS CAN HAVE 24/7 ACCOUNT ACCESS, CHECK THEIR ACCOUNT AND LOAN BALANCES, TRANSFER FUNDS WITHIN AN ACCOUNT PAY THEIR CREDIT CARD AND LOAN WITHIN AN ACCOUNT, LOCATE BRANCHES AND ATM MACHINES, AND HAVE ACCESS TO OTHER MEMBER SERVICES.
ALTURA CREDIT UNION OFFERS A WIDE RANGE LINE OF CREDIT PRODUCTS TO ITS MEMBERS THAT INCLUDES VEHICLE LOANS, HOME LOANS, PERSONAL LOANS, AND CREDIT CARDS. THE ORGANIZATION OFFERS FINANCING OR REFINANCING FOR NEW OR USED AUTOMOBILES WITH TERMS UP TO 84 MONTHS. IT ALSO OFFERS FINANCING FOR RECREATIONAL VEHICLES, BOATS, JET SKIS, AND MOTORCYCLES. THE ORGANIZATION OFFERED TRADITIONAL AND ADJUSTABLE RATE MORTGAGES IN 2021. IN 2021, IT SPECIFICALLY SOUGHT TO ASSIST MEMBERS THAT WERE IMPACTED BY FIRE, GOVERNMENT SHUTDOWN,OR OTHER EMERGENCY, THROUGH A VARIETY OF EFFORTS BY OFFERING EMERGENCY AND OTHER SPECIALIZED LOANS. THE ORGANIZATION OFFERS TWO TYPES OF PERSONAL LOANS: SIGNATURE LOAN AND SECURED LOANS. A SIGNATURE LOAN PROVIDES UP TO $15,000 TO ITS MEMBERS FOR ANY PURPOSE. A SECURED LOAN PROVIDES LOANS TO ITS MEMBERS THAT IS SECURED BY COLLATERAL. A SECURED LOAN HAS TERMS UP TO 10 YEARS OR UP TO THE MATURITY DATE FOR A SHARE CERTIFICATE. THE ORGANIZATION ALSO OFFERS A VARIETY OF CREDIT CARDS INCLUDING MASTERCARD PLATINUM PREFERRED, MASTERCARD PLATINUM, MASTERCARD CLASSIC, AND MASTERCARD REWARDS.
ALTURA CREDIT UNION OFFERED FREE WORKSHOPS IN 2021 TO ITS MEMBERS THROUGH COMMUNITY OUTREACH AND CONNECTING WITH OUR COMMUNITY PARTNERS. THESE WORKSHOPS COVERED THE FOLLOWING TOPICS: REBUILDING AFTER A FINANCIAL CRISIS, SOLVING THE MYSTERY OF CREDIT REPORTS, RAISING MONEY SMART KIDS, BUILDING A BETTER BUDGET, IDENTIFY THEFT SOLUTIONS, TEN STEPS TO FINANCIAL SUCCESS, PSYCHOLOGY OF SPENDING, TEENS AND MONEY AND UNDERSTANDING CREDIT. WE ALSO OFFER ACCESS TO CERTIFIED FINANCIAL COUNSELORS (BALANCE), ONLINE COURSE AND EDUCATION ARTICLES. THE FREE ONLINE COURSES CONSIST OF VARIOUS TOPICS ENABLING OUR MEMBERS TO EXPLORE DIFFERENT ASPECTS OF FINANCIAL EDUCATION AT THEIR OWN PACE. CLASSES INCLUDED: MONEY MANAGEMENT,CHECKING ACCOUNT MANAGEMENT,THE PSYCHOLOGY OF SPENDING,THE ROAD TO HOME OWNERSHIP, FINANCIAL FIRST AID, FINANCES FOR COLLEGE STUDENTS, AND BUYING A VEHICLE.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Binkley CEO | Officer | 40 | $681,671 |
Kevin Sherrell Evp/cso | Officer | 40 | $373,473 |
Luis Barrios Commercial Bus Development Officer | 40 | $327,699 | |
Robert Whitton Svp/coo | Officer | 40 | $292,628 |
Gregory Rexroad Mortgage Loan Officer | 40 | $292,417 | |
Chris Andrus Svp/cco | Officer | 40 | $288,593 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Alkami Technology Inc Mobile Banking Provider | 12/30/21 | $1,529,347 |
Integrated Builders Group Inc Construction Services | 12/30/21 | $1,362,282 |
Cdw Direct Llc It Services | 12/30/21 | $852,177 |
Business Data Inc Statement Processing | 12/30/21 | $773,632 |
Ftsi Security Control Services | 12/30/21 | $733,306 |
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 | $98,254,390 |
| Investment income | $7,757,911 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $482,595 |
| Net Gain/Loss on Asset Sales | $285,383 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $106,884,732 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $131,118 |
| 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. | $3,607,652 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $28,577,166 |
| Pension plan accruals and contributions | $865,686 |
| Other employee benefits | $2,818,546 |
| Payroll taxes | $1,993,019 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $138,761 |
| Fees for services: Accounting | $186,610 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,483,320 |
| Advertising and promotion | $2,770,036 |
| Office expenses | $7,421,618 |
| Information technology | $712,287 |
| Royalties | $0 |
| Occupancy | $4,362,221 |
| Travel | $652,984 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $6,991,989 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,639,617 |
| Insurance | $597,784 |
| All other expenses | $0 |
| Total functional expenses | $85,335,532 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $83,352,416 |
| Savings and temporary cash investments | $70,586,380 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $10,938,813 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,508,278 |
| Net Land, buildings, and equipment | $42,630,068 |
| Investments—publicly traded securities | $775,817,321 |
| Investments—other securities | $0 |
| Investments—program-related | $1,303,528,938 |
| Intangible assets | $0 |
| Other assets | $33,268,853 |
| Total assets | $2,322,631,067 |
| Accounts payable and accrued expenses | $13,156,476 |
| 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 | $2,107,284,314 |
| Total liabilities | $2,120,440,790 |
| 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 | $202,190,277 |
| Total liabilities and net assets/fund balances | $2,322,631,067 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Golden 1 Credit Union Sacramento, CA | $18,331,687,285 | $525,382,897 |
Patelco Credit Union Dublin, CA | $9,047,982,000 | $276,202,116 |
Onpoint Community Credit Union Portland, OR | $9,040,369,064 | $300,691,175 |
San Diego County Credit Union San Diego, CA | $10,817,931,463 | $305,241,036 |
Credit Unions In The State Of California Pasadena, CA | $5,170,841,754 | $207,665,347 |
Credit Unions In The State Of California Santa Rosa, CA | $7,428,683,362 | $248,972,690 |
Travis Credit Union Vacaville, CA | $4,695,813,134 | $194,928,518 |
Safe Credit Union Folsom, CA | $4,443,372,826 | $162,136,670 |
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 |