Credit Unions In The State Of California
- Assets
- $2.2b
- Revenue
- $100.3m
- Investments
- $0.0
- Employees
- 287
- Location
- Hollywood, CA
- Founding
- 02/2016
- Data as of
- 12/2023
- EIN
- 95-2513485
Organization Overview
Credit Unions In The State Of California is located in Hollywood, CA. The organization was established in 2016. 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, Credit Unions In The State Of California employed 287 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 12/2023, Credit Unions In The State Of California generated $100.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.4% each year . All expenses for the organization totaled $87.7m during the year ending 12/2023. While expenses have increased by 12.1% 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
2023
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
FIRST ENTERTAINMENT CREDIT UNION OFFERS ITS MEMBERS A VARIETY OF SAVINGS PROGRAMS INCLUDING CHECKING ACCOUNTS, MONEY MARKET ACCOUNTS, TERM SAVINGS CERTIFICATES, AND IRAS. ADDITIONALLY, THE CREDIT UNION OFFERS BUSINESS CHECKING AND MONEY MARKET ACCOUNTS.
FIRST ENTERTAINMENT CREDIT UNION MEMBERS HAVE ACCESS TO A VARIETY OF LOAN PRODUCTS INCLUDING PERSONAL AND AUTO LOANS AND A COMPREHENSIVE PORTFOLIO OF REAL ESTATE LOANS. ADDITIONALLY, THE CREDIT UNION OFFERS A COMPLETE SUITE OF COMMERCIAL REAL ESTATE AS WELL AS COMMERCIAL AND INDUSTRIAL LOANS TO SERVICE BUSINESS LENDING NEEDS.
FIRST ENTERTAINMENT CREDIT UNION MEMBERS ENJOY FREE ONLINE ACCOUNT ACCESS AS WELL AS A VARIETY OF ADDITIONAL MEMBER-ONLY BENEFITS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick Walters Board Chair | Trustee | 1 | $0 |
Stephen Raynes Board Vice-Chair | Trustee | 1 | $0 |
Laura Valan Secretary | Trustee | 1 | $0 |
Irwin Jacobson Treasurer | Trustee | 1 | $0 |
Howard Welinsky Board Member | Trustee | 1 | $0 |
Gari Ann Douglass Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Daniel L Mueller Dba The Lawrence Compan Marketing Services | 12/30/23 | $475,853 |
La Quinta Resort And Club Events Services | 12/30/23 | $269,123 |
Sapphire Trail Llc Marketing Services | 12/30/23 | $230,899 |
Saltee Co Llc Consulting And Coaching Services | 12/30/23 | $191,100 |
Ttec Digital Llc It And Communcations Services | 12/30/23 | $134,999 |
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 | $86,560,177 |
| Investment income | $13,376,249 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$6,827 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $100,298,881 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $47,644 |
| 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. | $4,955,831 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $22,553,780 |
| Pension plan accruals and contributions | $1,891,154 |
| Other employee benefits | $2,868,878 |
| Payroll taxes | $1,941,514 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $236,681 |
| Fees for services: Accounting | $57,332 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,704,693 |
| Advertising and promotion | $1,121,172 |
| Office expenses | $7,793,198 |
| Information technology | $4,523,466 |
| Royalties | $0 |
| Occupancy | $2,065,999 |
| Travel | $1,107,118 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $24,246,085 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,137,013 |
| Insurance | $152,350 |
| All other expenses | $299,685 |
| Total functional expenses | $87,655,388 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,626,100 |
| Savings and temporary cash investments | $56,250,924 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $16,541,788 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,747,338 |
| Net Land, buildings, and equipment | $5,671,979 |
| Investments—publicly traded securities | $494,761,281 |
| Investments—other securities | $0 |
| Investments—program-related | $1,573,438,750 |
| Intangible assets | $0 |
| Other assets | $43,673,121 |
| Total assets | $2,209,711,281 |
| Accounts payable and accrued expenses | $19,844,080 |
| 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 | $2,038,943,765 |
| Total liabilities | $2,058,787,845 |
| 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 | $150,923,436 |
| Total liabilities and net assets/fund balances | $2,209,711,281 |
Grants Awarded
Over the last fiscal year, Credit Unions In The State Of California has awarded $22,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CHILDREN'S MIRACLE NETWORK HOSPITAL PURPOSE: TO PROVIDE THE BEST CARE FOR KIDS IN CHILDREN'S HOSPITALS | $16,500 |
CALIFORNIA CREDIT UNION LEAGUE PURPOSE: PARTNERS FOR ADVOCACY PROGRAM SPONSORSHIP | $6,000 |