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Nonprofiteer
← CREDIT UNIONS IN THE STATE OF CALIFORNIA

Form 990 for tax year 2024

Filed by CREDIT UNIONS IN THE STATE OF CALIFORNIA.

Totals

Total revenue
$15,151,619
Total expenses
$14,234,197
Contributions and grants received
$0
Grants paid
$62,884
Program service revenue
$11,011,351
Investment income
$760,489
Other revenue
$3,379,779
Total assets, end of year
$186,167,119
Total liabilities, end of year
$167,441,254
Net assets or fund balances, end of year
$18,725,865
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: INTEREST ON LOANS

    total $8,918,753 · related or exempt $8,918,753

  • 2b · Program service revenue: FEE INCOME

    total $1,047,171 · related or exempt $1,025,065 · unrelated business $22,106

  • 2c · Program service revenue: OTHER OPERATING INCOME

    total $1,045,427 · related or exempt $1,045,427

  • 3 · Investment income

    total $760,489 · related or exempt $760,489

  • 11a · Other revenue: OTHER NON-OPERATING INCOME

    total $3,379,779 · related or exempt $3,379,779

  • 11e · Other revenue, total

    $3,379,779

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $57,784

  • 2 · Grants to domestic individuals

    total $5,100

  • 5 · Compensation of officers, directors and key employees

    total $1,631,888

  • 7 · Other salaries and wages

    total $3,185,807

  • 8 · Pension plan contributions

    total $132,865

  • 9 · Other employee benefits

    total $937,431

  • 10 · Payroll taxes

    total $362,857

  • 11b · Fees: legal

    total $124,186

  • 11c · Fees: accounting

    total $124,763

  • 11g · Fees: other

    total $354,030

  • 12 · Advertising and promotion

    total $303,831

  • 13 · Office expenses

    total $2,317,901

  • 14 · Information technology

    total $68,090

  • 16 · Occupancy

    total $857,089

  • 17 · Travel

    total $31,523

  • 20 · Interest

    total $1,835,593

  • 22 · Depreciation, depletion and amortization

    total $334,624

  • 23 · Insurance

    total $187,611

  • 24a · Other expenses: CREDIT LOSS EXPENSE

    total $825,358

  • 24b · Other expenses: MISCELLANEOUS OPERATING

    total $368,873

  • 24c · Other expenses: LOAN SERVICING EXPENSE

    total $160,834

  • 24d · Other expenses: OPERATING FEES

    total $26,159

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,800,570 · end of year $2,606,633

  • 2 · Savings and temporary cash investments

    beginning of year $15,257,594 · end of year $14,446,326

  • 5 · Loans and receivables from officers and key people

    end of year $18,631

  • 9 · Prepaid expenses and deferred charges

    beginning of year $351,735 · end of year $448,222

  • 10a · Land, buildings and equipment: cost or other basis

    $13,113,145

  • 10b · Land, buildings and equipment: accumulated depreciation

    $2,334,598

  • 10c · Land, buildings and equipment, net

    beginning of year $9,496,260 · end of year $10,778,547

  • 11 · Investments: publicly traded securities

    beginning of year $5,313,444 · end of year $4,924,372

  • 13 · Investments: program-related

    beginning of year $153,983,993 · end of year $148,816,057

  • 15 · Other assets

    beginning of year $3,736,392 · end of year $4,128,331

  • 17 · Accounts payable and accrued expenses

    beginning of year $9,685,516 · end of year $5,706,698

  • 25 · Other liabilities

    beginning of year $164,453,327 · end of year $161,734,556

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $17,801,145 · end of year $18,725,865

Mission and programs · 2024

Mission

A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR THEM AT RATES OF INTEREST SET BY THE BOARD OF DIRECTORS, AND PROVIDING AN OPPORTUNITY FOR THEM TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, SANTA CRUZ COMMUNITY CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. SANTA CRUZ COMMUNITY CREDIT UNION SERVES THE COMMUNITY AS A CERTIFIED CDFI AND LOW INCOME CREDIT UNION, ENSURING THAT THROUGH ECONOMIC JUSTICE MEASURES, ALL PEOPLE RECEIVE ASSISTANCE TO IMPROVE THEIR LIVES.

Activities or mission (Part I)

A COMMUNITY DEVELOPMENT AND LOW INCOME CERTIFIED FINANCIAL COOPERATIVE ORGANIZED TO SERVE UNDERSERVED AND PROMOTE ECONOMIC EQUITY.

  • THE CREDIT UNION IS A COMMUNITY DEVELOPMENT, LOW-INCOME AND JUNTOS AVANZAMOS CERTIFIED CREDIT UNION PROVIDING LOW-COST, LIFE-CHANGING SERVICES, FINANCIAL LEARNING AND OPPORTUNITIES TO ITS LOCAL COMMUNITIES WITH A MISSION TO EMBRACE ECONOMIC JUSTICE AND TO PROVIDE FINANCIAL ACCESS AND OPPORTUNITIES TO ALL PEOPLE. ADDITIONALLY, THE CREDIT UNION'S MISSION INCLUDES SERVING THE UNBANKED AND UNDERSERVED, INCLUDING IMMIGRANTS WITH SPECIAL SERVICE NEEDS.SCCCU PROVIDES A VARIETY OF OPPORTUNITIES TO OUR MINORITY POPULATIONS INCLUDING CONSUMER, REAL ESTATE AND COMMERCIAL/SMALL AND MICRO-BUSINESS LENDING. SPECIFICALLY, THE CREDIT UNION OFFERS "PROYECTO HOGAR" HOME/MANUFACTURED HOME LOANS, NEW AND USED AUTO LOANS, MINORITY AND ITIN BUSINESS LOANS/LINES OF CREDIT, FIRST-TIME BORROWING PROGRAMS AND CREDIT BUILDER LOANS SUCH AS SAVINGS-SECURED CREDIT CARDS AND PERSONAL LOANS.

  • THE CREDIT UNION PROVIDES BUSINESS LENDING AND COMMERCIAL LENDING PRODUCTS INCLUDING REAL ESTATE FIRST AND SECOND LOANS, COMMUNITY DEVELOPMENT AND GOVERNMENT-GUARANTEED LOANS SUCH AS SBA AND CAL COASTAL RURAL DEVELOPMENT SECURED-LOANS AND MICRO-BUSINESS LOANS. ADDITIONALLY, THE CREDIT UNION SERVES MANY MICRO AND SMALL BUSINESSES AND NONPROFITS LOCALLY, AS SANTA CRUZ COUNTY IS A COMMUNITY OF ENTREPRENEURIAL BUSINESSES AND NONPROFITS THAT OFTEN HAVE FEW OPTIONS AVAILABLE TO THEM FROM THE MAINSTREAM BANKING INDUSTRY.

  • THE CREDIT UNION PROVIDES CONSUMER AND BUSINESS FINANCIAL PRODUCTS AND SERVICES GEARED TO SUPPORTING THE LOCAL COMMUNITY MEMBERS TO BE VIABLE AND SELF-SUFFICIENT IN THEIR FINANCIAL ENDEAVORS. SERVICES INCLUDING A VARIETY OF LOW AND NO-FEE CONSUMER AND BUSINESS CHECKING AND SAVINGS ACCOUNTS AS WELL AS IRA ACCOUNTS, MATRICULA CONSULAR, SECOND CHANCE CHECKING AND SAVINGS-SECURED LOANS THAT HAVE BEEN DESIGNED TO SERVE BOTH MODERATE AND LOW-INCOME COMMUNITY MEMBERS, OUR IMMIGRANT COMMUNITY AND THOSE LIVING IN STRUGGLING ECONOMIC AREAS.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Matt Farrell

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Tammy Pelstring

    BOARD TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Paz Padilla

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Ami Ebright

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Sylvia Reyes

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Ned Van Valkenburgh

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jessica Lenth

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Elaine Johnson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Linda Brown

    SUPV CMTE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Suzanne MacLean

    SUPV CMTE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Chuck Hahn

    SUPV CMTE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Elizabeth Carr

    CEO

    Total calculated
    $525,554
    From this org
    $313,542
    From related orgs
    $0
    Other
    $212,012
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $301,542
    Bonus
    $0
    Other
    $12,000
    Deferred
    $186,479
    Nontaxable benefits
    $25,533
    Filer's total
    $525,554

  • Sylvia O Sanchez

    CFO

    Total calculated
    $119,799
    From this org
    $107,276
    From related orgs
    $0
    Other
    $12,523
    Hours/week
    40

  • Katie Fairbairn

    CAO

    Total calculated
    $210,510
    From this org
    $202,780
    From related orgs
    $0
    Other
    $7,730
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $196,780
    Bonus
    $0
    Other
    $6,000
    Deferred
    $7,730
    Nontaxable benefits
    $0
    Filer's total
    $210,510

  • Paul Barenfus

    CLO

    Total calculated
    $224,925
    From this org
    $195,377
    From related orgs
    $0
    Other
    $29,548
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,702
    Bonus
    $0
    Other
    $9,675
    Deferred
    $8,006
    Nontaxable benefits
    $21,542
    Filer's total
    $224,925

  • Joseph L Coffman

    CTO

    Total calculated
    $192,073
    From this org
    $177,488
    From related orgs
    $0
    Other
    $14,585
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $171,488
    Bonus
    $0
    Other
    $6,000
    Deferred
    $7,184
    Nontaxable benefits
    $7,401
    Filer's total
    $192,073

  • Edward Cross Jr

    CIO

    Total calculated
    $161,988
    From this org
    $161,988
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,988
    Bonus
    $2,000
    Other
    $6,000
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $161,988

  • Jesus Berumen

    DIR OF CONSUMER REAL ESTATE

    Total calculated
    $179,571
    From this org
    $140,923
    From related orgs
    $0
    Other
    $38,648
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,878
    Bonus
    $0
    Other
    $3,045
    Deferred
    $4,443
    Nontaxable benefits
    $34,205
    Filer's total
    $179,571

  • Laura Owen

    DIR OF COMM. OUTREACH LEARN

    Total calculated
    $133,632
    From this org
    $119,630
    From related orgs
    $0
    Other
    $14,002
    Hours/week
    40

  • Charlotte Eggleston

    DIR OF E SERVICES

    Total calculated
    $129,888
    From this org
    $110,862
    From related orgs
    $0
    Other
    $19,026
    Hours/week
    40

  • Cynthia Lopez

    BSA / COMPLIANCE MANAGER

    Total calculated
    $113,717
    From this org
    $102,022
    From related orgs
    $0
    Other
    $11,695
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 4B
THE CREDIT UNION HAS A NON-QUALIFIED DEFERRED COMPENSATION PLAN WITH THE PRESIDENT/CEO. THE CREDIT UNION CONTRIBUTES 100% OF THE FUNDS TO THE PLAN. UNDER THE TERMS OF THE PLAN, THE PARTICIPANT IS ENTITLED TO SPECIFIED AMOUNTS IF THEY REMAIN EMPLOYED BY THE CREDIT UNION THROUGH SCHEDULED VESTING DATES. IF THE PARTICIPANT EXPERIENCES A SEPARATION FROM SERVICE AS DEFINED IN THE AGREEMENT, ACCRUED BENEFITS ARE IMMEDIATELY PAYABLE. THE BENEFITS ARE SUBJECT TO FORFEITURE IF EMPLOYMENT IS TERMINATED FOR CAUSE AS DEFINED IN THE AGREEMENT. THE DEFERRED COMPENSATION PAYABLE INCLUDED IN ACCRUED EXPENSES AND OTHER LIABILITIES WAS APPROXIMATELY $331,000 AND $157,000 AS OF DECEMBER 31, 2024 AND 2023, RESPECTIVELY. DEFERRED COMPENSATION EXPENSES, INCLUDED IN COMPENSATION AND BENEFITS NON-INTEREST EXPENSE, WERE APPROXIMATELY $175,000 AND $183,000 FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023, RESPECTIVELY. IN 2023, THE SECOND SCHEDULED BENEFIT PAYMENT WAS MADE ACCORDING TO THE TERMS OF THE AGREEMENT.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Provenance

Return type
form_990
Tax year
2024
Filed
29 October 2025
IRS schema version
2024v5.2
Source object
202523039349303152

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