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Nonprofiteer
← MONTERRA CREDIT UNION

Form 990 for tax year 2022

Filed by MONTERRA CREDIT UNION.

Totals

Total revenue
$70,068,460
Total expenses
$51,836,419
Contributions and grants received
$0
Grants paid
$184,130
Program service revenue
$59,827,484
Investment income
$8,905,205
Other revenue
$1,335,771
Total assets, end of year
$1,661,497,926
Total liabilities, end of year
$1,482,369,102
Net assets or fund balances, end of year
$179,128,824
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 $41,254,094 · related or exempt $41,254,094

  • 2b · Program service revenue: INTERCHANGE INCOME

    total $9,709,523 · related or exempt $9,709,523

  • 2c · Program service revenue: OTHER NONINTEREST INCOME

    total $4,467,094 · related or exempt $4,364,007 · unrelated business $103,087

  • 2d · Program service revenue: DEPOSIT SERVICE CHARGES AND FEES

    total $4,174,517 · related or exempt $4,174,517

  • 2e · Program service revenue: SALE OF LOANS

    total $222,256 · related or exempt $222,256

  • 3 · Investment income

    total $8,905,205 · excluded $8,905,205

  • 6a · Gross rents

    real property $1,508,734

  • 6b · Less rental expenses

    real property $172,963

  • 6c · Rental income or loss

    real property $1,335,771

  • 6d · Net rental income or loss

    total $1,335,771 · excluded $1,335,771

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $174,130

  • 2 · Grants to domestic individuals

    total $10,000

  • 4 · Benefits paid to or for members

    total $4,250,301

  • 5 · Compensation of officers, directors and key employees

    total $4,768,629

  • 7 · Other salaries and wages

    total $14,272,700

  • 8 · Pension plan contributions

    total $1,157,555

  • 9 · Other employee benefits

    total $2,146,237

  • 10 · Payroll taxes

    total $1,384,659

  • 11b · Fees: legal

    total $67,509

  • 11c · Fees: accounting

    total $236,207

  • 11d · Fees: lobbying

    total $10,297

  • 11g · Fees: other

    total $2,524,513

  • 12 · Advertising and promotion

    total $1,247,148

  • 13 · Office expenses

    total $1,849,952

  • 16 · Occupancy

    total $2,414,030

  • 17 · Travel

    total $45,249

  • 19 · Conferences, conventions and meetings

    total $142,206

  • 20 · Interest

    total $1,961,242

  • 22 · Depreciation, depletion and amortization

    total $2,679,362

  • 23 · Insurance

    total $222,659

  • 24a · Other expenses: UBI TAX

    total $22,282

  • 24b · Other expenses: DEBIT & CREDIT CARD FEE

    total $3,174,638

  • 24c · Other expenses: REPAIRS & MAINTENANCE

    total $2,269,236

  • 24d · Other expenses: LOAN SERVICING

    total $2,094,002

  • 24e · All other expenses

    total $2,711,676

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $18,839,192 · end of year $15,728,774

  • 2 · Savings and temporary cash investments

    beginning of year $467,846,541 · end of year $246,760,569

  • 4 · Accounts receivable

    beginning of year $1,311,069 · end of year $1,462,395

  • 5 · Loans and receivables from officers and key people

    beginning of year $11,132,005 · end of year $11,452,609

  • 7 · Other notes and loans receivable

    beginning of year $1,057,423,608 · end of year $1,292,005,187

  • 9 · Prepaid expenses and deferred charges

    beginning of year $394,283 · end of year $807,015

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

    $42,864,981

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

    $26,506,429

  • 10c · Land, buildings and equipment, net

    beginning of year $18,160,378 · end of year $16,358,552

  • 11 · Investments: publicly traded securities

    beginning of year $30,157,093 · end of year $29,828,305

  • 12 · Investments: other securities

    beginning of year $8,167,300 · end of year $7,755,500

  • 15 · Other assets

    beginning of year $38,448,752 · end of year $39,339,020

  • 17 · Accounts payable and accrued expenses

    beginning of year $22,864,036 · end of year $9,559,726

  • 25 · Other liabilities

    beginning of year $1,465,468,955 · end of year $1,472,809,376

  • 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 $163,547,230 · end of year $179,128,824

Mission and programs · 2022

Mission

PASSIONATELY DELIVER RELEVANT PRODUCTS, SERVICES, AND EDUCATION TAILORED TO HELP OUR MEMBERS, EMPLOYEES, AND COMMUNITIES ACHIEVE THEIR FINANCIAL GOALS.

Activities or mission (Part I)

PROVIDE A RANGE OF FINANCIAL PRODUCTS AND SERVICES TO IMPROVE THE FINANCIAL LIVES OF OUR MEMBERS.

  • SAN MATEO CREDIT UNION IS A FINANCIAL COOPERATIVE SERVING THE COMMUNITIES WITHIN SAN MATEO COUNTY, CITY OF PALO ALTO AND SELECT NEIGHBORHOODS IN SAN FRANCISCO. WE HAVE SEVEN BRANCHES THROUGHOUT THESE GEOGRAPHICAL AREAS AND A HEADQUARTERS OFFICE LOCATED IN REDWOOD CITY, CALIFORNIA. AS OF YEAR-END 2022, WE HAD 90,768 MEMBER-OWNERS. WE OFFER OUR MEMBERS A WIDE ARRAY OF RETAIL FINANCIAL PRODUCTS AND SERVICES, AND WE PROVIDE FINANCIAL EDUCATION TO YOUTH AND ADULTS THROUGHOUT THE COMMUNITIES WE SERVE. SMCU OFFERS AN ARRAY OF CONSUMER FINANCIAL PRODUCTS, INCLUDING RESIDENTIAL REAL ESTATE LOANS, AUTOMOBILE LOANS, SECURED AND UNSECURED LOANS AND CREDIT CARDS, AS WELL AS CHECKING, SAVINGS AND CERTIFICATE OF DEPOSIT ACCOUNTS.

As filed on the 2022 return.

Listed in Part VII

  • WADE PAINTER

    CEO/PRESIDENT

    Total calculated
    $824,342
    From this org
    $801,842
    From related orgs
    $0
    Other
    $22,500
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $662,537
    Bonus
    $128,505
    Other
    $10,800
    Deferred
    $18,300
    Nontaxable benefits
    $4,200
    Filer's total
    $824,342

  • VALERIE ALSIP

    EVP/COO

    Total calculated
    $574,265
    From this org
    $559,420
    From related orgs
    $0
    Other
    $14,845
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $383,688
    Bonus
    $41,445
    Other
    $134,287
    Deferred
    $14,233
    Nontaxable benefits
    $612
    Filer's total
    $574,265

  • DAVID DIAMOND

    VP, CHIEF FINANCIAL OFFICER

    Total calculated
    $417,171
    From this org
    $401,435
    From related orgs
    $0
    Other
    $15,736
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $289,912
    Bonus
    $29,507
    Other
    $82,016
    Deferred
    $10,884
    Nontaxable benefits
    $4,852
    Filer's total
    $417,171

  • PATRICIA ELLINGSON

    SVP, CHIEF LENDING OFFICER

    Total calculated
    $397,237
    From this org
    $379,450
    From related orgs
    $0
    Other
    $17,787
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $264,225
    Bonus
    $30,013
    Other
    $85,212
    Deferred
    $11,751
    Nontaxable benefits
    $6,036
    Filer's total
    $397,237

  • REBECCA NIXON

    VP EMPLOYEE RELATIONS

    Total calculated
    $339,945
    From this org
    $322,343
    From related orgs
    $0
    Other
    $17,602
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $226,390
    Bonus
    $24,972
    Other
    $70,981
    Deferred
    $13,811
    Nontaxable benefits
    $3,791
    Filer's total
    $339,945

  • DOREEN SZYMANKSKI

    VP MEMBER EXPERIENCE

    Total calculated
    $305,682
    From this org
    $285,006
    From related orgs
    $0
    Other
    $20,676
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,600
    Bonus
    $20,687
    Other
    $80,719
    Deferred
    $11,177
    Nontaxable benefits
    $9,499
    Filer's total
    $305,682

  • WILLIAM ANDREWS

    VP INFORMATION SERVICES

    Total calculated
    $302,353
    From this org
    $285,860
    From related orgs
    $0
    Other
    $16,493
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,621
    Bonus
    $19,852
    Other
    $73,387
    Deferred
    $11,837
    Nontaxable benefits
    $4,656
    Filer's total
    $302,353

  • ROBERT CARTER

    VP ADMINISTRATIVE SERVICES

    Total calculated
    $298,490
    From this org
    $285,028
    From related orgs
    $0
    Other
    $13,462
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $199,449
    Bonus
    $21,894
    Other
    $63,685
    Deferred
    $12,052
    Nontaxable benefits
    $1,410
    Filer's total
    $298,490

  • IGNASIO MEDRANO

    VP DIGITAL SERVICES

    Total calculated
    $296,414
    From this org
    $283,909
    From related orgs
    $0
    Other
    $12,505
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $202,912
    Bonus
    $20,715
    Other
    $60,282
    Deferred
    $12,193
    Nontaxable benefits
    $312
    Filer's total
    $296,414

  • RICHARD KINZIE

    VP RISK & COMPLIANCE

    Total calculated
    $291,426
    From this org
    $273,672
    From related orgs
    $0
    Other
    $17,754
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $189,272
    Bonus
    $19,986
    Other
    $64,414
    Deferred
    $11,718
    Nontaxable benefits
    $6,036
    Filer's total
    $291,426

  • EMILIO JOHANSEN

    EXECUTIVE WEALTH ADVISOR

    Total calculated
    $284,443
    From this org
    $261,971
    From related orgs
    $0
    Other
    $22,472
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $259,551
    Bonus
    $0
    Other
    $2,420
    Deferred
    $15,964
    Nontaxable benefits
    $6,508
    Filer's total
    $284,443

  • ANATOLY VILDERMAN

    EXECUTIVE WEALTH ADVISOR

    Total calculated
    $261,451
    From this org
    $248,227
    From related orgs
    $0
    Other
    $13,224
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $245,627
    Bonus
    $0
    Other
    $2,600
    Deferred
    $12,912
    Nontaxable benefits
    $312
    Filer's total
    $261,451

  • DANI ROBINSON

    VP CREDIT RISK

    Total calculated
    $257,990
    From this org
    $244,329
    From related orgs
    $0
    Other
    $13,661
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,807
    Bonus
    $17,739
    Other
    $60,783
    Deferred
    $10,422
    Nontaxable benefits
    $3,239
    Filer's total
    $257,990

  • SUZANNE KNOWLTON

    VP MARKETING & COMMUNITY RELATIONS

    Total calculated
    $238,631
    From this org
    $215,497
    From related orgs
    $0
    Other
    $23,134
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $198,120
    Bonus
    $17,377
    Other
    $0
    Deferred
    $12,524
    Nontaxable benefits
    $10,610
    Filer's total
    $238,631

  • CHERYL RAYO

    VP REAL ESTATE LENDING

    Total calculated
    $224,683
    From this org
    $215,273
    From related orgs
    $0
    Other
    $9,410
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $174,730
    Bonus
    $17,246
    Other
    $23,297
    Deferred
    $8,078
    Nontaxable benefits
    $1,332
    Filer's total
    $224,683

  • JOHNNY ESCALANTE

    DIRECTOR OF INFORMATION SERVICES

    Total calculated
    $196,214
    From this org
    $182,459
    From related orgs
    $0
    Other
    $13,755
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,377
    Bonus
    $16,972
    Other
    $15,110
    Deferred
    $9,291
    Nontaxable benefits
    $4,464
    Filer's total
    $196,214

  • JON GALLE

    LEAD ENTERPRISE APPLICATIONS ANALYST

    Total calculated
    $175,386
    From this org
    $157,638
    From related orgs
    $0
    Other
    $17,748
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $124,262
    Bonus
    $9,946
    Other
    $23,430
    Deferred
    $8,068
    Nontaxable benefits
    $9,680
    Filer's total
    $175,386

  • JANELLE EATON ESCALANTE

    DIRECTOR OF EMPLOYEE RELATIONS

    Total calculated
    $168,673
    From this org
    $162,507
    From related orgs
    $0
    Other
    $6,166
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,369
    Bonus
    $14,068
    Other
    $4,070
    Deferred
    $4,576
    Nontaxable benefits
    $1,590
    Filer's total
    $168,673

  • MICHAEL CLAIRE

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • STEVE DIVNEY

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • KATE HARR

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • JOHN BEIERS

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • MAGDA GONZALEZ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • BRIAN PONTY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DONNA VAILLANCOURT

    DIRECTOR (THRU 12/31/2022)

    Total calculated
    $0
    Hours/week
    1

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

  • 1a · Travel for companions
  • 1a · Discretionary spending account
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 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 1B
IN ACCORDANCE WITH THE SMCU BYLAWS AND EXPENDITURES POLICY, OFFICIALS, DIRECTORS, AND SUPERVISORY COMMITTEE MEMBERS TRAVEL TO ATTEND CONTINUING EDUCATION AND INDUSTRY-RELATED SEMINARS, CONFERENCES, AND MEETINGS.
PART I, LINE 4B
THE CREDIT UNION HAS MADE A LOAN FOR LIFE INSURANCE PREMIUM PAYMENTS TO A MEMBER OF MANAGEMENT. THE LOAN IS COLLATERALIZED BY THE ASSIGNMENT OF THE POLICY DEATH BENEFITS AND CASH VALUES OF EACH RESPECTIVE LIFE INSURANCE POLICY, PLUS INCOME ANNUITIES USED TO FUND THE POLICIES. THE POLICIES ARE OWNED BY THE EXECUTIVE AND THE EXECUTIVE HAS THE RIGHT TO NAME THE BENEFICIARIES FOR AMOUNTS NOT SECURED BY THE ASSIGNMENTS.

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202333199349327278

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