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Nonprofiteer
← CALIFORNIA FEDERAL CREDIT UNION

Form 990 for tax year 2023

Filed by CALIFORNIA FEDERAL CREDIT UNION.

Totals

Total revenue
$204,850,638
Total expenses
$184,990,439
Contributions and grants received
$0
Grants paid
$123,791
Program service revenue
$140,463,666
Investment income
$47,527,062
Other revenue
$16,859,910
Total assets, end of year
$4,876,733,268
Total liabilities, end of year
$4,579,717,849
Net assets or fund balances, end of year
$297,015,419
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 $117,463,753 · related or exempt $117,463,753

  • 2b · Program service revenue: FEE INCOME

    total $13,682,446 · related or exempt $13,554,815 · unrelated business $127,631

  • 2c · Program service revenue: OTHER OPERATING INCOME

    total $9,317,467 · related or exempt $8,460,349 · unrelated business $857,118

  • 3 · Investment income

    total $47,518,407 · related or exempt $47,518,407

  • 7a · Gross sales of assets other than inventory

    other assets $35,591

  • 7b · Less cost or other basis and sales expenses

    other assets $26,936

  • 7c · Gain or loss

    other assets $8,655

  • 7d · Net gain or loss

    total $8,655 · related or exempt $8,655

  • 11a · Other revenue: OTHER NON-INTEREST INC

    total $16,681,625 · related or exempt $16,681,625

  • 11b · Other revenue: GAIN ON SALE OF LOANS

    total $178,285 · related or exempt $178,285

  • 11e · Other revenue, total

    $16,859,910

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $103,791

  • 2 · Grants to domestic individuals

    total $20,000

  • 5 · Compensation of officers, directors and key employees

    total $8,374,709

  • 7 · Other salaries and wages

    total $43,627,111

  • 8 · Pension plan contributions

    total $2,683,257

  • 9 · Other employee benefits

    total $6,471,018

  • 10 · Payroll taxes

    total $3,393,326

  • 11b · Fees: legal

    total $518,796

  • 11g · Fees: other

    total $2,925,470

  • 12 · Advertising and promotion

    total $6,850,987

  • 13 · Office expenses

    total $15,152,975

  • 14 · Information technology

    total $9,969,723

  • 16 · Occupancy

    total $10,371,070

  • 17 · Travel

    total $826,052

  • 20 · Interest

    total $49,782,578

  • 22 · Depreciation, depletion and amortization

    total $8,128,564

  • 23 · Insurance

    total $191,278

  • 24a · Other expenses: MISCELLANEOUS EXPENSE

    total $5,505,146

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $5,039,401

  • 24c · Other expenses: LOAN SERVICING

    total $4,580,887

  • 24d · Other expenses: OPERATING FEES

    total $465,272

  • 24e · All other expenses

    total $9,028

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $53,261,284 · end of year $44,434,316

  • 2 · Savings and temporary cash investments

    beginning of year $449,317,109 · end of year $432,905,302

  • 5 · Loans and receivables from officers and key people

    beginning of year $15,166,786 · end of year $15,418,166

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,881,299 · end of year $5,149,659

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

    $219,536,640

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

    $101,357,225

  • 10c · Land, buildings and equipment, net

    beginning of year $118,790,730 · end of year $118,179,415

  • 11 · Investments: publicly traded securities

    beginning of year $1,293,392,624 · end of year $1,182,194,816

  • 13 · Investments: program-related

    beginning of year $2,536,662,258 · end of year $2,985,258,890

  • 14 · Intangible assets

    beginning of year $23,205,260 · end of year $23,194,498

  • 15 · Other assets

    beginning of year $67,062,977 · end of year $69,998,206

  • 17 · Accounts payable and accrued expenses

    beginning of year $67,141,358 · end of year $79,124,331

  • 25 · Other liabilities

    beginning of year $4,229,419,298 · end of year $4,500,593,518

  • 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 $265,179,671 · end of year $297,015,419

Mission and programs · 2023

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, CALIFORNIA 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.

Activities or mission (Part I)

A COOPERATIVE ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS.

  • WE CONCLUDED ANOTHER SUCCESSFUL YEAR SERVING OUR MEMBERS IN 2023.

  • AT CALIFORNIA CREDIT UNION, WE WERE PROUD TO CONTINUE SUPPORTING OUR MEMBERS AND COMMUNITIES BY HELPING THEM ACHIEVE THEIR FINANCIAL GOALS. ADDING NEW MEMBER VALUE HAS ALWAYS BEEN A KEY PRIORITY AND WE CONTINUED TO DELIVER BY EXPANDING OUR CHARTER ACROSS SOUTHERN CALIFORNIA IN 2023, WELCOMING ANYONE WHO LIVES, WORKS, WORSHIPS, ATTENDS SCHOOL OR HAS BUSINESS IN SAN DIEGO, RIVERSIDE, LOS ANGELES, ORANGE, SAN BERNARDINO AND VENTURA COUNTIES, AS WELL AS SCHOOL EMPLOYEES THROUGHOUT THE STATE. WE WERE ALSO PROUD TO BE CERTIFIED AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI), A DESIGNATION ONLY GIVEN TO ORGANIZATIONS PROVEN TO PROVIDE FINANCIAL SERVICES IN COMMUNITIES THAT HAVE HISTORICALLY LACKED ACCESS TO TRADITIONAL BANKING SERVICES. IN ADDITION, OUR OPTION CHECKING ACCOUNT WAS BANK ON CERTIFIED BY THE CITIES FOR FINANCIAL EMPOWERMENT FUND, BRINGING SAFE AND AFFORDABLE ACCESS TO BANKING FOR UNBANKED, UNDERBANKED AND UNDERSERVED COMMUNITY MEMBERS IN SOUTHERN CALIFORNIA. IN 2023, OUR FINANCIAL LITERACY PROGRAMS REACHED 31,000 PROVIDING 40 FINANCIAL EDUCATION MODULES TO ALL MEMBERS AND WEBSITE VISITORS FOR FREE AS WELL AS OFFERING FINANCIAL LITERACY PROGRAMS IN PARTNERSHIP WITH GREENPATH FINANCIAL WELLNESS AND A BITE OF REALITY

  • CALIFORNIA CREDIT UNION REMAINED COMMITTED TO SUPPORTING OUR COMMUNITIES BY INVESTING OVER $720,000 INTO NEW PARTNERSHIPS, EMPLOYEE VOLUNTEERISM, AND INDUSTRY ADVOCACY OPPORTUNITIES. WE ENTERED INTO A NEW PARTNERSHIP WITH THE LOS ANGELES ZOO WHOSE FOCUS ON FAMILIES AND EDUCATION DIRECTLY ALIGNS WITH OUR GOALS AND PURPOSE IN THE LA MARKET. THIS NEW PARTNERSHIP PROVIDES GREAT EXPOSURE TO THE ZOO'S NEARLY 1.8 MILLION ANNUAL VISITORS, AS WELL AS ALLOW FOR ONSITE ACTIVATIONS FOR NEW MEMBERSHIPS, EDUCATIONAL SUPPORT FOR UNDERSERVED SCHOOLS, COMMUNITY GIVING AND VOLUNTEER OPPORTUNITIES. IN 2023, OUR EMPLOYEES SERVED AS VOLUNTEERS ON 19 EDUCATION AND COMMUNITY FOUNDATION BOARDS ACROSS SOUTHERN CALIFORNIA. AND, OUR STAFF CAME TOGETHER TO BUILD HOMES FOR HABITAT FOR HUMANITY, WORK AT THE SAN DIEGO PRIDE FESTIVAL, PARTICIPATE IN THE NAVY'S 36TH BAY BRIDGE RUN, DISTRIBUTE SCHOOL SUPPLIES, AND MUCH MORE.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Walton Greene

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Pamela Fees

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Rebecca Collier

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Jeff Stone

    BOARD TREASURER

    Total calculated
    $0
    Hours/week
    1

  • James Doyle

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Victor Hanson

    BOARD MEMBER

    Total calculated
    $2,420
    From this org
    $2,420
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Ted Fujimoto

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Surviva Mendoza

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Fredric Nigro

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Emmanuel Olaes

    BOARD MEMBER

    Total calculated
    $1,887
    From this org
    $1,887
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Marcia Wade

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Guilbert Hentschke

    SUPERVISORY COMMITTEE CHAIRMAN

    Total calculated
    $2,424
    From this org
    $2,424
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Janalyn Glymph

    SUPERVISORY COMMITTEE SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • William Kaley

    SUPERVISORY COMMITTEE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Roger McTighe

    SUPERVISORY COMMITTEE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Scott J Svonkin

    SUPERVISORY COMMITTEE MEMBER

    Total calculated
    $952
    From this org
    $952
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Steven O'Connell

    PRESIDENT, CEO

    Total calculated
    $1,156,678
    From this org
    $1,102,184
    From related orgs
    $0
    Other
    $54,494
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $801,923
    Bonus
    $172,088
    Other
    $128,173
    Deferred
    $19,800
    Nontaxable benefits
    $34,694
    Filer's total
    $1,156,678

  • Mark Lovewell

    EVP, CFO AND PRESIDENT OF CUSO OPS

    Total calculated
    $689,447
    From this org
    $611,598
    From related orgs
    $0
    Other
    $77,849
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $478,890
    Bonus
    $115,590
    Other
    $17,118
    Deferred
    $43,155
    Nontaxable benefits
    $34,694
    Filer's total
    $689,447

  • Robert O'Grady

    EVP, CHIEF OPERATING OFFICER

    Total calculated
    $818,013
    From this org
    $775,038
    From related orgs
    $0
    Other
    $42,975
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $579,522
    Bonus
    $135,849
    Other
    $59,667
    Deferred
    $19,800
    Nontaxable benefits
    $23,175
    Filer's total
    $818,013

  • Hudson Lee

    EVP, CHIEF RISK OFFICER

    Total calculated
    $619,422
    From this org
    $572,293
    From related orgs
    $0
    Other
    $47,129
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $432,156
    Bonus
    $89,503
    Other
    $50,634
    Deferred
    $23,954
    Nontaxable benefits
    $23,175
    Filer's total
    $619,422

  • John Bretthauer

    EVP, CHIEF ADMINISTRATIVE OFFICER

    Total calculated
    $607,883
    From this org
    $553,389
    From related orgs
    $0
    Other
    $54,494
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $419,691
    Bonus
    $88,214
    Other
    $45,484
    Deferred
    $19,800
    Nontaxable benefits
    $34,694
    Filer's total
    $607,883

  • Richard Hubeny

    EVP, CHIEF LENDING OFFICER

    Total calculated
    $533,392
    From this org
    $458,090
    From related orgs
    $0
    Other
    $75,302
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $355,724
    Bonus
    $61,347
    Other
    $41,019
    Deferred
    $42,300
    Nontaxable benefits
    $33,002
    Filer's total
    $533,392

  • Patrick Zarifian

    SVP, CHIEF EXPERIENCE OFFICER

    Total calculated
    $483,520
    From this org
    $429,026
    From related orgs
    $0
    Other
    $54,494
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $335,750
    Bonus
    $56,576
    Other
    $36,700
    Deferred
    $19,800
    Nontaxable benefits
    $34,694
    Filer's total
    $483,520

  • Diane Madison-Jammal

    SVP, CHIEF INNOVATION OFFICER

    Total calculated
    $439,137
    From this org
    $380,614
    From related orgs
    $0
    Other
    $58,523
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $317,101
    Bonus
    $45,889
    Other
    $17,624
    Deferred
    $35,556
    Nontaxable benefits
    $22,967
    Filer's total
    $439,137

  • Charles Lacuesta

    SVP, CHIEF INFORMATION OFFICER

    Total calculated
    $387,469
    From this org
    $355,771
    From related orgs
    $0
    Other
    $31,698
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $296,830
    Bonus
    $49,078
    Other
    $9,863
    Deferred
    $16,998
    Nontaxable benefits
    $14,700
    Filer's total
    $387,469

  • Jill Vasant

    SVP, CHIEF MARKETING OFFICER

    Total calculated
    $389,761
    From this org
    $338,591
    From related orgs
    $0
    Other
    $51,170
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $282,586
    Bonus
    $46,530
    Other
    $9,475
    Deferred
    $39,790
    Nontaxable benefits
    $11,380
    Filer's total
    $389,761

  • Irma A Jimenez

    VP, MORTGAGE LOAN OFFICER

    Total calculated
    $1,018,940
    From this org
    $965,260
    From related orgs
    $0
    Other
    $53,680
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $31,453
    Bonus
    $925,581
    Other
    $8,226
    Deferred
    $42,300
    Nontaxable benefits
    $11,380
    Filer's total
    $1,018,940

  • Kevin Andrew Witowich

    FINANCIAL ADVISOR

    Total calculated
    $603,299
    From this org
    $552,852
    From related orgs
    $0
    Other
    $50,447
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,260
    Bonus
    $426,213
    Other
    $379
    Deferred
    $19,800
    Nontaxable benefits
    $30,647
    Filer's total
    $603,299

  • Miguel Kassem

    VP, MORTGAGE LOAN OFFICER

    Total calculated
    $557,465
    From this org
    $492,107
    From related orgs
    $0
    Other
    $65,358
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $26,724
    Bonus
    $452,243
    Other
    $13,140
    Deferred
    $42,300
    Nontaxable benefits
    $23,058
    Filer's total
    $557,465

  • Margaret Voskanian

    VP, MORTGAGE LOAN OFFICER

    Total calculated
    $450,447
    From this org
    $411,788
    From related orgs
    $0
    Other
    $38,659
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $27,025
    Bonus
    $373,276
    Other
    $11,487
    Deferred
    $16,623
    Nontaxable benefits
    $22,036
    Filer's total
    $450,447

  • Brian James Venn

    VP, PROGRAM MANAGER

    Total calculated
    $421,172
    From this org
    $368,425
    From related orgs
    $0
    Other
    $52,747
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,554
    Bonus
    $196,579
    Other
    $20,292
    Deferred
    $18,052
    Nontaxable benefits
    $34,695
    Filer's total
    $421,172

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 · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 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 1A
COMPANION TRAVEL IS REPORTED AS NONEMPLOYEE COMPENSATION ON FORM 1099-MISC ISSUED TO THE COMPANION.
PART I, LINE 4B
THE CREDIT UNION HAS A NONQUALIFIED DEFERRED COMPENSATION PLAN FOR CERTAIN EXECUTIVES UNDER IRC SECTION 457(F). TO SUPPORT THE DEFERRED COMPENSATION PLAN, THE CREDIT UNION HAS ELECTED TO PURCHASE CREDIT UNION-OWNED VARIABLE LIFE INSURANCE AND VARIABLE ANNUITIES. THE SURRENDER VALUE OF THESE INVESTMENTS, INCLUDED IN OTHER ASSETS, WAS $8.5 MILLION AND $7.4 MILLION AS OF DECEMBER 31, 2023 AND 2022, RESPECTIVELY. THE CURRENT PARTICIPANTS ARE MARK LOVEWELL, JOHN BRETTHAUER, ROBERT O'GRADY, AND HUDSON LEE.

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

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CALIFORNIA MEMBERS TITLE INSURANCE COMPANY

    C · INSURANCE SERVICES · CA · 100% owned · share of income -$1,806,740 · share of assets $1,578,691 · controlled entity

    Directly controlled by CALIFORNIA MEMBERS HOLDING COMPANY

  • CALIFORNIA MEMBERS HOLDING COMPANY

    C · FINANCIAL SERVICES · CA · 100% owned · share of assets $3,363,756 · controlled entity

    Directly controlled by CALIFORNIA CREDIT UNION

  • CALIFORNIA MEMBERS TITLE COMPANY

    C · INSURANCE SERVICES · CA · 100% owned · share of income $1,508,952 · share of assets $943,252 · controlled entity

    Directly controlled by CALIFORNIA CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
19 September 2024
IRS schema version
2023v5.1
Source object
202422639349301662

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