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← CREDIT UNIONS IN THE STATE OF CALIFORNIA

Form 990 for tax year 2023

Filed by CREDIT UNIONS IN THE STATE OF CALIFORNIA.

Totals

Total revenue
$36,171,112
Total expenses
$32,793,297
Contributions and grants received
$0
Grants paid
$61,905
Program service revenue
$30,124,646
Investment income
$5,579,171
Other revenue
$467,295
Total assets, end of year
$741,105,315
Total liabilities, end of year
$698,539,988
Net assets or fund balances, end of year
$42,565,327
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 TO MEMBERS

    total $25,732,359 · related or exempt $25,732,359

  • 2b · Program service revenue: FEES AND CHARGES

    total $3,983,602 · related or exempt $3,957,991 · unrelated business $25,611

  • 2c · Program service revenue: COMMISSION INCOME

    total $301,305 · related or exempt $262,380 · unrelated business $38,925

  • 2d · Program service revenue: GAIN ON SALE OF LOANS

    total $107,380 · related or exempt $107,380

  • 3 · Investment income

    total $5,538,839 · excluded $5,538,839

  • 6a · Gross rents

    real property $527,456

  • 6b · Less rental expenses

    real property $340,781

  • 6c · Rental income or loss

    real property $186,675

  • 6d · Net rental income or loss

    total $186,675 · excluded $186,675

  • 7a · Gross sales of assets other than inventory

    other assets $259,717

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

    other assets $219,385

  • 7c · Gain or loss

    other assets $40,332

  • 7d · Net gain or loss

    total $40,332 · excluded $40,332

  • 11a · Other revenue: OTHER REVENUE

    total $280,620 · excluded $280,620

  • 11e · Other revenue, total

    $280,620

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $61,905

  • 4 · Benefits paid to or for members

    total $6,632,789

  • 5 · Compensation of officers, directors and key employees

    total $2,026,495

  • 7 · Other salaries and wages

    total $6,123,250

  • 8 · Pension plan contributions

    total $327,296

  • 9 · Other employee benefits

    total $2,217,490

  • 10 · Payroll taxes

    total $611,771

  • 11b · Fees: legal

    total $165,107

  • 11c · Fees: accounting

    total $63,216

  • 11d · Fees: lobbying

    total $6,500

  • 11g · Fees: other

    total $1,471,334

  • 12 · Advertising and promotion

    total $1,190,710

  • 13 · Office expenses

    total $771,803

  • 14 · Information technology

    total $1,943,152

  • 16 · Occupancy

    total $310,354

  • 17 · Travel

    total $111,168

  • 19 · Conferences, conventions and meetings

    total $4,551

  • 20 · Interest

    total $2,526,767

  • 22 · Depreciation, depletion and amortization

    total $481,542

  • 23 · Insurance

    total $144,045

  • 24a · Other expenses: EQUIPMENT MAINTENANCE

    total $1,742,940

  • 24b · Other expenses: LOAN SERVICING

    total $1,537,008

  • 24c · Other expenses: MISCELLANEOUS EXPENSES

    total $1,369,458

  • 24d · Other expenses: BANK & CREDIT CARD FEES

    total $952,646

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,435,121 · end of year $6,096,185

  • 2 · Savings and temporary cash investments

    beginning of year $21,801,663 · end of year $69,777,363

  • 4 · Accounts receivable

    beginning of year $292,073 · end of year $2,189,595

  • 7 · Other notes and loans receivable

    beginning of year $527,376,578 · end of year $509,930,618

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,190,461 · end of year $965,694

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

    $27,127,262

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

    $13,280,305

  • 10c · Land, buildings and equipment, net

    beginning of year $13,791,898 · end of year $13,846,957

  • 11 · Investments: publicly traded securities

    beginning of year $146,566,229 · end of year $119,157,647

  • 12 · Investments: other securities

    beginning of year $5,878,480 · end of year $5,779,044

  • 15 · Other assets

    beginning of year $19,344,172 · end of year $13,362,212

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,837,362 · end of year $12,076,862

  • 23 · Secured mortgages and notes payable

    beginning of year $39,000,000 · end of year $64,000,000

  • 25 · Other liabilities

    beginning of year $655,348,649 · end of year $622,463,126

  • 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 $42,490,664 · end of year $42,565,327

Mission and programs · 2023

Mission

TO PROVIDE FINANCIAL SERVICES TO OUR CORE MEMBERSHIP. OUR CORE MEMBERSHIP IS THE FACULTY, STAFF, STUDENTS, AND ALUMNI OF THE UNIVERSITY OF SOUTHERN CALIFORNIA.

Activities or mission (Part I)

TO PROVIDE FINANCIAL SERVICES TO OUR CORE MEMBERSHIP: FACULTY, STAFF, STUDENTS, AND ALUMNI OF USC.

  • USC CREDIT UNION IS A NOT-FOR-PROFIT COOPERATIVE FOUNDED TO FUEL MEMBERS' FINANCIAL DREAMS AND ENHANCE THE QUALITY OF LIFE IN THE COMMUNITIES WE SERVE. OUR MISSION IS TO PROVIDE AFFORDABLE PRODUCTS AND SERVICES, FINANCIAL GUIDANCE, AND THE RESOURCES TO SUPPORT OUR COMMUNITIES' ECONOMIC WELL-BEING AND GENERATIONAL WEALTH BUILDING.IN FISCAL 2024, OUR SOCIAL IMPACT DEPARTMENT ACCOMPLISHED THE FOLLOWING. - 3000+ PARTICIPATED IN FINANCIAL EDUCATION WORKSHOPS, ONLINE CLASSES, AND FINANCIAL COACHING SESSIONS - 50+ COLLABORATIVE PARTNERSHIPS BRINGING FINANCIAL WELLNESS PROGRAMMING, EVENTS, AND ACCESS TO BENEFICIAL FINANCIAL SERVICES AND PRODUCTS TO THE COMMUNITIES WE SERVE - 1,600+ GROWTH IN COMMUNITY MEMBERSHIPS, BRINGING ACCESS TO AFFORDABLE AND WEALTH-BUILDING PRODUCTS AND SERVICES DIRECTLY TO FAMILIES - $16,000+ IN COMMUNITY SPONSORSHIPS SUPPORTING MEANINGFUL PURPOSE-DRIVEN ORGANIZATIONSAS OF JUNE 30, 2024, WE PROVIDED FINANCIAL SERVICES FOR 80,237 MEMBERS.

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

Listed in Part VII

  • Gary Perez

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $402,109
    From this org
    $330,479
    From related orgs
    $0
    Other
    $71,630
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $325,025
    Bonus
    $0
    Other
    $5,454
    Deferred
    $33,000
    Nontaxable benefits
    $38,630
    Filer's total
    $402,109

  • Teresa Denison

    CHIEF MARKETING OFFICER

    Total calculated
    $243,332
    From this org
    $180,995
    From related orgs
    $0
    Other
    $62,337
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,521
    Bonus
    $0
    Other
    $474
    Deferred
    $20,987
    Nontaxable benefits
    $41,350
    Filer's total
    $243,332

  • David Schauer-West

    CHIEF INFORMATION OFFICER

    Total calculated
    $238,986
    From this org
    $184,808
    From related orgs
    $0
    Other
    $54,178
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $184,554
    Bonus
    $0
    Other
    $254
    Deferred
    $22,262
    Nontaxable benefits
    $31,916
    Filer's total
    $238,986

  • Michael Rogers

    CHIEF FINANCIAL OFFICER

    Total calculated
    $237,237
    From this org
    $201,681
    From related orgs
    $0
    Other
    $35,556
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $201,427
    Bonus
    $0
    Other
    $254
    Deferred
    $22,155
    Nontaxable benefits
    $13,401
    Filer's total
    $237,237

  • Jeff Gallery

    CHIEF LENDING OFFICER

    Total calculated
    $230,925
    From this org
    $189,261
    From related orgs
    $0
    Other
    $41,664
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $188,787
    Bonus
    $0
    Other
    $474
    Deferred
    $17,665
    Nontaxable benefits
    $23,999
    Filer's total
    $230,925

  • Tonya Perez-Wright

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $205,467
    From this org
    $162,979
    From related orgs
    $0
    Other
    $42,488
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,979
    Bonus
    $0
    Other
    $0
    Deferred
    $17,863
    Nontaxable benefits
    $24,625
    Filer's total
    $205,467

  • Rocio Flores

    CHIEF SOCIAL IMPACT OFFICER

    Total calculated
    $202,498
    From this org
    $154,860
    From related orgs
    $0
    Other
    $47,638
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,640
    Bonus
    $0
    Other
    $220
    Deferred
    $16,359
    Nontaxable benefits
    $31,279
    Filer's total
    $202,498

  • Daniel Cohen

    VP, INFORMATION TECHNOLOGY

    Total calculated
    $188,790
    From this org
    $154,022
    From related orgs
    $0
    Other
    $34,768
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,548
    Bonus
    $0
    Other
    $474
    Deferred
    $16,954
    Nontaxable benefits
    $17,814
    Filer's total
    $188,790

  • Daniel Paris

    VP, HUMAN RESOURCES

    Total calculated
    $180,113
    From this org
    $157,351
    From related orgs
    $0
    Other
    $22,762
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,919
    Bonus
    $0
    Other
    $432
    Deferred
    $12,747
    Nontaxable benefits
    $10,015
    Filer's total
    $180,113

  • Christina Schwarz

    VP, REAL ESTATE LENDING

    Total calculated
    $175,147
    From this org
    $137,153
    From related orgs
    $0
    Other
    $37,994
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,941
    Bonus
    $0
    Other
    $212
    Deferred
    $11,935
    Nontaxable benefits
    $26,059
    Filer's total
    $175,147

  • Valerie Ives

    VP, CONSUMER LENDING

    Total calculated
    $173,986
    From this org
    $138,629
    From related orgs
    $0
    Other
    $35,357
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,990
    Bonus
    $0
    Other
    $639
    Deferred
    $15,113
    Nontaxable benefits
    $20,244
    Filer's total
    $173,986

  • Irene Rodriguez

    VP, BUSINESS DEVELOPMENT

    Total calculated
    $139,767
    From this org
    $111,947
    From related orgs
    $0
    Other
    $27,820
    Hours/week
    40

  • Gavin Galimi

    CHAIR

    Total calculated
    $0
    Hours/week
    1.5

  • Michael Broughton

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1.5

  • Justin Ho

    TREASURER

    Total calculated
    $0
    Hours/week
    1.5

  • Carolina Castillo

    SECRETARY

    Total calculated
    $0
    Hours/week
    1.5

  • Kelly Bernal

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Peer Fiss

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Richard McCormick

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Samantha Smyth-Paxson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Theodore Budge

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

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
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
THE ORGANIZATION PAID BOARD MEMBERS FOR TRAVEL FOR COMPANIONS THROUGH THEIR W-2.
SCHEDULE J, PART II
THE CREDIT UNION HAS AN AGREEMENT WITH THE UNIVERSITY OF SOUTHERN CALIFORNIA (UNIVERSITY) WHEREBY THE UNIVERSITY PROVIDES THE CREDIT UNION WITH EMPLOYEES ON AN ON-GOING BASIS FOR A MONTHLY FEE EQUAL TO THE EMPLOYEE'S WAGES AND BENEFITS. ALL W'S AND FEDERAL EMPLOYMENT TAX RETURNS ARE ISSUED BY THE UNIVERSITY.

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.

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • TROJAN FINANCIAL SERVICES LLC

    FINANCIAL SERVICES · CA · income $0 · assets $0

    Directly controlled by USC CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
1 May 2025
IRS schema version
2023v6.0
Source object
202511259349302776

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