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← CREDIT UNIONS IN THE STATE OF CALIFORNIA

Form 990 for tax year 2022

Filed by CREDIT UNIONS IN THE STATE OF CALIFORNIA.

Totals

Total revenue
$77,350,663
Total expenses
$68,332,025
Contributions and grants received
$0
Grants paid
$54,399
Program service revenue
$68,734,004
Investment income
$6,928,995
Other revenue
$1,687,664
Total assets, end of year
$2,248,988,827
Total liabilities, end of year
$2,106,796,535
Net assets or fund balances, end of year
$142,192,292
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 $58,945,053 · related or exempt $58,945,053

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $5,509,984 · related or exempt $5,500,068 · unrelated business $9,916

  • 2c · Program service revenue: FEE INCOME

    total $4,278,967 · related or exempt $4,234,654 · unrelated business $44,313

  • 3 · Investment income

    total $6,928,995 · related or exempt $6,928,995

  • 11a · Other revenue: GAIN ON SALES OF LOANS

    total $1,402,789 · related or exempt $1,402,789

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

    total $284,875 · related or exempt $284,875

  • 11e · Other revenue, total

    $1,687,664

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $53,399

  • 2 · Grants to domestic individuals

    total $1,000

  • 5 · Compensation of officers, directors and key employees

    total $4,615,011

  • 7 · Other salaries and wages

    total $20,226,641

  • 8 · Pension plan contributions

    total $4,097,593

  • 9 · Other employee benefits

    total $3,587,460

  • 10 · Payroll taxes

    total $1,660,539

  • 11b · Fees: legal

    total $139,451

  • 11c · Fees: accounting

    total $290,464

  • 11g · Fees: other

    total $2,008,170

  • 12 · Advertising and promotion

    total $1,701,000

  • 13 · Office expenses

    total $6,211,491

  • 14 · Information technology

    total $410,218

  • 16 · Occupancy

    total $2,154,678

  • 17 · Travel

    total $330,461

  • 20 · Interest

    total $14,012,031

  • 22 · Depreciation, depletion and amortization

    total $912,098

  • 23 · Insurance

    total $342,483

  • 24a · Other expenses: PROVISION FOR LOAN AND

    total $3,557,158

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $1,529,079

  • 24c · Other expenses: MISC OPERATING EXPENSE

    total $250,327

  • 24d · Other expenses: OPERATING FEES

    total $241,273

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,045,630 · end of year $10,694,538

  • 2 · Savings and temporary cash investments

    beginning of year $84,020,976 · end of year $57,579,216

  • 5 · Loans and receivables from officers and key people

    beginning of year $3,650,325 · end of year $5,924,827

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,927,198 · end of year $6,588,318

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

    $28,464,391

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

    $23,323,865

  • 10c · Land, buildings and equipment, net

    beginning of year $6,022,799 · end of year $5,140,526

  • 11 · Investments: publicly traded securities

    beginning of year $449,753,275 · end of year $315,120,471

  • 13 · Investments: program-related

    beginning of year $1,458,514,508 · end of year $1,804,095,829

  • 14 · Intangible assets

    beginning of year $2,111,000

  • 15 · Other assets

    beginning of year $29,597,449 · end of year $43,845,102

  • 17 · Accounts payable and accrued expenses

    beginning of year $23,327,103 · end of year $24,839,590

  • 25 · Other liabilities

    beginning of year $1,871,742,730 · end of year $2,081,956,945

  • 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 $148,573,327 · end of year $142,192,292

Mission and programs · 2022

Mission

MERIWEST CREDIT UNION IS 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, MERIWEST 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.

  • MERIWEST CREDIT UNION PROVIDED MEMBERS 1,111 REAL ESTATE BASE LOANS TOTALING OVER 700 MILLION IN 2022.

  • MERIWEST CREDIT UNION PROVIDED MEMBERS 24,117 CONSUMER LOANS TOTALING OVER $400 MILLION IN 2022.

  • MERIWEST CREDIT UNION OFFERED LOANS, DEPOSITS AND OTHER SERVICES TO 81,304 MEMBERS IN 2022.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • DRARTHUR L JUE

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2

  • SCOTT TIMPE

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • HARSHA VYAS

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • LAUREN BURCH

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • UDEY CHAUDHRY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • EDWIN MACH

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • CHARLIE MUNCH

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • STAN CHAPMAN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • JIM HICKS

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • STEVE GOVEIA

    SUPV CMTE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2

  • PHILIP FLUEGEMANN

    SUPV CMTE MEMBER

    Total calculated
    $0
    Hours/week
    2

  • JASON LAKER

    SUPV CMTE MEMBER

    Total calculated
    $0
    Hours/week
    2

  • JULIE ANN KIRSCH

    PRESIDENT/CEO

    Total calculated
    $857,487
    From this org
    $816,701
    From related orgs
    $0
    Other
    $40,786
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $592,354
    Bonus
    $139,320
    Other
    $85,027
    Deferred
    $20,500
    Nontaxable benefits
    $20,286
    Filer's total
    $857,487

  • BRIAN HENNESSEY

    CHIEF FINANCIAL OFFICER

    Total calculated
    $767,878
    From this org
    $725,774
    From related orgs
    $0
    Other
    $42,104
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $661,309
    Bonus
    $58,500
    Other
    $5,965
    Deferred
    $20,500
    Nontaxable benefits
    $21,604
    Filer's total
    $767,878

  • LISA MARIE PESTA

    SVP, CHIEF OPERATING OFFIC

    Total calculated
    $729,579
    From this org
    $704,102
    From related orgs
    $0
    Other
    $25,477
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $626,951
    Bonus
    $55,000
    Other
    $22,151
    Deferred
    $3,319
    Nontaxable benefits
    $22,158
    Filer's total
    $729,579

  • JEFF BARNES

    SVP, CHIEF LENDING OFFICER

    Total calculated
    $345,373
    From this org
    $334,385
    From related orgs
    $0
    Other
    $10,988
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $278,420
    Bonus
    $50,000
    Other
    $5,965
    Deferred
    $0
    Nontaxable benefits
    $10,988
    Filer's total
    $345,373

  • MARY ELLEN SNIDER

    SVP, OPERATIONAL RISK & COMPLIANCE

    Total calculated
    $218,726
    From this org
    $211,083
    From related orgs
    $0
    Other
    $7,643
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,445
    Bonus
    $25,000
    Other
    $7,638
    Deferred
    $0
    Nontaxable benefits
    $7,643
    Filer's total
    $218,726

  • LINA ESTHER HESS

    VP IT

    Total calculated
    $322,656
    From this org
    $278,891
    From related orgs
    $0
    Other
    $43,765
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $235,568
    Bonus
    $33,015
    Other
    $10,308
    Deferred
    $20,500
    Nontaxable benefits
    $23,265
    Filer's total
    $322,656

  • JIHONG HUANG

    VP TREASURY & FINANCE

    Total calculated
    $295,902
    From this org
    $267,033
    From related orgs
    $0
    Other
    $28,869
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $232,174
    Bonus
    $33,000
    Other
    $1,859
    Deferred
    $0
    Nontaxable benefits
    $28,869
    Filer's total
    $295,902

  • GENNADY FICHTENHOLZ

    VP DIGITAL STRATEGY AND ENGAGEMENT

    Total calculated
    $264,847
    From this org
    $235,208
    From related orgs
    $0
    Other
    $29,639
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $203,491
    Bonus
    $30,015
    Other
    $1,702
    Deferred
    $0
    Nontaxable benefits
    $29,639
    Filer's total
    $264,847

  • ERNESTO SEGOVIA

    AVP NETWORK OPERATIONS

    Total calculated
    $250,344
    From this org
    $222,255
    From related orgs
    $0
    Other
    $28,089
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $209,556
    Bonus
    $9,574
    Other
    $3,125
    Deferred
    $0
    Nontaxable benefits
    $28,089
    Filer's total
    $250,344

  • KEITH FRANCE

    FINANCIAL ADVISOR

    Total calculated
    $231,437
    From this org
    $210,066
    From related orgs
    $0
    Other
    $21,371
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $208,980
    Bonus
    $0
    Other
    $1,086
    Deferred
    $0
    Nontaxable benefits
    $21,371
    Filer's total
    $231,437

  • AMJAD ELIAS

    VICE PRESIDENT RETAIL DELIVERY

    Total calculated
    $243,104
    From this org
    $203,676
    From related orgs
    $0
    Other
    $39,428
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,730
    Bonus
    $22,500
    Other
    $11,446
    Deferred
    $17,450
    Nontaxable benefits
    $21,978
    Filer's total
    $243,104

  • JOHN KWAN

    ASSISTANT CONTROLLER

    Total calculated
    $232,083
    From this org
    $203,495
    From related orgs
    $0
    Other
    $28,588
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,859
    Bonus
    $15,852
    Other
    $18,784
    Deferred
    $0
    Nontaxable benefits
    $28,588
    Filer's total
    $232,083

  • THUY-TRANG THI PHAN

    SENIOR CONSUMER LOAN SPECIALIST

    Total calculated
    $224,319
    From this org
    $202,342
    From related orgs
    $0
    Other
    $21,977
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $108,680
    Bonus
    $82,597
    Other
    $11,065
    Deferred
    $0
    Nontaxable benefits
    $21,977
    Filer's total
    $224,319

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

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 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 OFFERS A SERP TO ITS SENIOR MANAGEMENT TEAM. THE PLAN PROVIDES FOR THE PAYMENT OF $300,000 TO EACH PERSON AT DATES CERTAIN WITH CLIFF VESTING. THE PLAN IS FUNDED BY A COLI CONTRACT PURCHASED FOR THE BENEFIT OF THE CREDIT UNION. THE PARTICIPANTS IN THE PLAN ARE BRIAN HENNESSEY AND LISA PESTA.

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.

Disregarded entities

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

Provenance

Return type
form_990
Tax year
2022
Filed
11 October 2023
IRS schema version
2022v5.0
Source object
202332899349302048

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