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Nonprofiteer
← CALIFORNIA FEDERAL CREDIT UNION

Form 990 for tax year 2022

Filed by CALIFORNIA FEDERAL CREDIT UNION.

Totals

Total revenue
$152,708,557
Total expenses
$129,286,444
Contributions and grants received
$0
Grants paid
$135,350
Program service revenue
$107,341,932
Investment income
$31,808,522
Other revenue
$13,558,103
Total assets, end of year
$4,561,740,327
Total liabilities, end of year
$4,296,560,656
Net assets or fund balances, end of year
$265,179,671
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 $79,654,777 · related or exempt $79,654,777

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $14,352,861 · related or exempt $13,172,663 · unrelated business $1,180,198

  • 2c · Program service revenue: FEE INCOME

    total $13,334,294 · related or exempt $13,201,218 · unrelated business $133,076

  • 3 · Investment income

    total $27,005,944 · related or exempt $27,005,944

  • 7a · Gross sales of assets other than inventory

    securities $5,841,362 · other assets $5,794,853

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

    securities $6,298,783 · other assets $534,854

  • 7c · Gain or loss

    securities -$457,421 · other assets $5,259,999

  • 7d · Net gain or loss

    total $4,802,578 · related or exempt $4,802,578

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

    total $12,397,123 · related or exempt $12,397,123

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

    total $1,160,980 · related or exempt $1,160,980

  • 11e · Other revenue, total

    $13,558,103

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $115,350

  • 2 · Grants to domestic individuals

    total $20,000

  • 5 · Compensation of officers, directors and key employees

    total $8,066,861

  • 7 · Other salaries and wages

    total $43,763,907

  • 8 · Pension plan contributions

    total $2,496,414

  • 9 · Other employee benefits

    total $6,195,452

  • 10 · Payroll taxes

    total $3,146,818

  • 11b · Fees: legal

    total $440,422

  • 11g · Fees: other

    total $2,929,083

  • 12 · Advertising and promotion

    total $3,247,754

  • 13 · Office expenses

    total $13,543,918

  • 14 · Information technology

    total $5,739,563

  • 16 · Occupancy

    total $9,597,469

  • 17 · Travel

    total $705,686

  • 20 · Interest

    total $10,630,381

  • 22 · Depreciation, depletion and amortization

    total $8,044,586

  • 23 · Insurance

    total $374,462

  • 24a · Other expenses: MISCELLANEOUS EXPENSE

    total $4,412,115

  • 24b · Other expenses: LOAN SERVICING

    total $4,371,447

  • 24c · Other expenses: PROVISION FOR LOAN & LE

    total $1,030,320

  • 24d · Other expenses: OPERATING FEES

    total $414,436

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $49,262,321 · end of year $53,261,284

  • 2 · Savings and temporary cash investments

    beginning of year $439,380,586 · end of year $449,317,109

  • 5 · Loans and receivables from officers and key people

    beginning of year $15,208,239 · end of year $15,166,786

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,909,889 · end of year $4,881,299

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

    $211,615,037

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

    $92,824,307

  • 10c · Land, buildings and equipment, net

    beginning of year $118,943,262 · end of year $118,790,730

  • 11 · Investments: publicly traded securities

    beginning of year $1,544,790,799 · end of year $1,293,392,624

  • 13 · Investments: program-related

    beginning of year $1,985,084,973 · end of year $2,536,662,258

  • 14 · Intangible assets

    beginning of year $23,865,227 · end of year $23,205,260

  • 15 · Other assets

    beginning of year $110,444,392 · end of year $67,062,977

  • 17 · Accounts payable and accrued expenses

    beginning of year $73,306,487 · end of year $67,141,358

  • 25 · Other liabilities

    beginning of year $3,793,133,963 · end of year $4,229,419,298

  • 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 $424,449,238 · end of year $265,179,671

Mission and programs · 2022

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 2022.

  • AT CALIFORNIA CREDIT UNION, WE WERE PROUD TO CONTINUE SUPPORTING OUR MEMBERS AND COMMUNITIES BY HELPING THEM ACHIEVE THEIR FINANCIAL DREAMS. IN 2022, WE FUNDED 11,000 AUTO LOANS WITH RATES THAT WERE AMONG THE LOWEST IN CALIFORNIA, AND MEMBERS TOOK ADVANTAGE OF OUR NEW AUTO LOAN RATE RESET PROGRAM TO REDUCE PAYMENTS, LOWER RATES, OR RECEIVE CASH BACK. WE ENHANCED OUR CREDIT CARD OFFERING WITH EXPANDED REWARD OPPORTUNITIES AND BENEFITS. ADDING NEW MEMBER VALUE HAS ALWAYS BEEN A KEY PRIORITY AND WE CONTINUED TO DELIVER BY LAUNCHING A NEW VIRTUAL BRANCH IN 2022 TO CONVENIENTLY SERVE MEMBERS WHEREVER THEY ARE LOCATED. TO IMPROVE THE MEMBER EXPERIENCE, WE ROLLED OUT A REAL-TIME MEMBER FEEDBACK PLATFORM. WE SIGNIFICANTLY EXPANDED OUR DIGITAL BANKING AND MOBILE APP CAPABILITIES BY OFFERING FREE CREDIT REPORTS, ALONG WITH A SUITE OF CREDIT ALERT AND MANAGEMENT TOOLS. WE ALSO ENHANCED OUR MOBILE BANKING PLATFORM WITH NEW NAVIGATION, LOCATION SERVICES, ACCOUNT MANAGEMENT PREFERENCES, AN AUTOMATED DEBIT CARD DISPUTE FORM AND SELF-SERVICE OPTIONS. WE WELCOMED A NEW PARTNERSHIP WITH TRUST & WILL WHICH PROVIDES MEMBERS WITH A DIGITAL PORTAL TO CREATE COST-EFFECTIVE ESTATE PLANS.

  • CALIFORNIA CREDIT UNION REMAINED COMMITTED TO SUPPORTING OUR COMMUNITIES IN 2022 BY INVESTING OVER $727,000 INTO NEW PARTNERSHIPS, EMPLOYEE VOLUNTEERISM, AND INDUSTRY ADVOCACY OPPORTUNITIES. WE MATCHED OUR MEMBERS' DONATIONS PROVIDING $27,990 TO THE WORLDWIDE FOUNDATION FOR CREDIT UNIONS IN SUPPORT OF THEIR UKRAINIAN CREDIT UNION DISPLACEMENT FUND. WE WERE EXCITED TO EXPAND OUR EDUCATIONAL SUPPORT INITIATIVES WITH A NEW INTERNSHIP PROGRAM, HELPING OPEN DOORS TO A FUTURE CAREER FOR LOCAL STUDENTS. WE ALSO EMBARKED ON A NEW PARTNERSHIP WITH THE SCRIPPS HOWARD FOUNDATION DONATING 1,400 BOOKS TO STUDENTS IN TITLE I SCHOOLS, HELPING CHILDREN IN LOW-INCOME HOUSEHOLDS ACCESS BOOKS OUTSIDE THE CLASSROOM. AND, OUR EMPLOYEES CAME TOGETHER TO BUILD HOMES FOR HABITAT FOR HUMANITY, WORK AT THE SAN DIEGO PRIDE FESTIVAL, PARTICIPATE IN THE NAVY'S 35TH BAY BRIDGE RUN, PREPARE HOLIDAY MEALS, AND MUCH MORE.

As filed on the 2022 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
    3

  • Pamela Fees

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    3

  • Rebecca Collier

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    3

  • Jeff Stone

    BOARD TREASURER

    Total calculated
    $0
    Hours/week
    3

  • James Doyle

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Victor Hanson

    BOARD MEMBER

    Total calculated
    $1,323
    From this org
    $1,323
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Ted Fujimoto

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Surviva Mendoza

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Fredric Nigro

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Emmanuel Olaes

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Marcia Wade

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Guilbert Hentschke

    SUPERVISORY COMMITTEE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Janalyn Glymph

    SUPERVISORY COMMITTEE SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Guadalupe Reyes

    SUPERVISORY COMMITTEE MEMBER

    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

  • Lawrence Serot

    SUPERVISORY COMMITTEE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Scott J Svonkin

    SUPERVISORY COMMITTEE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Steven O'Connell

    PRESIDENT, CEO

    Total calculated
    $1,134,745
    From this org
    $1,063,679
    From related orgs
    $0
    Other
    $71,066
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $749,669
    Bonus
    $200,901
    Other
    $113,109
    Deferred
    $38,800
    Nontaxable benefits
    $32,266
    Filer's total
    $1,134,745

  • Mark Lovewell

    EVP, CFO AND PRESIDENT OF CUSO OPS

    Total calculated
    $660,800
    From this org
    $589,746
    From related orgs
    $0
    Other
    $71,054
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $444,644
    Bonus
    $127,984
    Other
    $17,118
    Deferred
    $38,788
    Nontaxable benefits
    $32,266
    Filer's total
    $660,800

  • Robert O'Grady

    EVP, CHIEF OPERATING OFFICER

    Total calculated
    $745,944
    From this org
    $705,221
    From related orgs
    $0
    Other
    $40,723
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $528,915
    Bonus
    $150,416
    Other
    $25,890
    Deferred
    $18,300
    Nontaxable benefits
    $22,423
    Filer's total
    $745,944

  • Hudson Lee

    EVP, CHIEF RISK OFFICER

    Total calculated
    $573,447
    From this org
    $528,757
    From related orgs
    $0
    Other
    $44,690
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $415,523
    Bonus
    $99,100
    Other
    $14,134
    Deferred
    $22,267
    Nontaxable benefits
    $22,423
    Filer's total
    $573,447

  • John Bretthauer

    EVP, CHIEF ADMINISTRATIVE OFFICER

    Total calculated
    $568,079
    From this org
    $517,525
    From related orgs
    $0
    Other
    $50,554
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $406,941
    Bonus
    $98,621
    Other
    $11,963
    Deferred
    $18,288
    Nontaxable benefits
    $32,266
    Filer's total
    $568,079

  • Patrick Zarifian

    SVP, CHIEF EXPERIENCE OFFICER

    Total calculated
    $458,526
    From this org
    $410,322
    From related orgs
    $0
    Other
    $48,204
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $324,409
    Bonus
    $63,250
    Other
    $22,663
    Deferred
    $15,938
    Nontaxable benefits
    $32,266
    Filer's total
    $458,526

  • Richard Hubeny

    SVP, CHIEF LENDING OFFICER

    Total calculated
    $422,842
    From this org
    $368,411
    From related orgs
    $0
    Other
    $54,431
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $281,716
    Bonus
    $54,340
    Other
    $32,355
    Deferred
    $23,438
    Nontaxable benefits
    $30,993
    Filer's total
    $422,842

  • Charles Lacuesta

    SVP, CHIEF INFORMATION OFFICER

    Total calculated
    $408,587
    From this org
    $367,893
    From related orgs
    $0
    Other
    $40,694
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $280,810
    Bonus
    $54,340
    Other
    $32,743
    Deferred
    $18,271
    Nontaxable benefits
    $22,423
    Filer's total
    $408,587

  • Diane Madison-Jammal

    SVP, CHIEF INNOVATION OFFICER

    Total calculated
    $404,458
    From this org
    $326,503
    From related orgs
    $0
    Other
    $77,955
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $261,876
    Bonus
    $50,809
    Other
    $13,818
    Deferred
    $55,532
    Nontaxable benefits
    $22,423
    Filer's total
    $404,458

  • Jill Vasant

    SVP, CHIEF MARKETING OFFICER

    Total calculated
    $352,904
    From this org
    $305,169
    From related orgs
    $0
    Other
    $47,735
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $266,931
    Bonus
    $29,488
    Other
    $8,750
    Deferred
    $37,542
    Nontaxable benefits
    $10,193
    Filer's total
    $352,904

  • Irma A Jimenez

    VP, MORTGAGE LOAN OFFICER

    Total calculated
    $1,376,674
    From this org
    $1,327,545
    From related orgs
    $0
    Other
    $49,129
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $32,284
    Bonus
    $1,283,528
    Other
    $11,733
    Deferred
    $38,800
    Nontaxable benefits
    $10,329
    Filer's total
    $1,376,674

  • Margaret Voskanian

    VP, MORTGAGE LOAN OFFICER

    Total calculated
    $521,878
    From this org
    $487,564
    From related orgs
    $0
    Other
    $34,314
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $27,896
    Bonus
    $450,950
    Other
    $8,718
    Deferred
    $12,717
    Nontaxable benefits
    $21,597
    Filer's total
    $521,878

  • Kevin Andrew Witowich

    FINANCIAL ADVISOR

    Total calculated
    $471,234
    From this org
    $424,190
    From related orgs
    $0
    Other
    $47,044
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $101,158
    Bonus
    $322,960
    Other
    $72
    Deferred
    $18,300
    Nontaxable benefits
    $28,744
    Filer's total
    $471,234

  • Eric Hollingsworth

    VP, MORTGAGE LOAN OFFICER

    Total calculated
    $375,262
    From this org
    $327,175
    From related orgs
    $0
    Other
    $48,087
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $26,254
    Bonus
    $293,854
    Other
    $7,067
    Deferred
    $18,274
    Nontaxable benefits
    $29,813
    Filer's total
    $375,262

  • Paul Vanden Brook

    FINANCIAL ADVISOR

    Total calculated
    $357,744
    From this org
    $315,838
    From related orgs
    $0
    Other
    $41,906
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $29,964
    Bonus
    $283,253
    Other
    $2,621
    Deferred
    $10,963
    Nontaxable benefits
    $30,943
    Filer's total
    $357,744

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 $7.4 MILLION AND $7.7 MILLION AS OF DECEMBER 31, 2022 AND 2021, 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 $1,978,096 · share of assets $4,141,313 · controlled entity

    Directly controlled by CALIFORNIA MEMBERS HOLDING COMPANY

  • CALIFORNIA MEMBERS HOLDING COMPANY

    C · FINANCIAL SERVICES · CA · 100% owned · share of assets $8,010,000 · controlled entity

    Directly controlled by CALIFORNIA CREDIT UNION

  • CALIFORNIA MEMBERS TITLE COMPANY

    C · INSURANCE SERVICES · CA · 100% owned · share of income $4,370,545 · share of assets $2,144,533 · controlled entity

    Directly controlled by CALIFORNIA CREDIT UNION

Provenance

Return type
form_990
Tax year
2022
Filed
15 August 2023
IRS schema version
2022v5.0
Source object
202312349349301681

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