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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
$30,542,999
Total expenses
$26,026,442
Contributions and grants received
$0
Grants paid
$52,519
Program service revenue
$26,187,242
Investment income
$3,836,248
Other revenue
$519,509
Total assets, end of year
$741,676,675
Total liabilities, end of year
$699,186,011
Net assets or fund balances, end of year
$42,490,664
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 $21,447,361 · related or exempt $21,447,361

  • 2b · Program service revenue: FEES AND CHARGES

    total $4,142,190 · related or exempt $4,111,996 · unrelated business $30,194

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

    total $337,191 · related or exempt $337,191

  • 2d · Program service revenue: COMMISSION INCOME

    total $260,500 · related or exempt $237,760 · unrelated business $22,740

  • 3 · Investment income

    total $3,824,174 · excluded $3,824,174

  • 6a · Gross rents

    real property $529,244

  • 6b · Less rental expenses

    real property $341,336

  • 6c · Rental income or loss

    real property $187,908

  • 6d · Net rental income or loss

    total $187,908 · excluded $187,908

  • 7a · Gross sales of assets other than inventory

    other assets $50,998

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

    other assets $38,924

  • 7c · Gain or loss

    other assets $12,074

  • 7d · Net gain or loss

    total $12,074 · excluded $12,074

  • 11a · Other revenue: OTHER REVENUE

    total $331,601 · excluded $331,601

  • 11e · Other revenue, total

    $331,601

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $52,519

  • 4 · Benefits paid to or for members

    total $3,348,855

  • 5 · Compensation of officers, directors and key employees

    total $1,599,841

  • 7 · Other salaries and wages

    total $5,971,792

  • 8 · Pension plan contributions

    total $515,664

  • 9 · Other employee benefits

    total $2,115,590

  • 10 · Payroll taxes

    total $561,726

  • 11b · Fees: legal

    total $192,972

  • 11c · Fees: accounting

    total $68,523

  • 11d · Fees: lobbying

    total $6,093

  • 11g · Fees: other

    total $1,070,066

  • 12 · Advertising and promotion

    total $937,557

  • 13 · Office expenses

    total $797,771

  • 14 · Information technology

    total $1,592,393

  • 16 · Occupancy

    total $323,423

  • 17 · Travel

    total $142,045

  • 20 · Interest

    total $826,619

  • 22 · Depreciation, depletion and amortization

    total $481,202

  • 23 · Insurance

    total $140,872

  • 24a · Other expenses: LOAN SERVICING

    total $1,772,236

  • 24b · Other expenses: EQUIPMENT MAINTENANCE

    total $1,625,622

  • 24c · Other expenses: MISCELLANEOUS EXPENSES

    total $1,171,528

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

    total $711,533

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,676,250 · end of year $5,435,121

  • 2 · Savings and temporary cash investments

    beginning of year $29,071,578 · end of year $21,801,663

  • 4 · Accounts receivable

    beginning of year $738,086 · end of year $292,073

  • 7 · Other notes and loans receivable

    beginning of year $487,702,380 · end of year $527,376,578

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,344,692 · end of year $1,190,461

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

    $26,454,560

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

    $12,662,662

  • 10c · Land, buildings and equipment, net

    beginning of year $14,463,371 · end of year $13,791,898

  • 11 · Investments: publicly traded securities

    beginning of year $192,060,757 · end of year $146,566,229

  • 12 · Investments: other securities

    beginning of year $5,222,954 · end of year $5,878,480

  • 15 · Other assets

    beginning of year $16,993,479 · end of year $19,344,172

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,151,488 · end of year $4,837,362

  • 23 · Secured mortgages and notes payable

    beginning of year $6,000,000 · end of year $39,000,000

  • 25 · Other liabilities

    beginning of year $696,370,282 · end of year $655,348,649

  • 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 $43,751,777 · end of year $42,490,664

Mission and programs · 2022

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 2023, WE CREATED A SOCIAL IMPACT DEPARTMENT AT THE CREDIT UNION. IN THAT YEAR, WE ACCOMPLISHED THE FOLLOWING.- OVER 1500 SERVED THROUGH OUR COMMUNITY FINANCIAL WORKSHOP SERIES, CUSTOMIZED PARTNER WORKSHOPS, ON DEMAND WEBINARS AND FINANCIAL COUNSELING SERVICES.- ENGAGED WITH COMMUNITY TO INCREASE ACCESS OF FINANCIAL PRODUCTS AND SERVICES THROUGH PARTICIPATION IN 15+ COMMUNITY PARTNER HOSTED EVENTS AND LUNCH AND LEARN SESSIONS.- FOSTERED 60 NEW PARTNERSHIPS ESTABLISHED TO COLLABORATIVELY FOCUS ON FINANCIAL EDUCATION, FINANCIAL WELL-BEING AND FINANCIAL EMPOWERMENT INITIATIVES.- SERVING AN AVERAGE OF 100 NEW COMMUNITY MEMBERS EVERY MONTH (AND COUNTING) WITH NEEDED AND VALUED FINANCIAL PRODUCTS AND SERVICES.AS OF JUNE 30, 2023, WE PROVIDED FINANCIAL SERVICES FOR 77,365 MEMBERS.

As filed on the 2022 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
    $366,033
    From this org
    $314,325
    From related orgs
    $0
    Other
    $51,708
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $308,418
    Bonus
    $0
    Other
    $5,907
    Deferred
    $30,500
    Nontaxable benefits
    $21,208
    Filer's total
    $366,033

  • Tere Denison

    CHIEF MARKETING OFFICER

    Total calculated
    $218,511
    From this org
    $171,772
    From related orgs
    $0
    Other
    $46,739
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $171,298
    Bonus
    $0
    Other
    $474
    Deferred
    $19,988
    Nontaxable benefits
    $26,751
    Filer's total
    $218,511

  • Michael Rogers

    CHIEF FINANCIAL OFFICER

    Total calculated
    $213,753
    From this org
    $192,617
    From related orgs
    $0
    Other
    $21,136
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,212
    Bonus
    $0
    Other
    $405
    Deferred
    $21,100
    Nontaxable benefits
    $36
    Filer's total
    $213,753

  • David Schauer-West

    CHIEF OPERATIONS OFFICER

    Total calculated
    $213,463
    From this org
    $179,480
    From related orgs
    $0
    Other
    $33,983
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $179,149
    Bonus
    $0
    Other
    $331
    Deferred
    $21,202
    Nontaxable benefits
    $12,781
    Filer's total
    $213,463

  • Jeff Gallery

    CHIEF LENDING OFFICER

    Total calculated
    $205,017
    From this org
    $181,440
    From related orgs
    $0
    Other
    $23,577
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,966
    Bonus
    $0
    Other
    $474
    Deferred
    $13,525
    Nontaxable benefits
    $10,052
    Filer's total
    $205,017

  • Christina Schwarz

    VP, REAL ESTATE

    Total calculated
    $170,042
    From this org
    $133,436
    From related orgs
    $0
    Other
    $36,606
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,224
    Bonus
    $0
    Other
    $212
    Deferred
    $15,098
    Nontaxable benefits
    $21,508
    Filer's total
    $170,042

  • Rocio Flores

    CHIEF SOCIAL IMPACT OFFICER

    Total calculated
    $167,218
    From this org
    $135,425
    From related orgs
    $0
    Other
    $31,793
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $135,425
    Bonus
    $0
    Other
    $0
    Deferred
    $14,314
    Nontaxable benefits
    $17,479
    Filer's total
    $167,218

  • Daniel Paris

    VP, HUMAN RESOURCES

    Total calculated
    $161,732
    From this org
    $145,326
    From related orgs
    $0
    Other
    $16,406
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,852
    Bonus
    $0
    Other
    $474
    Deferred
    $16,034
    Nontaxable benefits
    $372
    Filer's total
    $161,732

  • Irene Rodriguez

    VP, BUSINESS DEVELOPMENT

    Total calculated
    $154,838
    From this org
    $132,975
    From related orgs
    $0
    Other
    $21,863
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,721
    Bonus
    $0
    Other
    $254
    Deferred
    $14,429
    Nontaxable benefits
    $7,434
    Filer's total
    $154,838

  • Valerie Ives

    VP, CONSUMER LENDING

    Total calculated
    $154,486
    From this org
    $132,588
    From related orgs
    $0
    Other
    $21,898
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,334
    Bonus
    $0
    Other
    $254
    Deferred
    $14,464
    Nontaxable benefits
    $7,434
    Filer's total
    $154,486

  • Daniel Cohen

    VP, INFORMATION TECHNOLOGY

    Total calculated
    $154,304
    From this org
    $129,306
    From related orgs
    $0
    Other
    $24,998
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,832
    Bonus
    $0
    Other
    $474
    Deferred
    $14,582
    Nontaxable benefits
    $10,416
    Filer's total
    $154,304

  • 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

  • Lisa Escobar

    SECRETARY (THRU 6/23)

    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

  • Kelly Bernal

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Jerald Jellison

    DIRECTOR (THRU 5/23)

    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

  • 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)

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 W2'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

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
2022
Filed
10 May 2024
IRS schema version
2022v5.0
Source object
202401319349305260

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