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Nonprofiteer
← CREDIT UNIONS IN THE STATE OF

Form 990 for tax year 2024

Filed by CREDIT UNIONS IN THE STATE OF.

Totals

Total revenue
$63,463,155
Total expenses
$69,940,609
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$45,523,045
Investment income
$17,029,968
Other revenue
$910,142
Total assets, end of year
$1,207,155,502
Total liabilities, end of year
$1,130,756,299
Net assets or fund balances, end of year
$76,399,203
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: LOAN INTEREST INCOME

    total $39,328,767 · related or exempt $39,328,767

  • 2b · Program service revenue: SERVICE CHARGES AND FEE INCOME

    total $3,904,570 · related or exempt $3,878,319 · unrelated business $26,251

  • 2c · Program service revenue: INTERCHANGE INCOME

    total $2,289,708 · related or exempt $2,289,708

  • 3 · Investment income

    total $16,985,398 · excluded $16,985,398

  • 6a · Gross rents

    real property $2,264,029

  • 6b · Less rental expenses

    real property $1,353,887

  • 6c · Rental income or loss

    real property $910,142

  • 6d · Net rental income or loss

    total $910,142 · excluded $910,142

  • 7a · Gross sales of assets other than inventory

    other assets $8,110,560

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

    other assets $8,065,990

  • 7c · Gain or loss

    other assets $44,570

  • 7d · Net gain or loss

    total $44,570 · excluded $44,570

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $2,436,960

  • 7 · Other salaries and wages

    total $10,465,137

  • 8 · Pension plan contributions

    total $473,482

  • 9 · Other employee benefits

    total $1,383,557

  • 10 · Payroll taxes

    total $997,935

  • 11b · Fees: legal

    total $222,655

  • 11c · Fees: accounting

    total $209,694

  • 11g · Fees: other

    total $2,608,499

  • 12 · Advertising and promotion

    total $1,595,791

  • 13 · Office expenses

    total $1,563,898

  • 14 · Information technology

    total $5,025,289

  • 16 · Occupancy

    total $1,961,905

  • 17 · Travel

    total $123,083

  • 19 · Conferences, conventions and meetings

    total $113,547

  • 20 · Interest

    total $207,787

  • 22 · Depreciation, depletion and amortization

    total $2,466,785

  • 23 · Insurance

    total $179,159

  • 24a · Other expenses: DIVIDENDS PAID TO MEMBE

    total $25,024,656

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $6,965,433

  • 24c · Other expenses: LOAN PROGRAM/SERVICING

    total $2,226,290

  • 24d · Other expenses: ATM EXPENSES

    total $1,701,006

  • 24e · All other expenses

    total $1,988,061

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $315,326,344 · end of year $129,083,750

  • 5 · Loans and receivables from officers and key people

    beginning of year $6,024,460 · end of year $6,169,047

  • 7 · Other notes and loans receivable

    beginning of year $885,843,207 · end of year $813,624,157

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,672,646 · end of year $2,931,924

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

    $59,599,437

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

    $31,623,046

  • 10c · Land, buildings and equipment, net

    beginning of year $29,924,359 · end of year $27,976,391

  • 12 · Investments: other securities

    beginning of year $156,055,523 · end of year $151,782,633

  • 15 · Other assets

    beginning of year $76,773,234 · end of year $75,587,600

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,021,973 · end of year $2,499,746

  • 21 · Escrow or custodial account liability

    beginning of year $1,431,517 · end of year $1,244,863

  • 23 · Secured mortgages and notes payable

    beginning of year $50,000,000 · end of year $0

  • 25 · Other liabilities

    beginning of year $1,333,857,397 · end of year $1,127,011,690

  • 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 $83,308,886 · end of year $76,399,203

Mission and programs · 2024

Mission

WE ARE A MEMBER-OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE; WE EXIST TO SERVE - TO ENRICH LIVES AND BUILD BETTER FUTURES.

Activities or mission (Part I)

BLUPEAK CREDIT UNION IS A MEMBER-OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE; WE EXIST TO SERVE - TO ENRICH LIVES AND BUILD BETTER FUTURES.

  • MEMBERSHIP IN BLUPEAK CREDIT UNION ("BLUPEAK") PROVIDES ACCESS TO A ROBUST ARRAY OF QUALITY FINANCIAL SERVICES AND PRODUCTS INCLUDING CHECKING AND SAVINGS ACCOUNTS. UNLIKE BANKS, WHICH RETURN THEIR PROFITS TO SHAREHOLDERS, BLUPEAK CREDIT UNION RETURNS ITS PROFITS TO MEMBERS IN THE FORM OF HIGHER RATES ON DEPOSITS AND A HOST OF FREE AND LOW-COST SERVICES. AS OF DECEMBER 31, 2024, MEMBERS HELD 70,939 DEPOSIT ACCOUNTS TOTALING OVER $1,119 MILLION. THESE ACCOUNTS INCLUDED FREE CHECKING, LOW-BALANCE SAVINGS, IRA'S, HIGH-YIELD SAVINGS, MONEY MARKET AND TERM INVESTMENT ACCOUNTS.

  • AS A MEMBER-OWNED, NOT-FOR-PROFIT COOPERATIVE, BLUPEAK CREDIT UNION ("BLUPEAK") IS DEDICATED TO PROVIDING THE FINANCIAL PRODUCTS AND SERVICES MEMBERS NEED AT EVERY STAGE OF LIFE. WHETHER IT'S BUYING A FIRST CAR, FINANCING A NEW HOME, OR SEEKING A HIGHER EDUCATION, BLUPEAK OFFERS MEMBERS LOW-COST HOME, VEHICLE, AND PERSONAL LOANS, AS WELL AS FREE FINANCIAL SEMINARS TO ASSIST THEM IN MAKING SOUND FINANCIAL CHOICES. AS OF DECEMBER 31, 2024, BLUPEAK MEMBERS HELD 15,131 MORTGAGE, HOME EQUITY, VEHICLE, AND VARIOUS OTHER PERSONAL LOANS TOTALING OVER $825 MILLION.

  • SINCE 1936, BLUPEAK CREDIT UNION ("BLUPEAK") HAS BEEN HELPING PEOPLE ACHIEVE THEIR MOST IMPORTANT FINANCIAL GOALS. AS ONE OF CALIFORNIA'S LARGEST CREDIT UNIONS, BLUPEAK OFFERS FULL-SERVICE BANKING INCLUDING FREE AND LOW-COST E-SERVICES. MEMBERS CAN MANAGE THEIR PERSONAL FINANCES ANYTIME, ANYWHERE WITH TELEPHONE, ONLINE AND WIRELESS INTERNET BANKING. AS AN ADDITIONAL CONVENIENCE, BLUPEAK OFFERS BILLPAY SERVICES TO MEMBERS WITH QUALIFYING CHECKING ACCOUNTS AT NO COST. EACH MONTH, APPROXIMATELY 32,000 MEMBERS UTILIZE THE E-SERVICES AVAILABLE 24 HOURS PER DAY. IN ADDITION, BLUPEAK HAS PARTNERED WITH OTHER CREDIT UNIONS TO FORM THE CO-OP ATM NETWORK. THIS NETWORK PROVIDES MEMBERS ACCESS TO APPROXIMATELY 30,000 NO-FEE ATM'S THROUGHOUT THE UNITED STATES, INCLUDING LOCATIONS AT POPULAR RETAILERS.

  • ADDITIONAL BLUPEAK CREDIT UNION MEMBERSHIP BENEFITS INCLUDE: 1) PROFESSIONAL BROKERAGE AND INVESTMENT SERVICES, 2) MONEY-SAVING AUTO, HOME, HEALTH AND LIFE INSURANCE PROGRAMS, 3) FREE FINANCIAL EDUCATION TOOLS, AND 4) MERCHANT AND RECREATION DISCOUNTS.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Matt Adams

    CHAIR

    Total calculated
    $0
    Hours/week
    3

  • Mike Daniels

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • David Ely

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Harry Le Grande

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Joshua Lawrence

    FORMER CHAIR

    Total calculated
    $0
    Hours/week
    3

  • Yvonne Marsh

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Les Overman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Beverly Randez

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    3

  • Todd Tharp

    PRESIDENT/CEO

    Total calculated
    $892,780
    From this org
    $840,268
    From related orgs
    $0
    Other
    $52,512
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $562,566
    Bonus
    $83,475
    Other
    $194,227
    Deferred
    $15,517
    Nontaxable benefits
    $36,995
    Filer's total
    $892,780

  • John Stevenson

    SVP/CFO/SECRETARY

    Total calculated
    $244,102
    From this org
    $239,534
    From related orgs
    $0
    Other
    $4,568
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $219,000
    Bonus
    $0
    Other
    $20,534
    Deferred
    $4,500
    Nontaxable benefits
    $68
    Filer's total
    $244,102

  • Matthew Lyons

    FORMER EVP/CHIEF OPERATING OFFICER

    Total calculated
    $178,956
    From this org
    $174,870
    From related orgs
    $0
    Other
    $4,086
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $53,598
    Bonus
    $0
    Other
    $121,272
    Deferred
    $0
    Nontaxable benefits
    $4,086
    Filer's total
    $178,956

  • Charles Williams

    SVP/CHIEF RISK OFFICER

    Total calculated
    $303,414
    From this org
    $266,263
    From related orgs
    $0
    Other
    $37,151
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $216,590
    Bonus
    $22,660
    Other
    $27,013
    Deferred
    $11,779
    Nontaxable benefits
    $25,372
    Filer's total
    $303,414

  • Karen Smith

    SVP/CHIEF CREDIT OFFICER

    Total calculated
    $303,618
    From this org
    $271,363
    From related orgs
    $0
    Other
    $32,255
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $218,711
    Bonus
    $0
    Other
    $52,652
    Deferred
    $10,280
    Nontaxable benefits
    $21,975
    Filer's total
    $303,618

  • Rishi Dave

    VP ENTERPRISE TECH. & ARCHITECTURE

    Total calculated
    $277,759
    From this org
    $233,051
    From related orgs
    $0
    Other
    $44,708
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $215,209
    Bonus
    $0
    Other
    $17,842
    Deferred
    $12,018
    Nontaxable benefits
    $32,690
    Filer's total
    $277,759

  • Gloria Nunes

    VP/CHIEF PEOPLE OFFICER

    Total calculated
    $206,274
    From this org
    $183,199
    From related orgs
    $0
    Other
    $23,075
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $170,986
    Bonus
    $0
    Other
    $12,213
    Deferred
    $9,249
    Nontaxable benefits
    $13,826
    Filer's total
    $206,274

  • Vito Zerilli

    SVP/CHIEF EXPERIENCE OFFICER

    Total calculated
    $236,330
    From this org
    $213,351
    From related orgs
    $0
    Other
    $22,979
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $209,544
    Bonus
    $0
    Other
    $3,807
    Deferred
    $10,519
    Nontaxable benefits
    $12,460
    Filer's total
    $236,330

  • Melvinrey De Guzman

    FORMER VP REAL ESTATE & CAPITAL MARKETS

    Total calculated
    $276,143
    From this org
    $254,067
    From related orgs
    $0
    Other
    $22,076
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,645
    Bonus
    $0
    Other
    $101,422
    Deferred
    $11,163
    Nontaxable benefits
    $10,913
    Filer's total
    $276,143

  • Andrew Judge

    VP INTERNAL AUDIT

    Total calculated
    $190,255
    From this org
    $150,503
    From related orgs
    $0
    Other
    $39,752
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,765
    Bonus
    $0
    Other
    $738
    Deferred
    $7,853
    Nontaxable benefits
    $31,899
    Filer's total
    $190,255

  • James Creed

    VP OF OPERATIONS/PAYMENTS

    Total calculated
    $188,754
    From this org
    $169,067
    From related orgs
    $0
    Other
    $19,687
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $163,643
    Bonus
    $0
    Other
    $5,424
    Deferred
    $6,776
    Nontaxable benefits
    $12,911
    Filer's total
    $188,754

  • Nara Hartmann

    VP OF LEGAL/COMPLIANCE/RISK

    Total calculated
    $165,500
    From this org
    $155,988
    From related orgs
    $0
    Other
    $9,512
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,874
    Bonus
    $8,000
    Other
    $2,114
    Deferred
    $7,773
    Nontaxable benefits
    $1,739
    Filer's total
    $165,500

  • Chris De Jesus

    VP CORE APPLICATION EFFICIENCY

    Total calculated
    $175,267
    From this org
    $156,126
    From related orgs
    $0
    Other
    $19,141
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,477
    Bonus
    $0
    Other
    $649
    Deferred
    $7,790
    Nontaxable benefits
    $11,351
    Filer's total
    $175,267

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
  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 4A
BLUPEAK CREDIT UNION PAID MELVINREY DE GUZMAN, VP REAL ESTATE & CAPITAL MARKETS, $32,657 IN SEVERANCE PAYMENTS DURING CALENDAR YEAR 2024.

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

No itemized grants to organizations 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.

  • USE FINANCIAL SERVICES LLC

    FINANCIAL SERVICES (INACTIVE) · CA · income $0 · assets $0

    Directly controlled by BLUPEAK CREDIT UNION

Provenance

Return type
form_990
Tax year
2024
Filed
7 October 2025
IRS schema version
2024v5.2
Source object
202522829349301742

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