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Nonprofiteer
← 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
$112,970,824
Total expenses
$108,208,142
Contributions and grants received
$0
Grants paid
$99,407
Program service revenue
$103,116,266
Investment income
$9,078,283
Other revenue
$776,275
Total assets, end of year
$2,274,502,940
Total liabilities, end of year
$2,134,414,743
Net assets or fund balances, end of year
$140,088,197
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 $82,860,801 · related or exempt $82,860,801

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $14,382,020 · related or exempt $13,480,386 · unrelated business $901,634

  • 2c · Program service revenue: FEE INCOME

    total $5,873,445 · related or exempt $5,814,813 · unrelated business $58,632

  • 3 · Investment income

    total $9,059,891 · related or exempt $9,059,891

  • 7a · Gross sales of assets other than inventory

    other assets $150,987

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

    other assets $132,595

  • 7c · Gain or loss

    other assets $18,392

  • 7d · Net gain or loss

    total $18,392 · related or exempt $18,392

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

    total $660,000 · related or exempt $660,000

  • 11b · Other revenue: LOSS ON SALES OF LOANS

    total $63,718 · related or exempt $63,718

  • 11c · Other revenue: LOSS ON MARK-TO-MARKET

    total $52,557 · related or exempt $52,557

  • 11e · Other revenue, total

    $776,275

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $94,407

  • 2 · Grants to domestic individuals

    total $5,000

  • 5 · Compensation of officers, directors and key employees

    total $8,605,944

  • 7 · Other salaries and wages

    total $19,163,747

  • 8 · Pension plan contributions

    total $1,009,206

  • 9 · Other employee benefits

    total $2,727,494

  • 10 · Payroll taxes

    total $2,114,534

  • 11b · Fees: legal

    total $566,950

  • 11c · Fees: accounting

    total $481,061

  • 11g · Fees: other

    total $2,859,425

  • 12 · Advertising and promotion

    total $2,070,710

  • 13 · Office expenses

    total $4,340,943

  • 14 · Information technology

    total $3,653,419

  • 16 · Occupancy

    total $3,286,828

  • 17 · Travel

    total $730,996

  • 20 · Interest

    total $39,332,099

  • 22 · Depreciation, depletion and amortization

    total $2,536,873

  • 23 · Insurance

    total $244,332

  • 24a · Other expenses: LOAN SERVICING EXPENSE

    total $5,982,545

  • 24b · Other expenses: MISC OPERATING EXPENSES

    total $4,470,661

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

    total $3,683,577

  • 24d · Other expenses: OPERATING FEES

    total $247,391

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $43,274,278 · end of year $35,739,994

  • 2 · Savings and temporary cash investments

    beginning of year $65,107,945 · end of year $78,279,177

  • 5 · Loans and receivables from officers and key people

    beginning of year $31,343,366 · end of year $31,587,497

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,213,922 · end of year $3,285,620

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

    $51,978,901

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

    $23,740,124

  • 10c · Land, buildings and equipment, net

    beginning of year $29,053,533 · end of year $28,238,777

  • 11 · Investments: publicly traded securities

    beginning of year $189,509,522 · end of year $185,283,741

  • 13 · Investments: program-related

    beginning of year $1,851,689,731 · end of year $1,830,764,757

  • 15 · Other assets

    beginning of year $73,182,439 · end of year $81,323,377

  • 17 · Accounts payable and accrued expenses

    beginning of year $31,840,416 · end of year $32,045,772

  • 25 · Other liabilities

    beginning of year $2,113,327,662 · end of year $2,102,368,971

  • 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 $140,206,658 · end of year $140,088,197

Mission and programs · 2023

Mission

FINANCIAL PARTNERS 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, FINANCIAL PARTNERS 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.

  • THROUGH GRANTS FROM THE CDFI AND THE $35 MILLION IN SUPPLEMENTAL CAPITAL, CONTINUED TO EXPAND LENDING TO LOW AND MODERATE INCOME MEMBERS.

  • RECEIVED $35,000,000 IN SUPPLEMENTAL CAPITAL LOANS THROUGH THE U.S. TREASURY DEPARTMENT'S EMERGENCY CAPITAL INVESTMENT PROGRAM (ECIP).

  • RECEIVED ADDITIONAL GRANTS AS A CDFI (COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION) DESIGNATED CREDIT UNION, TO HELP LOW-INCOME COMMUNITIES BY PROVIDING ACCESS TO FINANCIAL PRODUCTS AND SERVICES FOR LOCAL RESIDENTS AND BUSINESSES.

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

Listed in Part VII

  • Barbara Smith

    CHAIRPERSON

    Total calculated
    $2,263
    From this org
    $2,263
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Yves Pinkowitz

    VICE CHAIRPERSON

    Total calculated
    $3,074
    From this org
    $3,074
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Alan Bergman

    TREASURER

    Total calculated
    $3,020
    From this org
    $3,020
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Dr William Feaster

    SECRETARY

    Total calculated
    $1,457
    From this org
    $1,457
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Ralph Crowther

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Donna Clawson

    BOARD MEMBER

    Total calculated
    $1,227
    From this org
    $1,227
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Mario Guerra

    BOARD MEMBER

    Total calculated
    $2,479
    From this org
    $2,479
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Paul Geery

    BOARD MEMBER

    Total calculated
    $3,981
    From this org
    $3,981
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Alex Saab

    BOARD MEMBER

    Total calculated
    $4,538
    From this org
    $4,538
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Joe Spetz

    EMERITUS

    Total calculated
    $1,519
    From this org
    $1,519
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Gary Macheel Former

    EMERITUS

    Total calculated
    $0
    Hours/week
    1

  • Caryn Phillips

    SUPV CMTE CHAIRPERSON

    Total calculated
    $650
    From this org
    $650
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Steve Koester

    SUPV CMTE MEMBER

    Total calculated
    $3,913
    From this org
    $3,913
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Vince Workman

    SUPV CMTE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Nader Moghaddam

    PRESIDENT/CEO

    Total calculated
    $1,099,674
    From this org
    $1,040,558
    From related orgs
    $0
    Other
    $59,116
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $827,865
    Bonus
    $200,000
    Other
    $12,693
    Deferred
    $30,000
    Nontaxable benefits
    $29,116
    Filer's total
    $1,099,674

  • Joseph Brancucci

    SPECIAL LENDING CONSULTING

    Total calculated
    $528,807
    From this org
    $498,807
    From related orgs
    $0
    Other
    $30,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $324,123
    Bonus
    $165,665
    Other
    $9,019
    Deferred
    $30,000
    Nontaxable benefits
    $0
    Filer's total
    $528,807

  • Mary Torsney

    EVP/CFO

    Total calculated
    $484,009
    From this org
    $436,563
    From related orgs
    $0
    Other
    $47,446
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $359,664
    Bonus
    $74,835
    Other
    $2,064
    Deferred
    $27,493
    Nontaxable benefits
    $19,953
    Filer's total
    $484,009

  • Darren Herrmann

    EVP/COO

    Total calculated
    $448,168
    From this org
    $398,289
    From related orgs
    $0
    Other
    $49,879
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $321,135
    Bonus
    $75,090
    Other
    $2,064
    Deferred
    $29,926
    Nontaxable benefits
    $19,953
    Filer's total
    $448,168

  • Wanda A Williams

    EVP/CAO

    Total calculated
    $431,122
    From this org
    $386,123
    From related orgs
    $0
    Other
    $44,999
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $302,680
    Bonus
    $77,347
    Other
    $6,096
    Deferred
    $30,000
    Nontaxable benefits
    $14,999
    Filer's total
    $431,122

  • Lori Reeves

    SVP CHIEF MARKETING OFFICER

    Total calculated
    $340,421
    From this org
    $302,061
    From related orgs
    $0
    Other
    $38,360
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $212,399
    Bonus
    $46,521
    Other
    $43,141
    Deferred
    $30,000
    Nontaxable benefits
    $8,360
    Filer's total
    $340,421

  • Cambria Briggs

    SVP HUMAN RESOURCES

    Total calculated
    $314,604
    From this org
    $292,104
    From related orgs
    $0
    Other
    $22,500
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $233,921
    Bonus
    $57,463
    Other
    $720
    Deferred
    $22,500
    Nontaxable benefits
    $0
    Filer's total
    $314,604

  • Jill Hall-Erps

    SVP/CRO

    Total calculated
    $312,453
    From this org
    $248,022
    From related orgs
    $0
    Other
    $64,431
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $212,124
    Bonus
    $32,730
    Other
    $3,168
    Deferred
    $30,000
    Nontaxable benefits
    $34,431
    Filer's total
    $312,453

  • Mario Osorio

    SVP INVESTMENT AND INSURANCE

    Total calculated
    $265,116
    From this org
    $241,107
    From related orgs
    $0
    Other
    $24,009
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $208,741
    Bonus
    $31,351
    Other
    $1,015
    Deferred
    $24,009
    Nontaxable benefits
    $0
    Filer's total
    $265,116

  • Aaron Bresko

    SVP LENDING

    Total calculated
    $221,058
    From this org
    $198,105
    From related orgs
    $0
    Other
    $22,953
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $184,464
    Bonus
    $11,974
    Other
    $1,667
    Deferred
    $10,758
    Nontaxable benefits
    $12,195
    Filer's total
    $221,058

  • Kamil Sakici

    SVP CHIEF STRATEGY OFFICER

    Total calculated
    $152,137
    From this org
    $131,152
    From related orgs
    $0
    Other
    $20,985
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,358
    Bonus
    $0
    Other
    $794
    Deferred
    $13,462
    Nontaxable benefits
    $7,523
    Filer's total
    $152,137

  • Eric Zittel

    SVP CHIEF LENDING OFFICER

    Total calculated
    $96,498
    From this org
    $89,577
    From related orgs
    $0
    Other
    $6,921
    Hours/week
    40

  • Justin Chang

    VP COMMERCIAL LENDING

    Total calculated
    $311,405
    From this org
    $278,285
    From related orgs
    $0
    Other
    $33,120
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $214,069
    Bonus
    $63,504
    Other
    $712
    Deferred
    $13,167
    Nontaxable benefits
    $19,953
    Filer's total
    $311,405

  • Ermete Vestri

    VP REAL ESTATE LENDING

    Total calculated
    $245,894
    From this org
    $239,568
    From related orgs
    $0
    Other
    $6,326
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $58,738
    Bonus
    $61,928
    Other
    $118,902
    Deferred
    $822
    Nontaxable benefits
    $5,504
    Filer's total
    $245,894

  • Phillip Fowler

    VP INFORMATION TECHNOLOGY

    Total calculated
    $253,332
    From this org
    $237,028
    From related orgs
    $0
    Other
    $16,304
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $208,548
    Bonus
    $26,734
    Other
    $1,746
    Deferred
    $0
    Nontaxable benefits
    $16,304
    Filer's total
    $253,332

  • Michael Stavrakis

    VP FINANCE

    Total calculated
    $253,500
    From this org
    $229,423
    From related orgs
    $0
    Other
    $24,077
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $205,584
    Bonus
    $22,827
    Other
    $1,012
    Deferred
    $24,077
    Nontaxable benefits
    $0
    Filer's total
    $253,500

  • Christopher A Marquez

    VP IT INFRASTRUCTURE

    Total calculated
    $241,458
    From this org
    $218,906
    From related orgs
    $0
    Other
    $22,552
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $196,896
    Bonus
    $21,028
    Other
    $982
    Deferred
    $2,599
    Nontaxable benefits
    $19,953
    Filer's total
    $241,458

  • Dennis Donnelly

    VP MEMBER CONTACT CENTER

    Total calculated
    $233,903
    From this org
    $210,700
    From related orgs
    $0
    Other
    $23,203
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $188,232
    Bonus
    $22,070
    Other
    $398
    Deferred
    $8,529
    Nontaxable benefits
    $14,674
    Filer's total
    $233,903

  • Stephanie Heglar

    VP RISK MANAGEMENT

    Total calculated
    $250,768
    From this org
    $207,390
    From related orgs
    $0
    Other
    $43,378
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $182,145
    Bonus
    $22,684
    Other
    $2,561
    Deferred
    $30,000
    Nontaxable benefits
    $13,378
    Filer's total
    $250,768

  • Eric Johnson

    VP CONTROLLER

    Total calculated
    $233,566
    From this org
    $205,411
    From related orgs
    $0
    Other
    $28,155
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,108
    Bonus
    $19,400
    Other
    $903
    Deferred
    $10,399
    Nontaxable benefits
    $17,756
    Filer's total
    $233,566

  • Juan A Jimenez-Lindmeier

    VP REAL ESTATE LENDING

    Total calculated
    $249,562
    From this org
    $200,000
    From related orgs
    $0
    Other
    $49,562
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $164,202
    Bonus
    $35,270
    Other
    $528
    Deferred
    $22,500
    Nontaxable benefits
    $27,062
    Filer's total
    $249,562

  • Travis Long

    VP ENTERPRISE PROJECT MANAGEMENT

    Total calculated
    $236,855
    From this org
    $199,356
    From related orgs
    $0
    Other
    $37,499
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $176,671
    Bonus
    $22,119
    Other
    $566
    Deferred
    $22,500
    Nontaxable benefits
    $14,999
    Filer's total
    $236,855

  • Mark Lakatos

    VP LEARNING & DEVELOPMENT

    Total calculated
    $239,868
    From this org
    $194,602
    From related orgs
    $0
    Other
    $45,266
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $172,105
    Bonus
    $21,654
    Other
    $843
    Deferred
    $25,313
    Nontaxable benefits
    $19,953
    Filer's total
    $239,868

  • Joann Forte

    VP LOAN RESOLUTION

    Total calculated
    $220,524
    From this org
    $192,330
    From related orgs
    $0
    Other
    $28,194
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,186
    Bonus
    $20,844
    Other
    $2,300
    Deferred
    $21,238
    Nontaxable benefits
    $6,956
    Filer's total
    $220,524

  • Angelo George Cox

    VP FACILITIES PURCHASING & PHYSICAL SECURITY

    Total calculated
    $221,421
    From this org
    $185,285
    From related orgs
    $0
    Other
    $36,136
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,991
    Bonus
    $5,716
    Other
    $578
    Deferred
    $16,183
    Nontaxable benefits
    $19,953
    Filer's total
    $221,421

  • Evan K Albertazzi

    VP DIGITAL DELIVERY

    Total calculated
    $216,982
    From this org
    $168,398
    From related orgs
    $0
    Other
    $48,584
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,392
    Bonus
    $17,686
    Other
    $320
    Deferred
    $22,500
    Nontaxable benefits
    $26,084
    Filer's total
    $216,982

  • Royce Ngiam

    VP SPONSOR & COMMUNITY RELATIONS

    Total calculated
    $204,107
    From this org
    $166,208
    From related orgs
    $0
    Other
    $37,899
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,365
    Bonus
    $16,375
    Other
    $468
    Deferred
    $8,783
    Nontaxable benefits
    $29,116
    Filer's total
    $204,107

  • Andrea Portillo

    VP LOAN SERVICING

    Total calculated
    $183,613
    From this org
    $158,063
    From related orgs
    $0
    Other
    $25,550
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,678
    Bonus
    $16,712
    Other
    $673
    Deferred
    $7,794
    Nontaxable benefits
    $17,756
    Filer's total
    $183,613

  • Larry Romero

    SENIOR COMMERCIAL LOAN OFFICER

    Total calculated
    $185,828
    From this org
    $165,352
    From related orgs
    $0
    Other
    $20,476
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,283
    Bonus
    $19,136
    Other
    $5,933
    Deferred
    $0
    Nontaxable benefits
    $20,476
    Filer's total
    $185,828

  • Adam Wass

    FINANCIAL CONSULTANT

    Total calculated
    $344,497
    From this org
    $301,119
    From related orgs
    $0
    Other
    $43,378
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $61,471
    Bonus
    $237,596
    Other
    $2,052
    Deferred
    $30,000
    Nontaxable benefits
    $13,378
    Filer's total
    $344,497

  • Haribabu Krishnamoorthy

    DIRECTOR, PROGRAMMING & DEVELOPMENT

    Total calculated
    $250,312
    From this org
    $210,849
    From related orgs
    $0
    Other
    $39,463
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $196,091
    Bonus
    $14,115
    Other
    $643
    Deferred
    $12,401
    Nontaxable benefits
    $27,062
    Filer's total
    $250,312

  • David Gregg

    DIRECTOR, LEARNING & DEVELOPMENT

    Total calculated
    $212,045
    From this org
    $182,133
    From related orgs
    $0
    Other
    $29,912
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,639
    Bonus
    $9,211
    Other
    $42,283
    Deferred
    $17,714
    Nontaxable benefits
    $12,198
    Filer's total
    $212,045

  • Anthony L Kendziorski

    DIRECTOR, NETWORK & SYSTEMS INFRASTRUCTURE

    Total calculated
    $203,612
    From this org
    $164,949
    From related orgs
    $0
    Other
    $38,663
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,199
    Bonus
    $11,309
    Other
    $1,441
    Deferred
    $9,547
    Nontaxable benefits
    $29,116
    Filer's total
    $203,612

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 · First-class or charter travel
  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINES 4A-B
LORI REEVES, REPORTED ON PART VII AS AN OFFICER, RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $40,658 IN 2023. ERMETE VESTRI, REPORTED ON PART VII AS AN OFFICER, RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $118,237 IN 2023. DAVID GREGG, REPORTED ON PART VII AS AN HCM, RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $40,781 IN 2023. ADDITIONALLY, THREE MEMBERS OF THE EXECUTIVE MANAGEMENT TEAM HAVE NON-RECOURSE COLLATERAL ASSIGNMENT SPLITDOLLAR LIFE INSURANCE POLICIES, THE PREMIUMS OF WHICH ARE SUBJECT TO A LOAN TO THE EXECUTIVE, WHICH IS SECURED BY THE CASH SURRENDER VALUE IN THE POLICY. THE LOANS ARE GENERALLY CARRIED AT THE CASH SURRENDER VALUE OF THE CREDIT UNION'S INTEREST IN THE POLICY. THE LOANS TO THE EXECUTIVES, COLLATERALIZED BY THE CASH SURRENDER VALUE OF THE POLICY, ARE RECORDED WITHIN OTHER ASSETS AT APPROXIMATELY $24,244,000 AND $23,758,000 AT DECEMBER 31, 2023 AND 2022, RESPECTIVELY, AND BEARS A NOMINAL INTEREST RATE.

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.

  • FINANCIAL PARTNERS SERVICES LLC

    INSURANCE · CA · income $0 · assets $0

    Directly controlled by FINANCIAL PARTNERS CREDIT UNION

  • PARTNERSHIP INSURANCE AGENCY LLC

    INSURANCE · CA · income $501,863 · assets $43,990

    Directly controlled by FINANCIAL PARTNERS CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
26 September 2024
IRS schema version
2023v5.1
Source object
202422719349300312

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