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Nonprofiteer
← 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
$40,105,453
Total expenses
$30,736,008
Contributions and grants received
$0
Grants paid
$94,642
Program service revenue
$37,053,937
Investment income
$3,051,516
Other revenue
$0
Total assets, end of year
$964,187,226
Total liabilities, end of year
$888,224,752
Net assets or fund balances, end of year
$75,962,474
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 FROM LOANS

    total $25,394,325 · related or exempt $25,394,325

  • 2b · Program service revenue: FEES & CHARGES

    total $6,137,949 · related or exempt $6,023,227 · unrelated business $114,722

  • 2c · Program service revenue: MERCHANT CARD & OTHER NETWORK INC

    total $3,922,355 · related or exempt $3,922,355

  • 2d · Program service revenue: OTHER NONINTEREST INCOME

    total $1,599,308 · related or exempt $1,599,308

  • 3 · Investment income

    total $2,731,306 · excluded $2,731,306

  • 7a · Gross sales of assets other than inventory

    other assets $1,797,890

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

    other assets $1,477,680

  • 7c · Gain or loss

    other assets $320,210

  • 7d · Net gain or loss

    total $320,210 · excluded $320,210

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $94,642

  • 5 · Compensation of officers, directors and key employees

    total $1,535,412

  • 6 · Compensation of disqualified persons

    total $40,086

  • 7 · Other salaries and wages

    total $8,442,717

  • 8 · Pension plan contributions

    total $689,092

  • 9 · Other employee benefits

    total $1,210,494

  • 10 · Payroll taxes

    total $794,429

  • 11b · Fees: legal

    total $273,980

  • 11c · Fees: accounting

    total $244,997

  • 11g · Fees: other

    total $2,409,880

  • 12 · Advertising and promotion

    total $1,269,436

  • 13 · Office expenses

    total $2,262,274

  • 14 · Information technology

    total $1,794,090

  • 16 · Occupancy

    total $1,698,174

  • 17 · Travel

    total $286,824

  • 22 · Depreciation, depletion and amortization

    total $2,180,210

  • 23 · Insurance

    total $130,439

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $2,572,436

  • 24b · Other expenses: DIVIDENDS PAID TO MEMBE

    total $2,073,338

  • 24c · Other expenses: LOAN/BANKING SERVICES

    total $593,831

  • 24d · Other expenses: ASSOCIATION DUES

    total $78,567

  • 24e · All other expenses

    total $60,660

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $35,459,697 · end of year $13,610,938

  • 2 · Savings and temporary cash investments

    beginning of year $148,611,837 · end of year $20,085,013

  • 4 · Accounts receivable

    beginning of year $15,240,947 · end of year $1,862,756

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $12,400,045

  • 7 · Other notes and loans receivable

    beginning of year $529,532,574 · end of year $718,449,303

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,078,694 · end of year $2,339,266

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

    $35,533,958

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

    $22,114,285

  • 10c · Land, buildings and equipment, net

    beginning of year $12,094,398 · end of year $13,419,673

  • 12 · Investments: other securities

    beginning of year $122,822,113 · end of year $152,907,988

  • 15 · Other assets

    beginning of year $28,363,906 · end of year $29,112,244

  • 17 · Accounts payable and accrued expenses

    beginning of year $9,568,791 · end of year $12,371,389

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $81,000,000

  • 25 · Other liabilities

    beginning of year $807,552,295 · end of year $794,853,363

  • 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 $78,083,080 · end of year $75,962,474

Mission and programs · 2022

Mission

WORKING TOGETHER TO PROVIDE SUPERIOR SERVICE FOR OUR MEMBERS AND COMMUNITY

Activities or mission (Part I)

PROVIDE SUPERIOR SERVICE TO OUR MEMBERS AND COMMUNITY

  • AS A STATE CHARTERED CREDIT UNION, VALLEY FIRST CREDIT UNION (THE CREDIT UNION) PROVIDES LOANS TO MEMBERS AT REDUCED INTEREST RATES AS COMPARED TO COMPETITORS. IN GENERAL, THE CREDIT CRITERIA IS LESS STRINGENT, LOAN RATES ARE LOWER, AND A HIGHER LEVEL OF LOAN COVERAGE IS PROVIDED. AS OF 12/31/2022, THE CREDIT UNION HAD $730,849,349 IN OUTSTANDING LOAN BALANCES AND MORE THAN 80,000 MEMBERS. AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION, VALLEY FIRST CREDIT UNION IS CHARGED WITH GENERATING ECONOMIC GROWTH AND OPPORTUNITY IN ECONOMICALLY DISADVANTAGED COMMUNITIES WITH PROGRAMS THAT INJECT NEW SOURCES OF CAPITAL INTO NEIGHBORHOODS THAT LACK ACCESS TO FINANCING. IN 2022, WE RECEIVED THE LOW-INCOME DESIGNATION, WHICH EXPANDS ACCESS TO CAPITAL FOR SMALL BUSINESSES AND OTHERS WHO HAVE BEEN UNDERSERVED IN LOW-INCOME COMMUNITIES. MORE THAN 60% OF OUR LOANS ARE DONE IN COMMUNITIES WHERE MORE THAN HALF OF THE HOUSEHOLDS HAVE INCOMES BELOW 60% OF THE AREA INCOME OR THE POVERTY RATE IS AT 25% OR HIGHER. 45% OF OUR TOTAL LOAN PORTFOLIO IS TO HISPANIC BORROWERS.

  • VALLEY FIRST CREDIT UNION (THE CREDIT UNION )PROVIDES SAVINGS ACCOUNT PRODUCTS THAT ARE OF GREATER BENEFIT TO MEMBERS AS COMPARED TO COMPETITORS. VALLEY FIRST CREDIT UNION PAYS HIGHER DIVIDEND RATES FOR COMPARABLE SAVINGS PRODUCTS. AT 12/31/2022 THE CREDIT UNION HAD OVER 90,000 SHARE ACCOUNTS WITH BALANCES TOTALING MORE THAN $795,000,000. IN 2022, WE GAVE BACK MORE THAN $431,000 IN VARIOUS FINANCIAL PRODUCTS TO OUR MEMBERS. WE EXPANDED OUR SMALL BUSINESS BANKING PROGRAM WITH NEW PRODUCTS AND SERVICES TO HELP FILL A MUCH-NEEDED CREDIT GAP IN OUR COMMUNITY. VALLEY FIRST CREDIT UNION ALSO OPENED A SMALL BUSINESS DEVELOPMENT CENTER IN OUR TURLOCK BRANCH TO CONNECT LOCAL ENTREPRENEURS WITH RESOURCES. THE CREDIT UNION ALSO PROVIDED FINANCIAL EDUCATION TO 2,571 PEOPLE IN OUR COMMUNITY.

  • VALLEY FIRST CREDIT UNION PROVIDES CHECKING ACCOUNT PRODUCTS THAT ARE OF GREATER BENEFIT TO MEMBERS, AS COMPARED TO ITS COMPETITORS. SEVERAL TYPES OF CHECKING ACCOUNTS ARE OFFERED, FROM FREE CHECKING TO OUR PURPLE CHECKING PRODUCT, WHICH PROVIDES MEMBERS THE ABILITY TO HAVE NO SERVICE FEES, ATM REIMBURSEMENTS AND OFFERS CASH BACK ON PURCHASES. VALLEY FIRST CREDIT UNION LAUNCHED SMALL DOLLAR LOANS (PURPLE ADVANCE AND QUICK LOANS) TO HELP MEMBERS AVOID GOING TO CHECK CASHERS AND PAYDAY LENDERS. EMPLOYEES OF THE CREDIT UNION DONATED 1,115 HOURS VOLUNTEERING AT LOCAL NON-PROFIT ORGANIZATIONS, AND THE CREDIT UNION DONATED OVER $97,000 TO THOSE NON-PROFITS, AS WELL.

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

Listed in Part VII

  • FRED CRUZ

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • PATRICK DODD

    FORMER TREASURER

    Total calculated
    $0
    Hours/week
    1

  • PATTI GILLIHAN

    SECRETARY AND TREASURER

    Total calculated
    $0
    Hours/week
    2

  • GARY HALL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • TOM KANE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • CHRIS PETERSON

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • JOHN SCHNEIDER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • TAMRA SPADE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KATHRYN DAVIS

    PRESIDENT AND CHIEF EXECUTIVE OFFICER

    Total calculated
    $635,888
    From this org
    $592,931
    From related orgs
    $0
    Other
    $42,957
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $493,254
    Bonus
    $97,335
    Other
    $2,342
    Deferred
    $15,250
    Nontaxable benefits
    $27,707
    Filer's total
    $635,888

  • TODD MCCOY

    CHIEF FINANCIAL OFFICER

    Total calculated
    $228,780
    From this org
    $202,821
    From related orgs
    $0
    Other
    $25,959
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $196,908
    Bonus
    $5,500
    Other
    $413
    Deferred
    $7,203
    Nontaxable benefits
    $18,756
    Filer's total
    $228,780

  • PAUL EMANUELS

    VP LENDING

    Total calculated
    $226,692
    From this org
    $193,667
    From related orgs
    $0
    Other
    $33,025
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $177,285
    Bonus
    $15,000
    Other
    $1,382
    Deferred
    $24,663
    Nontaxable benefits
    $8,362
    Filer's total
    $226,692

  • COURTNAY LYNCH

    VP PEOPLE AND CULTURE

    Total calculated
    $210,966
    From this org
    $182,397
    From related orgs
    $0
    Other
    $28,569
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $158,138
    Bonus
    $23,000
    Other
    $1,259
    Deferred
    $8,040
    Nontaxable benefits
    $20,529
    Filer's total
    $210,966

  • CHRIS HEWITT

    VP OPERATIONS AND DIGITAL STRATEGY

    Total calculated
    $233,088
    From this org
    $194,134
    From related orgs
    $0
    Other
    $38,954
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $168,430
    Bonus
    $25,000
    Other
    $704
    Deferred
    $8,397
    Nontaxable benefits
    $30,557
    Filer's total
    $233,088

  • BYRON MILLER

    VP TECHNOLOGY

    Total calculated
    $229,788
    From this org
    $191,454
    From related orgs
    $0
    Other
    $38,334
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $177,934
    Bonus
    $13,000
    Other
    $520
    Deferred
    $5,627
    Nontaxable benefits
    $32,707
    Filer's total
    $229,788

  • CHRIS BRAUN

    VP PAYMENTS

    Total calculated
    $229,286
    From this org
    $193,158
    From related orgs
    $0
    Other
    $36,128
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $184,092
    Bonus
    $8,500
    Other
    $566
    Deferred
    $8,421
    Nontaxable benefits
    $27,707
    Filer's total
    $229,286

  • RAYMOND MCCASLIN

    VP COMMERCIAL BANKING

    Total calculated
    $134,322
    From this org
    $122,284
    From related orgs
    $0
    Other
    $12,038
    Hours/week
    50

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 · 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 · 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
IN 2022, VALLEY FIRST CREDIT UNION PROVIDED SOCIAL CLUB DUES TO KATHRYN DAVIS TO DISCUSS ISSUES WITH MEMBERS, STAFF, AND PEERS. THE AMOUNTS PAID FOR SOCIAL DUES ARE NOT INCLUDED IN REPORTABLE COMPENSATION.
PART I, LINE 4B
PAUL EMMANUELS, VP LENDING, BEGAN PARTICIPATING IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN IN JULY 2007. THE TOTAL 2022 EMPLOYER CONTRIBUTIONS INTO THE PLAN ON BEHALF OF THE INDIVIDUAL IN THE AMOUNT OF $16,000 IS REPORTED AS DEFERRED COMPENSATION ON FORM 990, PART VII AND SCHEDULE J, PART II.

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

Provenance

Return type
form_990
Tax year
2022
Filed
14 November 2023
IRS schema version
2022v5.0
Source object
202343199349310714

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