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← 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
$101,079,580
Total expenses
$98,580,471
Contributions and grants received
$0
Grants paid
$12,900
Program service revenue
$86,819,720
Investment income
$13,592,856
Other revenue
$667,004
Total assets, end of year
$2,193,062,292
Total liabilities, end of year
$2,037,083,386
Net assets or fund balances, end of year
$155,978,906
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 $77,653,502 · related or exempt $77,653,502

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $4,733,539 · related or exempt $4,702,714 · unrelated business $30,825

  • 2c · Program service revenue: FEE INCOME

    total $4,432,679 · related or exempt $4,389,239 · unrelated business $43,440

  • 3 · Investment income

    total $13,592,856 · related or exempt $13,592,856

  • 11a · Other revenue: GAIN ON SALES OF LOANS

    total $548,118 · related or exempt $548,118

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

    total $118,886 · related or exempt $118,886

  • 11e · Other revenue, total

    $667,004

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $10,250

  • 2 · Grants to domestic individuals

    total $2,650

  • 5 · Compensation of officers, directors and key employees

    total $5,805,705

  • 7 · Other salaries and wages

    total $18,626,316

  • 8 · Pension plan contributions

    total $2,389,041

  • 9 · Other employee benefits

    total $4,084,826

  • 10 · Payroll taxes

    total $1,701,548

  • 11b · Fees: legal

    total $92,238

  • 11c · Fees: accounting

    total $294,043

  • 11g · Fees: other

    total $1,628,699

  • 12 · Advertising and promotion

    total $1,657,104

  • 13 · Office expenses

    total $9,578,582

  • 14 · Information technology

    total $448,696

  • 16 · Occupancy

    total $1,999,883

  • 17 · Travel

    total $292,202

  • 20 · Interest

    total $37,147,019

  • 22 · Depreciation, depletion and amortization

    total $1,171,515

  • 23 · Insurance

    total $394,729

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

    total $9,579,693

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $1,278,977

  • 24c · Other expenses: OPERATING FEES

    total $252,852

  • 24d · Other expenses: MISC OPERATING EXPENSE

    total $143,903

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $10,694,538 · end of year $12,504,768

  • 2 · Savings and temporary cash investments

    beginning of year $57,579,216 · end of year $62,848,894

  • 5 · Loans and receivables from officers and key people

    beginning of year $5,924,827 · end of year $5,257,269

  • 9 · Prepaid expenses and deferred charges

    beginning of year $6,588,318 · end of year $8,045,610

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

    $28,301,711

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

    $23,176,031

  • 10c · Land, buildings and equipment, net

    beginning of year $5,140,526 · end of year $5,125,680

  • 11 · Investments: publicly traded securities

    beginning of year $315,120,471 · end of year $297,214,416

  • 13 · Investments: program-related

    beginning of year $1,804,095,829 · end of year $1,761,245,652

  • 15 · Other assets

    beginning of year $43,845,102 · end of year $40,820,003

  • 17 · Accounts payable and accrued expenses

    beginning of year $24,839,590 · end of year $25,231,400

  • 25 · Other liabilities

    beginning of year $2,081,956,945 · end of year $2,011,851,986

  • 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 $142,192,292 · end of year $155,978,906

Mission and programs · 2023

Mission

MERIWEST 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, MERIWEST 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.

  • MERIWEST CREDIT UNION PROVIDED MEMBERS 1,146 REAL ESTATE BASE LOANS TOTALING OVER 700 MILLION IN 2023.

  • MERIWEST CREDIT UNION PROVIDED MEMBERS 22,230 CONSUMER LOANS TOTALING OVER $380 MILLION IN 2023.

  • MERIWEST CREDIT UNION OFFERED LOANS, DEPOSITS AND OTHER SERVICES TO 80,393 MEMBERS IN 2023.

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

Listed in Part VII

  • DRARTHUR L JUE

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2

  • SCOTT TIMPE

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • HARSHA VYAS

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • LAUREN BURCH

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • UDEY CHAUDHRY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • EDWIN MACH

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • STAN CHAPMAN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • STEVE GOVEIA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • JIM HICKS

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • PHILIP FLUEGEMANN

    SUPV CMTE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2

  • TAYLOR LEE

    SUPV CMTE MEMBER

    Total calculated
    $0
    Hours/week
    2

  • JASON LAKER

    SUPV CMTE MEMBER

    Total calculated
    $0
    Hours/week
    2

  • LISA MARIE PESTA

    PRESIDENT/CEO

    Total calculated
    $605,441
    From this org
    $578,215
    From related orgs
    $0
    Other
    $27,226
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $488,283
    Bonus
    $58,000
    Other
    $31,932
    Deferred
    $5,702
    Nontaxable benefits
    $21,524
    Filer's total
    $605,441

  • JULIE ANN KIRSCH FORMER

    PRESIDENT/CEO

    Total calculated
    $441,552
    From this org
    $419,630
    From related orgs
    $0
    Other
    $21,922
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,602
    Bonus
    $150,695
    Other
    $128,333
    Deferred
    $18,757
    Nontaxable benefits
    $3,165
    Filer's total
    $441,552

  • BRIAN HENNESSEY

    CHIEF FINANCIAL OFFICER

    Total calculated
    $550,841
    From this org
    $503,393
    From related orgs
    $0
    Other
    $47,448
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $389,453
    Bonus
    $108,000
    Other
    $5,940
    Deferred
    $22,500
    Nontaxable benefits
    $24,948
    Filer's total
    $550,841

  • JEFF BARNES

    SVP, CHIEF LENDING OFFICER

    Total calculated
    $652,611
    From this org
    $642,600
    From related orgs
    $0
    Other
    $10,011
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $262,325
    Bonus
    $52,000
    Other
    $328,275
    Deferred
    $0
    Nontaxable benefits
    $10,011
    Filer's total
    $652,611

  • MARY ELLEN SNIDER

    SVP, OPERATIONAL RISK & COMPLIANCE

    Total calculated
    $116,694
    From this org
    $112,741
    From related orgs
    $0
    Other
    $3,953
    Hours/week
    40

  • LINA ESTHER HESS

    VP, CHIEF TECHNOLOGY OFFICER

    Total calculated
    $365,147
    From this org
    $319,516
    From related orgs
    $0
    Other
    $45,631
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $271,810
    Bonus
    $36,500
    Other
    $11,206
    Deferred
    $22,500
    Nontaxable benefits
    $23,131
    Filer's total
    $365,147

  • JIHONG HUANG

    VP, CHIEF TREASURY OFFICER

    Total calculated
    $334,033
    From this org
    $306,377
    From related orgs
    $0
    Other
    $27,656
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $268,357
    Bonus
    $36,000
    Other
    $2,020
    Deferred
    $0
    Nontaxable benefits
    $27,656
    Filer's total
    $334,033

  • GENNADY FICHTENHOLZ

    VP, DIGITAL STRATEGY AND ENGAGEMENT

    Total calculated
    $307,860
    From this org
    $278,154
    From related orgs
    $0
    Other
    $29,706
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $229,320
    Bonus
    $47,015
    Other
    $1,819
    Deferred
    $0
    Nontaxable benefits
    $29,706
    Filer's total
    $307,860

  • MELISSA A CLEBORNE

    VP, CHIEF HUMAN RESOURCES OFFICER

    Total calculated
    $267,161
    From this org
    $243,433
    From related orgs
    $0
    Other
    $23,728
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $212,011
    Bonus
    $23,400
    Other
    $8,022
    Deferred
    $0
    Nontaxable benefits
    $23,728
    Filer's total
    $267,161

  • ROSE ELAINE PALACIO-JOHNSON

    VP, BUSINESS LENDING

    Total calculated
    $259,462
    From this org
    $238,549
    From related orgs
    $0
    Other
    $20,913
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,553
    Bonus
    $17,000
    Other
    $90,996
    Deferred
    $0
    Nontaxable benefits
    $20,913
    Filer's total
    $259,462

  • CYNTHIA DELACERDA WATSON

    VP, CHIEF RISK & OPERATIONS OFFICER

    Total calculated
    $264,999
    From this org
    $231,334
    From related orgs
    $0
    Other
    $33,665
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,656
    Bonus
    $25,030
    Other
    $1,648
    Deferred
    $0
    Nontaxable benefits
    $33,665
    Filer's total
    $264,999

  • AMJAD ELIAS

    VP, RETAIL DELIVERY

    Total calculated
    $256,239
    From this org
    $212,894
    From related orgs
    $0
    Other
    $43,345
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,801
    Bonus
    $24,400
    Other
    $2,693
    Deferred
    $21,501
    Nontaxable benefits
    $21,844
    Filer's total
    $256,239

  • BRANDI HOFFMAN-OOKA

    VP, CONSUMER & FINTECH LENDING

    Total calculated
    $206,431
    From this org
    $200,169
    From related orgs
    $0
    Other
    $6,262
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $172,376
    Bonus
    $25,000
    Other
    $2,793
    Deferred
    $3,993
    Nontaxable benefits
    $2,269
    Filer's total
    $206,431

  • TERESA CASERAS

    VP, MARKETING

    Total calculated
    $213,687
    From this org
    $187,068
    From related orgs
    $0
    Other
    $26,619
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,728
    Bonus
    $24,500
    Other
    $840
    Deferred
    $0
    Nontaxable benefits
    $26,619
    Filer's total
    $213,687

  • WILLIAM H SCHETTLER

    VP, COLLECTIONS

    Total calculated
    $186,349
    From this org
    $159,693
    From related orgs
    $0
    Other
    $26,656
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,772
    Bonus
    $21,000
    Other
    $1,921
    Deferred
    $0
    Nontaxable benefits
    $26,656
    Filer's total
    $186,349

  • KEITH FRANCE

    FINANCIAL ADVISOR

    Total calculated
    $321,315
    From this org
    $300,078
    From related orgs
    $0
    Other
    $21,237
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $287,716
    Bonus
    $10,000
    Other
    $2,362
    Deferred
    $0
    Nontaxable benefits
    $21,237
    Filer's total
    $321,315

  • ANDREW NGUYEN

    FINANCIAL ADVISOR

    Total calculated
    $262,327
    From this org
    $235,671
    From related orgs
    $0
    Other
    $26,656
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $225,825
    Bonus
    $8,015
    Other
    $1,831
    Deferred
    $0
    Nontaxable benefits
    $26,656
    Filer's total
    $262,327

  • ERNESTO SEGOVIA

    AVP, NETWORK OPERATIONS

    Total calculated
    $259,574
    From this org
    $231,618
    From related orgs
    $0
    Other
    $27,956
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $217,440
    Bonus
    $6,682
    Other
    $7,496
    Deferred
    $0
    Nontaxable benefits
    $27,956
    Filer's total
    $259,574

  • JEAN CHRISTOPHE LABEAU

    AVP, INFORMATION TECHNOLOGY DEVELOPMENT

    Total calculated
    $220,238
    From this org
    $209,317
    From related orgs
    $0
    Other
    $10,921
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $201,660
    Bonus
    $6,099
    Other
    $1,558
    Deferred
    $0
    Nontaxable benefits
    $10,921
    Filer's total
    $220,238

  • JOHN KWAN

    ASSISTANT CONTROLLER

    Total calculated
    $223,411
    From this org
    $195,255
    From related orgs
    $0
    Other
    $28,156
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,074
    Bonus
    $12,567
    Other
    $2,614
    Deferred
    $0
    Nontaxable benefits
    $28,156
    Filer's total
    $223,411

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

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 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
THE CREDIT UNION OFFERS A SERP TO ITS SENIOR MANAGEMENT TEAM. THE PLAN PROVIDES FOR THE PAYMENT OF $300,000 TO EACH PERSON AT DATES CERTAIN WITH CLIFF VESTING. THE PLAN IS FUNDED BY A COLI CONTRACT PURCHASED FOR THE BENEFIT OF THE CREDIT UNION. THE PARTICIPANTS IN THE PLAN ARE BRIAN HENNESSEY AND LISA PESTA. JEFF BARNES RECEIVED SEVERANCE PAYMENT IN 2023.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202423189349309462

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