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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
$57,186,497
Total expenses
$47,771,769
Contributions and grants received
$3,239,444
Grants paid
$208,176
Program service revenue
$49,781,547
Investment income
$4,165,506
Other revenue
$0
Total assets, end of year
$1,019,297,447
Total liabilities, end of year
$935,538,521
Net assets or fund balances, end of year
$83,758,926
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.

  • 1e · Government grants (contributions)

    $3,239,444

  • 2a · Program service revenue: INTEREST FROM LOANS

    total $37,456,776 · related or exempt $37,456,776

  • 2b · Program service revenue: FEES & CHARGES

    total $6,482,102 · related or exempt $6,278,734 · unrelated business $203,368

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

    total $3,912,073 · related or exempt $3,912,073

  • 2d · Program service revenue: OTHER NONINTEREST INCOME

    total $1,930,596 · related or exempt $1,930,596

  • 3 · Investment income

    total $4,165,892 · excluded $4,165,892

  • 7a · Gross sales of assets other than inventory

    other assets $74,020

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

    other assets $74,406

  • 7c · Gain or loss

    other assets -$386

  • 7d · Net gain or loss

    total -$386 · excluded -$386

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $208,176

  • 5 · Compensation of officers, directors and key employees

    total $1,645,980

  • 6 · Compensation of disqualified persons

    total $44,063

  • 7 · Other salaries and wages

    total $9,654,140

  • 8 · Pension plan contributions

    total $831,256

  • 9 · Other employee benefits

    total $2,112,250

  • 10 · Payroll taxes

    total $869,539

  • 11b · Fees: legal

    total $182,629

  • 11c · Fees: accounting

    total $360,716

  • 11g · Fees: other

    total $2,563,508

  • 12 · Advertising and promotion

    total $1,443,386

  • 13 · Office expenses

    total $2,709,200

  • 14 · Information technology

    total $2,664,688

  • 16 · Occupancy

    total $1,682,868

  • 17 · Travel

    total $329,064

  • 22 · Depreciation, depletion and amortization

    total $2,557,994

  • 23 · Insurance

    total $142,974

  • 24a · Other expenses: DIVIDENDS PAID TO MEMBE

    total $10,258,067

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $6,445,734

  • 24c · Other expenses: LOAN/BANKING SERVICES

    total $910,934

  • 24d · Other expenses: ASSOCIATION DUES

    total $81,033

  • 24e · All other expenses

    total $73,570

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $13,610,938 · end of year $42,520,324

  • 2 · Savings and temporary cash investments

    beginning of year $20,085,013 · end of year $33,523,309

  • 4 · Accounts receivable

    beginning of year $1,862,756 · end of year $15,719,779

  • 5 · Loans and receivables from officers and key people

    beginning of year $12,400,045 · end of year $12,478,200

  • 7 · Other notes and loans receivable

    beginning of year $718,449,303 · end of year $734,651,567

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,339,266 · end of year $2,579,765

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

    $39,874,403

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

    $24,615,254

  • 10c · Land, buildings and equipment, net

    beginning of year $13,419,673 · end of year $15,259,149

  • 12 · Investments: other securities

    beginning of year $152,907,988 · end of year $145,921,542

  • 15 · Other assets

    beginning of year $29,112,244 · end of year $16,643,812

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,371,389 · end of year $16,006,798

  • 23 · Secured mortgages and notes payable

    beginning of year $81,000,000 · end of year $118,000,000

  • 25 · Other liabilities

    beginning of year $794,853,363 · end of year $801,531,723

  • 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 $75,962,474 · end of year $83,758,926

Mission and programs · 2023

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 ARE LESS STRINGENT, LOAN RATES ARE LOWER, AND A HIGHER LEVEL OF LOAN COVERAGE IS PROVIDED. AS OF 12/31/2023, THE CREDIT UNION HAD $744.7 MILLION IN OUTSTANDING LOAN BALANCES AND MORE THAN 78,000 MEMBERS. AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION AND A LOW INCOME DESIGNATED CREDIT UNION, 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. 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/LATINO BORROWERS. AT THE CORE OF OUR MISSION LIES A FIRM BELIEF IN PRIORITIZING PEOPLE OVER PROFITS AND GIVING BACK TO OUR COMMUNITIES. IN 2023, VALLEY FIRST PROVIDED OVER $201.0 MILLION IN FINANCING FOR OUR COMMUNITY, INCLUDING OVER $21.0 MILLION IN AFFORDABLE HOME LOANS FOR FAMILIES. 60% OF OUR SBA FUNDING WAS PROVIDED TO MINORITY AND WOMEN-OWNED BUSINESSES AND WE GENERATED $3.3 MILLION IN ECONOMIC DEVELOPMENT WITHIN OUR COMMUNITIES AS A RESULT OF OUR LENDING EFFORTS.

  • VALLEY FIRST CREDIT UNION (THE CREDIT UNION) PROVIDES A SAFE PLACE FOR OUR COMMUNITY TO SAVE THEIR MONEY VIA A VARIETY OF SAVINGS AND INVESTMENT PRODUCTS/SERVICES. WE PAY HIGHER DIVIDEND RATES THAN OUR COMPETITORS AND OFFER MANY SHORT AND LONG-TERM SAVINGS OPTIONS. AT 12/31/23, THE CREDIT UNION HAD 141,281 SHARE ACCOUNTS WITH BALANCES TOTALING OVER $780,109,602. IN 2023, WE GAVE BACK $5,035,620 IN MEMBER DIVIDENDS AND $706,758 IN VARIOUS MEMBER INCENTIVES AND REWARDS AS A RESULT OF BANKING WITH US. WE ALSO WAIVED ALL FEES ON SMALL BUSINESS DEPOSIT PRODUCTS AS A WAY TO HELP OUT OUR SMALL BUSINESS COMMUNITY STILL RECOVERING FROM THE IMPACT OF COVID-19.

  • VALLEY FIRST CREDIT UNION (THE CREDIT UNION) INVESTS SIGNIFICANT TIME AND RESOURCES TO HELP THE COMMUNITIES WE SERVE THRIVE THROUGH FINANCIAL, EDUCATIONAL, AND VOLUNTEER SUPPORT. IN 2023, THE CREDIT UNION PROVIDED FINANCIAL EDUCATION TO 4,131 MEMBERS OF OUR COMMUNITY AND REACHED OVER 300 SCHOOL-AGED CHILDREN WITH ITS YOUTH FINANCIAL EDUCATION PROGRAMS. THE CREDIT UNION ALSO PROVIDED FREE CERTIFIED FINANCIAL COUNSELOR SERVICES THAT FOCUSED ON PERSONAL FINANCE FOR THE FIRST TIME IN 2023. HELPING OUR MEMBERS MAKE SMART FINANCIAL CHOICES WITH ONLINE AND IN-PERSON SUPPORT RESULTED IN HELPING 8,891 MEMBERS MAKE AN INFORMED LOAN DECISION, 1,850 MEMBERS NAVIGATE A LOAN DEFERRAL, AND 6,613 MEMBERS INCREASE THEIR CREDIT SCORE.

As filed on the 2023 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

  • 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 & CEO

    Total calculated
    $724,306
    From this org
    $661,885
    From related orgs
    $0
    Other
    $62,421
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $498,462
    Bonus
    $142,600
    Other
    $20,823
    Deferred
    $30,000
    Nontaxable benefits
    $32,421
    Filer's total
    $724,306

  • Todd McCoy

    CHIEF FINANCIAL OFFICER

    Total calculated
    $246,018
    From this org
    $212,464
    From related orgs
    $0
    Other
    $33,554
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $201,799
    Bonus
    $10,000
    Other
    $665
    Deferred
    $10,690
    Nontaxable benefits
    $22,864
    Filer's total
    $246,018

  • Courtnay Lynch

    VP, PEOPLE & CULTURE

    Total calculated
    $209,705
    From this org
    $176,756
    From related orgs
    $0
    Other
    $32,949
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $151,243
    Bonus
    $22,205
    Other
    $3,308
    Deferred
    $8,171
    Nontaxable benefits
    $24,778
    Filer's total
    $209,705

  • Chris Hewitt

    VP, OPS & DIGITAL STRATEGY

    Total calculated
    $250,968
    From this org
    $212,041
    From related orgs
    $0
    Other
    $38,927
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $172,890
    Bonus
    $32,348
    Other
    $6,803
    Deferred
    $9,164
    Nontaxable benefits
    $29,763
    Filer's total
    $250,968

  • Paul Emanuels

    VP, LENDING

    Total calculated
    $214,983
    From this org
    $195,993
    From related orgs
    $0
    Other
    $18,990
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $166,860
    Bonus
    $22,430
    Other
    $6,703
    Deferred
    $9,715
    Nontaxable benefits
    $9,275
    Filer's total
    $214,983

  • Andrea Brooks

    CHIEF RISK OFFICER

    Total calculated
    $230,771
    From this org
    $197,619
    From related orgs
    $0
    Other
    $33,152
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $189,329
    Bonus
    $110
    Other
    $8,180
    Deferred
    $9,833
    Nontaxable benefits
    $23,319
    Filer's total
    $230,771

  • Chris Braun

    VP, PAYMENTS

    Total calculated
    $254,150
    From this org
    $211,274
    From related orgs
    $0
    Other
    $42,876
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $187,711
    Bonus
    $22,734
    Other
    $829
    Deferred
    $10,314
    Nontaxable benefits
    $32,562
    Filer's total
    $254,150

  • Byron Miller

    VP, TECHNOLOGY

    Total calculated
    $238,724
    From this org
    $206,014
    From related orgs
    $0
    Other
    $32,710
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $177,681
    Bonus
    $22,539
    Other
    $5,794
    Deferred
    $0
    Nontaxable benefits
    $32,710
    Filer's total
    $238,724

  • Raymond McCaslin

    VP, COMMERCIAL BANKING

    Total calculated
    $204,094
    From this org
    $172,829
    From related orgs
    $0
    Other
    $31,265
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $149,316
    Bonus
    $16,788
    Other
    $6,725
    Deferred
    $1,813
    Nontaxable benefits
    $29,452
    Filer's total
    $204,094

  • Unji Frommoethelydo

    SR NETWORK ENGINEER

    Total calculated
    $145,749
    From this org
    $130,179
    From related orgs
    $0
    Other
    $15,570
    Hours/week
    40

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

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)

PART I, LINE 1A
IN 2023, 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'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
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202433179349306693

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