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Nonprofiteer
← COPPER STATE CREDIT UNION

Form 990 for tax year 2022

Filed by COPPER STATE CREDIT UNION.

Totals

Total revenue
$28,591,696
Total expenses
$24,827,520
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$25,589,159
Investment income
$3,002,537
Other revenue
$0
Total assets, end of year
$609,482,997
Total liabilities, end of year
$576,484,048
Net assets or fund balances, end of year
$32,998,949
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: INCOME ON LOANS

    total $18,320,324 · related or exempt $18,320,324

  • 2b · Program service revenue: FEES, CHARGES, & OTHER

    total $7,110,513 · related or exempt $7,110,513

  • 2c · Program service revenue: FINANCE & INSURANCE

    total $158,322 · unrelated business $158,322

  • 3 · Investment income

    total $2,215,414 · excluded $2,215,414

  • 7a · Gross sales of assets other than inventory

    other assets $2,300,000

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

    other assets $1,512,877

  • 7c · Gain or loss

    other assets $787,123

  • 7d · Net gain or loss

    total $787,123 · related or exempt $787,123

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $720,320

  • 7 · Other salaries and wages

    total $8,298,629

  • 8 · Pension plan contributions

    total $370,482

  • 9 · Other employee benefits

    total $782,223

  • 10 · Payroll taxes

    total $660,609

  • 11b · Fees: legal

    total $800

  • 11c · Fees: accounting

    total $141,375

  • 12 · Advertising and promotion

    total $1,005,572

  • 13 · Office expenses

    total $3,118,989

  • 14 · Information technology

    total $1,128,257

  • 16 · Occupancy

    total $903,130

  • 17 · Travel

    total $19,193

  • 19 · Conferences, conventions and meetings

    total $145,090

  • 20 · Interest

    total $997,644

  • 21 · Payments to affiliates

    total $138,241

  • 22 · Depreciation, depletion and amortization

    total $997,762

  • 23 · Insurance

    total $168,813

  • 24a · Other expenses: DEBIT/CREDIT CARD EXPEN

    total $1,733,330

  • 24b · Other expenses: PLL

    total $1,605,346

  • 24c · Other expenses: LOAN SERVICING

    total $579,073

  • 24d · Other expenses: COLLECTIONS

    total $458,429

  • 24e · All other expenses

    total $854,213

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,924,886 · end of year $3,020,740

  • 2 · Savings and temporary cash investments

    beginning of year $38,689,420 · end of year $12,042,730

  • 4 · Accounts receivable

    beginning of year $764,753 · end of year $400,868

  • 5 · Loans and receivables from officers and key people

    beginning of year $7,638,000 · end of year $7,638,000

  • 7 · Other notes and loans receivable

    beginning of year $389,218,477 · end of year $444,402,470

  • 9 · Prepaid expenses and deferred charges

    beginning of year $805,298 · end of year $682,940

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

    $25,547,080

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

    $4,282,803

  • 10c · Land, buildings and equipment, net

    beginning of year $21,496,427 · end of year $21,264,277

  • 11 · Investments: publicly traded securities

    beginning of year $120,435,730 · end of year $103,221,265

  • 12 · Investments: other securities

    beginning of year $2,940,693 · end of year $3,172,893

  • 14 · Intangible assets

    beginning of year $1,742,537 · end of year $1,379,291

  • 15 · Other assets

    beginning of year $12,762,339 · end of year $12,257,523

  • 17 · Accounts payable and accrued expenses

    beginning of year $16,188,638 · end of year $9,509,404

  • 23 · Secured mortgages and notes payable

    beginning of year $10,000,000 · end of year $25,000,000

  • 25 · Other liabilities

    beginning of year $529,756,267 · end of year $541,974,644

  • 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 $43,473,655 · end of year $32,998,949

Mission and programs · 2022

Mission

OUR MISSION IS TO ENABLE OUR MEMBERFAMILIES TO ACHIEVE FINANCIAL PROSPERITY.

  • PROVIDED CREDIT IN 2022 TO 6,594 MEMBERS FOR $187,995,646. AS OF DECEMBER 31, 2022, 20,101 MEMBERS HAD $446,558,209 IN OUTSTANDING LOANS.

  • PROMOTE THRIFT TO 44,484 MEMBERS WITH TOTAL DEPOSITS OF $541,974,644 AS OF DECEMBER 31, 2022.

  • PROVIDE FINANCIAL SERVICES, INCLUDING CHECKING ACCOUNTS, ATM/DEBIT CARDS, CREDIT CARDS, SAVINGS ACCOUNTS, CERTIFICATES OF DEPOSIT AND MONEY MARKET ACCOUNTS.

As filed on the 2022 return.

Listed in Part VII

  • Jerry Hartrim

    DIRECTOR

    Total calculated
    $3,600
    From this org
    $3,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Paul Waterman

    TREASURER

    Total calculated
    $3,900
    From this org
    $3,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Andrew Roberts

    CHAIRPERSON

    Total calculated
    $5,350
    From this org
    $5,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Erica Gibbons

    DIRECTOR

    Total calculated
    $4,100
    From this org
    $4,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Roger Zollinger

    DIRECTOR

    Total calculated
    $3,400
    From this org
    $3,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Chris Urness

    DIRECTOR

    Total calculated
    $1,400
    From this org
    $1,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Melanie Merrill

    SECRETARY

    Total calculated
    $4,100
    From this org
    $4,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Dennis McDonald

    VICE CHAIRPERSON

    Total calculated
    $3,900
    From this org
    $3,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Tillie Jones

    DIRECTOR

    Total calculated
    $3,500
    From this org
    $3,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Steve Wolfe

    DIRECTOR

    Total calculated
    $4,100
    From this org
    $4,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Janet Burgett Martin

    DIRECTOR

    Total calculated
    $5,250
    From this org
    $5,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Albert Dubowa

    COMMITTEE MEMBER

    Total calculated
    $2,200
    From this org
    $2,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • David Matson

    COMMITTEE CHAIRPERSON

    Total calculated
    $2,250
    From this org
    $2,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Harshad Desai

    COMMITTEE MEMBER

    Total calculated
    $2,100
    From this org
    $2,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Lupe Harriger

    COMMITTEE MEMBER

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Frank Martinson

    COMMITTEE MEMBER

    Total calculated
    $1,850
    From this org
    $1,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Wing-Ho Choi

    ASSOCIATE BOARD MEMBER

    Total calculated
    $900
    From this org
    $900
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Michael Joseph

    ASSOCIATE BOARD MEMBER

    Total calculated
    $600
    From this org
    $600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Robert Scott

    PRESIDENT/CEO

    Total calculated
    $474,766
    From this org
    $411,163
    From related orgs
    $0
    Other
    $63,603
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $362,735
    Bonus
    $48,428
    Other
    $0
    Deferred
    $18,994
    Nontaxable benefits
    $44,609
    Filer's total
    $474,766

  • David Skilton

    CHIEF FINANCIAL OFFICER

    Total calculated
    $191,054
    From this org
    $168,099
    From related orgs
    $0
    Other
    $22,955
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $161,908
    Bonus
    $6,191
    Other
    $0
    Deferred
    $8,084
    Nontaxable benefits
    $14,871
    Filer's total
    $191,054

  • Anthony Rocha

    FINANCIAL ADVISOR

    Total calculated
    $205,813
    From this org
    $181,447
    From related orgs
    $0
    Other
    $24,366
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $31,845
    Bonus
    $1,191
    Other
    $148,411
    Deferred
    $6,966
    Nontaxable benefits
    $17,400
    Filer's total
    $205,813

  • Justin Wolfe

    CHIEF RETAIL OPERATIONS OFFICER

    Total calculated
    $174,264
    From this org
    $140,425
    From related orgs
    $0
    Other
    $33,839
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $127,826
    Bonus
    $6,191
    Other
    $6,408
    Deferred
    $7,272
    Nontaxable benefits
    $26,567
    Filer's total
    $174,264

  • Gregory Albano

    SENIOR VP/ CIO

    Total calculated
    $671,009
    From this org
    $166,999
    From related orgs
    $0
    Other
    $504,010
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $157,799
    Bonus
    $6,191
    Other
    $3,009
    Deferred
    $473,963
    Nontaxable benefits
    $30,047
    Filer's total
    $671,009

  • Richard Reiley

    CHIEF LENDING OFFICER

    Total calculated
    $197,113
    From this org
    $166,822
    From related orgs
    $0
    Other
    $30,291
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $160,381
    Bonus
    $6,441
    Other
    $0
    Deferred
    $8,381
    Nontaxable benefits
    $21,910
    Filer's total
    $197,113

  • Jennifer Wade

    CHIEF MARKETING OFFICER

    Total calculated
    $153,445
    From this org
    $139,415
    From related orgs
    $0
    Other
    $14,030
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $133,224
    Bonus
    $6,191
    Other
    $0
    Deferred
    $6,750
    Nontaxable benefits
    $7,280
    Filer's total
    $153,445

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
  • 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 4B
THE CEO, ROBERT SCOTT, PARTICIPATES IN A SPLIT DOLLAR COLLATERAL INSURANCE SUPPLEMENTAL RETIREMENT PLAN. THE CREDIT UNION ISSUED A LOAN TO ROBERT SCOTT FOR THE PURPOSE OF PURCHASING AN INSURANCE POLICY THAT WILL BE USED TO FUND HIS DEFERRED COMPENSATION PLAN. THE LOANS RELATED TO THIS ARRANGEMENT ARE REPORTED ON SCHEDULE L. GREGORY ALBANO PARTICIPATES IN A NON-QUALIFIED 457(F) DEFERRED COMPENSATION PLAN. DURING 2022, THE CREDIT UNION ACCRUED $465,354 TOWARD THE FUTURE BENEFIT OBLIGATION.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
5 May 2023
IRS schema version
2022v5.0
Source object
202301319349304060

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