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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
$13,363,100
Total expenses
$12,403,594
Contributions and grants received
$0
Grants paid
$73,776
Program service revenue
$10,795,025
Investment income
$674,670
Other revenue
$1,893,405
Total assets, end of year
$191,939,988
Total liabilities, end of year
$174,138,843
Net assets or fund balances, end of year
$17,801,145
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 $8,746,683 · related or exempt $8,746,683

  • 2b · Program service revenue: FEE INCOME

    total $1,115,568 · related or exempt $1,093,748 · unrelated business $21,820

  • 2c · Program service revenue: OTHER OPERATING INCOME

    total $932,774 · related or exempt $932,774

  • 3 · Investment income

    total $664,292 · related or exempt $664,292

  • 7a · Gross sales of assets other than inventory

    other assets $26,603

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

    other assets $16,225

  • 7c · Gain or loss

    other assets $10,378

  • 7d · Net gain or loss

    total $10,378 · related or exempt $10,378

  • 11a · Other revenue: OTHER NON-OPERATING INCOME

    total $1,893,405 · related or exempt $1,893,405

  • 11e · Other revenue, total

    $1,893,405

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $73,776

  • 5 · Compensation of officers, directors and key employees

    total $2,480,447

  • 7 · Other salaries and wages

    total $2,126,636

  • 8 · Pension plan contributions

    total $109,558

  • 9 · Other employee benefits

    total $779,797

  • 10 · Payroll taxes

    total $369,403

  • 11b · Fees: legal

    total $36,652

  • 11c · Fees: accounting

    total $105,526

  • 11g · Fees: other

    total $345,696

  • 12 · Advertising and promotion

    total $265,292

  • 13 · Office expenses

    total $2,225,378

  • 14 · Information technology

    total $63,671

  • 16 · Occupancy

    total $884,785

  • 17 · Travel

    total $28,318

  • 20 · Interest

    total $1,128,746

  • 22 · Depreciation, depletion and amortization

    total $222,593

  • 23 · Insurance

    total $93,526

  • 24a · Other expenses: CREDIT LOSS EXPENSE

    total $585,544

  • 24b · Other expenses: MISCELLANEOUS OPERATING

    total $274,699

  • 24c · Other expenses: LOAN SERVICING EXPENSE

    total $177,879

  • 24d · Other expenses: OPERATING FEES

    total $25,672

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,047,044 · end of year $3,800,570

  • 2 · Savings and temporary cash investments

    beginning of year $11,571,110 · end of year $15,257,594

  • 9 · Prepaid expenses and deferred charges

    beginning of year $224,590 · end of year $351,735

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

    $11,386,131

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

    $1,889,871

  • 10c · Land, buildings and equipment, net

    beginning of year $6,072,557 · end of year $9,496,260

  • 11 · Investments: publicly traded securities

    beginning of year $6,165,926 · end of year $5,313,444

  • 13 · Investments: program-related

    beginning of year $158,390,800 · end of year $153,983,993

  • 15 · Other assets

    beginning of year $4,185,231 · end of year $3,736,392

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,313,600 · end of year $9,685,516

  • 25 · Other liabilities

    beginning of year $163,978,170 · end of year $164,453,327

  • 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 $17,365,488 · end of year $17,801,145

Mission and programs · 2023

Mission

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, SANTA CRUZ COMMUNITY 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. SANTA CRUZ COMMUNITY CREDIT UNION SERVES THE COMMUNITY AS A CERTIFIED CDFI AND LOW INCOME CREDIT UNION, ENSURING THAT THROUGH ECONOMIC JUSTICE MEASURES, ALL PEOPLE RECEIVE ASSISTANCE TO IMPROVE THEIR LIVES.

Activities or mission (Part I)

A COMMUNITY DEVELOPMENT AND LOW INCOME CERTIFIED FINANCIAL COOPERATIVE ORGANIZED TO SERVE UNDERSERVED AND PROMOTE ECONOMIC EQUITY.

  • THE CREDIT UNION IS A COMMUNITY DEVELOPMENT, LOW-INCOME AND JUNTOS AVANZAMOS CERTIFIED CREDIT UNION PROVIDING LOW-COST, LIFE-CHANGING SERVICES, FINANCIAL LEARNING AND OPPORTUNITIES TO ITS LOCAL COMMUNITIES WITH A MISSION TO EMBRACE ECONOMIC JUSTICE AND TO PROVIDE FINANCIAL ACCESS AND OPPORTUNITIES TO ALL PEOPLE. ADDITIONALLY, THE CREDIT UNION'S MISSION INCLUDES SERVING THE UNBANKED AND UNDERSERVED, INCLUDING IMMIGRANTS WITH SPECIAL SERVICES SUCH AS SPECIAL SAVING PROGRAMS AND ACCOUNTS, MATRICULA CONSULAR ACCOUNTS, SECOND CHANCE CHECKING, ITIN LOANS AND DACA LOANS. SCCCU PROVIDES A VARIETY OF OPPORTUNITIES TO OUR MINORITY POPULATIONS INCLUDING CONSUMER, REAL ESTATE AND COMMERCIAL/SMALL AND MICRO-BUSINESS LENDING. SPECIFICALLY, THE CREDIT UNION OFFERS "PROYECTO HOGAR" HOME/MANUFACTURED HOME LOANS, NEW AND USED AUTO LOANS, MINORITY AND ITIN BUSINESS LOANS/LINES OF CREDIT, FIRST-TIME BORROWING PROGRAMS AND CREDIT BUILDER LOANS SUCH AS SAVINGS-SECURED CREDIT CARDS AND PERSONAL LOANS.

  • THE CREDIT UNION PROVIDES BUSINESS LENDING AND COMMERCIAL LENDING PRODUCTS INCLUDING REAL ESTATE FIRST AND SECOND LOANS, COMMUNITY DEVELOPMENT AND GOVERNMENT-GUARANTEED LOANS SUCH AS SBA AND CAL COASTAL RURAL DEVELOPMENT SECURED-LOANS AND MICRO-BUSINESS LOANS. ADDITIONALLY, THE CREDIT UNION SERVES MANY MICRO AND SMALL BUSINESSES AND NONPROFITS LOCALLY, AS SANTA CRUZ COUNTY IS A COMMUNITY OF ENTREPRENEURIAL BUSINESSES AND NONPROFITS THAT OFTEN HAVE FEW OPTIONS AVAILABLE TO THEM FROM THE MAINSTREAM BANKING INDUSTRY.

  • THE CREDIT UNION PROVIDES CONSUMER AND BUSINESS FINANCIAL PRODUCTS AND SERVICES GEARED TO SUPPORTING THE LOCAL COMMUNITY MEMBERS TO BE VIABLE AND SELF-SUFFICIENT IN THEIR FINANCIAL ENDEAVORS. SERVICES INCLUDING A VARIETY OF LOW AND NO-FEE CONSUMER AND BUSINESS CHECKING AND SAVINGS ACCOUNTS AS WELL AS IRA ACCOUNTS, MATRICULA CONSULAR, SECOND CHANCE CHECKING AND SAVINGS-SECURED LOANS THAT HAVE BEEN DESIGNED TO SERVE BOTH MODERATE AND LOW-INCOME COMMUNITY MEMBERS, OUR IMMIGRANT COMMUNITY AND THOSE LIVING IN STRUGGLING ECONOMIC AREAS.

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

Listed in Part VII

  • Matt Farrell

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Howard Sherer

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Tammy Pelstring

    BOARD TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Ami Ebright

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Paz Padilla

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Sylvia Reyes

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Ned Van Valkenburgh

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Bonnie Lipscomb

    ASSOCIATE

    Total calculated
    $0
    Hours/week
    1

  • Linda Brown

    SUPV CMTE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Suzanne MacLean

    SUPV CMTE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Chuck Hahn

    SUPV CMTE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Elizabeth Carr

    CEO

    Total calculated
    $1,072,750
    From this org
    $853,473
    From related orgs
    $0
    Other
    $219,277
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $283,994
    Bonus
    $26,546
    Other
    $542,933
    Deferred
    $195,857
    Nontaxable benefits
    $23,420
    Filer's total
    $1,072,750

  • Annie Song Former

    CFO

    Total calculated
    $107,503
    From this org
    $100,253
    From related orgs
    $0
    Other
    $7,250
    Hours/week
    40

  • Katie Fairbairn

    CXO

    Total calculated
    $209,952
    From this org
    $202,758
    From related orgs
    $0
    Other
    $7,194
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,638
    Bonus
    $15,120
    Other
    $6,000
    Deferred
    $7,194
    Nontaxable benefits
    $0
    Filer's total
    $209,952

  • Paul Barenfus

    CLO

    Total calculated
    $205,720
    From this org
    $197,813
    From related orgs
    $0
    Other
    $7,907
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,518
    Bonus
    $10,295
    Other
    $6,000
    Deferred
    $7,907
    Nontaxable benefits
    $0
    Filer's total
    $205,720

  • Everado Munoz Former

    COO

    Total calculated
    $200,075
    From this org
    $181,603
    From related orgs
    $0
    Other
    $18,472
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $157,464
    Bonus
    $15,120
    Other
    $9,019
    Deferred
    $0
    Nontaxable benefits
    $18,472
    Filer's total
    $200,075

  • Edward Cross Jr

    CORE APPLICATION ARCHITECT

    Total calculated
    $171,387
    From this org
    $171,387
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,511
    Bonus
    $13,376
    Other
    $5,500
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $171,387

  • Joseph L Coffman

    CTO

    Total calculated
    $166,507
    From this org
    $158,528
    From related orgs
    $0
    Other
    $7,979
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,028
    Bonus
    $1,500
    Other
    $6,000
    Deferred
    $1,352
    Nontaxable benefits
    $6,627
    Filer's total
    $166,507

  • Alicia Kretsch Former

    COMMERCIAL LENDING MANAGER

    Total calculated
    $149,648
    From this org
    $143,902
    From related orgs
    $0
    Other
    $5,746
    Hours/week
    40

  • Jesus Berumen

    DIR OF CONSUMER REAL ESTATE

    Total calculated
    $152,699
    From this org
    $121,047
    From related orgs
    $0
    Other
    $31,652
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,392
    Bonus
    $5,184
    Other
    $1,471
    Deferred
    $3,872
    Nontaxable benefits
    $27,780
    Filer's total
    $152,699

  • Laura Owen

    DIR OF COMM. OUTREACH LEARN

    Total calculated
    $132,113
    From this org
    $120,437
    From related orgs
    $0
    Other
    $11,676
    Hours/week
    40

  • Lillianne Dykstra Former

    SR APPLICATIONS ADMIN

    Total calculated
    $134,439
    From this org
    $120,006
    From related orgs
    $0
    Other
    $14,433
    Hours/week
    40

  • Julie Jaquith Former

    CREDIT SUPPORT MANAGER

    Total calculated
    $123,175
    From this org
    $109,240
    From related orgs
    $0
    Other
    $13,935
    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 · Housing allowance or residence for personal use
  • 1b · Written policy on the line-1a expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 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

  • 2 · Substantiation required before reimbursing expenses
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINES 4A-B
THE CREDIT UNION HAS A NON-QUALIFIED DEFERRED COMPENSATION PLAN WITH THE PRESIDENT/CEO. THE CREDIT UNION CONTRIBUTES 100% OF THE FUNDS TO THE PLAN. UNDER THE TERMS OF THE PLAN, THE PARTICIPANT IS ENTITLED TO SPECIFIED AMOUNTS IF THEY REMAIN EMPLOYED BY THE CREDIT UNION THROUGH SCHEDULED VESTING DATES. IF THE PARTICIPANT EXPERIENCES A SEPARATION FROM SERVICE AS DEFINED IN THE AGREEMENT, ACCRUED BENEFITS ARE IMMEDIATELY PAYABLE. THE BENEFITS ARE SUBJECT TO FORFEITURE IF EMPLOYMENT IS TERMINATED FOR CAUSE AS DEFINED IN THE AGREEMENT. THE DEFERRED COMPENSATION PAYABLE INCLUDED IN ACCRUED EXPENSES AND OTHER LIABILITIES WAS APPROXIMATELY $157,000 AS OF DECEMBER 31, 2023. DEFERRED COMPENSATION EXPENSES, INCLUDED IN COMPENSATION AND BENEFITS NON-INTEREST EXPENSE, WERE APPROXIMATELY $183,000 FOR THE YEAR ENDED DECEMBER 31, 2023. IN 2023, THE SECOND SCHEDULED BENEFIT PAYMENT WAS MADE ACCORDING TO THE TERMS OF THE AGREEMENT. LILLIANNE DYKSTRA,REPORTED ON PART VII AS AN HCE, RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $46,672 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

Provenance

Return type
form_990
Tax year
2023
Filed
7 November 2024
IRS schema version
2023v5.1
Source object
202403139349302715

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