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← 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
$66,591,892
Total expenses
$46,701,692
Contributions and grants received
$0
Grants paid
$255,204
Program service revenue
$45,774,369
Investment income
$20,749,424
Other revenue
$68,099
Total assets, end of year
$2,039,204,894
Total liabilities, end of year
$1,909,888,337
Net assets or fund balances, end of year
$129,316,557
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 $31,083,939 · related or exempt $31,083,939

  • 2b · Program service revenue: SERVICE INCOME

    total $14,690,430 · related or exempt $14,459,652 · unrelated business $230,778

  • 3 · Investment income

    total $20,824,731 · excluded $20,824,731

  • 6a · Gross rents

    real property $68,099

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $68,099

  • 6d · Net rental income or loss

    total $68,099 · excluded $68,099

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

    other assets $75,307

  • 7c · Gain or loss

    other assets -$75,307

  • 7d · Net gain or loss

    total -$75,307 · excluded -$75,307

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $204,704

  • 2 · Grants to domestic individuals

    total $50,500

  • 5 · Compensation of officers, directors and key employees

    total $1,552,041

  • 7 · Other salaries and wages

    total $14,584,396

  • 8 · Pension plan contributions

    total $1,825,499

  • 9 · Other employee benefits

    total $1,964,047

  • 10 · Payroll taxes

    total $1,182,370

  • 11b · Fees: legal

    total $55,710

  • 11c · Fees: accounting

    total $235,778

  • 11g · Fees: other

    total $3,524,440

  • 12 · Advertising and promotion

    total $1,100,384

  • 13 · Office expenses

    total $2,133,030

  • 14 · Information technology

    total $827,848

  • 16 · Occupancy

    total $1,308,805

  • 17 · Travel

    total $59,430

  • 19 · Conferences, conventions and meetings

    total $214,621

  • 20 · Interest

    total $1,817,390

  • 22 · Depreciation, depletion and amortization

    total $4,171,917

  • 23 · Insurance

    total $164,366

  • 24a · Other expenses: DIVIDENDS PAID TO MEMBE

    total $7,762,742

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $1,545,611

  • 24c · Other expenses: STAFF EVENTS/APPRECIATI

    total $151,403

  • 24d · Other expenses: DUES AND SUBSCRIPTIONS

    total $138,287

  • 24e · All other expenses

    total $126,373

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $514,357,218 · end of year $364,719,956

  • 4 · Accounts receivable

    beginning of year $24,055,205 · end of year $27,330,912

  • 5 · Loans and receivables from officers and key people

    beginning of year $6,489,700 · end of year $6,372,478

  • 7 · Other notes and loans receivable

    beginning of year $786,842,854 · end of year $870,366,739

  • 9 · Prepaid expenses and deferred charges

    beginning of year $606,958 · end of year $1,049,279

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

    $32,963,816

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

    $13,695,203

  • 10c · Land, buildings and equipment, net

    beginning of year $19,925,453 · end of year $19,268,613

  • 12 · Investments: other securities

    beginning of year $735,445,246 · end of year $725,245,321

  • 15 · Other assets

    beginning of year $59,965,690 · end of year $24,851,596

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,237,207 · end of year $6,853,354

  • 21 · Escrow or custodial account liability

    beginning of year $1,740,645 · end of year $1,710,020

  • 23 · Secured mortgages and notes payable

    beginning of year $74,534,736 · end of year $72,074,126

  • 25 · Other liabilities

    beginning of year $1,860,847,209 · end of year $1,829,250,837

  • 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 $203,328,527 · end of year $129,316,557

Mission and programs · 2022

Mission

COAST CENTRAL CREDIT UNION'S MISSION IS TO BE THE PRIMARY FINANCIAL INSTITUTION FOR MEMBERS BY PROVIDING HIGH QUALITY FINANCIAL SERVICES AT COMPETITIVELY FAVORABLE RATES CONSISTENT WITH MAINTAINING FINANCIAL STRENGTH.

Activities or mission (Part I)

PROVIDING FINANCIAL SERVICES TO MEMBERS.

  • COAST CENTRAL CREDIT UNION PROVIDES A RANGE OF DEPOSIT SERVICES TO ITS APPROXIMATELY 77,000 MEMBERS. THESE INCLUDE SAVINGS, CHECKING, MONEY MARKET, AND SAVINGS CERTIFICATE ACCOUNTS. SERVICES CAN BE ACCESSED THROUGH OUR 11 MEMBER SERVICES BRANCHES, ONLINE, BY PHONE, OR THROUGH A LARGE NETWORK OF ATMS.

  • COAST CENTRAL CREDIT UNION OFFERS MANY DIFFERENT LOAN PRODUCTS. THESE INCLUDE CREDIT CARDS, CONSUMER PERSONAL, AUTO, AND RV LOANS; REAL ESTATE PURCHASE, REFINANCE, AND HOME EQUITY LINES-OF-CREDIT; AND MEMBER BUSINESS LOANS. LOAN DECISIONS ARE MADE LOCALLY WITH KNOWLEDGE OF LOCAL CONDITIONS AND THE CREDIT UNION MEMBERS THEMSELVES.

  • COAST CENTRAL CREDIT UNION IS ACTIVE IN SUPPORTING MANY LOCAL EVENTS AND CHARITIES. OVER $300,000 IS DONATED TO LOCAL CHARITABLE ORGANIZATIONS, COLLEGE SCHOLARSHIPS TO LOCAL HIGH SCHOOL GRADUATES, AND COMMUNITY PROJECTS EACH YEAR.

As filed on the 2022 return.

Listed in Part VII

  • Ronald Rudebock

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2

  • Denise Jones

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2

  • John Gladding

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Robin Bailie

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Brendan McKenny

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kelly Walsh

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Peter Pennekamp

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Louis Bucher

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Klark Swan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • James Sessa

    PRESIDENT/CEO

    Total calculated
    $1,108,958
    From this org
    $1,036,206
    From related orgs
    $0
    Other
    $72,752
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $850,029
    Bonus
    $171,291
    Other
    $14,886
    Deferred
    $45,750
    Nontaxable benefits
    $27,002
    Filer's total
    $1,108,958

  • Fred Moore

    EVP/CFO

    Total calculated
    $443,083
    From this org
    $382,864
    From related orgs
    $0
    Other
    $60,219
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $327,709
    Bonus
    $46,155
    Other
    $9,000
    Deferred
    $30,111
    Nontaxable benefits
    $30,108
    Filer's total
    $443,083

  • Robert Moore

    VP/CHIEF CREDIT OFFICER

    Total calculated
    $372,332
    From this org
    $319,468
    From related orgs
    $0
    Other
    $52,864
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $272,849
    Bonus
    $39,119
    Other
    $7,500
    Deferred
    $42,840
    Nontaxable benefits
    $10,024
    Filer's total
    $372,332

  • Colleen Toste

    VP/MARKETING

    Total calculated
    $226,566
    From this org
    $189,193
    From related orgs
    $0
    Other
    $37,373
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $159,631
    Bonus
    $23,562
    Other
    $6,000
    Deferred
    $19,325
    Nontaxable benefits
    $18,048
    Filer's total
    $226,566

  • Ann Jadro-Bettiga

    VP/HUMAN RESOURCES

    Total calculated
    $307,584
    From this org
    $244,530
    From related orgs
    $0
    Other
    $63,054
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $208,726
    Bonus
    $29,804
    Other
    $6,000
    Deferred
    $37,806
    Nontaxable benefits
    $25,248
    Filer's total
    $307,584

  • Kristin Kuxhausen

    VP/OPERATIONS

    Total calculated
    $279,132
    From this org
    $234,570
    From related orgs
    $0
    Other
    $44,562
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $205,141
    Bonus
    $21,929
    Other
    $7,500
    Deferred
    $23,839
    Nontaxable benefits
    $20,723
    Filer's total
    $279,132

  • John Gracyalny

    VP/MEMBER DIGITAL SERVICES

    Total calculated
    $275,791
    From this org
    $232,993
    From related orgs
    $0
    Other
    $42,798
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $203,151
    Bonus
    $23,842
    Other
    $6,000
    Deferred
    $23,661
    Nontaxable benefits
    $19,137
    Filer's total
    $275,791

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 · Discretionary spending account
  • 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 · 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
COAST CENTRAL CREDIT UNION (THE CREDIT UNION) PROVIDES MEMBERSHIP DUES FOR SENIOR MANAGEMENT TO SERVICES CLUBS (E.G. ROTARY, KIWANIS, ETC.) FOR EDUCATIONAL, NETWORKING, AND COMMUNITY SERVICES PURPOSES. THE MEMBERSHIP DUES AMOUNTS ARE INCLUDED IN REPORTABLE COMPENSATION ON SCHEDULE J, PART II. THE CREDIT UNION ALSO PROVIDES A DISCRETIONARY SPENDING ACCOUNT TO SENIOR MANAGEMENT. EXPENSES INCURRED FOR BUSINESS PURPOSES ARE REIMBURSED TO SENIOR MANAGEMENT UNDER AN ACCOUNTABLE PLAN AND ARE NOT INCLUDED IN TAXABLE COMPENSATION. ANY PERSONAL EXPENSES INCURRED ARE INCLUDED IN REPORTABLE COMPENSATION ON 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

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2022
Filed
2 November 2023
IRS schema version
2022v5.0
Source object
202313079349302966

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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