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← ALTURA CREDIT UNION FKA RIVERSIDE COUNTY'S CREDIT UNION

Form 990 for tax year 2022

Filed by ALTURA CREDIT UNION FKA RIVERSIDE COUNTY'S CREDIT UNION.

Totals

Total revenue
$117,960,253
Total expenses
$99,295,318
Contributions and grants received
$0
Grants paid
$87,438
Program service revenue
$103,399,409
Investment income
$14,018,211
Other revenue
$542,633
Total assets, end of year
$2,461,240,542
Total liabilities, end of year
$2,334,169,582
Net assets or fund balances, end of year
$127,070,960
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 $60,975,262 · related or exempt $60,975,262

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $25,798,578 · related or exempt $25,798,578

  • 2c · Program service revenue: FEE INCOME

    total $16,625,569 · related or exempt $16,477,087 · unrelated business $148,482

  • 3 · Investment income

    total $14,022,557 · related or exempt $14,022,557

  • 6a · Gross rents

    real property $595,984

  • 6b · Less rental expenses

    real property $124,696

  • 6c · Rental income or loss

    real property $471,288

  • 6d · Net rental income or loss

    total $471,288 · related or exempt $471,288

  • 7a · Gross sales of assets other than inventory

    other assets $630

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

    other assets $4,976

  • 7c · Gain or loss

    other assets -$4,346

  • 7d · Net gain or loss

    total -$4,346 · related or exempt -$4,346

  • 11a · Other revenue: GAIN ON REPO AUTO SALE

    total $36,046 · related or exempt $36,046

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

    total $35,299 · related or exempt $35,299

  • 11e · Other revenue, total

    $71,345

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $87,438

  • 5 · Compensation of officers, directors and key employees

    total $4,744,454

  • 7 · Other salaries and wages

    total $30,217,306

  • 8 · Pension plan contributions

    total $1,093,817

  • 9 · Other employee benefits

    total $3,132,416

  • 10 · Payroll taxes

    total $2,622,515

  • 11b · Fees: legal

    total $94,013

  • 11c · Fees: accounting

    total $188,235

  • 11g · Fees: other

    total $3,361,607

  • 12 · Advertising and promotion

    total $2,673,978

  • 13 · Office expenses

    total $8,609,504

  • 14 · Information technology

    total $777,862

  • 16 · Occupancy

    total $4,442,124

  • 17 · Travel

    total $1,051,056

  • 20 · Interest

    total $8,062,746

  • 22 · Depreciation, depletion and amortization

    total $5,006,582

  • 23 · Insurance

    total $513,581

  • 24a · Other expenses: LOAN SERVICING EXPENSE

    total $11,364,921

  • 24b · Other expenses: PROVISION FOR LOAN AND

    total $5,495,505

  • 24c · Other expenses: MISC. EXPENSE

    total $4,980,638

  • 24d · Other expenses: LOSS ON EQUITY AND TRAD

    total $510,999

  • 24e · All other expenses

    total $264,021

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $83,352,416 · end of year $90,137,124

  • 2 · Savings and temporary cash investments

    beginning of year $70,586,380 · end of year $57,306,294

  • 5 · Loans and receivables from officers and key people

    beginning of year $10,938,813 · end of year $11,690,917

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,508,278 · end of year $2,529,574

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

    $106,754,169

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

    $64,657,469

  • 10c · Land, buildings and equipment, net

    beginning of year $42,630,068 · end of year $42,096,700

  • 11 · Investments: publicly traded securities

    beginning of year $775,817,321 · end of year $711,703,156

  • 13 · Investments: program-related

    beginning of year $1,303,528,938 · end of year $1,495,614,782

  • 15 · Other assets

    beginning of year $33,268,853 · end of year $50,161,995

  • 17 · Accounts payable and accrued expenses

    beginning of year $13,156,476 · end of year $34,712,550

  • 25 · Other liabilities

    beginning of year $2,107,284,314 · end of year $2,299,457,032

  • 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 $202,190,277 · end of year $127,070,960

Mission and programs · 2022

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, ALTURA 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.

  • ALTURA CREDIT UNION OFFERS TRADITIONAL BANKING SERVICES, INCLUDING CHECKING ACCOUNTS, SAVINGS ACCOUNTS, AND INVESTMENT SERVICES (RETIREMENT ACCOUNTS, STOCKS, BONDS, AND MUTUAL FUNDS) FOR PERSONAL AND BUSINESS PURPOSES. IT ALSO OFFERS MOBILE BANKING THROUGH A PHONE APPLICATION AVAILABLE FOR IPHONE, ANDROID PHONES, AND BLACKBERRY PHONES. MEMBERS CAN HAVE 24/7 ACCOUNT ACCESS, CHECK THEIR ACCOUNT AND LOAN BALANCES, TRANSFER FUNDS WITHIN AN ACCOUNT PAY THEIR CREDIT CARD AND LOAN WITHIN AN ACCOUNT, LOCATE BRANCHES AND ATM MACHINES, AND HAVE ACCESS TO OTHER MEMBER SERVICES.

  • ALTURA CREDIT UNION OFFERS A WIDE RANGE LINE OF CREDIT PRODUCTS TO ITS MEMBERS THAT INCLUDES VEHICLE LOANS, HOME LOANS, PERSONAL LOANS, AND CREDIT CARDS. THE ORGANIZATION OFFERS FINANCING OR REFINANCING FOR NEW OR USED AUTOMOBILES WITH TERMS UP TO 84 MONTHS. IT ALSO OFFERS FINANCING FOR RECREATIONAL VEHICLES, BOATS, JET SKIS, AND MOTORCYCLES. THE ORGANIZATION OFFERED TRADITIONAL AND ADJUSTABLE RATE MORTGAGES IN 2022. IN 2022, IT SPECIFICALLY SOUGHT TO ASSIST MEMBERS THAT WERE IMPACTED BY FIRE, GOVERNMENT SHUTDOWN,OR OTHER EMERGENCY, THROUGH A VARIETY OF EFFORTS BY OFFERING EMERGENCY AND OTHER SPECIALIZED LOANS. THE ORGANIZATION OFFERS TWO TYPES OF PERSONAL LOANS: SIGNATURE LOAN AND SECURED LOANS. A SIGNATURE LOAN PROVIDES UP TO $15,000 TO ITS MEMBERS FOR ANY PURPOSE. A SECURED LOAN PROVIDES LOANS TO ITS MEMBERS THAT IS SECURED BY COLLATERAL. A SECURED LOAN HAS TERMS UP TO 10 YEARS OR UP TO THE MATURITY DATE FOR A SHARE CERTIFICATE. THE ORGANIZATION ALSO OFFERS A VARIETY OF CREDIT CARDS INCLUDING MASTERCARD PLATINUM PREFERRED, MASTERCARD PLATINUM, MASTERCARD CLASSIC, AND MASTERCARD REWARDS.

  • ALTURA CREDIT UNION OFFERED FREE WORKSHOPS IN 2022 TO ITS MEMBERS THROUGH COMMUNITY OUTREACH AND CONNECTING WITH OUR COMMUNITY PARTNERS. THESE WORKSHOPS COVERED THE FOLLOWING TOPICS: REBUILDING AFTER A FINANCIAL CRISIS, SOLVING THE MYSTERY OF CREDIT REPORTS, RAISING MONEY SMART KIDS, BUILDING A BETTER BUDGET, IDENTIFY THEFT SOLUTIONS, TEN STEPS TO FINANCIAL SUCCESS, PSYCHOLOGY OF SPENDING, TEENS AND MONEY AND UNDERSTANDING CREDIT. WE ALSO OFFER ACCESS TO CERTIFIED FINANCIAL COUNSELORS (BALANCE), ONLINE COURSE AND EDUCATION ARTICLES. THE FREE ONLINE COURSES CONSIST OF VARIOUS TOPICS ENABLING OUR MEMBERS TO EXPLORE DIFFERENT ASPECTS OF FINANCIAL EDUCATION AT THEIR OWN PACE. CLASSES INCLUDED: MONEY MANAGEMENT,CHECKING ACCOUNT MANAGEMENT,THE PSYCHOLOGY OF SPENDING,THE ROAD TO HOME OWNERSHIP, FINANCIAL FIRST AID, FINANCES FOR COLLEGE STUDENTS, AND BUYING A VEHICLE.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • JERRY RIVERA

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • JOSEPH CALDERON

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • GLORIA PEREZ

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • BARBARA PURVIS

    SECRETARY

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • PERRY REED

    IMMEDIATE PAST CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • NORMAN PERRY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • JACQUELINE HALL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • MARK BALYS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • GEORGE PRICE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • KEITH D DOWNS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • EUGENE KIM

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • NINFA DELGADO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • JENNIFER BINKLEY

    CEO

    Total calculated
    $943,144
    From this org
    $916,623
    From related orgs
    $0
    Other
    $26,521
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $640,929
    Bonus
    $264,034
    Other
    $11,660
    Deferred
    $11,000
    Nontaxable benefits
    $15,521
    Filer's total
    $943,144

  • KEVIN SHERRELL

    EVP/CSO

    Total calculated
    $525,937
    From this org
    $505,776
    From related orgs
    $0
    Other
    $20,161
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $351,458
    Bonus
    $147,795
    Other
    $6,523
    Deferred
    $11,000
    Nontaxable benefits
    $9,161
    Filer's total
    $525,937

  • KATHLEEN THAYER

    SVP/CFO

    Total calculated
    $413,881
    From this org
    $393,096
    From related orgs
    $0
    Other
    $20,785
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $271,464
    Bonus
    $113,573
    Other
    $8,059
    Deferred
    $7,698
    Nontaxable benefits
    $13,087
    Filer's total
    $413,881

  • ROBERT WHITTON

    SVP/CXO

    Total calculated
    $415,839
    From this org
    $381,449
    From related orgs
    $0
    Other
    $34,390
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $265,741
    Bonus
    $115,313
    Other
    $395
    Deferred
    $11,219
    Nontaxable benefits
    $23,171
    Filer's total
    $415,839

  • CHRIS ANDRUS

    SVP/CMO

    Total calculated
    $411,796
    From this org
    $377,307
    From related orgs
    $0
    Other
    $34,489
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $261,276
    Bonus
    $115,401
    Other
    $630
    Deferred
    $11,318
    Nontaxable benefits
    $23,171
    Filer's total
    $411,796

  • CHIN H PYUN

    SVP/CLO

    Total calculated
    $373,499
    From this org
    $355,711
    From related orgs
    $0
    Other
    $17,788
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $244,562
    Bonus
    $105,149
    Other
    $6,000
    Deferred
    $10,313
    Nontaxable benefits
    $7,475
    Filer's total
    $373,499

  • SCOTT MURRAY

    SVP/CIO

    Total calculated
    $317,169
    From this org
    $308,083
    From related orgs
    $0
    Other
    $9,086
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $211,151
    Bonus
    $90,598
    Other
    $6,334
    Deferred
    $9,086
    Nontaxable benefits
    $0
    Filer's total
    $317,169

  • JULIE BJORNSTAD

    SVP/HR

    Total calculated
    $244,726
    From this org
    $215,055
    From related orgs
    $0
    Other
    $29,671
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $159,455
    Bonus
    $47,281
    Other
    $8,319
    Deferred
    $8,319
    Nontaxable benefits
    $21,352
    Filer's total
    $244,726

  • LUIS BARRIOS

    COMMERCIAL BUS DEVELOPMENT OFFICER

    Total calculated
    $448,635
    From this org
    $416,283
    From related orgs
    $0
    Other
    $32,352
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $379,590
    Bonus
    $36,506
    Other
    $187
    Deferred
    $11,000
    Nontaxable benefits
    $21,352
    Filer's total
    $448,635

  • GREG CHANTLER

    VP, CORPORATE REAL ESTATE

    Total calculated
    $254,215
    From this org
    $221,862
    From related orgs
    $0
    Other
    $32,353
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,394
    Bonus
    $53,468
    Other
    $0
    Deferred
    $9,182
    Nontaxable benefits
    $23,171
    Filer's total
    $254,215

  • TURHAN HUNT

    VP, MEMBER SERVICES

    Total calculated
    $252,116
    From this org
    $221,434
    From related orgs
    $0
    Other
    $30,682
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,264
    Bonus
    $55,170
    Other
    $6,000
    Deferred
    $9,330
    Nontaxable benefits
    $21,352
    Filer's total
    $252,116

  • NATALIE BROWN

    VP OF CONSUMER LENDING

    Total calculated
    $238,873
    From this org
    $216,866
    From related orgs
    $0
    Other
    $22,007
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $158,138
    Bonus
    $52,448
    Other
    $6,280
    Deferred
    $8,920
    Nontaxable benefits
    $13,087
    Filer's total
    $238,873

  • VINEET SAKHUJA

    CONSUMER LOAN OFFICER

    Total calculated
    $245,150
    From this org
    $214,909
    From related orgs
    $0
    Other
    $30,241
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $195,221
    Bonus
    $19,655
    Other
    $33
    Deferred
    $8,889
    Nontaxable benefits
    $21,352
    Filer's total
    $245,150

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 · Travel for companions
  • 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 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 1A
THE CHIEF EXECUTIVE OFFICER WAS REIMBURSED FOR SOCIAL CLUB DUES. THE AMOUNT IS INCLUDED IN COMPENSATION ON SCHEDULE J, PART II, COLUMN B(III). THE DUES REPRESENT AMOUNTS PAID TO THE VICTORIA CLUB, AND ARE A TAXABLE ITEM FOR THE CEO AS IT IS CONSIDERED A BENEFIT. THE REIMBURSEMENT FOR COMPANION TRAVEL EXPENSES MUST BE APPROVED IN ADVANCE OF TRAVEL BY THE BOARD OF DIRECTORS. FOR TRAVEL BENEFITS RECEIVED IN EXCESS OF $600 DURING ANY TAX YEAR, THE CREDIT UNION WILL ISSUE A FORM 1099 TO THE RECIPIENT.
PART I, LINE 4B
THE CREDIT UNION ENTERED INTO A SPLIT-DOLLAR AGREEMENT WITH THE CEO IN 2018. THE CREDIT UNION ENTERED INTO A SPLIT-DOLLAR AGREEMENT WITH THE EVP/CSO IN 2019.

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • ALTURA GROUP INC

    C · LENDING · CA · share of income $3,087,862 · share of assets $5,699,185 · controlled entity

    Directly controlled by ALTURA CU

Provenance

Return type
form_990
Tax year
2022
Filed
1 November 2023
IRS schema version
2022v5.0
Source object
202343069349301144

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