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Nonprofiteer
← CREDIT UNION OF SOUTHERN CALIFORNIA

Form 990 for tax year 2023

Filed by CREDIT UNION OF SOUTHERN CALIFORNIA.

Totals

Total revenue
$179,480,392
Total expenses
$151,267,296
Contributions and grants received
$0
Grants paid
$440,481
Program service revenue
$126,836,683
Investment income
$49,176,356
Other revenue
$3,467,353
Total assets, end of year
$2,958,463,252
Total liabilities, end of year
$2,799,491,297
Net assets or fund balances, end of year
$158,971,955
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 $84,185,548 · related or exempt $84,185,548

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $28,283,640 · related or exempt $27,677,858 · unrelated business $605,782

  • 2c · Program service revenue: FEE INCOME

    total $14,367,495 · related or exempt $13,743,162 · unrelated business $624,333

  • 3 · Investment income

    total $46,863,635 · related or exempt $35,434,181 · unrelated business $11,429,454

  • 7a · Gross sales of assets other than inventory

    securities $2,854,896 · other assets $40,186

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

    securities $557,208 · other assets $25,153

  • 7c · Gain or loss

    securities $2,297,688 · other assets $15,033

  • 7d · Net gain or loss

    total $2,312,721 · related or exempt $2,312,721

  • 11a · Other revenue: GAIN FROM MERGER

    total $3,304,953 · related or exempt $3,304,953

  • 11b · Other revenue: GAIN ON SALE OF LOANS

    total $162,400 · related or exempt $162,400

  • 11e · Other revenue, total

    $3,467,353

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $440,481

  • 5 · Compensation of officers, directors and key employees

    total $7,527,104

  • 7 · Other salaries and wages

    total $29,527,020

  • 8 · Pension plan contributions

    total $1,049,732

  • 9 · Other employee benefits

    total $3,582,039

  • 10 · Payroll taxes

    total $2,575,357

  • 11b · Fees: legal

    total $307,127

  • 11c · Fees: accounting

    total $208,131

  • 11f · Fees: investment management

    total $161,897

  • 11g · Fees: other

    total $11,211,547

  • 12 · Advertising and promotion

    total $2,154,446

  • 13 · Office expenses

    total $5,227,088

  • 14 · Information technology

    total $4,015,651

  • 16 · Occupancy

    total $4,329,225

  • 17 · Travel

    total $971,140

  • 20 · Interest

    total $49,691,884

  • 22 · Depreciation, depletion and amortization

    total $3,553,163

  • 24a · Other expenses: LOAN SERVICING EXPENSE

    total $7,324,095

  • 24b · Other expenses: CREDIT LOSS EXPENSE

    total $6,454,086

  • 24c · Other expenses: PROVISION FOR LOAN AND

    total $5,403,857

  • 24d · Other expenses: MISC OPERATING FEES

    total $5,259,133

  • 24e · All other expenses

    total $293,093

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $15,561,334 · end of year $14,495,736

  • 2 · Savings and temporary cash investments

    beginning of year $181,054,307 · end of year $318,101,113

  • 5 · Loans and receivables from officers and key people

    beginning of year $32,122,652 · end of year $41,409,598

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,661,468 · end of year $3,299,972

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

    $59,877,754

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

    $39,100,759

  • 10c · Land, buildings and equipment, net

    beginning of year $23,326,501 · end of year $20,776,995

  • 11 · Investments: publicly traded securities

    beginning of year $740,145,367 · end of year $838,744,038

  • 13 · Investments: program-related

    beginning of year $1,533,959,124 · end of year $1,655,637,198

  • 14 · Intangible assets

    beginning of year $3,277,437 · end of year $2,802,987

  • 15 · Other assets

    beginning of year $49,977,612 · end of year $63,195,615

  • 17 · Accounts payable and accrued expenses

    beginning of year $36,027,307 · end of year $46,070,615

  • 25 · Other liabilities

    beginning of year $2,441,047,584 · end of year $2,753,420,682

  • 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 $105,010,911 · end of year $158,971,955

Mission and programs · 2023

Mission

A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT ANDSAVINGS 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, CREDIT UNION OF SOUTHERN CALIFORNIACONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICESOF 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.

  • ACHIEVED MEMBER SATISFACTION BY PAYING COMPETITIVE DIVIDENDS ON MEMBER SAVINGS ACCOUNTS.

  • ACHIEVEMENT OF SATISFACTORY SERVICES PROVIDED TO MEMBERS IN CONNECTION WITH THE GRANTING OF FIRST AND SECOND TRUST DEED REAL ESTATE LOANS.

  • ACHIEVEMENT OF SATISFACTORY SERVICES PROVIDED TO MEMBERS IN CONNECTION WITH MANAGING THEIR FINANCES INCLUDING CHECKING ACCOUNTS, DEBIT, CREDIT AND ATM CARDS, HOME BANKING AND BILL PAYMENT SERVICES, AND OVERDRAFT PROTECTION AND PAYMENT.

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

Listed in Part VII

  • Chris George

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Elizabeth Camp

    VICE CHAIRPERSON

    Total calculated
    $680
    From this org
    $680
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • John Rosenberger

    TREASURER

    Total calculated
    $1,555
    From this org
    $1,555
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Chris Stone

    SECRETARY

    Total calculated
    $2,301
    From this org
    $2,301
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Robyn Bjorklund

    FORMER CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Paul Moore

    DIRECTOR

    Total calculated
    $876
    From this org
    $876
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Dawnna Lawrence

    DIRECTOR

    Total calculated
    $1,418
    From this org
    $1,418
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Gil Rodriguez

    DIRECTOR

    Total calculated
    $1,040
    From this org
    $1,040
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Connie Zappone

    DIRECTOR

    Total calculated
    $1,062
    From this org
    $1,062
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Dona Moseley

    CORPORATE ADVISORY BOARD MEMBER

    Total calculated
    $789
    From this org
    $789
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Stephanie Cuevas

    CORPORATE ADVISORY BOARD MEMBER

    Total calculated
    $2,086
    From this org
    $2,086
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Bob Toohey

    SUPV CMTE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Dave Yamashita

    SUPV CMTE MEMBER

    Total calculated
    $1,363
    From this org
    $1,363
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Judy Miller

    SUPV CMTE MEMBER

    Total calculated
    $1,353
    From this org
    $1,353
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Greg Kelley

    SUPV CMTE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Rosie Robinson

    CORPORATE ADVISORY SUPV CMTE MEMBER

    Total calculated
    $760
    From this org
    $760
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Dave Gunderson

    PRESIDENT/CEO

    Total calculated
    $1,588,752
    From this org
    $1,547,117
    From related orgs
    $0
    Other
    $41,635
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,084,501
    Bonus
    $431,479
    Other
    $31,137
    Deferred
    $9,900
    Nontaxable benefits
    $31,735
    Filer's total
    $1,588,752

  • Katsu Durst

    CFO

    Total calculated
    $536,906
    From this org
    $525,706
    From related orgs
    $0
    Other
    $11,200
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $339,892
    Bonus
    $174,644
    Other
    $11,170
    Deferred
    $9,900
    Nontaxable benefits
    $1,300
    Filer's total
    $536,906

  • Kenneth Downs

    FORMER CIO

    Total calculated
    $583,938
    From this org
    $556,972
    From related orgs
    $0
    Other
    $26,966
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $232,591
    Bonus
    $70,212
    Other
    $254,169
    Deferred
    $8,881
    Nontaxable benefits
    $18,085
    Filer's total
    $583,938

  • Suzanne Kisslan

    COO

    Total calculated
    $575,442
    From this org
    $556,823
    From related orgs
    $0
    Other
    $18,619
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $392,359
    Bonus
    $151,544
    Other
    $12,920
    Deferred
    $9,214
    Nontaxable benefits
    $9,405
    Filer's total
    $575,442

  • Alissa Guerrero

    CAO

    Total calculated
    $524,853
    From this org
    $490,091
    From related orgs
    $0
    Other
    $34,762
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $301,881
    Bonus
    $173,695
    Other
    $14,515
    Deferred
    $8,087
    Nontaxable benefits
    $26,675
    Filer's total
    $524,853

  • Michelle Hunter

    CCXO

    Total calculated
    $435,518
    From this org
    $395,970
    From related orgs
    $0
    Other
    $39,548
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $249,677
    Bonus
    $109,714
    Other
    $36,579
    Deferred
    $7,813
    Nontaxable benefits
    $31,735
    Filer's total
    $435,518

  • Sevan Yakinian

    CTO

    Total calculated
    $284,597
    From this org
    $275,175
    From related orgs
    $0
    Other
    $9,422
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $211,073
    Bonus
    $60,962
    Other
    $3,140
    Deferred
    $8,122
    Nontaxable benefits
    $1,300
    Filer's total
    $284,597

  • Peter Putnam

    SVP, TREASURY

    Total calculated
    $405,785
    From this org
    $381,989
    From related orgs
    $0
    Other
    $23,796
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $339,166
    Bonus
    $26,500
    Other
    $16,323
    Deferred
    $9,239
    Nontaxable benefits
    $14,557
    Filer's total
    $405,785

  • Aaron Young

    SVP, BRANCH OPS/RETAIL BANKING

    Total calculated
    $290,308
    From this org
    $268,315
    From related orgs
    $0
    Other
    $21,993
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $207,933
    Bonus
    $55,423
    Other
    $4,959
    Deferred
    $6,750
    Nontaxable benefits
    $15,243
    Filer's total
    $290,308

  • Katie Marie Smith

    SVP, HUMAN RESOURCES

    Total calculated
    $264,665
    From this org
    $258,808
    From related orgs
    $0
    Other
    $5,857
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $205,548
    Bonus
    $52,446
    Other
    $814
    Deferred
    $4,557
    Nontaxable benefits
    $1,300
    Filer's total
    $264,665

  • Daren Linhares

    SVP, LENDING

    Total calculated
    $270,625
    From this org
    $256,849
    From related orgs
    $0
    Other
    $13,776
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $207,692
    Bonus
    $48,450
    Other
    $707
    Deferred
    $7,684
    Nontaxable benefits
    $6,092
    Filer's total
    $270,625

  • Michael Cruz

    SVP, RISK MANAGEMENT

    Total calculated
    $243,633
    From this org
    $228,119
    From related orgs
    $0
    Other
    $15,514
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $209,304
    Bonus
    $18,000
    Other
    $815
    Deferred
    $6,819
    Nontaxable benefits
    $8,695
    Filer's total
    $243,633

  • Eric Day

    SVP, BOARD ADVOCACY & STRATEGIC INITIATIVE

    Total calculated
    $167,751
    From this org
    $166,451
    From related orgs
    $0
    Other
    $1,300
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $146,972
    Bonus
    $12,500
    Other
    $6,979
    Deferred
    $0
    Nontaxable benefits
    $1,300
    Filer's total
    $167,751

  • Michael Gennawey

    PRODUCING PROGRAM MANAGER

    Total calculated
    $427,586
    From this org
    $400,921
    From related orgs
    $0
    Other
    $26,665
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $64,480
    Bonus
    $336,121
    Other
    $320
    Deferred
    $8,137
    Nontaxable benefits
    $18,528
    Filer's total
    $427,586

  • Ryan Gallo

    PRODUCING PROGRAM MANAGER

    Total calculated
    $394,099
    From this org
    $360,612
    From related orgs
    $0
    Other
    $33,487
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $64,480
    Bonus
    $295,671
    Other
    $461
    Deferred
    $6,811
    Nontaxable benefits
    $26,676
    Filer's total
    $394,099

  • Susan Conjurski

    VP STRATEGIC INITIATIVES

    Total calculated
    $325,583
    From this org
    $305,775
    From related orgs
    $0
    Other
    $19,808
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $277,693
    Bonus
    $22,500
    Other
    $5,582
    Deferred
    $9,006
    Nontaxable benefits
    $10,802
    Filer's total
    $325,583

  • Paul Jariabek

    VP ENGINEERING & CISO

    Total calculated
    $311,283
    From this org
    $280,729
    From related orgs
    $0
    Other
    $30,554
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $266,621
    Bonus
    $12,500
    Other
    $1,608
    Deferred
    $7,455
    Nontaxable benefits
    $23,099
    Filer's total
    $311,283

  • Patricia Holcomb

    VP INFORMATION TECHNOLOGY

    Total calculated
    $269,634
    From this org
    $255,399
    From related orgs
    $0
    Other
    $14,235
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $211,780
    Bonus
    $40,500
    Other
    $3,119
    Deferred
    $5,768
    Nontaxable benefits
    $8,467
    Filer's total
    $269,634

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 · First-class or charter travel
  • 1a · Travel for companions
  • 1a · Tax indemnification and gross-up payments
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Written employment contract
  • 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

  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINES 4A-B
ALL EXISTING 457B RETIREMENT PLANS AROSE FROM PRIOR MERGERS. THESE PLANS ARE OFFERED THROUGH CUNA, WHICH ALLOW EXECUTIVES TO DEFER A SPECIFIED AMOUNT OF THEIR PRE-TAX INCOME FOR INVESTMENT. THE PARTCIPANTS IN THE 457B PLAN ARE JEANNETTE BARTUS, ELOISA EDWARDS, ANATOLIA GURULE, TIMOTHY MCADAM, MABEL MORRIS, MIRIAM NEAL, KEVIN PENDERGRAFT AND LAURA POORE. THE CREDIT UNION ALSO OFFERS A 457(F) PLAN WHICH IS AN UNFUNDED DEFERRED COMPENSATION PLAN. DURING 2023, KENNETH DOWNS (OFFICER) RECEIVED A SEVERANCE PAYMENT.

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.

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.

  • SOUTHERN CALIFORNIA HELPING HANDS

    501(C)(3) · COLLECTION OF CHARITABLE DONATIONS FROM EMPLOYEES AND GENERAL PUBLIC · CA

    Directly controlled by CREDIT UNION OF SOUTHERN CALIFORNIA

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • CU SOCAL PARTNERS LLC

    DATA PROCESSING SERVICE · CA · income $3,801 · assets $776,120

    Directly controlled by CREDIT UNION OF SOUTHERN CALIFORNIA

Provenance

Return type
form_990
Tax year
2023
Filed
1 November 2024
IRS schema version
2023v5.1
Source object
202443069349302654

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

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