Form 990 for tax year 2023
Filed by CREDIT UNIONS IN THE STATE OF CALIFORNIA.
Totals
- Total revenue
- $45,747,261
- Total expenses
- $40,260,217
- Contributions and grants received
- $0
- Grants paid
- $25,139
- Program service revenue
- $36,545,127
- Investment income
- $6,382,666
- Other revenue
- $2,819,468
- Total assets, end of year
- $969,595,009
- Total liabilities, end of year
- $929,605,255
- Net assets or fund balances, end of year
- $39,989,754
- 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 $30,056,537 · related or exempt $30,056,537
-
2b · Program service revenue: OTHER OPERATING INCOME
total $3,315,968 · related or exempt $3,303,195 · unrelated business $12,773
-
2c · Program service revenue: FEE INCOME
total $3,172,622 · related or exempt $2,993,249 · unrelated business $179,373
-
3 · Investment income
total $6,389,138 · related or exempt $6,389,138
-
7b · Less cost or other basis and sales expenses
other assets $6,472
-
7c · Gain or loss
other assets -$6,472
-
7d · Net gain or loss
total -$6,472 · related or exempt -$6,472
-
11a · Other revenue: OTHER NON-OPERATING INCOME
total $2,762,491 · related or exempt $2,762,491
-
11b · Other revenue: GAIN ON MARKET ADJUSTMENT ON INVE
total $56,977 · related or exempt $56,977
-
11e · Other revenue, total
$2,819,468
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $25,139
-
5 · Compensation of officers, directors and key employees
total $2,843,622
-
7 · Other salaries and wages
total $9,414,494
-
8 · Pension plan contributions
total $351,261
-
9 · Other employee benefits
total $1,113,066
-
10 · Payroll taxes
total $871,817
-
11b · Fees: legal
total $81,882
-
11c · Fees: accounting
total $198,500
-
11g · Fees: other
total $510,369
-
12 · Advertising and promotion
total $513,562
-
13 · Office expenses
total $6,430,051
-
14 · Information technology
total $828,223
-
16 · Occupancy
total $1,235,006
-
17 · Travel
total $380,255
-
20 · Interest
total $6,403,715
-
22 · Depreciation, depletion and amortization
total $194,082
-
23 · Insurance
total $46,208
-
24a · Other expenses: PROVISION FOR LOAN & LE
total $4,746,511
-
24b · Other expenses: LOAN SERVICING EXPENSE
total $3,304,712
-
24c · Other expenses: MISCELLANEOUS OPERATING
total $534,433
-
24d · Other expenses: OPERATING FEES
total $117,859
-
24e · All other expenses
total $115,450
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $4,366,593 · end of year $4,382,115
-
2 · Savings and temporary cash investments
beginning of year $40,262,154 · end of year $62,078,360
-
5 · Loans and receivables from officers and key people
beginning of year $4,836,285 · end of year $4,054,490
-
9 · Prepaid expenses and deferred charges
beginning of year $819,544 · end of year $939,450
-
10a · Land, buildings and equipment: cost or other basis
$17,229,482
-
10b · Land, buildings and equipment: accumulated depreciation
$11,929,395
-
10c · Land, buildings and equipment, net
beginning of year $5,504,377 · end of year $5,300,087
-
12 · Investments: other securities
beginning of year $238,045,134 · end of year $210,055,689
-
13 · Investments: program-related
beginning of year $601,859,357 · end of year $661,110,475
-
15 · Other assets
beginning of year $33,766,421 · end of year $21,674,343
-
17 · Accounts payable and accrued expenses
beginning of year $8,810,769 · end of year $5,522,083
-
23 · Secured mortgages and notes payable
beginning of year $33,101,821
-
25 · Other liabilities
beginning of year $851,493,922 · end of year $924,083,172
-
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 $36,053,353 · end of year $39,989,754
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, WATER & POWER COMMUNITY CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITSMEMBERS 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.
-
THE CREDIT UNION PROVIDED DEPOSIT ACCOUNTS AND LOAN SERVICES TO 44,861 MEMBERS AS OF DECEMBER 31, 2023. IN 2023, 6,261 LOANS WERE MADE TO MEMBERS.
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Nora YusaNORA YUSA
BOARD CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 3
-
Venest Henry-EvansVENEST HENRY-EVANS
BOARD 1ST VICE CHAIR
- Total calculated
- $0
- Hours/week
- 3
-
Gladys BerryGLADYS BERRY
BOARD SECRETARY
- Total calculated
- $0
- Hours/week
- 3
-
Gerard WatsonGERARD WATSON
ASSISTANT SECRETARY
- Total calculated
- $0
- Hours/week
- 3
-
Belinda WalkerBELINDA WALKER
BOARD TREASURER
- Total calculated
- $0
- Hours/week
- 3
-
Brian LamBRIAN LAM
ASSISTANT TREASURER
- Total calculated
- $0
- Hours/week
- 3
-
Theron RuckerTHERON RUCKER
SUPV CMTE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 3
-
Salvador MancillaSALVADOR MANCILLA
SUPV CMTE VICE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 3
-
Wing WongWING WONG
SUPV CMTE MEMBER
- Total calculated
- $0
- Hours/week
- 3
-
Cynthia MeekinsCYNTHIA MEEKINS
SUPV CMTE MEMBER
- Total calculated
- $0
- Hours/week
- 3
-
Emmajacky MagarinEMMAJACKY MAGARIN
SUPV CMTE MEMBER
- Total calculated
- $0
- Hours/week
- 3
-
Mike TufegdzichMIKE TUFEGDZICH
CEO
- Total calculated
- $494,566
- From this org
- $466,275
- From related orgs
- $0
- Other
- $28,291
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $462,309
- Bonus
- $2,382
- Other
- $1,584
- Deferred
- $12,487
- Nontaxable benefits
- $15,804
- Filer's total
- $494,566
-
Celeste ZibelliCELESTE ZIBELLI
VP OF MARKERTING AND FINANCIAL SERVICES
- Total calculated
- $380,043
- From this org
- $365,239
- From related orgs
- $0
- Other
- $14,804
- Hours/week
- 22
Schedule J breakdown matched by us
- Base
- $124,067
- Bonus
- $0
- Other
- $241,172
- Deferred
- $7,552
- Nontaxable benefits
- $7,252
- Filer's total
- $380,043
-
Patrice MustafaPATRICE MUSTAFA
COO
- Total calculated
- $314,303
- From this org
- $283,239
- From related orgs
- $0
- Other
- $31,064
- Hours/week
- 42
Schedule J breakdown matched by us
- Base
- $282,636
- Bonus
- $51
- Other
- $552
- Deferred
- $6,080
- Nontaxable benefits
- $24,984
- Filer's total
- $314,303
-
Felipe CastanedaFELIPE CASTANEDA
CFO
- Total calculated
- $304,817
- From this org
- $274,718
- From related orgs
- $0
- Other
- $30,099
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $274,401
- Bonus
- $77
- Other
- $240
- Deferred
- $16,576
- Nontaxable benefits
- $13,523
- Filer's total
- $304,817
-
Bruce Alan WestBRUCE ALAN WEST
CPO
- Total calculated
- $271,614
- From this org
- $252,021
- From related orgs
- $0
- Other
- $19,593
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $251,914
- Bonus
- $107
- Other
- $0
- Deferred
- $15,261
- Nontaxable benefits
- $4,332
- Filer's total
- $271,614
-
David CovellDAVID COVELL
VP INFORMATION TECHNOLOGY
- Total calculated
- $248,184
- From this org
- $205,523
- From related orgs
- $0
- Other
- $42,661
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $205,228
- Bonus
- $79
- Other
- $216
- Deferred
- $12,982
- Nontaxable benefits
- $29,679
- Filer's total
- $248,184
-
Jessica OrtizJESSICA ORTIZ
DIRECTOR OF COMPLIANCE
- Total calculated
- $192,547
- From this org
- $164,749
- From related orgs
- $0
- Other
- $27,798
- Hours/week
- 42
Schedule J breakdown matched by us
- Base
- $162,336
- Bonus
- $2,197
- Other
- $216
- Deferred
- $8,002
- Nontaxable benefits
- $19,796
- Filer's total
- $192,547
-
Luis RoblesLUIS ROBLES
TREASURER
- Total calculated
- $214,415
- From this org
- $193,003
- From related orgs
- $0
- Other
- $21,412
- Hours/week
- 44
Schedule J breakdown matched by us
- Base
- $189,912
- Bonus
- $1,507
- Other
- $1,584
- Deferred
- $9,039
- Nontaxable benefits
- $12,373
- Filer's total
- $214,415
-
Italo AlvaradoITALO ALVARADO
RE LOAN OFFICER
- Total calculated
- $170,785
- From this org
- $168,371
- From related orgs
- $0
- Other
- $2,414
- Hours/week
- 52
Schedule J breakdown matched by us
- Base
- $81,875
- Bonus
- $86,371
- Other
- $125
- Deferred
- $285
- Nontaxable benefits
- $2,129
- Filer's total
- $170,785
-
Kenneth MichaelKENNETH MICHAEL
SENIOR MANAGER NETWORK SECURITY
- Total calculated
- $198,606
- From this org
- $167,542
- From related orgs
- $0
- Other
- $31,064
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $164,087
- Bonus
- $2,903
- Other
- $552
- Deferred
- $10,262
- Nontaxable benefits
- $20,802
- Filer's total
- $198,606
-
Fadwa KnoxFADWA KNOX
DIRECTOR LENDING
- Total calculated
- $176,413
- From this org
- $156,945
- From related orgs
- $0
- Other
- $19,468
- Hours/week
- 41
Schedule J breakdown matched by us
- Base
- $152,165
- Bonus
- $4,228
- Other
- $552
- Deferred
- $9,372
- Nontaxable benefits
- $10,096
- Filer's total
- $176,413
-
Eric GuerreroERIC GUERRERO
DIRECTOR MARKETING
- Total calculated
- $157,261
- From this org
- $145,997
- From related orgs
- $0
- Other
- $11,264
- Hours/week
- 41
Schedule J breakdown matched by us
- Base
- $142,991
- Bonus
- $1,974
- Other
- $1,032
- Deferred
- $8,616
- Nontaxable benefits
- $2,648
- Filer's total
- $157,261
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 · Independent compensation consultant
- 3 · Written employment contract
- 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 SERP PLAN IS A NONQUALIFIED DEFERRED COMPENSATION PLAN. ITS PURPOSE IS TO PROVIDE A VEHICLE BY WHICH THE COMPANY MAY ENCOURAGE THE RETENTION OF ITS CEO. THE CREDIT UNION OFFERS BOTH A QUALIFIED AND A NONQUALIFIED PROFIT SHARING PLAN. THE NONQUALIFIED PLAN IS AVAILABLE TO MIKE TUFEGDSICH, CELESTE ZIBELLI-ECORD, AND BRIDGET GRAHAM. INCLUDED IN OTHER ASSETS WAS A LOAN TO THE CEO UNDER SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT BETWEEN THE CREDIT UNION AND THE CEO. THIS NON-RECOURSE LOAN WAS RECORDED BASED ON THE COLLATERAL ASSIGNMENT METHOD WHEREBY THE EXECUTIVE OWNS THE LIFE INSURANCE POLICY AND ASSIGNS THE POLICY COLLATERAL BACK TO THE CREDIT UNION.
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
-
LOS ANGELES CLEANTECH INCUBATOR
$15,000
TO FOCUS THE PRIVATE AND PUBLIC SECTORS ON THE PROCESSES AND TECHNOLOGIES.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 26 September 2024
- IRS schema version
- 2023v5.1
- Source object
- 202412769349300626
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