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Nonprofiteer
← CREDIT UNIONS IN THE STATE OF

Form 990 for tax year 2022

Filed by CREDIT UNIONS IN THE STATE OF.

Totals

Total revenue
$46,015,710
Total expenses
$42,732,849
Contributions and grants received
$0
Grants paid
$6,500
Program service revenue
$38,152,384
Investment income
$8,300,524
Other revenue
-$437,198
Total assets, end of year
$1,240,251,202
Total liabilities, end of year
$1,162,663,505
Net assets or fund balances, end of year
$77,587,697
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: LOAN INTEREST INCOME

    total $31,053,264 · related or exempt $31,053,264

  • 2b · Program service revenue: SERVICE CHARGES AND FEE INCOME

    total $4,039,551 · related or exempt $3,951,765 · unrelated business $87,786

  • 2c · Program service revenue: INTERCHANGE INCOME

    total $3,059,569 · related or exempt $3,059,569

  • 3 · Investment income

    total $6,415,549 · excluded $6,415,549

  • 6a · Gross rents

    real property $325,524

  • 6b · Less rental expenses

    real property $762,722

  • 6c · Rental income or loss

    real property -$437,198

  • 6d · Net rental income or loss

    total -$437,198 · excluded -$437,198

  • 7a · Gross sales of assets other than inventory

    securities $15,510,954 · other assets $35,551,212

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

    securities $15,393,642 · other assets $33,783,549

  • 7c · Gain or loss

    securities $117,312 · other assets $1,767,663

  • 7d · Net gain or loss

    total $1,884,975 · excluded $1,884,975

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $6,500

  • 5 · Compensation of officers, directors and key employees

    total $2,691,985

  • 7 · Other salaries and wages

    total $12,804,804

  • 8 · Pension plan contributions

    total $534,933

  • 9 · Other employee benefits

    total $1,477,929

  • 10 · Payroll taxes

    total $1,175,260

  • 11b · Fees: legal

    total $172,083

  • 11c · Fees: accounting

    total -$26,696

  • 11g · Fees: other

    total $2,602,533

  • 12 · Advertising and promotion

    total $1,976,270

  • 13 · Office expenses

    total $1,921,673

  • 14 · Information technology

    total $3,713,030

  • 16 · Occupancy

    total $2,357,004

  • 17 · Travel

    total $95,058

  • 19 · Conferences, conventions and meetings

    total $137,953

  • 20 · Interest

    total $125,249

  • 22 · Depreciation, depletion and amortization

    total $2,859,673

  • 23 · Insurance

    total $138,079

  • 24a · Other expenses: DIVIDENDS PAID TO MEMBE

    total $2,441,390

  • 24b · Other expenses: LOAN PROGRAM/SERVICING

    total $1,690,007

  • 24c · Other expenses: ATM EXPENSES

    total $1,477,803

  • 24d · Other expenses: CREDIT CARD PROGRAM COS

    total $1,014,890

  • 24e · All other expenses

    total $1,345,439

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $181,217,272 · end of year $112,940,023

  • 7 · Other notes and loans receivable

    beginning of year $746,960,156 · end of year $854,241,500

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,825,891 · end of year $2,655,518

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

    $54,004,540

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

    $29,744,161

  • 10c · Land, buildings and equipment, net

    beginning of year $26,050,345 · end of year $24,260,379

  • 12 · Investments: other securities

    beginning of year $232,030,926 · end of year $164,103,292

  • 15 · Other assets

    beginning of year $76,353,746 · end of year $82,050,490

  • 21 · Escrow or custodial account liability

    beginning of year $2,119,509 · end of year $2,102,456

  • 23 · Secured mortgages and notes payable

    beginning of year $5,000,000 · end of year $33,500,000

  • 25 · Other liabilities

    beginning of year $1,154,958,315 · end of year $1,127,061,049

  • 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 $102,360,512 · end of year $77,587,697

Mission and programs · 2022

Mission

WE ARE A MEMBER OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE; WE EXIST TO SERVE - TO ENRICH LIVES AND BUILD BETTER FUTURES.

Activities or mission (Part I)

BLUPEAK CREDIT UNION IS DEDICATED TO BUILDING A COMMUNITY, INSPIRING COMPASSION, AND BEING A CONDUIT FOR POSITIVE CHANGE BY SUPPORTING ACCESS TO CLEAN WATER AS A MEANS FOR BRIDGING SOCIOECONOMIC GAPS AND PROVIDING AID TO THOSE IN NEED.

  • EFFECTIVE OCTOBER 28, 2022, UNIVERSITY & STATE EMPLOYEES CREDIT UNION CHANGED ITS NAME TO BLUPEAK CREDIT UNION. MEMBERSHIP IN BLUPEAK CREDIT UNION PROVIDES ACCESS TO A ROBUST ARRAY OF QUALITY FINANCIAL SERVICES AND PRODUCTS INCLUDING CHECKING AND SAVINGS ACCOUNTS. UNLIKE BANKS, WHICH RETURN THEIR PROFITS TO SHAREHOLDERS, BLUPEAK CREDIT UNION RETURNS ITS PROFITS TO MEMBERS IN THE FORM OF HIGHER RATES ON DEPOSITS AND A HOST OF FREE AND LOW-COST SERVICES. AS OF DECEMBER 31, 2022, MEMBERS HELD 70,814 DEPOSIT ACCOUNTS TOTALING OVER $1,102 MILLION. THESE ACCOUNTS INCLUDED FREE CHECKING, LOW-BALANCE SAVINGS, IRA'S, AND HIGH-YIELD MONEY MARKET AND TERM INVESTMENT ACCOUNTS.

  • AS A MEMBER-OWNED, NOT-FOR-PROFIT COOPERATIVE, BLUPEAK CREDIT UNION ("BLUPEAK") IS DEDICATED TO PROVIDING THE FINANCIAL PRODUCTS AND SERVICES MEMBERS NEED AT EVERY STAGE OF LIFE. WHETHER IT'S BUYING A FIRST CAR, FINANCING A NEW HOME, OR SEEKING A HIGHER EDUCATION, BLUPEAK OFFERS MEMBERS LOW-COST HOME, VEHICLE, AND PERSONAL LOANS, AS WELL AS, FREE FINANCIAL SEMINARS TO ASSIST THEM IN MAKING SOUND FINANCIAL CHOICES. AS OF DECEMBER 31, 2022, BLUPEAK MEMBERS HELD 15,945 MORTGAGE, HOME EQUITY, VEHICLE, AND VARIOUS OTHER PERSONAL LOANS TOTALING OVER $859 MILLION.

  • SINCE 1936, BLUPEAK CREDIT UNION ("BLUPEAK") HAS BEEN HELPING PEOPLE ACHIEVE THEIR MOST IMPORTANT FINANCIAL GOALS. AS ONE OF CALIFORNIA'S LARGEST CREDIT UNIONS, BLUPEAK OFFERS FULL-SERVICE BANKING INCLUDING FREE AND LOW-COST E-SERVICES. MEMBERS CAN MANAGE THEIR PERSONAL FINANCES ANYTIME, ANYWHERE WITH TELEPHONE, ONLINE AND WIRELESS INTERNET BANKING. AS AN ADDITIONAL CONVENIENCE, BLUPEAK OFFERS BILLPAY SERVICES TO MEMBERS WITH QUALIFYING CHECKING ACCOUNTS AT NO COST. EACH MONTH, APPROXIMATELY 32,000 MEMBERS UTILIZE THE E-SERVICES AVAILABLE 24 HOURS PER DAY. IN ADDITION, BLUPEAK HAS PARTNERED WITH OTHER CREDIT UNIONS TO FORM THE CO-OP ATM NETWORK. THIS NETWORK PROVIDES MEMBERS ACCESS TO APPROXIMATELY 30,000 NO-FEE ATM'S THROUGHOUT THE UNITED STATES, INCLUDING LOCATIONS AT POPULAR RETAILERS.

  • ADDITIONAL BLUPEAK CREDIT UNION MEMBERSHIP BENEFITS INCLUDE: 1) PROFESSIONAL BROKERAGE AND INVESTMENT SERVICES, 2) TAX PREPARATION SERVICES, 3) MONEY-SAVING AUTO, HOME, HEALTH AND LIFE INSURANCE PROGRAMS, 4) FREE FINANCIAL EDUCATION SEMINARS, AND 5) MERCHANT, RECREATION AND TRAVEL DISCOUNTS.

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

Listed in Part VII

  • Todd Tharp

    PRESIDENT/CEO

    Total calculated
    $724,131
    From this org
    $670,005
    From related orgs
    $0
    Other
    $54,126
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $522,566
    Bonus
    $100,904
    Other
    $46,535
    Deferred
    $18,462
    Nontaxable benefits
    $35,664
    Filer's total
    $724,131

  • James Harris

    FORMER CEO

    Total calculated
    $633,314
    From this org
    $585,457
    From related orgs
    $0
    Other
    $47,857
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $234,012
    Bonus
    $265,441
    Other
    $86,004
    Deferred
    $35,828
    Nontaxable benefits
    $12,029
    Filer's total
    $633,314

  • Matthew Lyons

    EVP/CHIEF OPERATING OFFICER

    Total calculated
    $563,392
    From this org
    $506,283
    From related orgs
    $0
    Other
    $57,109
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $291,563
    Bonus
    $117,522
    Other
    $97,198
    Deferred
    $34,518
    Nontaxable benefits
    $22,591
    Filer's total
    $563,392

  • Margarita Guerra

    SVP/CFO/SECRETARY

    Total calculated
    $329,312
    From this org
    $301,430
    From related orgs
    $0
    Other
    $27,882
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $218,706
    Bonus
    $0
    Other
    $82,724
    Deferred
    $14,204
    Nontaxable benefits
    $13,678
    Filer's total
    $329,312

  • Amber Fielder

    SVP/CHIEF MARKETING OFFICER

    Total calculated
    $316,042
    From this org
    $283,030
    From related orgs
    $0
    Other
    $33,012
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $211,681
    Bonus
    $0
    Other
    $71,349
    Deferred
    $13,649
    Nontaxable benefits
    $19,363
    Filer's total
    $316,042

  • Charles Williams

    SVP/CHIEF RISK OFFICER

    Total calculated
    $264,551
    From this org
    $241,043
    From related orgs
    $0
    Other
    $23,508
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $217,850
    Bonus
    $0
    Other
    $23,193
    Deferred
    $9,015
    Nontaxable benefits
    $14,493
    Filer's total
    $264,551

  • Karen Smith

    VP/CHIEF CREDIT OFFICER

    Total calculated
    $257,886
    From this org
    $229,815
    From related orgs
    $0
    Other
    $28,071
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $197,526
    Bonus
    $0
    Other
    $32,289
    Deferred
    $9,092
    Nontaxable benefits
    $18,979
    Filer's total
    $257,886

  • Rishi Dave

    VP ENTERPRISE TECH. & ARCHITECTURE

    Total calculated
    $236,670
    From this org
    $199,839
    From related orgs
    $0
    Other
    $36,831
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $198,962
    Bonus
    $0
    Other
    $877
    Deferred
    $7,385
    Nontaxable benefits
    $29,446
    Filer's total
    $236,670

  • Laura Young

    FORMER SVP/CHIEF HR OFFICER

    Total calculated
    $204,971
    From this org
    $204,971
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $204,971
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $204,971

  • Melvinrey De Guzman

    VP OF REAL ESTATE & CAPITAL MARKETS

    Total calculated
    $204,746
    From this org
    $182,867
    From related orgs
    $0
    Other
    $21,879
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,151
    Bonus
    $0
    Other
    $15,716
    Deferred
    $8,663
    Nontaxable benefits
    $13,216
    Filer's total
    $204,746

  • Dante Carlesimo

    SOFTWARE ENGINEER II

    Total calculated
    $199,108
    From this org
    $179,642
    From related orgs
    $0
    Other
    $19,466
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,950
    Bonus
    $0
    Other
    $50,692
    Deferred
    $9,000
    Nontaxable benefits
    $10,466
    Filer's total
    $199,108

  • Yan Huang

    FORMER VP SOFTWARE ENGINEER

    Total calculated
    $191,468
    From this org
    $182,569
    From related orgs
    $0
    Other
    $8,899
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,499
    Bonus
    $0
    Other
    $14,070
    Deferred
    $7,009
    Nontaxable benefits
    $1,890
    Filer's total
    $191,468

  • James Creed

    VP OF OPERATIONS AND PAYMENTS

    Total calculated
    $184,016
    From this org
    $165,583
    From related orgs
    $0
    Other
    $18,433
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,030
    Bonus
    $0
    Other
    $9,553
    Deferred
    $5,927
    Nontaxable benefits
    $12,506
    Filer's total
    $184,016

  • Gloria Nunes

    VP OF HUMAN RESOURCES

    Total calculated
    $178,009
    From this org
    $157,252
    From related orgs
    $0
    Other
    $20,757
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,553
    Bonus
    $0
    Other
    $26,699
    Deferred
    $7,981
    Nontaxable benefits
    $12,776
    Filer's total
    $178,009

  • Matt Adams

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    3

  • David Ely

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Harry Le Grande

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Joshua Lawrence

    CHAIR

    Total calculated
    $0
    Hours/week
    3

  • Steven Lei

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Yvonne Marsh

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Les Overman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Beverly Randez

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

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 · Compensation committee
  • 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
BLUPEAK CREDIT UNION PAID LAURA YOUNG, FORMER SVP/CHIEF HUMAN RESOURCES OFFICER, $204,971 IN SEVERANCE PAYMENTS DURING CALENDAR YEAR 2022. IN 2019, BLUPEAK CREDIT UNION (CREDIT UNION) ADOPTED A LONG-TERM INCENTIVE PLAN (LTIP) FOR CERTAIN SENIOR EXECUTIVES (COLLECTIVELY, THE "LTIP PARTICIPANTS"). THIS PLAN WAS TERMINATED IN 2022. THE LTIP PROVIDED FOR PAYMENTS TO THE LTIP PARTICIPANTS BASED ON EMPLOYMENT DATE MILESTONES WITH THE CREDIT UNION. PARTICIPANTS WERE ENTITLED TO PAYMENT IF ACTIVELY EMPLOYED AT THE TIME OF PAYOUT OR IF TERMINATED BY THE CREDIT UNION BEFORE THE END OF THE MEASUREMENT PERIOD. THE FOLLOWING EXECUTIVES WERE PARTICIPANTS IN THE LTIP IN 2022: JAMES HARRIS - $22,257 BENEFIT EXPENSE; $243,590 DISTRIBUTION TODD THARP - $3,881 BENEFIT EXPENSE; $100,904 DISTRIBUTION MATTHEW LYONS - $24,052 BENEFIT EXPENSE; $104,158 DISTRIBUTION THE BENEFIT EXPENSE AMOUNTS ARE REPORTED AS DEFERRED COMPENSATION ON FORM 990, PART VII AND SCHEDULE J, PART II. THE DISTRIBUTION AMOUNTS WERE INCLUDED IN DEFERRED COMPENSATION ON THE PRIOR YEARS' FORM 990, PART VII AND SCHEDULE J, PART II. THESE INDIVIDUALS REACHED A SPECIFIED LEVEL OF VESTING IN 2022, SO THE DISTRIBUTION AMOUNTS ARE NOW INCLUDED IN REPORTABLE COMPENSATION ON THE CURRENT YEAR FORM 990, PART VII AND SCHEDULE J, PART II IN COLUMNS B(II) AND F.

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

No itemized grants to organizations on this return.

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.

  • USE FINANCIAL SERVICES LLC

    FINANCIAL SERVICES (INACTIVE) · CA · income $0 · assets $0

    Directly controlled by BLUPEAK CREDIT UNION

Provenance

Return type
form_990
Tax year
2022
Filed
10 November 2023
IRS schema version
2022v5.0
Source object
202313189349301946

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