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Nonprofiteer
← CABRILLO CREDIT UNION

Form 990 for tax year 2023

Filed by CABRILLO CREDIT UNION.

Totals

Total revenue
$19,750,188
Total expenses
$18,246,752
Contributions and grants received
$0
Grants paid
$71,000
Program service revenue
$16,936,114
Investment income
$2,774,286
Other revenue
$39,788
Total assets, end of year
$397,739,431
Total liabilities, end of year
$370,017,508
Net assets or fund balances, end of year
$27,721,923
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 $12,560,263 · related or exempt $12,560,263

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $2,635,244 · related or exempt $2,635,244

  • 2c · Program service revenue: FEE INCOME

    total $1,740,607 · related or exempt $1,700,614 · unrelated business $39,993

  • 3 · Investment income

    total $2,774,286 · related or exempt $2,774,286

  • 11a · Other revenue: OTHER NON INTEREST INCOME

    total $39,788 · related or exempt $39,788

  • 11e · Other revenue, total

    $39,788

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $71,000

  • 5 · Compensation of officers, directors and key employees

    total $1,731,248

  • 7 · Other salaries and wages

    total $4,373,690

  • 8 · Pension plan contributions

    total $250,885

  • 9 · Other employee benefits

    total $450,843

  • 10 · Payroll taxes

    total $469,316

  • 11b · Fees: legal

    total $223,619

  • 11c · Fees: accounting

    total $102,567

  • 11g · Fees: other

    total $700,348

  • 12 · Advertising and promotion

    total $558,590

  • 13 · Office expenses

    total $1,966,503

  • 14 · Information technology

    total $1,720,730

  • 16 · Occupancy

    total $750,399

  • 17 · Travel

    total $436,127

  • 20 · Interest

    total $2,320,213

  • 22 · Depreciation, depletion and amortization

    total $400,977

  • 24a · Other expenses: PROVISION FOR LOAN & LE

    total $900,435

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $726,802

  • 24c · Other expenses: OPERATING FEES

    total $53,104

  • 24d · Other expenses: MISC NON-INTEREST EXPEN

    total $39,356

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $18,905,388 · end of year $4,089,975

  • 2 · Savings and temporary cash investments

    beginning of year $575,501 · end of year $9,448,434

  • 5 · Loans and receivables from officers and key people

    beginning of year $559,058 · end of year $507,080

  • 7 · Other notes and loans receivable

    beginning of year $222,752,066

  • 9 · Prepaid expenses and deferred charges

    end of year $847,243

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

    $14,268,083

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

    $2,326,449

  • 10c · Land, buildings and equipment, net

    beginning of year $2,788,956 · end of year $11,941,634

  • 11 · Investments: publicly traded securities

    beginning of year $142,510,804 · end of year $123,171,613

  • 13 · Investments: program-related

    end of year $235,655,385

  • 15 · Other assets

    beginning of year $16,822,378 · end of year $12,078,067

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,965,000 · end of year $7,119,291

  • 25 · Other liabilities

    beginning of year $376,597,374 · end of year $362,898,217

  • 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 $22,351,777 · end of year $27,721,923

Mission and programs · 2023

Mission

SEE SCHEDULE OCABRILLO CREDIT UNION IS 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, CABRILLO 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.

  • PROVIDED DEPOSIT AND LOAN ACCOUNTS TO 24,459 MEMBERS.PROVIDED LOW COST SOURCE OF CREDIT AND LOW COST FINANCIAL SERVICES TO OUR MEMBERS. PROVIDED SOURCE FOR MEMBER SAVINGS AND CHECKING ACCOUNT NEEDS.

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

Listed in Part VII

  • Randi Larsson

    CHAIR

    Total calculated
    $1,206
    From this org
    $1,206
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Richard Amezcua

    VICE CHAIR

    Total calculated
    $899
    From this org
    $899
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Frank Miranda

    SECRETARY

    Total calculated
    $859
    From this org
    $859
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Kristopher Whitworth

    TREASURER

    Total calculated
    $868
    From this org
    $868
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Manuel Bayon

    BOARD MEMBER

    Total calculated
    $1,060
    From this org
    $1,060
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Dave C Rodriguez

    BOARD MEMBER

    Total calculated
    $884
    From this org
    $884
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Marcella Serrano-Gomez

    BOARD MEMBER

    Total calculated
    $954
    From this org
    $954
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Michael Baranic

    SUPV CMTE CHAIR

    Total calculated
    $867
    From this org
    $867
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Joel Lara

    SUPV CMTE MEMBER

    Total calculated
    $905
    From this org
    $905
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Tina Paisley

    SUPV CMTE MEMBER

    Total calculated
    $883
    From this org
    $883
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Kevin Posey

    PRESIDENT/CEO

    Total calculated
    $396,418
    From this org
    $368,286
    From related orgs
    $0
    Other
    $28,132
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $304,162
    Bonus
    $34,823
    Other
    $29,301
    Deferred
    $11,778
    Nontaxable benefits
    $16,354
    Filer's total
    $396,418

  • John Stevenson

    CFO

    Total calculated
    $245,181
    From this org
    $231,820
    From related orgs
    $0
    Other
    $13,361
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,485
    Bonus
    $22,535
    Other
    $4,800
    Deferred
    $12,150
    Nontaxable benefits
    $1,211
    Filer's total
    $245,181

  • Frankie Duenas

    CTO

    Total calculated
    $286,785
    From this org
    $255,978
    From related orgs
    $0
    Other
    $30,807
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $224,587
    Bonus
    $26,591
    Other
    $4,800
    Deferred
    $13,908
    Nontaxable benefits
    $16,899
    Filer's total
    $286,785

  • Gregory Brown

    CLO

    Total calculated
    $270,406
    From this org
    $249,998
    From related orgs
    $0
    Other
    $20,408
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $221,695
    Bonus
    $23,503
    Other
    $4,800
    Deferred
    $7,629
    Nontaxable benefits
    $12,779
    Filer's total
    $270,406

  • Justin Burns

    VP IT

    Total calculated
    $151,064
    From this org
    $144,609
    From related orgs
    $0
    Other
    $6,455
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,550
    Bonus
    $4,059
    Other
    $0
    Deferred
    $3,170
    Nontaxable benefits
    $3,285
    Filer's total
    $151,064

  • Zhanna Saucier

    SENIOR ANALYST

    Total calculated
    $129,261
    From this org
    $124,623
    From related orgs
    $0
    Other
    $4,638
    Hours/week
    40

  • Kelli Davis

    AVP RISK & COMPLIANCE

    Total calculated
    $135,432
    From this org
    $118,550
    From related orgs
    $0
    Other
    $16,882
    Hours/week
    40

  • Julia Freitas

    AVP MEMBER EXPERIENCE

    Total calculated
    $134,839
    From this org
    $114,191
    From related orgs
    $0
    Other
    $20,648
    Hours/week
    40

  • Lizbeth Bialecki

    AVP BUSINESS DEVELOPMENT

    Total calculated
    $124,481
    From this org
    $113,808
    From related orgs
    $0
    Other
    $10,673
    Hours/week
    40

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

Answered no

  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

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

  • SHARP HEALTHCARE FOUNDATION

    $47,000

    TO PROMOTE CONTRIBUTIONS AND COORDINATE GRANT PROGRAMS THAT ASSIST SHARP HEALTHCARE IN MEETING THE HEALTH NEEDS OF SAN DIEGO COMMUNITIES.

  • RADY CHILDREN'S HOSPITAL

    $24,000

    TO RESTORE, SUSTAIN AND ENHANCE THE HEALTH AND DEVELOPMENTAL POTENTIAL OF CHILDREN THROUGH EXCELLENCE IN CARE, EDUCATION, RESEARCH AND ADVOCACY.

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202413199349306216

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