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← EDUCATIONAL EMPLOYEES CREDIT UNION

Form 990 for tax year 2023

Filed by EDUCATIONAL EMPLOYEES CREDIT UNION.

Totals

Total revenue
$202,431,940
Total expenses
$138,316,226
Contributions and grants received
$0
Grants paid
$719,025
Program service revenue
$151,919,411
Investment income
$50,512,529
Other revenue
$0
Total assets, end of year
$4,647,760,922
Total liabilities, end of year
$4,214,818,644
Net assets or fund balances, end of year
$432,942,278
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 $86,686,646 · related or exempt $86,686,646

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $44,899,794 · related or exempt $43,732,169 · unrelated business $1,167,625

  • 2c · Program service revenue: FEE INCOME

    total $20,332,971 · related or exempt $19,812,088 · unrelated business $520,883

  • 3 · Investment income

    total $50,512,529 · related or exempt $50,512,529

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $603,025

  • 2 · Grants to domestic individuals

    total $116,000

  • 5 · Compensation of officers, directors and key employees

    total $6,134,206

  • 7 · Other salaries and wages

    total $27,729,560

  • 8 · Pension plan contributions

    total $2,847,207

  • 9 · Other employee benefits

    total $8,303,162

  • 10 · Payroll taxes

    total $2,845,188

  • 11b · Fees: legal

    total $99,473

  • 11c · Fees: accounting

    total $725,889

  • 11g · Fees: other

    total $8,948,655

  • 12 · Advertising and promotion

    total $5,090,013

  • 13 · Office expenses

    total $13,700,317

  • 14 · Information technology

    total $1,814,848

  • 16 · Occupancy

    total $4,040,535

  • 17 · Travel

    total $669,024

  • 20 · Interest

    total $23,586,087

  • 22 · Depreciation, depletion and amortization

    total $2,975,946

  • 23 · Insurance

    total $479,212

  • 24a · Other expenses: LOAN SERVICING EXPENSE

    total $18,178,535

  • 24b · Other expenses: CREDIT LOSS EXPENSE

    total $5,759,726

  • 24c · Other expenses: MISC OPERATING EXPENSE

    total $3,669,618

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $98,408,405 · end of year $80,007,185

  • 2 · Savings and temporary cash investments

    beginning of year $77,601,066 · end of year $265,112,853

  • 5 · Loans and receivables from officers and key people

    beginning of year $1,037,000 · end of year $848,432

  • 9 · Prepaid expenses and deferred charges

    beginning of year $12,777,302 · end of year $13,048,028

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

    $76,859,254

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

    $51,624,940

  • 10c · Land, buildings and equipment, net

    beginning of year $24,330,083 · end of year $25,234,314

  • 11 · Investments: publicly traded securities

    beginning of year $2,324,299,091 · end of year $2,046,688,845

  • 13 · Investments: program-related

    beginning of year $1,950,436,065 · end of year $2,131,871,947

  • 15 · Other assets

    beginning of year $104,395,874 · end of year $84,949,318

  • 17 · Accounts payable and accrued expenses

    beginning of year $46,432,588 · end of year $53,007,379

  • 25 · Other liabilities

    beginning of year $4,221,423,585 · end of year $4,161,811,265

  • 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 $325,428,713 · end of year $432,942,278

Mission and programs · 2023

Mission

EDUCATIONAL EMPLOYEES 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, EDUCATIONAL EMPLOYEES CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFIT, OR SERVICE 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.

  • ACHIEVED SATISFACTORY RESULTS IN PROVIDING MEMBERS WITH CONSUMER LOANS FROM A BROAD ARRAY OF PRODUCT OFFERINGS, INCLUDING VEHICLE LOANS, CREDIT CARDS AND PERSONAL LINES OF CREDIT.

  • ACHIEVED SATISFACTORY RESULTS IN PROVIDING MEMBERS WITH MORTGAGE LOANS, INCLUDING FIRST TRUST DEEDS, SECOND TRUST DEEDS AND HOME EQUITY LINES OF CREDIT.

  • ACHIEVED SATISFACTORY RESULTS IN PROVIDING MEMBERS WITH A BROAD ARRAY OF DEPOSIT PRODUCT OFFERINGS, INCLUDING A HIGH-YIELD CHECKING ACCOUNT PRODUCT AND A PREMIUM-RATE TIERED SAVINGS PRODUCT.

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

Listed in Part VII

  • Walter Franzell

    CHAIR

    Total calculated
    $2,889
    From this org
    $2,889
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Ali Nekumanesh

    VICE CHAIR

    Total calculated
    $1,607
    From this org
    $1,607
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Lisa Cutts

    TREASURER

    Total calculated
    $159
    From this org
    $159
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Cleo Bauer

    FORMER SECRETARY

    Total calculated
    $13
    From this org
    $13
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Mike Snell

    SECRETARY

    Total calculated
    $297
    From this org
    $297
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Derek Scharton

    BOARD MEMBER

    Total calculated
    $1,769
    From this org
    $1,769
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Philip Neufeld

    BOARD MEMBER

    Total calculated
    $1,828
    From this org
    $1,828
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Dave Roberts

    BOARD MEMBER

    Total calculated
    $451
    From this org
    $451
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Darcy Williams

    BOARD MEMBER

    Total calculated
    $204
    From this org
    $204
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Rick Browning

    BOARD MEMBER (EMERITUS)

    Total calculated
    $2,665
    From this org
    $2,665
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Barbara Thomas

    BOARD MEMBER (EMERITUS)

    Total calculated
    $159
    From this org
    $159
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Paul Hokokian

    BOARD MEMBER (EMERITUS)

    Total calculated
    $159
    From this org
    $159
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • William Clark

    SUPR CMTE CHAIR

    Total calculated
    $2,730
    From this org
    $2,730
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Brad Stevens

    SUPR CMTE SECRETARY

    Total calculated
    $222
    From this org
    $222
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Kathryn Ortega-Jones

    SUPR CMTE MEMBER

    Total calculated
    $159
    From this org
    $159
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Saeng Bunsy

    SUPR CMTE MEMBER

    Total calculated
    $250
    From this org
    $250
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Nikolaus Dejong

    SUPR CMTE MEMBER

    Total calculated
    $241
    From this org
    $241
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Thomas Borchardt

    SUPR CMTE MEMBER (EMERITUS)

    Total calculated
    $264
    From this org
    $264
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Elizabeth Dooley

    CEO

    Total calculated
    $3,900,677
    From this org
    $3,304,415
    From related orgs
    $0
    Other
    $596,262
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $854,689
    Bonus
    $201,964
    Other
    $2,247,762
    Deferred
    $553,898
    Nontaxable benefits
    $42,364
    Filer's total
    $3,900,677

  • Beverly Ryan

    CFO

    Total calculated
    $493,278
    From this org
    $450,218
    From related orgs
    $0
    Other
    $43,060
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $439,185
    Bonus
    $10,225
    Other
    $808
    Deferred
    $42,300
    Nontaxable benefits
    $760
    Filer's total
    $493,278

  • Mark Perez

    CLO

    Total calculated
    $532,984
    From this org
    $445,499
    From related orgs
    $0
    Other
    $87,485
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $434,691
    Bonus
    $10,000
    Other
    $808
    Deferred
    $42,300
    Nontaxable benefits
    $45,185
    Filer's total
    $532,984

  • Natalie Tomajan

    COO

    Total calculated
    $317,382
    From this org
    $266,639
    From related orgs
    $0
    Other
    $50,743
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $255,831
    Bonus
    $10,000
    Other
    $808
    Deferred
    $37,330
    Nontaxable benefits
    $13,413
    Filer's total
    $317,382

  • Dick Ashjian

    SVP RISK MGMT

    Total calculated
    $455,086
    From this org
    $385,702
    From related orgs
    $0
    Other
    $69,384
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $374,894
    Bonus
    $10,000
    Other
    $808
    Deferred
    $42,300
    Nontaxable benefits
    $27,084
    Filer's total
    $455,086

  • Thomas Gray

    SVP HR & FACILITIES

    Total calculated
    $449,126
    From this org
    $384,570
    From related orgs
    $0
    Other
    $64,556
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $373,762
    Bonus
    $10,000
    Other
    $808
    Deferred
    $42,300
    Nontaxable benefits
    $22,256
    Filer's total
    $449,126

  • Bradley Towers

    FINANCIAL REP

    Total calculated
    $367,746
    From this org
    $334,455
    From related orgs
    $0
    Other
    $33,291
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $59,771
    Bonus
    $274,337
    Other
    $347
    Deferred
    $19,800
    Nontaxable benefits
    $13,491
    Filer's total
    $367,746

  • Eric Hovda

    SVP IT

    Total calculated
    $359,654
    From this org
    $285,947
    From related orgs
    $0
    Other
    $73,707
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $275,139
    Bonus
    $10,000
    Other
    $808
    Deferred
    $38,771
    Nontaxable benefits
    $34,936
    Filer's total
    $359,654

  • Elena Martin

    CONTROLLER

    Total calculated
    $301,363
    From this org
    $260,695
    From related orgs
    $0
    Other
    $40,668
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $249,887
    Bonus
    $10,000
    Other
    $808
    Deferred
    $16,153
    Nontaxable benefits
    $24,515
    Filer's total
    $301,363

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
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 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 4B
THE CREDIT UNION OFFERS A 457B RETIREMENT PLAN THAT ALLOWS EXECUTIVES TO DEFER A SPECIFIED AMOUNT OF THEIR PRE-TAX INCOME FOR INVESTMENT. EMPLOYEES MAY MAKE DISCRETIONARY CONTRIBUTIONS TO THE PLAN BUT ARE NOT REQUIRED. EMPLOYEES ARE 100% VESTED AT THE TIME OF CONTRIBUTION. THE 457B FUNDS ARE INVESTED IN MUTUAL FUNDS AND OTHER INVESTMENT OPTIONS ALSO OFFERED IN THE CREDIT UNION'S 401K PLAN. CURRENTLY, THE FOLLOWING EXECUTIVES ARE ACTIVELY PARTICIPATING IN THE 457B PLAN: ELIZABETH DOOLEY, BEVERLY RYAN, MARK PEREZ, NATALIE TOMAJAN, ERIC HOVDA, DICK ASHJIAN, AND THOMAS GRAY. IN 2023, $22,500 HAS BEEN CONTRIBUTED TO THE FOLLOWING EMPLOYEES PARTICIPATING IN THE 457B PLAN: ELIZABETH DOOLEY, BEVERLY RYAN, MARK PEREZ, NATALIE TOMAJAN, ERIC HOVDA, DICK ASHJIAN, AND THOMAS GRAY. THE CREDIT UNION ALSO OFFERS A 457F WHICH IS FUNDED SOLELY BY A LIFE INSURANCE POLICY OWNED BY THE CREDIT UNION. CURRENTLY, ELIZABETH DOOLEY IS THE ONLY PARTICIPANT. INFORMATION OF THE LIFE INSURANCE IS BEING REPORTED ON FORM 8925.

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

  • FOUNDATION AT FCOE

    $78,000

    2023 ANNUAL SPONSORSHIP

  • FRESNO COUNTY OFFICE OF EDUCATION

    $45,000

    TO HELP SUPPORT THE FRESNO EDUCATOR OF THE YEAR.

  • FRESNO GRIZZLIES

    $35,000

    TO PROVIDE 2023 SPONSORSHIP.

  • SAN LUIS OBISPO COUNTY OFFICE OF EDUCATION

    $35,000

    TO HELP IN PREPARING ALL CHILDREN AND YOUTH FOR RESPONSIBLE CITIZENSHIP, MEANINGFUL WORK, AND LIFELONG LEARNING.

  • FRESNO FAIR

    $25,000

    SPONSORSHIP OF 4.0 AND ABOVE

  • STATE CENTER COMMUNITY COLLEGE FOUNDATION

    $22,000

    TO HELP ENHANCE THE ACCESS TO AND QUALITY OF COMMUNITY EDUCATION FOR THE STUDENTS AND FACULTY OF THE STATE CENTER COMMUNITY COLLEGE DISTRICT.

  • VALLEY PUBLIC RADIO

    $22,000

    TO HELP EXPAND YOUR WORD THROUGH VOICES AND SOUNDS THAT INFORM AND INSPIRE.

  • MADERA UNIFIED SCHOOL DISTRICT

    $17,370

    TO SUPPORT LOCAL SCHOOL FUNCTIONS

  • FRESNO DEPUTY SHERIFF'S ASSOCIATION

    $15,000

    TO ASSIST IN PROVIDING MEMBER SERVICES SUCH AS GROUP HEALTH, DISABILITY AND LIFE INSURANCE, LEGAL DEFENSE AND NEGOTIATIONS.

  • CHILDREN'S MIRACLE NETWORK HOSPITALS

    $14,500

    TO SAVE KIDS' LIVES BY RAISING FUNDS AND AWARENESS FOR CHILDREN'S HOSPITALS ACROSS NORTH AMERICA.

The 10 largest by cash amount. The API serves every itemized grant.

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.

  • EDUCATORS FINANCIAL & INSURANCE SERVICES

    C · DORMANT CORPORATION NOT CURRENTLY CONDUCTING BUSINESS · CA · 100% owned · share of assets $5,000

    Directly controlled by EDUCATIONAL EMPLOYEES CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
6 November 2024
IRS schema version
2023v5.1
Source object
202433169349303223

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