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Nonprofiteer
← CREDIT UNIONS IN THE STATE OF CALIFORNIA

Form 990 for tax year 2022

Filed by CREDIT UNIONS IN THE STATE OF CALIFORNIA.

Totals

Total revenue
$14,177,074
Total expenses
$11,593,769
Contributions and grants received
$0
Grants paid
$119,601
Program service revenue
$10,274,698
Investment income
$2,306,076
Other revenue
$1,596,300
Total assets, end of year
$188,657,258
Total liabilities, end of year
$171,291,770
Net assets or fund balances, end of year
$17,365,488
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 $8,068,965 · related or exempt $8,068,965

  • 2b · Program service revenue: FEE INCOME

    total $2,010,623 · related or exempt $1,995,751 · unrelated business $14,872

  • 2c · Program service revenue: OTHER OPERATING INCOME

    total $195,110 · related or exempt $195,110

  • 3 · Investment income

    total $299,894 · related or exempt $299,894

  • 7a · Gross sales of assets other than inventory

    other assets $3,823,550

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

    other assets $1,817,368

  • 7c · Gain or loss

    other assets $2,006,182

  • 7d · Net gain or loss

    total $2,006,182 · related or exempt $2,006,182

  • 11a · Other revenue: OTHER NON-OPERATING INCOME

    total $1,596,300 · related or exempt $1,596,300

  • 11e · Other revenue, total

    $1,596,300

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $119,601

  • 5 · Compensation of officers, directors and key employees

    total $1,405,662

  • 7 · Other salaries and wages

    total $2,863,912

  • 8 · Pension plan contributions

    total $72,481

  • 9 · Other employee benefits

    total $746,989

  • 10 · Payroll taxes

    total $289,131

  • 11b · Fees: legal

    total $26,526

  • 11c · Fees: accounting

    total $93,365

  • 11g · Fees: other

    total $341,043

  • 12 · Advertising and promotion

    total $329,230

  • 13 · Office expenses

    total $1,873,147

  • 14 · Information technology

    total $68,480

  • 16 · Occupancy

    total $725,916

  • 17 · Travel

    total $30,116

  • 20 · Interest

    total $244,184

  • 22 · Depreciation, depletion and amortization

    total $240,459

  • 23 · Insurance

    total $87,885

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $1,574,880

  • 24b · Other expenses: MISCELLANEOUS OPERATING

    total $230,193

  • 24c · Other expenses: LOAN SERVICING EXPENSE

    total $206,497

  • 24d · Other expenses: OPERATING FEES

    total $24,072

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,666,252 · end of year $2,047,044

  • 2 · Savings and temporary cash investments

    beginning of year $25,515,770 · end of year $11,571,110

  • 9 · Prepaid expenses and deferred charges

    beginning of year $418,632 · end of year $224,590

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

    $7,850,955

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

    $1,778,398

  • 10c · Land, buildings and equipment, net

    beginning of year $1,035,820 · end of year $6,072,557

  • 11 · Investments: publicly traded securities

    beginning of year $8,617,992 · end of year $6,165,926

  • 13 · Investments: program-related

    beginning of year $143,069,760 · end of year $158,390,800

  • 15 · Other assets

    beginning of year $3,956,412 · end of year $4,185,231

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,747,849 · end of year $7,313,600

  • 25 · Other liabilities

    beginning of year $164,689,427 · end of year $163,978,170

  • 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 $14,843,362 · end of year $17,365,488

Mission and programs · 2022

Mission

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, SANTA CRUZ COMMUNITY 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. SANTA CRUZ COMMUNITY CREDIT UNION SERVES THE COMMUNITY AS A CERTIFIED CDFI AND LOW INCOME CREDIT UNION, ENSURING THAT THROUGH ECONOMIC JUSTICE MEASURES, ALL PEOPLE RECEIVE ASSISTANCE TO IMPROVE THEIR LIVES.

Activities or mission (Part I)

A COMMUNITY DEVELOPMENT AND LOW INCOME CERTIFIED FINANCIAL COOPERATIVE ORGANIZED TO SERVE UNDERSERVED AND PROMOTE ECONOMIC EQUITY.

  • THE CREDIT UNION IS A COMMUNITY DEVELOPMENT, LOW-INCOME AND JUNTOS AVANZAMOS CERTIFIED CREDIT UNION PROVIDING LOW-COST, LIFE-CHANGING SERVICES AND FINANCIAL LEARNING TO ITS LOCAL COMMUNITIES WITH A MISSION TO EMBRACE ECONOMIC JUSTICE AND FPROVIDE FINANCIAL ACCESS TO ALL PEOPLE. ADDITIONALLY, THE CREDIT UNION'S MISSION INCLUDES PROVIDING SERVICES TO UNBANKED AND UNDERSERVED MEMBERS OF OUR COMMUNITIES. SERVICES INCLUDE SAVINGS ACCOUNTS, MATRICULA CONSULAR ACCOUNTS AND ALL FACETS OF CONSUMER, REAL ESTATE AND COMMERCIAL/SMALL BUSINESS LENDING AS WELL AS ITIN LENDING AND SECOND CHANCE SERVICES. FIRST-TIME BORROWING PROGRAMS,CREDIT BUILDER LOANS, LINES OF CREDIT, VEHICLE, CREDIT CARDS AND SECOND CHANCE OPPORTUNITIES FOR BORROWING, ARE ALL PART OF THE CREDIT UNIONS SERVICES.

  • THE CREDIT UNION PROVIDES BUSINESS LENDING AND COMMERCIAL LENDING PRODUCTS INCLUDING REAL ESTATE FIRST AND SECOND LOANS, COMMUNITY DEVELOPMENT AND GOVERNMENT GUARANTEED LOANS SUCH AS SBA LOANS, SMALL BUSINESS AND MICRO BUSINESS LOANS AS WELL AS OTHER BUSINESS LOANS IN A COMMUNITY OF ENTREPRENEURIAL BUSINESSES THAT OFTEN HAVE FEW OPTIONS AVAILABLE TO THEM FROM THE MAINSTREAM BANKING INDUSTRY.

  • THE CREDIT UNION PROVIDES CONSUMER AND BUSINESS FINANCIAL PRODUCTS AND SERVICES INCLUDING FIXED-INCOME SAVINGS INSTRUMENTS, SHARE-DRAFT AND IRA ACCOUNTS, MATRICULA CONSULAR ACCOUNTS, SECOND CHANCE SAVINGS, AND NO OR LOW-COST CHECKING ACCOUNTS DESIGNED TO SERVE BOTH MODERATE AND LOW-INCOME COMMUNITY MEMBERS AS WELL AS OUR IMMIGRANT COMMUNITY MEMBERS.

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

Listed in Part VII

  • HOWARD SHERER

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • PAULINA MORENO

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • PHILLIP LEE

    BOARD TREASURER

    Total calculated
    $0
    Hours/week
    1

  • AMI EBRIGHT

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MATT FARRELL

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • TAMMY PELSTRING

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • ERENDIRA GUERRERO

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • LINDA BROWN

    SUPV CMTE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • ULF CHRISTENSSON

    SUPV CMTE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • SUZANNE MACLEAN

    SUPV CMTE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • ELIZABETH CARR

    CEO

    Total calculated
    $488,438
    From this org
    $278,810
    From related orgs
    $0
    Other
    $209,628
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $266,810
    Bonus
    $0
    Other
    $12,000
    Deferred
    $187,838
    Nontaxable benefits
    $21,790
    Filer's total
    $488,438

  • ANNIE SONG FORMER

    FORMER CFO

    Total calculated
    $200,546
    From this org
    $180,933
    From related orgs
    $0
    Other
    $19,613
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $174,933
    Bonus
    $0
    Other
    $6,000
    Deferred
    $7,335
    Nontaxable benefits
    $12,278
    Filer's total
    $200,546

  • KATIE FAIRBAIRN

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $179,679
    From this org
    $178,258
    From related orgs
    $0
    Other
    $1,421
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,258
    Bonus
    $12,000
    Other
    $6,000
    Deferred
    $1,421
    Nontaxable benefits
    $0
    Filer's total
    $179,679

  • EDWARD CROSS JR

    CIO

    Total calculated
    $157,823
    From this org
    $157,823
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,823
    Bonus
    $0
    Other
    $6,000
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $157,823

  • EVERADO MUNOZ

    COO

    Total calculated
    $161,453
    From this org
    $144,323
    From related orgs
    $0
    Other
    $17,130
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $125,535
    Bonus
    $10,000
    Other
    $8,788
    Deferred
    $0
    Nontaxable benefits
    $17,130
    Filer's total
    $161,453

  • PAUL BARENFUS

    CLO

    Total calculated
    $103,003
    From this org
    $103,003
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • RICHARD COOPER

    EVP

    Total calculated
    $163,225
    From this org
    $137,396
    From related orgs
    $0
    Other
    $25,829
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $98,455
    Bonus
    $12,000
    Other
    $26,941
    Deferred
    $4,994
    Nontaxable benefits
    $20,835
    Filer's total
    $163,225

  • GENARO DE LA TORRE

    SR CREDIT SUPPORT SERVICE

    Total calculated
    $152,260
    From this org
    $118,364
    From related orgs
    $0
    Other
    $33,896
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $111,422
    Bonus
    $5,500
    Other
    $1,442
    Deferred
    $2,539
    Nontaxable benefits
    $31,357
    Filer's total
    $152,260

  • JESUS BERUMEN

    DIR OF CONSUMER REAL ESTATE

    Total calculated
    $135,441
    From this org
    $106,752
    From related orgs
    $0
    Other
    $28,689
    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 · Housing allowance or residence for personal use
  • 1b · Written policy on the line-1a 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

  • 2 · Substantiation required before reimbursing expenses
  • 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 HAS A NON-QUALIFIED DEFERRED COMPENSATION PLAN WITH THE PRESIDENT/CEO. THE CREDIT UNION CONTRIBUTES 100% OF THE FUNDS TO THIS PLAN. UNDER THE TERMS OF THE PLAN, THE PARTICIPANT IS ENTITLED TO SPECIFIED AMOUNTS IF THEY REMAIN EMPLOYED BY THE CREDIT UNION THROUGH SCHEDULED VESTING DATES. IF THE PARTICIPANT EXPERIENCES A SEPARATION FROM SERVICE AS DEFINED IN THE AGREEMENT, ACCRUED BENEFITS ARE IMMEDIATELY PAYABLE. THE BENEFITS ARE SUBJECT TO FORFEITURE IF EMPLOYMENT IS TERMINATED FOR CAUSE AS DEFINED IN THE AGREEMENT. THE DEFERRED COMPENSATION PAYABLE INCLUDED IN ACCRUED EXPENSES AND OTHER LIABILITIES WAS APPROXIMATELY $499,000 AND $323,000 AS OF DECEMBER 31,2022 AND 2021, RESPECTIVELY. DEFERRED COMPENSATION EXPENSES INCLUDED IN COMPENSATION AND BENEFITS NONINTEREST EXPENSE WERE APPROXIMATELY $177,000 AND $174,000 FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021, RESPECTIVELY.

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

Provenance

Return type
form_990
Tax year
2022
Filed
1 November 2023
IRS schema version
2022v5.0
Source object
202323109349303042

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