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Nonprofiteer
← MONTERRA CREDIT UNION

Form 990 for tax year 2023

Filed by MONTERRA CREDIT UNION.

Totals

Total revenue
$88,263,104
Total expenses
$63,730,186
Contributions and grants received
$0
Grants paid
$116,856
Program service revenue
$69,997,800
Investment income
$18,012,611
Other revenue
$252,693
Total assets, end of year
$1,674,734,928
Total liabilities, end of year
$1,473,504,715
Net assets or fund balances, end of year
$201,230,213
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 $54,595,634 · related or exempt $54,595,634

  • 2b · Program service revenue: INTERCHANGE INCOME

    total $7,377,391 · related or exempt $7,377,391

  • 2c · Program service revenue: OTHER NONINTEREST INCOME

    total $4,253,718 · related or exempt $4,145,147 · unrelated business $108,571

  • 2d · Program service revenue: DEPOSIT SERVICE CHARGES AND FEES

    total $3,710,541 · related or exempt $3,710,541

  • 2e · Program service revenue: SALE OF LOANS

    total $60,516 · related or exempt $60,516

  • 3 · Investment income

    total $11,935,485 · excluded $11,935,485

  • 6a · Gross rents

    real property $258,716

  • 6b · Less rental expenses

    real property $6,023

  • 6c · Rental income or loss

    real property $252,693

  • 6d · Net rental income or loss

    total $252,693 · excluded $252,693

  • 7a · Gross sales of assets other than inventory

    securities $6,077,126

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

    securities $0

  • 7c · Gain or loss

    securities $6,077,126

  • 7d · Net gain or loss

    total $6,077,126 · excluded $6,077,126

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $116,856

  • 4 · Benefits paid to or for members

    total $13,419,822

  • 5 · Compensation of officers, directors and key employees

    total $3,985,637

  • 7 · Other salaries and wages

    total $16,848,117

  • 8 · Pension plan contributions

    total $1,168,629

  • 9 · Other employee benefits

    total $2,510,152

  • 10 · Payroll taxes

    total $1,487,817

  • 11b · Fees: legal

    total $202,651

  • 11c · Fees: accounting

    total $276,180

  • 11d · Fees: lobbying

    total $10,768

  • 11g · Fees: other

    total $2,796,995

  • 12 · Advertising and promotion

    total $2,043,972

  • 13 · Office expenses

    total $1,720,735

  • 16 · Occupancy

    total $2,452,120

  • 17 · Travel

    total $68,978

  • 19 · Conferences, conventions and meetings

    total $223,408

  • 22 · Depreciation, depletion and amortization

    total $2,623,820

  • 23 · Insurance

    total $329,923

  • 24a · Other expenses: UBI TAX

    total $10,804

  • 24b · Other expenses: DEBIT & CREDIT CARD FEE

    total $3,264,900

  • 24c · Other expenses: REPAIRS & MAINTENANCE

    total $2,788,950

  • 24d · Other expenses: LOAN SERVICING

    total $1,908,311

  • 24e · All other expenses

    total $3,470,641

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $15,728,774 · end of year $11,323,233

  • 2 · Savings and temporary cash investments

    beginning of year $246,760,569 · end of year $195,220,830

  • 4 · Accounts receivable

    beginning of year $1,462,395 · end of year $1,624,090

  • 5 · Loans and receivables from officers and key people

    beginning of year $11,452,609 · end of year $11,782,441

  • 7 · Other notes and loans receivable

    beginning of year $1,292,005,187 · end of year $1,367,263,727

  • 9 · Prepaid expenses and deferred charges

    beginning of year $807,015 · end of year $605,615

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

    $44,341,792

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

    $29,130,249

  • 10c · Land, buildings and equipment, net

    beginning of year $16,358,552 · end of year $15,211,543

  • 11 · Investments: publicly traded securities

    beginning of year $29,828,305 · end of year $23,125,560

  • 12 · Investments: other securities

    beginning of year $7,755,500 · end of year $7,959,700

  • 15 · Other assets

    beginning of year $39,339,020 · end of year $40,618,189

  • 17 · Accounts payable and accrued expenses

    beginning of year $9,559,726 · end of year $13,202,280

  • 25 · Other liabilities

    beginning of year $1,472,809,376 · end of year $1,460,302,435

  • 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 $179,128,824 · end of year $201,230,213

Mission and programs · 2023

Mission

PASSIONATELY DELIVER RELEVANT PRODUCTS, SERVICES, AND EDUCATION TAILORED TO HELP OUR MEMBERS, EMPLOYEES, AND COMMUNITIES ACHIEVE THEIR FINANCIAL GOALS.

Activities or mission (Part I)

PROVIDE A RANGE OF FINANCIAL PRODUCTS AND SERVICES TO IMPROVE THE FINANCIAL LIVES OF OUR MEMBERS.

  • MONTERRA CREDIT UNION IS A FINANCIAL COOPERATIVE SERVING THE COMMUNITIES WITHIN SAN MATEO COUNTY, CITY OF PALO ALTO AND SELECT NEIGHBORHOODS IN SAN FRANCISCO. WE HAVE SEVEN BRANCHES THROUGHOUT THESE GEOGRAPHICAL AREAS AND A HEADQUARTERS OFFICE LOCATED IN REDWOOD CITY, CALIFORNIA. AS OF YEAR-END 2023, WE HAD 94,907 MEMBER-OWNERS. WE OFFER OUR MEMBERS A WIDE ARRAY OF RETAIL FINANCIAL PRODUCTS AND SERVICES, AND WE PROVIDE FINANCIAL EDUCATION TO YOUTH AND ADULTS THROUGHOUT THE COMMUNITIES WE SERVE. MONTERRA CREDIT UNION OFFERS AN ARRAY OF CONSUMER FINANCIAL PRODUCTS, INCLUDING RESIDENTIAL REAL ESTATE LOANS, AUTOMOBILE LOANS, SECURED AND UNSECURED LOANS AND CREDIT CARDS, AS WELL AS CHECKING, SAVINGS AND CERTIFICATE OF DEPOSIT ACCOUNTS.

As filed on the 2023 return.

Listed in Part VII

  • STEVE DIVNEY

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • JOHN BEIERS

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • KATE HARR

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • MAGDA GONZALEZ

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL CLAIRE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • PAUL OKADA

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • BRIAN PONTY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • WADE PAINTER

    CEO/PRESIDENT

    Total calculated
    $783,470
    From this org
    $759,104
    From related orgs
    $0
    Other
    $24,366
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $653,009
    Bonus
    $95,295
    Other
    $10,800
    Deferred
    $19,800
    Nontaxable benefits
    $4,566
    Filer's total
    $783,470

  • DAVID DIAMOND

    VP, CHIEF FINANCIAL OFFICER

    Total calculated
    $344,904
    From this org
    $328,737
    From related orgs
    $0
    Other
    $16,167
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $298,152
    Bonus
    $30,585
    Other
    $0
    Deferred
    $12,165
    Nontaxable benefits
    $4,002
    Filer's total
    $344,904

  • VALERIE ALSIP

    EVP/COO

    Total calculated
    $445,762
    From this org
    $429,210
    From related orgs
    $0
    Other
    $16,552
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $389,693
    Bonus
    $39,517
    Other
    $0
    Deferred
    $15,840
    Nontaxable benefits
    $712
    Filer's total
    $445,762

  • PATRICIA ELLINGSON

    SVP, CHIEF LENDING OFFICER

    Total calculated
    $327,116
    From this org
    $300,906
    From related orgs
    $0
    Other
    $26,210
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $274,761
    Bonus
    $26,145
    Other
    $0
    Deferred
    $17,547
    Nontaxable benefits
    $8,663
    Filer's total
    $327,116

  • REBECCA NIXON

    VP EMPLOYEE RELATIONS

    Total calculated
    $277,539
    From this org
    $256,486
    From related orgs
    $0
    Other
    $21,053
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $232,607
    Bonus
    $23,879
    Other
    $0
    Deferred
    $14,778
    Nontaxable benefits
    $6,275
    Filer's total
    $277,539

  • WILLIAM ANDREWS

    VP INFORMATION SERVICES

    Total calculated
    $221,744
    From this org
    $203,711
    From related orgs
    $0
    Other
    $18,033
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $182,848
    Bonus
    $20,863
    Other
    $0
    Deferred
    $13,011
    Nontaxable benefits
    $5,022
    Filer's total
    $221,744

  • DOREEN SZYMANKSKI

    VP MEMBER EXPERIENCE

    Total calculated
    $225,582
    From this org
    $201,135
    From related orgs
    $0
    Other
    $24,447
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,216
    Bonus
    $20,059
    Other
    $2,860
    Deferred
    $12,411
    Nontaxable benefits
    $12,036
    Filer's total
    $225,582

  • IGNASIO MEDRANO

    VP DIGITAL SERVICES

    Total calculated
    $221,135
    From this org
    $207,676
    From related orgs
    $0
    Other
    $13,459
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $186,594
    Bonus
    $21,082
    Other
    $0
    Deferred
    $13,047
    Nontaxable benefits
    $412
    Filer's total
    $221,135

  • ROBERT CARTER

    VP ADMINISTRATIVE SERVICES

    Total calculated
    $227,833
    From this org
    $213,669
    From related orgs
    $0
    Other
    $14,164
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $193,015
    Bonus
    $20,654
    Other
    $0
    Deferred
    $12,654
    Nontaxable benefits
    $1,510
    Filer's total
    $227,833

  • RICHARD KINZIE

    VP RISK & COMPLIANCE

    Total calculated
    $223,922
    From this org
    $206,285
    From related orgs
    $0
    Other
    $17,637
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $187,330
    Bonus
    $18,955
    Other
    $0
    Deferred
    $12,418
    Nontaxable benefits
    $5,219
    Filer's total
    $223,922

  • DANI ROBINSON

    VP CREDIT RISK

    Total calculated
    $186,932
    From this org
    $172,754
    From related orgs
    $0
    Other
    $14,178
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $157,696
    Bonus
    $15,058
    Other
    $0
    Deferred
    $10,839
    Nontaxable benefits
    $3,339
    Filer's total
    $186,932

  • SUZANNE KNOWLTON

    VP MARKETING & COMMUNITY RELATIONS

    Total calculated
    $280,308
    From this org
    $259,121
    From related orgs
    $0
    Other
    $21,187
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $184,246
    Bonus
    $74,875
    Other
    $0
    Deferred
    $13,025
    Nontaxable benefits
    $8,162
    Filer's total
    $280,308

  • CHERYL RAYO

    VP REAL ESTATE LENDING

    Total calculated
    $219,390
    From this org
    $209,180
    From related orgs
    $0
    Other
    $10,210
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $191,966
    Bonus
    $17,214
    Other
    $0
    Deferred
    $8,778
    Nontaxable benefits
    $1,432
    Filer's total
    $219,390

  • EMILIO JOHANSEN

    EXECUTIVE WEALTH ADVISOR

    Total calculated
    $308,231
    From this org
    $280,296
    From related orgs
    $0
    Other
    $27,935
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $43,564
    Bonus
    $234,702
    Other
    $2,030
    Deferred
    $17,898
    Nontaxable benefits
    $10,037
    Filer's total
    $308,231

  • ANATOLY VILDERMAN

    EXECUTIVE WEALTH ADVISOR

    Total calculated
    $295,502
    From this org
    $278,038
    From related orgs
    $0
    Other
    $17,464
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $57,085
    Bonus
    $218,353
    Other
    $2,600
    Deferred
    $17,052
    Nontaxable benefits
    $412
    Filer's total
    $295,502

  • JOHNNY ESCALANTE

    DIRECTOR OF INFORMATION SERVICES

    Total calculated
    $184,108
    From this org
    $169,274
    From related orgs
    $0
    Other
    $14,834
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,864
    Bonus
    $14,410
    Other
    $0
    Deferred
    $9,941
    Nontaxable benefits
    $4,893
    Filer's total
    $184,108

  • JANELLE EATON-ESCALANTE

    DIRECTOR OF EMPLOYEE RELATIONS

    Total calculated
    $170,037
    From this org
    $163,768
    From related orgs
    $0
    Other
    $6,269
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,989
    Bonus
    $13,779
    Other
    $0
    Deferred
    $4,849
    Nontaxable benefits
    $1,420
    Filer's total
    $170,037

  • FANGZHOU LIU

    IS PROGRAMMING LEAD

    Total calculated
    $150,519
    From this org
    $144,522
    From related orgs
    $0
    Other
    $5,997
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $135,794
    Bonus
    $8,728
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $5,997
    Filer's total
    $150,519

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
  • 1a · Discretionary spending account
  • 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 1A
IN ACCORDANCE WITH THE MONTERRA CREDIT UNION BYLAWS AND EXPENDITURES POLICY, OFFICIALS, DIRECTORS, AND SUPERVISORY COMMITTEE MEMBERS TRAVEL TO ATTEND CONTINUING EDUCATION AND INDUSTRY-RELATED SEMINARS, CONFERENCES, AND MEETINGS.
PART I, LINE 4B
SPLIT DOLLAR: THE CREDIT UNION HAS MADE A LOAN FOR LIFE INSURANCE PREMIUM PAYMENTS TO A MEMBER OF MANAGEMENT. THE LOAN IS COLLATERALIZED BY THE ASSIGNMENT OF THE POLICY DEATH BENEFITS AND CASH VALUES OF EACH RESPECTIVE LIFE INSURANCE POLICY, PLUS INCOME ANNUITIES USED TO FUND THE POLICIES. THE POLICIES ARE OWNED BY THE EXECUTIVE AND THE EXECUTIVE HAS THE RIGHT TO NAME THE BENEFICIARIES FOR AMOUNTS NOT SECURED BY THE ASSIGNMENTS.

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202413189349310736

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