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Nonprofiteer
← PROVIDENT CREDIT UNION

Form 990 for tax year 2022

Filed by PROVIDENT CREDIT UNION.

Totals

Total revenue
$112,950,041
Total expenses
$107,810,551
Contributions and grants received
$0
Grants paid
$372,031
Program service revenue
$92,811,291
Investment income
$15,765,485
Other revenue
$4,373,265
Total assets, end of year
$3,510,687,147
Total liabilities, end of year
$3,209,719,493
Net assets or fund balances, end of year
$300,967,654
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: INCOME FROM LOANS

    total $64,708,362 · related or exempt $64,708,362

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $21,228,969 · related or exempt $21,228,969

  • 2c · Program service revenue: FEE INCOME

    total $6,873,960 · related or exempt $6,493,617 · unrelated business $380,343

  • 3 · Investment income

    total $15,765,485 · related or exempt $13,167,985 · unrelated business $2,597,500

  • 6a · Gross rents

    real property $4,373,265

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $4,373,265

  • 6d · Net rental income or loss

    total $4,373,265 · excluded $4,373,265

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $253,031

  • 2 · Grants to domestic individuals

    total $119,000

  • 5 · Compensation of officers, directors and key employees

    total $6,463,319

  • 7 · Other salaries and wages

    total $27,239,807

  • 8 · Pension plan contributions

    total $1,360,980

  • 9 · Other employee benefits

    total $6,494,365

  • 10 · Payroll taxes

    total $2,488,102

  • 11b · Fees: legal

    total $285,622

  • 11c · Fees: accounting

    total $376,580

  • 11g · Fees: other

    total $4,325,131

  • 12 · Advertising and promotion

    total $3,969,620

  • 13 · Office expenses

    total $8,951,439

  • 14 · Information technology

    total $3,811,611

  • 16 · Occupancy

    total $6,611,066

  • 17 · Travel

    total $504,586

  • 20 · Interest

    total $15,746,107

  • 22 · Depreciation, depletion and amortization

    total $5,325,498

  • 24a · Other expenses: LOAN SERVICING EXPENSE

    total $7,614,821

  • 24b · Other expenses: MISCELLANEOUS EXPENSE

    total $4,179,546

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

    total $1,101,243

  • 24d · Other expenses: OPERATING FEES

    total $362,521

  • 24e · All other expenses

    total $226,556

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,723,985 · end of year $7,679,337

  • 2 · Savings and temporary cash investments

    beginning of year $639,167,068 · end of year $45,560,478

  • 5 · Loans and receivables from officers and key people

    beginning of year $5,442,844 · end of year $5,388,268

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,479,380 · end of year $5,953,109

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

    $81,192,456

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

    $50,408,801

  • 10c · Land, buildings and equipment, net

    beginning of year $32,908,249 · end of year $30,783,655

  • 11 · Investments: publicly traded securities

    beginning of year $967,217,188 · end of year $1,202,369,973

  • 13 · Investments: program-related

    beginning of year $1,847,949,496 · end of year $2,178,771,543

  • 14 · Intangible assets

    beginning of year $1,696,052 · end of year $1,642,123

  • 15 · Other assets

    beginning of year $28,254,656 · end of year $32,538,661

  • 17 · Accounts payable and accrued expenses

    beginning of year $31,154,602 · end of year $35,859,375

  • 25 · Other liabilities

    beginning of year $3,164,464,911 · end of year $3,173,860,118

  • 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 $341,219,405 · end of year $300,967,654

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, PROVIDENT 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.

  • PROVIDENT OFFERS A SUPER REWARDS CHECKING ACCOUNT WHICH PAYS MEMBERS HIGH RATES ON THEIR CHECKING ACCOUNTS IF THEY QUALIFY BY MAKING $400 IN PURCHASES USING THEIR DEBIT OR CREDIT CARD PER MONTH, HAVING DIRECT DEPOSIT OR BILL PAY EACH MONTH, AND RECEIVING AN E-STATEMENT INSTEAD OF A PAPER ONE. THIS ACCOUNT ACCRUES FINANCIAL BENEFITS TO MEMBERS AND SUPPORTS ENVIRONMENTALLY FRIENDLY BEHAVIOR BY ENCOURAGING VIRTUAL TRANSACTIONS VERSUS PAPER CHECKS, ELIMINATING PAPER AND MAILING COSTS FOR STATEMENTS, AND INCREASING ACCOUNT SECURITY FOR MEMBERS BY ELIMINATING VULNERABILITY TO IDENTITY THEFT THROUGH STOLEN MAILED STATEMENTS.

  • PROVIDENT'S MOVABLE MORTGAGE ALLOWS A MEMBER TO TRANSFER THE CURRENT RATE AND TERMS (BALANCE AT PAY-OFF, MARGIN, ETC.) OF THEIR EXISTING PCU HOME LOAN TO THEIR NEW HOME PURCHASE. IF BUYING UP AND THE MEMBER NEEDED MORE THAN THE EXISTING BALANCE TO COMPLETE THE PURCHASE, PROVIDENT WOULD BLEND THE TERMS OF THEIR EXISTING MORTGAGE WITH RATES AND TERMS CURRENTLY OFFERED ON OUR RATE SHEET FOR ANY SHORTAGE IN LOAN AMOUNT. TYPICALLY USED IN A RISING RATE ENVIRONMENT, THE NET EFFECT WOULD BE A LOWER RATE TO THE MEMBER.

  • PROVIDENT HAS A PROGRAM TO MODIFY RATES ON CERTAIN PORTFOLIO MORTGAGE LOANS ALLOWING MEMBERS TO BENEFIT FROM RATE DROPS WITHOUT GOING THROUGH A COMPLETE REFINANCE PROCESS.

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

Listed in Part VII

  • David Pelzner

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • June Rothe

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Samuel Johnson Jr

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Christine Boland

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • David Buckmaster

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Scott O'Brien

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Bob Lanzone

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • George Descalso

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Andrea Kenter

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Scott McWhirter

    SUPV CMTE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Rosanne Foust

    SUPV CMTE MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Kenneth Rubay

    SUPV CMTE MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Gregory Teshara

    SUPV CMTE MEMBER

    Total calculated
    $0
    Hours/week
    2

  • James Ernest

    PRESIDENT/CEO

    Total calculated
    $1,081,706
    From this org
    $1,015,786
    From related orgs
    $0
    Other
    $65,920
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $819,741
    Bonus
    $178,653
    Other
    $17,392
    Deferred
    $30,500
    Nontaxable benefits
    $35,420
    Filer's total
    $1,081,706

  • Jennifer Lee

    CFO

    Total calculated
    $517,428
    From this org
    $466,758
    From related orgs
    $0
    Other
    $50,670
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $357,947
    Bonus
    $89,901
    Other
    $18,910
    Deferred
    $15,250
    Nontaxable benefits
    $35,420
    Filer's total
    $517,428

  • Heidi Parks

    SVP

    Total calculated
    $434,739
    From this org
    $377,646
    From related orgs
    $0
    Other
    $57,093
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $288,978
    Bonus
    $78,320
    Other
    $10,348
    Deferred
    $21,673
    Nontaxable benefits
    $35,420
    Filer's total
    $434,739

  • Fred Gomes

    SVP

    Total calculated
    $444,486
    From this org
    $369,662
    From related orgs
    $0
    Other
    $74,824
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $286,064
    Bonus
    $70,274
    Other
    $13,324
    Deferred
    $20,657
    Nontaxable benefits
    $54,167
    Filer's total
    $444,486

  • John Paul Reilly

    VP, BS&O

    Total calculated
    $411,931
    From this org
    $339,502
    From related orgs
    $0
    Other
    $72,429
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $274,010
    Bonus
    $64,286
    Other
    $1,206
    Deferred
    $18,262
    Nontaxable benefits
    $54,167
    Filer's total
    $411,931

  • Connie K Finch

    VP, SYSTEMS & TECH

    Total calculated
    $389,414
    From this org
    $334,291
    From related orgs
    $0
    Other
    $55,123
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $262,708
    Bonus
    $64,725
    Other
    $6,858
    Deferred
    $19,703
    Nontaxable benefits
    $35,420
    Filer's total
    $389,414

  • Greg Kent McCurdy

    VP, LENDING

    Total calculated
    $380,830
    From this org
    $332,294
    From related orgs
    $0
    Other
    $48,536
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $254,952
    Bonus
    $70,489
    Other
    $6,853
    Deferred
    $19,121
    Nontaxable benefits
    $29,415
    Filer's total
    $380,830

  • Ganesh Raghavan

    VP, NETWORK INFRASTRUCTURE & SECURITY

    Total calculated
    $350,867
    From this org
    $308,694
    From related orgs
    $0
    Other
    $42,173
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $280,127
    Bonus
    $26,245
    Other
    $2,322
    Deferred
    $6,753
    Nontaxable benefits
    $35,420
    Filer's total
    $350,867

  • John Haggarty

    VP, MARKETING

    Total calculated
    $379,427
    From this org
    $307,050
    From related orgs
    $0
    Other
    $72,377
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $242,803
    Bonus
    $63,725
    Other
    $522
    Deferred
    $18,210
    Nontaxable benefits
    $54,167
    Filer's total
    $379,427

  • Shalini Sahdeo Narayan

    VP, SERVICE QUALITY

    Total calculated
    $363,627
    From this org
    $298,742
    From related orgs
    $0
    Other
    $64,885
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $239,917
    Bonus
    $58,371
    Other
    $454
    Deferred
    $10,718
    Nontaxable benefits
    $54,167
    Filer's total
    $363,627

  • Christine M Keane

    VP, RISK MANAGEMENT

    Total calculated
    $252,482
    From this org
    $216,003
    From related orgs
    $0
    Other
    $36,479
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $172,296
    Bonus
    $41,380
    Other
    $2,327
    Deferred
    $17,230
    Nontaxable benefits
    $19,249
    Filer's total
    $252,482

  • Paul Shea

    VP, HUMAN RESOURCES

    Total calculated
    $268,133
    From this org
    $208,966
    From related orgs
    $0
    Other
    $59,167
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $200,000
    Bonus
    $8,000
    Other
    $966
    Deferred
    $5,000
    Nontaxable benefits
    $54,167
    Filer's total
    $268,133

  • James Paul Traceski

    VP, HUMAN RESOURCES

    Total calculated
    $210,824
    From this org
    $207,522
    From related orgs
    $0
    Other
    $3,302
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $66,032
    Bonus
    $140,777
    Other
    $713
    Deferred
    $3,302
    Nontaxable benefits
    $0
    Filer's total
    $210,824

  • Mohamad A Sangabi

    SR. MORTGAGE CONS.

    Total calculated
    $600,155
    From this org
    $555,243
    From related orgs
    $0
    Other
    $44,912
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $80,171
    Bonus
    $473,728
    Other
    $1,344
    Deferred
    $30,500
    Nontaxable benefits
    $14,412
    Filer's total
    $600,155

  • Robert Bernard Kettmann

    MORTGAGE PRODUCTION SALES MANAGER

    Total calculated
    $387,537
    From this org
    $346,435
    From related orgs
    $0
    Other
    $41,102
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $103,722
    Bonus
    $237,938
    Other
    $4,775
    Deferred
    $22,875
    Nontaxable benefits
    $18,227
    Filer's total
    $387,537

  • Matthew Lawrence Agius

    FINANCIAL CONSULTANT

    Total calculated
    $367,237
    From this org
    $331,166
    From related orgs
    $0
    Other
    $36,071
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $331,129
    Bonus
    $0
    Other
    $37
    Deferred
    $22,875
    Nontaxable benefits
    $13,196
    Filer's total
    $367,237

  • Lan Figueroa

    SR. MORTGAGE CONS.

    Total calculated
    $305,958
    From this org
    $269,760
    From related orgs
    $0
    Other
    $36,198
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $51,455
    Bonus
    $218,159
    Other
    $146
    Deferred
    $20,158
    Nontaxable benefits
    $16,040
    Filer's total
    $305,958

  • Fatemeh Asad Sangabi

    SR. MORTGAGE CONS.

    Total calculated
    $222,861
    From this org
    $177,801
    From related orgs
    $0
    Other
    $45,060
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $49,557
    Bonus
    $127,175
    Other
    $1,069
    Deferred
    $13,796
    Nontaxable benefits
    $31,264
    Filer's total
    $222,861

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 · Discretionary spending account
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Written employment contract
  • 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 HAS DEFERRED COMPENSATION AGREEMENTS WITH MEMBERS OF THE EXECUTIVE MANAGEMENT TEAM THAT PROVIDE BENEFITS PAYABLE TO THESE EMPLOYEES IF THEY MEET THE REQUIREMENTS SET FORTH IN THE AGREEMENTS. IF THESE EMPLOYEES BECOME FULLY DISABLED AS DEFINED IN THE AGREEMENTS, ACCRUED BENEFITS ARE IMMEDIATELY PAYABLE. THE BENEFITS ARE SUBJECT TO FORFEITURE IF EMPLOYMENT IS TERMINATED FOR CAUSE AS DEFINED IN THE AGREEMENTS.

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

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.

  • PROVIDENT SERVICES CORPORATION INC

    C · INSURANCE PRODUCTS · CA · 100% owned · share of income $1,122,672 · share of assets $1,386,800 · controlled entity

    Directly controlled by PROVIDENT CREDIT UNION

Provenance

Return type
form_990
Tax year
2022
Filed
24 October 2023
IRS schema version
2022v5.0
Source object
202333009349302153

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