Credit Unions Chartered In The State Of Utah
- Assets
- $951.8m
- Revenue
- $26.7m
- Investments
- $0.0
- Employees
- 74
- Location
- Salt Lake City, UT
- Founding
- 07/1956
- Data as of
- 12/2021
- EIN
- 87-0188878
Organization Overview
Credit Unions Chartered In The State Of Utah, operating under the name Utah Power Credit Union, is located in Salt Lake City, UT. The organization was established in 1956. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Utah Power Credit Union employed 74 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Utah Power Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Utah Power Credit Union generated $26.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $14.2m during the year ending 12/2021. While expenses have increased by 2.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS MEMBERS ON A COOPERATIVE, NOT FOR PROFIT BASIS. PROFITS ARE PRIMARILY RETURNED TO MEMBERS AS DIVIDENDS OR INTEREST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION SERVES PACIFICORP EMPLOYEES, UNION PACIFIC/SOUTHERN PACIFIC RAILROAD OR UTAH RAILWAY COMPANY EMPLOYEES (LIVING AND/OR WORKING IN CARBON OR EMERY COUNTY), DESERET POWER EMPLOYEES AND ITS SUBSIDIARIES/COOPERATIVES, THE FOLLOWING RELATED ORGANIZATIONS: INTERMOUNTAIN CONSUMER POWER ASSOCIATION, UTAH ASSOCIATED MUNICIPAL POWER SYSTEMS, INTERMOUNTAIN POWER AGENCY, AND UTAH RURAL ELECTRIC ASSOCIATION, AND THEIR FAMILIES. MONEY DEPOSITED FROM MEMBERS IS LOANED OUT TO OTHER MEMBERS. FUNDS NOT LOANED OUT ARE INVESTED. INCOME RECEIVED FROM LOAN AND INVESTMENT INTEREST ALLOWS US TO PROVIDE LOW LOAN RATES AND HIGH SAVINGS RATES TO OUR MEMBERS. WE RETURN PROFITS BACK TO MEMBERS IN THE FORM OF DIVIDENDS AND ANY REMAINING PROFITS GO INTO A REQUIRED RESERVE ACCOUNT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ryan Pollick President/ceo | Officer | 50 | $234,132 |
Chris Brems SVP Technology & Strategy | Officer | 50 | $175,180 |
Russell K Johnson Board Chairman | Trustee | 3 | $0 |
Esther Giezendanner Board Secretary | Trustee | 3 | $0 |
Stephen A Hastings Board Vice-Chairman | Trustee | 3 | $0 |
Chris Spencer Board Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $13,428,615 |
| Investment income | $8,780,366 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $164,570 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $26,688,860 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,098,286 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,521,650 |
| Pension plan accruals and contributions | $358,457 |
| Other employee benefits | $1,076,844 |
| Payroll taxes | $259,382 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,000 |
| Fees for services: Accounting | $39,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $101,033 |
| Advertising and promotion | $66,368 |
| Office expenses | $649,533 |
| Information technology | $520,460 |
| Royalties | $0 |
| Occupancy | $312,590 |
| Travel | $22,482 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $62,511 |
| Interest | $41 |
| Payments to affiliates | $103,230 |
| Depreciation, depletion, and amortization | $348,958 |
| Insurance | $6,964 |
| All other expenses | $96,155 |
| Total functional expenses | $14,237,538 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,887,800 |
| Savings and temporary cash investments | $17,579 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,432,619 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $370,876,106 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $63,602 |
| Net Land, buildings, and equipment | $7,006,701 |
| Investments—publicly traded securities | $550,822,970 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $16,691,942 |
| Total assets | $951,799,319 |
| Accounts payable and accrued expenses | $2,977,150 |
| Grants payable | $0 |
| Deferred revenue | $49,100 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,026,250 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $832,508,190 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $116,264,879 |
| Total liabilities and net assets/fund balances | $951,799,319 |
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