Schools Financial Credit Union
- Assets
- $0.0
- Revenue
- $101.3m
- Investments
- $0.0
- Employees
- 390
- Location
- Sacramento, CA
- Founding
- 09/1961
- Data as of
- 12/2019
- EIN
- 94-1189841
Organization Overview
Schools Financial Credit Union is located in Sacramento, CA. The organization was established in 1961. 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 12/2019, Schools Financial Credit Union employed 390 individuals. Schools Financial 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 12/2019, Schools Financial Credit Union generated $101.3m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 11.2% each year . All expenses for the organization totaled $69.3m during the year ending 12/2019. While expenses have increased by 8.4% per year over the past 5 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE MEMBERS WITH BETTER VALUE AND OUTSTANDING SERVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOOLS FINANCIAL CREDIT UNION (SCHOOLS FINANCIAL) IS A MEMBER OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE DEDICATED TO SERVING THE FINANCIAL NEEDS OF ITS MEMBERS. ITS PURPOSE IS TO BE THE PRIMARY FINANCIAL INSTITUTION FOR COMMUNITY MEMBERS IN ITS SERVICE AREA. ITS MISSION IS TO PROVIDE MEMBERS WITH BETTER VALUE AND OUTSTANDING SERVICE.SCHOOLS FINANCIAL FOSTERS A CULTURE OF "PEOPLE HELPING PEOPLE" THROUGHOUT THE ORGANIZATION, AND ITS INTERACTION WITH MEMBERS EPITOMIZES THE STANDARDS OF ETHICAL BEHAVIOR. SCHOOLS FINANCIAL TREATS ALL MEMBERS WITH RESPECT AND DIGNITY AND PROVIDES SERVICES TO SAVERS AND BORROWERS IN A DEMOCRATIC FASHION. SCHOOLS FINANCIAL OFFERS ITS MEMBERS AN ECONOMIC ADVANTAGE COMBINED WITH COURTEOUS, COMPETENT, AND TIMELY SERVICE. IT VALUES OPEN, HONEST, TWO-WAY COMMUNICATION WITH ITS MEMBERS. SCHOOLS FINANCIAL SOLICITS INPUT FROM ITS MEMBERS TO FACILITATE COMMUNICATION AND TO MEASURE SERVICE QUALITY. SCHOOLS FINANCIAL IS COMMITTED TO CONSTANTLY IMPROVING ITS OVERALL OPERATIONAL EFFICIENCY, ITS SERVICE DELIVERY CONVENIENCE AND THE LEVEL OF PROFESSIONAL SERVICE IT PROVIDES TO ITS MEMBERS. IT MEETS ITS MEMBERS' EXPECTATIONS FOR PRICE ADVANTAGE, QUALITY SERVICE AND CONVENIENCE BY REMAINING FINANCIALLY STRONG AND VIABLE.SCHOOLS FINANCIAL COMMUNICATES ITS SERVICES IN A MEANINGFUL WAY SO THAT MEMBERS, POTENTIAL MEMBERS, LEGISLATORS, REGULATORS AND THE COMMUNITY-AT-LARGE UNDERSTAND AND APPRECIATE THE UNIQUE ROLE THAT MEMBER-OWNED FINANCIAL COOPERATIVES PLAY IN THEIR LIVES. ITS COMMITMENT TO MEMBERS IS CONSISTENT WITH ITS PRINCIPLES OF "FOR SERVICE, NOT FOR PROFIT, NOT FOR CHARITY AND ITS PHILOSOPHY OF "PEOPLE HELPING PEOPLE". THIS COMMITMENT REPRESENTS THE SOUND BUSINESS PRACTICES THAT ENSURE THE FINANCIAL STRENGTH OF SCHOOLS FINANCIAL FOR ITS MEMBERS.
AS OF DECEMBER 31,2019, SCHOOLS FINANCIAL HAD ELEVEN BRANCHES, 159,881 MEMBERS, TOTAL ASSETS OF $2,150,075,672, TOTAL OUTSTANDING LOANS OF $1,633,906,634, AND TOTAL DEPOSITS OF $1,864,796,531.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy Marriott President/ceo | Officer | 45 | $826,080 |
Todd Devoogd SVP Finance/cfo | Officer | 45 | $279,664 |
Steve Langley SVP Member Services/chief Retail Officer | Officer | 40 | $248,270 |
Tom Kuang SVP Information Services/cio | Officer | 40 | $232,551 |
Jason Stiles VP Real Estate Lending | 40 | $210,630 | |
Lisa Mackay VP Human Resources And Com | 40 | $208,652 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Diebold Inc Atm Servicing | 12/30/19 | $487,965 |
Styskal Wiese & Melchione Llp Attorneys | 12/30/19 | $300,083 |
Dfs - Document Fulfillment Services Statement And Tax Form Printing Services | 12/30/19 | $268,214 |
Clear Channel Outdoor Advertising | 12/30/19 | $209,689 |
Absolute Adjustment Service Inc Collection Services | 12/30/19 | $179,032 |
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 | $88,033,996 |
| Investment income | $8,792,499 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $470,674 |
| Net Gain/Loss on Asset Sales | $3,964,656 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $101,261,825 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $20,855 |
| Grants and other assistance to domestic individuals. | $22,800 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,537,600 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $18,638,997 |
| Pension plan accruals and contributions | $1,876,956 |
| Other employee benefits | $2,644,025 |
| Payroll taxes | $1,598,411 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $468,071 |
| Fees for services: Accounting | $80,842 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $146,142 |
| Advertising and promotion | $637,085 |
| Office expenses | $1,208,089 |
| Information technology | $4,086,810 |
| Royalties | $0 |
| Occupancy | $2,464,914 |
| Travel | $59,860 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $348,042 |
| Interest | $14,113,683 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $735,434 |
| Insurance | $259,322 |
| All other expenses | $2,371,780 |
| Total functional expenses | $69,254,863 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $0 |
Grants Awarded
Over the last fiscal year, Schools Financial Credit Union has awarded $20,855 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Sacramento, CA PURPOSE: ARC STEM BUILDING CAPITAL CAMPAIGN | $8,000 |
Sacramento, CA PURPOSE: RUN TO FEED THE HUNGRY | $6,722 |
Ontario, CA PURPOSE: GENERAL SUPPORT | $6,133 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
California Credit Union Glendale, CA | $4,290,889,688 | $164,391,792 |
Credit Unions In The State Of California Sunnyvale, CA | $11,067,829,708 | $197,844,755 |
Educational Employees Credit Union Fresno, CA | $4,681,848,243 | $140,033,802 |
Oregon Community Credit Union Eugene, OR | $2,826,121,126 | $182,242,816 |
Provident Credit Union Redwood City, CA | $3,536,838,918 | $114,626,988 |
Valley Strong Credit Union Bakersfield, CA | $3,451,789,893 | $131,789,936 |
Technology Credit Union San Jose, CA | $4,123,158,923 | $173,209,130 |
One Az Credit Union Phoenix, AZ | $3,043,080,305 | $105,409,190 |
Credit Unions In The State Of California San Diego, CA | $3,476,522,108 | $114,723,458 |
Premier America Credit Union Chatsworth, CA | $3,406,612,540 | $107,505,968 |
Vantage West Credit Union Tucson, AZ | $2,536,511,128 | $106,118,675 |
Altura Credit Union Riverside, CA | $2,322,631,067 | $106,884,732 |