San Mateo Credit Union

Organization Overview

San Mateo Credit Union is located in Redwood City, 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 12/2021, San Mateo Credit Union employed 250 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. San Mateo 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, San Mateo Credit Union generated $59.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $46.6m during the year ending 12/2021. While expenses have increased by 4.5% 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.

Since 2016, San Mateo Credit Union has awarded 41 individual grants totaling $384,120. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

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

Describe the Organization's Program Activity:

Part 3 - Line 4a

SAN MATEO 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 2021, WE HAD APPROXIMATELY 106,000 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.SMCU 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.


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Board, Officers & Key Employees

Name (title)Compensation
Wade Painter
President/ceo
$760,117
Valerie Alsip
Evp/coo
$394,303
Jennifer Wilkinson
Svp/clo
$306,160
David Diamond
Vp, CFO
$293,070
Patricia Ellingson
VP Real Estate Lending
$267,051
Rebecca Nixon
VP Hr
$231,491

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Pscu
Credit Card Processor
$1,964,047
Visa
Card Network Provider
$1,090,734
Jack Henry & Associates Inc
Core System
$792,723
Alkami Technology
Mobile Deposit
$1,031,978
Co-op Financial Services
Atm & Debit Card Processor
$908,378
View All Vendors

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$56,676,373
Investment income $188,663
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $2,477,395
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $59,342,431

Grants Awarded

Over the last fiscal year, San Mateo Credit Union has awarded $59,870 in support to 7 organizations.

Grant RecipientAmount

REDWOOD CITY POLICE ACTIVITIES LEAGUE

Org PageRecipient Profile

Redwood City, CA

PURPOSE: PAL GOLF TOURNAMENT

$11,500

NATIONAL CREDIT UNION FOUNDATION INC

Org PageRecipient Profile

Madison, WI

PURPOSE: ANNUAL PROGRAM SUPPORT

$10,000

SAN MATEO COUNTY HISTORICAL ASSOCIATION

Org PageRecipient Profile

Redwood City, CA

PURPOSE: 2021 ANNUAL FIRST FREE FRIDAYS SPONSORSHIP

$10,000

CHAMBER SAN MATEO COUNTY

Org PageRecipient Profile

Redwood City, CA

PURPOSE: SEMINAR SPONSORSHIP

$9,620

THE SEQUOIA AWARDS

Org PageRecipient Profile

Redwood City, CA

PURPOSE: SCHOLARSHIP DONATION TO ANNUAL AWARDS

$6,750

KAINOS HOME & TRAINING CENTER

Org PageRecipient Profile

Redwood City, CA

PURPOSE: MEMBERSHIP DRIVE DONATION

$6,000
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 1 grants that San Mateo Credit Union has recieved totaling $5,625.

Awarding OrganizationAmount
National Credit Union Foundation Inc

Madison, WI

PURPOSE: FINANCIAL HEALTH

$5,625
View Grant Recipient Profile

Peer Organizations

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$107,505,968
Vantage West Credit Union
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$106,118,675
Altura Credit Union
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$106,884,732

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