Credit Unions In The State Of California
- Assets
- $249.0m
- Revenue
- $8.7m
- Investments
- $794.6k
- Employees
- 57
- Location
- Rancho Cordova, CA
- Founding
- 09/1961
- Data as of
- 12/2021
- EIN
- 94-1289802
Organization Overview
Credit Unions In The State Of California is located in Rancho Cordova, 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, Credit Unions In The State Of California employed 57 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Credit Unions In The State Of California 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, Credit Unions In The State Of California generated $8.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $7.6m during the year ending 12/2021. 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
CREDIT UNION PROVIDING DEPOSIT ACCOUNTS, LOANS AND OTHER PRODUCTS TO ITS MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
HERITAGE OFFERS CHECKING, SAVINGS, MONEY MARKET, AND SHARE CERTIFICATES WITH MINIMAL OR NO COST TO MEMBERS WHILE PAYING OUT COMPETITIVE DIVIDENDS. MEMBERS CAN ACCESS FUNDS THROUGH OUR BRANCHES, CONTACT CENTER, ONLINE AND MOBILE BANKING, DEBIT CARDS, AND TRANSFERS THROUGH WIRE OR ZELLE.
HERITAGE HAS A VARIETY OF AFFORDABLE LOAN OPTIONS FOR HOMES, AUTOMOBILES, RECREATIONAL VEHICLES, MANUFACTURED RESIDENCES, PERSONAL USE, AND LINES OF CREDIT. ALL LOANS FEATURE CURRENT AND COMPETITIVE INTEREST RATES.
HERITAGE PROVIDES OPPORTUNITIES FOR THOSE LOOKING TO INVEST IN THEIR FINANCIAL FUTURE VIA RETIREMENT, BROKERAGE ACCOUNTS, AND COMPREHENSIVE INSURANCE OPTIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ed Turk President/ceo | Officer | 40 | $276,299 |
Christine Haroldson Chief Lending Officer | Officer | 40 | $161,555 |
Matt Harms CFO | Officer | 40 | $156,613 |
Chad Suggs VP Information Technology | Officer | 40 | $155,493 |
Craig Engstrom VP Member Services | 40 | $108,627 | |
Bobbi Beehler Secretary | OfficerTrustee | 1 | $660 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
United Solutions Company Server Hosting | 12/30/21 | $283,868 |
Ncr Corporation Online & Mobile Banking | 12/30/21 | $270,632 |
Kasasa Ltd Checking Account Services | 12/30/21 | $167,217 |
Us Telepacific Corp Telecommunications | 12/30/21 | $101,521 |
Quest Network Support | 12/30/21 | $227,967 |
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 | $8,521,581 |
| Investment income | $167,407 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$8,900 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,680,088 |
| 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. | $788,390 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,124,163 |
| Pension plan accruals and contributions | $95,980 |
| Other employee benefits | $241,628 |
| Payroll taxes | $229,585 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,095 |
| Fees for services: Accounting | $66,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $855,135 |
| Advertising and promotion | $157,903 |
| Office expenses | $1,054,210 |
| Information technology | $366,082 |
| Royalties | $0 |
| Occupancy | $433,190 |
| Travel | $5,966 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,185 |
| Interest | $355,856 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $347,642 |
| Insurance | $76,127 |
| All other expenses | $0 |
| Total functional expenses | $7,635,259 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,092,242 |
| Savings and temporary cash investments | $54,969,517 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,400,193 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $176,280,323 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $586,816 |
| Net Land, buildings, and equipment | $1,645,083 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $794,630 |
| Investments—program-related | $2,124,332 |
| Intangible assets | $0 |
| Other assets | $8,066,370 |
| Total assets | $248,959,506 |
| Accounts payable and accrued expenses | $1,792,856 |
| 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 | $2,000,000 |
| Other liabilities | $223,523,627 |
| Total liabilities | $227,316,483 |
| 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 | $21,643,023 |
| Total liabilities and net assets/fund balances | $248,959,506 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Credit Unions In The State Of California San Jose, CA | $681,759,070 | $22,054,983 |
Credit Unions In The State Of California Glendora, CA | $610,952,696 | $24,733,288 |
Sacramento Credit Union Sacramento, CA | $686,832,962 | $22,206,265 |
Safeamerica Credit Union Pleasanton, CA | $545,562,610 | $20,698,342 |
Wheelhouse Credit Union San Diego, CA | $389,094,591 | $17,122,868 |
1st Northern California Credit Union Martinez, CA | $878,372,297 | $16,635,726 |
Premierone Credit Union San Jose, CA | $564,442,079 | $17,632,094 |
Eagle Community Credit Union Lake Forest, CA | $329,547,938 | $17,550,263 |
Boulder Dam Credit Union Boulder City, NV | $864,129,621 | $17,427,262 |
Credit Unions In The State Of California Sacramento, CA | $267,106,457 | $14,853,588 |
Credit Unions In The State Of California Sacramento, CA | $521,811,500 | $16,140,124 |
Deer Valley Credit Union Phoenix, AZ | $248,381,939 | $11,691,961 |