Provident Credit Union

Organization Overview

Provident 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, Provident Credit Union employed 459 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Provident 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, Provident Credit Union generated $114.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $104.2m during the year ending 12/2021. While expenses have increased by 7.2% 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 2015, Provident Credit Union has awarded 55 individual grants totaling $628,182. 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

A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

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.


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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$103,783,547
Investment income $6,294,847
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $4,347,760
Net Gain/Loss on Asset Sales $10,000
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $114,626,988

Grants Awarded

Over the last fiscal year, Provident Credit Union has awarded $175,000 in support to 16 organizations.

Grant RecipientAmount

CRISTO REY - DELASALLE

Org PageRecipient Profile

Concord, CA

PURPOSE: TO SUPPORT AND ENCOURAGE CORPORATE WORK STUDY PROGRAM WHICH EMPOWERS STUDENTS TO CONTRIBUTE TO THE COST OF THEIR EDUCATION.

$55,000

REDWOOD CITY CHAMBER OF COMMERCE

Org PageRecipient Profile

Redwood City, CA

PURPOSE: TO HELP ADVANCE AND PROMOTE BUSINESS IN THE SAN MATEO COUNTY.

$30,000

GIANTS COMMUNITY FUND

Org PageRecipient Profile

San Francisco, CA

PURPOSE: TO HELP THE USE OF BASEBALL AS A FORUM TO ENCOURAGE YOUNGSTERS AND FAMILIES TO LIVE HEALTHY, PRODUCTIVE LIVES.

$10,000

San Mateo, CA

PURPOSE: TO PROVIDE FOOD, ACCESS TO SHELTER, HEALTHCARE, AND A BROAD RANGE OF SUPPORTIVE SERVICES.

$10,000

SOJOURN TO THE PAST

Org PageRecipient Profile

Sacramento, CA

PURPOSE: MOTIVATE AND EMPOWER YOUTH TO BECOME A NEW GENERATION OF LEADERS FOR SOCIAL CHANGE.

$10,000

AMERICAN HEART ASSOCIATION

Org PageRecipient Profile

Dallas, TX

PURPOSE: TO ASSIST IN THE EFFORT TO SAVE LIVES, IMPROVE LIVES, AND HELP TO BUILD A WORLD FREE OF HEART DISEASE AND STROKE IN WHICH ALL PEOPLE HAVE AN EQUITABLE CHANCE TO BE HEALTHY.

$10,000
View Grant Profile

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Oregon Community Credit Union
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