California Credit Union
- Assets
- $4.3b
- Revenue
- $164.4m
- Investments
- $0.0
- Employees
- 618
- Location
- Glendale, CA
- Founding
- 09/1961
- Data as of
- 12/2021
- EIN
- 95-0951410
Organization Overview
California Credit Union is located in Glendale, 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, California Credit Union employed 618 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. California 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, California Credit Union generated $164.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.6% each year . All expenses for the organization totaled $124.2m during the year ending 12/2021. While expenses have increased by 10.3% 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 2017, California Credit Union has awarded 61 individual grants totaling $1,046,670. 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.
Form
990
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
WE CONCLUDED ANOTHER SUCCESSFUL YEAR SERVING OUR MEMBERS IN 2021.
AT CALIFORNIA CREDIT UNION WE WERE PROUD TO CONTINUE SUPPORTING OUR MEMBERS AND COMMUNITIES FINANCIALLY AFFECTED BY THE CORONAVIRUS-19 PANDEMIC THROUGH A VARIETY OF ASSISTANCE PROGRAMS, DEFERRING $382 MILLION IN LOANS TO DATE. IN ADDITION, TO DATE WE HAVE WAIVED MORE THAN $1 MILLION IN MEMBER FEES AND PROVIDED NEARLY 920 SMALL BUSINESSES WITH SBA PPP LOANS ESTIMATED TO HAVE SAVED APPROXIMATELY, 9,000 JOBS ACROSS SOUTHERN CALIFORNIA. WE LAUNCHED A NEW MEMBER FACING WEBSITE ENHANCING THE USER JOURNEY WITH EASIER NAVIGATION AND PROVIDING OUR MEMBERS WITH FREE FINANCIAL EDUCATION TOOLS, INCLUDING CALCULATORS AND ARTICLES TO HELP THEM REACH THEIR FINANCIAL GOALS. IN ADDITION, WE PARTNERED WITH GREENPATH FINANCIAL WELLNESS TO PROVIDE COMPREHENSIVE FINANCIAL COUNSELING, FINANCIAL EDUCATION, AND MONEY MANAGEMENT TOOLS TO OUR MEMBERS. GREENPATH IS FEATURED THROUGHOUT VARIOUS LOCATIONS ON OUR WEBSITE. IN 2021, WE ALSO LAUNCHED AN EMPLOYEE-LED DIVERSITY AND INCLUSION COMMITTEE AS WELL AS AN ALL WOMEN LEADERSHIP GROUP FOR CAREER ADVANCEMENT.
CALIFORNIA CREDIT UNION IS A PROUD SUPPORTER OF THE EDUCATION, MILITARY AND LOCAL COMMUNITIES. WE WERE HONORED TO CONTINUE OUR COMMUNITY PARTNERSHIPS IN 2021 AS MOST PROGRAMS AND EVENTS STARTED TO TRANSITION BACK TO AN IN-PERSON FORMAT. IN 2021, WE FUNDED MORE THAN $425,000 IN EDUCATIONAL PROGRAMS INCLUDING TEACHER GRANTS AND STUDENT SCHOLARSHIPS, AS WELL AS COMMUNITY GIVING INITIATIVES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick Carey Former Evp, General Counsel/president Cuso | Officer | 40 | $1,421,394 |
Stephen O'connell President, CEO | Officer | 40 | $926,246 |
Robert O'grady Evp, Chief Operating Officer | Officer | 40 | $664,200 |
Hudson Lee Evp, Chief Risk Officer | Officer | 40 | $541,186 |
Mark Lovewell Evp, Chief Financial Officer/president Cuso | Officer | 40 | $529,931 |
John Bretthauer Evp, Chief Administrative Officer | Officer | 40 | $502,388 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Laz Parking California Llc Parking Services | 12/30/21 | $256,529 |
Barrel Llc Software Development | 12/30/21 | $126,557 |
Toolcase Llc It Services | 12/30/21 | $161,250 |
All Clear Appraisals Appraisal Management | 12/30/21 | $135,185 |
Lereta Llc Real Estate Tax Services | 12/30/21 | $164,165 |
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 | $126,395,665 |
| Investment income | $13,408,428 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $13,908,174 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $164,391,792 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $87,176 |
| Grants and other assistance to domestic individuals. | $20,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $7,510,497 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $39,126,980 |
| Pension plan accruals and contributions | $2,396,314 |
| Other employee benefits | $6,660,082 |
| Payroll taxes | $3,102,836 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $375,695 |
| Fees for services: Accounting | $280,551 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,444,343 |
| Advertising and promotion | $3,640,272 |
| Office expenses | $9,764,003 |
| Information technology | $9,211,329 |
| Royalties | $0 |
| Occupancy | $8,395,442 |
| Travel | $559,851 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $9,616,337 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,491,611 |
| Insurance | $391,158 |
| All other expenses | $0 |
| Total functional expenses | $124,229,218 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $49,262,321 |
| Savings and temporary cash investments | $439,380,586 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $15,208,239 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,909,889 |
| Net Land, buildings, and equipment | $118,943,262 |
| Investments—publicly traded securities | $1,544,790,799 |
| Investments—other securities | $0 |
| Investments—program-related | $1,985,084,973 |
| Intangible assets | $23,865,227 |
| Other assets | $110,444,392 |
| Total assets | $4,290,889,688 |
| Accounts payable and accrued expenses | $73,306,487 |
| 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 | $3,793,133,963 |
| Total liabilities | $3,866,440,450 |
| 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 | $424,449,238 |
| Total liabilities and net assets/fund balances | $4,290,889,688 |
Grants Awarded
Over the last fiscal year, California Credit Union has awarded $62,780 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
Salt Lake City, UT PURPOSE: TO BENEFIT CHILDREN'S MIRACLE NETWORK HOSPITALS IN CALIFORNIA AND NEVADA. | $26,780 |
Los Angeles, CA PURPOSE: IN SUPPORT OF THE ZOO'S INNOVATIVE ANIMAL CARE AND GLOBAL WILDLIFE CONSERVATION EFFORTS. | $20,000 |
San Diego, CA PURPOSE: IN SUPPORT OF MIDWAY'S STEM FIELD TRIP PROGRAM AND THE NO CHILD LEFT ASHORE SCHOLARSHIP FUND. | $10,000 |
Glendale, CA PURPOSE: TO HELP MOVE HOMELESS FAMILIES AND INDIVIDUALS OFF THE STREETS AND INTO THEIR OWN HOME. | $6,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Golden 1 Credit Union Sacramento, CA | $18,331,687,285 | $525,382,897 |
Patelco Credit Union Dublin, CA | $9,047,982,000 | $276,202,116 |
Onpoint Community Credit Union Portland, OR | $9,040,369,064 | $300,691,175 |
San Diego County Credit Union San Diego, CA | $10,817,931,463 | $305,241,036 |
Credit Unions In The State Of California Pasadena, CA | $5,170,841,754 | $207,665,347 |
Credit Unions In The State Of California Santa Rosa, CA | $7,428,683,362 | $248,972,690 |
Travis Credit Union Vacaville, CA | $4,695,813,134 | $194,928,518 |
Safe Credit Union Folsom, CA | $4,443,372,826 | $162,136,670 |
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 |