Altura Credit Union
- Assets
- $1.5b
- Revenue
- $95.0m
- Investments
- $0.0
- Employees
- 435
- Location
- Riverside, CA
- Founding
- 06/1961
- Data as of
- 12/2019
- EIN
- 95-2023588
Organization Overview
Altura Credit Union is located in Riverside, 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 12/2018, Altura Credit Union employed 435 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Altura 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, Altura Credit Union generated $95.0m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 13.4% each year . All expenses for the organization totaled $75.6m during the year ending 12/2019. While expenses have increased by 11.3% 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
A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ALTURA CREDIT UNION OFFERS TRADITIONAL BANKING SERVICES, INCLUDING CHECKING ACCOUNTS, SAVINGS ACCOUNTS, AND INVESTMENT SERVICES (RETIREMENT ACCOUNTS, STOCKS, BONDS, AND MUTUAL FUNDS) FOR PERSONAL AND BUSINESS PURPOSES. IT ALSO OFFERS MOBILE BANKING THROUGH A PHONE APPLICATION AVAILABLE FOR IPHONE, ANDROID PHONES, AND BLACKBERRY PHONES. MEMBERS CAN HAVE 24/7 ACCOUNT ACCESS, CHECK THEIR ACCOUNT AND LOAN BALANCES, TRANSFER FUNDS WITHIN AN ACCOUNT PAY THEIR CREDIT CARD AND LOAN WITHIN AN ACCOUNT, LOCATE BRANCHES AND ATM MACHINES, AND HAVE ACCESS TO OTHER MEMBER SERVICES.
ALTURA CREDIT UNION OFFERS A WIDE RANGE LINE OF CREDIT PROGRAM TO ITS MEMBERS THAT INCLUDES VEHICLE LOANS, HOME LOANS, PERSONAL LOANS, AND CREDIT CARD FOR VEHICLES. THE ORGANIZATION OFFERS FINANCING OR REFINANCING FOR NEW OR USED AUTOMOBILES WITH TERMS UP TO 84 MONTHS. IT ALSO OFFERS FINANCING FOR RECREATIONAL VEHICLES, BOATS, JET SKIS, AND MOTORCYCLES. THE ORGANIZATION OFFERED TRADITIONAL AND ADJUSTABLE RATE MORTGAGES IN 2018. IN 2018, IT SPECIFICALLY SOUGHT TO ASSIST FIRST-TIME HOMEBUYERS THROUGH A VARIETY OF EFFORTS, INCLUDING FHA HOME LOANS AND A DOWN PAYMENT ASSISTANCE PROGRAM. THE ORGANIZATION OFFERS TWO TYPES OF PERSONAL LOANS: SIGNATURE LOAN AND SECURED LOAN. A SIGNATURE LOAN PROVIDES UP TO $15,000 TO ITS MEMBERS FOR ANY PURPOSE. A SECURED LOAN PROVIDES LOANS TO ITS MEMBERS THAT IS SECURED BY THE FUNDS IN THE MEMBER SAVINGS ACCOUNT OR SHARE CERTIFICATE. A SECURED LOAN HAS TERMS UP TO 10 YEARS OR UP TO THE MATURITY DATE FOR A SHARE CERTIFICATE. THE ORGANIZATION ALSO OFFERS A VARIETY OF CREDIT CARDS INCLUDING MASTERCARD PLATINUM PREFERRED, MASTERCARD PLATINUM, MASTERCARD CLASSIC, AND MASTERCARD REWARDS.
ALTURA CREDIT UNION OFFERED FREE WORKSHOPS IN 2018 TO ITS MEMBERS. THESE WORKSHOPS COVERED THE FOLLOWING TOPICS: SECURING YOUR FINANCIAL FUTURE, SOCIAL SECURITY, AND RETIREMENT PLANNING. IT ALSO OFFERED FREE ONLINE COURSES ON DIFFERENT TOPICS ENABLING ITS MEMBERS TO EXPLORE DIFFERENT ASPECTS OF FINANCIAL EDUCATION AT THEIR OWN PACE. CLASSES INCLUDED: MONEY MANAGEMENT, CHECKING ACCOUNT MANAGEMENT, THE PSYCHOLOGY OF SPENDING, THE ROAD TO HOME OWNERSHIP, FINANCIAL FIRST AID, FINANCES FOR COLLEGE STUDENTS, AND BUYING A VEHICLE.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Binkley CEO | Officer | 40 | $621,394 |
Tommie Shryock Evp/cfo | Officer | 40 | $325,980 |
Kevin Sherrell Evp/ciao | Officer | 40 | $311,957 |
Robert Whitton Svp/coo | Officer | 40 | $266,095 |
David Constantino Svp/clo | Officer | 40 | $262,784 |
Chris Andrus Svp/cco | Officer | 40 | $262,360 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Integrated Builders Group Inc Construction Services | 12/30/18 | $2,168,212 |
Oltmans Construction Co Inc Construction Services | 12/30/18 | $4,383,329 |
Business Data Inc Statement Processing | 12/30/18 | $960,324 |
Alkami Technology Inc Mobile Banking Provider | 12/30/18 | $1,056,896 |
Ftsi Security Control Services | 12/30/18 | $722,629 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $5,158,431 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $367,318 |
| Net Gain/Loss on Asset Sales | $73,211 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $94,951,548 |
| Statement of Expenses | |
|---|---|
| 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. | $3,396,548 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $21,648,809 |
| Pension plan accruals and contributions | $656,143 |
| Other employee benefits | $2,307,174 |
| Payroll taxes | $1,851,068 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $75,638 |
| Fees for services: Accounting | $194,594 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,538,775 |
| Advertising and promotion | $3,138,169 |
| Office expenses | $5,523,848 |
| Information technology | $484,221 |
| Royalties | $0 |
| Occupancy | $3,612,617 |
| Travel | $592,148 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $6,050,497 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,999,364 |
| Insurance | $563,332 |
| All other expenses | $0 |
| Total functional expenses | $75,602,789 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $19,571,781 |
| Savings and temporary cash investments | $37,568,143 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $9,094,113 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,321,411 |
| Investments—publicly traded securities | $162,268,719 |
| Investments—other securities | $0 |
| Investments—program-related | $1,155,394,293 |
| Intangible assets | $399,631 |
| Other assets | $83,769,644 |
| Total assets | $1,515,289,444 |
| Accounts payable and accrued expenses | $18,694,072 |
| 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 | $1,322,087,830 |
| Total liabilities | $1,340,781,902 |
| 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 |
| Total liabilities and net assets/fund balances | $174,507,542 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Golden 1 Credit Union Sacramento, CA | $12,993,881,498 | $532,330,203 |
San Diego County Credit Union San Diego, CA | $8,469,209,045 | $343,670,713 |
Patelco Credit Union Dublin, CA | $7,290,342,964 | $299,706,510 |
Onpoint Community Credit Union Portland, OR | $7,902,214,326 | $316,165,709 |
Credit Unions In The State Of California Sunnyvale, CA | $9,073,674,668 | $257,132,367 |
Credit Unions In The State Of California Pasadena, CA | $3,690,408,153 | $217,920,461 |
Travis Credit Union Vacaville, CA | $3,365,005,976 | $180,779,315 |
Safe Credit Union Folsom, CA | $3,814,181,101 | $166,534,195 |
Credit Unions In The State Of California Santa Rosa, CA | $4,988,759,555 | $237,085,485 |
One Az Credit Union Phoenix, AZ | $2,608,126,699 | $106,232,415 |
California Credit Union Glendale, CA | $3,190,811,816 | $155,942,457 |
Educational Employees Credit Union Fresno, CA | $3,213,871,503 | $143,847,329 |