Altura Credit Union

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 12/2021, Altura Credit Union employed 498 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 12/2021, Altura Credit Union generated $106.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.3% each year . All expenses for the organization totaled $85.3m during the year ending 12/2021. While expenses have increased by 9.8% 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.

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

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 PRODUCTS TO ITS MEMBERS THAT INCLUDES VEHICLE LOANS, HOME LOANS, PERSONAL LOANS, AND CREDIT CARDS. 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 2021. IN 2021, IT SPECIFICALLY SOUGHT TO ASSIST MEMBERS THAT WERE IMPACTED BY FIRE, GOVERNMENT SHUTDOWN,OR OTHER EMERGENCY, THROUGH A VARIETY OF EFFORTS BY OFFERING EMERGENCY AND OTHER SPECIALIZED LOANS. THE ORGANIZATION OFFERS TWO TYPES OF PERSONAL LOANS: SIGNATURE LOAN AND SECURED LOANS. 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 COLLATERAL. 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 2021 TO ITS MEMBERS THROUGH COMMUNITY OUTREACH AND CONNECTING WITH OUR COMMUNITY PARTNERS. THESE WORKSHOPS COVERED THE FOLLOWING TOPICS: REBUILDING AFTER A FINANCIAL CRISIS, SOLVING THE MYSTERY OF CREDIT REPORTS, RAISING MONEY SMART KIDS, BUILDING A BETTER BUDGET, IDENTIFY THEFT SOLUTIONS, TEN STEPS TO FINANCIAL SUCCESS, PSYCHOLOGY OF SPENDING, TEENS AND MONEY AND UNDERSTANDING CREDIT. WE ALSO OFFER ACCESS TO CERTIFIED FINANCIAL COUNSELORS (BALANCE), ONLINE COURSE AND EDUCATION ARTICLES. THE FREE ONLINE COURSES CONSIST OF VARIOUS TOPICS ENABLING OUR 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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Board, Officers & Key Employees

Name (title)Compensation
Jennifer Binkley
CEO
$681,671
Kevin Sherrell
Evp/cso
$373,473
Luis Barrios
Commercial Bus Development Officer
$327,699
Robert Whitton
Svp/coo
$292,628
Gregory Rexroad
Mortgage Loan Officer
$292,417
Chris Andrus
Svp/cco
$288,593

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Cdw Direct Llc
It Services
$852,177
Business Data Inc
Statement Processing
$773,632
Ftsi
Security Control Services
$733,306
Alkami Technology Inc
Mobile Banking Provider
$1,529,347
Integrated Builders Group Inc
Construction Services
$1,362,282
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$98,254,390
Investment income $7,757,911
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $482,595
Net Gain/Loss on Asset Sales $285,383
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $106,884,732

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