F3 CREDIT UNION: Form 990, tax year 2024
View the entire original 990 at ProPublica ↗
- Organization
- F3 CREDIT UNION (EIN 94-0760540)
- Tax period
- 2024-01-01 to 2024-12-31
- Filed
- 2025-05-07
- IRS object ID
- 202541279349303219
- Schema version
- 2024v5.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2025-05-07T14:47:00-05:00 | ReturnTs |
| Tax Period End | 2024-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 420714325 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RSM US LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4650 EAST 53RD STREET | AddressLine1Txt |
| City | DAVENPORT | CityNm |
| State Abbreviation | IA | StateAbbreviationCd |
| ZIP | 528073479 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2024-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 940760540 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | F3 CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | PACI | BusinessNameControlTxt |
| Phone | 4082758595 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1040 LEIGH AVENUE | AddressLine1Txt |
| City | SAN JOSE | CityNm |
| State Abbreviation | CA | StateAbbreviationCd |
| ZIP | 951264152 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | PAUL LINDSLEY | PersonNm |
| Person Title | CHIEF FINANCIAL OFFICER | PersonTitleTxt |
| Phone | 4082758595 | PhoneNum |
| Signature | 2025-05-06 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | Yes (1) | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | JENIFER L CHASE | PreparerPersonNm |
| PTIN | P01306883 | PTIN |
| Phone | 5638884000 | PhoneNum |
| Preparation | 2025-05-06 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2024 | TaxYr |
| Build TS | 2025-03-06 01:10:19Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Change | Yes (X) | NameChangeInd |
| Principal Officer | FARDAD KHOSRAVI | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1040 LEIGH AVENUE | AddressLine1Txt |
| City | SAN JOSE | CityNm |
| State Abbreviation | CA | StateAbbreviationCd |
| ZIP | 951264152 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $11,865,118 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.F3CREDITUNION.COM | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1931 | FormationYr |
| Legal Domicile State | CA | LegalDomicileStateCd |
| Activity Or Mission | F3 CREDIT UNION BUILDS FINANCIAL PARTNERSHIPS AND PROVIDES COMPETITIVE SERVICES. | ActivityOrMissionDesc |
| Voting Members Governing Body | 6 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 6 | VotingMembersIndependentCnt |
| Total Employee | 41 | TotalEmployeeCnt |
| Total Volunteers | 10 | TotalVolunteersCnt |
| Total Gross UBI | $35,751 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $6,278,499 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $7,145,996 | CYProgramServiceRevenueAmt |
| PY Investment Income | $4,237,695 | PYInvestmentIncomeAmt |
| CY Investment Income | $4,719,122 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $10,516,194 | PYTotalRevenueAmt |
| CY Total Revenue | $11,865,118 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $3,551,821 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $3,659,236 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $5,466,302 | PYOtherExpensesAmt |
| CY Other Expenses | $7,066,856 | CYOtherExpensesAmt |
| PY Total Expenses | $9,018,123 | PYTotalExpensesAmt |
| CY Total Expenses | $10,726,092 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $1,498,071 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $1,139,026 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $236,503,849 | TotalAssetsBOYAmt |
| Total Assets EOY | $233,387,409 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $203,997,888 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $198,698,304 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $32,505,961 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $34,689,105 | NetAssetsOrFundBalancesEOYAmt |
| Mission | F3 CREDIT UNION IS COMMITTED TO CREATING A BETTER LIFE FOR OUR MEMBER OWNERS BY BUILDING FINANCIAL PARTNERSHIPS AND PROVIDING COMPETITIVE SERVICES. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | F3 CREDIT UNION (THE CREDIT UNION) PROVIDES CONSUMER FINANCIAL SERVICES TO INDIVIDUALS THAT RESIDE IN SANTA CLARA COUNTY, CALIFORNIA. THE CREDIT UNION PROVIDES A VAST ARRAY OF LOAN PRODUCTS TO MEMBERS AT COMPETITIVE MARKET RATES AND LOWER THAN MARKET FEES. DURING 2024, THE CREDIT UNION PROVIDED A TOTAL OF $37 MILLION IN MEMBER AND PARTICIPATION LOAN DOLLARS. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | F3 CREDIT UNION PROVIDES DEPOSITORY SERVICES TO ITS MEMBERS. DURING 2024, MEMBERS HAD A TOTAL OF $197 MILLION MEMBER SHARE DEPOSITS AT DECEMBER 31, 2024. | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | F3 CREDIT UNION'S CAPITAL PERCENTAGE AT DECEMBER 31, 2024 WAS 17.59%. THIS IS GREATER THAN 1.5X THE INDUSTRY REQUIREMENT. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | Yes (1) | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | 0 | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | Yes (1) | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 16399 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 41 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 6 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 6 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | Yes (1) | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | 0 | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | 0 | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | 0 | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | CA | StatesWhereCopyOfReturnIsFldCd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | FARDAD KHOSRAVI | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 4082758595 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1040 LEIGH AVENUE | AddressLine1Txt |
| City | SAN JOSE | CityNm |
| State Abbreviation | CA | StateAbbreviationCd |
| ZIP | 951264152 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (12 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|
| CAROL CROTEAU | |||||||
| VICE CHAIR | 0.50 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| MARIE FURTADO | |||||||
| DIRECTOR | 0.50 | Yes (X) | $0 | $0 | $0 | ||
| MICHAEL MEDLIN | |||||||
| SECRETARY, TREASURER | 0.50 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| ROBERT SCALETTA | |||||||
| DIRECTOR | 0.50 | Yes (X) | $0 | $0 | $0 | ||
| RICHARD SILVERIA | |||||||
| DIRECTOR | 0.50 | Yes (X) | $0 | $0 | $0 | ||
| ROGER SOMER | |||||||
| CHAIR | 0.50 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| FARDAD KHOSRAVI | |||||||
| PRESIDENT & CEO | 40.00 | Yes (X) | $352,948 | $0 | $109,491 | ||
| PAUL LINDSLEY | |||||||
| CFO | 40.00 | Yes (X) | $169,656 | $0 | $23,600 | ||
| MANIE KOHN | |||||||
| VP - MARKETING | 40.00 | $126,000 | $0 | $17,225 | Yes (X) | ||
| DAVID CLARK | |||||||
| VP - IT | 40.00 | $148,464 | $0 | $23,583 | Yes (X) | ||
| CYNDEE LEMON | |||||||
| VP - OPERATIONS/HR | 40.00 | $137,365 | $0 | $25,423 | Yes (X) | ||
| ELSA PHAM | |||||||
| VP - LENDING | 40.00 | $135,802 | $0 | $25,549 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,070,235 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $224,871 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 6 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (4 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| FIS | |||||
| 7805 HUDSON RD | WOODBURY | MN | 55125 | VISA PROCESSING | $410,173 |
| FINASTRA | |||||
| PO BOX 535120 | ATLANTA | GA | 30353 | DATA PROCESSING | $366,706 |
| 454 | |||||
| 5251 CALIFORNIA AVE | IRVINE | CA | 92617 | MARKETING | $120,000 |
| TPX | |||||
| 208 S AKARD ST | DALLAS | TX | 75202 | COMMUNICATIONS | $106,455 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 4 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (5 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| INTEREST FROM LOANS | 522100 | $5,859,799 | $5,859,799 | |
| FEE & CHARGES INCOME | 522100 | $673,136 | $637,385 | $35,751 |
| MASTERCARD INTERCHANGE INCOME | 522100 | $269,975 | $269,975 | |
| OTHER INCOME | 522100 | $186,892 | $186,892 | |
| VISA INTERCHANGE INCOME | 522100 | $156,194 | $156,194 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $7,145,996 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $4,719,122 | TotalRevenueColumnAmt |
| Exclusion | $4,719,122 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $11,865,118 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $7,110,245 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $35,751 | UnrelatedBusinessRevenueAmt |
| Exclusion | $4,719,122 | ExclusionAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $655,695 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,372,936 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $67,560 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $339,370 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $223,675 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $81,042 | TotalAmt |
Fees For Services Lobbying FeesForServicesLobbyingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,500 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $261,354 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $338,111 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $86,275 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $562,078 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $338,812 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $69,865 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $37,612 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $88,689 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| DIVIDENDS PAID TO MEMBE | $2,571,676 |
| PROVISION FOR LOAN LOSS | $1,761,847 |
| LOAN/VISA EXPENSES | $352,613 |
| ATM EXPENSES | $271,223 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $244,156 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $10,726,092 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $6,646,483 | BOYAmt |
| EOY | $8,310,132 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,425,043 | BOYAmt |
| EOY | $1,530,493 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,264,779 | BOYAmt |
| EOY | $3,448,941 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $102,691,197 | BOYAmt |
| EOY | $107,063,991 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $546,340 | BOYAmt |
| EOY | $500,768 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $444,435 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $258,836 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $181,161 | BOYAmt |
| EOY | $185,599 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $108,388,314 | BOYAmt |
| EOY | $102,088,535 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $37,760 | BOYAmt |
| EOY | $0 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $13,322,772 | BOYAmt |
| EOY | $10,258,950 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $236,503,849 | BOYAmt |
| EOY | $233,387,409 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,276,933 | BOYAmt |
| EOY | $1,260,488 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $202,720,955 | BOYAmt |
| EOY | $197,437,816 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $203,997,888 | BOYAmt |
| EOY | $198,698,304 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $32,505,961 | BOYAmt |
| EOY | $34,689,105 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $32,505,961 | BOYAmt |
| EOY | $34,689,105 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $236,503,849 | BOYAmt |
| EOY | $233,387,409 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $1,139,026 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $1,044,118 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $0 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | 0 | FSAuditedInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule C IRS990ScheduleC
| Field | Value | IRS element (for citing) |
|---|---|---|
| Political Expenditures | $1,500 | PoliticalExpendituresAmt |
| Internal Funds Contributed | $1,500 | InternalFundsContributedAmt |
| Total Exempt Function Expend | $1,500 | TotalExemptFunctionExpendAmt |
| Form1120 POL Filed | Yes (1) | Form1120POLFiledInd |
Section527 Political Org Section527PoliticalOrgGrp
Organization Business Name OrganizationBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CALIFORNIA CREDIT UNION LEAGUE | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1201 K STREET SUITE 1050 | AddressLine1Txt |
| City | SACRAMENTO | CityNm |
| State Abbreviation | CA | StateAbbreviationCd |
| ZIP | 95814 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 940357265 | EIN |
| Paid Internal Funds | $1,500 | PaidInternalFundsAmt |
| Contributions Rcvd Dlvr | $0 | ContributionsRcvdDlvrAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I-A, LINE 1: | FormAndLineReferenceDesc |
| Explanation | F3 CREDIT UNION MADE A $1,500 POLITICAL ACTION COMMITTEE CONTRIBUTION TO THE CALIFORNIA CREDIT UNION LEAGUE IN AUGUST 2024 TO SUPPORT CREDIT UNION ISSUES. | ExplanationTxt |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $67,017 | OtherCostOrOtherBasisAmt |
| Book Value | $67,017 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $206,042 | OtherCostOrOtherBasisAmt |
| Depreciation | $146,885 | DepreciationAmt |
| Book Value | $59,157 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $171,376 | OtherCostOrOtherBasisAmt |
| Depreciation | $111,951 | DepreciationAmt |
| Book Value | $59,425 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $185,599 | TotalBookValueLandBuildingsAmt |
Other Securities OtherSecuritiesGrp (3 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| DEPOSITS IN CORPORATE CREDIT UNIONS | $4,861,761 | C |
| PREPAID INVESTMENT PREMIUMS | $3,266,990 | C |
| AVAILABLE FOR SALE INVESTMENTS | $93,959,784 | F |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Securities | $102,088,535 | TotalBookValueSecuritiesAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MEMBER SHARE DEPOSITS | Desc |
| Amt | $197,437,816 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $197,437,816 | TotalLiabilityAmt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (5 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FARDAD KHOSRAVI | ||||||||||||||
| PRESIDENT & CEO | $352,948 | $0 | $0 | $0 | $0 | $0 | $90,135 | $0 | $19,356 | $0 | $462,439 | $0 | $0 | $0 |
| PAUL LINDSLEY | ||||||||||||||
| CFO | $169,656 | $0 | $0 | $0 | $0 | $0 | $11,310 | $0 | $12,290 | $0 | $193,256 | $0 | $0 | $0 |
| DAVID CLARK | ||||||||||||||
| VP - IT | $148,464 | $0 | $0 | $0 | $0 | $0 | $10,496 | $0 | $13,087 | $0 | $172,047 | $0 | $0 | $0 |
| CYNDEE LEMON | ||||||||||||||
| VP - OPERATIONS/HR | $137,365 | $0 | $0 | $0 | $0 | $0 | $9,635 | $0 | $15,788 | $0 | $162,788 | $0 | $0 | $0 |
| ELSA PHAM | ||||||||||||||
| VP - LENDING | $135,802 | $0 | $0 | $0 | $0 | $0 | $9,761 | $0 | $15,788 | $0 | $161,351 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 4B | FormAndLineReferenceDesc |
| Explanation | F3 CREDIT UNION (CREDIT UNION) HAS A NONQUALIFIED DEFERRED COMPENSATION (NQDC) PLAN IN PLACE FOR FARDAD KHOSRAVI, PRESIDENT & CHIEF EXECUTIVE OFFICER, AS DESCRIBED IN SECTION 457(F). THE CREDIT UNION ACCRUED $67,212 OF ADDITIONAL LIABILITY RELATED TO THE NQDC PLAN DURING 2024, AND THIS AMOUNT IS INCLUDED AS DEFERRED COMPENSATION ON FORM 990, PART VII AND SCHEDULE J. | ExplanationTxt |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp (2 entries)
| Relationship With OrgRelationshipWithOrgTxt | Loan PurposeLoanPurposeTxt | Loan From OrganizationLoanFromOrganizationInd | Original PrincipalOriginalPrincipalAmt | Balance DueBalanceDueAmt | DefaultDefaultInd | Board Or Committee ApprovalBoardOrCommitteeApprovalInd | Written AgreementWrittenAgreementInd |
|---|---|---|---|---|---|---|---|
| FARDAD KHOSRAVI | |||||||
| OFFICER | COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY | Yes (X) | $3,000,000 | $3,405,019 | 0 | Yes (1) | Yes (1) |
| PAUL LINDSLEY | |||||||
| OFFICER | AUTO LOAN | Yes (X) | $54,159 | $43,922 | 0 | Yes (1) | Yes (1) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $3,448,941 | TotalBalanceDueAmt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (8 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 4 | THE CREDIT UNION UPDATED ITS BYLAWS TO REFLECT THE NAME CHANGE FROM PACIFIC POSTAL CREDIT UNION TO F3 CREDIT UNION. |
| FORM 990, PART VI, SECTION A, LINE 6 | F3 CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. |
| FORM 990, PART VI, SECTION A, LINE 7A | F3 CREDIT UNION MEMBERS HAVE THE POWER TO ELECT MEMBERS OF THE GOVERNING BODY. |
| FORM 990, PART VI, SECTION A, LINE 7B | F3 CREDIT UNION MEMBERS HAVE THE POWER TO ELECT AND REMOVE MEMBERS OF THE GOVERNING BODY. |
| FORM 990, PART VI, SECTION B, LINE 11B | FORM 990 IS REVIEWED BY THE PRESIDENT/CHIEF EXECUTIVE OFFICER FOR ACCURACY BEFORE FILING WITH THE INTERNAL REVENUE SERVICE. THE BOARD OF DIRECTORS IS PROVIDED A COPY OF THE FORM 990 PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. |
| FORM 990, PART VI, SECTION B, LINE 15A | THE CHIEF EXECUTIVE OFFICER'S COMPENSATION IS EVALUATED BY A COMPENSATION COMMITTEE THAT EVALUATES THE ACHIEVEMENT OF PREVIOUSLY SET ANNUAL GOALS AND QUESTIONNAIRES THAT WERE APPROVED AND FILED BY THE BOARD OF DIRECTORS. F3 CREDIT UNION CONDUCTS AN ANNUAL SURVEY OF COMPARABLE CHIEF EXECUTIVE OFFICER SALARIES OF SIMILARLY SITUATED CREDIT UNIONS AND IS REVIEWED BEFORE THE FINAL RECOMMENDATION OF SALARY TO THE BOARD OF DIRECTORS. THIS PROCESS LAST OCCURRED IN 2024. |
| FORM 990, PART VI, SECTION C, LINE 19 | F3 CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE SECTION 6104(D). |
| FORM 990, PART IV, LINE 12A & PART XII, LINE 2B: | F3 CREDIT UNION'S (THE CREDIT UNION) FINANCIAL STATEMENTS ARE AUDITED ON A SEPARATE BASIS BY AN INDEPENDENT ACCOUNTANT. HOWEVER, THE FINANCIAL STATEMENTS ARE AUDITED ON A FISCAL YEAR-END BASIS OF SEPTEMBER 30TH, WHILE THE CREDIT UNION'S TAX YEAR-END IS DECEMBER 31ST. |