SCHOOLS FINANCIAL CREDIT UNION: Form 990, tax year 2019
View the entire original 990 at ProPublica ↗
- Organization
- SCHOOLS FINANCIAL CREDIT UNION (EIN 94-1189841)
- Tax period
- 2019-01-01 to 2019-12-31
- Filed
- 2020-11-03
- IRS object ID
- 202003089349301600
- Schema version
- 2019v5.1
- 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 | 2020-11-03T11:06:12-06:00 | ReturnTs |
| Tax Period End | 2019-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 910189318 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MOSS ADAMS LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2882 PROSPECT PARK DR STE 300 | AddressLine1Txt |
| City | RANCHO CORDOVA | CityNm |
| State Abbreviation | CA | StateAbbreviationCd |
| ZIP | 95670 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2019-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 941189841 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | SCHOOLS FINANCIAL CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | SCHO | BusinessNameControlTxt |
| Phone | 9165695400 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1485 RESPONSE ROAD NO 126 | AddressLine1Txt |
| City | SACRAMENTO | CityNm |
| State Abbreviation | CA | StateAbbreviationCd |
| ZIP | 95815 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | TIMOTHY MARRIOTT | PersonNm |
| Person Title | CEO | PersonTitleTxt |
| Phone | 9165695400 | PhoneNum |
| Signature | 2020-10-19 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | WENDY CAMPOS | PreparerPersonNm |
| PTIN | P00448102 | PTIN |
| Phone | 9165038100 | PhoneNum |
| Preparation | 2020-10-19 | PreparationDt |
Filing Security Information FilingSecurityInformation
IP Address IPAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| I Pv4 Address | 172.9.161.112 | IPv4AddressTxt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IP | 2020-10-19 | IPDt |
| IP Tm | 20:46:13 | IPTm |
| IP Timezone | PD | IPTimezoneCd |
| Filing License Type | P | FilingLicenseTypeCd |
| At Submission Creation Device Id | DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 | AtSubmissionCreationDeviceId |
| At Submission Filing Device Id | 2CA4604677747A1B8287DC7DD1B2F222DAF5CAE3 | AtSubmissionFilingDeviceId |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2019 | TaxYr |
| Build TS | 2021-04-22 16:20:28Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Final Return | Yes (X) | FinalReturnInd |
| Principal Officer | TIMOTHY MARRIOTT | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1485 RESPONSE ROAD NO 126 | AddressLine1Txt |
| City | SACRAMENTO | CityNm |
| State Abbreviation | CA | StateAbbreviationCd |
| ZIP | 95815 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $101,993,904 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.SCHOOLS.ORG | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1933 | FormationYr |
| Legal Domicile State | CA | LegalDomicileStateCd |
| Activity Or Mission | TO PROVIDE MEMBERS WITH BETTER VALUE AND OUTSTANDING SERVICE. | ActivityOrMissionDesc |
| Contract Termination | Yes (X) | ContractTerminationInd |
| Voting Members Governing Body | 6 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 6 | VotingMembersIndependentCnt |
| Total Employee | 390 | TotalEmployeeCnt |
| Total Volunteers | 23 | TotalVolunteersCnt |
| Total Gross UBI | $482,497 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | -$508,738 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $76,673,363 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $88,033,996 | CYProgramServiceRevenueAmt |
| PY Investment Income | $9,297,427 | PYInvestmentIncomeAmt |
| CY Investment Income | $12,757,155 | CYInvestmentIncomeAmt |
| PY Other Revenue | $453,586 | PYOtherRevenueAmt |
| CY Other Revenue | $470,674 | CYOtherRevenueAmt |
| PY Total Revenue | $86,424,376 | PYTotalRevenueAmt |
| CY Total Revenue | $101,261,825 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $48,387 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $43,655 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $24,282,636 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $27,295,989 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $34,485,982 | PYOtherExpensesAmt |
| CY Other Expenses | $41,915,219 | CYOtherExpensesAmt |
| PY Total Expenses | $58,817,005 | PYTotalExpensesAmt |
| CY Total Expenses | $69,254,863 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $27,607,371 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $32,006,962 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $1,988,079,825 | TotalAssetsBOYAmt |
| Total Assets EOY | $0 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $1,759,012,272 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $0 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $229,067,553 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $0 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | TO PROMOTE THRIFT AND SAVINGS AMONG MEMBERS, TO CREATE A SOURCE OF CREDIT FOR MEMBERS AT INTEREST RATES SET BY THE BOARD OF DIRECTORS, AND TO PROVIDE MEMBERS WITH AN OPPORTUNITY TO USE AND CONTROL THEIR MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | Yes (1) | SignificantChangeInd |
| Desc | SCHOOLS FINANCIAL CREDIT UNION (SCHOOLS FINANCIAL) IS A MEMBER OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE DEDICATED TO SERVING THE FINANCIAL NEEDS OF ITS MEMBERS. ITS PURPOSE IS TO BE THE PRIMARY FINANCIAL INSTITUTION FOR COMMUNITY MEMBERS IN ITS SERVICE AREA. ITS MISSION IS TO PROVIDE MEMBERS WITH BETTER VALUE AND OUTSTANDING SERVICE.SCHOOLS FINANCIAL FOSTERS A CULTURE OF "PEOPLE HELPING PEOPLE" THROUGHOUT THE ORGANIZATION, AND ITS INTERACTION WITH MEMBERS EPITOMIZES THE STANDARDS OF ETHICAL BEHAVIOR. SCHOOLS FINANCIAL TREATS ALL MEMBERS WITH RESPECT AND DIGNITY AND PROVIDES SERVICES TO SAVERS AND BORROWERS IN A DEMOCRATIC FASHION. SCHOOLS FINANCIAL OFFERS ITS MEMBERS AN ECONOMIC ADVANTAGE COMBINED WITH COURTEOUS, COMPETENT, AND TIMELY SERVICE. IT VALUES OPEN, HONEST, TWO-WAY COMMUNICATION WITH ITS MEMBERS. SCHOOLS FINANCIAL SOLICITS INPUT FROM ITS MEMBERS TO FACILITATE COMMUNICATION AND TO MEASURE SERVICE QUALITY. SCHOOLS FINANCIAL IS COMMITTED TO CONSTANTLY IMPROVING ITS OVERALL OPERATIONAL EFFICIENCY, ITS SERVICE DELIVERY CONVENIENCE AND THE LEVEL OF PROFESSIONAL SERVICE IT PROVIDES TO ITS MEMBERS. IT MEETS ITS MEMBERS' EXPECTATIONS FOR PRICE ADVANTAGE, QUALITY SERVICE AND CONVENIENCE BY REMAINING FINANCIALLY STRONG AND VIABLE.SCHOOLS FINANCIAL COMMUNICATES ITS SERVICES IN A MEANINGFUL WAY SO THAT MEMBERS, POTENTIAL MEMBERS, LEGISLATORS, REGULATORS AND THE COMMUNITY-AT-LARGE UNDERSTAND AND APPRECIATE THE UNIQUE ROLE THAT MEMBER-OWNED FINANCIAL COOPERATIVES PLAY IN THEIR LIVES. ITS COMMITMENT TO MEMBERS IS CONSISTENT WITH ITS PRINCIPLES OF "FOR SERVICE, NOT FOR PROFIT, NOT FOR CHARITY AND ITS PHILOSOPHY OF "PEOPLE HELPING PEOPLE". THIS COMMITMENT REPRESENTS THE SOUND BUSINESS PRACTICES THAT ENSURE THE FINANCIAL STRENGTH OF SCHOOLS FINANCIAL FOR ITS MEMBERS. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | AS OF DECEMBER 31,2019, SCHOOLS FINANCIAL HAD ELEVEN BRANCHES, 159,881 MEMBERS, TOTAL ASSETS OF $2,150,075,672, TOTAL OUTSTANDING LOANS OF $1,633,906,634, AND TOTAL DEPOSITS OF $1,864,796,531. | 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 | Yes (1) | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | 0 | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | 0 | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | 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 | Yes (1) | GrantsToOrganizationsInd |
| Grants To Individuals | Yes (1) | 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 | Yes (1) | 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 | 97668 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 390 | 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 | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | 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 | TODD DEVOOGD | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 9165695400 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1485 RESPONSE ROAD SUITE 126 | AddressLine1Txt |
| City | SACRAMENTO | CityNm |
| State Abbreviation | CA | StateAbbreviationCd |
| ZIP | 95815 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (16 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Key EmployeeKeyEmployeeInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|
| MARIE B SMITH | ||||||||
| CHAIR | 1.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| TERESA MATISTA | ||||||||
| VICE CHAIR | 1.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| DOUGLAS SATO | ||||||||
| TREASURER | 1.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| DOLORES BLEEKMAN | ||||||||
| SECRETARY | 1.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| LUTHER NOLEN | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| EMILIO MARTINEZ | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| GREG SMITH | ||||||||
| DIRECTOR THROUGH 9/19 | 1.00 | Yes (X) | $2,338 | $0 | $0 | |||
| TIMOTHY MARRIOTT | ||||||||
| PRESIDENT/CEO | 45.00 | Yes (X) | $826,080 | $0 | $849,120 | |||
| TODD DEVOOGD | ||||||||
| SVP FINANCE/CFO | 45.00 | Yes (X) | $279,664 | $0 | $35,145 | |||
| TOM KUANG | ||||||||
| SVP INFORMATION SERVICES/CIO | 40.00 | $232,551 | $0 | $32,322 | Yes (X) | |||
| STEVE LANGLEY | ||||||||
| SVP MEMBER SERVICES/CHIEF RETAIL OFFICER | 40.00 | $248,270 | $0 | $32,110 | Yes (X) | |||
| ERIN FRITZ | ||||||||
| VP PAYMENT SYSTEMS | 40.00 | $177,352 | $0 | $27,197 | Yes (X) | |||
| CATHY GRIMES | ||||||||
| VP MARKETING | 40.00 | $202,192 | $0 | $22,394 | Yes (X) | |||
| LISA MACKAY | ||||||||
| VP HUMAN RESOURCES AND COM | 40.00 | $208,652 | $0 | $21,916 | Yes (X) | |||
| ERIK SORDAHL | ||||||||
| VP CONSUMER LENDING | 40.00 | $200,491 | $0 | $20,387 | Yes (X) | |||
| JASON STILES | ||||||||
| VP REAL ESTATE LENDING | 40.00 | $210,630 | $0 | $29,375 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $2,588,220 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $1,069,966 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 41 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| DIEBOLD INC | |||||
| 5995 MAYFAIR ROAD | NORTH CANTON | OH | 44720 | ATM SERVICING | $487,965 |
| STYSKAL WIESE & MELCHIONE LLP | |||||
| 550 NORTH BRAND BLVD SUITE 550 | GLENDALE | CA | 91203 | ATTORNEYS | $300,083 |
| DFS - DOCUMENT FULFILLMENT SERVICES | |||||
| 2930 RAMONA AVE 100 | SACRAMENTO | CA | 95826 | STATEMENT AND TAX FORM PRINTING SERVICES | $268,214 |
| CLEAR CHANNEL OUTDOOR | |||||
| 401 SLOBE AVENUE | SACRAMENTO | CA | 95815 | ADVERTISING | $209,689 |
| ABSOLUTE ADJUSTMENT SERVICE INC | |||||
| 4522 AUBURN BLVD | SACRAMENTO | CA | 95841 | COLLECTION SERVICES | $179,032 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 14 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (4 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| LOAN INTEREST INCOME | 522100 | $62,673,007 | $62,673,007 | |
| FEES & SERVICE CHARGE INCOME | 522100 | $19,703,947 | $19,703,947 | |
| OTHER INCOME | 522100 | $5,022,228 | $4,539,731 | $482,497 |
| GAIN ON SALE OF LOANS HELD FOR SA | 522100 | $634,814 | $634,814 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $88,033,996 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $8,792,499 | TotalRevenueColumnAmt |
| Exclusion | $8,792,499 | ExclusionAmt |
Gross Rents GrossRentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $1,164,130 | RealAmt |
Less Rental Expenses LessRentalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $693,456 | RealAmt |
Rental Income Or Loss RentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $470,674 | RealAmt |
Net Rental Income Or Loss NetRentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $470,674 | TotalRevenueColumnAmt |
| Exclusion | $470,674 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $4,002,279 | SecuritiesAmt |
| Other | $1,000 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $5,800 | SecuritiesAmt |
| Other | $32,823 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $3,996,479 | SecuritiesAmt |
| Other | -$31,823 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $3,964,656 | TotalRevenueColumnAmt |
| Exclusion | $3,964,656 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $101,261,825 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $87,551,499 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $482,497 | UnrelatedBusinessRevenueAmt |
| Exclusion | $13,227,829 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $20,855 | TotalAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $22,800 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,537,600 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $18,638,997 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,876,956 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,644,025 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,598,411 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $468,071 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $80,842 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $146,142 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $637,085 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,208,089 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,086,810 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,464,914 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $59,860 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $348,042 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $14,113,683 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $735,434 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $259,322 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| OUTSIDE SERVICES | $8,139,424 |
| PROVISION FOR LOAN LOSS | $5,700,000 |
| EQUIPMENT REPAIR & MAIN | $557,087 |
| OFFICER LOAN VALUATION | $538,634 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,371,780 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $69,254,863 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $133,204,810 | BOYAmt |
| EOY | $0 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,000,000 | BOYAmt |
| EOY | $0 | EOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,978,463 | BOYAmt |
| EOY | $0 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $7,877,776 | BOYAmt |
| EOY | $0 | EOYAmt |
Rcvbl From Disqualified Prsn RcvblFromDisqualifiedPrsnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,476,501,507 | BOYAmt |
| EOY | $0 | EOYAmt |
Inventories For Sale Or Use InventoriesForSaleOrUseGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,829,582 | BOYAmt |
| EOY | $0 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $0 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $0 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $19,408,888 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $288,084,062 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $57,194,737 | BOYAmt |
| EOY | $0 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,988,079,825 | BOYAmt |
| EOY | $0 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $14,448,195 | BOYAmt |
| EOY | $0 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,039,769 | BOYAmt |
| EOY | $0 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,742,524,308 | BOYAmt |
| EOY | $0 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,759,012,272 | BOYAmt |
| EOY | $0 | 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 | $229,067,553 | BOYAmt |
| EOY | $0 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $229,067,553 | BOYAmt |
| EOY | $0 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,988,079,825 | BOYAmt |
| EOY | $0 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $32,006,962 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $4,589,524 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | -$265,664,039 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Agent Trustee Etc | 0 | AgentTrusteeEtcInd |
| Incl Escrow Custodial Acct Liab | Yes (1) | InclEscrowCustodialAcctLiabInd |
| Explanation Provided | Yes (X) | ExplanationProvidedInd |
| Total Book Value Land Buildings | $0 | TotalBookValueLandBuildingsAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $101,955,280 | TotalRevEtcAuditedFinclStmtAmt |
| Other Revenue | $693,455 | OtherRevenueAmt |
| Revenue Not Reported | $693,455 | RevenueNotReportedAmt |
| Revenue Subtotal | $101,261,825 | RevenueSubtotalAmt |
| Revenue Not Reported Fincl Stmt | $0 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $101,261,825 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $69,948,318 | TotExpnsEtcAuditedFinclStmtAmt |
| Other Expenses Included | $693,455 | OtherExpensesIncludedAmt |
| Expenses Not Reported | $693,455 | ExpensesNotReportedAmt |
| Expenses Subtotal | $69,254,863 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $69,254,863 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (4 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART IV, LINE 2B: | THE ESCROW ACCOUNTS HOLD AMOUNTS TO BE USED TO PAY THOSE MEMBERS' HOMEOWNERS' INSURANCE PREMIUMS AND PROPERTY TAXES WHEN DUE AND ARE COLLECTED WITH THE MEMBERS' MORTGAGE PAYMENTS. |
| PART X, LINE 2: | THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN INTERNAL REVENUE CODE SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. FASB ASC TOPIC 740, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE FINANCIAL STATEMENTS. THIS REQUIRES THE EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE CREDIT UNION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED WHEN CHALLENGED OR WHEN EXAMINED BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS NOT DEEMED TO MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. |
| PART XI, LINE 2D - OTHER ADJUSTMENTS: | RENTAL EXPENSES RECLASSED FROM FUNCTIONAL EXPENSES 693,455. |
| PART XII, LINE 2D - OTHER ADJUSTMENTS: | RENTAL EXPENSES RECLASSED TO STATEMENT OF REVENUE 693,455. |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Recipient Table RecipientTable (3 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Recipient EINRecipientEIN | IRC SectionIRCSectionDesc | Cash GrantCashGrantAmt | Non Cash AssistanceNonCashAssistanceAmt | Valuation Method UsedValuationMethodUsedDesc | Non Cash AssistanceNonCashAssistanceDesc | Purpose Of GrantPurposeOfGrantTxt |
|---|---|---|---|---|---|---|---|---|---|---|
| SACRAMENTO FOOD BANK AND FAMILY SERVICES | ||||||||||
| 3333 3RD AVENUE | SACRAMENTO | CA | 95817 | 943315566 | 501(C)(3) | $4,000 | $2,722 | ACTUAL COST | BOTTLED WATER | RUN TO FEED THE HUNGRY |
| LOS RIOS COLLEGES FOUNDATION | ||||||||||
| 1919 SPANOS COURT | SACRAMENTO | CA | 95825 | 942506591 | 501(C)(3) | $8,000 | ARC STEM BUILDING CAPITAL CAMPAIGN | |||
| RICHARD MYLES JOHNSON FOUNDATION | ||||||||||
| 2855 E GUASTI ROAD SUITE 600 | ONTARIO | CA | 917611250 | 956141173 | 501(C)(3) | $6,133 | GENERAL SUPPORT | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 3 | Total501c3OrgCnt |
| Total Other Org | 0 | TotalOtherOrgCnt |
Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp (3 entries)
| Grant TypeGrantTypeTxt | RecipientRecipientCnt | Cash GrantCashGrantAmt | Non Cash AssistanceNonCashAssistanceDesc | Non Cash AssistanceNonCashAssistanceAmt | Valuation Method UsedValuationMethodUsedDesc |
|---|---|---|---|---|---|
| ABC10 TEACHER OF THE YEAR | 1 | $5,000 | CLASSROOM MATERIALS | ||
| CLASSROOM MATERIALS | 12 | $12,000 | CLASSROOM MATERIALS | ||
| EDUCATION MATTERS GRANTS | 17 | $4,800 | CLASSROOM MATERIALS | $1,000 | ACTUAL COST |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 2: | FormAndLineReferenceDesc |
| Explanation | SCHOOLS FINANCIAL PARTNERS WITH SACRAMENTO'S CHANNEL 10 TO PROVIDE AWARDS TO EXCEPTIONAL TEACHERS THAT CHANNEL 10 HAS DESIGNATED AS TEACHERS OF THE MONTH OR TEACHERS OF THE YEAR. SCHOOLS FINANCIAL'S EDUCATION MATTERS GRANTS ARE DEVISED TO HELP CLASSROOM TEACHERS AFFORD THE SUPPLIES THEY NEED FOR THEIR STUDENTS TO LEARN EFFECTIVELY AND FURTHER EVIDENCE SCHOOLS FINANCIAL'S COMMITMENT TO THE FIELD OF EDUCATION. SCHOOLS FINANCIAL IS ONE OF THE SPONSORS OF THE ANNUAL RUN TO FEED THE HUNGRY WHICH RAISES FUNDS FOR THE SACRAMENTO FOOD BANK; THIS IS A WAY FOR SCHOOLS FINANCIAL TO GIVE BACK TO THE COMMUNITY. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | Yes (X) | TravelForCompanionsInd |
| Written Policy Ref T And E Expnss | Yes (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (1) | SubstantiationRequiredInd |
| 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 (9 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TIMOTHY MARRIOTT | ||||||||||||||
| PRESIDENT/CEO | $581,896 | $0 | $174,025 | $0 | $70,159 | $0 | $828,012 | $0 | $21,108 | $0 | $1,675,200 | $0 | $0 | $0 |
| TODD DEVOOGD | ||||||||||||||
| SVP FINANCE/CFO | $245,216 | $0 | $23,387 | $0 | $11,061 | $0 | $19,410 | $0 | $15,735 | $0 | $314,809 | $0 | $0 | $0 |
| TOM KUANG | ||||||||||||||
| SVP INFORMATION SERVICES/CIO | $196,035 | $0 | $17,720 | $0 | $18,796 | $0 | $16,956 | $0 | $15,366 | $0 | $264,873 | $0 | $0 | $0 |
| STEVE LANGLEY | ||||||||||||||
| SVP MEMBER SERVICES/CHIEF RETAIL OFF | $212,053 | $0 | $20,245 | $0 | $15,972 | $0 | $17,776 | $0 | $14,334 | $0 | $280,380 | $0 | $0 | $0 |
| ERIN FRITZ | ||||||||||||||
| VP PAYMENT SYSTEMS | $148,959 | $0 | $14,363 | $0 | $14,030 | $0 | $12,863 | $0 | $14,334 | $0 | $204,549 | $0 | $0 | $0 |
| CATHY GRIMES | ||||||||||||||
| VP MARKETING | $184,078 | $0 | $17,052 | $0 | $1,062 | $0 | $14,079 | $0 | $8,315 | $0 | $224,586 | $0 | $0 | $0 |
| LISA MACKAY | ||||||||||||||
| VP HUMAN RESOURCES AND COM | $180,671 | $0 | $17,070 | $0 | $10,911 | $0 | $14,323 | $0 | $7,593 | $0 | $230,568 | $0 | $0 | $0 |
| ERIK SORDAHL | ||||||||||||||
| VP CONSUMER LENDING | $168,120 | $0 | $14,816 | $0 | $17,555 | $0 | $12,818 | $0 | $7,569 | $0 | $220,878 | $0 | $0 | $0 |
| JASON STILES | ||||||||||||||
| VP REAL ESTATE LENDING | $187,126 | $0 | $17,370 | $0 | $6,134 | $0 | $15,036 | $0 | $14,339 | $0 | $240,005 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINE 1A | THE CREDIT UNION REIMBURSES BOTH THE DIRECTORS AND THEIR SPOUSES FOR THE COSTS INCURRED IN ATTENDING CREDIT UNION RELATED CONFERENCES/MEETINGS. THE SPOUSAL REIMBURSEMENT, IF IT IS IN EXCESS OF $600, IS INCLUDED ON A 1099 FILED IN THE NAME OF THE SPOUSE. SPOUSAL TRAVEL FOR OFFICERS IS REPORTED AS TAXABLE INCOME WHEN THERE IS NOT A BONA FIDE BUSINESS PURPOSE. |
| PART I, LINE 4B | THE CREDIT UNION HAS A NONQUALIFIED DEFERRED COMPENSATION PLAN IN PLACE FOR CERTAIN EXECUTIVES AS DESCRIBED IN SECTION 457(F). THE PAYOUT CALCULATIONS ARE PERFORMED UPON RETIREMENT AND BASED ON COMPENSATORY AMOUNTS CALCULATED PER A FORMULA APPROACH TAKING INTO ACCOUNT THE PRIOR FIVE YEARS COMPENSATION AMOUNTS. AMOUNTS ACCRUED UNDER SUCH PLAN ARE PROPERLY REFLECTED IN PART VII, COLUMN F, AND IN SCHEDULE J, PART II, COLUMN C. ONE PERSON RECEIVED A CONTRIBUTION DURING 2019 AND IT IS CORRECTLY REPORTED IN PART VII, AS REPORTABLE COMPENSATION, AND SCHEDULE J, PART II, COLUMN (C). ADDITIONAL TERMS AND CONDITIONS OF SUCH PLAN ARE AVAILABLE TO THE IRS UPON REQUEST. |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp (3 entries)
| Relationship With OrgRelationshipWithOrgTxt | Loan PurposeLoanPurposeTxt | Loan From OrganizationLoanFromOrganizationInd | Original PrincipalOriginalPrincipalAmt | Balance DueBalanceDueAmt | DefaultDefaultInd | Board Or Committee ApprovalBoardOrCommitteeApprovalInd | Written AgreementWrittenAgreementInd |
|---|---|---|---|---|---|---|---|
| TIMOTHY MARRIOTT | |||||||
| OFFICER | SPLIT-DOLLAR LIFE ARRANGEMENT | Yes (X) | $4,600,000 | $0 | 0 | Yes (1) | Yes (1) |
| TODD DEVOOGD | |||||||
| OFFICER | SPLIT-DOLLAR LIFE ARRANGEMENT | Yes (X) | $1,225,000 | $0 | 0 | Yes (1) | Yes (1) |
| STEVE LANGLEY | |||||||
| KEY EMPLOYEE | SPLIT-DOLLAR LIFE ARRANGEMENT | Yes (X) | $1,975,000 | $0 | 0 | Yes (1) | Yes (1) |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART II: | FormAndLineReferenceDesc |
| Explanation | THE BALANCES REPORTED IN PART II, COLUMN (F) ARE REPORTED AT $0 AS THE CREDIT UNION TRANSFERRED THE OUTSTANDING BALANCES AS OF DECEMBER 31, 2019 FOR THE SPLIT-DOLLAR LIFE ARRANGEMENTS TO THE SURVIVING CREDIT UNION AS A RESULT OF THE MERGER. THE BALANCES TRANSFERRED AT DECEMBER 31, 2019 WERE AS FOLLOWS:TIMOTHY MARRIOTT: $4,349,382TODD DEVOOGD: $1,215,188STEVE LANGLEY: $1,946,780PLEASE ALSO SEE SCHEDULE N. | ExplanationTxt |
Schedule N IRS990ScheduleN
Liquidation Of Assets Table LiquidationOfAssetsTableGrp
Liquidation Of Assets Detail LiquidationOfAssetsDetail (20 entries)
| Assets Distri Or Expnss PaidAssetsDistriOrExpnssPaidDesc | DistributionDistributionDt | Fair Market Value Of AssetFairMarketValueOfAssetAmt | Method Of FMV DeterminationMethodOfFMVDeterminationTxt | EINEIN | Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | IRC SectionIRCSectionTxt |
|---|---|---|---|---|---|---|---|---|---|
| SCHOOLSFIRST FEDERAL CREDIT UNION | |||||||||
| CASH/SAVINGS | 2019-12-31 | $236,280,159 | BOOK VALUE | 951068595 | 15442 NEWPORT AVE | TUSTIN | CA | 92780 | 501(A) |
| SCHOOLSFIRST FEDERAL CREDIT UNION | |||||||||
| SAVINGS AND TEMPORARY CASH INVESTMENTS | 2019-12-31 | $500,340 | BOOK VALUE | 951068595 | 15442 NEWPORT AVE | TUSTIN | CA | 92780 | 501(A) |
| SCHOOLSFIRST FEDERAL CREDIT UNION | |||||||||
| ACCOUNTS RECEIVABLE, NET | 2019-12-31 | $2,294,168 | BOOK VALUE | 951068595 | 15442 NEWPORT AVE | TUSTIN | CA | 92780 | 501(A) |
| SCHOOLSFIRST FEDERAL CREDIT UNION | |||||||||
| LOANS AND OTHER RECEIVABLES FROM DISQUALIFIED PERSONS | 2019-12-31 | $7,511,350 | BOOK VALUE | 951068595 | 15442 NEWPORT AVE | TUSTIN | CA | 92780 | 501(A) |
| SCHOOLSFIRST FEDERAL CREDIT UNION | |||||||||
| NOTES AND LOANS RECEIVABLE, NET | 2019-12-31 | $1,629,815,184 | BOOK VALUE | 951068595 | 15442 NEWPORT AVE | TUSTIN | CA | 92780 | 501(A) |
| SCHOOLSFIRST FEDERAL CREDIT UNION | |||||||||
| PREPAID EXPENSES AND DEFERRED CHARGES | 2019-12-31 | $2,113,807 | BOOK VALUE | 951068595 | 15442 NEWPORT AVE | TUSTIN | CA | 92780 | 501(A) |
| SCHOOLSFIRST FEDERAL CREDIT UNION | |||||||||
| FIXED ASSETS, NET OF ACCUMULATED DEPRECIATION | 2019-12-31 | $19,365,479 | BOOK VALUE | 951068595 | 15442 NEWPORT AVE | TUSTIN | CA | 92780 | 501(A) |
| SCHOOLSFIRST FEDERAL CREDIT UNION | |||||||||
| PUBLICLY TRADED SECURITIES | 2019-12-31 | $193,230,932 | BOOK VALUE | 951068595 | 15442 NEWPORT AVE | TUSTIN | CA | 92780 | 501(A) |
| SCHOOLSFIRST FEDERAL CREDIT UNION | |||||||||
| NCUIF DEPOSIT | 2019-12-31 | $17,339,284 | BOOK VALUE | 951068595 | 15442 NEWPORT AVE | TUSTIN | CA | 92780 | 501(A) |
| SCHOOLSFIRST FEDERAL CREDIT UNION | |||||||||
| INVESTMENT IN LIFE INSURANCE | 2019-12-31 | $24,870,390 | BOOK VALUE | 951068595 | 15442 NEWPORT AVE | TUSTIN | CA | 92780 | 501(A) |
| SCHOOLSFIRST FEDERAL CREDIT UNION | |||||||||
| FHLB COMMON STOCK | 2019-12-31 | $7,272,600 | BOOK VALUE | 951068595 | 15442 NEWPORT AVE | TUSTIN | CA | 92780 | 501(A) |
| SCHOOLSFIRST FEDERAL CREDIT UNION | |||||||||
| ACCRUED INTEREST RECEIVABLE | 2019-12-31 | $4,642,517 | BOOK VALUE | 951068595 | 15442 NEWPORT AVE | TUSTIN | CA | 92780 | 501(A) |
| SCHOOLSFIRST FEDERAL CREDIT UNION | |||||||||
| OTHER ASSETS | 2019-12-31 | $4,839,462 | BOOK VALUE | 951068595 | 15442 NEWPORT AVE | TUSTIN | CA | 92780 | 501(A) |
| SCHOOLSFIRST FEDERAL CREDIT UNION | |||||||||
| ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 2019-12-31 | -$16,895,860 | BOOK VALUE | 951068595 | 15442 NEWPORT AVE | TUSTIN | CA | 92780 | 501(A) |
| SCHOOLSFIRST FEDERAL CREDIT UNION | |||||||||
| ESCROW OR CUSTODIAL ACCOUNT LIABILITY | 2019-12-31 | -$2,719,242 | BOOK VALUE | 951068595 | 15442 NEWPORT AVE | TUSTIN | CA | 92780 | 501(A) |
| SCHOOLSFIRST FEDERAL CREDIT UNION | |||||||||
| CURRENT SHARES | 2019-12-31 | -$1,021,412,732 | BOOK VALUE | 951068595 | 15442 NEWPORT AVE | TUSTIN | CA | 92780 | 501(A) |
| SCHOOLSFIRST FEDERAL CREDIT UNION | |||||||||
| MONEY MARKET LIABILITY | 2019-12-31 | -$520,977,614 | BOOK VALUE | 951068595 | 15442 NEWPORT AVE | TUSTIN | CA | 92780 | 501(A) |
| SCHOOLSFIRST FEDERAL CREDIT UNION | |||||||||
| IRA LIABILITY | 2019-12-31 | -$80,690,928 | BOOK VALUE | 951068595 | 15442 NEWPORT AVE | TUSTIN | CA | 92780 | 501(A) |
| SCHOOLSFIRST FEDERAL CREDIT UNION | |||||||||
| DEFERRED COMPENSATION LIABILITY | 2019-12-31 | -$3,760,842 | BOOK VALUE | 951068595 | 15442 NEWPORT AVE | TUSTIN | CA | 92780 | 501(A) |
| SCHOOLSFIRST FEDERAL CREDIT UNION | |||||||||
| CD LIABILITY | 2019-12-31 | -$237,954,415 | BOOK VALUE | 951068595 | 15442 NEWPORT AVE | TUSTIN | CA | 92780 | 501(A) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Director Of Successor | Yes (1) | DirectorOfSuccessorInd |
| Employee Of Successor | Yes (1) | EmployeeOfSuccessorInd |
| Owner Of Successor | 0 | OwnerOfSuccessorInd |
| Receive Compensation | Yes (1) | ReceiveCompensationInd |
| Assets Distributed | Yes (1) | AssetsDistributedInd |
| Required To Notify AG | Yes (1) | RequiredToNotifyAGInd |
| Attorney General Notified | Yes (1) | AttorneyGeneralNotifiedInd |
| Liabilities Paid | Yes (1) | LiabilitiesPaidInd |
| Bonds Outstanding | 0 | BondsOutstandingInd |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINE 2E: | PERSON(S) INVOLVED: TODD DEVOOGD, TOM KUANG, STEVE LANGLEY, TIM MARRIOT, TERESA MATISTA, MARIE SMITH |
| PART I, LINE 2E: | EXPLANATION OF INVOLVEMENT: LINE 2A: BECAME A DIRECTOR OR TRUSTEE OF THE SUCCESSOR ORGANIZATION: MARIE SMITH, TERESA MATISTA - VOTING MEMBERS OF THE SUCCESSOR BOARD OF DIRECTORS.LINE 2B: BECAME AN EMPLOYEE OF THE SUCCESSOR ORGANIZATION: TODD DEVOOGD, TOM KUANG, STEVE LANGLEY, AND TIM MARRIOTLINE 2D: RECEIVED, OR BECAME ENTITLED TO COMPENSATION OR OTHER PAYMENTS AS A RESULT OF THE MERGER: TODD DEVOOGD, TOM KUANG, STEVE LANGLEY, AND TIM MARRIOTT. THE COMPENSATION ARRANGEMENTS DISCUSSED BELOW DEPEND ON THE EMPLOYEES CHOOSING TO CONTINUE IN THEIR EMPLOYMENT IN THE YEARS AFTER THE MERGER DATE. CERTAIN PLANS ARE DISCLOSED AT THEIR MAXIMUM POTENTIAL VALUE, WITH THE LIKELY AMOUNTS BEING SIGNIFICANTLY LOWER.TIM MARRIOTT: MR. MARRIOTT WILL BE EMPLOYED BY SCHOOLSFIRST FEDERAL CREDIT UNION (FCU) FOR A 3-YEAR TERM BEGINNING ON THE MERGER DATE AT THE SAME BASE SALARY AND COMPARABLE BENEFITS AS CURRENTLY PROVIDED BY SCHOOLS FINANCIAL. MR. MARRIOTT WILL PARTICIPATE IN SCHOOLSFIRST FCU'S EXISTING SHORT-TERM (ANNUAL) AND LONG-TERM (3-YEAR) BONUS PLANS, ON A BASIS EQUIVALENT OR SIMILAR TO SCHOOLSFIRST FCU EXECUTIVES, WITH POTENTIAL TARGET AMOUNTS OF APPROXIMATELY $290,948 PER YEAR, WHICH COULD TOTAL ABOUT $1,163,792 AT THE END OF 3 YEARS. ACTUAL AMOUNTS MAY VARY BASED ON MR. MARRIOTT'S PERFORMANCE AGAINST INDIVIDUAL AND ORGANIZATIONAL GOALS.IF TERMINATED WITHOUT CAUSE DURING THESE 3 YEARS OR IF MR. MARRIOTT LEAVES FOR "GOOD REASON," MR. MARRIOTT WILL BE ELIGIBLE TO RECEIVE HIS UNPAID BASE SALARY AND TARGET BONUS AMOUNTS FOR THE REMAINING 3-YEAR TERM. THE MAXIMUM AMOUNT OF UNPAID BASE SALARY MR. MARRIOTT WOULD BE ELIGIBLE TO RECEIVE IS $1,745,688.IF MR. MARRIOTT VOLUNTARILY RESIGNS OR IS TERMINATED WITH CAUSE, HE WILL NOT BE ENTITLED TO ADDITIONAL SALARY OR BONUS AMOUNTS. MR. MARRIOTT'S EXISTING SCHOOLS FINANCIAL SPLIT DOLLAR LIFE INSURANCE PLAN WILL BE AMENDED TO VEST AS OF 3 YEARS AFTER THE MERGER INSTEAD OF IN 2028, WHICH WOULD PERMIT HIM TO BORROW UP TO A PRESENT VALUE OF $2,063,052 COMMENCING AT THE PRE-EXISTING RETIREMENT DATE IN 2028. IN EXCHANGE FOR THE EARLIER VESTING, MR. MARRIOTT WILL GIVE UP HIS PRE-EXISTING RIGHTS UNDER THE PLAN TO LEAVE HIS EMPLOYMENT UPON THE MERGER WITH THE FULL BENEFIT AMOUNT. MR. MARRIOTT WILL NOT BE ELIGIBLE FOR BENEFITS UNDER THE PLAN IF SCHOOLSFIRST FCU TERMINATES HIS EMPLOYMENT WITH CAUSE OR HE VOLUNTARILY RESIGNS DURING THE 3-YEAR TERM.MR. MARRIOTT'S EXISTING SCHOOLS FINANCIAL SUPPLEMENTAL RETIREMENT PLAN AND AGREEMENT WILL BE TERMINATED AND LIQUIDATED WITHIN ONE YEAR AFTER THE MERGER, AT WHICH TIME MR. MARRIOTT WILL RECEIVE A PREVIOUSLY ACCRUED SUM OF APPROXIMATELY $3,039,000 RATHER THAN A GREATER AMOUNT UPON RETIREMENT IN 2028. THIS PLAN LIQUIDATION IS ALSO AT NO MATERIAL ADDITIONAL COST TO EITHER OF THE CREDIT UNIONS.TODD DEVOOGD: MR. DEVOOGD WILL RECEIVE RETENTION BONUSES CONTINGENT UPON STAYING WITH THE CONTINUING CREDIT UNION OF APPROXIMATELY $128,400 AT THE END OF 12 MONTHS AFTER THE MERGER DATE AND APPROXIMATELY $128,400 AT THE END OF 24 MONTHS AFTER THE MERGER DATE. IF SCHOOLSFIRST FCU TERMINATES HIS EMPLOYMENT WITHOUT CAUSE BEFORE 24 MONTHS AFTER THE MERGER DATE, MR. DEVOOGD WILL BE ELIGIBLE TO RECEIVE ANY UNPAID AMOUNTS OF BOTH BONUSES. MR. DEVOOGD WILL NOT BE ENTITLED TO ANY UNPAID AMOUNTS IF HE IS TERMINATED WITH CAUSE OR VOLUNTARILY RESIGNS BEFORE 24 MONTHS AFTER THE MERGER DATE.MR. DEVOOGD'S EXISTING SCHOOLS FINANCIAL SPLIT DOLLAR LIFE INSURANCE PLAN WILL BE AMENDED TO VEST AS OF 2-YEARS FOLLOWING THE MERGER DATE INSTEAD OF IN 2034, WHICH WOULD PERMIT HIM TO BORROW UP TO A PRESENT VALUE OF $471,667 COMMENCING AT THE PRE-EXISTING RETIREMENT DATE IN 2034. IN EXCHANGE FOR THE EARLIER VESTING, MR. DEVOOGD WILL GIVE UP HIS PRE-EXISTING RIGHTS UNDER THE PLAN TO LEAVE HIS EMPLOYMENT UPON THE MERGER WITH THE FULL BENEFIT AMOUNT. MR. DEVOOGD WILL NOT BE ELIGIBLE FOR BENEFITS UNDER THE PLAN IF SCHOOLSFIRST FCU TERMINATES HIS EMPLOYMENT WITH CAUSE OR IF HE VOLUNTARILY RESIGNS DURING THE 2-YEAR TERM.STEVE LANGLEY: MR. LANGLEY WILL RECEIVE RETENTION BONUSES CONTINGENT UPON STAYING WITH THE CONTINUING CREDIT UNION OF APPROXIMATELY $111,150 AT THE END OF 12 MONTHS AFTER THE MERGER DATE AND APPROXIMATELY $111,150 AT THE END OF 24 MONTHS AFTER THE MERGER DATE. IF SCHOOLSFIRST FCU TERMINATES HIS EMPLOYMENT WITHOUT CAUSE BEFORE 24 MONTHS AFTER THE MERGER DATE, MR. LANGLEY WILL BE ELIGIBLE TO RECEIVE ANY UNPAID AMOUNTS OF BOTH BONUSES. MR. LANGLEY NOT BE ENTITLED TO ANY UNPAID AMOUNTS IF HE IS TERMINATED WITH CAUSE OR VOLUNTARILY RESIGNS BEFORE 24 MONTHS AFTER THE MERGER DATE.MR. LANGLEY'S EXISTING SCHOOLS FINANCIAL SPLIT DOLLAR LIFE INSURANCE PLAN WILL BE AMENDED TO VEST AS OF 2-YEARS FOLLOWING THE MERGER DATE INSTEAD OF IN 2026, WHICH WOULD PERMIT HIM TO BORROW UP TO A PRESENT VALUE OF $518,197 COMMENCING AT THE PRE-EXISTING RETIREMENT DATE IN 2026. IN EXCHANGE FOR THE EARLIER VESTING, MR. LANGLEY WILL GIVE UP HIS PRE-EXISTING RIGHTS UNDER THE PLAN TO LEAVE HIS EMPLOYMENT UPON THE MERGER WITH THE FULL BENEFIT AMOUNT. MR. LANGLEY WILL NOT BE ELIGIBLE FOR BENEFITS UNDER THE PLAN IF SCHOOLSFIRST FCU TERMINATES HIS EMPLOYMENT WITH CAUSE OR HE VOLUNTARILY RESIGNS DURING THE 2-YEAR TERM.TOM KUANG: MR. KUANG WILL RECEIVE RETENTION BONUSES CONTINGENT UPON STAYING WITH THE CONTINUING CREDIT UNION OF APPROXIMATELY $103,800 AT THE END OF 12 MONTHS AFTER THE MERGER DATE AND APPROXIMATELY $103,800 AT THE END OF 24 MONTHS AFTER THE MERGER DATE. IF SCHOOLSFIRST FCU TERMINATES HIS EMPLOYMENT WITHOUT CAUSE BEFORE 24 MONTHS AFTER THE MERGER DATE, MR. KUANG WILL BE ELIGIBLE TO RECEIVE ANY UNPAID AMOUNTS OF BOTH BONUSES. MR. KUANG WILL NOT BE ENTITLED TO ANY UNPAID AMOUNTS IF HE IS TERMINATED WITH CAUSE OR VOLUNTARILY RESIGNS BEFORE 24 MONTHS AFTER THE MERGER DATE. |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (10 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART III, LINE 3 | THE ORGANIZATION IS MERGING WITH ANOTHER CREDIT UNION AS OF JANUARY 1, 2020. |
| FORM 990, PART VI, SECTION A, LINE 4 | THE ORGANIZATION APPROVED ARTICLES OF MERGER EFFECTIVE JANUARY 1, 2020 WITH SCHOOLSFIRST FEDERAL CREDIT UNION. |
| FORM 990, PART VI, SECTION A, LINE 6 | THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. |
| FORM 990, PART VI, SECTION A, LINE 7A | MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. |
| FORM 990, PART VI, SECTION A, LINE 7B | MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE EXECUTIVE COMMITTEE WILL REVIEW THE DRAFT OF THE FORM 990. THE COMPLETED FORM 990 WILL BE PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE CREDIT UNION HAS A WRITTEN CONFLICT OF INTEREST POLICY AND AN ANNUAL STATEMENT REGARDING CONFLICT OF INTEREST POLICY ("STATEMENT"). THE STATEMENT REQUIRES THE SIGNATORY TO ANNUALLY AFFIRM THAT HE/SHE HAS RECEIVED, READ, AND UNDERSTOOD THE CONFLICT OF INTEREST POLICY AND AGREES TO COMPLY WITH THE POLICY. THE STATEMENT ASKS A SERIES OF QUESTIONS DESIGNED TO REVEAL ANY POTENTIAL CONFLICTS OF INTEREST. THE SIGNATORY MUST EXPLAIN ANY POTENTIAL CONFLICTS OF INTEREST ON THE STATEMENT. THE MEMBERS OF THE BOARD OF DIRECTORS AND THE SUPERVISORY COMMITTEE, AS WELL AS THE CEO AND ALL OF THE VICE PRESIDENTS, MUST SIGN THE STATEMENT EACH YEAR. THE EXECUTIVE DEPARTMENT MAINTAINS A RECURRING EVENTS LIST TO ENSURE THAT THE ANNUAL STATEMENT REGARDING CONFLICT OF INTEREST POLICY IS SIGNED EVERY YEAR BY THE PERTINENT INDIVIDUALS. |
| FORM 990, PART VI, SECTION B, LINE 15 | PRESIDENT/CEO: THE EXECUTIVE COMMITTEE IS RESPONSIBLE FOR PREPARING THE CEO'S ANNUAL REVIEW, WHICH IS SUBMITTED ANNUALLY TO THE BOARD OF DIRECTORS FOR THEIR APPROVAL. ANNUALLY, THE EXECUTIVE COMMITTEE PRESENTS TO THE BOARD OF DIRECTORS A RECOMMENDATION FOR THE PRESIDENT/CEO'S MERIT RATING. THIS RECOMMENDATION WILL BE BASED ON THE PRESIDENT/CEO'S ANNUAL RESULTS AND WILL BE STATED IN TERMS OF THE STANDARD SCHOOLS FINANCIAL PERFORMANCE CATEGORIES. IN CONJUNCTION WITH THE MERIT RATING, THE EXECUTIVE COMMITTEE RECOMMENDS A PERFORMANCE BONUS AND SALARY INCREASE BASED ON THE CURRENT SCHOOLS FINANCIAL MERIT RATING CHART. THE PERFORMANCE BONUS IS CALCULATED BASED ON SUCCESS IN MEETING PRE-DETERMINED GOALS. THE BOARD OF DIRECTORS WILL ESTABLISH THE AMOUNT OF THE SALARY INCREASE (IF ANY) THAT WILL BE GRANTED TO THE PRESIDENT/CEO. THE MIDPOINT SALARY FOR THE PRESIDENT/CEO, AND PERFORMANCE BONUS TARGET, ARE ESTABLISHED ANNUALLY BY CONSULTING THE CALIFORNIA AND NEVADA CREDIT UNION'S BURNS-FAZZI, BROCK AND ASSOCIATES (BFB) SUMMIT ROUND TABLE (SRT) EXECUTIVE COMPENSATION SURVEY. THE SRT EXECUTIVE COMPENSATION SURVEY IS AN ANNUAL SURVEY OF SRT CREDIT UNION MEMBERS. THE LEAGUE CONDUCTS THIS SURVEY AS A SERVICE TO SRT CREDIT UNIONS, PROVIDING THEM WITH COMPARATIVE PEER DATA FOR EXECUTIVE COMPENSATION, BENEFIT, AND DEMOGRAPHIC INFORMATION. BASED ON THE RESULTS OF THIS SURVEY, THE EXECUTIVE COMMITTEE WILL RECOMMEND A MIDPOINT ADJUSTMENT TO THE BOARD OF DIRECTORS, IF NECESSARY. THE SCHOOLS FINANCIAL SURVEY RANGE WILL EXTEND FROM 80% OF ESTABLISHED MIDPOINT TO 120% OF THAT MIDPOINT. OTHER OFFICERS AND KEY EMPLOYEES: THE PRESIDENT/CEO COMPLETES ANNUAL REVIEWS OF THE OTHER OFFICERS AND KEY EMPLOYEES. THE ANNUAL RESULTS OF THESE EMPLOYEES ARE EVALUATED IN TERMS OF THE STANDARD SCHOOLS FINANCIAL PERFORMANCE CATEGORIES. THE MIDPOINT SALARY FOR THESE EMPLOYEES IS ESTABLISHED ANNUALLY BY CONSULTING THE CALIFORNIA AND NEVADA CREDIT UNION'S BURNS-FAZZI, BROCK AND ASSOCIATES (BFB) SUMMIT ROUND TABLE (SRT) EXECUTIVE COMPENSATION SURVEY. BASED ON THE RESULTS OF THIS SURVEY, THE EXECUTIVE COMMITTEE WILL RECOMMEND A MIDPOINT ADJUSTMENT TO THE BOARD OF DIRECTORS, IF NECESSARY. THIS MIDPOINT IS APPROXIMATELY EQUAL TO THE MEDIAN BASE SALARY FOR EACH EMPLOYEE'S RESPECTIVE POSITION AS SHOWN IN THE ABOVE MENTIONED SURVEY. THE SCHOOLS FINANCIAL SALARY RANGE WILL EXTEND FROM 80% OF THE ESTABLISHED MIDPOINT TO 120% OF THAT MIDPOINT. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE CREDIT UNION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICIES ARE AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). THE CREDIT UNION'S ANNUAL REPORTS CAN BE VIEWED ON ITS WEBSITE. A COPY OF THE CREDIT UNION'S FINANCIAL STATEMENTS CAN BE REQUESTED. WE FILE A QUARTERLY 5300 REPORT WITH NCUA AND THE CALIFORNIA DEPARTMENT OF BUSINESS OVERSIGHT. |
| FORM 990, PART XI, LINE 9: | TRANSFER AS A RESULT OF MERGER -265,664,039. |