2024-05-10T17:32:59-05:00 2023-06-30 410746749 CLIFTONLARSONALLEN LLP 20 EAST THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2022-07-01 954110181 USC CREDIT UNION CRED 2138217128 3720 S FLOWER ST 4TH FLOOR LOS ANGELES CA 90089 MICHAEL ROGERS CFO 2138217128 2024-05-10 1 MICHAEL ROGERS 999009999 1 MELISSA HANGSLEBEN P02087031 6022662248 2024-05-10 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z GARY PEREZ 3720 S FLOWER ST 4TH FLOOR LOS ANGELES CA 90089 30923259 0 X WWW.USCCREDITUNION.ORG X 1973 CA TO PROVIDE FINANCIAL SERVICES TO OUR CORE MEMBERSHIP: FACULTY, STAFF, STUDENTS, AND ALUMNI OF USC. 8 8 0 13 52934 7369 0 0 19662485 26187242 1622537 3836248 387621 519509 21672643 30542999 44107 52519 1206505 3348855 9642098 10764613 0 0 0 9846138 11860455 20738848 26026442 933795 4516557 754273547 741676675 710521770 699186011 43751777 42490664 X TO PROVIDE FINANCIAL SERVICES TO OUR CORE MEMBERSHIP. OUR CORE MEMBERSHIP IS THE FACULTY, STAFF, STUDENTS, AND ALUMNI OF THE UNIVERSITY OF SOUTHERN CALIFORNIA. 0 0 USC CREDIT UNION IS A NOT-FOR-PROFIT COOPERATIVE FOUNDED TO FUEL MEMBERS' FINANCIAL DREAMS AND ENHANCE THE QUALITY OF LIFE IN THE COMMUNITIES WE SERVE. OUR MISSION IS TO PROVIDE AFFORDABLE PRODUCTS AND SERVICES, FINANCIAL GUIDANCE, AND THE RESOURCES TO SUPPORT OUR COMMUNITIES' ECONOMIC WELL-BEING AND GENERATIONAL WEALTH BUILDING.IN FISCAL 2023, WE CREATED A SOCIAL IMPACT DEPARTMENT AT THE CREDIT UNION. IN THAT YEAR, WE ACCOMPLISHED THE FOLLOWING.- OVER 1500 SERVED THROUGH OUR COMMUNITY FINANCIAL WORKSHOP SERIES, CUSTOMIZED PARTNER WORKSHOPS, ON DEMAND WEBINARS AND FINANCIAL COUNSELING SERVICES.- ENGAGED WITH COMMUNITY TO INCREASE ACCESS OF FINANCIAL PRODUCTS AND SERVICES THROUGH PARTICIPATION IN 15+ COMMUNITY PARTNER HOSTED EVENTS AND LUNCH AND LEARN SESSIONS.- FOSTERED 60 NEW PARTNERSHIPS ESTABLISHED TO COLLABORATIVELY FOCUS ON FINANCIAL EDUCATION, FINANCIAL WELL-BEING AND FINANCIAL EMPOWERMENT INITIATIVES.- SERVING AN AVERAGE OF 100 NEW COMMUNITY MEMBERS EVERY MONTH (AND COUNTING) WITH NEEDED AND VALUED FINANCIAL PRODUCTS AND SERVICES.AS OF JUNE 30, 2023, WE PROVIDED FINANCIAL SERVICES FOR 77,365 MEMBERS. 0 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 X 8404 0 1 0 1 1 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 0 0 1 1 0 1 1 1 1 1 1 1 0 CA X DOUGLAS KASPER 2138217128 3720 S FLOWER ST 4TH FLOOR LOS ANGELES CA 90089 GARY PEREZ CHIEF EXECUTIVE OFFICER 40.00 X 314325 0 51708 TERE DENISON CHIEF MARKETING OFFICER 40.00 X 171772 0 46739 MICHAEL ROGERS CHIEF FINANCIAL OFFICER 40.00 X 192617 0 21136 DAVID SCHAUER-WEST CHIEF OPERATIONS OFFICER 40.00 X 179480 0 33983 JEFF GALLERY CHIEF LENDING OFFICER 40.00 X 181440 0 23577 CHRISTINA SCHWARZ VP, REAL ESTATE 40.00 X 133436 0 36606 ROCIO FLORES CHIEF SOCIAL IMPACT OFFICER 40.00 X 135425 0 31793 DANIEL PARIS VP, HUMAN RESOURCES 40.00 X 145326 0 16406 IRENE RODRIGUEZ VP, BUSINESS DEVELOPMENT 40.00 X 132975 0 21863 VALERIE IVES VP, CONSUMER LENDING 40.00 X 132588 0 21898 DANIEL COHEN VP, INFORMATION TECHNOLOGY 40.00 X 129306 0 24998 GAVIN GALIMI CHAIR 1.50 X X 0 0 0 MICHAEL BROUGHTON VICE CHAIR 1.50 X X 0 0 0 JUSTIN HO TREASURER 1.50 X X 0 0 0 CAROLINA CASTILLO SECRETARY 1.50 X X 0 0 0 LISA ESCOBAR SECRETARY (THRU 6/23) 1.50 X X 0 0 0 PEER FISS DIRECTOR 1.50 X 0 0 0 RICHARD MCCORMICK DIRECTOR 1.50 X 0 0 0 SAMANTHA SMYTH-PAXSON DIRECTOR 1.50 X 0 0 0 KELLY BERNAL DIRECTOR 1.50 X 0 0 0 JERALD JELLISON DIRECTOR (THRU 5/23) 1.50 X 0 0 0 1848690 0 330707 12 0 1 0 UNIVERSITY OF SOUTHERN CALIFORNIA 3601 TROUSDALE PARKWAY LOS ANGELES CA 90089 LEASED EMPLOYEES AND ANCILLARY SERVICES 10866943 PLAYFLY SPORTS PROPERTIES 22 CASSATT AVENUE BERWYN PA 193121325 ADVERTISING 1052733 CO-OP SOLUTIONS 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 PAYMENT SETTLEMENT PROVIDER 987735 ALKAMI TECHNOLOGY 5601 GRANITE PARKWAY STE 120 PLANO TX 75024 DIGITAL BANKING 580672 FINANCIAL TECHNOLOGY SOLUTIONS INT'L IN 406 E HUNTINGTON DRIVE MONROVIA CA 91016 ATM SERVICING PROVIDER 490873 15 INTEREST ON LOANS TO MEMBERS 522100 21447361 21447361 FEES AND CHARGES 522100 4142190 4111996 30194 GAIN ON SALE OF LOANS 522100 337191 337191 COMMISSION INCOME 522100 260500 237760 22740 26187242 3824174 3824174 529244 341336 187908 187908 187908 50998 38924 12074 12074 12074 OTHER REVENUE 522100 331601 331601 331601 30542999 26134308 52934 4355757 52519 3348855 1599841 5971792 515664 2115590 561726 192972 68523 6093 1070066 937557 797771 1592393 323423 142045 826619 481202 140872 LOAN SERVICING 1772236 EQUIPMENT MAINTENANCE 1625622 MISCELLANEOUS EXPENSES 1171528 BANK & CREDIT CARD FEES 711533 26026442 6676250 5435121 29071578 21801663 738086 292073 487702380 527376578 1344692 1190461 26454560 12662662 14463371 13791898 192060757 146566229 5222954 5878480 16993479 19344172 754273547 741676675 8151488 4837362 6000000 39000000 696370282 655348649 710521770 699186011 X 0 0 0 0 43751777 42490664 43751777 42490664 754273547 741676675 X 4516557 -3820787 -1956883 X X 0 1 X 1 0 6093 0 0 6093 6093 1 CALIFORNIA CREDIT UNION LEAGUE 2855 E GUASTI RD SUITE 202 ONTARIO CA 91761 940357265 6093 PART I-A, LINE 1: POLITICAL ACTION COMMITTEE EXPENDITURE 791422 791422 16039848 4087593 11952255 2063446 1583780 479666 6800739 6232601 568138 759105 758688 417 13791898 MEMBER SHARE ACCOUNTS 655348649 655348649 X 27063547 -3820788 -3820788 30884335 -341336 -341336 30542999 28324661 2298219 2298219 26026442 0 26026442 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 THE INTERNAL REVENUE CODE (IRC) 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. HOWEVER, THE CREDIT UNION IS SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). FASB CODIFICATION TOPIC 740, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED, AND PRESENTED IN THE FINANCIAL STATEMENTS. THIS REQUIRES AN 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 POSITION ARE MORE-LIKELY-THAN-NOT "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 JUNE 30, 2023 AND 2022 MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES MOVED FROM EXPENSES TO REVENUE -341,336. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES MOVED TO REVENUES 341,336. PROVISION FOR LOAN LOSSES MOVED TO PART XI 1,956,883. 1 CALIFORNIA CREDIT UNION LEAGUE 2855 E GUASTI RD STE 202 ONTARIO CA 91761 940357265 501(C)(6) 10353 0 ADVOCACY, EDUCATION, INFORMATION AND LEADERSHIP UNIVERSITY OF SOUTHERN CALIFORNIA 3607 TROUSDALE PARKWAY STUDENT UNION 301 LOS ANGELES CA 90089 951642394 501(C)(3) 41666 0 SCHOLARSHIPS AND COMMUNITY DEVELOPMENT 1 1 PART I, LINE 2: THERE ARE NO FORMAL MONITORING PROCEDURES. X X X 0 0 0 GARY PEREZ CHIEF EXECUTIVE OFFICER 308418 0 0 0 5907 0 30500 0 21208 0 366033 0 0 0 TERE DENISON CHIEF MARKETING OFFICER 171298 0 0 0 474 0 19988 0 26751 0 218511 0 0 0 MICHAEL ROGERS CHIEF FINANCIAL OFFICER 192212 0 0 0 405 0 21100 0 36 0 213753 0 0 0 DAVID SCHAUER-WEST CHIEF OPERATIONS OFFICER 179149 0 0 0 331 0 21202 0 12781 0 213463 0 0 0 JEFF GALLERY CHIEF LENDING OFFICER 180966 0 0 0 474 0 13525 0 10052 0 205017 0 0 0 CHRISTINA SCHWARZ VP, REAL ESTATE 133224 0 0 0 212 0 15098 0 21508 0 170042 0 0 0 ROCIO FLORES CHIEF SOCIAL IMPACT OFFICER 135425 0 0 0 0 0 14314 0 17479 0 167218 0 0 0 DANIEL PARIS VP, HUMAN RESOURCES 144852 0 0 0 474 0 16034 0 372 0 161732 0 0 0 IRENE RODRIGUEZ VP, BUSINESS DEVELOPMENT 132721 0 0 0 254 0 14429 0 7434 0 154838 0 0 0 VALERIE IVES VP, CONSUMER LENDING 132334 0 0 0 254 0 14464 0 7434 0 154486 0 0 0 DANIEL COHEN VP, INFORMATION TECHNOLOGY 128832 0 0 0 474 0 14582 0 10416 0 154304 0 0 0 SCHEDULE J, PART II THE CREDIT UNION HAS AN AGREEMENT WITH THE UNIVERSITY OF SOUTHERN CALIFORNIA (UNIVERSITY) WHEREBY THE UNIVERSITY PROVIDES THE CREDIT UNION WITH EMPLOYEES ON AN ON-GOING BASIS FOR A MONTHLY FEE EQUAL TO THE EMPLOYEE'S WAGES AND BENEFITS. ALL W2'S AND FEDERAL EMPLOYMENT TAX RETURNS ARE ISSUED BY THE UNIVERSITY. PART V, LINE 2 THE CREDIT UNION HAS AN AGREEMENT WITH THE UNIVERSITY OF SOUTHERN CALIFORNIA (UNIVERSITY) WHEREBY THE UNIVERSITY PROVIDES THE CREDIT UNION WITH EMPLOYEES ON AN ON-GOING BASIS FOR A MONTHLY FEE EQUAL TO THE EMPLOYEE'S WAGES AND BENEFITS. ALL W2'S AND FEDERAL EMPLOYMENT TAX RETURNS ARE ISSUED BY THE UNIVERSITY. THE CREDIT UNION REIMBURSES THE UNIVERSITY FOR THESE EXPENSES AND THESE EXPENSES ARE SHOWN AS SALARIES AND BENEFITS ON THE STATEMENT OF FUNCTIONAL EXPENSES, PART IX. FORM 990, PART VI, SECTION A, LINE 6 PARTICIPATION IN THE CREDIT UNION IS LIMITED TO THOSE WHO QUALIFY FOR MEMBERSHIP AS DEFINED IN THE CREDIT UNION'S CHARTER AND BYLAWS. THIS GENERALLY CONSISTS OF EMPLOYEES, STUDENTS, FACULTY AND ALUMNI OF THE UNIVERSITY OF SOUTHERN CALIFORNIA (UNIVERSITY). IN ADDITION TO THE REGULARLY QUALIFIED MEMBER, THE SPOUSE OR THE MEMBER, THE BLOOD OR ADOPTIVE RELATIVE OF EITHER OF THEM AND THEIR SPOUSES MAY BE MEMBERS. ALSO WITHIN THE FIELD OF MEMBERSHIP ARE ALL PERSONS WHO LIVE, REGULARLY WORK, CURRENTLY ATTEND SCHOOL, OR CURRENTLY WORSHIP IN THE CITY OF LOS ANGELES OR ORANGE COUNTY, CALIFORNIA. ALSO INCLUDED ARE ANY AND ALL BUSINESSES, CORPORATIONS, AND OTHER LEGAL ENTITIES BASED IN THESE AREAS. FORM 990, PART VI, SECTION A, LINE 7A ANY MEMBER CAN NOMINATE A MEMBER TO THE GOVERNING BODY. THE NOMINEES ARE VOTED ON AT THE ANNUAL MEETING WHICH CAN BE ATTENDED BY ANY MEMBER. FORM 990, PART VI, SECTION A, LINE 7B AMENDMENTS TO THE ORGANIZATION'S ARTICLES OF INCORPORATION AND BYLAWS ARE SUBJECT TO APPROVAL OF THE MEMBERS. FORM 990, PART VI, SECTION A, LINE 8B THE CREDIT UNION DOES NOT HAVE ANY COMMITTEES THAT HAVE THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. ONCE THE DRAFT IS AVAILABLE, IT IS REVIEWED BY MANAGEMENT AND ANY CHANGES INCORPORATED INTO THE FILING. ONCE THIS DETAILED REVIEW IS COMPLETE, THE RETURN IS FILED WITH THE IRS. THE BOARD OF DIRECTORS WILL RECEIVE A COPY OF THE FORM 990 AFTER FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION REVIEWS THE POLICY ON AN ANNUAL BASIS TO MAKE SURE IT ENCOMPASSES ALL IT SHOULD. EMPLOYEES AND MANAGERS ARE REQUIRED TO REPORT ANY VIOLATIONS OF THE POLICY TO THEIR SUPERVISOR AND/OR HR. EMPLOYEES ARE EXPECTED TO NOTIFY MANAGEMENT WHEN A CONFLICT OF INTEREST ARISES. AS FOR ACCOUNTS AT THE CREDIT UNION, ALL EMPLOYEE ACCOUNTS AND ACCOUNTS OF THEIR FAMILY ARE RESTRICTED AND THE EMPLOYEE WILL NOT HAVE ACCESS TO THOSE ACCOUNTS. ANNUALLY, EMPLOYEES ARE REQUIRED TO SUBMIT THOSE ACCOUNTS THAT BELONG TO THEM OR THEIR FAMILY MEMBERS TO OUR COMPLIANCE OFFICER. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION IS REVIEWED WITH THE PERSONNEL COMMITTEE (WHICH CONSISTS OF MEMBERS OF THE BOARD). THE VP OF HR PREPARES SURVEY DATA FOR THE COMMITTEE REGARDING CEO PAY AND COMPENSATION FROM THREE SOURCES AND THEN THE COMMITTEE MEETS. THE MEETINGS ARE HELD QUARTERLY AND DECISIONS ARE DOCUMENTED. THE EXECUTIVE TEAM AND MANAGEMENT TEAM COMPENSATION IS APPROVED BY THE CEO. COMPENSATION FOR THIS TEAM IS ALSO RESEARCHED FROM THREE DIFFERENT SOURCES AND THEN A DECISION IS MADE AND APPROVED BY THE CEO. THIS IS DONE ON AN ANNUAL BASIS AND DECISIONS ARE DOCUMENTED. WE DO THIS ANNUALLY DURING THE REVIEW PERIOD BETWEEN APRIL AND JUNE (SO, MOST RECENTLY FINISHED REVIEW WAS IN JUNE 2023). WE USE 3 LARGER SOURCES OF DATA TO BENCHMARK AND INFORM OUR SALARY DECISIONS: USC'S COMPENSATION SYSTEM, THE ANNUAL CUNA SALARY SURVEY, AND COMPEASE FROM HR PERFORMANCE SOLUTIONS. ALL THREE INDEPENDENT SOURCES UTILIZE A RANGE OF SALARY DATA FROM ACROSS THE COUNTRY AND HELP NARROW DOWN SALARY RANGES BY OUR ORGANIZATION'S SIZE AND GEOGRAPHIC LOCATION. ANALYSIS OF THESE RESOURCES, VARIOUS COMPENSABLE EMPLOYEE FACTORS, AND EMPLOYEE PERFORMANCE ARE ALL CONSIDERED. INPUT ON A PARTICULAR ROLE IS GIVEN BY THE DIVISION EXECUTIVE, THE HEAD OF HR, AND THE CEO. THE CEO HOLDS AUTHORITY ON THE FINAL COMPENSATION DECISION, EXCEPT FOR THE CEO SALARY, WHICH IS DETERMINED BY THE CREDIT UNION'S BOARD OF DIRECTORS. THAT SAID, ALL FINAL COMPENSATION DECISIONS ARE REVIEWED BY USC CENTRAL COMPENSATION TO ENSURE WE'RE IN COMPLIANCE WITH THEIR FAIR COMPENSATION STANDARDS, AS THEY ARE TECHNICALLY THE EMPLOYER OF RECORD. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE ORGANIZATION'S BRANCHES. GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: PROVISION FOR LOAN LOSSES -1,956,883. PART XII, LINE 2C THE CREDIT UNION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. TROJAN FINANCIAL SERVICES LLC 3720 S FLOWER ST 4TH FLOOR LOS ANGELES CA 90089 460958658 FINANCIAL SERVICES CA 0 0 USC CREDIT UNION