2025-05-05T17:41:55-05:00 2024-06-30 410746749 CLIFTONLARSONALLEN LLP 2875 MICHELLE DRIVE 300 IRVINE CA 92606 990 2023-07-01 954110181 USC CREDIT UNION CRED 2138217128 3720 S FLOWER ST 4TH FLOOR LOS ANGELES CA 90089 MICHAEL ROGERS CFO 2138217128 2025-05-01 1 1 LISA N RYSSEL CPA P00643670 7149781300 2025-05-01 2023 2025-03-06 01:10:19Z GARY PEREZ 3720 S FLOWER ST 4TH FLOOR LOS ANGELES CA 90089 36731278 0 X WWW.USCCREDITUNION.ORG X 1973 CA TO PROVIDE FINANCIAL SERVICES TO OUR CORE MEMBERSHIP: FACULTY, STAFF, STUDENTS, AND ALUMNI OF USC. 9 9 0 14 64536 22488 0 0 26187242 30124646 3836248 5579171 519509 467295 30542999 36171112 52519 61905 3348855 6632789 10764613 11306302 0 0 0 11860455 14792301 26026442 32793297 4516557 3377815 741676675 741105315 699186011 698539988 42490664 42565327 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 2024, OUR SOCIAL IMPACT DEPARTMENT ACCOMPLISHED THE FOLLOWING. - 3000+ PARTICIPATED IN FINANCIAL EDUCATION WORKSHOPS, ONLINE CLASSES, AND FINANCIAL COACHING SESSIONS - 50+ COLLABORATIVE PARTNERSHIPS BRINGING FINANCIAL WELLNESS PROGRAMMING, EVENTS, AND ACCESS TO BENEFICIAL FINANCIAL SERVICES AND PRODUCTS TO THE COMMUNITIES WE SERVE - 1,600+ GROWTH IN COMMUNITY MEMBERSHIPS, BRINGING ACCESS TO AFFORDABLE AND WEALTH-BUILDING PRODUCTS AND SERVICES DIRECTLY TO FAMILIES - $16,000+ IN COMMUNITY SPONSORSHIPS SUPPORTING MEANINGFUL PURPOSE-DRIVEN ORGANIZATIONSAS OF JUNE 30, 2024, WE PROVIDED FINANCIAL SERVICES FOR 80,237 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 9 9 0 0 1 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 0.00 X 330479 0 71630 TERESA DENISON CHIEF MARKETING OFFICER 40.00 0.00 X 180995 0 62337 DAVID SCHAUER-WEST CHIEF INFORMATION OFFICER 40.00 0.00 X 184808 0 54178 MICHAEL ROGERS CHIEF FINANCIAL OFFICER 40.00 0.00 X 201681 0 35556 JEFF GALLERY CHIEF LENDING OFFICER 40.00 0.00 X 189261 0 41664 TONYA PEREZ-WRIGHT CHIEF EXPERIENCE OFFICER 40.00 0.00 X 162979 0 42488 ROCIO FLORES CHIEF SOCIAL IMPACT OFFICER 40.00 0.00 X 154860 0 47638 DANIEL COHEN VP, INFORMATION TECHNOLOGY 40.00 0.00 X 154022 0 34768 DANIEL PARIS VP, HUMAN RESOURCES 40.00 0.00 X 157351 0 22762 CHRISTINA SCHWARZ VP, REAL ESTATE LENDING 40.00 0.00 X 137153 0 37994 VALERIE IVES VP, CONSUMER LENDING 40.00 0.00 X 138629 0 35357 IRENE RODRIGUEZ VP, BUSINESS DEVELOPMENT 40.00 0.00 X 111947 0 27820 GAVIN GALIMI CHAIR 1.50 0.00 X X 0 0 0 MICHAEL BROUGHTON VICE CHAIR 1.50 0.00 X X 0 0 0 JUSTIN HO TREASURER 1.50 0.00 X X 0 0 0 CAROLINA CASTILLO SECRETARY 1.50 0.00 X X 0 0 0 KELLY BERNAL DIRECTOR 1.50 0.00 X 0 0 0 PEER FISS DIRECTOR 1.50 0.00 X 0 0 0 RICHARD MCCORMICK DIRECTOR 1.50 0.00 X 0 0 0 SAMANTHA SMYTH-PAXSON DIRECTOR 1.50 0.00 X 0 0 0 THEODORE BUDGE DIRECTOR 1.50 0.00 X 0 0 0 2104165 0 514192 18 0 1 0 UNIVERSITY OF SOUTHERN CALIFORNIA 3601 TROUSDALE PARKWAY LOS ANGELES CA 90089 LEASED EMPLOYEES AND ANCILLARY SERVICES 11494966 CU COOPERATIVE SYSTEMS LLC 4950 AMON CARTER BLVD FORT WORTH TX 76150 PAYMENT SETTLEMENT PROVIDER 959109 ALKAMI TECHNOLOGY PO BOX 122223 DALLAS TX 753152223 DIGITAL BANKING 811519 PLAYFLY SPORTS PROPERTIES PO BOX 743049 LOS ANGELES CA 90074 ADVERTISING 565905 THE DRALA PROJECT INC DBA THE REDESIGN 2629 MANHATTAN AVE SUITE 307 HERMOSA BEACH CA 90254 DATA CENTER MODERNIZATION 340655 24 INTEREST ON LOANS TO MEMBERS 522100 25732359 25732359 FEES AND CHARGES 522100 3983602 3957991 25611 COMMISSION INCOME 522100 301305 262380 38925 GAIN ON SALE OF LOANS 522100 107380 107380 30124646 5538839 5538839 527456 340781 186675 186675 186675 259717 219385 40332 40332 40332 OTHER REVENUE 522100 280620 280620 280620 36171112 30060110 64536 6046466 61905 6632789 2026495 6123250 327296 2217490 611771 165107 63216 6500 1471334 1190710 771803 1943152 310354 111168 4551 2526767 481542 144045 EQUIPMENT MAINTENANCE 1742940 LOAN SERVICING 1537008 MISCELLANEOUS EXPENSES 1369458 BANK & CREDIT CARD FEES 952646 32793297 5435121 6096185 21801663 69777363 292073 2189595 527376578 509930618 1190461 965694 27127262 13280305 13791898 13846957 146566229 119157647 5878480 5779044 19344172 13362212 741676675 741105315 4837362 12076862 39000000 64000000 655348649 622463126 699186011 698539988 X 0 0 0 0 42490664 42565327 42490664 42565327 741676675 741105315 X 3377815 2488962 -5792114 X X 0 1 X 1 0 6500 0 6500 6500 1 CALIFORNIA CREDIT UNION LEAGUE 2855 E GUASTI RD SUITE 202 ONTARIO CA 91761 940357265 6500 PART I-A, LINE 1: POLITICAL ACTION COMMITTEE EXPENDITURE 791422 791422 16039848 4359797 11680051 2063446 1678701 384745 7468442 6478118 990324 764104 763689 415 13846957 MEMBER SHARE ACCOUNTS 622142907 LEASE LIABILITY 320219 622463126 X 39000855 2488962 2488962 36511893 -340781 -340781 36171112 35245078 2451781 2451781 32793297 0 32793297 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, 2024 AND 2023 MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES MOVED FROM EXPENSES TO REVENUE -340,781. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES MOVED TO REVENUES 340,781. PROVISION FOR LOAN LOSSES MOVED TO PART XI 2,111,000. 1 CALIFORNIA CREDIT UNION LEAGUE 2855 E GUASTI RD STE 202 ONTARIO CA 91761 940357265 501(C)(6) 10296 0 ADVOCACY, EDUCATION, INFORMATION AND LEADERSHIP UNIVERSITY OF SOUTHERN CALIFORNIA 3607 TROUSDALE PARKWAY STUDENT UNION 301 LOS ANGELES CA 90089 951642394 501(C)(3) 26850 0 SCHOLARSHIPS AND COMMUNITY DEVELOPMENT 1 1 PART I, LINE 2: THERE ARE NO FORMAL MONITORING PROCEDURES. X 1 1 X X X 0 0 0 GARY PEREZ CHIEF EXECUTIVE OFFICER 325025 0 0 0 5454 0 33000 0 38630 0 402109 0 0 0 TERESA DENISON CHIEF MARKETING OFFICER 180521 0 0 0 474 0 20987 0 41350 0 243332 0 0 0 DAVID SCHAUER-WEST CHIEF INFORMATION OFFICER 184554 0 0 0 254 0 22262 0 31916 0 238986 0 0 0 MICHAEL ROGERS CHIEF FINANCIAL OFFICER 201427 0 0 0 254 0 22155 0 13401 0 237237 0 0 0 JEFF GALLERY CHIEF LENDING OFFICER 188787 0 0 0 474 0 17665 0 23999 0 230925 0 0 0 TONYA PEREZ-WRIGHT CHIEF EXPERIENCE OFFICER 162979 0 0 0 0 0 17863 0 24625 0 205467 0 0 0 ROCIO FLORES CHIEF SOCIAL IMPACT OFFICER 154640 0 0 0 220 0 16359 0 31279 0 202498 0 0 0 DANIEL COHEN VP, INFORMATION TECHNOLOGY 153548 0 0 0 474 0 16954 0 17814 0 188790 0 0 0 DANIEL PARIS VP, HUMAN RESOURCES 156919 0 0 0 432 0 12747 0 10015 0 180113 0 0 0 CHRISTINA SCHWARZ VP, REAL ESTATE LENDING 136941 0 0 0 212 0 11935 0 26059 0 175147 0 0 0 VALERIE IVES VP, CONSUMER LENDING 137990 0 0 0 639 0 15113 0 20244 0 173986 0 0 0 PART I, LINE 1A THE ORGANIZATION PAID BOARD MEMBERS FOR TRAVEL FOR COMPANIONS THROUGH THEIR W-2. 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 W'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 4 THE BYLAWS WERE AMENDED IN THE CURRENT YEAR TO EXTEND MEMBERSHIP TO RESIDENTS OF LOS ANGELES COUNTY. MEMBERSHIP WAS ALSO EXTENDED TO EMPLOYEES OF ALTAMED HEALTH SERVICES CORPORATION IN THE STATE OF CALIFORNIA. 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 2024). 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 -2,111,000. CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE -3,681,114. 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 USC CREDIT UNION FOUNDATION 3720 S FLOWER ST LOS ANGELES CA 90089 811177431 FINANCIAL EDUCATION PROGRAMS AND COMMUNITY ENGAGEMENT CA 501(C)(3) PF USC CREDIT UNION 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0