CSAC Finance Corporation

What it reported doing in 2024

The Nationwide Retirement Solutions program is the largest deferred compensation program in the country for county employees. In California, over 65,000 county employees save for their retirement using this flexible, cost-effective employee benefit program. This program is the only one with a national oversight committee consisting of elected and appointed county officials who are plan participants. Additionally, an advisory committee comprised of California county officials provides additional feedback and oversight for this supplemental retirement program. Currently, 34 counties in California have chosen Nationwide to help their employees save for retirement.The Investment Trust of California (CalTRUST) is a JPA established by public agencies in California for the purpose of pooling and investing local agency funds operating reserves as well as bond proceeds. CalTRUST offers the option of five accounts to provide participating agencies with a convenient method of pooling funds a liquidity fund, a government fund, a short-term, and a medium-term, and a new ESG-compliant money market fund. Each account seeks to attain as high a level of current income as is consistent with the preservation of principal. This program is a great option to diversify investments! Public Square Real Estate, Inc. (PSRE) is a corporation formed by CSAC Finance Corporation (CSAC FC) aimed at providing holistic and comprehensive professional real estate services to Californias counties. The unique nature of this corporation and its partnerships ensures counties have access to the highest level of real estate services with a special focus on counties and their needs. This partnership provides unmatched resources and expertise in real estate services dedicated to the business of improving public services for counties and their constituents. PSRE was formed with these guiding principles and a clear focus to ensure that counties have a service option that puts them first by an organization that understands counties and the public interest.Formed by the CSAC Finance Corporation, Easy Smart Pay is a platform built to modernize and simplify the process of paying government. ESP is a complementary bill pay service focused on providing automatic monthly payments to taxpayers for their property tax at the lowest industry rates. In addition to the partnership with the CSAC Finance Corporation, Easy Smart Pay partners with the NACo Financial Services Corporation and the California School Board Association. This program is currently being used in 28 of the 58 California counties and is now available for all counties to onboard.The California Cannabis Authority is a Joint Powers Authority established by county governments to develop and manage a statewide data platform. The platform will assist local governments that are regulating commercial cannabis activity by consolidating data from different channels into one resource to help local governments ensure maximum regulatory and tax compliance. In addition, the platform can help to facilitate financial services to the cannabis industry by linking willing financial institutions with interested businesses, and by providing critical data to ensure that all transactions and deposits are from legal transactions. As counties look at establishing or revising their cannabis licensing and taxing structure, CCA should be among the resources used to ensure a successful and robust regulatory program.CSAC Finance Corporation and Enterprise Mobility have partnered to provide counties and other municipalities remarkably discounted rates for cars, trucks, vans and cargo vehicle rentals. Through this program, Enterprise Mobility also provides automatic damage waivers and liability coverage at no additional cost and all with a zero-volume guarantee, making it more efficient and cost-effective to rent one or multiple vehicles on short and/or long-term bases. Enterprise Mobility is a leading provider of mobility solutions including car

Financial Efficiency

• Mission deployment rate: 94.7%; rating input score 95
• Program expense ratio: 95.5%; rating input score 95
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 3 of 6 controls in place; rating input score 50
  • Compensation committee: Pass
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Pass
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
• Major donor itemization: Limited
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 8 of 9 controls in place; rating input score 89
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -1.5%; rating input score 28; 28th percentile among comparable filings
• Total-asset coverage ratio: 2.45; rating input score 68; 68th percentile among comparable filings
• Liabilities to assets ratio: 0.02; rating input score 80; 80th percentile among comparable filings
• Officer compensation ratio: 17.7%; rating input score 15; 15th percentile among comparable filings

Growth

• Program expense growth: 6.8% per year; rating input score 100; 49th percentile among comparable filings
• Revenue growth: 6.5% per year; rating input score 100; 51st percentile among comparable filings
• Asset growth: 20.8% per year; rating input score 100; 85th percentile among comparable filings