F3 Credit Union

Nonprofit profile at a glance

EIN
940760540
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
San Jose, CA, USA
Phone
4082758595
Rating confidence
Limited

Official website

Reported finances

Revenue
$11,865,118
Expenses
$10,726,092
Assets
$233,387,409
Liabilities
$198,698,304

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

12 people listed

Executive titles in this filing

  • FARDAD KHOSRAVI (PRESIDENT & CEO)

Highest reported compensation

  • FARDAD KHOSRAVI (PRESIDENT & CEO): $462,439 total reported compensation
  • PAUL LINDSLEY (CFO): $193,256 total reported compensation
  • DAVID CLARK (VP - IT): $172,047 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

F3 credit union is committed to creating a better life for our member owners by building financial partnerships and providing competitive services.

What it reported doing in 2024

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.

Operating model

Revenue model
Earned-program. 60% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 77
  • Accountability: 86
  • Sustainability: 63
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd 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: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 9.6%; rating input score 66; 66th percentile among comparable filings
  • Total-asset coverage ratio: 21.76; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0.85; rating input score 12; 12th percentile among comparable filings
  • Officer compensation ratio: 12.1%; rating input score 14; 14th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 2.8% per year; rating input score 100; 24th percentile among comparable filings
  • Asset growth: 1.7% per year; rating input score 100; 16th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 6 of 6 board members independent · 6 of 9 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $462K · 12 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 4 contractors listed · $1M reported
  • Consistency: 11 of 11 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 9 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 12/100.
  • High — Sustainability: Officer compensation ratio scored 14/100.