San Jose Credit Union

Nonprofit profile at a glance

EIN
940702065
IRS 990 coverage
2010–2012
Forms available
Form 990 2012
Location
San Jose, CA, USA
Phone
4089953181
Rating confidence
Limited
Sector
Credit Unions

Official website

Reported finances

Revenue
$5,485,791
Expenses
$5,868,392
Assets
$139,950,682
Liabilities
$128,936,631

Source: IRS Form 990. Selected filing: tax year 2012. Amounts in USD.

Leadership & pay

9 people listed

Source: IRS Form 990. Selected filing: tax year 2012. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission of san jose credit union is to provide high level financial services & superior service in order to meet the individual needs of all of our members.

What it reported doing in 2012

San jose credit union was formed in 1932 to serve the deposit and loan needs of the employees of the city of san jose, California. Since that time sjcu has expanded its membership field to include anyone who lives, works, worships or attends school within the san jose city limits. Our core membership group still remains the city employees. We have always maintained a strong relationship with the city government. The city of san jose provides us several branch office spaces and payroll deductions for city employees who are members. Our deposit program has expanded to include certificates of deposit, iras and money market accounts. We now have over 12,000 members with a savings account. Our total deposit base is over $118 million. Included in this amount is over $19 million in checking accounts. Over 6,500 members utilize our dividend bearing checking account with the associated services such as direct deposit, automated payment systems and check cards.

Operating model

Revenue model
Earned-program. 92% 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: 71
  • Accountability: 91
  • Sustainability: 39
  • Growth: 20

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; 60th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • 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; 65th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -7%; rating input score 15; 15th percentile among comparable filings
  • Total-asset coverage ratio: 23.85; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0.92; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: 11.1%; rating input score 18; 18th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -2.5% per year; rating input score 0; 25th percentile among comparable filings
  • Asset growth: 3.6% per year; rating input score 100; 52nd percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 5 of 5 board members independent · 7 of 9 filing controls reported
  • Programs: 4 filed program accomplishments
  • Leadership: top reported pay $248K · 9 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 11 of 11 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 3 filing years from 2010 to 2012
  • 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.

Key Signals

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

  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 15/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.
  • High — Sustainability: Officer compensation ratio scored 18/100.