Sesloc Credit Union
Nonprofit profile at a glance
- EIN
- 951722855
- IRS 990 coverage
- 2024–2024
- Forms available
- Form 990 2024
- Location
- San Luis Obispo, CA, USA
- Phone
- 8055431816
- Rating confidence
- Limited
Reported finances
- Revenue
- $45,228,242
- Expenses
- $40,841,143
- Assets
- $1,143,863,296
- Liabilities
- $1,041,067,725
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
21 people listed
Executive titles in this filing
- MICHAEL QUAMMA (PRESIDENT/CEO)
- GERIANNE LACHANCE (PRESIDENT/CEO)
Highest reported compensation
- GERIANNE LACHANCE (PRESIDENT/CEO): $1,053,961 total reported compensation
- MICHAEL QUAMMA (PRESIDENT/CEO): $508,990 total reported compensation
- KELLI BRIGGS (EVP, CHIEF OPERATING OFFICER): $307,101 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Sesloc is a not-for-profit financial institution on California's central coast since 1942, now operating with six branches in san luis obispo, paso robles, atascadero, cal poly, arroyo grande and santa maria. Our employees provide valuable financial and educational services to nearly 55,000 members. Our members are local, so money stays local, and sesloc stays community-focused.
What it reported doing in 2024
Income from the credit union membership and from the investment of member funds provide the foundation from which the organization can function and provide services to its restricted membership.
Operating model
- Revenue model
- Earned-program. 89% 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: 82
- Accountability: 100
- Sustainability: 64
- Growth: NotEnoughData
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: Missing
- Independent consultant: Pass
- 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: 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; 66th percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- 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: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 9.7%; rating input score 67; 67th percentile among comparable filings
- Total-asset coverage ratio: 28.01; rating input score 98; 98th percentile among comparable filings
- Liabilities to assets ratio: 0.91; rating input score 9; 9th percentile among comparable filings
- Officer compensation ratio: 9.4%; rating input score 23; 23rd percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: Limited
- Asset growth: Limited
Details
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 7 of 7 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment
- Leadership: top reported pay $1.1M · 21 people listed · 3 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $4.3M reported
- Consistency: 13 of 13 current checks pass
- Schedules: 5 filed schedules · includes grants and executive pay
- Contacts: How to reach this organization
- Money network: 23 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.
- High — Sustainability: Liabilities to assets ratio scored 9/100.
- High — Sustainability: Officer compensation ratio scored 23/100.