Excite Credit Union

Not tax-deductible

San Jose, CAMutual-benefit / member-servingSince 1952Mutual / membership EIN 94-1243656Revenue $38.3M in FY2024

On file with the IRSexcitecu.org151 Bernal Rd, 95119-1306 · San Jose, CATax-exempt since Sep 1961

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A cooperative, organized for the purpose of promoting thrift and savings among its members.

Run by 14 volunteers and 201 employees.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average deficit $414K a year · 1% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$1.7M
to officers and key staff · 3% of spending
Looks good: pay to officers and key staff is 3% of spending; 15% or less.
Pt VII · Sec A
4 mo
of spending, in cash
Plus $568.4M in investments, Pt X · Ln 11–13
Looks good: 4.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$596.0M
95% of total assets
Concern: liabilities are 95% of assets; over 80%.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$38.3M
-6% vs prior year
Spent
$49.0M
Net assets
$29.8M
By yearFY2020–FY2024
Revenue
$38.3M
FY2024▼ -6%
Tap a bar for its year
Revenue by fiscal year
FY2020$29.0M
FY2021$27.4M
FY2022$32.5M
FY2023$40.9M
FY2024$38.3M
Expenses
$49.0M
FY2024▲ +27%
Tap a bar for its year
Expenses by fiscal year
FY2020$28.4M
FY2021$25.4M
FY2022$28.9M
FY2023$38.5M
FY2024$49.0M
Net assets
$29.8M
FY2024▼ -33%
Tap a bar for its year
Net assets by fiscal year
FY2020$50.5M
FY2021$50.8M
FY2022$41.5M
FY2023$44.4M
FY2024$29.8M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 1961.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

21 people listed on the 990; $1.7M paid to officers and key staff.

Part VII, Section A · reportable compensation
President/CEO
$456,271Pt VII · Sec A
Executive VP
$297,748Pt VII · Sec A
VP, Operations
$221,221Pt VII · Sec A
VP, Lending
$215,880Pt VII · Sec A
VP, Technology Solutions
$195,735Pt VII · Sec A
VP, Risk Management
$177,573Pt VII · Sec A
SVP, Retail Experience
$100,566Pt VII · Sec A
Board Member
$0Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Brian Dorcy$456,271$539,320$397,155$324,996$371,219
Deborah Sunderman$297,748$321,083$281,755$242,498$232,551
Monaka Jackson——$291,656—$292,677
Richard Walter$100,566$235,313$198,102$169,658$157,233
Jackie Howard$215,880$234,861$209,203$179,836—
Kevin Alsup——$224,612$198,938$192,533
Kelly Burke$221,221$221,850———
Alexis Hoang$195,735————

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes
  • Loans to or from officersSch L · Pt II12 listed

Programs and updates

Encourages thrift and savings among its members.

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Provided by the organization

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3 programs · in their own filed words · FY2024
01

Achievement of satisfactory services provided to members in connection with consumer loans, I.E., auto loans, visa and personal lines of credit.

Pt IX · col B
02

Member satisfaction in connection with services pertaining to CHECKING/SAVINGS accounts, attractive CD rates, ira and similar accounts.

Pt IX · col B
03

Accomplishment of target goals in connection with provision of mortgage loan products to existing members.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 63 grants · $1.3M · 2020–2024
San Jose Grail Family ServicesCA · FY2024$105,000
Sunday Friends FoundationCA · FY2024$50,000
Catholic Charities of Santa Clara CountyFY2024$50,000
Alum Rock Union School DistrictFY2024$30,000
Excite FoundationCA · FY2024$20,000
Pivotal ConnectionsCA · FY2024$10,000
Escuela Popular Del PuebloCA · FY2024$10,000
Somos Mayfair INCCA · FY2023$45,100
See all 63 grants →

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$38.3M
Ln 12
Fees for servicesLn 2g$34.1M
Investment incomeLn 3$4.1M
Other incomeLn 4–11$144K
Money outPt IX
$49.0M
Ln 25
Owns and owesPt X
$29.8M
net assets · Ln 32
Cash and savingsLn 1–2$17.3M
Total assetsLn 16$625.7M
LiabilitiesLn 26$596.0M
PeoplePt VI, VII
21
listed · VII A
PaidVII A7
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$34.1M
Investment incomeLn 3$4.1M
Other incomeLn 4–11$144K
Total revenueLn 12$38.3M
Assets in detailPt X, end of year
CashLn 1$5.0M
SavingsLn 2$12.3M
Cash and savings togetherLn 1–2$17.3M
InvestmentsLn 11–13$568.4M
Land, buildings, equipmentLn 10c$19.7M
Other assetsLn 15$15.6M
Total assetsLn 16$625.7M
LiabilitiesLn 26$596.0M
Net assetsLn 32$29.8M
OperationsPt I, VI
EmployeesI 5201
VolunteersI 614
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$25.6M$17.3M
InvestmentsLn 11–13$631.9M$568.4M
Land, buildings, equipmentLn 10c$20.0M$19.7M
Total assetsLn 16$702.7M$625.7M
LiabilitiesLn 26$658.2M$596.0M
Net assetsLn 32$44.4M$29.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$657K
Pay of current officers, directors and key staffLn 5$1.7M
Other salaries and wagesLn 7$9.2M
Pension plan contributionsLn 8$505K
Other employee benefitsLn 9$2.2M
Payroll taxesLn 10$813K
Legal feesLn 11b$250K
Accounting feesLn 11c$525K
Other fees for servicesLn 11g$1.8M
Advertising and promotionLn 12$2.7M
Office expensesLn 13$4.1M
Information technologyLn 14$3.1M
OccupancyLn 16$1.3M
TravelLn 17$374K
InterestLn 20$9.1M
Depreciation, depletion and amortizationLn 22$1.5M
InsuranceLn 23$95K
Other expenses (24a–d)Ln 24$8.9M
Total functional expensesLn 25$49.0M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $38.3M$49.0M−$10.7M$29.8M 990 PDF
FY2023 $40.9M$38.5M$2.4M$44.4M 990 PDF
FY2022 $32.5M$28.9M$3.6M$41.5M 990 PDF
FY2021 $27.4M$25.4M$2.0M$50.8M 990 PDF
FY2020 $29.0M$28.4M$606K$50.5M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $38,299,339 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $33,004,898$34,080,074
I-10 Investment incomePrior year $3,711,810$4,074,943
I-11 Other revenuePrior year $4,148,840$144,322
I-12 Total revenuePrior year $40,865,548$38,299,339
I-13 Grants and similar amounts paidPrior year $390,510$657,075
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $12,858,801$14,412,965
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $25,240,381$33,915,748
I-18 Total expensesPrior year $38,489,692$48,985,788
I-19 Revenue less expensesPrior year $2,375,856−$10,686,449
Part VI · Governance 9 of 9 board members independent, no flags
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $38,299,339 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $33,956,172 · Unrelated business $123,902$34,080,074
VIII-3 Investment incomeRelated to mission $4,074,943$4,074,943
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $144,322$144,322
VIII-12 Total revenueRelated to mission $38,175,437 · Unrelated business $123,902 · Excluded from tax $0$38,299,339
Part IX · Statement of functional expenses $48,985,788 across 18 lines filed
IX-1 Grants to domestic organizations$657,075
IX-5 Pay of current officers, directors and key staff$1,664,994
IX-7 Other salaries and wages$9,209,109
IX-8 Pension plan contributions$505,358
IX-9 Other employee benefits$2,220,325
IX-10 Payroll taxes$813,179
IX-11b Legal fees$250,020
IX-11c Accounting fees$524,719
IX-11g Other fees for services$1,831,266
IX-12 Advertising and promotion$2,683,848
IX-13 Office expenses$4,137,847
IX-14 Information technology$3,143,630
IX-16 Occupancy$1,324,235
IX-17 Travel$373,648
IX-20 Interest$9,109,394
IX-22 Depreciation, depletion and amortization$1,504,465
IX-23 Insurance$95,411
IX-24 Other expenses (24a–d)$8,937,265
IX-25 Total functional expenses$48,985,788
Part X · Balance sheet $625,719,041 assets, 14 lines filed
Asset lines not itemized here account for $2,526,148; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $6,309,683$4,964,153
X-2 Savings and temporary cash investmentsStart of year $19,311,624$12,291,984
X-9 Prepaid expenses and deferred chargesStart of year $6,400,639$2,180,008
X-10c Land, buildings and equipment, netStart of year $20,017,203$19,744,197
X-11 Publicly traded securitiesStart of year $109,978,147$97,269,202
X-13 Program-related investmentsStart of year $521,907,556$471,125,799
X-14 Intangible assetsStart of year $4,635$4,635
X-15 Other assetsStart of year $15,053,383$15,612,915
X-16 Total assetsStart of year $702,664,031$625,719,041
X-17 Accounts payable and accrued expensesStart of year $6,821,253$6,873,610
X-25 Other liabilitiesStart of year $651,403,514$589,093,665
X-26 Total liabilitiesStart of year $658,224,767$595,967,275
X-32 Total net assets or fund balancesStart of year $44,439,264$29,751,766
X-33 Total liabilities and net assetsStart of year $702,664,031$625,719,041
Part XI · Reconciliation of net assets $29,751,766 net assets at year end
XI-1 Total revenue$38,299,339
XI-2 Total expenses$48,985,788
XI-3 Revenue less expenses−$10,686,449
XI-4 Net assets at start of year$44,439,264
XI-5 Net unrealized gains (losses) on investments$894,874
XI-9 Other changes in net assets−$4,895,923
XI-10 Net assets at end of year$29,751,766

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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