Premierone Credit Union

Not tax-deductible

San Jose, CAMutual-benefit / member-servingSince 1968Mutual / membership EIN 94-1696676Revenue $36.2M in FY2024

On file with the IRSpremieronecu.org6640 Via Del Oro, 95119-1450 · 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 11 volunteers and 98 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
5 of 5
filings with a surplus
Average surplus $2.4M a year · 10% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$3.1M
to officers and key staff · 10% of spending
Looks good: pay to officers and key staff is 10% of spending; 15% or less.
Pt VII · Sec A
28 mo
of spending, in cash
Plus $94.7M in investments, Pt X · Ln 11–13
Looks good: 27.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$577.4M
92% of total assets
Concern: liabilities are 92% of assets; over 80%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$36.2M
+31% vs prior year
Spent
$30.9M
Net assets
$50.3M
By yearFY2020–FY2024
Revenue
$36.2M
FY2024▲ +31%
Tap a bar for its year
Revenue by fiscal year
FY2020$17.8M
FY2021$17.6M
FY2022$20.5M
FY2023$27.7M
FY2024$36.2M
Expenses
$30.9M
FY2024▲ +21%
Tap a bar for its year
Expenses by fiscal year
FY2020$16.8M
FY2021$15.6M
FY2022$19.3M
FY2023$25.5M
FY2024$30.9M
Net assets
$50.3M
FY2024▲ +17%
Tap a bar for its year
Net assets by fiscal year
FY2020$47.3M
FY2021$47.5M
FY2022$37.8M
FY2023$43.0M
FY2024$50.3M

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

20 people listed on the 990; $3.1M paid to officers and key staff.

Part VII, Section A · reportable compensation
President/CEO
$625,579Pt VII · Sec A
VP Finance/CFO
$361,634Pt VII · Sec A
VP Member Service
$258,353Pt VII · Sec A
VP Lending Operations
$248,754Pt VII · Sec A
VP Business Operations
$243,168Pt VII · Sec A
Avp Information Technology
$220,018Pt VII · Sec A
VP Marketing
$214,864Pt VII · Sec A
VP HR & Organizational Development
$199,112Pt VII · Sec A

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

NameFY2024FY2023FY2022FY2021FY2020
Andrea Brewer$625,579$1,098,878$550,361$417,801$437,453
Brad Thomas$361,634—$285,322$269,197$260,943
Bradford Thomas—$299,361———
Richard Tresler$258,353$256,525$247,188$204,762$196,220
Christopher Caputo$248,754$213,982———
Dorothy Gemette$243,168$231,896$225,492$204,626$202,640
Belinda Metzler————$227,142
Lecia Roundtree——$224,844$199,755$195,211

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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes
  • Loans to or from officersSch L · Pt II7 listed

Programs and updates

Encourages members to save money and practice thrift.

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Provided by the organization

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3 programs · in their own filed words · FY2024
01

Achieved satisfactory results in providing members with a broad array of deposit product offerings, including a high-yield checking account product and a premium-rate money market savings product.

Pt IX · col B
02

Achieved satisfactory results in providing members with consumer loans from a broad array of product offerings, including vehicle loans, credit cards and personal lines of credit.

Pt IX · col B
03

Achieved satisfactory results in providing members with mortgage loans, including first trust deeds, second trust deeds and home equity lines of credit.

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 · 3 grants · $28K · 2022–2024
Unitemized GrantFY2024$9,500
Unitemized GrantFY2023$9,000
Unitemized GrantFY2022$9,000

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$36.2M
Ln 12
Fees for servicesLn 2g$29.1M
Investment incomeLn 3$6.8M
Other incomeLn 4–11$316K
Money outPt IX
$30.9M
Ln 25
Owns and owesPt X
$50.3M
net assets · Ln 32
Cash and savingsLn 1–2$70.7M
Total assetsLn 16$627.7M
LiabilitiesLn 26$577.4M
PeoplePt VI, VII
20
listed · VII A
PaidVII A13
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$29.1M
Investment incomeLn 3$6.8M
Other incomeLn 4–11$316K
Gains on assetsLn 7$2.4M
Total revenueLn 12$36.2M
Assets in detailPt X, end of year
CashLn 1$1.8M
SavingsLn 2$69.0M
Cash and savings togetherLn 1–2$70.7M
InvestmentsLn 11–13$94.7M
Land, buildings, equipmentLn 10c$16.0M
Other assetsLn 15$14.4M
Total assetsLn 16$627.7M
LiabilitiesLn 26$577.4M
Net assetsLn 32$50.3M
OperationsPt I, VI
EmployeesI 598
VolunteersI 611
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$41.0M$70.7M
InvestmentsLn 11–13$112.5M$94.7M
Land, buildings, equipmentLn 10c$15.6M$16.0M
Total assetsLn 16$620.0M$627.7M
LiabilitiesLn 26$577.0M$577.4M
Net assetsLn 32$43.0M$50.3M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$10K
Benefits paid to or for membersLn 4$7.7M
Pay of current officers, directors and key staffLn 5$2.6M
Other salaries and wagesLn 7$6.7M
Pension plan contributionsLn 8$105K
Other employee benefitsLn 9$640K
Payroll taxesLn 10$682K
Legal feesLn 11b$70K
Accounting feesLn 11c$132K
Other fees for servicesLn 11g$346K
Advertising and promotionLn 12$415K
Office expensesLn 13$2.0M
Information technologyLn 14$733K
OccupancyLn 16$1.1M
TravelLn 17$40K
Conferences, conventions and meetingsLn 19$84K
InterestLn 20$2.0M
Depreciation, depletion and amortizationLn 22$856K
InsuranceLn 23$62K
Other expenses (24a–d)Ln 24$4.6M
Total functional expensesLn 25$30.9M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $36.2M$30.9M$5.3M$50.3M 990 PDF
FY2023 $27.7M$25.5M$2.2M$43.0M 990 PDF
FY2022 $20.5M$19.3M$1.1M$37.8M 990 PDF
FY2021 $17.6M$15.6M$2.1M$47.5M 990 PDF
FY2020 $17.8M$16.8M$1.1M$47.3M 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 $36,239,784 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $24,143,495$29,098,982
I-10 Investment incomePrior year $3,206,378$6,824,544
I-11 Other revenuePrior year $302,725$316,258
I-12 Total revenuePrior year $27,652,598$36,239,784
I-13 Grants and similar amounts paidPrior year $9,000$9,500
I-14 Benefits paid to membersPrior year $4,106,729$7,654,465
I-15 Salaries and benefitsPrior year $10,103,684$10,802,703
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $11,271,600$12,425,756
I-18 Total expensesPrior year $25,491,013$30,892,424
I-19 Revenue less expensesPrior year $2,161,585$5,347,360
Part VI · Governance 7 of 7 board members independent, 1 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-2 Family or business relationship among officers or directorsYes
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 $36,239,784 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $29,098,982$29,098,982
VIII-3 Investment incomeExcluded from tax $4,461,650$4,461,650
VIII-6 Net rental income or lossExcluded from tax $316,258$316,258
VIII-7 Net gain or loss on sales of assetsExcluded from tax $2,362,894$2,362,894
VIII-12 Total revenueRelated to mission $29,098,982 · Unrelated business $0 · Excluded from tax $7,140,802$36,239,784
Part IX · Statement of functional expenses $30,892,424 across 20 lines filed
IX-2 Grants to domestic individuals$9,500
IX-4 Benefits paid to or for members$7,654,465
IX-5 Pay of current officers, directors and key staff$2,637,063
IX-7 Other salaries and wages$6,738,615
IX-8 Pension plan contributions$105,467
IX-9 Other employee benefits$640,020
IX-10 Payroll taxes$681,538
IX-11b Legal fees$69,794
IX-11c Accounting fees$132,140
IX-11g Other fees for services$345,565
IX-12 Advertising and promotion$415,306
IX-13 Office expenses$1,994,499
IX-14 Information technology$732,841
IX-16 Occupancy$1,073,492
IX-17 Travel$40,336
IX-19 Conferences, conventions and meetings$83,933
IX-20 Interest$1,995,742
IX-22 Depreciation, depletion and amortization$856,469
IX-23 Insurance$62,019
IX-24 Other expenses (24a–d)$4,623,620
IX-25 Total functional expenses$30,892,424
Part X · Balance sheet $627,716,177 assets, 15 lines filed
Asset lines not itemized here account for $429,879,692; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $2,808,331$1,774,204
X-2 Savings and temporary cash investmentsStart of year $38,218,026$68,960,467
X-4 Accounts receivableStart of year $27,726$33,640
X-9 Prepaid expenses and deferred chargesStart of year $919,964$1,079,872
X-10c Land, buildings and equipment, netStart of year $15,561,430$15,960,517
X-11 Publicly traded securitiesStart of year $96,887,311$86,341,971
X-12 Other securitiesStart of year $15,655,364$8,341,099
X-14 Intangible assetsStart of year $1,205,237$914,462
X-15 Other assetsStart of year $5,315,106$14,430,253
X-16 Total assetsStart of year $619,994,421$627,716,177
X-17 Accounts payable and accrued expensesStart of year $5,232,761$7,191,035
X-25 Other liabilitiesStart of year $526,745,111$525,253,684
X-26 Total liabilitiesStart of year $576,977,872$577,444,719
X-32 Total net assets or fund balancesStart of year $43,016,549$50,271,458
X-33 Total liabilities and net assetsStart of year $619,994,421$627,716,177
Part XI · Reconciliation of net assets $50,271,458 net assets at year end
XI-1 Total revenue$36,239,784
XI-2 Total expenses$30,892,424
XI-3 Revenue less expenses$5,347,360
XI-4 Net assets at start of year$43,016,549
XI-5 Net unrealized gains (losses) on investments$1,907,551
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$50,271,458

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

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