My Credit Union

IRS exemption revoked

Redwood City, CAUnknown exempt organizationEIN 94-6092012

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Non-profit, State-chartered, Natural Person Credit Union. Provide competitive financial services to 2,231 members of My Credit Union.

Run by 7 volunteers and 8 employees.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
Revoked
IRS exemption revoked
Concern: the IRS revoked its tax exemption.
IRS Auto-Revocation List
Latest return
FY2020
latest Form 990
Concern: the latest return is for FY2020, 6 tax years back; more than 4 tax years.
IRS e-file · Filing history
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$130K
to officers and key staff · 9% of spending
Looks good: pay to officers and key staff is 9% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
25 mo
of spending, in cash
Looks good: 25.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$31.6M
93% of total assets
Concern: liabilities are 93% of assets; over 80%.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.3M
Spent
$1.4M
To programs
0%
Net assets
$2.6M

From the FY2020 Form 990 · figures checked against the IRS filing · see the original

IRS revoked this organization's tax-exempt status on May 15, 2024

Is it real?

No. The IRS revoked its tax exemption. Latest filing on record: FY2020.

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

Who runs it and what they're paid

9 people listed on the 990; $130K paid to officers and key staff.

Part VII, Section A · reportable compensation
President & CEO
$130,000Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Chairman
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
SC Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
SC Member
$0Pt VII · Sec A
See My Credit Union executive salaries →

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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

Programs and updates

Offers competitive financial services to its members.

Provided by the organization

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1 program service, described in the organization's own filed words · FY2020.
01

Provided deposit and loan accounts to its members. Provided low cost source of credit and low cost financial services to our members. Provided source for member savings and checking account needs.

Pt IX · col B

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By the numbers

The FY2020 990, line by line.

1The main four
Money inPt VIII
$1.3M
Ln 12
Fees for servicesLn 2g$873K
Other incomeLn 4–11$203K
Investment incomeLn 3$175K
Money outPt IX
$1.4M
Ln 25
Owns and owesPt X
$2.6M
net assets · Ln 32
Cash and savingsLn 1–2$3.0M
Total assetsLn 16$34.1M
LiabilitiesLn 26$31.6M
PeoplePt VI, VII
9
listed · VII A
PaidVII A1
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$873K
Investment incomeLn 3$175K
Other incomeLn 4–11$203K
Gains on assetsLn 7$0
Total revenueLn 12$1.3M
Assets in detailPt X, end of year
CashLn 1$225K
SavingsLn 2$2.8M
Cash and savings togetherLn 1–2$3.0M
InvestmentsLn 11–13$8.8M
Land, buildings, equipmentLn 10c$74K
Other assetsLn 15$853K
Total assetsLn 16$34.1M
LiabilitiesLn 26$31.6M
Net assetsLn 32$2.6M
OperationsPt I, VI
EmployeesI 58
VolunteersI 67
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 FY20End FY20
Cash and savingsLn 1–2$2.0M$3.0M
InvestmentsLn 11–13$8.9M$8.8M
Land, buildings, equipmentLn 10c$121K$74K
Total assetsLn 16$32.0M$34.1M
LiabilitiesLn 26$29.3M$31.6M
Net assetsLn 32$2.7M$2.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$7K
Pay of current officers, directors and key staffLn 5$133K
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$387K
Pension plan contributionsLn 8$0
Other employee benefitsLn 9$0
Payroll taxesLn 10$0
Management feesLn 11a$0
Legal feesLn 11b$0
Accounting feesLn 11c$0
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$0
Other fees for servicesLn 11g$154K
Advertising and promotionLn 12$3K
Office expensesLn 13$271K
Information technologyLn 14$0
RoyaltiesLn 15$0
OccupancyLn 16$182K
TravelLn 17$5K
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$0
InterestLn 20$1K
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$0
InsuranceLn 23$0
Other expenses (24a–d)Ln 24$303K
All other expensesLn 24e$0
Total functional expensesLn 25$1.4M$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2020 Latest Viewing $1.3M$1.4M−$194K$2.6M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (4 parts)
Part VIII · Statement of revenue $1,251,369 across 9 lines filed
VIII-1h Total contributions, gifts and grants$0
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $873,123$873,123
VIII-3 Investment incomeRelated to mission $175,091$175,091
VIII-5 Royalties$0
VIII-6 Net rental income or loss$0
VIII-7 Net gain or loss on sales of assets$0
VIII-8 Net income from fundraising events$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $203,155$203,155
VIII-12 Total revenueRelated to mission $1,251,369$1,251,369
Part IX · Statement of functional expenses $1,445,444 across 31 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$6,520
IX-5 Pay of current officers, directors and key staff$132,601
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wages$386,602
IX-8 Pension plan contributions$0
IX-9 Other employee benefits$0
IX-10 Payroll taxes$0
IX-11a Management fees$0
IX-11b Legal fees$0
IX-11c Accounting fees$0
IX-11d Lobbying fees$0
IX-11e Professional fundraising fees$0
IX-11f Investment management fees$0
IX-11g Other fees for services$154,299
IX-12 Advertising and promotion$3,171
IX-13 Office expenses$270,959
IX-14 Information technology$0
IX-15 Royalties$0
IX-16 Occupancy$182,217
IX-17 Travel$4,663
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$0
IX-20 Interest$1,424
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortization$0
IX-23 Insurance$0
IX-24 Other expenses (24a–d)$302,988
IX-24e All other expenses$0
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$1,445,444
Part X · Balance sheet $34,108,303 assets, 18 lines filed
Asset lines not itemized here account for $21,350,088; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $171,015$224,818
X-2 Savings and temporary cash investmentsStart of year $1,808,879$2,802,785
X-3 Pledges and grants receivable$0
X-4 Accounts receivable$0
X-8 Inventories for sale or use$0
X-9 Prepaid expenses and deferred charges$0
X-10c Land, buildings and equipment, netStart of year $120,985$73,725
X-11 Publicly traded securities$0
X-12 Other securities$0
X-13 Program-related investmentsStart of year $8,861,570$8,803,570
X-14 Intangible assets$0
X-15 Other assetsStart of year $693,571$853,317
X-16 Total assetsStart of year $32,017,144$34,108,303
X-17 Accounts payable and accrued expensesStart of year $150,811$93,064
X-25 Other liabilitiesStart of year $29,116,836$31,459,817
X-26 Total liabilitiesStart of year $29,267,647$31,552,881
X-32 Total net assets or fund balancesStart of year $2,749,497$2,555,422
X-33 Total liabilities and net assetsStart of year $32,017,144$34,108,303
Part XI · Reconciliation of net assets $2,555,422 net assets at year end
XI-1 Total revenue$1,251,369
XI-2 Total expenses$1,445,444
XI-3 Revenue less expenses−$194,075
XI-4 Net assets at start of year$2,749,497
XI-10 Net assets at end of year$2,555,422

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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