Coasthills Credit Union

Santa Maria, CAUnknown exempt organizationSince 1958 EIN 95-2015359Revenue $95.9M in FY2023Latest return filed Oct 16, 2024

On file with the IRScoasthills.coop1075 E Betteravia · Santa Maria, CA

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Serve members with financial products and superior customer service to help them achieve their financial goals.

Run by 17 volunteers and 360 employees.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2023
latest Form 990
Fine: the latest return is for FY2023, 3 tax years back; within 3 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 4
filings with a surplus
Average surplus $6.8M a year · 9% of revenue · last 4 filings
Looks good: a surplus in 4 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Pay to officers and key staff
$4.7M
to officers and key staff · 5% of spending
Looks good: pay to officers and key staff is 5% of spending; 15% or less.
Pt VII · Sec A
16 mo
of spending, in cash
Plus $272.7M in investments, Pt X · Ln 11–13
Looks good: 16.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.7B
93% of total assets
Concern: liabilities are 93% 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
$95.9M
+25% vs prior year
Spent
$91.8M
Net assets
$131.1M
By yearFY2020–FY2023
Revenue
$95.9M
FY2023▲ +25%
Tap a bar for its year
Revenue by fiscal year
FY2020$65.7M
FY2021$68.8M
FY2022$76.9M
FY2023$95.9M
Expenses
$91.8M
FY2023▲ +31%
Tap a bar for its year
Expenses by fiscal year
FY2020$58.7M
FY2021$59.4M
FY2022$70.0M
FY2023$91.8M
Net assets
$131.1M
FY2023▲ +3%
Tap a bar for its year
Net assets by fiscal year
FY2020$119.2M
FY2021$126.9M
FY2022$127.8M
FY2023$131.1M

From the FY2023 Form 990 · figures checked against the IRS filing · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2023.

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

Who runs it and what they're paid

35 people listed on the 990; $4.7M paid to officers and key staff.

Part VII, Section A · reportable compensation
CEO/President
$568,717Pt VII · Sec A
Chief Administrative Officer
$517,508Pt VII · Sec A
Chief Wealth Officer
$498,177Pt VII · Sec A
EVP, Chief Operating Officer
$418,897Pt VII · Sec A
Chief Experience Officer
$348,587Pt VII · Sec A
SVP Operations and Compliance
$321,649Pt VII · Sec A
EVP, Chief Financial Officer
$298,383Pt VII · Sec A
SVP Human Resources
$270,196Pt VII · Sec A

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

NameFY2023FY2022FY2021FY2020
Paul C Cook$568,717$663,540$546,490$558,043
Bruce a Altheide$498,177$564,430$517,747$466,489
David L Salm Thru 71923$517,508———
Jeffery York———$441,000
Pamela Rasmussen$418,897$421,477$380,990$329,059
James Ledford$348,587$408,500$321,829$300,547
David L Salm—$376,462$339,306$305,781
Timothy Jensen—$360,731$299,411$247,607

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.

See Coasthills Credit Union executive salaries →

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 II20 listed

Programs and updates

Provides financial products and service to help members reach their financial goals.

Questions for Coasthills Credit Union

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2 programs · in their own filed words · FY2023
01

Since 1958, coasthills credit union has been improving the financial well being of central coast families with loan and deposit products with lower fees and better rates than most banks. The credit union serves over 76,000 members in ventura, santa barbara, san luis obispo, monterey, and santa cruz COUNTIES.AS of january 19, 2024…

Pt IX · col B
02

Since 1958, coasthills credit union has been improving the financial well being of central coast families with loan and deposit products with lower fees and better rates than most banks. The credit union serves over 75,000 members in ventura, santa barbara, san luis obispo, monterey, and santa cruz counties.

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 · 47 grants · $604K · 2020–2023
Good Samaritan ShelterCA · FY2023$15,000
Childrens Miracle NetworkUT · FY2023$15,000
Lompoc Unified School DistrictFY2023$13,025
Vandenberg First Sergeant CouncilFY2023$10,000
30fssnafFY2023$10,000
Cuesta College FoundationCA · FY2023$10,000
16th District Agricultural AssociationFY2023$10,000
Loaves and FishesCA · FY2023$9,000
The Salvation ArmyHI · FY2023$9,000
See all 47 grants →

Federal money

Single Audit · Federal Audit Clearinghouse · money spent from federal programs
Year ending Dec 2023 · $2.9M federal money spent
Community Development Financial Institutions Equitable Recovery Program (cdfi Erp)Department of the Treasury · ALN 21.033 · Direct$2.5M
Community Development Financial Institutions ProgramDepartment of the Treasury · ALN 21.020 · Direct$433K

The auditor reported no findings.

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$95.9M
Ln 12
Fees for servicesLn 2g$85.9M
Investment incomeLn 3$7.5M
Gifts and grantsLn 1h$2.9M
Money outPt IX
$91.8M
Ln 25
Owns and owesPt X
$131.1M
net assets · Ln 32
Cash and savingsLn 1–2$124.7M
Total assetsLn 16$1.8B
LiabilitiesLn 26$1.7B
PeoplePt VI, VII
35
listed · VII A
PaidVII A17
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.9M
Government grantsLn 1e$2.9M
Fees for servicesLn 2g$85.9M
Investment incomeLn 3$7.5M
Total revenueLn 12$95.9M
Assets in detailPt X, end of year
Cash and savings togetherLn 1–2$124.7M
Total assetsLn 16$1.8B
LiabilitiesLn 26$1.7B
Net assetsLn 32$131.1M
OperationsPt I, VI
EmployeesI 5360
VolunteersI 617
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2023 Latest ViewingFiled with the IRS Oct 16, 2024 $95.9M$91.8M$4.1M$131.1M 990 PDF
FY2022Filed with the IRS Nov 13, 2023 $76.9M$70.0M$6.8M$127.8M 990 PDF
FY2021Filed with the IRS Nov 9, 2022 $68.8M$59.4M$9.4M$126.9M 990 PDF
FY2020Filed with the IRS Nov 12, 2021 $65.7M$58.7M$7.0M$119.2M 990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons J · Pay O · Explanations
See the full FY2023 990 (1 part)
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

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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