Civic Intelligence

Safe Credit Union

990 • Fiscal year 2018 • EIN 94-1179501

Jan 01, 2018 to Dec 31, 2018 • Filed on May 15, 2019

2295 Iron Point Rd Suite 100Folsom, CA 95630-8765

(916) 979-7233

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

74th percentile

0.90x

Higher debt load relative to assets than 74% of similar nonprofits.

2018 filings • 501(c)14 • $1B+ nonprofits • Source year 2018

Liabilities / Revenue

47th percentile

17.64x

Higher debt load relative to revenue than 47% of similar nonprofits.

2018 filings • 501(c)14 • $1B+ nonprofits • Source year 2018

Net Margin

56th percentile

20%

Higher net margin than 56% of similar nonprofits.

2018 filings • 501(c)14 • $1B+ nonprofits • Source year 2018

Top Officer Pay

70th percentile

$1,097,994

Higher top officer pay than 70% of similar nonprofits.

Top officer pay equals 0.7% of source-year revenue.

2018 filings • 501(c)14 • $1B+ nonprofits • Source year 2018

Asset Growth

54th percentile

6.8%

Faster asset growth than 54% of similar nonprofits.

2018 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2017 to 2018

Revenue Growth

80th percentile

18%

Faster revenue growth than 80% of similar nonprofits.

2018 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2017 to 2018

Assets

Up

$2,883,729,558

Up $184,616,432 (+6.8%) from 2017

Net Assets

Up

$276,750,127

Up $28,773,025 (+12%) from 2017

Liabilities

Up

$2,606,979,431

Up $155,843,407 (+6.4%) from 2017

Revenue

Up

$147,810,875

Up $23,005,635 (+18%) from 2017

Expenses

Up

$118,887,426

Up $14,288,980 (+14%) from 2017

Net Income

Up

$28,923,449

Up $8,716,655 (+43%) from 2017

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$6.0B$4.0B$2.0B$0Assets 2010: $1,695,023,052Liabilities 2010: $1,550,251,390Net Assets 2010: $144,771,6622010Assets 2011: $1,781,163,623Liabilities 2011: $1,609,900,248Net Assets 2011: $171,263,3752011Assets 2012: $1,906,193,997Liabilities 2012: $1,710,326,650Net Assets 2012: $195,867,3472012Assets 2013: $2,004,704,102Liabilities 2013: $1,807,404,232Net Assets 2013: $197,299,8702013Assets 2014: $2,137,634,239Liabilities 2014: $1,927,901,845Net Assets 2014: $209,732,3942014Assets 2015: $2,282,091,875Liabilities 2015: $2,064,831,658Net Assets 2015: $217,260,2172015Assets 2016: $2,502,656,736Liabilities 2016: $2,273,488,975Net Assets 2016: $229,167,7612016Assets 2017: $2,699,113,126Liabilities 2017: $2,451,136,024Net Assets 2017: $247,977,1022017Assets 2018: $2,883,729,558Liabilities 2018: $2,606,979,431Net Assets 2018: $276,750,1272018Assets 2019: $3,085,573,424Liabilities 2019: $2,775,149,568Net Assets 2019: $310,423,8562019Assets 2020: $3,814,181,101Liabilities 2020: $3,483,711,622Net Assets 2020: $330,469,4792020Assets 2021: $4,443,372,826Liabilities 2021: $4,089,764,165Net Assets 2021: $353,608,6612021Assets 2022: $4,508,747,092Liabilities 2022: $4,219,469,562Net Assets 2022: $289,277,5302022Assets 2023: $4,637,373,591Liabilities 2023: $4,327,253,676Net Assets 2023: $310,119,9152023Assets 2024: $4,305,419,611Liabilities 2024: $3,960,352,448Net Assets 2024: $345,067,1632024

Highlighted filing

2018

Assets$2,883,729,558
Liabilities$2,606,979,431
Net Assets$276,750,127

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$300M$200M$100M$0Expenses 2010: $93,844,9572010Expenses 2011: $82,005,4712011Expenses 2012: $77,246,1362012Revenue 2013: $97,111,519Expenses 2013: $83,442,637Net Income 2013: $13,668,8822013Revenue 2014: $96,192,598Expenses 2014: $85,823,155Net Income 2014: $10,369,4432014Revenue 2015: $103,351,050Expenses 2015: $93,946,738Net Income 2015: $9,404,3122015Revenue 2016: $114,392,755Expenses 2016: $102,851,535Net Income 2016: $11,541,2202016Revenue 2017: $124,805,240Expenses 2017: $104,598,446Net Income 2017: $20,206,7942017Revenue 2018: $147,810,875Expenses 2018: $118,887,426Net Income 2018: $28,923,4492018Revenue 2019: $168,382,611Expenses 2019: $135,549,857Net Income 2019: $32,832,7542019Revenue 2020: $166,534,195Expenses 2020: $148,840,008Net Income 2020: $17,694,1872020Revenue 2021: $162,136,670Expenses 2021: $128,000,465Net Income 2021: $34,136,2052021Revenue 2022: $183,102,902Expenses 2022: $149,829,164Net Income 2022: $33,273,7382022Revenue 2023: $229,786,087Expenses 2023: $211,556,071Net Income 2023: $18,230,0162023Revenue 2024: $254,668,911Expenses 2024: $230,107,484Net Income 2024: $24,561,4272024

Highlighted filing

2018

Revenue$147,810,875
Expenses$118,887,426
Net Income$28,923,449
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
May 15, 2019
Return Version
2018v3.1
Gross Receipts
$147,810,875
Mission and Program Overview

Mission

SAFE Credit Union's mission is to help members improve their financial well-being, provide excellent service, and ensure a financially sound credit union.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$2,172,085,717$2,462,188,784▲ $290,103,067
Rtn Earn Endowment Incm Other Fnds$247,977,102$276,750,127▲ $28,773,025
Investments Other Securities$202,024,443$129,335,000▼ $72,689,443
Cash and Non-Interest-Bearing Accounts$117,714,216$101,251,185▼ $16,463,031
Land, Buildings, and Equipment, Net$53,264,303$51,058,840▼ $2,205,463
Intangible Assets$14,061,877$13,932,793▼ $129,084
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0--
Investments in Publicly Traded Securities$0--
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors-$0-
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$2,699,113,126$2,883,729,558▲ $184,616,432
Other Assets Total$139,962,570$125,962,956▼ $13,999,614
Liabilities
Other Liabilities$2,375,316,544$2,479,010,995▲ $103,694,451
Mortgage Notes Payable Secured by Investment Property$40,000,000$100,000,000▲ $60,000,000
Accounts Payable and Accrued Expenses$32,336,480$23,823,436▼ $8,513,044
Escrow Account Liability$3,483,000$4,145,000▲ $662,000
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$2,451,136,024$2,606,979,431▲ $155,843,407
Net Assets / Fund Balance
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Unrestricted Net Assets$0$0→ $0
Total Net Assets Fund Balance$247,977,102$276,750,127▲ $28,773,025
Total Liabilities and Net Assets / Fund Balance$2,699,113,126$2,883,729,558▲ $184,616,432

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$33,814,157$12,435,463$46,249,620
Equipment$6,947,984$27,858,861$34,806,845
Land$10,022,969-$10,022,969
Leasehold Improvements$273,730$3,061,713$3,335,443
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
-President/CEOFT$530,928$297,624$828,552
-Evp/CFOFT$314,329$143,132$457,461
-Mortgage Sales Team LeadFT$378,923$70,361$449,284
-Evp/CCOFT$263,577$180,726$444,303
-Evp/CIOFT$263,162$168,416$431,578
-Evp/COOFT$260,343$155,038$415,381
-Sr Mortgage OfficerFT$348,851$26,109$374,960
-Wealth AdvisorFT$322,758$37,072$359,830
-1st Vice ChairpersonPT$3,994-$3,994
-DirectorPT$3,476-$3,476
-SecretaryPT$2,559-$2,559
-TreasurerPT$1,815-$1,815
-ChairpersonPT$1,785-$1,785
-2nd Vice ChairpersonPT$848-$848

Board Members and Trustees

NameTitle
-Director (partial year)
-Director Emeritus (Partial Year)

Highest Paid Contractors

ContractorServicesLocationCompensation
Ncr CorporationATM & Online Banking Services14181 Collections Ctr Drive, Chicago, IL 60693$3,770,670
Runyon Saltzman And Einhorn INCPublic Relations/Marketing2020 L ST, Sacramento, CA 95811$1,160,747
Fiserv INCCore and DatawarehousePO BOX 80123, City of Industry, CA 91716$1,062,906
QuestPrimary VAR for Cisco, network and VoIP infrastructurePO BOX 910, Roseville, CA 95678$968,491
InfoimageStatement Services141 JEFFERSON DRIVE, Menlo Park, CA 94025$947,960
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$136,582,923
Investment Income
$5,569,221
Other Revenue
$5,658,731
Change in Net Assets
$28,923,449

Audited Revenue Reconciliation

Revenue per Audited Statements
$147,810,875
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-150,424
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$147,660,451
Total Revenue per Form 990
$147,810,875
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$60,048,059
Other Expenses$48,736,779
Grants and Similar Amounts Paid$305,571
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$43,994,302
Information Technology---$12,507,601
Benefits to Members---$9,797,017
Other Employee Benefits---$6,539,819
Office Expenses---$5,050,679
Other Expenses---$4,432,977
Occupancy---$4,163,250
Depreciation Depletion---$3,720,590
Payroll Taxes---$3,706,599
Pension Plan Contributions---$3,213,216
Advertising---$3,129,360
Fees for Services Other$0$0$0$2,899,209
Current Officers, Directors, Trustees, and Key Employees---$2,594,123
All Other Expenses$0$0$0$2,277,180
Interest---$2,107,095
Conferences and Meetings---$558,053
Travel---$498,018
Fees for Services Accounting---$353,085
Grants to Domestic Orgs---$295,571
Fees for Services Legal---$223,299
Insurance---$217,870
Grants to Domestic Individuals---$10,000
Total Functional Expenses$0$0$0$118,887,426

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$118,887,426
Total Expenses per Audited Statements$118,887,426
Total Expenses per Form 990$118,887,426
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
The First Tee of Greater SacramentoSacramento, CA501(c)(3)Support for program which teaches children the principles/values of life through golf$31,400
KvieSacramento, CA501(c)(3)Annual sponsorship of View Finder event and educational television programming support$30,555
Aerospace Museum of CaliforniaMcClellan, CA501(c)(3)Sponsorship and support of community-related programs and fundraisers$25,000
Align Capital RegionSacramento, CA501(c)(3)Support for the Capital Region's efforts to align people, programs, and resources to improve the community.$25,000
TLK FoundationYuba City, CA501(c)(3)Support of Camp Fire Reflief Fund$21,200
City Year IncSacramento, CA501(c)(3)Support of 2018 Grant Recipient$20,000
The Los Rios FoundationSacramento, CA501(c)(3)Support of Los Rios Promise Campaign and STEM Center$20,000
Sacramento County Office of EducationSacramento, CAGovernmentSupport of local high school scholarships$10,500
Air Force AssociationCitrus Heights, CA501(c)(3)Support of Air Force scholarships$10,000
Folsom Economic Development CorporationFolsom, CA501(c)(3)Support for the economic development within the City of Folsom$10,000
Stand DownMcClellan, CA501(c)(3)Shoes for homeless vets$10,000
UC Davis Medical SchoolSacramento, CA501(c)(3)Sponsorship of UC Davis medical student scholarships, mini-medical school, and palliative care fellowship-
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
Yes

Reported Spending and Taxes

Line ItemAmount
Political Expenditures$21,620
Section 527 Activity Spending$21,620
Total Exempt Function Spending$21,620
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees-$0-
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member share accounts$2,453,891,995
Public unit shares$25,119,000
Member share accounts-
Public unit shares-
Member share accounts-
Public unit shares-
Member share accounts-
Public unit shares-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
Yes
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 4 Significant changes to organizational documents

The Bylaws were amended to reflect the change from a supervisory committee to an audit committee, along with updates to the terms of this committee, frequency of meetings, composition of committee, and additional duties for the committee.

Form 990, Part VI, Line 6 Classes of members or stockholders

The credit union's members have rights to elect the members of the governing body. The credit union's members also receive a share of the organization's profits in the form of cash dividends on deposits.

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

Members of the credit union have the right to elect one or more members of the organization's governing body, whether periodically, or as vacancies arise, or otherwise.

Form 990, Part VI, Line 7B Decisions requiring approval by members or stockholders

Members of the credit union have the right to approve the governing body's election and removal of members of the governing body, as well as other matters that are subject to the approval of members of the credit union as they occur and as outlined in the bylaws.

Form 990, Part VI, Line 11B Review of form 990 by governing body

Preparation of the Form 990 is coordinated through the company's Finance department and tax preparer. Information is requested from and gathered by several functional areas and executive management to assist in the completion of the Form. Throughout the process, questions are discussed with the tax preparer and resolutions are incorporated into the return as appropriate. Once completed, executive management reviews the form for accuracy and reasonableness. The completed form is then presented to the board of directors for their review prior to filing. Any questions or issues raised by the board are addressed and approved prior to submission to the IRS.

Form 990, Part VI, Line 12C Conflict of interest policy

Any instances of a conflict of interest that management becomes aware of is escalated to the Chief Human Resources Officer and the President/CEO. An investigation would be conducted to gather all the facts. Those facts would be used to determine the appropriate actions that are warranted. SAFE also has a formal process that provides employees a means of reporting any complaint or inappropriate activities directly to the Audit Committee or directly to our regulator, the California Department of Business Oversight. Lastly, SAFE's internal control structure is documented, reviewed and updated annually by management and tested by its external auditor. Internal controls are a vital part of helping to detect conflicts or inappropriate activity within the organization.

Form 990, Part VI, Line 15A Process to establish compensation of top management official

In 2018, our compensation consultant updated compensation ranges with current market data based on positions and grades, and adjustments were made as needed. This process affects all levels and positions within the organization. Further, executive compensation surveys are reviewed by the chief human resources officer and are used for comparison purposes to ensure that competitive, market based ranges are in place. For the ceo, compensation is reviewed and approved by the executive committee of the board and a ceo compensation salary survey is obtained and research is performed to ensure compensation levels are competitive.

Form 990, Part VI, Line 15B Process to establish compensation of other employees

In 2018, our compensation consultant updated compensation ranges for other employees with current market data based on positions and grades, and adjustments were made as needed. This process affects all levels and positions within the organization. Further, executive compensation surveys are reviewed by the chief human resources officer and are used for comparison purposes to ensure that competitive, market based ranges are in place.

Form 990, Part VI, Line 19 Required documents available to the public

Governing documents and conflict of interest policies are not made available to the public. Annual reports containing financial results for the last two fiscal years are provided at annual meetings and are available electronically on SAFE's website. Complete audited financial statements are also provided on the company's website annually. Lastly, SAFE's regulatory 5300 call reports are filed quarterly and are available to the public via NCUA's website.

Form 990, Part VIII, Line 2F Other Program Service Revenue

Securities and insurance fees - Total Revenue: 4329721, Related or Exempt Function Revenue: 4269429, Unrelated Business Revenue: 60292, Revenue Excluded from Tax Under Sections 512, 513, or 514: 0;

Filing and Contact Details

Filer

Filer Name
Safe Credit Union
EIN
94-1179501
Phone
9169797233
Address
2295 Iron Point Rd Suite 100, Folsom, CA 95630-8765

Signing Officer

Name
Chris Harris
Title
Evp/CFO
Signed
2019-05-15
Discuss with paid preparer
Yes

Organization Details

Formed
1940
Legal Domicile
CA
Voting Board Members
11
Independent Board Members
11
Employees
819
Volunteers
16

Preparer

Firm
Crowe Llp
Address
400 Capitol Mall Suite 1400, Sacramento, CA 95814-4434
Preparer
Nicole Bencik
Phone
9164411000
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4D OTHER PROGRAM SERVICES

Financial planning services, insurance products and the participation in many community-related events and support of non-profit organizations.

Financial Statement Notes

Schedule D, Part IV, Line 1B Agent, trustee, custodian, or other intermediary arrangement

The credit union serves as custodian for assets which are not included on the balance sheet.

Schedule D, Part IV, Line 2B Explanation of escrow agreement

The credit union holds funds in escrow to pay real estate taxes and insurance on behalf of its mortgage loan members.

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

The Credit Union is exempt, by statute, from federal income taxes. The Credit Union is a state-chartered credit union described in Internal Revenue Code (IRC) Section 501(c)(14). As such, the Credit Union is exempt from federal taxation of income derived from the performance of activities that are in furtherance of its exempt purposes. However, the Credit Union is subject to unrelated business income tax. FASB Codification Topic 740, Income Taxes, provides guidance for how uncertain tax positions should be recognized, measured, disclosed and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Credit Union's tax returns to determine whether the tax positions are more likely than not to be sustained "when challenged" or "when examined" by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense and liability in the current year. For the years ended December 31, 2018 and 2017, management has determined that there are no material uncertain tax positions.

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IRS990/Desc0SAFE HAS SERVED THE SACRAMENTO AREA SINCE 1940, AND NOW HAS MEMBERSHIP SPANNING 13 COUNTIES IN NORTHERN CALIFORNIA. SAFE HAS 22 BRANCHES IN FOUR OF THESE COUNTIES: SACRAMENTO, PLACER, YOLO AND CONTRA COSTA. SAFE SERVES APPROXIMATELY 230,000 MEMBERS. SAFE OFFERS DEPOSITORY, LENDING AND OTHER FINANCIAL PRODUCTS AND SERVICES TO HELP ITS MEMBERS IMPROVE THEIR FINANCIAL WELL-BEING. AS A NONPROFIT, SAFE IS ABLE TO DELIVER BENEFITS TO ITS MEMBERSHIP THROUGH LOWER LOAN RATES AND HIGHER DEPOSIT RATES. IN ADDITION, SAFE MEMBERS ENJOY THE FOLLOWING BENEFITS: ACCESS TO 30,000 ATMS NATIONWIDE, ACCESS TO 5,600 SHARED BRANCH LOCATIONS NATIONWIDE, ABILITY TO PERFORM POINT-OF-SALE (POS) TRANSACTIONS, FREE ONLINE BANKING AND BILL PAY, FINANCIAL MANAGEMENT TOOLS AND EARLY PAYDAY WITH DIRECT DEPOSIT.
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4,305$3,960$345$255$230$24.6
2023Detailed filing. Detailed filing data is available for this year.$4,637$4,327$310$230$212$18.2
2022Detailed filing. Detailed filing data is available for this year.$4,509$4,219$289$183$150$33.3
2021Detailed filing. Detailed filing data is available for this year.$4,443$4,090$354$162$128$34.1
2020Detailed filing. Detailed filing data is available for this year.$3,814$3,484$330$167$149$17.7
2019Detailed filing. Detailed filing data is available for this year.$3,086$2,775$310$168$136$32.8
2018Detailed filing. Detailed filing data is available for this year.$2,884$2,607$277$148$119$28.9
2017Detailed filing. Detailed filing data is available for this year.$2,699$2,451$248$125$105$20.2
2016Detailed filing. Detailed filing data is available for this year.$2,503$2,273$229$114$103$11.5
2015Detailed filing. Detailed filing data is available for this year.$2,282$2,065$217$103$93.9$9.40
2014Detailed filing. Detailed filing data is available for this year.$2,138$1,928$210$96.2$85.8$10.4
2013Detailed filing. Detailed filing data is available for this year.$2,005$1,807$197$97.1$83.4$13.7
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,906$1,710$196$77.2
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,781$1,610$171$82.0
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,695$1,550$145$93.8