Civic Intelligence

Schools Financial Credit Union

EIN 94-1189841 • 501(c)14 • Sacramento, CA

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Profile

To promote thrift and saving among members, to create a source of credit for members at interest rates set by the board of directors, and to provide members with an opportunity to use and control their money on a democratic basis in order to improve their economic and social conditions.

1485 Response Road No 126Sacramento, CA 95815

www.schools.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on the latest valid filing.

Source year 2019

Liabilities / Revenue

2nd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)14 • $100M-$250M nonprofits • Source year 2019

Net Margin

96th percentile

32%

Higher net margin than 96% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Source year 2019

Top Officer Pay

100th percentile

$1,675,200

Higher top officer pay than 100% of similar nonprofits.

Top officer pay equals 1.7% of source-year revenue.

501(c)14 • $100M-$250M nonprofits • Source year 2019

Asset Growth

1st percentile

-100%

Faster asset growth than 1% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Annualized from 2018 to 2019

Revenue Growth

68th percentile

17%

Faster revenue growth than 68% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / AssetsScore unavailable

Assets

Down

$0

Down $1,988,079,825 (-100%) from 2018

Liabilities

Down

$0

Down $1,759,012,272 (-100%) from 2018

Net Assets

Down

$0

Down $229,067,553 (-100%) from 2018

Operations
Liabilities / Revenue2nd percentileNet Margin96th percentile

Revenue

Up

$101,261,825

Up $14,837,449 (+17%) from 2018

Expenses

Up

$69,254,863

Up $10,437,858 (+18%) from 2018

Net Income

Up

$32,006,962

Up $4,399,591 (+16%) from 2018

Trend Graphs

Balance Sheet Trend

Asset Growth1st percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$2.0B$1.5B$1.0B$500M$0Assets 2010: $1,317,045,042Liabilities 2010: $1,210,053,020Net Assets 2010: $106,992,0222010Assets 2011: $1,326,798,786Liabilities 2011: $1,212,999,467Net Assets 2011: $113,799,3192011Assets 2012: $1,405,824,884Liabilities 2012: $1,270,740,136Net Assets 2012: $135,084,7482012Assets 2013: $1,443,792,481Liabilities 2013: $1,302,000,762Net Assets 2013: $141,791,7192013Assets 2014: $1,516,618,554Liabilities 2014: $1,357,682,627Net Assets 2014: $158,935,9272014Assets 2015: $1,614,809,830Liabilities 2015: $1,444,720,374Net Assets 2015: $170,089,4562015Assets 2016: $1,783,183,316Liabilities 2016: $1,600,037,027Net Assets 2016: $183,146,2892016Assets 2017: $1,906,068,581Liabilities 2017: $1,702,527,920Net Assets 2017: $203,540,6612017Assets 2018: $1,988,079,825Liabilities 2018: $1,759,012,272Net Assets 2018: $229,067,5532018Assets 2019: $0Liabilities 2019: $0Net Assets 2019: $02019

Highlighted filing

2019

Assets$0
Liabilities$0
Net Assets$0
Open 2019 Filing

Operations Trend

Revenue Growth68th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$150M$100M$50M$0Expenses 2010: $63,827,1322010Expenses 2011: $54,268,2082011Expenses 2012: $43,393,6092012Revenue 2013: $55,648,629Expenses 2013: $40,897,539Net Income 2013: $14,751,0902013Revenue 2014: $56,481,739Expenses 2014: $43,219,532Net Income 2014: $13,262,2072014Revenue 2015: $59,681,024Expenses 2015: $46,372,447Net Income 2015: $13,308,5772015Revenue 2016: $66,984,323Expenses 2016: $51,000,680Net Income 2016: $15,983,6432016Revenue 2017: $74,423,257Expenses 2017: $53,693,841Net Income 2017: $20,729,4162017Revenue 2018: $86,424,376Expenses 2018: $58,817,005Net Income 2018: $27,607,3712018Revenue 2019: $101,261,825Expenses 2019: $69,254,863Net Income 2019: $32,006,9622019

Highlighted filing

2019

Revenue$101,261,825
Expenses$69,254,863
Net Income$32,006,962
Open 2019 Filing

Filings

Most recent year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$0
Liabilities
$0
Net assets
$0
Revenue
$101,261,825
Expenses
$69,254,863
Net income
$32,006,962
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2019Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$101$69.3$32.0
2018Detailed filing. Detailed filing data is available for this year.$1,988$1,759$229$86.4$58.8$27.6
2017Detailed filing. Detailed filing data is available for this year.$1,906$1,703$204$74.4$53.7$20.7
2016Detailed filing. Detailed filing data is available for this year.$1,783$1,600$183$67.0$51.0$16.0
2015Detailed filing. Detailed filing data is available for this year.$1,615$1,445$170$59.7$46.4$13.3
2014Detailed filing. Detailed filing data is available for this year.$1,517$1,358$159$56.5$43.2$13.3
2013Detailed filing. Detailed filing data is available for this year.$1,444$1,302$142$55.6$40.9$14.8
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,406$1,271$135$43.4
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,327$1,213$114$54.3
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,317$1,210$107$63.8
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Oct 19, 2020
Return Version
2019v5.1
Gross Receipts
$101,993,904
Mission and Program Overview

Mission

To promote thrift and savings among members, to create a source of credit for members at interest rates set by the board of directors, and to provide members with an opportunity to use and control their money on a democratic basis in order to improve their economic and social conditions.

To provide members with better value and outstanding service.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$1,476,501,507$0▼ $1,476,501,507
Investments in Publicly Traded Securities$288,084,062$0▼ $288,084,062
Rtn Earn Endowment Incm Other Fnds$229,067,553$0▼ $229,067,553
Cash and Non-Interest-Bearing Accounts$133,204,810$0▼ $133,204,810
Land, Buildings, and Equipment, Net$19,408,888$0▼ $19,408,888
Receivables From Officers Etc$7,877,776$0▼ $7,877,776
Accounts Receivable$2,978,463$0▼ $2,978,463
Prepaid Expenses and Deferred Charges$1,829,582$0▼ $1,829,582
Savings and Temporary Cash Investments$1,000,000$0▼ $1,000,000
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$1,988,079,825$0▼ $1,988,079,825
Other Assets Total$57,194,737$0▼ $57,194,737
Liabilities
Other Liabilities$1,742,524,308$0▼ $1,742,524,308
Accounts Payable and Accrued Expenses$14,448,195$0▼ $14,448,195
Escrow Account Liability$2,039,769$0▼ $2,039,769
Total Liabilities$1,759,012,272$0▼ $1,759,012,272
Net Assets / Fund Balance
Total Net Assets Fund Balance$229,067,553$0▼ $229,067,553
Total Liabilities and Net Assets / Fund Balance$1,988,079,825$0▼ $1,988,079,825
Compensation and Service Providers
Top Officer Pay100th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Timothy MarriottPresident/CEOFT$581,896$1,093,304$1,675,200
Todd DevoogdSVP Finance/CFOFT$245,216$69,593$314,809
Steve LangleySVP Member Services/chief Retail OfficerFT$248,270$32,110$280,380
Steve LangleySVP Member Services/chief Retail Off-$212,053$68,327$280,380
Tom KuangSVP Information Services/CIOFT$196,035$68,838$264,873
Jason StilesVP Real Estate LendingFT$187,126$52,879$240,005
Lisa MackayVP Human Resources and COMFT$180,671$49,897$230,568
Cathy GrimesVP MarketingFT$184,078$40,508$224,586
Erik SordahlVP Consumer LendingFT$168,120$52,758$220,878
Erin FritzVP Payment SystemsFT$148,959$55,590$204,549
Greg SmithDirector Through 9/19-$2,338-$2,338

Board Members and Trustees

NameTitle
Marie B SmithChair
Teresa MatistaVice Chair
Emilio MartinezDirector
Luther NolenDirector
Dolores BleekmanSecretary
Douglas SatoTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Diebold INCAtm Servicing5995 MAYFAIR ROAD, North Canton, OH 44720$487,965
Styskal Wiese & Melchione LLPAttorneys550 NORTH BRAND BLVD SUITE 550, Glendale, CA 91203$300,083
Dfs - Document Fulfillment ServicesStatement And Tax Form Printing Services2930 RAMONA AVE 100, Sacramento, CA 95826$268,214
Clear Channel OutdoorAdvertising401 SLOBE AVENUE, Sacramento, CA 95815$209,689
Absolute Adjustment Service INCCollection Services4522 AUBURN BLVD, Sacramento, CA 95841$179,032
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$88,033,996
Investment Income
$12,757,155
Other Revenue
$470,674
Change in Net Assets
$32,006,962

Audited Revenue Reconciliation

Revenue per Audited Statements
$101,261,825
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$693,455
Total Revenue per Audited Statements
$101,955,280
Total Revenue per Form 990
$101,261,825
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$41,915,219
Salaries, Compensation, and Employee Benefits$27,295,989
Grants and Similar Amounts Paid$43,655
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$18,638,997
Interest---$14,113,683
Information Technology---$4,086,810
Other Employee Benefits---$2,644,025
Current Officers, Directors, Trustees, and Key Employees---$2,537,600
Occupancy---$2,464,914
All Other Expenses---$2,371,780
Pension Plan Contributions---$1,876,956
Payroll Taxes---$1,598,411
Office Expenses---$1,208,089
Depreciation Depletion---$735,434
Advertising---$637,085
Other Expenses---$538,634
Fees for Services Legal---$468,071
Conferences and Meetings---$348,042
Insurance---$259,322
Fees for Services Other---$146,142
Fees for Services Accounting---$80,842
Travel---$59,860
Grants to Domestic Individuals---$22,800
Grants to Domestic Orgs---$20,855
Total Functional Expenses$0$0$0$69,254,863

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$69,948,318
Expenses per Audited Statements$69,254,863
Total Expenses per Form 990$69,254,863
Expenses Not Reported on Form 990$693,455
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Los Rios Colleges FoundationSacramento, CA501(c)(3)Arc Stem Building Capital Campaign$8,000
Richard Myles Johnson FoundationOntario, CA501(c)(3)General Support$6,133
Sacramento Food Bank and Family ServicesSacramento, CA501(c)(3)Run to Feed the Hungry$4,000
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
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$7,877,776$0▼ $7,877,776
Receivables from Disqualified Persons-$0-
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 35% controlled entity
No
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, Section A, Line 4

“The organization approved articles of merger effective january 1, 2020 with schoolsfirst federal credit union.”

Form 990, Part VI, Section A, Line 6

“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.”

Form 990, Part VI, Section A, Line 7A

“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, Section A, Line 7B

“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.”

Form 990, Part VI, Section B, Line 11B

“The executive committee will review the draft of the form 990. The completed form 990 will be provided to the board of directors prior to filing.”

Form 990, Part VI, Section B, Line 12C

“The credit union has a written conflict of interest policy and an annual statement regarding conflict of interest policy ("statement"). The statement requires the signatory to annually affirm that he/she has received, read, and understood the conflict of interest policy and agrees to comply with the policy. The statement asks a series of questions designed to reveal any potential conflicts of interest. The signatory must explain any potential conflicts of interest on the statement. The members of the board of directors and the supervisory committee, as well as the ceo and all of the vice presidents, must sign the statement each year. The executive department maintains a recurring events list to ensure that the annual statement regarding conflict of interest policy is signed every year by the pertinent individuals.”

Form 990, Part VI, Section B, Line 15

“President/ceo: the executive committee is responsible for preparing the ceo's annual review, which is submitted annually to the board of directors for their approval. Annually, the executive committee presents to the board of directors a recommendation for the president/ceo's merit rating. This recommendation will be based on the president/ceo's annual results and will be stated in terms of the standard schools financial performance categories. In conjunction with the merit rating, the executive committee recommends a performance bonus and salary increase based on the current schools financial merit rating chart. The performance bonus is calculated based on success in meeting pre-determined goals. The board of directors will establish the amount of the salary increase (if any) that will be granted to the president/ceo. The midpoint salary for the president/ceo, and performance bonus target, are established annually by consulting the california and nevada credit union's burns-fazzi, brock and associates (bfb) summit round table (srt) executive compensation survey. The srt executive compensation survey is an annual survey of srt credit union members. The league conducts this survey as a service to srt credit unions, providing them with comparative peer data for executive compensation, benefit, and demographic information. Based on the results of this survey, the executive committee will recommend a midpoint adjustment to the board of directors, if necessary. The schools financial survey range will extend from 80% of established midpoint to 120% of that midpoint. Other officers and key employees: the president/ceo completes annual reviews of the other officers and key employees. The annual results of these employees are evaluated in terms of the standard schools financial performance categories. The midpoint salary for these employees is established annually by consulting the california and nevada credit union's burns-fazzi, brock and associates (bfb) summit round table (srt) executive compensation survey. Based on the results of this survey, the executive committee will recommend a midpoint adjustment to the board of directors, if necessary. This midpoint is approximately equal to the median base salary for each employee's respective position as shown in the above mentioned survey. The schools financial salary range will extend from 80% of the established midpoint to 120% of that midpoint.”

Form 990, Part VI, Section C, Line 19

“The credit union's governing documents and conflict of interest policies are available to the public upon request for the same period of disclosure as set forth in section 6104(d). The credit union's annual reports can be viewed on its website. A copy of the credit union's financial statements can be requested. We file a quarterly 5300 report with ncua and the california department of business oversight.”

Filing and Contact Details

Filer

Filer Name
Schools Financial Credit Union
EIN
94-1189841
Phone
9165695400
Address
1485 RESPONSE ROAD NO 126, SACRAMENTO, CA 95815

Signing Officer

Name
Timothy Marriott
Title
CEO
Phone
9165695400
Signed
2020-10-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Timothy Marriott
Formed
1933
Legal Domicile
CA
Voting Board Members
6
Independent Board Members
6
Employees
390
Volunteers
23

Preparer

Firm
Moss Adams Llp
Address
2882 PROSPECT PARK DR STE 300, RANCHO CORDOVA, CA 95670
Preparer
Wendy Campos
Phone
9165038100
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 3

“The organization is merging with another credit union as of january 1, 2020.”

FORM 990, PART XI, LINE 9:

“Transfer as a result of merger -265,664,039.”

Financial Statement Notes

PART IV, LINE 2B:

“The escrow accounts hold amounts to be used to pay those members' homeowners' insurance premiums and property taxes when due and are collected with the members' mortgage payments.”

PART X, LINE 2:

“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 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. Fasb asc 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, 2019 and 2018, management has determined that there are no material uncertain tax positions.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Rental expenses reclassed from functional expenses 693,455.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Rental expenses reclassed to statement of revenue 693,455.”

Raw XML AppendixShowing 400 of 977 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0SCHOOLS FINANCIAL CREDIT UNION (SCHOOLS FINANCIAL) IS A MEMBER OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE DEDICATED TO SERVING THE FINANCIAL NEEDS OF ITS MEMBERS. ITS PURPOSE IS TO BE THE PRIMARY FINANCIAL INSTITUTION FOR COMMUNITY MEMBERS IN ITS SERVICE AREA. ITS MISSION IS TO PROVIDE MEMBERS WITH BETTER VALUE AND OUTSTANDING SERVICE.SCHOOLS FINANCIAL FOSTERS A CULTURE OF "PEOPLE HELPING PEOPLE" THROUGHOUT THE ORGANIZATION, AND ITS INTERACTION WITH MEMBERS EPITOMIZES THE STANDARDS OF ETHICAL BEHAVIOR. SCHOOLS FINANCIAL TREATS ALL MEMBERS WITH RESPECT AND DIGNITY AND PROVIDES SERVICES TO SAVERS AND BORROWERS IN A DEMOCRATIC FASHION. SCHOOLS FINANCIAL OFFERS ITS MEMBERS AN ECONOMIC ADVANTAGE COMBINED WITH COURTEOUS, COMPETENT, AND TIMELY SERVICE. IT VALUES OPEN, HONEST, TWO-WAY COMMUNICATION WITH ITS MEMBERS. SCHOOLS FINANCIAL SOLICITS INPUT FROM ITS MEMBERS TO FACILITATE COMMUNICATION AND TO MEASURE SERVICE QUALITY. SCHOOLS FINANCIAL IS COMMITTED TO CONSTANTLY IMPROVING ITS OVERALL OPERATIONAL EFFICIENCY, ITS SERVICE DELIVERY CONVENIENCE AND THE LEVEL OF PROFESSIONAL SERVICE IT PROVIDES TO ITS MEMBERS. IT MEETS ITS MEMBERS' EXPECTATIONS FOR PRICE ADVANTAGE, QUALITY SERVICE AND CONVENIENCE BY REMAINING FINANCIALLY STRONG AND VIABLE.SCHOOLS FINANCIAL COMMUNICATES ITS SERVICES IN A MEANINGFUL WAY SO THAT MEMBERS, POTENTIAL MEMBERS, LEGISLATORS, REGULATORS AND THE COMMUNITY-AT-LARGE UNDERSTAND AND APPRECIATE THE UNIQUE ROLE THAT MEMBER-OWNED FINANCIAL COOPERATIVES PLAY IN THEIR LIVES. ITS COMMITMENT TO MEMBERS IS CONSISTENT WITH ITS PRINCIPLES OF "FOR SERVICE, NOT FOR PROFIT, NOT FOR CHARITY AND ITS PHILOSOPHY OF "PEOPLE HELPING PEOPLE". THIS COMMITMENT REPRESENTS THE SOUND BUSINESS PRACTICES THAT ENSURE THE FINANCIAL STRENGTH OF SCHOOLS FINANCIAL FOR ITS MEMBERS.
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IRS990/Form990PartVIISectionAGrp/PersonNm1TERESA MATISTA
IRS990/Form990PartVIISectionAGrp/PersonNm2DOUGLAS SATO
IRS990/Form990PartVIISectionAGrp/PersonNm3DOLORES BLEEKMAN
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IRS990/Form990PartVIISectionAGrp/PersonNm5EMILIO MARTINEZ
IRS990/Form990PartVIISectionAGrp/PersonNm6GREG SMITH
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IRS990/Form990PartVIISectionAGrp/PersonNm12CATHY GRIMES
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IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR THROUGH 9/19
IRS990/Form990PartVIISectionAGrp/TitleTxt7PRESIDENT/CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt8SVP FINANCE/CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt9SVP INFORMATION SERVICES/CIO
IRS990/Form990PartVIISectionAGrp/TitleTxt10SVP MEMBER SERVICES/CHIEF RETAIL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt11VP PAYMENT SYSTEMS
IRS990/Form990PartVIISectionAGrp/TitleTxt12VP MARKETING
IRS990/Form990PartVIISectionAGrp/TitleTxt13VP HUMAN RESOURCES AND COM
IRS990/Form990PartVIISectionAGrp/TitleTxt14VP CONSUMER LENDING
IRS990/Form990PartVIISectionAGrp/TitleTxt15VP REAL ESTATE LENDING
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IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
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IRS990/MissionDesc0TO PROMOTE THRIFT AND SAVINGS AMONG MEMBERS, TO CREATE A SOURCE OF CREDIT FOR MEMBERS AT INTEREST RATES SET BY THE BOARD OF DIRECTORS, AND TO PROVIDE MEMBERS WITH AN OPPORTUNITY TO USE AND CONTROL THEIR MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS.
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IRS990/NetRentalIncomeOrLossGrp/ExclusionAmt0470674
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IRS990/OtherEmployeeBenefitsGrp/TotalAmt02644025
IRS990/OtherExpensesGrp/Desc0OUTSIDE SERVICES
IRS990/OtherExpensesGrp/Desc1PROVISION FOR LOAN LOSS
IRS990/OtherExpensesGrp/Desc2EQUIPMENT REPAIR & MAIN
IRS990/OtherExpensesGrp/Desc3OFFICER LOAN VALUATION
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IRS990/OtherExpensesGrp/TotalAmt15700000
IRS990/OtherExpensesGrp/TotalAmt2557087
IRS990/OtherExpensesGrp/TotalAmt3538634
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IRS990/ProgramServiceRevenueGrp/Desc2OTHER INCOME
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IRS990/ProgSrvcAccomActy2Grp/Desc0AS OF DECEMBER 31,2019, SCHOOLS FINANCIAL HAD ELEVEN BRANCHES, 159,881 MEMBERS, TOTAL ASSETS OF $2,150,075,672, TOTAL OUTSTANDING LOANS OF $1,633,906,634, AND TOTAL DEPOSITS OF $1,864,796,531.
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IRS990/PYOtherRevenueAmt0453586
IRS990/PYProgramServiceRevenueAmt076673363
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IRS990/PYSalariesCompEmpBnftPaidAmt024282636
IRS990/PYTotalExpensesAmt058817005
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IRS990/PYTotalRevenueAmt086424376
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IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
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IRS990/RentalIncomeOrLossGrp/RealAmt0470674
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IRS990/ReportLandBuildingEquipmentInd00
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IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0229067553
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IRS990/SavingsAndTempCashInvstGrp/BOYAmt01000000
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/AgentTrusteeEtcInd00
IRS990ScheduleD/ExpensesNotReportedAmt0693455
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt069254863
IRS990ScheduleD/ExplanationProvidedInd0X
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd01
IRS990ScheduleD/OtherExpensesIncludedAmt0693455
IRS990ScheduleD/OtherRevenueAmt0693455
IRS990ScheduleD/RevenueNotReportedAmt0693455
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0101261825
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ESCROW ACCOUNTS HOLD AMOUNTS TO BE USED TO PAY THOSE MEMBERS' HOMEOWNERS' INSURANCE PREMIUMS AND PROPERTY TAXES WHEN DUE AND ARE COLLECTED WITH THE MEMBERS' MORTGAGE PAYMENTS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN INTERNAL REVENUE CODE 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. FASB ASC 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, 2019 AND 2018, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2RENTAL EXPENSES RECLASSED FROM FUNCTIONAL EXPENSES 693,455.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3RENTAL EXPENSES RECLASSED TO STATEMENT OF REVENUE 693,455.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART IV, LINE 2B:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2PART XI, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc3PART XII, LINE 2D - OTHER ADJUSTMENTS:

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