Overview
What is Credit Unions Chartered In The State Of Utah?
Credit Unions Chartered in the State of Utah, also known as Utah Power Credit Union, is a nonprofit financial cooperative based in Salt Lake City, Utah. With a team of 80 employees, this credit union caters to PacifiCorp, Union Pacific/Southern Pacific Railroad, Utah Railway, Deseret Power, Intermountain Consumer Power Association, Utah Associated Municipal Power Systems, Intermountain Power Agency, Utah Rural Electric Association, and their family members. Members' deposited funds are loaned to other members and invested. The interest earned from these transactions enables the credit union to offer low loan rates and high savings rates to its members. Profits, primarily in the form of dividends, are returned to the members.
Official website here: www.utahpowercu.org
What are the reviews and ratings of this charity?
Credit Unions Chartered In The State Of Utah is not currently rated by Charity Navigator. This is primarily due to its status as a non-501(c)(3) organization, which excludes it from being evaluated under Charity Navigator's Accountability & Finance, Impact & Measurement, and other related beacons typically used for rating charities.
The lack of a rating on Charity Navigator does not imply any specific judgment on the organization's operations. The absence of financial data or a rating may be due to its status and the criteria used for evaluating non-profit organizations rather than a reflection of its performance or impact.
There are no user reviews available for Credit Unions Chartered In The State Of Utah on GreatNonprofits, which means public feedback and testimonials are not available to provide additional insights into its community involvement or impact at this time.
This AI summary has been generated from information found on Charity Navigator.
Is Credit Unions Chartered In The State Of Utah legitimate?
Credit Unions Chartered In The State Of Utah is a legitimate nonprofit organization registered as a 501(c)(14) entity. Credit Unions Chartered In The State Of Utah submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $1,157,489
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,645,755
For more financial information, click here
Official website here: www.utahpowercu.org
What is the mission statement of Credit Unions Chartered In The State Of Utah?
Credit Unions Chartered In The State Of Utah operates on a cooperative, not-for-profit basis, providing financial services to its members. A significant portion of the profits earned is redistributed to members in the form of dividends or interest. The credit union caters to PacifiCorp employees, Utah Railway company employees, Deseret Power employees, and their families, along with associated organizations. Members' deposited funds are lent out to other members, and the income generated from loan and investment interest enables the provision of affordable loans and attractive savings rates. The remaining profits are set aside as required reserves.
Official website here: www.utahpowercu.org
Who is the CEO of Credit Unions Chartered In The State Of Utah?
Ryan Pollick is the President/Ceo of Credit Unions Chartered In The State Of Utah. The CEO's salary of Credit Unions Chartered In The State Of Utah is $247,523 and their total compensation is $247,523.
Official website here: www.utahpowercu.org
What is the revenue of Credit Unions Chartered In The State Of Utah?
Credit Unions Chartered In The State Of Utah's revenue in 2022 was $26,619,729.
Official website here: www.utahpowercu.org
Who are the executives of Credit Unions Chartered In The State Of Utah and what are their salaries?
The average compensation at Credit Unions Chartered In The State Of Utah during 2022 was $47,541. There are 80 employees and 16 volunteers at Credit Unions Chartered In The State Of Utah.
Here are 13 key members and their salaries (Credit Unions Chartered In The State Of Utah's CEO's salary is $247,523 and their total compensation is $247,523):
- Compensation: $247,523
- Related: $0
- Other: $0
- Compensation: $184,898
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- Compensation: $0
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- Other: $0
Official website here: www.utahpowercu.org
Where can I find the form 990 for Credit Unions Chartered In The State Of Utah?
Credit Unions Chartered In The State Of Utah's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.utahpowercu.org
Learn more at the official website: www.utahpowercu.org
Mission Statement of Credit Unions Chartered In The State Of Utah
Credit Unions Chartered In Utah is a not-for-profit financial cooperative dedicated to serving its members. The organization's primary goal is to provide financial services on a cooperative basis, with profits primarily returned to members as dividends or interest.
As a credit union, Credit Unions Chartered In Utah distinguishes itself by putting its members at the forefront of its operations. Members' deposited funds are loaned out to other members, generating income through loan and investment interest. This income enables the credit union to offer competitive loan rates and attractive savings rates to its members. The surplus income is then distributed back to members in the form of dividends, with any remaining profits set aside as required reserves.
In essence, Credit Unions Chartered In Utah functions as a collective financial institution, where members pool their resources to access various financial services and benefit from the collective profits. By focusing on its members' needs and returning a majority of its earnings, the credit union fosters a sense of community and financial empowerment among its members.
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Impact
October, 2024
Credit Unions Chartered In The State Of Utah significantly impacts its members and the local community through its cooperative financial services. By serving employees of specific sectors, such as PacifiCorp and Union Pacific/Southern Pacific Railroad, along with their families, the credit union fosters a strong sense of community and support.
One of its key contributions is the provision of low loan rates and high savings rates, made possible by the cooperative model where member deposits are utilized to fund loans for others. This not only encourages saving and responsible borrowing among members but also enhances financial inclusion by offering accessible financial services to those within the defined community.
The credit union's mission to return profits primarily as dividends reinforces member loyalty and satisfaction, ensuring that the financial benefits are felt within the local community. Additionally, the investment of funds not loaned out helps stimulate local economies and supports various financial initiatives.
Overall, Credit Unions Chartered In The State Of Utah plays a vital role in empowering its members through affordable financial solutions, fostering community ties, and promoting economic stability within its service areas.
This information is meant to be a general summary of Credit Unions Chartered In The State Of Utah. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $8,134,936
- Program Service Revenue: $14,360,715
- Gross Receipts: $26,619,729
Assets and Liabilities:
- Total Assets: $898,181,100
- Total Liabilities: $3,493,346
- Net Assets: $894,687,754
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Interest on Loans to Members
Revenue
$14,360,715
Organization Details
Founding Year
1935
Phone
(801) 708-8900Principal Officer
Ryan Pollick
Main Address
957 East 6600 South, Salt Lake City, UT, 84121
Website
www.utahpowercu.orgNTEE Category
Code: W60 - Public benefit
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