Overview
What is Provident Credit Union?
Provident Credit Union is a cooperative financial institution based in Redwood City, California, with a mission to encourage savings and thrive on member-owned capital. This credit union offers a Super Rewards Checking Account, which rewards members with high interest rates by fulfilling certain requirements, such as making $400 in monthly purchases using their debit or credit card, having direct deposit or bill pay, and receiving e-statements instead of paper ones. The account's benefits support environmentally friendly behavior by promoting virtual transactions and reducing paper and mailing costs. With a team of 503 employees, Provident Credit Union operates as a democratically-controlled source of credit for its members, distributing earnings, savings, and benefits back to them as patrons.
Official website here: www.providentcu.org
Is Provident Credit Union legitimate?
Provident Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Provident Credit Union 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: $6,530,778
Professional Fundraising Fees: $0
Other Salaries and Wages: $26,336,338
For more financial information, click here
Official website here: www.providentcu.org
What is the mission statement of Provident Credit Union?
Provident Credit Union is a cooperative with a mission to foster thrift and savings among its members. By doing so, it creates a source of credit for them with interest rates determined by the board of directors. This cooperative structure allows members to have control over their own money, contributing to their economic and social improvement. The earnings, savings, benefits, and services of the credit union are distributed to its members as patronage. Overall, Provident Credit Union operates with the goal of benefiting and enhancing the welfare of its members.
Official website here: www.providentcu.org
Who is the CEO of Provident Credit Union?
James Ernest is the CEO of Provident Credit Union The CEO's salary of Provident Credit Union is $1,091,519 and their total compensation is $1,158,978.
Official website here: www.providentcu.org
What is the revenue of Provident Credit Union?
Provident Credit Union's revenue in 2023 was $145,149,155.
Official website here: www.providentcu.org
Who are the executives of Provident Credit Union and what are their salaries?
The average compensation at Provident Credit Union during 2023 was $78,069. There are 421 employees and 14 volunteers at Provident Credit Union.
Here are 31 key members and their salaries (Provident Credit Union's CEO's salary is $1,091,519 and their total compensation is $1,158,978):
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- Compensation: $1,091,519
- Related: $0
- Other: $67,459
- Compensation: $507,184
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- Other: $57,481
- Compensation: $611,641
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- Other: $37,045
- Compensation: $386,877
- Related: $0
- Other: $68,688
- Compensation: $406,496
- Related: $0
- Other: $34,167
- Compensation: $345,282
- Related: $0
- Other: $51,070
- Compensation: $336,680
- Related: $0
- Other: $80,217
- Compensation: $324,647
- Related: $0
- Other: $70,870
- Compensation: $319,854
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- Other: $46,698
- Compensation: $316,510
- Related: $0
- Other: $74,290
- Compensation: $247,618
- Related: $0
- Other: $65,954
- Compensation: $230,405
- Related: $0
- Other: $39,844
- Compensation: $215,722
- Related: $0
- Other: $43,705
- Compensation: $339,661
- Related: $0
- Other: $43,710
- Compensation: $268,537
- Related: $0
- Other: $26,012
- Compensation: $208,305
- Related: $0
- Other: $33,386
- Compensation: $207,278
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- Other: $13,411
- Compensation: $166,562
- Related: $0
- Other: $44,385
Official website here: www.providentcu.org
Where can I find the form 990 for Provident Credit Union?
Provident Credit Union's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.providentcu.org
Learn more at the official website: www.providentcu.org
Mission Statement of Provident Credit Union
Provident Credit Union, a cooperative organization, is dedicated to encouraging thrift and savings among its members. Its primary mission is to serve as a financial institution that provides affordable credit and allows members to have democratic control over their financial resources. By operating on a mutual basis, the earnings, benefits, and services of the credit union are returned to its members as patronage. In simple terms, Provident Credit Union aims to help its members improve their economic and social conditions by promoting savings, offering favorable lending rates, and enabling members to manage their money collectively.
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Impact
October, 2024
Provident Credit Union significantly impacts its members and the community by fostering a culture of saving and financial empowerment. It promotes thrift through its Super Rewards Checking Account, which incentivizes members to engage in responsible spending and saving behaviors. By requiring monthly purchases, direct deposits, and e-statements, the credit union not only offers high interest rates on checking accounts but also encourages environmentally friendly practices, such as reducing paper use.
Additionally, Provident Credit Union plays a vital role in enhancing financial literacy and security among its members. The transition to virtual transactions mitigates risks associated with identity theft by eliminating the vulnerabilities that come with mailed statements. This focus on modern banking practices is designed to give members greater control over their finances, aligning with the credit union’s mission to improve their economic and social conditions.
Through its cooperative structure, Provident operates for the mutual benefit of its members, ensuring that earnings and benefits are returned to them, fostering a sense of community and shared success that further amplifies its positive impact.
This information is meant to be a general summary of Provident Credit Union. 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 2023.
- Investment Income: $19,588,217
- Program Service Revenue: $122,177,191
- Gross Receipts: $145,160,348
Assets and Liabilities:
- Total Assets: $3,510,687,147
- Total Liabilities: $3,209,719,493
- Net Assets: $300,967,654
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INCOME FROM LOANS
Revenue
$90,290,511
OTHER OPERATING INCOME
Revenue
$25,377,331
FEE INCOME
Revenue
$6,509,349
Organization Details
Founding Year
1950
Principal Officer
James L Ernest
Website
www.providentcu.orgNTEE Category
Code: W60 - Public benefit
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