Overview
What is South Bay Credit Union?
South Bay Credit Union is a member-owned cooperative based in Redondo Beach, California, with a strong commitment to helping its members achieve their financial goals. Established for the purpose of promoting thrift and savings among its members, South Bay Credit Union offers a reliable source of credit at competitive interest rates. As a cooperative, the Credit Union operates for the mutual benefit and general welfare of its members, ensuring the earnings, savings, benefits, or services are distributed back to its members as patronage. With a dedicated workforce of 33 employees, South Bay Credit Union provides opportunities for its members to use and control their own money democratically, aiming to improve their economic and social conditions.
Official website here: www.sbcu.org
Is South Bay Credit Union legitimate?
South Bay Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. South Bay 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: $676,085
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,401,331
For more financial information, click here
Official website here: www.sbcu.org
What is the mission statement of South Bay Credit Union?
South Bay Credit Union operates as a cooperative, with its primary objective being to encourage savings among its members. The credit union serves as a source of affordable credit for its members, setting interest rates based on its board's decisions. It also offers its members the opportunity to manage their own finances democratically, aiming to improve their economic and social conditions. As a cooperative, South Bay Credit Union conducts its operations for the mutual benefit and general welfare of its members. Any earnings, savings, benefits, or services generated by the credit union are distributed back to its members.
Official website here: www.sbcu.org
Who is the CEO of South Bay Credit Union?
Paris Chevalier is the President/Ceo of South Bay Credit Union. The CEO's salary of South Bay Credit Union is $147,000 and their total compensation is $159,595.
Official website here: www.sbcu.org
What is the revenue of South Bay Credit Union?
South Bay Credit Union's revenue in 2022 was $6,174,148.
Official website here: www.sbcu.org
Who are the executives of South Bay Credit Union and what are their salaries?
The average compensation at South Bay Credit Union during 2022 was $62,952. There are 33 employees and 12 volunteers at South Bay Credit Union.
Here are 17 key members and their salaries (South Bay Credit Union's CEO's salary is $147,000 and their total compensation is $159,595):
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- Compensation: $147,000
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- Other: $12,595
- Compensation: $149,921
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- Other: $19,240
- Compensation: $151,870
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- Other: $9,766
- Compensation: $121,515
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- Other: $15,841
- Compensation: $105,779
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- Other: $2,898
Official website here: www.sbcu.org
Where can I find the form 990 for South Bay Credit Union?
South Bay Credit Union's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.sbcu.org
Learn more at the official website: www.sbcu.org
Mission Statement of South Bay Credit Union
South Bay Credit Union, a cooperative organization, is established with the primary purpose of fostering thrift and savings among its members. The mission of this credit union is multifaceted, aimed at creating a reliable source of credit for its members at interest rates set by its board of directors. Moreover, South Bay Credit Union provides its members with an opportunity to utilize and manage their own funds in a democratic manner, thereby improving their economic and social conditions. As a cooperative, the credit union operates for the mutual benefit and general welfare of its members, distributing its earnings, savings, benefits, or services back to its members as patronage.
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Impact
October, 2024
South Bay Credit Union (SBCU) plays a pivotal role in fostering financial wellness and empowerment within the Redondo Beach, CA community. By promoting thrift and savings, SBCU creates a cooperative environment where members can achieve their financial goals effectively. Its competitive savings rates consistently rank among the best in the local marketplace, enabling members to grow their wealth and secure their financial futures.
The credit union operates on a democratic basis, ensuring that every member has a voice in how the organization functions. This commitment to economic and social improvement allows members to take control of their financial situations, access credit at reasonable rates, and benefit from a range of services tailored to meet their needs.
Through its cooperative model, SBCU dedicates its earnings and resources to the enrichment of its members, focusing on their mutual benefit and welfare. This approach not only bolsters individual financial health but also contributes to the overall vibrancy of the local economy. In essence, South Bay Credit Union stands as a vital institution that enhances financial stability and community cohesion in Redondo Beach.
This information is meant to be a general summary of South Bay 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 2022.
- Investment Income: $436,462
- Program Service Revenue: $5,737,686
- Gross Receipts: $6,174,148
Assets and Liabilities:
- Total Assets: $144,521,136
- Total Liabilities: $131,630,362
- Net Assets: $12,890,774
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST ON LOANS
Revenue
$4,010,600
FEE INCOME
Revenue
$1,062,773
OTHER OPERATING INCOME
Revenue
$664,313
Organization Details
Founding Year
1953
Phone
(424) 327-9783Principal Officer
Paris Chevalier
Main Address
312 N PACIFIC COAST HIGHWAY, REDONDO BEACH, CA, 90277
Website
www.sbcu.orgNTEE Category
Code: W61 - Public benefit
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