BLUPEAK CREDIT UNION

EIN: 951209332

SAN DIEGO, CA

Total Revenue
$62,378,718
Total Expenses
$60,114,609
Total Assets
$1,472,619,773
Net Assets
$83,308,886
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1936
Legal Domicile
CA
Principal Officer
TODD THARP
Phone
8587956000
Tax Period
2023-01-01 to 2023-12-31

BLUPEAK CREDIT UNION, founded in 1936, is a mid-sized nonprofit that reported $62.4M in total revenue in fiscal year 2023. Revenue surged 36% from the prior year, signaling strong growth momentum. Expenses of $60.1M left a modest 4% surplus.

Mission

WE ARE A MEMBER-OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE; WE EXIST TO SERVE - TO ENRICH LIVES AND BUILD BETTER FUTURES.

Program Service Accomplishments

Program 1

MEMBERSHIP IN BLUPEAK CREDIT UNION ("BLUPEAK") PROVIDES ACCESS TO A ROBUST ARRAY OF QUALITY FINANCIAL SERVICES AND PRODUCTS INCLUDING CHECKING AND SAVINGS ACCOUNTS. UNLIKE BANKS, WHICH RETURN THEIR...

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MEMBERSHIP IN BLUPEAK CREDIT UNION ("BLUPEAK") PROVIDES ACCESS TO A ROBUST ARRAY OF QUALITY FINANCIAL SERVICES AND PRODUCTS INCLUDING CHECKING AND SAVINGS ACCOUNTS. UNLIKE BANKS, WHICH RETURN THEIR PROFITS TO SHAREHOLDERS, BLUPEAK CREDIT UNION RETURNS ITS PROFITS TO MEMBERS IN THE FORM OF HIGHER RATES ON DEPOSITS AND A HOST OF FREE AND LOW-COST SERVICES. AS OF DECEMBER 31, 2023, MEMBERS HELD 74,892 DEPOSIT ACCOUNTS TOTALING OVER $1,320 MILLION. THESE ACCOUNTS INCLUDED FREE CHECKING, LOW-BALANCE SAVINGS, IRA'S, AND HIGH-YIELD MONEY MARKET AND TERM INVESTMENT ACCOUNTS.

Program 2

AS A MEMBER-OWNED, NOT-FOR-PROFIT COOPERATIVE, BLUPEAK CREDIT UNION ("BLUPEAK") IS DEDICATED TO PROVIDING THE FINANCIAL PRODUCTS AND SERVICES MEMBERS NEED AT EVERY STAGE OF LIFE. WHETHER IT'S BUYING...

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AS A MEMBER-OWNED, NOT-FOR-PROFIT COOPERATIVE, BLUPEAK CREDIT UNION ("BLUPEAK") IS DEDICATED TO PROVIDING THE FINANCIAL PRODUCTS AND SERVICES MEMBERS NEED AT EVERY STAGE OF LIFE. WHETHER IT'S BUYING A FIRST CAR, FINANCING A NEW HOME, OR SEEKING A HIGHER EDUCATION, BLUPEAK OFFERS MEMBERS LOW-COST HOME, VEHICLE, AND PERSONAL LOANS, AS WELL AS FREE FINANCIAL SEMINARS TO ASSIST THEM IN MAKING SOUND FINANCIAL CHOICES. AS OF DECEMBER 31, 2023, BLUPEAK MEMBERS HELD 15,691 MORTGAGE, HOME EQUITY, VEHICLE, AND VARIOUS OTHER PERSONAL LOANS TOTALING OVER $893 MILLION.

Program 3

SINCE 1936, BLUPEAK CREDIT UNION ("BLUPEAK") HAS BEEN HELPING PEOPLE ACHIEVE THEIR MOST IMPORTANT FINANCIAL GOALS. AS ONE OF CALIFORNIA'S LARGEST CREDIT UNIONS, BLUPEAK OFFERS FULL-SERVICE BANKING...

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SINCE 1936, BLUPEAK CREDIT UNION ("BLUPEAK") HAS BEEN HELPING PEOPLE ACHIEVE THEIR MOST IMPORTANT FINANCIAL GOALS. AS ONE OF CALIFORNIA'S LARGEST CREDIT UNIONS, BLUPEAK OFFERS FULL-SERVICE BANKING INCLUDING FREE AND LOW-COST E-SERVICES. MEMBERS CAN MANAGE THEIR PERSONAL FINANCES ANYTIME, ANYWHERE WITH TELEPHONE, ONLINE AND WIRELESS INTERNET BANKING. AS AN ADDITIONAL CONVENIENCE, BLUPEAK OFFERS BILLPAY SERVICES TO MEMBERS WITH QUALIFYING CHECKING ACCOUNTS AT NO COST. EACH MONTH, APPROXIMATELY 29,700 MEMBERS UTILIZE THE E-SERVICES AVAILABLE 24 HOURS PER DAY. IN ADDITION, BLUPEAK HAS PARTNERED WITH OTHER CREDIT UNIONS TO FORM THE CO-OP ATM NETWORK. THIS NETWORK PROVIDES MEMBERS ACCESS TO APPROXIMATELY 30,000 NO-FEE ATM'S THROUGHOUT THE UNITED STATES, INCLUDING LOCATIONS AT POPULAR RETAILERS.

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Trantor Score

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $46,598,261
Investment Income $15,826,856
Other Revenue $-46,399
TOTAL REVENUE $62,378,718

Expense Breakdown

Grants Paid $20,700
Salaries & Benefits $16,898,110
Fundraising Expenses $0
Other Expenses $43,195,799
TOTAL EXPENSES $60,114,609

Year-over-Year Comparison

2023 2022 Change
Revenue $62,378,718 $46,015,710 +0.4%
Expenses $60,114,609 $42,732,849 +0.4%
Net Income $2,264,109 $3,282,861 -0.3%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Financial Health Indicators

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Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
8
Independent Members
8
Employees
172
Volunteers
11

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$974,629
Total Directors
8
$0
Key Employees
5
$1,633,887
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MATT ADAMS VICE CHAIR 3.00
Officer Director
$0 $0 $0
DAVID ELY DIRECTOR 3.00
Director
$0 $0 $0
HARRY LE GRANDE DIRECTOR 3.00
Director
$0 $0 $0
JOSHUA LAWRENCE CHAIR 3.00
Officer Director
$0 $0 $0
STEVEN LEI DIRECTOR 3.00
Director
$0 $0 $0
YVONNE MARSH DIRECTOR 3.00
Director
$0 $0 $0
LES OVERMAN DIRECTOR 3.00
Director
$0 $0 $0
BEVERLY RANDEZ DIRECTOR 3.00
Director
$0 $0 $0
TODD THARP PRESIDENT/CEO 40.00
Officer
$712,968 $55,132 $768,100
MARGARITA GUERRA FORMER SVP/CFO/SECRETARY 40.00
Officer
$188,922 $17,607 $206,529
MATTHEW LYONS EVP/CHIEF OPERATING OFFICER 40.00
Key Emp
$492,326 $28,722 $521,048
AMBER FIELDER FORMER SVP/CHIEF MARKETING OFFICER 40.00
Key Emp
$234,423 $20,265 $254,688
CHARLES WILLIAMS SVP/CHIEF RISK OFFICER 40.00
Key Emp
$287,348 $27,291 $314,639
KAREN SMITH VP/CHIEF CREDIT OFFICER 40.00
Key Emp
$257,555 $29,395 $286,950
RISHI DAVE VP ENTERPRISE TECH. & ARCHITECTURE 40.00
Key Emp
$213,559 $43,003 $256,562
MELVINREY DE GUZMAN VP OF REAL ESTATE & CAPITAL MARKETS 40.00
Highest
$233,336 $21,316 $254,652
RYAN HARRIS SOFTWARE ENGINEER II 40.00
Highest
$183,964 $20,019 $203,983
CARRIE KNUTSON VP FINANCE 40.00
Highest
$171,344 $38,386 $209,730
ANDREW JUDGE VP INTERNAL AUDIT 40.00
Highest
$170,962 $25,059 $196,021
GLORIA NUNES VP OF HUMAN RESOURCES 40.00
Highest
$168,777 $21,703 $190,480
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $62,378,718 $60,114,609 $1,472,619,773 $2,264,109
2022 $46,015,710 $42,732,849 $1,240,251,202 $3,282,861
2021 $40,598,480 $40,051,557 $1,264,438,336 $546,923
2020 $41,288,386 $39,368,354 $1,176,783,982 $1,920,032
2019 $47,431,083 $39,758,547 $1,023,696,051 $7,672,536
2018 $42,943,870 $37,280,381 $974,347,002 $5,663,489
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