E-CENTRAL CREDIT UNION

EIN: 951442156

PASADENA, CA

Total Revenue
$11,789,670
Total Expenses
$8,021,497
Total Assets
$172,452,151
Net Assets
$37,629,801
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1943
Legal Domicile
CA
Principal Officer
MIKE THEODORE
Phone
6267996000
Tax Period
2023-01-01 to 2023-12-31

E-CENTRAL CREDIT UNION, founded in 1943, is a mid-sized nonprofit that reported $11.8M in total revenue in fiscal year 2023. Revenue surged 32% from the prior year, signaling strong growth momentum. The organization ran a surplus of $3.8M, a strong 32% operating margin.

Mission

E-CENTRAL CREDIT UNION IS A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVING AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR THEM AT RATES OF INTEREST SET BY THE BOARD OF DIRECTORS, AND PROVIDING AN OPPORTUNITY FOR THEM TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, E-CENTRAL CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNING, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS.

Program Service Accomplishments

Program 1

OUR REAL ESTATE PROGRAM AND MEMBER BUSINESS LENDING (MBL) PROGRAMS CONTINUE TO PROVIDE VALUE TO OUR MEMBERSHIP. WE FOCUS ON PROVIDING PERSONALIZED SERVICES COUPLED WITH COMPETITIVE PRICING. THROUGH...

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OUR REAL ESTATE PROGRAM AND MEMBER BUSINESS LENDING (MBL) PROGRAMS CONTINUE TO PROVIDE VALUE TO OUR MEMBERSHIP. WE FOCUS ON PROVIDING PERSONALIZED SERVICES COUPLED WITH COMPETITIVE PRICING. THROUGH OUR TRUSTED BRAND, MEMBERS CAN TAKE SOLACE THAT THEY ARE WORKING WITH A REPUTABLE LENDER.

Program 2

OFFERING A VAST ARRAY OF DYNAMIC ONLINE SERVICES IS CENTRAL TO E-CENTRAL'S STRATEGIC PLAN TO ALLOW MEMBERS TO ACCESS THEIR ACCOUNT ANYTIME, ANYWHERE. THIS IS AN IMPORTANT INITIATIVE TO REMAIN...

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OFFERING A VAST ARRAY OF DYNAMIC ONLINE SERVICES IS CENTRAL TO E-CENTRAL'S STRATEGIC PLAN TO ALLOW MEMBERS TO ACCESS THEIR ACCOUNT ANYTIME, ANYWHERE. THIS IS AN IMPORTANT INITIATIVE TO REMAIN COMPETITIVE, IMPROVE OPERATIONAL EFFICIENCIES, AND TO RETAIN MEMBERS. OUR SUITE OF FREE E-SERVICES INCLUDES ONLINE BANKING, MOBILE BANKING, BILL PAY, PERSONAL FINANCIAL MANAGEMENT TOOLS, ACCOUNT-TO-ACCOUNT TRANSFERS, REMOTE CHECK DEPOSIT AND A NUMBER OF OTHER SERVICES.

Program 3

E-CENTRAL OFFERS A SUITE OF AFFORDABLE CHECKING ACCOUNTS THAT INCLUDE A NUMBER OF FREE SERVICES, SUCH AS DEBIT CARDS AND A SUITE OF ONLINE SERVICES. THE CREDIT UNION CONTINUES TO SEE CHECKING ACCOUNT...

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E-CENTRAL OFFERS A SUITE OF AFFORDABLE CHECKING ACCOUNTS THAT INCLUDE A NUMBER OF FREE SERVICES, SUCH AS DEBIT CARDS AND A SUITE OF ONLINE SERVICES. THE CREDIT UNION CONTINUES TO SEE CHECKING ACCOUNT PENETRATION INCREASE, CHECKING OVERALL BALANCES INCREASE AND DEBIT CARD TRANSACTIONS INCREASE EACH YEAR. MEMBERS VALUE OUR LOW-COST SOLUTION AS THEY LOOK TO SAVE MONEY EVERY DAY.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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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 $8,480,986
Investment Income $1,285,658
Other Revenue $2,023,026
TOTAL REVENUE $11,789,670

Expense Breakdown

Grants Paid $0
Salaries & Benefits $3,740,699
Fundraising Expenses $0
Other Expenses $4,280,798
TOTAL EXPENSES $8,021,497

Year-over-Year Comparison

2023 2022 Change
Revenue $11,789,670 $8,949,930 +0.3%
Expenses $8,021,497 $7,392,790 +0.1%
Net Income $3,768,173 $1,557,140 +1.4%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Liquidity & Cash Position

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Governance

Voting Members
7
Independent Members
7
Employees
42
Volunteers
10

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
3
$903,726
Total Directors
10
$2,400
Key Employees
0
$0
Highest Compensated
4
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MARK GARMUS BOARD CHAIRPERSON 5.00
Director
$0 $0 $0
DOMINICK EDWARDS BOARD VICE CHAIRPERSON 2.00
Director
$0 $0 $0
DENNIS MAGALDI SECRETARY/TREASURER 2.00
Director
$2,400 $0 $2,400
STEPHEN HENSON DIRECTOR 2.00
Director
$0 $0 $0
GLENDA GILES-LUICK DIRECTOR 2.00
Director
$0 $0 $0
RICHARD HONORE DIRECTOR 2.00
Director
$0 $0 $0
TREVOR KALE DIRECTOR 2.00
Director
$0 $0 $0
JON OLIVER SUPV CMTE CHAIR 3.00
Director
$0 $0 $0
CORBET WILCOX SUPV CMTE MEMBER 1.00
Director
$0 $0 $0
JAMES GREENBAUM SUPV CMTE MEMBER 1.00
Director
$0 $0 $0
MICHAEL THEODORE PRESIDENT/CEO 40.00
Officer
$454,052 $48,489 $502,541
LOH JEN SY SVP/CCO 40.00
Officer
$177,546 $41,026 $218,572
SILVIO JORGE VP/CFO 40.00
Officer
$149,993 $32,620 $182,613
SUSAN BROWN EXEC. ASST. 40.00
Highest
$142,521 $30,957 $173,478
EVAN HITCHCOCK VP OPS 40.00
Highest
$139,374 $31,742 $171,116
JOSE DAVILA VP OF IT 40.00
Highest
$124,106 $34,973 $159,079
JENNIFER GIN VP OF CL 40.00
Highest
$119,907 $30,765 $150,672
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 $11,789,670 $8,021,497 $172,452,151 $3,768,173
2022 $8,949,930 $7,392,790 $182,628,434 $1,557,140
2021 $8,617,902 $7,961,420 $193,980,763 $656,482
2020 $8,455,835 $8,497,041 $187,605,631 $-41,206
2019 $9,443,419 $8,413,414 $168,256,764 $1,030,005
2018 $8,821,797 $8,042,041 $159,811,423 $779,756
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