2024-10-11T12:49:49-05:00 2023-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2023-01-01 946093763 UPWARD CREDIT UNION FKA UNITED HEALTH CREDIT UNION UPWA 6502311300 1860 EL CAMINO REAL SUITE 100 BURLINGAME CA 940103106 JASON MERTZ-PRICKETT PRESIDENT & CEO 6502311300 2024-10-07 1 1 VALENTINO CREUS CPA P01054153 8189549700 2023 2024-10-15 13:58:12Z JASON MERTZ-PRICKETT 1860 EL CAMINO REAL SUITE 100 BURLINGAME CA 940103106 3887245 0 X WWW.UPWARDCU.ORG X CREDIT UNION 1956 CA A COOPERATIVE ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 15 14 70888 0 0 0 2738122 3306635 494479 580610 0 0 3232601 3887245 0 0 0 0 1463910 1481291 0 0 0 1607844 2142758 3071754 3624049 160847 263196 93358986 94183458 86867198 86716109 6491788 7467349 X A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT ANDSAVINGS 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, UPWARD CREDIT UNION CONDUCTSITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITSMEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. 0 0 CONVERTED EFT SERVICE PROVIDER TO CO-OP FINANCIAL SERVICES PROVIDING MORE DIGITAL PAYMENT OPTIONS FOR OUR MEMBERS, SUCH AS DIGITAL WALLETS. 0 0 1 0 0 0 0 0 0 1 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1069 0 1 15 1 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 0 0 0 1 1 0 CA X X JASON MERTZ-PRICKETT PRESIDENT & CEO 6502311300 1860 EL CAMINO REAL SUITE 100 BURLINGAME CA 940103106 ANNIE MILLER CHAIR 2.00 X 0 0 0 TED CELENTINO VICE CHAIR 2.00 X 0 0 0 ANGELA DAVIS TREASURER 2.00 X 0 0 0 ABBY VILLAVICENCIO SECRETARY 2.00 X 0 0 0 REED GRAHAM DIRECTOR 2.00 X 0 0 0 KAYLYN DAWKINS DIRECTOR 2.00 X 0 0 0 KAREN DAWKINS DIRECTOR 2.00 X 0 0 0 DENISE R CALDWELL DIRECTOR 2.00 X 0 0 0 MATTHEW T RING DIRECTOR 2.00 X 0 0 0 THERESA CHASE SUPV CMTE CHAIR 2.00 X 0 0 0 ANN BROWN SUPV CMTE MEMBER 2.00 X 0 0 0 CLARENCE DICKERSON SUPV CMTE MEMBER 2.00 X 0 0 0 JASON MERTZ-PRICKETT PRESIDENT & CEO 40.00 X 186203 0 16046 186203 0 16046 4 0 1 0 0 INTEREST ON LOANS 522100 2417815 2417815 OTHER OPERATING INCOME 522100 489275 476066 13209 FEE INCOME 522100 399545 341866 57679 3306635 580610 580610 3887245 3816357 70888 0 186203 1232686 62402 3600 32323 179598 98179 528822 153506 201999 77345 469696 61048 CREDIT LOSS EXPENSE 124093 LOAN SERVICING EXPENSE 110412 MISC OPERATING EXPENSE 81442 OPERATING FEES 17765 2930 3624049 1129215 1142791 1782691 1844973 1450599 152870 142427 2491810 1933069 784323 558741 28784578 27422425 57376676 61053695 1898034 2018406 93358986 94183458 1443364 1152212 85423834 85563897 86867198 86716109 X 0 0 0 0 6491788 7467349 6491788 7467349 93358986 94183458 X 263196 861870 -149505 X X 0 1 X 1 0 608 608 608 1 CCUL - PAC 2855 E GUASTI ROAD SUITE 600 ONTARIO CA 91761 940357265 608 PART I-A, LINE 1: CONTRIBUTION TO CALIFORNIA CREDIT UNION LEAGUE POLITICAL ACTION COMMITTEE 194947 131370 63577 1854955 1801699 53256 441908 441908 558741 NET LOANS & LEASES 48471799 F DEPOSITS IN COMMERCIAL BANKS, ETC 11696000 C NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 785591 C MEMBERSHIP CAPITAL AT CORP 100305 C 61053695 TOTAL SHARES & DEPOSITS 85563897 85563897 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN THE INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, THE CREDIT UNION IS SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). FASB CODIFICATION TOPIC 740, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED, AND PRESENTED IN THE FINANCIAL STATEMENTS. THIS REQUIRES AN EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE CREDIT UNION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITION ARE MORE-LIKELY-THAN NOT "WHEN CHALLENGED OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS NOT DEEMED TO MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEARS ENDED MARCH 31, 2024, AND 2023 MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. X X 0 1 0 JASON MERTZ-PRICKETT PRESIDENT & CEO 184133 0 0 0 2070 0 7458 0 8588 0 202249 0 0 0 PART I, LINE 4B THE CREDIT UNION ENTERED INTO COLLATERAL SPLIT-DOLLAR LIFE INSURANCE AGREEMENTS FOR A KEY EMPLOYEE IN 2019.THE KEY EMPLOYEE HAS SINCE RETIRED IN 2022 FORM 990, PART VI, SECTION A, LINE 6 UPWARD CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION THAT IS OWNED AND CONTROLLED BY ITS MEMBERS AND OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS TO ITS MEMBERS. UPWARD CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF UPWARD CREDIT UNION IS COMPRISED OF VOLUNTEER MEMBERS WHO ARE DIRECTLY ELECTED BY ITS MEMBERS. EACH MEMBER OF THE GOVERNING BOARD SERVES FOR A PERIOD AS PRESCRIBED BY OUR BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7B AT THE END OF EACH TERM OF THE BOARD MEMBERS, ELECTIONS ARE HELD AND BOARD MEMBERS ARE VOTED BY THE MEMBERS OF THE CREDIT UNION PURSUANT TO ITS BY-LAWS. MEMBER VOTES ARE ALSO REQUIRED TO RATIFY DECISIONS DEALING WITH REORGANIZATIONS AS IN THE CASE OF MERGER OR DISSOLUTION. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF FORM 990 AND SCHEDULES ARE PRESENTED TO THE BOARD AT THE BOARD MEETING FOR REVIEW AND DISCUSSION. CHANGES AND MODIFICATIONS ARE THEN TAKEN INTO ACCOUNT FOR FINAL COMPLETION AND APPROVAL. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD APPOINTS A COMMITTEE THAT PERFORMS THE REVIEW FOR THE CEO AND REVIEWS SALARY SURVEYS FOR CREDIT UNIONS TO DETERMINE THE SALARY RANGE. THE CEO DOES THE PERFORMANCE EVALUATION FOR SENIOR MANAGEMENT AND REVIEWS SALARY SURVEYS FOR CREDIT UNIONS TO DETERMINE THE SALARY RANGE. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST FORM 990, PART XI, LINE 9: CECL TRANSITIONAL AMOUNT (AS DETERMINED UNDER 702.703(B)) -149,505. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. FORM 990, SECTION 1.263(A)-1(F) DE MINIMIS SAFE HARBOR ELECTION UPWARD CREDIT UNION 1860 EL CAMINO REAL, #100 BURLINGAME, CA 94010-3106 TAXPAYER IDENTIFICATION NUMBER: 94-6093763 FOR THE YEAR ENDING DECEMBER 31, 2023 UPWARD CREDIT UNION IS MAKING THE DE MINIMIS SAFE HARBOR ELECTION UNDER REG. SEC. 1.263(A)-1(F).