2024-11-05T17:27:20-06:00 2023-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2023-01-01 951790568 VENTURA COUNTY CREDIT UNION VENT 8054774024 2575 VISTA DEL MAR DRIVE SUITE 100 VENTURA CA 93001 LINDA SIM CFO 8054774028 2024-11-01 1 1 VALENTINO CREUS CPA P01054153 8189549700 2023 2024-10-15 13:58:12Z LINDA ROSSI 2575 VISTA DEL MAR DRIVE SUITE 100 VENTURA CA 93001 66662060 0 X WWW.VCCUONLINE.NET X CREDIT UNION 1950 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 7 7 243 11 217104 1166 0 0 42727468 52048527 7584900 14613533 0 0 50312368 66662060 224834 301653 0 0 17728223 19269975 0 0 0 20794663 33693536 38747720 53265164 11564648 13396896 1285662841 1354835838 1192007456 1250695352 93655385 104140486 X VENTURA COUNTY CREDIT UNION IS A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS 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, VENTURA COUNTY CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFIT, OR SERVICE OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. 0 0 FOR THE FOURTEENTH YEAR IN A ROW, VENTURA COUNTY CREDIT UNION WAS RECOGNIZED BY VC REPORTER AS THE BEST OF VENTURA COUNTY CREDIT UNION IN 2023. THE CREDIT UNION WAS ALSO VOTED AS VC STAR'S FAVORITE OF COMMUNITY FOR CREDIT UNIONS. VENTURA COUNTY CREDIT UNION CONTINUED ITS EXCEPTIONAL MEMBER EXPERIENCE BY EXPANDING ITS SERVICES TO INCLUDE SIMPLY CHECKING ACCOUNTS, GREEN LOANS FOR ELECTRIC VEHICLES, ELECTRIC BIKES, EFFICIENT APPLIANCES, AND SOLAR PANELS, EARLY PAY AND ITIN LENDING. DURING 2023, VENTURA COUNTY CREDIT UNION ACHIEVED BANK ON CERTIFICATION FOR SIMPLY ESSENTIAL PRODUCT AND AWARDED THE FIRST SCHOLARSHIP TO CSUCI. 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 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 1 18412 0 1 243 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X X LINDA SIM CFO 8054774024 2575 VISTA DEL MAR DRIVE SUITE 100 VENTURA CA 93001 ROXANNE OSTREM CHAIRPERSON 3.00 X 11661 0 0 MARGO BYRNE VICE CHAIRPERSON 3.00 X 5756 0 0 SELFA SAUCEDO SECRETARY 2.00 X 5739 0 0 CORY MADDEN TREASURER 3.00 X 6975 0 0 SONIA AMEZCUA BOARD MEMBER 2.00 X 5797 0 0 SUE TATANGELO BOARD MEMBER 4.00 X 11114 0 0 TRIBBITT MARK BOARD MEMBER 1.00 X 6248 0 0 KENNETH KAGAN SUPV CMTE CHAIR 4.00 X 0 0 0 BRENDA ALLISON SUPV CMTE MEMBER 2.00 X 3086 0 0 CHUNG CAM SUPV CMTE MEMBER 1.00 X 2604 0 0 SCOTT KOPALD SUPV CMTE MEMBER 2.00 X 0 0 0 LINDA ROSSI PRESIDENT/CEO 40.00 X 730200 0 559234 GAVIN BRADLEY COO 40.00 X 398948 0 53481 LINDA SIM CFO 40.00 X 425183 0 54288 CHAD RITCHIE CIO 40.00 X 364847 0 47145 EDMOND SAHAKIAN CLO 40.00 X 269378 0 42446 BEVERLY ARMENDARIZ VP, HUMAN RESOURCES 40.00 X 231701 0 41889 APRIL REMNANT VP, DELIVERY SYSTEMS 40.00 X 234845 0 44973 CHRISTINA ESTES VP, MARKETING 40.00 X 228082 0 33375 JOHN COOKE VP, LENDING 40.00 X 197176 0 42814 DIANNE CLAPP VP, RISK MANAGEMENT 40.00 X 185416 0 20105 DAVID KANONGATAA FINANCIAL ADVISOR 40.00 X 378571 0 51241 GINA O'CALLAGHAN FINANCIAL ADVISOR 40.00 X 353428 0 16712 RODOLFO GUEVARA TORRES AVP BUSINESS SERVICES 40.00 X 235708 0 26838 SEAN MCCULLOCH AVP COMMERCIAL LENDING 40.00 X 227007 0 16599 REGINA COTTON AVP MORTGAGE OPERATIONS 40.00 X 143398 0 31344 4662868 0 1082484 27 0 1 0 CO-OP 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 CREDIT CARDS MGMT AND PROCESSING 1951684 HOLT RENEWABLES LLC B315 AUSTIN TX 78746 SOLAR ENERGY SOLUTIONS 1078998 HORSETAIL TECHNOLOGIES LLC 1300 THAMES ST G20 BALTIMORE MD 21231 PROCESSING 876163 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 FINANCIAL SERVICES 722386 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 90312 ACCOUNTING 625243 48 INTEREST ON LOANS 522100 41428954 41428954 OTHER OPERATING INCOME 522100 6137887 6012434 125453 FEE INCOME 522100 4481686 4390035 91651 52048527 14613533 14613533 66662060 66444956 217104 0 295653 6000 4662868 10544546 1259301 1759938 1043322 106536 259164 960245 1302755 4755434 2844252 2120951 261318 11509356 2114534 170578 CREDIT LOSS EXPENSE 3060841 LOAN SERVICING EXPENSE 2909134 MISC OPERATING EXPENSE 1159626 OPERATING FEES 158812 53265164 8386724 7561304 37602116 48901513 8454768 8618791 1631215 1802040 56206173 29660389 26709256 26545784 288794884 253450869 884439339 978613091 29644539 29342446 1285662841 1354835838 22353008 22662001 1169654448 1228033351 1192007456 1250695352 X 0 0 0 0 93655385 104140486 93655385 104140486 1285662841 1354835838 X 13396896 4676466 -7588261 X X 0 1 X 1 0 7371 7371 7371 1 CCUL - PAC 1201 K STREET SUITE 1050 SACRAMENTO CA 95814 940357265 7371 9698188 9698188 28459650 14226058 14233592 3868342 3450824 417518 11752307 9694994 2057313 2427686 2288513 139173 26545784 ALL OTHER INVESTMENTS 8116100 F LOANS AND LEASES 844998998 F NCUA SHARE INSURANCE CAP DEPOSIT 11156906 C HELD-TO-MATURITY SECURITIES 114341087 C 978613091 DIVIDENDS PAYABLE 706614 TOTAL SHARES AND DEPOSITS 1176389110 BORROWINGS 50000000 ALLOWANCE FOR CREDIT LOSS 937627 1228033351 X PART X, LINE 2: FASB ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE FINANCIAL STATEMENTS. THIS REQUIRES THE 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 POSITIONS ARE "MORE LIKELY THAN NOT" OF BEING SUSTAINED "WHEN CHALLENGED OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS DEEMED TO NOT MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEAR ENDED JUNE 30, 2023, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. 1 THE FOUNDATION OF VCCU PO BOX 6920 VENTURA CA 93006 462578478 501(C)(3) 50600 0 FMV TO ASSIST IN STRENGTHENING OUR COMMUNITY BY PROVIDING FINANCIAL ASSISTANCE AND EDUCATION TO ALL WHILE EMPHASIZING THE UNDERSERVED. MUSEUM OF VENTURA COUNTY 100 EAST MAIN STREET VENTURA CA 93001 951942930 501(C)(3) 30000 0 FMV TO PRESERVE, INTERPRET, AND CELEBRATE THE HISTORY, ART, AND CULTURE OF VENTURA COUNTY AND ITS SURROUNDING REGIONS. PREMIER AMERICA FOUNDATION 19867 PRAIRIE ST CHATWORTH CA 91311 820914788 501(C)(3) 15000 0 FMV TO PROVIDE FINANCIAL PROGRAMS AND SERVICES TO YOUNG ADULTS. CHANNEL ISLANDS YMCA 1180 EUGINA PLACE 104 CARPENTERIA CA 93013 951643379 501(C)(3) 15000 0 FMV TO STRENGTHEN THE COMMUNITY THROUGH VARIOUS PROGRAMS AND SERVICES FOCUSED ON YOUTH DEVELOPMENT, HEALTHY LIVING, AND SOCIAL RESPONSIBILITY. CHILDREN'S MIRACLE NETWORK 205 WEST 700 SOUTH SALT LAKE CITY UT 84101 870387205 501(C)(3) 12100 0 FMV TO HELP SAVE THE LIVES OF CHILDREN BY RAISING FUNDS AND AWARENESS FOR LOCAL CHILDREN'S HOSPITALS. FOOD SHARE INC 4156 SOUTHBANK ROAD OXNARD CA 93036 770018162 501(C)(3) 7811 0 FMV TO LEAD THE FIGHT AGAINST HUNGER IN VENTURA COUNTY. INCLUSIV 39 BROADWAY SUITE 2140 NEW YORK NY 10006 112421972 501(C)(3) 7500 0 FMV TO HELP LOW INCOME COMMUNITIES ACHIEVE FINANCIAL INDEPENDENCE THOUGH CREDIT UNIONS. INTERFACE CHILDREN & FAMILY SERVICES IN 4001 MISSION OAKS BLVD STE 1 CAMARILLO CA 930125121 952944459 501(C)(3) 7500 0 FMV TO ASSIST IN PROVIDING SOCIAL SERVICES TO THOUSANDS OF LOCAL CHILDREN AND FAMILIES. NATIONAL CREDIT UNION FOUNDATION INC PO BOX 78880 MADISON WI 532780880 391383650 501(C)(3) 6699 0 FMV TO SERVE AS A CATALYST TO IMPROVE PEOPLES FINANCIAL LIVES THROUGH CREDIT UNIONS. CSU CHANNEL ISLANDS FOUNDATION ONE UNIVERSITY DR CAMARILLO CA 93012 770433230 501(C)(3) 6000 0 FMV TO ASSIST CALIFORNIA STATE UNIVERSITY CHANNEL ISLANDS ON ITS ACADEMIC GOALS AND PROVIDE SCHOLARSHIPS FOR FUTURE STUDENTS. HUENEME BEACH FESTIVAL 550 PARK AVENUE PORT HUENEME CA 93041 474652777 5500 0 FMV TO CELEBRATE LOCAL CULTURE, FOSTERING COMMUNITY SPIRIT, AND PROVIDING FAMILY-FRIENDLY ENTERTAINMENT. WOMEN'S ECONOMIC VENTURES 21 E CANON PERDIDO STREET SITE 301 SANTA BARBARA CA 93101 953674624 501(C)(3) 5250 0 FMV TO ASSIST IN THE GOAL FOR AN EQUITABLE SOCIETY THROUGH THE ECONOMIC EMPOWERMENT OF WOMEN. 11 1 SCHOLARSHIPS 1 6000 X X X 0 1 0 LINDA ROSSI PRESIDENT/CEO 546006 0 126250 0 57944 0 544235 0 14999 0 1289434 0 0 0 GAVIN BRADLEY COO 351321 0 39222 0 8405 0 28667 0 24814 0 452429 0 0 0 LINDA SIM CFO 350971 0 39004 0 35208 0 29124 0 25164 0 479471 0 0 0 CHAD RITCHIE CIO 330126 0 27648 0 7073 0 26022 0 21123 0 411992 0 0 0 EDMOND SAHAKIAN CLO 227838 0 19891 0 21649 0 20032 0 22414 0 311824 0 0 0 BEVERLY ARMENDARIZ VP, HUMAN RESOURCES 210628 0 11283 0 9790 0 18840 0 23049 0 273590 0 0 0 APRIL REMNANT VP, DELIVERY SYSTEMS 212102 0 11898 0 10845 0 18352 0 26621 0 279818 0 0 0 CHRISTINA ESTES VP, MARKETING 205893 0 11297 0 10892 0 17116 0 16259 0 261457 0 0 0 JOHN COOKE VP, LENDING 190064 0 5000 0 2112 0 12113 0 30701 0 239990 0 0 0 DIANNE CLAPP VP, RISK MANAGEMENT 122944 0 10850 0 51622 0 10473 0 9632 0 205521 0 0 0 DAVID KANONGATAA FINANCIAL ADVISOR 58899 0 315288 0 4384 0 17098 0 34143 0 429812 0 0 0 GINA O'CALLAGHAN FINANCIAL ADVISOR 72903 0 280393 0 132 0 16712 0 0 0 370140 0 0 0 RODOLFO GUEVARA TORRES AVP BUSINESS SERVICES 153434 0 80000 0 2274 0 12861 0 13977 0 262546 0 0 0 SEAN MCCULLOCH AVP COMMERCIAL LENDING 191721 0 33431 0 1855 0 13615 0 2984 0 243606 0 0 0 REGINA COTTON AVP MORTGAGE OPERATIONS 129180 0 5776 0 8442 0 9028 0 22316 0 174742 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS ENTERED INTO A SPLIT-DOLLAR AGREEMENT WITH A MEMBER OF THE EXECUTIVE MANAGEMENT TEAM. UNDER THE ARRANGEMENT, THE CREDIT UNION MAKES A LOAN TO THE EXECUTIVE EQUAL TO THE LIFE INSURANCE POLICY PREMIUMS. THE EXECUTIVE ASSIGNS THE INSURANCE POLICY TO THE CREDIT UNION AS COLLATERAL FOR REPAYING THE PREMIUMS AND BORROWS FROM THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE CREDIT UNION IS REPAID FROM THE POLICY'S DEATH PROCEEDS. INTEREST ACCRUES ON THE LOANS AT THE APPLICABLE FEDERAL RATE AT THE TIME OF THE ADVANCE. THE INTEREST IS REPORTED AS TAXABLE INCOME TO THE EXECUTIVE IN THE YEAR EARNED. ANY PRINCIPAL OR INTEREST NOT REPAID UNDER THE ARRANGEMENTS IS TAXABLE TO THE EXECUTIVE. THE CREDIT UNION CONTRIBUTES TO A 457(F) PLAN AS ADDITIONAL RETIREMENT BENEFITS FOR THE CEO. THE 457(F) PLAN IS FULLY FUNDED AND NO FURTHER ACCRUALS WILL BE RECORDED. THE CREDIT UNION OFFERS A SERP AS PART OF THE CEO'S 10-YEAR EMPLOYMENT CONTRACT. THE PURPOSE OF THE PLAN IS TO PROVIDE ADDITIONAL INCENTIVE FOR THE CEO TO REMAIN WITH THE CREDIT UNION. THE CREDIT UNION CONTRIBUTES 2% OF COMPENSATION TO A 457(B) PLAN ON TOP OF ALL OTHER RETIREMENT PLANS FOR SENIOR MANAGEMENT. THE FOLLOWING IS A LIST OF CURRENT PARTICIPANTS AND THE CONTRIBUTIONS MADE IN 2023: LINDA ROSSI - $10,706 GAVIN BRADLEY - $6,979 LINDA SIM - $6,979 CHAD RITCHIE - $5,359 EDMOND SAHAKIAN - $4,492 BEVERLY ARMENDARIZ - $4,480 APRIL REMNANT - $4,212 CHRISTINA ESTES - $4,065 JOHN COOKE -$2,939 DIANNE CLAPP - $2,443 DIANNE CLAPP, REPORTED ON PART VII AS AN KEY EMPLOYEE, RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $50,000 IN 2023. JOSEPH SCHROEDER FORMER OFFICER FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICY X 7200000 8618791 0 1 1 8618791 FORM 990, PART VI, SECTION A, LINE 6 VENTURA COUNTY 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. VENTURA COUNTY CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BODY OF VENTURA COUNTY 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 ADVANCED MONTHLY BOARD PACKAGES, INCLUDING FINANCIAL STATEMENTS AND OTHER RELEVANT INFORMATION ARE DISTRIBUTED TO THE BOARD MONTHLY, IN ADVANCE OF THE BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD REVIEWS ANY EXCEPTION ON A PERIODIC BASIS PURSUANT TO THE ORGANIZATION'S CONFLICT OF INTEREST POLICY AND PROVIDES ANY RESOLUTION WHERE NECESSARY. FORM 990, PART VI, SECTION B, LINE 15 THE HUMAN RESOURCE DEPT. GATHERS RELEVANT SALARY INFORMATION COMPARABLE WITHIN INDUSTRY AND MARKET STANDARDS. THEREAFTER, APPROPRIATE RECOMMENDATIONS ARE PROVIDED TO THE CEO FOR REVIEW AND APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES AVAILABLE ITS FINANCIAL STATEMENTS IN EVERY BRANCH LOCATION ON A MONTHLY BASIS AND PROVIDES ANY GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY UPON REQUEST. FORM 990, PART XI, LINE 9: CECL TRANSITIONAL AMOUNT (AS DETERMINED UNDER 702.703(B)) -7,588,260. ROUNDING -1. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. THE FOUNDATION OF VENTURA COUNTY CREDIT UNION 2575 VISTA DEL MAR DRIVE SUITE 100 VENTURA CA 93001 462578478 COLLECTION OF CHARITABLE DONATIONS FROM EMPLOYEES AND GENERAL PUBLIC CA 501(C)(3) LINE 7 VENTURA COUNTY CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 THE FOUNDATION OF VENTURA COUNTY CREDIT UNION B 50665 FMV