CREDIT UNIONS IN THE STATE OF CALIFORNIA: Form 990, tax year 2023
View the entire original 990 at ProPublica ↗
- Organization
- CREDIT UNIONS IN THE STATE OF CALIFORNIA (EIN 94-6087440)
- Tax period
- 2023-01-01 to 2023-12-31
- Filed
- 2024-11-12
- IRS object ID
- 202443179349307294
- Schema version
- 2023v5.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-11-12T17:07:41-06:00 | ReturnTs |
| Tax Period End | 2023-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 410746749 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CLIFTONLARSONALLEN LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 20 EAST THOMAS ROAD SUITE 2300 | AddressLine1Txt |
| City | PHOENIX | CityNm |
| State Abbreviation | AZ | StateAbbreviationCd |
| ZIP | 85012 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2023-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 946087440 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | COMMONWEALTH CENTRAL CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | COMM | BusinessNameControlTxt |
| Phone | 4085313100 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 5890 SILVER CREEK VALLEY RD | AddressLine1Txt |
| City | SAN JOSE | CityNm |
| State Abbreviation | CA | StateAbbreviationCd |
| ZIP | 95138 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | VIKTORIA EARLE | PersonNm |
| Person Title | PRESIDENT/CEO | PersonTitleTxt |
| Phone | 4085313100 | PhoneNum |
| Signature | 2024-11-12 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | Yes (1) | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | MELISSA HANGSLEBEN | PreparerPersonNm |
| PTIN | P02087031 | PTIN |
| Phone | 6022662248 | PhoneNum |
| Preparation | 2024-11-12 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2024-10-15 13:58:12Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | VIKTORIA EARLE | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 5890 SILVER CREEK VALLEY RD | AddressLine1Txt |
| City | SAN JOSE | CityNm |
| State Abbreviation | CA | StateAbbreviationCd |
| ZIP | 95138 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $34,445,169 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.WEALTHCU.ORG | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1958 | FormationYr |
| Legal Domicile State | CA | LegalDomicileStateCd |
| Activity Or Mission | TO HELP OUR MEMBERS IMPROVE THEIR FINANCIAL WELL-BEING. | ActivityOrMissionDesc |
| Voting Members Governing Body | 7 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 7 | VotingMembersIndependentCnt |
| Total Employee | 111 | TotalEmployeeCnt |
| Total Volunteers | 10 | TotalVolunteersCnt |
| Total Gross UBI | $73,737 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $1,881,608 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $22,619,146 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $28,312,646 | CYProgramServiceRevenueAmt |
| PY Investment Income | $3,066,278 | PYInvestmentIncomeAmt |
| CY Investment Income | $4,186,624 | CYInvestmentIncomeAmt |
| PY Other Revenue | $668,691 | PYOtherRevenueAmt |
| CY Other Revenue | $64,291 | CYOtherRevenueAmt |
| PY Total Revenue | $26,354,115 | PYTotalRevenueAmt |
| CY Total Revenue | $34,445,169 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $21,000 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $15,000 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $657,806 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $1,718,260 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $11,423,930 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $11,368,712 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $9,299,069 | PYOtherExpensesAmt |
| CY Other Expenses | $10,739,805 | CYOtherExpensesAmt |
| PY Total Expenses | $21,401,805 | PYTotalExpensesAmt |
| CY Total Expenses | $23,841,777 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $4,952,310 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $10,603,392 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $672,566,612 | TotalAssetsBOYAmt |
| Total Assets EOY | $631,464,188 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $610,334,033 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $559,193,467 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $62,232,579 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $72,270,721 | NetAssetsOrFundBalancesEOYAmt |
| Mission | TO HELP OUR MEMBERS IMPROVE THEIR FINANCIAL WELL-BEING THROUGH SAVING AND CREATING A SOURCE OF CREDIT FOR MEMBERS. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | THE CREDIT UNION PROVIDES CONSUMER LOANS, SHARE AND SHARE DRAFT ACCOUNTS, SHARE CERTIFICATES AND OTHER EXEMPT FUNCTION ACTIVITIES TO ITS MEMBERS. | Desc |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | Yes (1) | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | Yes (1) | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | Yes (1) | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 7286 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 111 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 7 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 7 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | 0 | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | Yes (1) | LocalChaptersInd |
| Policies Reference Chapters | Yes (1) | PoliciesReferenceChaptersInd |
| Form990 Provided To Gvrn Body | 0 | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | CA | StatesWhereCopyOfReturnIsFldCd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | VIKTORIA EARLE | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 4085313236 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 5890 SILVER CREEK VALLEY RD | AddressLine1Txt |
| City | SAN JOSE | CityNm |
| State Abbreviation | CA | StateAbbreviationCd |
| ZIP | 95138 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (20 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Key EmployeeKeyEmployeeInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|
| JAMES CRAWFORD | ||||||||
| CHAIRMAN | 1.00 | Yes (X) | Yes (X) | $10,023 | $0 | $0 | ||
| LARRY CHAMBERS | ||||||||
| VICE-CHAIR | 1.00 | Yes (X) | Yes (X) | $3,711 | $0 | $0 | ||
| ALBERT BALAGSO | ||||||||
| TREASURER | 1.00 | Yes (X) | Yes (X) | $10,885 | $0 | $0 | ||
| ANNE LE | ||||||||
| SECRETARY | 1.00 | Yes (X) | Yes (X) | $3,142 | $0 | $0 | ||
| MICHAEL F FILICE JR | ||||||||
| DIRECTOR (THRU 4/20/23) | 1.00 | Yes (X) | $2,117 | $0 | $0 | |||
| BARRY SCHIMMEL | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $780 | $0 | $0 | |||
| LILY LIM-TSAO | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $2,005 | $0 | $0 | |||
| MEENA MEYYAPPAN | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| VIKTORIA EARLE | ||||||||
| PRESIDENT/CEO | 40.00 | Yes (X) | $496,340 | $0 | $44,869 | |||
| DAVID LOFTUS | ||||||||
| CHIEF FINANCIAL OFFICER | 40.00 | Yes (X) | $241,145 | $0 | $10,590 | |||
| LISA BROWN | ||||||||
| CHIEF STRATEGY AND PEOPLE OFFICER | 40.00 | Yes (X) | $301,883 | $0 | $14,602 | |||
| JENNIFER D'AMICO | ||||||||
| CHIEF MARKETING OFFICER | 40.00 | Yes (X) | $233,566 | $0 | $33,398 | |||
| SUNDEEP JAIN | ||||||||
| CHIEF LENDING OFFICER | 40.00 | Yes (X) | $226,714 | $0 | $13,160 | |||
| VAL OVROOTSKY | ||||||||
| CHIEF INFORMATION OFFICER | 40.00 | Yes (X) | $252,721 | $0 | $23,835 | |||
| SYLVIA GRANGER | ||||||||
| VP, RETAIL SERVICES | 40.00 | $233,910 | $0 | $23,446 | Yes (X) | |||
| MANUEL CARINO | ||||||||
| AVP, INFORMATION SYSTEMS & SECURITY | 40.00 | $141,157 | $0 | $19,690 | Yes (X) | |||
| AMY CIMORELLI | ||||||||
| AVP, HUMAN RESORCES | 40.00 | $170,637 | $0 | $20,010 | Yes (X) | |||
| EILISH PERRY | ||||||||
| DIRECTOR OF COMPLIANCE | 40.00 | $141,384 | $0 | $19,554 | Yes (X) | |||
| NOEL SHANKER | ||||||||
| DIGITAL SERVICES MANAGER | 40.00 | $134,574 | $0 | $26,711 | Yes (X) | |||
| SIRISAK UMPAWA | ||||||||
| DIRECTOR OF INFORMATION TECHNOLOGY | 40.00 | $133,577 | $0 | $26,745 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $2,740,271 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $276,610 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 27 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| FISERV | |||||
| PO BOX 208457 | DALLAS | TX | 75320 | CORE SYSTEM | $774,696 |
| CO-OP ACH | |||||
| 9692 HAVEN AVE SUITE 300 | RANCHO CUCAMONGA | CA | 91730 | PAYMENT CARD SERVICES | $628,523 |
| Q2 SOFTWARE INC | |||||
| PO BOX 205970 | DALLAS | TX | 753205970 | ONLINE BANKING | $467,821 |
| MARQUIS SOFTWARE SOLUTIONS INC | |||||
| PO BOX 660919 | DALLAS | TX | 752660919 | DATA ANALYTICS | $181,692 |
| DIEBOLD NIXDORF INCORPORATED | |||||
| PO BOX 643543 | PITTSBURG | PA | 152643543 | ATM SERVICES/MAINTENANCE | $163,787 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 28 | CntrctRcvdGreaterThan100KCnt |
| Government Grants | $1,881,608 | GovernmentGrantsAmt |
| Total Contributions | $1,881,608 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp (5 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| INTEREST ON LOANS TO MEMBERS | 522100 | $23,358,325 | $23,358,325 | |
| FEES AND CHARGES | 522100 | $2,729,104 | $2,655,367 | $73,737 |
| INTERCHANGE INCOME | 522100 | $1,849,284 | $1,849,284 | |
| INVESTMENT SERVICES COMMISSION | 522100 | $203,776 | $203,776 | |
| INSURANCE AND WEALTH PROTECTION | 522100 | $172,157 | $172,157 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $28,312,646 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $4,186,624 | TotalRevenueColumnAmt |
| Exclusion | $4,186,624 | ExclusionAmt |
Gross Rents GrossRentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $64,291 | RealAmt |
Less Rental Expenses LessRentalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $0 | RealAmt |
Rental Income Or Loss RentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $64,291 | RealAmt |
Net Rental Income Or Loss NetRentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $64,291 | TotalRevenueColumnAmt |
| Exclusion | $64,291 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $34,445,169 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $28,238,909 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $73,737 | UnrelatedBusinessRevenueAmt |
| Exclusion | $4,250,915 | ExclusionAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $15,000 | TotalAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,718,260 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,182,842 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $7,204,702 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $336,962 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,020,927 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $623,279 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $74,133 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $35,520 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,298,874 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $682,349 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $783,144 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,079,410 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $916,671 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $117,524 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $50,026 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,075,930 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $164,762 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| PROVISION FOR LOAN LOSS | $1,434,220 |
| LOAN ORIGINATION EXPENS | $629,411 |
| OPERATING EXPENSES | $538,404 |
| ATM EXPENSES | $412,137 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $447,290 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $23,841,777 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,316,539 | BOYAmt |
| EOY | $3,687,404 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $125,968,987 | BOYAmt |
| EOY | $63,963,228 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,460,707 | BOYAmt |
| EOY | $868,613 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,693,950 | BOYAmt |
| EOY | $8,845,001 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $487,782,426 | BOYAmt |
| EOY | $515,380,075 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $823,964 | BOYAmt |
| EOY | $643,609 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $28,289,885 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $15,862,719 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $12,879,108 | BOYAmt |
| EOY | $12,427,166 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $13,133,323 | BOYAmt |
| EOY | $10,990,646 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,498,507 | BOYAmt |
| EOY | $2,838,707 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $23,009,101 | BOYAmt |
| EOY | $11,819,739 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $672,566,612 | BOYAmt |
| EOY | $631,464,188 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,542,444 | BOYAmt |
| EOY | $4,306,888 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $606,791,589 | BOYAmt |
| EOY | $554,886,579 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $610,334,033 | BOYAmt |
| EOY | $559,193,467 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $62,232,579 | BOYAmt |
| EOY | $72,270,721 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $62,232,579 | BOYAmt |
| EOY | $72,270,721 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $672,566,612 | BOYAmt |
| EOY | $631,464,188 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $10,603,392 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $49,478 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | -$614,728 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule B IRS990ScheduleB
Contributor Information ContributorInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor | RESTRICTED | ContributorNum |
Contributor Business Name ContributorBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor US Address ContributorUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Contributions | RESTRICTED | TotalContributionsAmt |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,189,220 | OtherCostOrOtherBasisAmt |
| Book Value | $1,189,220 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $15,672,030 | OtherCostOrOtherBasisAmt |
| Depreciation | $6,914,278 | DepreciationAmt |
| Book Value | $8,757,752 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $3,534,750 | OtherCostOrOtherBasisAmt |
| Depreciation | $2,095,807 | DepreciationAmt |
| Book Value | $1,438,943 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $7,893,885 | OtherCostOrOtherBasisAmt |
| Depreciation | $6,852,634 | DepreciationAmt |
| Book Value | $1,041,251 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $12,427,166 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| MEMBERS' SHARE AND SAVINGS ACCOUNTS | $553,053,837 |
| LEASE LIABILITY | $1,832,742 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $554,886,579 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $34,683,034 | TotalRevEtcAuditedFinclStmtAmt |
| Other Revenue | $237,865 | OtherRevenueAmt |
| Revenue Not Reported | $237,865 | RevenueNotReportedAmt |
| Revenue Subtotal | $34,445,169 | RevenueSubtotalAmt |
| Revenue Not Reported Fincl Stmt | $0 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $34,445,169 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $23,841,777 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Not Reported | $0 | ExpensesNotReportedAmt |
| Expenses Subtotal | $23,841,777 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $23,841,777 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART X, LINE 2: | THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023 AND 2022. THE CREDIT UNION'S 2020 THROUGH 2022 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. |
| PART XI, LINE 2D - OTHER ADJUSTMENTS: | CASH SURRENDER VALUE CHANGES ON LIFE INSURANCE POLICIES MOVED TO PART XI 237,865. |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Type | SCHOLARSHIPS | GrantTypeTxt |
| Recipient | 15 | RecipientCnt |
| Cash Grant | $15,000 | CashGrantAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 2: | FormAndLineReferenceDesc |
| Explanation | EACH SCHOLARSHIP PARTICIPANT MUST SUBMIT AN APPLICATION. A COMMITTEE REVIEWS THE APPLICATION AND CHOOSES THE APPLICANT BASED ON THE CONTENT OF THEIR APPLICATION. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | Yes (X) | TravelForCompanionsInd |
| Written Policy Ref T And E Expnss | Yes (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (1) | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (12 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| VIKTORIA EARLE | ||||||||||||||
| PRESIDENT/CEO | $430,962 | $0 | $44,535 | $0 | $20,843 | $0 | $16,500 | $0 | $28,369 | $0 | $541,209 | $0 | $0 | $0 |
| LISA BROWN | ||||||||||||||
| CHIEF STRATEGY AND PEOPLE OFFICER | $266,072 | $0 | $31,299 | $0 | $4,512 | $0 | $13,453 | $0 | $1,149 | $0 | $316,485 | $0 | $0 | $0 |
| VAL OVROOTSKY | ||||||||||||||
| CHIEF INFORMATION OFFICER | $224,116 | $0 | $26,446 | $0 | $2,159 | $0 | $12,617 | $0 | $11,218 | $0 | $276,556 | $0 | $0 | $0 |
| JENNIFER D'AMICO | ||||||||||||||
| CHIEF MARKETING OFFICER | $201,305 | $0 | $31,579 | $0 | $682 | $0 | $10,725 | $0 | $22,673 | $0 | $266,964 | $0 | $0 | $0 |
| SYLVIA GRANGER | ||||||||||||||
| VP, RETAIL SERVICES | $202,634 | $0 | $25,375 | $0 | $5,901 | $0 | $10,093 | $0 | $13,353 | $0 | $257,356 | $0 | $0 | $0 |
| DAVID LOFTUS | ||||||||||||||
| CHIEF FINANCIAL OFFICER | $230,001 | $0 | $10,785 | $0 | $359 | $0 | $9,730 | $0 | $860 | $0 | $251,735 | $0 | $0 | $0 |
| SUNDEEP JAIN | ||||||||||||||
| CHIEF LENDING OFFICER | $219,430 | $0 | $0 | $0 | $7,284 | $0 | $4,865 | $0 | $8,295 | $0 | $239,874 | $0 | $0 | $0 |
| AMY CIMORELLI | ||||||||||||||
| AVP, HUMAN RESORCES | $151,481 | $0 | $18,145 | $0 | $1,011 | $0 | $6,760 | $0 | $13,250 | $0 | $190,647 | $0 | $0 | $0 |
| NOEL SHANKER | ||||||||||||||
| DIGITAL SERVICES MANAGER | $118,467 | $0 | $15,719 | $0 | $388 | $0 | $7,418 | $0 | $19,293 | $0 | $161,285 | $0 | $0 | $0 |
| EILISH PERRY | ||||||||||||||
| DIRECTOR OF COMPLIANCE | $123,711 | $0 | $14,986 | $0 | $2,687 | $0 | $6,410 | $0 | $13,144 | $0 | $160,938 | $0 | $0 | $0 |
| MANUEL CARINO | ||||||||||||||
| AVP, INFORMATION SYSTEMS & SECURITY | $116,283 | $0 | $23,344 | $0 | $1,530 | $0 | $7,133 | $0 | $12,557 | $0 | $160,847 | $0 | $0 | $0 |
| SIRISAK UMPAWA | ||||||||||||||
| DIRECTOR OF INFORMATION TECHNOLOGY | $121,482 | $0 | $11,836 | $0 | $259 | $0 | $6,649 | $0 | $20,096 | $0 | $160,322 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINE 1A | CERTAIN MEMBERS OF MANAGEMENT AND BOARD MEMBERS RECEIVE COMPENSATION FOR TRAVEL COMPANIONS. |
| PART I, LINE 4B | SPLIT DOLLAR LOAN: BEGINNING IN 2023, THE CREDIT UNION MADE A LOAN FOR LIFE INSURANCE PREMIUM PAYMENTS TO A MEMBER OF MANAGEMENT. THE LOAN IS COLLATERALIZED BY THE ASSIGNMENT OF THE POLICY DEATH BENEFITS AND CASH VALUES OF THE LIFE INSURANCE POLICIES, PREMIUM DEPOSIT ACCOUNT BALANCES, AND A CHECKING ACCOUNT BALANCE. THE POLICIES ARE OWNED BY THE EXECUTIVE AND THE EXECUTIVE HAS THE RIGHT TO NAME THE BENEFICIARIES FOR AMOUNTS NOT SECURED BY THE ASSIGNMENTS. THE LOANS ARE CONSIDERED NONRECOURSE AND AS SUCH, THE CREDIT UNION RECORDS THE BALANCE AS THE LOWER OF THE OUTSTANDING LOAN BALANCE PLUS ACCRUED INTEREST OR THE COLLATERAL VALUE. |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp (10 entries)
| Relationship With OrgRelationshipWithOrgTxt | Loan PurposeLoanPurposeTxt | Loan From OrganizationLoanFromOrganizationInd | Original PrincipalOriginalPrincipalAmt | Balance DueBalanceDueAmt | DefaultDefaultInd | Board Or Committee ApprovalBoardOrCommitteeApprovalInd | Written AgreementWrittenAgreementInd |
|---|---|---|---|---|---|---|---|
| JENNIFER DAMICO | |||||||
| CHIEF MARKETING OFFICER | CREDIT CARD | Yes (X) | $1,000 | $190 | 0 | Yes (1) | Yes (1) |
| SYLVIA GRANGER | |||||||
| VP, RETAIL SALES | MORTGAGE | Yes (X) | $379,000 | $342,666 | 0 | Yes (1) | Yes (1) |
| VALENTIN OVROOTSKY | |||||||
| CHIEF INFORMATION OFFICER | MORTGAGE | Yes (X) | $711,000 | $623,019 | 0 | Yes (1) | Yes (1) |
| VALENTIN OVROOTSKY | |||||||
| CHIEF INFORMATION OFFICER | LINE OF CREDIT | Yes (X) | $300,000 | $16,703 | 0 | Yes (1) | Yes (1) |
| VALENTIN OVROOTSKY | |||||||
| CHIEF INFORMATION OFFICER | AUTO | Yes (X) | $41,518 | $29,287 | 0 | Yes (1) | Yes (1) |
| SYLVIA K GRANGER | |||||||
| VP, RETAIL SERVICES | LINE OF CREDIT | Yes (X) | $150,000 | $52,495 | 0 | Yes (1) | Yes (1) |
| SYLVIA K GRANGER | |||||||
| VP, RETAIL SERVICES | CREDIT CARD | Yes (X) | $20,000 | $13 | 0 | Yes (1) | Yes (1) |
| VALENTIN OVROOTSKY | |||||||
| CHIEF INFORMATION OFFICER | CREDIT CARD | Yes (X) | $5,000 | $827 | 0 | Yes (1) | Yes (1) |
| LISA ANN BROWN | |||||||
| CHIEF STRATEGY AND PEOPLE OFFICER | CREDIT CARD | Yes (X) | $25,000 | $90 | 0 | Yes (1) | Yes (1) |
| VIKTORIA EARLE | |||||||
| PRESIDENT/CEO | SPLIT DOLLAR LOAN | Yes (X) | $7,774,075 | $7,779,711 | 0 | Yes (1) | Yes (1) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $8,845,001 | TotalBalanceDueAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SCHEDULE L, PART II | FormAndLineReferenceDesc |
| Explanation | SPLIT DOLLAR LOAN: BEGINNING IN 2023, THE CREDIT UNION MADE A LOAN FOR LIFE INSURANCE PREMIUM PAYMENTS TO A MEMBER OF MANAGEMENT. THE LOAN IS COLLATERALIZED BY THE ASSIGNMENT OF THE POLICY DEATH BENEFITS AND CASH VALUES OF THE LIFE INSURANCE POLICIES, PREMIUM DEPOSIT ACCOUNT BALANCES, AND A CHECKING ACCOUNT BALANCE. THE POLICIES ARE OWNED BY THE EXECUTIVE AND THE EXECUTIVE HAS THE RIGHT TO NAME THE BENEFICIARIES FOR AMOUNTS NOT SECURED BY THE ASSIGNMENTS. THE LOANS ARE CONSIDERED NONRECOURSE AND AS SUCH, THE CREDIT UNION RECORDS THE BALANCE AS THE LOWER OF THE OUTSTANDING LOAN BALANCE PLUS ACCRUED INTEREST OR THE COLLATERAL VALUE. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (8 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 1A | THE BOARD OF DIRECTORS MAY APPOINT AN EXECUTIVE COMMITTEE OF NO FEWER THAN THREE (3) DIRECTORS AND DELEGATE TO SUCH COMMITTEE THE POWER TO APPROVE MEMBERSHIP APPLICATIONS. WITH THE WRITTEN APPROVAL OF THE COMMISSIONER, THE EXECUTIVE COMMITTEE MAY ACT FOR THE BOARD OF DIRECTORS IN THE PURCHASE AND SALE OF SECURITIES, INVESTMENT AND WITHDRAWAL OF FUNDS, IN BORROWING FUNDS, AND TO MAKE LOANS TO OTHER CREDIT UNIONS IN ACCORDANCE WITH THE LAWS AND REGULATIONS. |
| FORM 990, PART VI, SECTION A, LINE 6 | PARTICIPATION IN THE CREDIT UNION IS LIMITED TO THOSE INDIVIDUALS THAT QUALIFY FOR MEMBERSHIP. THE FIELD OF MEMBERSHIP IS DEFINED IN THE CREDIT UNION'S CHARTER AND BYLAWS. THIS GENERALLY CONSISTS OF INDIVIDUALS WHO LIVE OR REGULARLY WORK IN THE COUNTY OF SANTA CLARA, CALIFORNIA. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, THE SPOUSE OF A MEMBER, THE BLOOD OR ADOPTIVE RELATIVES OF EITHER OF THEM, AND THEIR SPOUSES MAY BE MEMBERS. |
| FORM 990, PART VI, SECTION A, LINE 7A | BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE FORM 990 IS PREPARED BY THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. ONCE THE DRAFT IS AVAILABLE, IT IS REVIEWED BY MANAGEMENT AND ANY CHANGES INCORPORATED INTO THE FILING. ONCE THIS DETAILED REVIEW IS COMPLETE, THE FORM 990 IS FILED WITH THE IRS. |
| FORM 990, PART VI, SECTION B, LINE 12C | IN ACCORDANCE WITH OUR BOARD POLICY, PERSONNEL POLICIES AND NON-DISCLOSURE/CONFIDENTIALITY AGREEMENT (THAT CONTAINS A CONFLICT OF INTEREST CLAUSE), COMMONWEALTH EMPLOYEES ARE REQUIRED TO DISCLOSE THE FOLLOWING INFORMATION UPON HIRE AND AT ANY TIME DURING THEIR EMPLOYMENT: - EMPLOYEE AND RELATIVE ACCOUNTS: UPON HIRE AND THEN ON AN ANNUAL BASIS, ALL EMPLOYEES ARE REQUIRED TO COMPLETE A FORM DISCLOSING ANY MEMBER ACCOUNTS BELONGING TO THEM AND/OR THEIR FAMILY MEMBERS. - CONFLICTING OUTSIDE EMPLOYMENT: IN CONJUNCTION WITH THEIR OFFER OF EMPLOYMENT LETTERS, NEW EMPLOYEES ARE REQUIRED TO SIGN A NON-DISCLOSURE/CONFIDENTIALITY AGREEMENT WHICH INCLUDES A CONFLICT OF INTEREST CLAUSE RELATING TO OUTSIDE EMPLOYMENT. ADDITIONALLY, NEW AND EXISTING EMPLOYEES ARE REQUIRED TO REPORT TO THEIR MANAGER ANY OUTSIDE EMPLOYMENT SO THAT THE CEO AND VP OF HUMAN RESOURCES CAN DETERMINE IF A CONFLICT OF INTEREST EXISTS. - CONFLICT OF INTEREST: AS REQUIRED BY COMMONWEALTH'S CODE OF ETHICAL CONDUCT, ALL VOLUNTEERS AND EMPLOYEES MUST DISCLOSE AND REPORT TO THE PRESIDENT/CEO ANY POSSIBLE CONFLICT OF INTEREST IN THEIR BUSINESS DEALINGS. FURTHERMORE, ALL EMPLOYEES ARE REQUIRED TO DISCLOSE TO THE PRESIDENT/CEO ANY GIFTS, GRATUITIES, AMENITIES, MEALS, ENTERTAINMENT, ETC. TO DETERMINE WHETHER OR NOT ACCEPTANCE OF SUCH ITEMS WOULD BE DEEMED A CONFLICT OF INTEREST. |
| FORM 990, PART VI, SECTION B, LINE 15 | COMMONWEALTH RETAINS AN OUTSIDE COMPENSATION CONSULTING FIRM, BALANCEDCOMP, TO ASSIST IN ITS SALARY ADMINISTRATION EFFORTS. SPECIFICALLY, BALANCEDCOMP WORKS WITH THE PRESIDENT/CEO AND THE CHIEF STRATEGY AND PEOPLE OFFICER TO DEVELOP A COMPREHENSIVE COMPENSATION STRUCTURE THAT INCLUDES ANNUAL MARKET EVALUATIONS, SALARY GRADE STRUCTURE AND AN INTEGRATED JOB DESCRIPTION DATABASE. THE CURRENT COMPENSATION STRUCTURE WAS INITIALLY DEVELOPED AND IMPLEMENTED IN 2003. SINCE THEN, THE STRUCTURE HAS BEEN MAINTAINED AND ADMINISTERED BY THE CREDIT UNION'S HUMAN RESOURCES DEPARTMENT WITH THE ASSISTANCE OF BALANCEDCOMP USING A COMPENSATION SOFTWARE PACKAGE. ON AN ANNUAL BASIS, BALANCEDCOMP PARTICIPATES (ON BEHALF OF COMMONWEALTH) IN AT LEAST 10 SALARY SURVEYS FOR USE IN BENCHMARKING PAY DATA WITH MARKET RATES. THE PAY RANGES ARE ADJUSTED ANNUALLY TO REFLECT CHANGES IN MARKET CONDITIONS AND THE RANGES IN CORPORATE GEOGRAPHIC WAGE DIFFERENTIALS. THE CHIEF STRATEGY AND PEOPLE OFFICER PROVIDES OVERSIGHT TO THE HUMAN RESOURCES STAFF IN SALARY ADMINISTRATION PRACTICES BY UTILIZING ALL OF THE ABOVE-MENTIONED RESOURCES PROVIDED BY BALANCEDCOMP. FURTHERMORE, THE HR DEPARTMENT ADMINISTERS COMPENSATION THROUGH THE MANAGEMENT OF COMPARATIOS. (THE COMPARATIO IS A MATHEMATICAL CALCULATION THAT IDENTIFIES THE RELATIONSHIP BETWEEN ACTUAL PAY AND MARKET RATE FOR A PERSON, DEPARTMENT OR THE TOTAL CREDIT UNION. FOR EXAMPLE, A 90% COMPARATIO FOR AN INDIVIDUAL SAYS THAT THE INDIVIDUAL IS BEING PAID AT 90% OF THE PREVAILING MARKET RATE FOR HIS/HER JOB. THE COMPARATIO IS DETERMINED BY DIVIDING ACTUAL PAY BY THE RATE ESTABLISHED AS THE MID-POINT FOR THE GRADE.) AS MARKET CONDITIONS NECESSITATE, A MID-YEAR REVIEW OF THE COMPENSATION STRUCTURE'S MARKET COMPETITIVENESS IS CONDUCTED WITH THE ASSISTANCE OF BALANCEDCOMP. EXECUTIVE COMPENSATION PRACTICES ALSO EMPLOY THE SAME METHODOLOGIES AS OUTLINED ABOVE, AND BALANCEDCOMP PROVIDES GUIDANCE AND RECOMMENDATIONS AS NEEDED. PAY GRADES AND RANGES ARE ESTABLISHED FOR EACH SENIOR MANAGEMENT LEVEL POSITION AND COMPARATIOS ARE ALSO USED WITH SUCH POSITIONS. HRN PERFORMANCE SOLUTIONS ALSO PROVIDES CONSULTING SERVICES FOR THE CEO'S COMPENSATION PACKAGE BY EMPLOYING THE SAME METHODOLOGIES (I.E. PAY GRADE, PAY RANGE, SALARY SURVEYS, COMPARATIOS, ETC.) WHEN WORKING WITH THE BOARD'S COMPENSATION COMMITTEE MEMBERS. |
| FORM 990, PART VI, SECTION C, LINE 19 | GOVERNING DOCUMENTS AND POLICIES ARE AVAILABLE UPON REQUEST. FINANCIAL STATEMENTS ARE PUBLICALLY AVAILABLE AT WWW.NCUA.GOV AND IN OUR BRANCH OFFICES. |
| FORM 990, PART XI, LINE 9: | CASH SURRENDER VALUE CHANGES ON LIFE INSURANCE POLICIES 237,865. CUMULATIVE EFFECT OF CHANGE IN ACCOUNT PRINCIPLE -852,593. |