2024-11-13T11:51:18-06:00 2023-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2023-01-01 941484851 CREDIT UNIONS IN THE STATE OF CALIFORNIA SIERRA CENTRAL CREDIT UNION CRED 8002227228 1351 HARTER PKWY YUBA CITY CA 95993 STEPHANIE DICKINSON CFO 8002227228 2024-11-07 1 0 JENIFER L CHASE P01306883 5638884000 2024-11-07 2023 2024-10-15 13:58:12Z SIERRA CENTRAL CREDIT UNION RONALD SWEENEY 1351 HARTER PKWY YUBA CITY CA 95993 66370883 0 X WWW.SIERRACENTRAL.COM X 1955 CA AS YOUR FINANCIAL INSTITUTION, WE PLEDGE TO SERVE YOU AND OUR COMMUNITY FAITHFULLY. WE WILL BE FRIENDLY, HELPFUL, AND PROFESSIONAL, AND WE WILL PROVIDE GREAT PRODUCTS AND COMPETITIVE RATES. 7 7 294 10 203277 0 0 0 47304703 57643256 6030331 8708688 0 10607 53335034 66362551 20000 20000 0 0 20546017 18988254 0 0 0 30649345 47148418 51215362 66156672 2119672 205879 1505152952 1469289526 1357578616 1331608611 147574336 137680915 AS YOUR FINANCIAL INSTITUTION, WE PLEDGE TO SERVE YOU AND OUR COMMUNITY FAITHFULLY. WE WILL BE FRIENDLY, HELPFUL, AND PROFESSIONAL, AND WE WILL PROVIDE GREAT PRODUCTS AND COMPETITIVE RATES. 0 0 SIERRA CENTRAL CREDIT UNION (THE CREDIT UNION) PROVIDES FINANCIAL SERVICES, INCLUDING SAVINGS, CHECKING, MONEY MARKET, IRA SAVINGS ACCOUNTS AND REGULAR AND IRA CDS TO MEMBER OWNERS. MEMBERS HAVE ACCESS TO OVER 30,000 ATMS, ONLINE BANKING, AND DEBIT CARDS. IN 2023, THE CREDIT UNION PROVIDED FINANCIAL SERVICES, SAVINGS, AND LOAN ACCOUNTS TO 79,367 MEMBERS AND FUNDED $379.1M IN LOANS. 0 0 1 0 0 0 0 1 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 32380 0 1 294 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 1 1 0 0 1 0 1 1 1 0 0 CA X STEPHANIE DICKINSON 8002227228 1351 HARTER PKWY YUBA CITY CA 95993 DEVIN BARBER DIRECTOR 2.00 X 0 0 0 TIB BELZA CHAIRMAN 2.00 X X 0 0 0 TONY GAYLEAN VICE CHAIRMAN 2.00 X X 0 0 0 BALDEV JOHAL DIRECTOR 2.00 X 0 0 0 DIANE MEYERS TREASURER 2.00 X X 0 0 0 DAN MIERZWA DIRECTOR 2.00 X 0 0 0 SEAN MINARD SECRETARY 2.00 X X 0 0 0 STEPHANIE DICKINSON CFO, SVP FINANCE 40.00 X 292529 0 39770 RON SWEENEY CEO 40.00 X 658405 0 32038 MICHAEL CARTOSCELLI CRO, SVP RETAIL BANKING 40.00 X 261363 0 34406 STEVE HENDERSON CIO, SVP ISIT & FACILITIES 40.00 X 305170 0 29658 BARBARA MENEFEE CAO, SVP ADMINISTRATION 40.00 X 271469 0 28647 ERNEST MARTIN CLO, SVP LENDING 40.00 X 233096 0 32404 DAVID BUMPUS BUSINESS DEVELOPMENT MANAGER 40.00 X 183710 0 23763 SARA HODGE VP CONTROLLER 40.00 X 160002 0 21857 HEATHER PAXTON BUSINESS DEVELOPMENT MANAGER 40.00 X 176357 0 28935 WALTER MEYER VP COMMERCIAL LENDING 40.00 X 171651 0 15433 KATHLEEN STEINER VP ISIT 40.00 X 191959 0 17278 2905711 0 304189 37 0 1 0 FISERV INC 75 REMITTANCE DR 6962 CHICAGO IL 60675 IT SERVICES 2705605 DEIBOLD PO BOX 643543 PITTSBURGH PA 15264 ATM SERVICING 1137731 INFOIMAGE INC 175 SOUTH HILL DR BRISBANE CA 94005 STATEMENT PROCESSING 831837 TPX COMMUNICATIONS PO BOX 509013 SAN DIEGO CA 92150 COMMUNICATION SERVICES 659381 EXPERIAN PO BOX 881971 LOS ANGELES CA 90088 CREDIT SERVICING 622130 19 LOAN INTEREST INCOME 522110 45390727 45390727 INTERCHANGE INCOME 522110 5790804 5790804 SERVICE CHARGES & OTHER FEES 522110 4588637 4385360 203277 OTHER NONINTEREST INCOME 522110 1065211 1065211 INSURANCE INCOME 522110 807877 807877 57643256 8710886 8710886 10607 0 10607 10607 10607 6134 8332 -2198 -2198 -2198 66362551 57439979 203277 8719295 20000 2218950 13173026 729764 1637491 1229023 203127 226248 7350 34268 142974 470477 5689389 2350531 2451646 294799 22978 1045197 2501729 228367 DIVIDENDS PAID TO MEMBE 17837330 PROVISON FOR LOAN LOSS 6361861 PLASTIC CARD OPERATIONS 3765182 LOAN SERVICING 2330768 1184197 66156672 16708213 12890026 59637260 41335158 13120991 6096667 915389184 1021500879 1725550 1744382 71614625 31313442 41357660 40301183 435806551 316448875 21407543 28972356 1505152952 1469289526 13765419 12641903 1240480 1342349 30000000 20000000 1312572717 1297624359 1357578616 1331608611 X 0 0 0 0 147574336 137680915 147574336 137680915 1505152952 1469289526 X 205879 -10099300 X X 0 1 X 1 0 7350 7350 7350 1 CA CREDIT UNION LEAGUE PAC PO BOX 51476 ONTARIO CA 917610076 942329967 7350 0 PART I-A, LINE 1: SIERRA CENTRAL CREDIT UNION CONTRIBUTED FINANCIALLY TO THE CALIFORNIA CREDIT UNION LEAGUE'S POLITICAL ACTION COMMITTEE TO SUPPORT LOBBYING ISSUES. 1 350877 639653 776236 214294 1 X 12744528 12744528 31028382 10211566 20816816 1224032 1172443 51589 24918723 19390890 5527833 1698960 538543 1160417 40301183 FHLB STOCK 6309000 C CO-OP STOCK 20000 C CUDL STOCK 500000 C FEDERAL AGENCY SECURITIES 10850993 F US TREASURIES 298768882 F 316448875 MEMBER SHARES 1297624359 1297624359 X 66362551 0 66362551 0 66362551 66156672 0 66156672 0 66156672 PART IV, LINE 1B: SIERRA CENTRAL CREDIT UNION (THE CREDIT UNION) HOLDS ESCROW ACCOUNTS FOR LOANS THAT ARE NOT OWNED BY THE CREDIT UNION, BUT ARE SERVICED BY THE CREDIT UNION. THESE ESCROW ACCOUNTS ARE USED TO PAY FOR ITEMS LIKE REAL ESTATE TAXES OR HOMEOWNERS INSURANCE FOR THE CREDIT UNION'S MEMBERS. PART IV, LINE 2B: SIERRA CENTRAL CREDIT UNION HOLD FUNDS IN ESCROW TO PAY FOR REAL ESTATE TAXES AND HOMEOWNERS INSURANCE ON BEHALF OF ITS MORTGAGE LOAN MEMBERS. PART X, LINE 2: SIERRA CENTRAL CREDIT UNION (THE CREDIT UNION) IS A STATE-CHARTERED CREDIT UNION AS DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14) AND, AS SUCH, IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. FASB ASC TOPIC 740, 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-THANNOT THRESHOLD SHOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT PERIOD. FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS, AND ACCORDINGLY, SIERRA CENTRAL CREDIT UNION HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. STATE TAXES, HOWEVER, ARE PAID ON INCOME EARNED BY THE CREDIT UNION IN CALIFORNIA. THE CREDIT UNION IS SUBJECT TO AND PAYS ALL STATE AND CITY TAXES ON GOODS AND SERVICES PURCHASED BY THE CREDIT UNION. 1 0 0 SCHOLARSHIPS TO STUDENTS ATTENDING COLLEGE 20 20000 0 PART I, LINE 2: FUNDS FOR COLLEGE SCHOLARSHIPS ARE SENT DIRECTLY TO THE RECIPIENTS AND SIERRA CENTRAL CREDIT UNION DOES NOT MONITOR THE USE OF THE FUNDS. X X 0 0 0 RON SWEENEY CEO 542716 0 92125 0 23564 0 9900 0 22138 0 690443 0 0 0 STEVE HENDERSON CIO, SVP ISIT & FACILITIES 284974 0 0 0 20196 0 9320 0 20338 0 334828 0 0 0 STEPHANIE DICKINSON CFO, SVP FINANCE 275002 0 0 0 17527 0 9262 0 30508 0 332299 0 0 0 BARBARA MENEFEE CAO, SVP ADMINISTRATION 252521 0 0 0 18948 0 8309 0 20338 0 300116 0 0 0 MICHAEL CARTOSCELLI CRO, SVP RETAIL BANKING 242363 0 0 0 19000 0 8198 0 26208 0 295769 0 0 0 ERNEST MARTIN CLO, SVP LENDING 218047 0 0 0 15049 0 7382 0 25022 0 265500 0 0 0 KATHLEEN STEINER VP ISIT 189351 0 0 0 2608 0 5920 0 11358 0 209237 0 0 0 DAVID BUMPUS BUSINESS DEVELOPMENT MANAGER 183531 0 0 0 179 0 5691 0 18072 0 207473 0 0 0 HEATHER PAXTON BUSINESS DEVELOPMENT MANAGER 176262 0 0 0 95 0 5547 0 23388 0 205292 0 0 0 WALTER MEYER VP COMMERCIAL LENDING 171290 0 0 0 361 0 5275 0 10158 0 187084 0 0 0 SARA HODGE VP CONTROLLER 159688 0 0 0 314 0 5019 0 16838 0 181859 0 0 0 RON SWEENEY OFFICER COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 5316725 6096667 0 1 1 6096667 FORM 990, SCHEDULE L, PART II - LOANS TO INTERESTED PERSONS SPLIT-DOLLAR PLAN: THE CREDIT UNION ENTERED INTO AN AGREEMENT WITH SENIOR EXECUTIVE, RON SWEENEY, WHEREBY THE CREDIT UNION MADE A FULLY SECURED LOAN TO THE EXECUTIVE TO MAKE THE PAYMENTS FOR PREMIUMS ON THE LIFE INSURANCE POLICY. THE LOAN IS SECURED BY A PORTION OF THE POLICY'S BENEFITS. THE EXECUTIVE IS THE OWNER AND BENEFICIARY OF THE POLICY. FORM 990, PART VI, SECTION A, LINE 6 SIERRA CENTRAL CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A SIERRA CENTRAL CREDIT UNION MEMBERS HAVE THE POWER TO ELECT MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF FORM 990 WILL BE PROVIDED ELECTRONICALLY TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS CONTRACT WITH AN EXTERNAL CONSULTING COMPANY TO PROVIDE COMPARABLE COMPENSATION DATA FOR LIKE POSITIONS. IN A CLOSED SESSION FORMAT, THE BOARD MEMBERS REVIEWED AND APPROVED THE COMPENSATION PACKAGE FOR ITS CHIEF EXECUTIVE OFFICER. THIS APPROVAL, IN CONJUNCTION WITH THE EMPLOYEE CONTRACTS, WERE PRESENTED TO AND ACCEPTED BY THE CHIEF EXECUTIVE OFFICER. THE DECISION WAS CONTEMPORANEOUSLY DOCUMENTED IN THE BOARD MINUTES. THE LAST TIME THIS PROCESS OCCURRED WAS IN 2024. FORM 990, PART VI, SECTION C, LINE 19 SIERRA CENTRAL CREDIT UNION MAKES ITS GOVERNING DOCUMENTS AND AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE SECTION 6104. SIERRA CENTRAL CREDIT UNION DOES NOT HAVE A CONFLICT OF INTEREST POLICY. FORM 990, PART XI, LINE 9: CURRENT EXPECTED CREDIT LOSS IMPLEMENTATION -10,099,300. FORM 990, PART XII, LINE 2C: THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED SINCE THE PRIOR YEAR.