2023-11-06T13:20:17-06:00 2022-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2022-01-01 951790568 VENTURA COUNTY CREDIT UNION VENT 8054774024 2575 VISTA DEL MAR DRIVE SUITE 100 VENTURA CA 93001 LINDA SIM CFO 8054774028 2023-11-02 1 LINDA SIM 999009999 1 VALENTINO CREUS CPA P01054153 8189549700 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z LINDA ROSSI 2575 VISTA DEL MAR DRIVE SUITE 100 VENTURA CA 93001 50312368 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 7 259 12 164384 0 0 0 37652588 42727468 3248270 7584900 375814 0 41276672 50312368 184298 224834 0 0 16945777 17728223 0 0 0 17533338 20794663 34663413 38747720 6613259 11564648 1276134577 1285662841 1176845485 1192007456 99289092 93655385 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 THIRTEENTH YEAR IN A ROW, VENTURA COUNTY CREDIT UNION WAS AWARDED THE BEST FINANCIAL INSTITUTION IN VENTURA COUNTY BY THE VC REPORTER BEST OF READERS' POLL. THE CREDIT UNION WAS ALSO THE WINNER OF THE 2022 VC STAR READERS' CHOICE FOR CREDIT UNIONS. VENTURA COUNTY CREDIT UNION CONTINUED ITS EXCEPTIONAL MEMBER EXPERIENCE BY EXPANDING ITS SERVICES TO INCLUDE ZELLE AND ONLINE CARD ACTIVATION. DURING 2022, VENTURA COUNTY CREDIT UNION EARNED THE LOW INCOME CREDIT UNION DESIGNATION. 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 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 1 15286 0 1 259 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 0 0 0 MARGO BYRNE VICE CHAIRPERSON 2.00 X 0 0 0 SONIA AMEZCUA SECRETARY 2.00 X 0 0 0 SUE TATANGELO TREASURER 3.00 X 0 0 0 CORY MADDEN BOARD MEMBER 3.00 X 0 0 0 GREG STUART BOARD MEMBER 4.00 X 0 0 0 SELFA SAUCEDO BOARD MEMBER 2.00 X 0 0 0 PHILIP BOHAN BOARD MEMBER (EMERITUS) 1.00 X 0 0 0 KENNETH KAGAN SUPV CMTE CHAIR 2.00 X 0 0 0 SCOTT KOPALD SUPV CMTE MEMBER 1.00 X 0 0 0 BRENDA ALLISON SUPV CMTE MEMBER 2.00 X 0 0 0 CHUNG CAM SUPV CMTE MEMBER 2.00 X 0 0 0 LINDA ROSSI PRESIDENT/CEO 40.00 X 642004 0 42191 LINDA SIM CFO 40.00 X 411511 0 48051 GAVIN BRADLEY COO 40.00 X 390373 0 46029 CHAD RITCHIE CIO 40.00 X 362047 0 43556 EDMOND SAHAKIAN CLO 40.00 X 261401 0 41300 APRIL REMNANT VP, DELIVERY SYSTEMS 40.00 X 230032 0 40224 CHRISTINA ESTES VP, MARKETING 40.00 X 218019 0 32328 BEVERLY ARMENDARIZ VP, HUMAN RESOURCES 40.00 X 214406 0 31809 CLINTON LOVINGER VP, MEMBER SERVICES 40.00 X 213405 0 29734 DIANNE CLAPP VP, RISK MANAGEMENT 40.00 X 201756 0 29491 SEAN MCCULLOCH AVP COMMERCIAL LENDING 40.00 X 363194 0 19842 DAVID KANONGATAA FINANCIAL ADVISOR 40.00 X 276243 0 59023 GINA O'CALLAGHAN FINANCIAL ADVISOR 40.00 X 258066 0 13251 VALERIE MANDERNACHT-COLVARD CORE SUPERVISOR 40.00 X 173881 0 35303 RODOLFO GUEVARA TORRES AVP BUSINESS SERVICES 40.00 X 173463 0 22713 4389801 0 534845 16 0 1 0 CO-OP 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 CREDIT CARDS MGMT AND PROCESSING 1839657 HORSETAIL TECHNOLOGIES LLC 1300 THAMES ST G20 BALTIMORE MD 21231 PROCESSING 765183 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 FINANCIAL SERVICES 700248 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 90312 ACCOUNTING 664079 ALOGENT HOLDINGS INC 35 TECHNOLOGY PARKWAY SOUTH PEACHTREE CORNERS GA 30092 TECHNOLOGY SOLUTIONS 478689 35 INTEREST ON LOANS 522100 31062394 31062394 OTHER OPERATING INCOME 522100 6111750 6013717 98033 FEE INCOME 522100 5553324 5486973 66351 42727468 7584900 7584900 50312368 50147984 164384 0 224834 4389801 9685273 1023268 1629563 1000318 73483 250613 672921 1160613 4215840 2495529 1958730 227469 2283319 2194834 221820 LOAN SERVICING EXPENSE 2940557 PROV FOR LOAN LOSSES 1325635 MISC OPERATING EXPENSE 620703 OPERATING FEES 152597 38747720 9907497 8386724 71024539 37602116 8293867 8454768 1246303 1631215 54867345 28158089 28347728 26709256 323188129 288794884 807386783 884439339 26739731 29644539 1276134577 1285662841 15384587 22353008 1161460898 1169654448 1176845485 1192007456 X 0 0 0 0 99289092 93655385 99289092 93655385 1276134577 1285662841 11564648 -17198355 0 X X 0 1 X 1 0 7479 7479 7479 1 CCUL - PAC 1201 K STREET SUITE 1050 SACRAMENTO CA 95814 940357265 7479 9698188 9698188 28836056 13816450 15019606 3793638 3057322 736316 10239568 9310197 929371 2299895 1974120 325775 26709256 ALL OTHER INVESTMENTS 7868800 F LOANS AND LEASES 743097733 F NCUA SHARE INSURANCE CAP DEPOSIT 10980398 C HELD-TO-MATURITY SECURITIES 122492408 C 884439339 DIVIDENDS PAYABLE 294928 TOTAL SHARES AND DEPOSITS 1169359520 1169654448 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, 2022, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. 1 THE FOUNDATION OF VENTURA COUNTY CREDIT UNION 6026 TELEPHONE RD VENTURA CA 93003 462578478 501(C)(3) 41075 0 FMV TO ASSIST IN STRENGTHENING OUR COMMUNITY BY PROVIDING FINANCIAL ASSISTANCE AND EDUCATION TO ALL WHILE EMPHASIZING THE UNDERSERVED. CHILDREN'S MIRACLE NETWORK 18400 VON KARMAN AVE SUITE 900 IRVINE CA 92612 870387205 501(C)(3) 18700 0 FMV TO HELP SAVE THE LIVES OF CHILDREN BY RAISING FUNDS AND AWARENESS FOR LOCAL CHILDREN'S HOSPITALS. WORLDWIDE FOUNDATION FOR CREDIT UNIONS 5710 MINERAL POINT ROAD MADISON WI 53705 396093210 501(C)(3) 12500 0 FMV TO SUPPORT CREDIT UNION SYSTEMS & MEMBERS IN DEVELOPMENT ACTIVITIES. INCLUSIV 39 BROADWAY ST 2140 NEW YORK NY 01006 112421972 501(C)(3) 7500 0 FMV TO HELP LOW INCOME COMMUNITIES ACHIEVE FINANCIAL INDEPENDENCE THOUGH CREDIT UNIONS. CALIFORNIA STATE UNIVERSITY CHANNEL ISLANDS FOUNDATION ONE UNIVERSITY DR CAMARILLO CA 93012 770433230 501(C)(3) 7000 0 FMV TO ASSIST CALIFORNIA STATE UNIVERSITY CHANNEL ISLANDS ON ITS ACADEMIC GOALS AND PROVIDE SCHOLARSHIPS FOR FUTURE STUDENTS. INTERFACE CHILDREN AND FAMILY SERVICES 4001 MISSION OAKS BLVD STE 1 CAMARILLO CA 93012 952944459 501(C)(3) 5000 0 FMV TO ASSIST IN PROVIDING SOCIAL SERVICES TO THOUSANDS OF LOCAL CHILDREN AND FAMILIES. PREMIER AMERICA FOUNDATION 19867 PRAIRIE ST CHATSWORTH CA 91311 820914788 501(C)(3) 5000 0 FMV TO PROVIDE FINANCIAL PROGRAMS AND SERVICES TO YOUNG ADULTS. VENTURA COUNTY LIBRARY FOUNDATION PO BOX 7531 VENTURA CA 93006 462770894 501(C)(3) 5000 0 FMV TO SUPPORT LITERARY AND EDUCATIONAL ACTIVITIES THROUGHOUT VENTURA COUNTY. WOMEN'S ECONOMIC VENTURES 333 S SALINAS ST SANTA BARBARA CA 93103 953674624 501(C)(3) 5000 0 FMV TO ASSIST IN THE GOAL FOR AN EQUITABLE SOCIETY THROUGH THE ECONOMIC EMPOWERMENT OF WOMEN. WORLD CENTRAL KITCHEN INC 200 MASS AVE NW 7TH FLOOR WASHINGTON DC 20001 273521132 501(C)(3) 5000 0 FMV TO HELP IN THE FIGHT FOR HUNGER ACROSS THE WORLD - UKRAINE RELIEF. 10 0 X X X 0 1 0 LINDA ROSSI PRESIDENT/CEO 515103 0 81000 0 45901 0 27800 0 14391 0 684195 0 0 0 LINDA SIM CFO 332000 0 41223 0 38288 0 23810 0 24241 0 459562 0 0 0 GAVIN BRADLEY COO 334277 0 41346 0 14750 0 24538 0 21491 0 436402 0 0 0 CHAD RITCHIE CIO 314971 0 40069 0 7007 0 23188 0 20368 0 405603 0 0 0 EDMOND SAHAKIAN CLO 225566 0 28081 0 7754 0 19809 0 21491 0 302701 0 0 0 APRIL REMNANT VP, DELIVERY SYSTEMS 195417 0 16788 0 17827 0 16127 0 24097 0 270256 0 0 0 CHRISTINA ESTES VP, MARKETING 194667 0 15412 0 7940 0 16764 0 15564 0 250347 0 0 0 BEVERLY ARMENDARIZ VP, HUMAN RESOURCES 193128 0 15370 0 5908 0 9818 0 21991 0 246215 0 0 0 CLINTON LOVINGER VP, MEMBER SERVICES 186741 0 15512 0 11152 0 13626 0 16108 0 243139 0 0 0 DIANNE CLAPP VP, RISK MANAGEMENT 184556 0 15649 0 1551 0 15661 0 13830 0 231247 0 0 0 SEAN MCCULLOCH AVP COMMERCIAL LENDING 165481 0 195858 0 1855 0 17700 0 2142 0 383036 0 0 0 DAVID KANONGATAA FINANCIAL ADVISOR 47432 0 228756 0 55 0 13365 0 45658 0 335266 0 0 0 GINA O'CALLAGHAN FINANCIAL ADVISOR 62470 0 195469 0 127 0 13251 0 0 0 271317 0 0 0 VALERIE MANDERNACHT-COLVARD CORE SUPERVISOR 165995 0 7530 0 356 0 7809 0 27494 0 209184 0 0 0 RODOLFO GUEVARA TORRES AVP BUSINESS SERVICES 151525 0 21938 0 0 0 9453 0 13260 0 196176 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 2022: LINDA ROSSI - $10,100 LINDA SIM - $6,110 GAVIN BRADLEY - $6,838 CHAD RITCHIE - $5,507 EDMOND SAHAKIAN - $4,575 APRIL REMNANT - $4,342 CHRISTINA ESTES - $3,943 BEVERLY ARMENDARIZ - $3,903 CLINTON LOVINGER -$3,956 DIANNE CLAPP - $3,649 JOSEPH SCHROEDER FORMER OFFICER FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICY X 7200000 8454768 0 1 1 8454768 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 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 41075 FMV