2022-11-15T12:35:33-06:00 2021-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2021-01-01 941287157 COAST CENTRAL CREDIT UNION COAS 7074458801 2650 HARRISON AVENUE EUREKA CA 95501 FRED MOORE CFO 7074458801 2022-11-14 1 FRED MOORE 999009999 JENIFER L CHASE P01306883 5638884000 2022-11-14 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z JAMES SESSA 2650 HARRISON AVENUE EUREKA CA 95501 57239654 0 X WWW.COASTCCU.ORG X 1950 CA PROVIDING FINANCIAL SERVICES TO MEMBERS. 9 9 320 12 295801 0 0 0 43515960 45585474 14210850 11578813 67466 62644 57794276 57226931 241422 282640 12266983 8217425 19428962 19882447 0 0 0 15893569 15577513 47830936 43960025 9963340 13266906 1936596371 2147688324 1725569416 1944359797 211026955 203328527 COAST CENTRAL CREDIT UNION'S MISSION IS TO BE THE PRIMARY FINANCIAL INSTITUTION FOR MEMBERS BY PROVIDING HIGH QUALITY FINANCIAL SERVICES AT COMPETITIVELY FAVORABLE RATES CONSISTENT WITH MAINTAINING FINANCIAL STRENGTH. 0 0 COAST CENTRAL PROVIDES A RANGE OF DEPOSIT SERVICES TO ITS APPROXIMATELY 75,000 MEMBERS. THESE INCLUDE SAVINGS, CHECKING, MONEY MARKET, AND SAVINGS CERTIFICATE ACCOUNTS. SERVICES CAN BE ACCESSED THROUGH OUR 11 MEMBER SERVICES BRANCHES, ONLINE, BY PHONE, OR THROUGH A LARGE NETWORK OF ATMS. WE OFFER MANY DIFFERENT LOAN PRODUCTS. THESE INCLUDE CREDIT CARDS, CONSUMER PERSONAL, AUTO, AND RV LOANS; REAL ESTATE PURCHASE, REFINANCE, AND HOME EQUITY LINES-OF-CREDIT; AND, MEMBER BUSINESS LOANS. LOAN DECISIONS ARE MADE LOCALLY, WITH KNOWLEDGE OF LOCAL CONDITIONS AND THE CREDIT UNION MEMBERS THEMSELVES. COAST CENTRAL IS ACTIVE IN SUPPORTING MANY LOCAL EVENTS AND CHARITIES. OVER $250,000 IS DONATED TO LOCAL CHARITABLE ORGANIZATIONS, COLLEGE SCHOLARSHIPS TO LOCAL HIGH SCHOOL GRADUATES, AND COMMUNITY PROJECTS, EACH YEAR. 0 0 1 0 0 0 0 1 0 1 1 0 0 1 0 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 0 0 0 1 23033 0 1 320 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 1 0 0 0 1 1 1 1 1 1 0 0 CA X JAMES T SESSA PRESIDENT & CEO 7074458801 2650 HARRISON AVENUE EUREKA CA 95501 X RONALD RUDEBOCK CHAIRPERSON 2.00 X X 0 0 0 DENISE JONES VICE CHAIRPERSON 2.00 X X 0 0 0 JOHN GLADDING TREASURER 2.00 X X 0 0 0 ROBIN BAILIE SECRETARY 1.00 X X 0 0 0 BRENDAN MCKENNY DIRECTOR 1.00 X 0 0 0 KELLY WALSH DIRECTOR 1.00 X 0 0 0 PETER PENNEKAMP DIRECTOR 1.00 X 0 0 0 LOUIS BUCHER DIRECTOR 1.00 X 0 0 0 KLARK SWAN DIRECTOR 1.00 X 0 0 0 JAMES SESSA PRESIDENT/CEO 40.00 X 957172 0 69437 FRED MOORE VP/CFO 40.00 X 319837 0 57735 ROBERT MOORE VP/CHIEF CREDIT OFFICER 40.00 X 310432 0 49876 ED CHRISTIANS VP/INFORMATION SYSTEMS (END 12/31/21) 40.00 X 295110 0 56931 ANN JADRO-BETTIGA VP/HUMAN RESOURCES 40.00 X 239392 0 60247 KRISTIN BLAIR VP/MEMBER SERVICES 40.00 X 234875 0 40937 JOHN GRACYALNY VP/MEMBER DIGITAL SERVICES 40.00 X 215149 0 39133 2571967 0 374296 19 0 1 0 CUBUS 3049A INDEPENDENCE DR LIVERMORE CA 94551 MEMBER STATEMENT PROVIDER 632010 Q2 SOFTWARE INC PO BOX 205970 DALLAS TX 75320 ON LINE SERVICE PROVIDER 581072 CORELATION INC 2305 HISTORIC DECATUR RD STE 300 SAN DIEGO CA 92106 SOFTWARE PROVIDER 499007 COX RASMUSSEN & COMPANY 2830 F STREET EUREKA CA 95501 ADVERTISING/MEDIA 488081 COMPUTER SERVICES INC 3901 TECHNOLOGY DRIVE PADUCAH KY 42001 DATA SECURITY PROVIDER 338309 22 INTEREST ON LOANS 522100 28914797 28914797 SERVICE INCOME 522100 16144413 15848612 295801 RECOVERY OF LOAN LOSS 522100 526264 526264 45585474 11591536 11591536 62644 0 62644 62644 62644 12723 -12723 -12723 -12723 57226931 45289673 295801 11641457 225640 57000 8217425 1404181 13826809 1768869 1909473 973115 51929 200392 3385193 949656 2358434 764745 1215884 37315 161825 1957727 3918846 126373 STAFF EVENTS/APPRECIATI 153705 DUES & SUBSCRIPTIONS 127528 PUBLIC RELATIONS 77324 90637 43960025 510518948 514357218 30261666 24055205 6428201 6489700 734882790 786842854 640124 606958 33610713 13685260 20826291 19925453 608588770 735445246 24449581 59965690 1936596371 2147688324 4364565 7237207 1376507 1740645 85864463 74534736 1633963881 1860847209 1725569416 1944359797 X 0 0 0 0 211026955 203328527 211026955 203328527 1936596371 2147688324 13266906 -20965334 0 X X 0 0 0 7381 0 0 7381 7381 1 CALIFORNIA CREDIT UNION LEAGUE PAC PO BOX 51476 ONTARIO CA 91761 942329967 7381 0 PART I-A, LINE 1: THE CREDIT UNION CONTRIBUTES TO THE CALIFORNIA CREDIT UNION LEAGUE PAC TO SUPPORT CREDIT UNION ISSUES. 0 1 X 1667245 1667245 17160511 4624935 12535576 997596 799437 198159 3175632 2685030 490602 10609729 5575858 5033871 19925453 FHLB STOCK 9538500 C AVAILABLE FOR SALE GOV'T SECURITIES 300436623 F MORTGAGE-RELATED SECURITIES 425470123 F 735445246 ACCRUED INTEREST PAYABLE 14451 WORK IN PROCESS 4772093 SHARES 1856060665 1860847209 PART IV, LINE 2B: THE CREDIT UNION ACTS AS CUSTODIAN ON BEHALF OF ITS MEMBER'S ESCROWED FUNDS; WHICH ARE UTILIZED TO PAY TAXES AND INSURANCE ON BEHALF OF ITS MEMBERS. 1 WEAVERVILLE DOUGLAS CITY PARKS & REC DISTRICT PO BOX 1453 WEAVERVILLE CA 95521 946024064 501(C)3 5068 0 YOUTH SPORTS EQUIPMENT BIG BROTHERS BIG SISTERS PO BOX 5510 EUREKA CA 95518 942279513 501(C)3 5309 0 VIRTUAL MENTORING PROJECT AFFORDABLE HOMELESS HOUSING ALTERNATIVES PO BOX 3794 EUREKA CA 95531 810713410 501(C)3 5493 0 PROJECT STORMY WEATHER-RAIN GEAR FORTUNA VOLUNTEER FIRE 320 S FORTUNA BLVD FORTUNELORTUNA CA 95501 942378737 501(C)3 7000 0 TRAINING FIELDBROOK VOLUNTEER FIRE DEPARTMENT 4584 FIELDBROOK RD FIELDBROOK CA 95546 680184263 501(C)3 8000 0 EQUIPMENT PURCHASE REDWOOD PARKS CONSERVACY 1111 SECOND STREET CRESCENT CITY CA 95521 680084901 501(C)3 10000 0 HURDYGURDY BIKE TRAIL PROJECT REDWOOD SCHOOL PTSO 301 W WASHINGTON BLVD CRESCENT CITY CA 95501 475250015 501(C)3 10000 0 PLAYGROUND RENOVATION/TRACK RESTORATION BURNT RANCH ELEMENTARY SCHOOL PO BOX 39 BURNT RANCH CAEL RANCH CA 95518 GOVERNMENATL 12000 0 NEW PLAYGROUND AFTER MOLD DESTRUCTION DEL NORTE AMATEUR RADIO CLUB 300 TEDSEN LANE CRESCENT ELT CITY CA 95552 320568910 501(C)3 12500 0 EQUIPMENT PURCHASE IRONSIDES POST 9561 VETERANS OF FOREIGN WARS PO BOX 243 WILLOW CREEK CA 96091 942798056 501(C)3 14170 0 KITCHEN EQUIPMENT-REMODEL DEL NORTE HABITAT FOR HUMANITY PO BOX 993 CRESCENT CITY CA 96041 680417659 501(C)3 16650 0 NICKEL AVENUE BUILDING PROJECT DEL NORTE COUNTY SHERIFF 650 5TH ST CRESCENT CITY CA 96093 942254126 501(C)3 20000 0 K9 PROGRAM SEQUOIA HUMANE SOCIETY 6073 LOMA AVE EUREKA CA 95503 501(C)3 20633 0 UPDATING HOLD KENNELS COMPANION ANIMAL FOUNDATION 88 SUNNYBRAE CENTER ARCATA CA 95521 943244839 501(C)3 24600 0 MOBILE VET UNIT FAMILY RESOURCE CENTER OF THE REDWOODS 494 PACIFIC AVE CRESCENT CITY CA 95531 812675618 501(C)3 25000 0 COMMUNITY FOOD TRUCK PROJECT 15 0 LOCAL COLLEGE SCHOLARSHIPS 45 57000 PART I, LINE 2: THE MARKETING DEPARTMENT APPROVES PAYMENT OF GRANT EXPENSES TO ORGANIZATIONS AND THE ADMINISTRATION APPROVES SCHOLARSHIPS. FUNDS ARE SENT DIRECTLY TO THE FINANCIAL AID OFFICES OF THE COLLEGES THE STUDENTS WILL BE ATTENDING. IF THE STUDENTS DO NOT ACTUALLY ENROLL, THE FUNDS ARE RETURNED TO THE CREDIT UNION. ORGANIZATIONS PROVIDE A PACKET OF BACKGROUND INFORMATION ABOUT THEIR SERVICE/ORGANIZATION WHEN APPLYING FOR A GRANT. THE ORGANIZATION'S ARE LOCAL SO THE CREDIT UNION IS AWARE OF HOW THE FUNDS ARE USED. X X 1 1 X X X 0 0 0 JAMES SESSA PRESIDENT/CEO 744506 0 197869 0 14797 0 43500 0 25937 0 1026609 0 0 0 FRED MOORE VP/CFO 262917 0 47920 0 9000 0 28972 0 28763 0 377572 0 0 0 ROBERT MOORE VP/CHIEF CREDIT OFFICER 258367 0 44565 0 7500 0 40481 0 9395 0 360308 0 0 0 ED CHRISTIANS VP/INFORMATION SYSTEMS (END 12/31/21 247502 0 39820 0 7788 0 36349 0 20582 0 352041 0 0 0 ANN JADRO-BETTIGA VP/HUMAN RESOURCES 196075 0 37317 0 6000 0 35892 0 24355 0 299639 0 0 0 KRISTIN BLAIR VP/MEMBER SERVICES 194566 0 33040 0 7269 0 23827 0 17110 0 275812 0 0 0 JOHN GRACYALNY VP/MEMBER DIGITAL SERVICES 183309 0 25840 0 6000 0 21547 0 17586 0 254282 0 0 0 PART I, LINE 1A MEMBERSHIP DUES-THE CREDIT UNION PAYS FOR MANAGEMENT EMPLOYEES DUES TO SERVICE CLUBS SUCH AS ROTARY, KIWANIS, ETC. FOR EDUATIONAL, NETWORKING, AND COMMUNITY SERVICE PURPOSES. THE MEMBERSHIP DUES ARE INCLUDED IN TAXABLE INCOME. THE DISCRETIONARY SPENDING IS USED PRIMARILY FOR BUSINESS RELATED EXPENSES SUCH AS BUSINESS LUNCHEONS/EVENTS AND IS REIMBURSED. JAMES SESSA PRESIDENT/CEO LOAN TO FUND INSURANCE POLICY X 146210 6489700 0 1 1 6489700 FORM 990, PART VI, SECTION A, LINE 6 COAST CENTRAL CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A DIRECTORS ARE ELECTED BY THE MEMBERS OF COAST CENTRAL CREDIT UNION AT THEIR ANNUAL MEETING AND ARE ELECTED FOR A PERIOD OF THREE (3) YEARS. FORM 990, PART VI, SECTION B, LINE 11B THE ACCOUNTING DEPARTMENT PREPARES THE INFORMATION WHICH IS THEN REVIEWED BY SENIOR MANAGEMENT. THE 990 IS PRESENTED TO THE BOARD CHAIR BEFORE FILING, AND A COPY IS MADE AVAILABLE FOR ALL BOARD MEMBERS. FORM 990, PART VI, SECTION B, LINE 12C PROCEDURES 1. DUTY TO DISCLOSEN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. 2. DETERMINING WHETHER A CONFLICT OF INTEREST EXISTS AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSIONS WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. 3. PROCEDURES FOR ADDRESSING THE CONFLICT OF INTEREST A. AN INTERESTED PERSON MAY MAKE A PRESENTATION TO THE GOVERNING BOARD, BUT AFTER THE PRESENTATION, HE/SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT INVOLVING THE POSSIBLE CONFLICT OF INTEREST. B. THE CHAIRPERSON OF THE GOVERNING BOARD SHALL IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. C. AFTER EXERCISING DUE DILIGENCE, THE GOVERNING BOARD SHALL DETERMINE WHETHER THE ORGANIZATION CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. D. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE GOVERNING BOARD SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE CREDIT UNION'S BEST INTEREST, FOR ITS OWN BENEFIT, AND WHETHER IT IS FAIR AND REASONABLE. IN CONFORMITY WITH THE ABOVE DETERMINATION, IT SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT. 4. VIOLATIONS OF THE CONFLICTS OF INTEREST POLICY A. IF THE GOVERNING BOARD HAS REASONABLE CAUSE TO BELIEVE A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. B. IF, AFTER HEARING THE MEMBER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE GOVERNING BOARD DETERMINES THE MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. II. RECORDS OF PROCEEDINGS A. THE NAMES OF THE PERSONS WHO DISCLOSED OR OTHERWISE WERE FOUND TO HAVE A FINANCIAL INTEREST IN CONNECTION WITH AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, THE NATURE OF THE FINANCIAL INTEREST, ANY ACTION TAKEN TO DETERMINE WHETHER A CONFLICT OF INTEREST IN FACT EXISTED. B. THE NAMES OF THE PERSONS WHO WERE PRESENT FOR DISCUSSIONS AND VOTES RELATING TO THE TRANSACTION OR ARRANGEMENT, THE CONTENT OF THE DISCUSSION, AND A RECORD OF ANY VOTES TAKEN IN CONNECTION WITH THE PROCEEDINGS. III. ANNUAL STATEMENTS EACH DIRECTOR OR VOLUNTEER COMMITTEE MEMBER SHALL ANNUALLY SIGN A STATEMENT, WHICH AFFIRMS SUCH PERSON: A. HAS RECEIVED A COPY OF THE CONFLICTS OF INTEREST AND FULL DISCLOSURE POLICY B. HAS READ AND UNDERSTANDS THE POLICY, C. HAS AGREED TO COMPLY WITH THE POLICY, AND D. UNDERSTANDS THE ORGANIZATION IS A CREDIT UNION AND MUST ENGAGE PRIMARILY IN ACTIVITIES, WHICH ACCOMPLISH THE FUNCTIONS OF A CREDIT UNION. FORM 990, PART VI, SECTION B, LINE 15A ANNUALLY DURING THE BUDGET PROCESS, THE BOARD OF DIRECTORS REVIEWS AND APPROVES THE COMPENSATION RANGES FOR EACH POSITION. THESE RANGES ARE DEVELOPED BY THE HUMAN RESOURCES DEPARTMENT USING COMPARABLE DATA INCLUDING CREDIT UNION COMPARISONS AS WELL AS POSITIONS AT SIMILARLY SITUATED LOCAL ORGANIZATIONS. THE CEO SALARY IS BY CONTRACT AND REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. THIS IS DOCUMENTED IN THE BOARD MEETING MINUTES. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE LOBBIES OF ALL OFFICES. ALL OTHER REQUESTS MUST BE PRESENTED IN WRITING TO THE BOARD OF DIRECTORS. DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PT VII AND SCHEDULE J, PT II - COMPENSATION RELATED DISCLOSURES SCHEDULE J EXPLANATION OF "BONUS AND INCENTIVE COMPENSATION" THE CREDIT UNION HAS TWO PRIMARY INCENTIVE COMPENSATION PLANS, AN ANNUAL INCENTIVE COMPENSATION PLAN THAT ALL EMPLOYEES ARE ELIGIBLE FOR AND A LONG-TERM DEFERRED INCENTIVE COMPENSATION PLAN FOR ELIGIBLE SENIOR MANAGEMENT. GOALS ARE ESTABLISHED BY THE CREDIT UNION FOR EACH OF THESE PLANS TO PROVIDE INCENTIVE AND REWARDS TO EMPLOYEES FOR ACHIEVING RESULTS THAT IMPROVE AND STRENGTHEN THE CREDIT UNION. THE GOALS ARE ESTABLISHED FOR EACH OF THESE PLANS AT THE BEGINNING OF THE INCENTIVE PLAN PERIOD. FOR THE ANNUAL PLAN,PAYOUTS ARE MADE TO PARTICIPANTS BASED UPON ACHIEVEMENT OF THE ANNUAL GOALS. FOR THE LONG-TERM DEFERRED PLAN, THE GOALS MUST BE ACHIEVED OVER A THREE YEAR PERIOD FOR THE PARTICIPANT TO EARN A PAYOUT UNDER THE PLAN. SCHEDULE J EXPLANATION OF "OTHER REPORTABLE COMPENSATION" THE CREDIT UNION HAS ESTABLISHED A 401K RETIREMENT PLAN FOR ALL ELIGIBLE EMPLOYEES. IT HAS ALSO PUT IN PLACE OTHER PLANS AND FUNDING PAYMENTS TO PROVIDE A REASONABLE TARGETED RETIREMENT BENEFIT FOR HIGHER PAID EMPLOYEES BECAUSE OF THE LIMITATIONS UNDER QUALIFIED PLANS SUCH AS OUR 401K PLAN, WHICH CREATES A REVERSE DISCRIMINATION EFFECT. THE CREDIT UNION PROVIDES IN LIEU PAYMENTS TO AN INDIVIDUAL ONCE THE QUALIFIED LIMIT IS REACHED EQUAL TO WHAT OTHERWISE WOULD HAVE BEEN CONTRIBUTED TO THE PLAN IF NOT FOR THE LIMITATION. IN 2010 COAST CENTRAL CREDIT UNION ATTACHED TO ITS 990 FILING A "SPLIT DOLLAR NONRECOURSE LOAN REPRESENTATION". THE 2021 FORM 990 DOES NOT ALLOW PDF ATTACHMENTS TO BE INCLUDED WITH THE ELECTRONICALLY FILED FORM 990, WITH THE EXCEPTION OF SPECIFIC ATTACHMENTS REQUIRED BY THE IRS. COAST CENTRAL CREDIT UNION HAS AN E-FILE REQUIREMENT AND CANNOT PAPER FILE UNLESS REQUIRED TO DO SO BY THE IRS. IF A PAPER COPY OF THE RETURN IS FILED WHEN IT IS NOT REQUIRED THE IRS MAY CONSIDER THE RETURN AS NOT TIMELY FILED; THEREFORE THE "SPLIT DOLLAR NONRECOURSE LOAN REPRESENTATION" IS AVAILABLE TO THE IRS UPON REQUEST. FORM 990, PART IV, LINE 12A & PART XII, LINE 2B THE ORGANIZATION'S FINANCIAL STATEMENTS ARE AUDITED ON A SEPARATE BASIS BY AN INDEPENDENT ACCOUNTANT. HOWEVER, THE FINANCIAL STATEMENTS ARE AUDITED ON A FISCAL YEAR-END BASIS OF MARCH 31ST, WHILE THE ORGANIZATION'S TAX YEAR-END IS DECEMBER 31ST. FORM 990, PART I, LINE 6 DURING 2021 THE CREDIT UNION HAD 12 VOLUNTEERS; WHICH CONSISTED OF THE BOARD OF DIRECTORS AND SUPERVISORY COMMITTEE.