2021-11-02T18:50:01-05:00 2020-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2020-01-01 951790568 VENTURA COUNTY CREDIT UNION VENT 8054774024 2575 VISTA DEL MAR DRIVE SUITE 100 VENTURA CA 93001 LINDA SIM CFO 8054774028 2021-10-29 1 LINDA SIM 999009999 VALENTINO CREUS CPA P01054153 8189549700 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z LINDA ROSSI 2575 VISTA DEL MAR DRIVE SUITE 100 VENTURA CA 93001 44564146 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 7 249 12 161610 0 0 0 45427507 41377630 4231516 2886234 295394 300282 49954417 44564146 111391 152254 0 0 15356364 16318814 0 0 0 25143077 23745469 40610832 40216537 9343585 4347609 904609226 1114149062 815203049 1019043975 89406177 95105087 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 ELEVENTH YEAR IN A ROW, VENTURA COUNTY CREDIT UNION WAS AWARDED THE BEST FINANCIAL INSTITUTION IN VENTURA COUNTY BY A VC REPORTER READERS' POLL. THE CREDIT UNION RECEIVED MEMBERXP BEST OF THE BEST CREDIT UNION AWARD FOR PROVIDING EXCEPTIONAL LEVELS OF MEMBER SERVICE. DURING 2020, VENTURA COUNTY CREDIT UNION DID 84 SBA PAYCHECK PROTECTION LOANS (PPP) TOTALING $7 MILLION, INCLUDING $2.3 MILLION TO LOCAL NON-PROFITS. VENTURA COUNTY CREDIT UNION PROVIDED OVER $110 MILLION IN LOAN EXTENSIONS AND FORBEARENCES TO SUPPORT MEMBERS DURING THE UNPRECEDENTED COVID-19 PANDEMIC. 0 0 1 0 0 0 0 0 0 1 0 1 0 1 0 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 13281 0 1 249 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 X SUE TATANGELO CHAIRPERSON 5.00 X 0 0 0 ROXANNE OSTREM VICE CHAIRPERSON 5.00 X 0 0 0 MARGO BYRNE SECRETARY 2.00 X 0 0 0 SONIA AMEZCUA ASSISTANT SECRETARY 1.00 X 0 0 0 PHILIP BOHAN TREASURER 3.00 X 0 0 0 GREG STUART BOARD MEMBER 2.00 X 0 0 0 PAT MADDEN BOARD MEMBER 1.00 X 0 0 0 KENNETH KAGAN SUPV CMTE CHAIR 2.00 X 0 0 0 DANIELLE BRINKMAN SUPV CMTE MEMBER 2.00 X 0 0 0 SCOTT KOPALD SUPV CMTE MEMBER 1.00 X 0 0 0 LISA MCINALLY SUPV CMTE MEMBER 2.00 X 0 0 0 BRENDA ALLISON SUPV CMTE SECRETARY 1.00 X 0 0 0 JOSEPH SCHROEDER FORMER PRESIDENT/CEO 40.00 X 1200228 0 48255 LINDA ROSSI PRESIDENT/CEO 40.00 X 392461 0 38295 LINDA SIM CFO 40.00 X 347820 0 47256 GAVIN BRADLEY COO 40.00 X 346744 0 43740 EDMOND SAHAKIAN CLO 40.00 X 257768 0 40970 CHAD RITCHIE CIO 40.00 X 186800 0 17992 APRIL REMNANT VP, DELIVERY SYSTEMS 40.00 X 203106 0 36917 CLINTON LOVINGER VP, MEMBER SERVICES 40.00 X 185963 0 31150 CHRISTINA ESTES VP, MARKETING 40.00 X 183038 0 29147 BEVERLY ARMENDARIZ VP, HUMAN RESOURCES 40.00 X 171299 0 35452 LINDA MUSE-TABATA SR HOME LOAN SPECIALIST 40.00 X 320543 0 26357 GINA O'CALLAGHAN FINANCIAL ADVISOR 40.00 X 227770 0 39404 SEAN MCCULLOCH AVP COMMERCIAL LENDING 40.00 X 219005 0 16021 DAVID KANONGATAA FINANCIAL ADVISOR 40.00 X 207135 0 44405 RODOLFO GUEVARA AVP BUSINESS SERVICES 40.00 X 146272 0 21301 4595952 0 516662 15 0 1 0 THE MEMBERS GROUP 1500 SW 118TH STREET DES MOINES IA 50325 CREDIT CARDS MGMT AND PROCESSING 1880386 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 90312 STMT & POSTAGE SERVICES 519175 ALOGENT HOLDINGS INC 35 TECHNOLOGY PARKWAY SOUTH PEACHTREE CORNERS GA 30092 TECHNOLOGY SOLUTIONS 464177 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 FINANCIAL SERVICES 443930 CDW DIRECT LLC PO BOX 75723 CHICAGO IL 606755723 INFORMATION TECHNOLOGY AND SERVICES 418482 27 INTEREST ON LOANS 522100 29863052 29863052 OTHER OPERATING INCOME 522100 6783934 6689307 94627 FEE INCOME 522100 4730644 4663661 66983 41377630 2886234 2886234 OTHER NON-OPERATING IN 522210 300282 300282 300282 44564146 44402536 161610 0 152254 4595952 8531037 694331 1573333 924161 94692 250030 660593 811106 6256018 3066430 1872157 138039 3003476 2414101 257395 PROV FOR LOAN LOSSES 2792215 LOAN SERVICING EXPENSE 1627862 MISC OPERATING EXPENSE 385991 OPERATING FEES 115364 40216537 5714145 10128691 37269130 77187677 8399556 8539898 1397685 1261798 54375622 24108566 32287156 30267056 101484142 248322608 693382121 709334301 24675291 29107033 904609226 1114149062 13220405 12827731 801982644 1006216244 815203049 1019043975 X 0 0 0 0 89406177 95105087 89406177 95105087 904609226 1114149062 4347609 1351301 0 X X 0 1 X 1 0 7715 7715 7715 1 CCUL - PAC 1201 K STREET SUITE 1050 SACRAMENTO CA 95814 940357265 7715 9698188 9698188 29042977 12055929 16987048 3899321 2327549 1571772 9653618 7833100 1820518 2081518 1891988 189530 30267056 ALL OTHER INVESTMENTS 4560000 F LOANS AND LEASES 631443220 F NCUA SHARE INSURANCE CAP DEPOSIT 8827468 C HELD-TO-MATURITY SECURITIES 64503613 C 709334301 DIVIDENDS PAYABLE 126706 TOTAL SHARES AND DEPOSITS 1006089538 1006216244 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, 2020, 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) 28360 FMV PROVIDING FINANCIAL ASSISTANCE AND EDUCATION TO LOCAL PARTNERS WORLDWIDE FOUNDATION FOR CREDIT UNIONS 5710 MINERAL POINT ROAD MADISON WI 53705 396093210 501(C)(3) 10000 FMV SUPPORT CREDIT UNION SYSTEMS & MEMBERS IN DEVELOPMENT ACTIVITIES HEALTH CARE FOUNDATION FOR VENTURA COUNTY 3291 LOMA VISTA RD VENTURA CA 93003 471535937 501(C)(3) 10000 FMV PROVIDE SUPPORT FOR THE HEALTH CARE AGENCY AND LOCAL HOSPITALS IN VC FOOD SHARE OF VENTURA COUNTY 4156 SOUTHBANK RD OXNARD CA 96036 770018162 501(C)(3) 10000 FMV TO HELP THE FIGHT AGAINST HUNGER IN VENTURA COUNTY VENTURA COUNTY COMMUNITY FOUNDATION 4001 MISSION OAKS DT STE A CAMARILLO CA 93012 770165029 501(C)(3) 10000 FMV TO PROMOTE AND ENABLE PHILANTHROPY TO IMPROVE OUR COMMUNITY MUSEUM OF VENTURA COUNTY 100 EAST MAIN ST VENTURA CA 93001 951942930 501(C)(3) 6500 FMV TO SUPPORT THE HISTORY AND ARTS OF THE COMMUNITY MAKE-A-WISH FOUNDATION OF THE TRI-COUNTIES INC 4001 MISSION OAKS BLVD STE F CAMARILLO CA 93012 770098671 501(C)(3) 5350 FMV HELP STRENGTHEN AND EMPOWER CHILDREN BATTLING CRITICAL ILLNESSES VENTURA COUNTY FAMILY JUSTICE CENTER 3170 LOMA VISTA RD VENTURA CA 93003 822765815 501(C)(3) 5000 FMV TO HELP IMPROVE THE PROVISION OF SERVICES TO VICTIMS OF CRIME IN THE COMMUNITIES IT SERVES WOMEN'S ECONOMIC VENTURES 333 S SALINAS ST SANTA BARBARA CA 93103 953674624 501(C)(3) 5000 FMV TO HELP THE ECONOMIC EMPOWERMENT OF WOMEN MIXTECO INDIGENA COMMUNITY ORGANIZING PROJECT 135 MAGNOLIA AVE OXNARD CA 93030 300045901 501(C)(3) 5000 FMV ASSIST IN ORGANIZING AND EMPOWERING VENTURA COUNTY'S INDIGENOUS IMMIGRANT COMMUNITY 10 0 X X X 0 1 0 JOSEPH SCHROEDER FORMER PRESIDENT/CEO 512904 0 109858 0 577466 0 35250 0 13005 0 1248483 0 0 0 LINDA ROSSI PRESIDENT/CEO 319580 0 39387 0 33494 0 24022 0 14273 0 430756 0 0 0 LINDA SIM CFO 284296 0 39228 0 24296 0 23199 0 24057 0 395076 0 0 0 GAVIN BRADLEY COO 287244 0 39742 0 19758 0 21234 0 22506 0 390484 0 0 0 EDMOND SAHAKIAN CLO 210083 0 28009 0 19676 0 19664 0 21306 0 298738 0 0 0 CHAD RITCHIE CIO 183300 0 0 0 3500 0 4880 0 13112 0 204792 0 0 0 APRIL REMNANT VP, DELIVERY SYSTEMS 162417 0 26528 0 14161 0 16703 0 20214 0 240023 0 0 0 CLINTON LOVINGER VP, MEMBER SERVICES 155526 0 16286 0 14151 0 14730 0 16420 0 217113 0 0 0 CHRISTINA ESTES VP, MARKETING 161830 0 14471 0 6737 0 14229 0 14918 0 212185 0 0 0 BEVERLY ARMENDARIZ VP, HUMAN RESOURCES 154762 0 14734 0 1803 0 13709 0 21743 0 206751 0 0 0 LINDA MUSE-TABATA SR HOME LOAN SPECIALIST 43526 0 274470 0 2547 0 13449 0 12908 0 346900 0 0 0 GINA O'CALLAGHAN FINANCIAL ADVISOR 38438 0 189249 0 83 0 11297 0 28107 0 267174 0 0 0 SEAN MCCULLOCH AVP COMMERCIAL LENDING 146542 0 71255 0 1208 0 13187 0 2834 0 235026 0 0 0 DAVID KANONGATAA FINANCIAL ADVISOR 34900 0 172185 0 50 0 12876 0 31529 0 251540 0 0 0 RODOLFO GUEVARA AVP BUSINESS SERVICES 141615 0 2383 0 2274 0 8393 0 12908 0 167573 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 2020: JOE SCHROEDER - $18,150 LINDA ROSSI - $6.922 LINDA SIM - $6,099 GAVIN BRADLEY - $6,038 EDMOND SAHAKIAN - $4,500 CHAD RITCHIE - $3,545 APRIL REMNANT - $3,877 CLINTON LOVINGER - $3,417 CHRISTINA ESTES - $3,300 BEVERLY ARMENDARIZ - $3,201 PART II: THE FORMER CEO, JOSEPH SCHROEDER, RETIRED IN 2020. EFFECTIVE APRIL 2020, LINDA ROSSI BECAME THE NEW CEO OF VENTURA COUNTY CREDIT UNION. JOSEPH SCHROEDER FORMER OFFICER HOME LOAN X 595000 403870 0 1 1 JOSEPH SCHROEDER FORMER OFFICER FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICY X 7200000 8136028 0 1 1 8539898 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. PART VII: THE FORMER CEO, JOSEPH SCHROEDER, RETIRED IN 2020. EFFECTIVE APRIL 2020, LINDA ROSSI BECAME THE NEW CEO OF VENTURA COUNTY CREDIT UNION. FORM 990, PART XI, 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 ACTUAL AMOUNT BELOW THRESHOLD