2020-11-10T16:14:03-06:00 2019-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2019-01-01 951790568 VENTURA COUNTY CREDIT UNION VENT 8054774024 2575 VISTA DEL MAR DRIVE SUITE 100 VENTURA CA 93001 LINDA SIM CFO 8054774024 2020-11-02 1 VALENTINO CREUS CPA P01054153 8189549700 24.176.202.186 2020-11-02 09:17:41 PS P 51B4B5CFB1B846EAB386B60D7B8B620F9BAA1806 048EE652F0479155537D3ADFC76134B616B923FF 2019 2021-04-22 16:20:28Z JOSEPH SCHROEDER 2575 VISTA DEL MAR DRIVE SUITE 100 VENTURA CA 93001 50040362 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 7 254 12 284935 0 0 0 42918499 45427507 4205325 4231516 288359 295394 47412183 49954417 182948 111391 0 0 14125294 15356364 0 0 0 25155496 25143077 39463738 40610832 7948445 9343585 862256443 904609226 783290637 815203049 78965806 89406177 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 TENTH 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. VENTURA COUNTY CREDIT UNION EARNED DEMENTIA FRIENDLY CERTIFICATION. THE CREDIT UNION WAS RANKED AS THE TOP SBA LENDER IN VENTURA COUNTY FOR THE THIRD YEAR IN A ROW. 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 12728 0 1 254 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 SUE TATANGELO CHAIRPERSON 13.00 X 1500 0 0 ROXANNE OSTREM VICE CHAIRPERSON 10.00 X 0 0 0 MARGO BYRNE SECRETARY 3.00 X 1500 0 0 SONIA AMEZCUA ASSISTANT SECRETARY 3.00 X 1500 0 0 PHILIP BOHAN TREASURER 4.00 X 1500 0 0 GREG STUART BOARD MEMBER 4.00 X 0 0 0 PAT MADDEN BOARD MEMBER 8.00 X 0 0 0 DANIELLE BRINKMAN SUPV CMTE CHAIR 3.00 X 0 0 0 KENNETH KAGAN SUPV CMTE MEMBER 3.00 X 0 0 0 SCOTT KOPALD SUPV CMTE MEMBER 2.00 X 0 0 0 LISA MCINALLY SUPV CMTE MEMBER 2.00 X 0 0 0 BRENDA ALLISON SUPV CMTE SECRETARY 2.00 X 0 0 0 JOSEPH SCHROEDER PRESIDENT/CEO 45.00 X 991494 0 60931 LINDA SIM CFO 45.00 X 295054 0 60899 GAVIN BRADLEY COO 45.00 X 305166 0 60420 LINDA ROSSI CAO 45.00 X 303737 0 32704 MARK ROSS FORMER VP IT 45.00 X 215623 0 51970 EDMOND SAHAKIAN VP MTG AND BUSINESS 45.00 X 206300 0 31290 CLINTON LOVINGER VP MEMBER SERVICES 45.00 X 175220 0 32601 APRIL REMNANT VP DELIVERY SYSTEMS 45.00 X 173934 0 51886 CHRISTINA ESTES VP MARKETING 45.00 X 152365 0 23764 DAVID KANONGATAA FINANCIAL ADVISOR 45.00 X 259801 0 39856 GINA O'CALLAGHAN FINANCIAL ADVISOR 45.00 X 229671 0 37852 LINDA MUSE-TABATA SR HOME LOAN SPECIALIST 45.00 X 234420 0 22310 SEAN MCCULLOCH AVP COMMERCIAL LENDING 45.00 X 160863 0 10468 RODOLFO GUEVARA AVP BUSINESS SERVICES 45.00 X 147265 0 20073 3856913 0 537024 15 0 1 0 THE MEMBERS GROUP 1500 SW 118TH STREET DES MOINES IA 50325 CREDIT CARDS MANAGEMENT AND PROCESSING 1572797 JACK HENRY & ASSOCIATES INC P O BOX 609 MONETT MO 65708 FINANCIAL SERVICES CORE SYSTEM 607556 BDI-BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 90312 STMT & POSTAGE SERVICES 509134 ALOGENT HOLDINGS INC 35 TECHNOLOGY PARKWAY SOUTH PEACHTREE CORNERS GA 30092 TECHNOLOGY SOLUTIONS 450375 CDW DIRECT LLC PO BOX 75723 CHICAGO IL 606755723 INFORMATION TECHNOLOGY AND SERVICES 390421 24 INTEREST ON LOANS 522100 31589632 31589632 FEE INCOME 522100 6971072 6891727 79345 OTHER OPERATING INCOME 522100 6866803 6661213 205590 45427507 4231266 4231266 86195 85945 250 250 250 OTHER NON-OPERATING INCOME 522210 295394 295394 295394 49954417 49669482 284935 0 111391 3856914 8305472 649192 1599124 945662 88295 253031 578141 1011504 6238140 2853887 1762286 303816 3083643 2491562 199438 PROV FOR LOAN LOSSES 3397136 LOAN SERVICING EXPENSE 1872779 MISC OPERATING EXPENSE 904554 OPERATING FEES 104865 40610832 4228382 5714145 32208633 37269130 8223389 8399556 1232124 1397685 52866721 20579565 33651267 32287156 123146921 101484142 635165562 693382121 24400165 24675291 862256443 904609226 12603072 13220405 770687565 801982644 783290637 815203049 X 0 0 0 0 78965806 89406177 78965806 89406177 862256443 904609226 9343585 1096786 0 X X 0 1 X 1 0 7703 7703 7703 1 CCUL - PAC 1201 K STREET SUITE 1050 SACRAMENTO CA 95814 940357265 7703 9698188 9698188 29526642 11334226 18192416 3899321 1922270 1977051 9742570 7323069 2419501 32287156 ALL OTHER INVESTMENTS 4200500 F LOANS AND LEASES 647594396 F NCUA SHARE INSURANCE CAP DEPOSIT 7557326 C HELD-TO-MATURITY SECURITIES 34029899 C 693382121 DIVIDENDS PAYABLE 196149 TOTAL SHARES AND DEPOSITS 801786495 801982644 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, 2019, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. 1 ACADEMY OF COUNTRY MUSIC LIFTING LIVES 5500 BALBOA BLVD ENCINO CA 91316 841638671 501(C)(3) 5000 FMV BORDERLINE VIGIL/CONCERT DEDICATED TO SUPPORTING THE VICTIMS OF THE THOUSAND OAKS SHOOTINGS CHILDREN'S MIRACLE NETWORK 1351 HARTER PARKWAY YUBA CITY CA 95993 870387205 501(C)(3) 6600 FMV SAVES THE LIVES OF CHILDREN BY RAISING FUNDS AND AWARENESS FOR LOCAL CHILDREN'S HOSPITALS. CA STATE UNIVERSITY CHANNEL ISLANDS FOUNDATION ONE UNIVERSITY DRIVE CAMARILLO CA 93012 770433230 501(C)(3) 12000 FMV FURTHER EDUCATIONAL PURPOSES OF CSU, CHANNEL ISLANDS WORLDWIDE FOUNDATION FOR CREDIT UNIONS 5710 MINERAL POINT ROAD MADISON WI 53705 396093210 501(C)(3) 5000 FMV SUPPORT CREDIT UNION SYSTEMS & MEMBERS IN DEVELOPMENT ACTIVITIES WOMEN'S ECONOMIC VENTURES 520 W 5TH ST STE F OXNARD CA 93030 953674624 501(C)(3) 6000 FMV SUPPORT ECONOMIC EMPOWERMENT OF WOMEN MAKE-A-WISH TRI-COUNTIES FOUNDATION 4110 MISSION OAKS BLVD STE F CAMARILLO CA 93012 770098671 501(C)(3) 5100 FMV HELP STRENGTHEN AND EMPOWER CHILDREN BATTLING CRITICAL ILLNESSES INTERFACE CHILDREN AND FAMILY SERVICES 4001 MISSION OAKS BLVD STE 1 CAMARILLO CA 93012 952944459 501(C)(3) 5000 FMV PROVIDE PROGRAMS TO STRENGTHEN CHILDREN, FAMILIES AND COMMUNITIES TO BE SAFE, HEALTHY AND THRIVING 7 X X X 0 1 0 JOSEPH SCHROEDER PRESIDENT/CEO 462552 0 100000 0 428942 0 34950 0 25981 0 1052425 0 0 0 LINDA SIM CFO 256724 0 32412 0 5918 0 21498 0 39401 0 355953 0 0 0 GAVIN BRADLEY COO 261634 0 32373 0 11159 0 22519 0 37901 0 365586 0 0 0 LINDA ROSSI CAO 259534 0 32243 0 11960 0 20406 0 12298 0 336441 0 0 0 MARK ROSS FORMER VP IT 191816 0 16192 0 7615 0 15269 0 36701 0 267593 0 0 0 EDMOND SAHAKIAN VP MTG AND BUSINESS 184525 0 16444 0 5331 0 12753 0 18537 0 237590 0 0 0 CLINTON LOVINGER VP MEMBER SERVICES 153857 0 13489 0 7874 0 13485 0 19116 0 207821 0 0 0 APRIL REMNANT VP DELIVERY SYSTEMS 156152 0 11491 0 6291 0 13625 0 38261 0 225820 0 0 0 CHRISTINA ESTES VP MARKETING 137682 0 9315 0 5368 0 8560 0 15204 0 176129 0 0 0 DAVID KANONGATAA FINANCIAL ADVISOR 84211 0 175540 0 50 0 12881 0 26975 0 299657 0 0 0 GINA O'CALLAGHAN FINANCIAL ADVISOR 84856 0 144731 0 84 0 11706 0 26146 0 267523 0 0 0 LINDA MUSE-TABATA SR HOME LOAN SPECIALIST 47009 0 185200 0 2211 0 10284 0 12026 0 256730 0 0 0 SEAN MCCULLOCH AVP COMMERCIAL LENDING 140936 0 18769 0 1158 0 9468 0 1000 0 171331 0 0 0 RODOLFO GUEVARA AVP BUSINESS SERVICES 138510 0 6081 0 2674 0 8033 0 12040 0 167338 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 2018: JOE SCHROEDER - $18,150 LINDA SIM - $5,819 GAVIN BRADLEY - $5,987 LINDA ROSSI - $5,925 MARK ROSS - $4,218 EDMOND SAHAKIAN - $3,132 CLINTON LOVINGER - $3,408 APRIL REMNANT - $3,432 JOSEPH SCHROEDER OFFICER HOME LOAN X 595000 418783 0 1 1 JOSEPH SCHROEDER OFFICER FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICY X 7200000 7980773 0 1 1 8399556 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 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