2019-10-04T20:07:47-05:00 2018-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2018-01-01 952513485 FIRST ENTERTAINMENT CREDIT UNION FKA CREDIT UNIONS IN THE STATE OF CA FIRS 8888003328 6735 FOREST LAWN DRIVE NO 300 HOLLYWOOD CA 90068 ADDIE ALLISON VP FINANCE 8888003328 2019-09-26 1 VALENTINO CREUS CPA P01054153 8189549700 24.176.202.186 2019-09-26 16:32:35 PD P 858CFD5BF01852FA2489562124A1344FB9A1C194 EAB9806DEF4238CAE74313C6CC2BD34B53E62B85 2018 2020-01-14 16:20:31Z FRANK WASSON 6735 FOREST LAWN DRIVE NO 300 HOLLYWOOD CA 90068 66029396 0 X WWW.FIRSTENT.ORG X CREDIT UNION 1967 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 275 19 1132119 0 0 0 47339109 54552153 12325806 11077523 226498 399720 59891413 66029396 41577 38691 0 0 18455031 20760804 0 0 0 35027396 31485846 53524004 52285341 6367409 13744055 1455630830 1525870785 1335429376 1393719146 120201454 132151639 X FIRST ENTERTAINMENT 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, FIRST ENTERTAINMENT CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. 0 0 FIRST ENTERTAINMENT CREDIT UNION OFFERS ITS MEMBERS A VARIETY OF SAVINGS PROGRAMS INCLUDING MONEY MARKET ACCOUNTS, TERM SAVINGS CERTIFICATES, AND IRAS. FIRST ENTERTAINMENT CREDIT UNION MEMBERS HAVE ACCESS TO A VARIETY OF LOAN PRODUCTS INCLUDING PERSONAL AND AUTO LOANS AND A COMPREHENSIVE PORTFOLIO OF REAL ESTATE LOANS. FIRST ENTERTAINMENT CREDIT UNION MEMBERS ENJOY FREE ONLINE ACCOUNT ACCESS AS WELL AS A VARIETY OF ADDITIONAL MEMBER ONLY BENEFITS. 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 1 0 0 1 34954 0 1 275 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X X ADDIE ALLISON VP FINANCE 3234364219 6735 FOREST LAWN DRIVE SUITE 300 HOLLYWOOD CA 90068 GARI ANN DOUGLASS BOARD CHAIR 1.00 X 0 0 0 MICHAEL EDWARDS BOARD VICE-CHAIR 1.00 X 0 0 0 IRWIN JACOBSON TREASURER 1.00 X 0 0 0 DENNIS TANGE SECRETARY 1.00 X 0 0 0 PATRICK WALTERS BOARD MEMBER 1.00 X 0 0 0 LAURA VALAN BOARD MEMBER 1.00 X 0 0 0 STEPHEN RAYNES BOARD MEMBER 1.00 X 0 0 0 TERRA POTTS BOARD MEMBER 1.00 X 0 0 0 HOWARD WELINSKY BOARD MEMBER 1.00 X 0 0 0 FRANK WASSON PRESIDENT/CEO 40.00 X 491774 0 68678 LISA LANDT EVP/COO/CSO/CFO 40.00 X 418832 0 57503 JANET PHILLIPS CIO 40.00 X 272259 0 28786 MICHELLE FRATTOLIN SVP/CHIEF ADMINISTRATIVE OFFICER/CHRO 40.00 X 253918 0 49128 JAMES MARCELLINO VP PROPERTY MANAGEMENT 40.00 X 228245 0 45228 ADDIE ALLISON VP FINANCE 40.00 X 215679 0 61499 JASON THOMAS VP OF TREASURY 40.00 X 215458 0 42248 JIMMY LEE VP OF MARKETING/CMO 40.00 X 229064 0 44838 THOMAS ORMAN VP OF LENDING/CLO 40.00 X 226152 0 20459 NAS BIRMINGHAM VP DIGITAL EXPERIENCE 40.00 X 140719 0 38682 JENNIFER JORDAN VP RISK MANAGEMENT & GENERAL COUNSEL 40.00 X 139312 0 19145 DAN KINNE DIRECTOR OF BUSINESS INTEL 40.00 X 149940 0 38311 TERESA LEE-FORBES SENIOR MGR, RETAIL OPERATIONS 40.00 X 131691 0 17623 KAARON L WILLIAMS DIRECTOR OF REAL ESTATE 40.00 X 131658 0 26052 LINDA WALMSLEY DIRECTOR OF COMPLIANCE 40.00 X 125756 0 23680 IRINA ABRAMOVA MANAGER INFORMATION SYSTEMS 40.00 X 123519 0 24116 3493976 0 605976 27 0 1 0 ALLIED UNIVERSAL SECURITY SERVICES PO BOX 101034 PASADENA CA 91189 SECURITY SERVICES 412072 TURNER WARREN HWANG & CONRAD AC 100 NORTH FIRST STREET SUITE 202 BURBANK CA 91502 CONSULTING 181260 PARTNERS IN LEADERSHIP LLC PO BOX 776246 CHICAGO IL 60677 TRAINING 160331 ONAPPROACH LLC 3455 PLYMOUTH BLVD STE 200 PLYMOUTH MN 55447 DATA SOLUTIONS 130000 4 INTEREST ON LOANS 522100 38008184 38008184 OTHER OPERATING INCOME 522100 10225676 10190977 34699 FEE INCOME 522100 6318293 5972623 345670 54552153 11077523 10325773 751750 OTHER NON-OPERATING IN 522100 215042 215042 GAIN ON FORECLOSED TAX 522100 184678 184678 399720 66029396 64897277 1132119 0 38691 3493974 13172567 1130976 1799024 1164263 166748 87800 1229259 1176458 6574686 1636471 2608458 689603 6044547 1826474 394998 PROVISION FOR LOAN & LE 5470227 LOAN SERVICING EXPENSE 1663058 MISCELLANEOUS EXPENSES 1391294 ATM EXPENSES 373063 152702 52285341 6234129 6167237 70158734 102835237 3775000 3791400 2026226 2754750 26820197 17353163 9326394 9467034 473074420 428158558 859454002 949974424 31581925 22722145 1455630830 1525870785 16920828 14406599 1318508548 1379312547 1335429376 1393719146 X 0 0 0 0 120201454 132151639 120201454 132151639 1455630830 1525870785 X 13744055 -1761509 -32361 X X 0 1 X 1 0 3000 3000 3000 1 CALIFORNIA CREDIT UNION LEAGUE -PAC 1201 K STREET 1050 SACRAMENTO CA 95814 940357265 3000 1097000 1097000 9281014 5581117 3699897 7015050 5274943 1740107 9427133 6497103 2930030 9467034 LOANS AND LEASES 928287149 F NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 12356475 F ALL OTHER INVESTMENTS 9082800 F LOANS TO AND INVESTMENTS IN NATURAL PERSON CU 248000 F 949974424 MEMBER DEPOSITS 1379312547 1379312547 X PART X, LINE 2: ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE CONSOLIDATED 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" TO BE SUSTAINED "WHEN CHALLENGED OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS NOT DEEMED TO MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEAR ENDED SEPTEMBER 30, 2018, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS, AND ACCORDINGLY, THE CREDIT UNION HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. STATE TAXES, IF APPLICABLE, 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 CHILDREN'S MIRACLE NETWORK HOSPITAL 2855 E GUASTI ROAD ONTARIO CA 91761 870387205 501(C)(3) 16743 TO PROVIDE THE BEST CARE FOR KIDS IN CHILDREN'S HOSPITALS GOODWILL 342 NORTH SAN FERNANDO RD LOS ANGELES CA 90031 951641441 501(C)(3) 9330 TO BENEFIT EMPLOYMENT PROGRAMS AND SERVICES FOR VETERANS 2 0 X X X X 0 1 0 FRANK WASSON PRESIDENT/CEO 410172 0 66500 0 15102 0 27793 0 40885 0 560452 0 0 0 LISA LANDT EVP/COO/CSO/CFO 341494 0 65100 0 12238 0 27793 0 29710 0 476335 0 0 0 JANET PHILLIPS CIO 224139 0 38600 0 9520 0 26467 0 2319 0 301045 0 0 0 MICHELLE FRATTOLIN SVP/CHIEF ADMINISTRATIVE OFFICER/CHR 207041 0 39800 0 7077 0 20344 0 28784 0 303046 0 0 0 JAMES MARCELLINO VP PROPERTY MANAGEMENT 192349 0 19200 0 16696 0 22477 0 22751 0 273473 0 0 0 ADDIE ALLISON VP FINANCE 178355 0 35500 0 1824 0 20656 0 40843 0 277178 0 0 0 JASON THOMAS VP OF TREASURY 182250 0 31400 0 1808 0 20987 0 21261 0 257706 0 0 0 JIMMY LEE VP OF MARKETING/CMO 188651 0 33300 0 7113 0 22873 0 21965 0 273902 0 0 0 THOMAS ORMAN VP OF LENDING/CLO 223785 0 0 0 2367 0 8980 0 11479 0 246611 0 0 0 NAS BIRMINGHAM VP DIGITAL EXPERIENCE 134943 0 0 0 5776 0 11892 0 26790 0 179401 0 0 0 JENNIFER JORDAN VP RISK MANAGEMENT & GENERAL COUNSEL 137716 0 0 0 1596 0 11221 0 7924 0 158457 0 0 0 DAN KINNE DIRECTOR OF BUSINESS INTEL 129525 0 4800 0 15615 0 11717 0 26594 0 188251 0 0 0 KAARON L WILLIAMS DIRECTOR OF REAL ESTATE 126441 0 1700 0 3517 0 10392 0 15660 0 157710 0 0 0 PART I, LINE 4B THE CREDIT UNION OFFERS A NONQUALIFIED RETIREMENT, 457(F) PLAN. THE PLAN IS UNFUNDED, THEREFORE BENEFITS ARE PAID FROM THE GENERAL ASSETS OF THE CREDIT UNION. MICHELLE FRATTOLIN, LISA LANDT, JAMES MARCELLINO, AND JANET PHILLIPS WERE PARTICIPANTS AS OF DECEMBER 31, 2018. THE CREDIT UNION ENTERED INTO A SPLIT-DOLLAR AGREEMENT WITH A CREDIT UNION EXECUTIVE. 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 UNLESS EARLIER TERMINATED. INTEREST ACCRUES ON THE LOANS AT THE APPLICABLE FEDERAL RATE AT THE TIME OF THE ADVANCE. ANY PRINCIPAL OR INTEREST NOT REPAID UNDER THE ARRANGEMENTS IS TAXABLE TO THE EXECUTIVE. DURING THE YEAR ENDED SEPTEMBER 30, 2017, THE CREDIT UNION ADVANCED $3,775,000 TO THE EXECUTIVE IN ORDER TO COVER THE PREMIUMS. THE TOTAL FUNDING INCLUDED ONE YEAR OF PREMIUMS AND SIX ADDITIONAL PREMIUM COMMITMENTS HELD IN A PREMIUM DEPOSIT ACCOUNT AT MINNESOTA LIFE INSURANCE COMPANY, CURRENTLY RATED A+ (SUPERIOR) BY A.M. BEST COMPANY, AN INSURANCE INDUSTRY RATING AGENCY. THE CREDIT UNION RECORDS A LOAN RECEIVABLE AT THE LESSER OF THE CASH SURRENDER VALUE OF THE POLICY OR THE LOAN AMOUNT PLUS ACCRUED INTEREST. AS OF SEPTEMBER 30, 2018 AND 2017, THE BALANCE OF THE LOAN TO THE EXECUTIVE UNDER THIS ARRANGEMENT WAS APPROXIMATELY $3,791,000 AND $3,775,000, RESPECTIVELY. FRANK WASSON OFFICER FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICY X 3775000 3791400 0 1 1 3791400 FORM 990, PART VI, SECTION A, LINE 6 FIRST ENTERTAINMENT 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. FIRST ENTERTAINMENT CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF FIRST ENTERTAINMENT 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 ITS 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 THE 990 IS PRESENTED TO THE BOARD DURING ONE OF ITS BOARD MEETINGS. THE APPROVAL FOR FILING IS THEN DOCUMENTED IN THE BOARD MINUTES. FORM 990, PART VI, SECTION B, LINE 12C EMPLOYEES, BOARD AND VOLUNTEERS ARE REQUIRED TO REPORT KNOWN CONFLICTS OF INTEREST. EMPLOYEES SIGN THE CONFLICT OF INTEREST POLICY AT THE TIME OF HIRE AND ANNUALLY AT THE BEGINNING OF EACH YEAR. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD CONDUCTS AN EXECUTIVE COMMITTEE SESSION TO DETERMINE SALARY OF THE PRESIDENT/CEO. FIRST ENTERTAINMENT CREDIT UNION ALSO HAS A COMPENSATION SYSTEM THAT COMPARES SALARIES BASED ON OTHER CREDIT UNIONS, THEIR ASSET SIZE AND GEOGRAPHIC LOCATION. FIRST ENTERTAINMENT CREDIT UNION USES RANGES FOR ALL OF THEIR POSITIONS. EACH POSITION IS THEN CAREFULLY REVIEWED. FORM 990 PART VI SECTION B LINE 15B: THE CEO EVALUATES EACH SENIOR EXECUTIVE POSITION IN ACCORDANCE WITH FIRST ENTERTAINMENT CREDIT UNION'S COMPENSATION GUIDELINES, THE COMPENSATION SYSTEM AND BASED ON THEIR OVERALL PERFORMANCE AS ASSESSED DURING THE FORMAL EVALUATION PROCESS WHICH IS CONDUCTED ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 FIRST ENTERTAINMENT CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, AND CONFLICT OF INTEREST POLICY AVAILABLE TO ITS MEMBERS UPON REQUEST. FORM 990, PART XI, LINE 9: ADJUSTMENT TO UNDIVIDED EARNINGS -32,361. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. MEDIA BENEFITS CORP 6735 FOREST LAWN DR SUITE 300 HOLLYWOOD CA 90068 953974685 SALES CA FIRST ENT CU C 493023 57821 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 MEDIA BENEFITS CORPORATION Q 0 BELOW THE THRESHOLD AMOUNT