2025-10-22T10:33:00-05:00 2024-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2024-01-01 951797779 ORANGE COUNTY'S CREDIT UNION ORAN 7147555900 1701 E ST ANDREW PL SANTA ANA CA 92705 JONATHAN NEBOT CFO 7147555900 2025-10-20 1 0 JENIFER L CHASE P01306883 5638884000 2025-10-20 2024 2025-03-06 01:10:19Z KATHY JUMPER 1701 E ST ANDREW PL SANTA ANA CA 92705 153626405 0 X WWW.ORANGECOUNTYSCU.ORG X 1938 CA OUR MISSION IS TO MAINTAIN FINANCIAL STRENGTH IN ORDER TO PROVIDE CONVENIENT ACCESS, EXCEPTIONAL SERVICE, AND FINANCIAL SOLUTIONS TO MEET THE UNIQUE NEEDS OF OUR DIVERSE MEMBERSHIP AND COMMUNITIES. 9 9 422 9 802283 0 0 0 103172003 124281030 15658987 19442606 0 0 118830990 143723636 0 0 0 0 42521326 42627662 0 0 0 61896478 87981805 104417804 130609467 14413186 13114169 2582252457 2736467420 2398906518 2537290551 183345939 199176869 OUR MISSION IS TO MAINTAIN FINANCIAL STRENGTH IN ORDER TO PROVIDE CONVENIENT ACCESS, EXCEPTIONAL SERVICE, AND FINANCIAL SOLUTIONS TO MEET THE UNIQUE NEEDS OF OUR DIVERSE MEMBERSHIP AND COMMUNITIES. 0 0 ORANGE COUNTY'S CREDIT UNION OFFERS THE FOLLOWING CONSUMER LOAN PRODUCTS TO OUR MEMBERS: AUTOMOBILE, MORTGAGE, OTHER SECURED, AND UNSECURED. AS OF DECEMBER 31, 2024 OUR LOAN PORTFOLIO HAD 74,215 LOANS OUTSTANDING TOTALING $1.780 BILLION. ORANGE COUNTY'S CREDIT UNION OFFERS THE FOLLOWING COMMERCIAL LOAN PRODUCTS TO OUR MEMBERS: COMMERCIAL MORTGAGE AND INSTALLMENT. AS OF DECEMBER 31, 2024 OUR LOAN PORTFOLIO HAD 202 LOANS OUTSTANDING TOTALING $269.04 MILLION. ORANGE COUNTY'S CREDIT UNION OFFERS THE FOLLOWING SHARE ACCOUNTS TO OUR RETAIL AND COMMERCIAL MEMBERSHIP: SAVINGS, CHECKING, MONEY MARKET, IRA, CERTIFICATE OF DEPOSIT, AND INVESTMENT SERVICES. AS OF DECEMBER 31, 2024 WE HAD 300,180 ACCOUNTS TOTALING $2.252 BILLION. 0 0 1 0 0 0 0 1 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 34900 0 1 422 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 0 1 1 1 1 1 1 0 0 CA X JONATHAN NEBOT CFO 7147555900 1701 E ST ANDREW PL SANTA ANA CA 92705 MICHELLE AGUIRRE DIRECTOR 1.00 X 0 0 0 VIKKI BEATLEY VICE CHAIR 1.00 X X 0 0 0 GARY BURTON CHAIR 1.00 X X 0 0 0 FRANK KIM DIRECTOR 1.00 X 0 0 0 MARWAN KHALIFA DIRECTOR 1.00 X 0 0 0 MAUREEN LI DIRECTOR 1.00 X 0 0 0 COLEEN MONTELEONE SECRETARY 1.00 X X 0 0 0 ANDY OFTELIE DIRECTOR 1.00 X 0 0 0 BRENDA SHOTT TREASURER 1.00 X X 0 0 0 JONATHAN NEBOT CFO 40.00 X 343693 0 112410 KATHY JUMPER PRESIDENT/CEO 40.00 X 915419 0 38942 ANGELA MORAN CIO 40.00 X 341416 0 187719 AMBER CISNEROS FORMER CHIEF MEMBER EXPERIENCE OFFICER 40.00 X 161069 0 18040 WARREN JEFFREY HARPER CHIEF LOAN OFFICER 40.00 X 350969 0 65633 CARLOS MIRAMONTEZ SVP MORTGAGE LENDING 40.00 X 314308 0 55637 DONALD CARAZO SVP MEMBER SERVICE 40.00 X 285685 0 61196 FABIANA BURKET CHIEF RISK OFFICER 40.00 X 334666 0 24879 BARB KROL CHIEF ASSOCIATE EXPERIENCE OFFICER 40.00 X 346706 0 230609 ARTHUR ARMAS SVP BUSINESS SERVICES 40.00 X 285290 0 33830 SHAUN SOUKENIK INVESTMENT SERVICES FINANCIAL CONSULTING 40.00 X 431708 0 34465 SEBASTIEN CARPENTIER VP ENTERPRISE INFRASTRUCTURE & INFORMATION 40.00 X 299248 0 35833 TONY MORRIS VP MARKETING 40.00 X 251471 0 56204 FADI MANSOUR INVESTMENT SERVICES FINANCIAL CONSULTING 40.00 X 257911 0 41389 RAY LAM VP ENTERPRISE TECH SERVICE 40.00 X 263173 0 10505 5182732 0 1007291 95 0 1 0 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 TECHNOLOGICAL SYSTEMS 2115106 LEVEL CONSTRUCTION GROUP INC 1720 E WASHINGTON BLVD SUITE 228 PASADENA CA 91104 CONSTRUCTION COMPANY FOR BRANCH OFFICES 1082999 JACK HENRY & ASSOCIATES 663 W HWY 60 MONETT MO 65708 ACCOUNTING/BANKING SOFTWARE SERVICES 979416 TTEC DIGITAL 100 CONGRESS AVE SUITE 1425 AUSTIN TX 78701 COMPUTER SOFTWARE 320947 ARTEX RISK SOLUTIONS 39728 TREASURY CENTER CHICAGO IL 60694 RISK SOLUTIONS 264792 15 LOAN SERVICES 522100 99310265 99310265 FEES AND CHARGES 522100 24970765 24168482 802283 124281030 19196375 19196375 10149000 9902769 246231 246231 246231 143723636 123478747 802283 19442606 4508114 29619541 2012110 4154586 2333311 372941 369921 184400 14834 184152 1523253 2229335 5654763 3965744 193149 134426 10259796 68000 1165524 280568 DIVIDENDS PAID TO MEMBE 37519537 OPERATIONS 10487164 PROVISION FOR LOAN LOSS 8615749 LOAN SERVICING 3787546 971003 130609467 216513513 238093751 5457642 6195441 10275609 24961461 1876840632 2030714224 3023907 2868261 52699072 34653451 18793038 18045621 338891071 301111742 112457045 114476919 2582252457 2736467420 38194451 36170568 721895 530508 3302942 3179676 239300000 245900000 2117387230 2251509799 2398906518 2537290551 X 0 0 0 0 183345939 199176869 183345939 199176869 2582252457 2736467420 13114169 2716761 0 X X 0 1 X 1 1 1 5000 0 5000 5000 1 CALIFORNIA CREDIT UNION LEAGUE POLITICAL ACTION COMMITTEE 1201 K STREET SUITE 150 SACRAMENTO CA 95814 942329967 5000 0 PART I-A, LINE 1: ORANGE COUNTY'S CREDIT UNION CONTRIBUTED TO THE CALIFORNIA CREDIT UNION LEAGUE POLITICAL ACTION COMMITTEE (PAC). 0 1 X 2506010 2506010 17254338 7795998 9458340 7312277 4914088 2398189 17858689 14177210 3681479 7767758 7766155 1603 18045621 AVAILABLE FOR SALE 298913780 F OTHER INVESTMENTS 200000 C ATM COOP STOCK 1622962 C CUDL STOCK 350000 C C-U FIRST DEPOSIT 25000 C 301111742 MEMBER SHARE AND SAVINGS ACCOUNTS 2251509799 2251509799 X 143723636 0 143723636 0 143723636 130609467 0 130609467 0 130609467 PART IV, LINE 2B: ORANGE COUNTY'S CREDIT UNION HOLDS FUNDS IN ESCROW RELATED TO THE MORTGAGE LOANS OUTSTANDING TO PAY FOR REAL ESTATE TAXES AND HOMEOWNERS INSURANCE ON BEHALF OF ITS MEMBERS. PART X, LINE 2: ORANGE COUNTY'S CREDIT UNION (THE CREDIT UNION) IS A TAX-EXEMPT ENTITY UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14), BUT MAY BE SUBJECT TO TAXATION ON INCOME UNRELATED TO THE CREDIT UNION'S EXEMPT FUNCTION. STATE-CHARTERED CREDIT UNIONS SHOULD PAY INCOME TAX ON CERTAIN TYPES OF NET TAXABLE INCOME FROM ACTIVITIES THAT TAXING AUTHORITIES CONSIDER UNRELATED TO THE PURPOSE FOR WHICH THE CREDIT UNION WAS GRANTED NONTAXABLE STATUS. THE CREDIT UNION HAS FILED UNRELATED BUSINESS INCOME TAX (UBIT) RETURNS (990-T) IN THE PAST, WHICH HAS RESULTED IN NO INCOME TAXES PAID FOR THE YEARS ENDED DECEMBER 31, 2024 OR 2023. IN ADDITION, THERE WERE NO MATERIAL UNCERTAIN TAX POSITIONS AT DECEMBER 31, 2024 AND 2023. THE CREDIT UNION RECOGNIZES THE TAX BENEFIT FROM UNCERTAIN TAX POSITIONS, IF ANY, ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITIONS WILL BE SUSTAINED ON EXAMINATION BY THE TAX AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFIT IS MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE CREDIT UNION RECOGNIZES INTEREST ACCRUED AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AS AN ADMINISTRATIVE EXPENSE. THE CREDIT UNION HAD NO UNRECOGNIZED TAX BENEFITS AT DECEMBER 31, 2024 OR 2023. DURING THE YEARS ENDED DECEMBER 31, 2024 AND 2023, THE CREDIT UNION RECOGNIZED NO INTEREST AND PENALTIES. A TAX-EXEMPT ORGANIZATION INFORMATION RETURN, UNRELATED BUSINESS INCOME TAX RETURN, AND CALIFORNIA INCOME TAX RETURN ARE FILED ANNUALLY WITH THE APPLICABLE TAX JURISDICTIONS. AS OF DECEMBER 31, 2024, THE CREDIT UNION HAD NET OPERATING LOSS CARRYFORWARDS AVAILABLE TO OFFSET APPROXIMATELY $6.4 MILLION OF FUTURE UNRELATED BUSINESS INCOME TAXES. THE CARRYFORWARDS EXPIRE IN APPROXIMATELY 10 TO 20 YEARS. THE TAX ASSET REPRESENTING THE VALUE OF THE NET OPERATING LOSS CARRYFORWARDS HAS BEEN OFFSET BY A FULL VALUATION ALLOWANCE AS OF DECEMBER 31, 2024 AND 2023. THERE IS UNCERTAINTY AS TO WHETHER THE CREDIT UNION'S DEFERRED TAX ASSETS WILL BECOME AVAILABLE TO OFFSET FUTURE TAX LIABILITIES. WHILE THERE IS THE POTENTIAL FOR SOME OF THE DEFERRED TAX ASSET TO BE UTILIZED PROSPECTIVELY AS OF DECEMBER 31, 2024, THE AMOUNT IS IMMATERIAL. X X X X 1 1 0 KATHY JUMPER PRESIDENT/CEO 915319 0 0 0 100 0 37498 0 1444 0 954361 0 0 0 BARB KROL CHIEF ASSOCIATE EXPERIENCE OFFICER 346606 0 0 0 100 0 228428 0 2181 0 577315 0 0 0 ANGELA MORAN CIO 341316 0 0 0 100 0 151301 0 36418 0 529135 0 0 0 SHAUN SOUKENIK INVESTMENT SERVICES FINANCIAL CONSUL 431608 0 0 0 100 0 24533 0 9932 0 466173 0 0 0 JONATHAN NEBOT CFO 343593 0 0 0 100 0 71036 0 41374 0 456103 0 0 0 WARREN JEFFREY HARPER CHIEF LOAN OFFICER 350869 0 0 0 100 0 27893 0 37740 0 416602 0 0 0 CARLOS MIRAMONTEZ SVP MORTGAGE LENDING 314208 0 0 0 100 0 21968 0 33669 0 369945 0 0 0 FABIANA BURKET CHIEF RISK OFFICER 334566 0 0 0 100 0 21653 0 3226 0 359545 0 0 0 DONALD CARAZO SVP MEMBER SERVICE 285585 0 0 0 100 0 19552 0 41644 0 346881 0 0 0 SEBASTIEN CARPENTIER VP ENTERPRISE INFRASTRUCTURE & INFOR 299148 0 0 0 100 0 22895 0 12938 0 335081 0 0 0 ARTHUR ARMAS SVP BUSINESS SERVICES 285190 0 0 0 100 0 20192 0 13638 0 319120 0 0 0 TONY MORRIS VP MARKETING 251371 0 0 0 100 0 20786 0 35418 0 307675 0 0 0 FADI MANSOUR INVESTMENT SERVICES FINANCIAL CONSUL 257811 0 0 0 100 0 20779 0 20610 0 299300 0 0 0 RAY LAM VP ENTERPRISE TECH SERVICE 263073 0 0 0 100 0 9365 0 1140 0 273678 0 0 0 AMBER CISNEROS FORMER CHIEF MEMBER EXPERIENCE OFFIC 124261 0 0 0 36808 0 9746 0 8294 0 179109 0 0 0 PART I, LINES 4A-B ORANGE COUNTY'S CREDIT UNION PAID AMBER CISNEROS, FORMER CHIEF MEMBER EXPERIENCE OFFICER, $36,808 IN SEVERANCE PAYMENTS DURING CALENDAR YEAR 2024. THE AMOUNT IS REPORTED ON FORM 990, PART VII AND SCHEDULE J, PART II AS OTHER REPORTABLE COMPENSATION. THE INDIVIDUALS LISTED BELOW PARTICIPATED IN A NON-QUALIFIED DEFERRED COMPENSATION PLAN IN 2024 SPONSORED BY ORANGE COUNTY'S CREDIT UNION. THE DEFINED BENEFIT ACCRUAL AMOUNTS SHOWN BELOW ARE INCLUDED IN DEFERRED COMPENSATION ON FORM 990, PART VII AND SCHEDULE J, PART II. THERE WERE NO DISTRIBUTIONS FROM THE PLAN IN 2024. JONATHAN NEBOT - $45,583 BARBARA KROL - $207,047 ANGELA MORAN - $127,982 WARREN JEFFREY HARPER KEY EMPLOYEE COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 7933003 8418592 0 1 1 WARREN JEFFREY HARPER KEY EMPLOYEE CONSUMER LOAN X 10000 3842 0 1 1 WARREN JEFFREY HARPER KEY EMPLOYEE MORTGAGE LOAN X 625000 410068 0 1 1 CARLOS MIRAMONTEZ KEY EMPLOYEE MORTGAGE LOAN X 569000 465701 0 1 1 ANGELA MORAN KEY EMPLOYEE CONSUMER LOAN X 36658 13325 0 1 1 JONATHAN NEBOT OFFICER CONSUMER LOAN X 49344 15860 0 1 1 JONATHAN NEBOT OFFICER MORTGAGE LOAN X 549000 476748 0 1 1 KATHY JUMPER KEY EMPLOTYEE COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURNACE POLICY X 14718781 15157325 0 1 1 24961461 SCHEDULE L - LOANS TO INTERESTED PERSONS ORANGE COUNTY'S CREDIT UNION (THE CREDIT UNION) HAS ESTABLISHED A POST-RETIREMENT BENEFIT PLAN FOR EXECUTIVE OFFICERS KNOWN AS A SECURED SPLIT DOLLAR PROGRAM AND FUNDED THE PLAN THROUGH MULTIPLE PROMISSORY NOTES. THE NOTES BEAR INTEREST AT THE APPLICABLE FEDERAL RATE UNDER INTERNAL REVENUE CODE SECTION 1274(D) IN EFFECT ON THE DATE OF EACH LOAN. THE RATE IS BASED ON THE EXECUTIVE'S LIFE EXPECTANCY AND THE COMPOUNDING PERIOD AS PROVIDED IN TREASURY REGULATION SECTION 1.7872-15. REPAYMENT OF THE NOTES OCCURS AT THE TIME OF DEATH OF THE EXECUTIVE OFFICER. REVENUE CODE SECTION 1274(D) IN EFFECT ON THE DATE OF EACH LOAN. THE RATE IS BASED ON THE EXECUTIVE'S LIFE EXPECTANCY AND THE COMPOUNDING PERIOD AS PROVIDED IN TREASURY REGULATION SECTION 1.7872-15. REPAYMENT OF THE NOTES OCCURS AT THE TIME OF DEATH OF THE EXECUTIVE OFFICER. THE PROCEEDS FROM THE LOANS WERE USED BY THE EXECUTIVE OFFICERS TO PURCHASE LIFE INSURANCE POLICIES, WHICH ARE KNOWN AS THE REPAYMENT POLICIES, THE SOLE PURPOSE OF WHICH IS THE REPAYMENT OF THE LOANS WITH INTEREST UPON THE DEATH OF THE EXECUTIVE OFFICER. THE REPAYMENT POLICIES ARE PLEDGED AS COLLATERAL AGAINST THE LOANS, WITH THE CREDIT UNION NAMED AS THE BENEFICIARY. THE CREDIT UNION HAS NO OBLIGATION TO THE EXECUTIVE OFFICER UNDER THIS SECURED SPLIT DOLLAR PROGRAM OTHER THAN GRANTING THE LOANS ORIGINATED TO PURCHASE THE LIFE INSURANCE POLICIES. THE LOANS TO THE EXECUTIVE OFFICER ARE INCLUDED IN OTHER ASSETS ON THE STATEMENTS OF FINANCIAL CONDITION AND HAVE AN OUTSTANDING BALANCE, INCLUDING ACCRUED INTEREST, OF APPROXIMATELY $23,575,917 AND $8,254,000 AS OF DECEMBER 31, 2024 AND 2023, RESPECTIVELY. FORM 990, PART VI, SECTION A, LINE 6 ORANGE COUNTY'S CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A ORANGE COUNTY'S CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B ORANGE COUNTY'S CREDIT UNION MEMBERS HAVE THE POWER TO ELECT AND REMOVE THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 8B ORANGE COUNTY'S CREDIT UNION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B INFORMATION TO COMPLETE FORM 990 IS PREPARED BY THE CONTROLLER AND SENIOR HUMAN RESOURCES PERSONNEL, REVIEWED BY THE CHIEF FINANCIAL OFFICER, AND SUBMITTED TO THE CPA FOR COMPLETION. THE CHIEF FINANCIAL OFFICER AND CONTROLLER REVIEW THE FORM 990 PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ORANGE COUNTY'S CREDIT UNION (THE CREDIT UNION) REQUIRES ALL MEMBERS OF THE GOVERNING BODY TO DISCLOSE ANNUALLY ANY INTERESTS THAT MAY RESULT IN A CONFLICT OF INTEREST. REPORTS OR COMPLAINTS REGARDING A CONFLICT OF INTEREST BY A DIRECTOR SHOULD BE ADDRESSED TO THE CHAIRPERSON OF THE AUDIT COMMITTEE. REPORTS OR COMPLAINTS REGARDING A CONFLICT OF INTEREST BY A MEMBER OF THE AUDIT COMMITTEE SHOULD BE ADDRESSED TO THE CHAIRPERSON OF THE BOARD OF DIRECTORS. THESE OFFICIALS WILL IMMEDIATELY INITIATE A FULL INVESTIGATION AND TAKE THE APPROPRIATE ACTION. THE RESULTS OF THE INVESTIGATION SHOULD BE DOCUMENTED AND BOTH THE CREDIT UNION'S CPAS AND ATTORNEY SHOULD BE NOTIFIED. A WRITTEN REPORT WILL BE PLACED ON FILE REGARDING THE ALLEGATION AND THE RESULTING ACTION. FORM 990, PART VI, SECTION B, LINE 15A ORANGE COUNTY'S CREDIT UNION'S COMPENSATION COMMITTEE UTILIZES COMPEASE, A SOFTWARE APPLICATION LINKED TO SALARY SURVEY DATA, TO ESTABLISH COMPENSATION LEVELS FOR EACH CREDIT UNION POSITION. THE CHIEF EXECUTIVE OFFICER'S COMPENSATION IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS WITH SUBSTANTIATION OF THIS PROCESS MAINTAINED IN CREDIT UNION RECORDS. THE LAST TIME THIS COMPENSATION REVIEW PROCESS OCCURRED WAS IN SEPTEMBER 2024. FORM 990, PART VI, SECTION C, LINE 19 ORANGE COUNTY'S CREDIT UNION MAKES ITS GOVERNING DOCUMENTS AND AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE SECTION 6104. THE CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC.