2025-11-05T13:40:50-06:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 562180770 LATINO COMMUNITY CREDIT UNION LATI 9196889270 100 WEST MORGAN STREET DURHAM NC 27701 RODRIGO INIGUEZ CHIEF FINANCIAL OFFICER 9842711010 2025-11-05 1 0 AUBREY CLEGG P01076395 3052328272 2025-11-03 2024 2025-03-06 01:10:19Z MARIA VICTORIA GARCIA 100 WEST MORGAN STREET DURHAM NC 27701 82531419 0 X WWW.LATINOCCU.ORG X CREDIT UNION 2000 NC LATINO COMMUNITY CREDIT UNION'S (LCCU) MISSION IS TO PROVIDE ETHICAL FINANCIAL PRODUCTS AND EDUCATION TO EMPOWER COMMUNITIES. 7 7 405 13 0 0 4395258 5000000 64175913 71103339 4811233 6428080 0 0 73382404 82531419 143000 142500 0 0 16032694 22032501 0 0 0 36421664 48407980 52597358 70582981 20785046 11948438 1031841907 1053161674 902416145 911787474 129425762 141374200 LATINO COMMUNITY CREDIT UNION'S (LCCU) MISSION IS TO PROVIDE ETHICAL FINANCIAL PRODUCTS AND EDUCATION TO EMPOWER COMMUNITIES. 0 0 CREDIT UNION PROGRAMS: PROVIDE MORTGAGES AND CONSUMER LOANS TO MEMBERS AT AFFORDABLE RATES. THERE WERE 7,548 LOANS GRANTED DURING 2024 TO THE CREDIT UNION'S MEMBERS. OF THE 430 HOME LOANS MADE TO MEMBERS, 264 WERE TO FIRST-TIME HOMEBUYERS. OFFER COMPETITIVE RATES ON SHARE DEPOSITS AND SERVICES. LCCU PAID OUT $21,768,667 IN DIVIDENDS FOR ITS 226,594 MEMBER ACCOUNTS IN 2024. PROVIDE FINANCIAL EDUCATION TO OVER 144,214 MEMBERS AND TO THE BROADER COMMUNITY. OFFER FREE FINANCIAL EDUCATION WORKSHOPS TO THE COMMUNITY, DEVELOP AND DISTRIBUTE CURRICULUM AND EDUCATIONAL VIDEOS TO INTERESTED PARTIES. IN 2024, LCCU PROVIDED 49 SCHOLARSHIPS FOR HIGHER EDUCATION TO MEMBERS FOR A TOTAL OF $155,500. 0 1 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 24398 0 1 405 1 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X MARIA VICTORIA GARCIA 9196889270 100 WEST MORGAN STREEET DURHAM NC 27701 MARIA SCANGA BOARD CHAIR 5.00 X 0 0 0 DAVID BREHMER BOARD VICE CHAIR 5.00 X 0 0 0 FARAD ALI BOARD SECRETARY 1.00 X 0 0 0 LORENA PATTERSON BOARD DIRECTOR 1.00 X 0 0 0 ERIKA BELL BOARD DIRECTOR 1.00 X 0 0 0 JERRY HARMON BOARD DIRECTOR 1.00 X 0 0 0 JORGE ARCHILA BOARD TREASURER 2.00 X 0 0 0 MARIA VICTORIA GARCIA CEO 40.00 X 436658 0 27831 RODRIGO INIGUEZ CHIEF FINANCIAL OFFICER 40.00 X 264876 0 29475 ROGER MONTES CHIEF RETAIL OFFICER 40.00 X 192072 0 25995 ALISON YONAS CHIEF DEVELOPMENT & IMPACT 40.00 X 199200 0 11940 IRVING BUSTILLO CHIEF LENDING OFFICER 40.00 X 192268 0 28578 STEVE HERRELL CHIEF RISK OFFICER 40.00 X 198290 0 12370 TERRY PHELPS CHIEF OPERATIONS OFFICER 40.00 X 248078 0 10623 EDGAR OMAR LOPEZ CHIEF PEOPLE OFFICER 40.00 X 199200 0 19180 JAMES WADDELL VP, INFORMATION TECHNOLOGY 40.00 X 181229 0 25774 CAMILO MONCAYO VP DEPOSITS & OPERATIONS 40.00 X 129793 0 15158 GABRIEL TREVES-KAGAN VP, DEVELOPMENT 40.00 X 129789 0 7990 ETNA CLARO VP, FACILITIES 40.00 X 127375 0 20699 SORAYA VERONICA CORDOVA VP, CONSUMER LENDING 40.00 X 124877 0 23157 2623705 0 258770 19 0 1 0 NORTH CAROLINA STATE EMPLOYEES CREDIT UN 1000 WADE AVENUE RALEIGH NC 27605 SERVICE FEE 8690080 JACK HENRY & ASSOCIATES INC PO BOX 807 663 W HWY 60 MONETT MO 65708 CORE OPERATIONS 1696079 PSCUVELERA 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CARD OPERATIONS 1654604 RIGGS-HARROD BUILDERS INC PO BOX 11100 DURHAM NC 27703 BUILDINGS 1066959 CORNERSTONE ADVISORS OF ARIZONA LLC 7272 E INDIAN SCHOOL RD SUITE 400 SCOTTSDALE AZ 85251 CORE CONSULTANTS 986332 31 5000000 5000000 LOAN INTEREST INCOME 522100 61320903 61320903 FEES/CHARGES/INTERCHANGE INCOME 522100 9125868 9125868 COMMISSION INCOME 522100 488309 488309 OTHER INCOME 522100 168259 168259 71103339 6428080 6428080 82531419 77531419 0 0 X 142500 2096634 14414193 1002198 3072671 1446805 76275 30500 1604084 60048 5281709 650592 3613498 398574 3785 23763319 1332631 155329 SERVICE FEES (NORTH CAR 8690080 PROVISION FOR LOAN LOSS 2022919 LOAN SERVICING EXPENSES 527987 MISCELLANEOUS 83593 113057 70582981 5471066 17899110 130376495 100574018 2504594 419879 847785372 860695001 2505869 1987441 28259873 5554461 16123788 22705412 9998503 4000360 2145300 23074363 36737010 1031841907 1053161674 20125710 18867222 1807971 1279412 39775000 39275000 99936000 99436000 740771464 752929840 902416145 911787474 X 0 0 0 0 129425762 141374200 129425762 141374200 1031841907 1053161674 11948438 0 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 4252655 4252655 12945811 1863776 11082035 3264454 2311899 952555 7796953 1378786 6418167 22705412 SHARE ACCOUNTS 90036261 SHARE DRAFT ACCOUNTS 121471219 MONEY MARKET ACCOUNTS 213650318 CERTIFICATES 319310408 IRA SHARES 8461634 752929840 X 82531419 0 82531419 0 82531419 70582981 0 70582981 0 70582981 PART IV, LINE 2B: ON A MONTHLY BASIS, THE CREDIT UNION COLLECTS PAYMENT FROM MEMBERS WITH MORTGAGE LOANS OUTSTANDING. AS STIPULATED BY THE AGREEMENT SIGNED BY BOTH PARTIES, THE MONTHLY PAYMENT FOR EACH MEMBER INLCUDES PRINCIPAL, INTEREST, AND ESCROWS. ESCROWS ARE USED TO PAY TAXES AND INSURANCE ON THE PROPERTY. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY THE INTERNAL REVENUE CODE SECTION 501(C)(1)(A)(I), FROM FEDERAL AND STATE INCOME TAXES. 1 SCHOLARSHIPS 49 142500 PART I, LINE 2: LCCU IS PLEASED TO INVEST IN ITS MEMBERS' EDUCATION. TO ENSURE PROPER USE OF GRANTED SCHOLARSHIP FUNDS, THE CREDIT UNION MAKES THE PAYMENT IN THE NAME OF THE SCHOOL OF HIGHER EDUCATION WHICH THE SCHOLARSHIP RECIPIENT WILL BE ATTENDING. LCCU ALSO REQUIRES A COPY OF THE ACCEPTANCE LETTER FROM THE EDUCATIONAL INSTITUTION THE WINNERS WILL BE ATTENDING, AS WELL AS TRANSCRIPTS, VERIFICATION OF INCOME DECLARED IN THE SCHOLARSHIP APPLICATION, EVIDENCE OF ADDITIONAL GRANTS, LOANS AND REPAYMENT PLAN RELEVANT TO THEIR EDUCATION, AND EVIDENCE OF PERSONAL FUNDS AVAILABLE TO COVER ANY OUTSTANDING BALANCES, IF APPLICABLE. X 0 0 0 MARIA VICTORIA GARCIA CEO 418950 0 17708 0 0 0 20591 0 7240 0 464489 0 0 0 RODRIGO INIGUEZ CHIEF FINANCIAL OFFICER 216961 0 47915 0 0 0 10781 0 18694 0 294351 0 0 0 TERRY PHELPS CHIEF OPERATIONS OFFICER 238078 0 10000 0 0 0 3600 0 7023 0 258701 0 0 0 IRVING BUSTILLO CHIEF LENDING OFFICER 184268 0 8000 0 0 0 10500 0 18078 0 220846 0 0 0 EDGAR OMAR LOPEZ CHIEF PEOPLE OFFICER 191200 0 8000 0 0 0 11940 0 7240 0 218380 0 0 0 ROGER MONTES CHIEF RETAIL OFFICER 184072 0 8000 0 0 0 11460 0 14535 0 218067 0 0 0 ALISON YONAS CHIEF DEVELOPMENT & IMPACT 191200 0 8000 0 0 0 11940 0 0 0 211140 0 0 0 STEVE HERRELL CHIEF RISK OFFICER 190290 0 8000 0 0 0 11460 0 910 0 210660 0 0 0 JAMES WADDELL VP, INFORMATION TECHNOLOGY 173729 0 7500 0 0 0 9000 0 16774 0 207003 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 LCCU HAD 144,214 MEMBER-OWNERS AS OF DECEMBER 31, 2024. FORM 990, PART VI, SECTION A, LINE 7A LCCU'S MEMBER-OWNERS ELECT THE BOARD OF DIRECTORS AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION. FORM 990, PART VI, SECTION B, LINE 11B LCCU HAS A COMPREHENSIVE PROCESS TO REVIEW THE 990. THE 990 IS FIRST COMPLETED BY THE FINANCE DEPARTMENT AFTER THE ORGANIZATION'S AUDITED FINANCIAL STATEMENTS ARE COMPLETE. THE 990 IS THEN REVIEWED BY THE CEO AND SENT TO THE BOARD OF DIRECTORS FOR THEIR REVIEW BEFORE BEING SUBMITTED TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C LCCU'S CONFLICT OF INTEREST POLICY STATES THAT THE RESPONSIBILITY FOR AVOIDING AND DISCLOSING BOTH ACTUAL AND POTENTIAL CONFLICTS OF INTEREST FALLS ON THE INDIVIDUAL DIRECTORS AND COMMITTEE MEMBERS THEMSELVES. FAILURE TO COMPLY WITH LCCU POLICIES CONCERNING CONFLICT OF INTEREST MAY SUBJECT THE DIRECTOR OR COMMITTEE MEMBER TO REMOVAL ACCORDING TO THE BY-LAWS OF LCCU. A CONFLICT OF INTEREST IS PRESENT WHENEVER A DIRECTOR OR COMMITTEE MEMBER HAS A MATERIAL FINANCIAL INTEREST IN A PROPOSED CONTRACT OR TRANSACTION TO WHICH LCCU MAY BE A PARTY. A CONFLICT OF INTEREST MAY ALSO EXIST WHERE THE PRIVATE INTERESTS OF A DIRECTOR OR COMMITTEE MEMBER AND HIS OR HER OFFICIAL LCCU RESPONSIBILITIES CONFLICT. THE DEFINITION OF A DIRECTOR OR COMMITTEE MEMBER ALSO INCLUDES THE INDIVIDUAL'S IMMEDIATE FAMILY, WHICH INCLUDES A PERSON'S SPOUSE, PARENTS, SIBLINGS, CHILDREN, LIFE PARTNER AND ANYONE LIVING WITHIN THE PERSON'S HOUSEHOLD AS A FAMILY MEMBER. THE BOARD OF DIRECTORS, WITHOUT THE PARTICIPATION OR VOTE OF THE DIRECTOR INVOLVED, WILL EVALUATE DISCLOSURES AND ANY OTHER INFORMATION CONCERNING ACTUAL AND POTENTIAL CONFLICTS OF INTEREST AND TAKE APPROPRIATE ACTION IN THE BEST INTERESTS OF LCCU. THE BOARD MAY ASK DISINTERESTED PARTIES TO REVIEW THE ACTUAL OR POTENTIAL CONFLICTS OF INTEREST AND RECOMMEND A COURSE OF ACTION BASED ON STATUTES, REGULATIONS, BY-LAW PROVISIONS AND INTERNAL POLICIES. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS OF DETERMINING COMPENSATION FOR LCCU'S CEO IS HANDLED BY THE BOARD OF DIRECTORS. THE BOARD CHAIR DETERMINES THE ANNUAL EVALUATION FORMAT AND INCLUDES THE CEO IN THE PROCESS. THE BOARD CHAIR PRESENTS THIS DATA TO THE FULL BOARD WITHOUT THE PRESENCE OF THE CEO. A NEW SALARY IS DECIDED BASED ON JOB PERFORMANCE, CREDIT UNION PERFORMANCE, AND COMPENSATION DATA FOR SIMILAR POSITIONS HELD, AND IS EFFECTIVE AS OF THE START OF THE NEW FISCAL YEAR. THIS PROCESS IS DOCUMENTED BY THE SECRETARY OF THE BOARD OF DIRECTORS AND THE NEW SALARY IS COMMUNICATED BY THE BOARD CHAIR TO THE HUMAN RESOURCES DEPARTMENT, WHICH DOCUMENTS AND IMPLEMENTS THE SALARY CHANGE. FORM 990, PART VI, SECTION C, LINE 19 LCCU MAKES ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC UPON REQUEST. LCCU MAKES ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC BY POSTING A COPY IN ITS BRANCHES MONTHLY. A MORE COMPLETE VERSION OF ITS FINANCIALS IS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 1,604,084. FORM 990, PART IX, LINE 24E ASSOCIATION DUES 61,709. FRAUD EXPENSES 51,348. FORM 990, PART XII, LINE 2 THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR. LATINO COMMUNITY DEVELOPMENT CENTER 100 WEST MORGAN STREET DURHAM NC 27701 820551614 FINANCIAL EDUCATION NC 501(C)(3) LINE 7 LATINO COMMUNITY CREDIT UNION 1 0 0 1 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 1 LATINO COMMUNITY DEVELOPMENT CENTER C 5000000 ACTUAL GRANT FUNDS RECEIVED