2025-11-06T12:51:12-06:00 2024-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2024-01-01 951790568 VENTURA COUNTY CREDIT UNION VENT 8054774024 2575 VISTA DEL MAR DRIVE SUITE 100 VENTURA CA 93001 LINDA SIM CFO 8054774028 2025-10-31 1 1 NATALIE HULL CPA P01054153 8189549700 2024 2025-03-06 01:10:19Z LINDA ROSSI 2575 VISTA DEL MAR DRIVE SUITE 100 VENTURA CA 93001 77851564 0 X WWW.VCCUONLINE.NET X CREDIT UNION 1950 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 245 14 164302 8450 0 0 52048527 62097996 14613533 15753568 0 0 66662060 77851564 301653 269247 0 0 19269975 20127412 0 0 0 33693536 45678830 53265164 66075489 13396896 11776075 1354835838 1418680359 1250695352 1299734361 104140486 118945998 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 DURING 2024, VENTURA COUNTY CREDIT UNION WAS RECOGNIZED BY THE VC REPORTERS BEST OF READERS' POLL AS THE BEST FINANCIAL INSTITUTION IN VENTURA COUNTY FOR THE FIFTEENTH YEAR IN A ROW. VCCU WAS ALSO SELECTED AS THE RUNNER UP FOR BEST CREDIT UNION BY THE VC STAR. VENTURA COUNTY CREDIT UNION CONTINUED ITS EXCEPTIONAL MEMBER EXPERIENCE BY LAUNCHING A NEW ONLINE BANKING PLATFORM, INTRODUCING CREDIT SCORES FOR MEMBERS, LAUNCHING FAST FUNDS (MICRO LOANS FOR MEMBERS) AND REMODELING OUR OXNARD BRANCH. VENTURA COUNTY CREDIT UNION WAS AWARDED THE CALIFORNIA CREDIT UNION LEAGUE SOCIAL IMPACT AWARD IN 2024. 0 0 1 0 0 0 0 0 0 1 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 1 19294 0 1 245 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 LINDA SIM CFO 8054774024 2575 VISTA DEL MAR DRIVE SUITE 100 VENTURA CA 93001 MARGO BYRNE CHAIRPERSON 4.00 X 0 0 0 ROXANNE OSTREM VICE CHAIRPERSON 2.00 X 0 0 0 CORY MADDEN TREASURER 4.00 X 0 0 0 SELFA SAUCEDO SECRETARY 4.00 X 0 0 0 SUE TATANGELO BOARD MEMBER 4.00 X 0 0 0 ERIC BULTER BOARD MEMBER 4.00 X 0 0 0 JIM SALAS BOARD MEMBER 4.00 X 0 0 0 MARK TRIBBITT BOARD MEMBER 5.00 X 0 0 0 HEATHER SUMAGAYSAY BOARD MEMBER 5.00 X 0 0 0 CHUNG CAM SUPV CMTE CHAIR 2.00 X 0 0 0 BRENDA ALLISON SUPV CMTE MEMBER 3.00 X 0 0 0 KENNETH KAGAN SUPV CMTE MEMBER 3.00 X 0 0 0 SCOTT KOPALD SUPV CMTE MEMBER 1.00 X 0 0 0 JOHN TROXEL SUPV CMTE MEMBER 1.00 X 0 0 0 LINDA ROSSI PRESIDENT/CEO 40.00 X 808640 0 607083 LINDA SIM CFO 40.00 X 492300 0 56854 GAVIN BRADLEY COO 40.00 X 491386 0 55496 CHAD RITCHIE CIO 40.00 X 394345 0 56080 EDMOND SAHAKIAN CLO 40.00 X 287888 0 46449 BEVERLY ARMENDARIZ VP, HUMAN RESOURCES 40.00 X 299873 0 44213 APRIL REMNANT VP, DELIVERY SYSTEMS 40.00 X 256033 0 37329 CHRISTINA ESTES VP, MARKETING 40.00 X 251178 0 35882 DAVID KANONGATAA FINANCIAL ADVISOR 40.00 X 576448 0 52466 GINA O'CALLAGHAN FINANCIAL ADVISOR 40.00 X 393891 0 16505 ANSON MAR AVP BUSINESS SERVICES 40.00 X 240116 0 38885 RODOLFO GUEVARA TORRES AVP MORTGAGE OPERATIONS 40.00 X 217654 0 26218 SEAN MCCULLOCH AVP COMMERCIAL LENDING 40.00 X 205290 0 39590 4915042 0 1113050 32 0 1 0 CO-OP 4950 AMON CARTER BLVD FORT WORTH TX 76155 FINANCIAL SERVICES 2172546 LA MACCHIA GROUP INC 157 N MILWAUKEE ST MILWAUKEE WI 53202 FINANCIAL DESIGN 1585950 FTSI 406 E HUNTINGTON DR STE 100 MONROVIA CA 91016 IT SERVICES AND IT CONSULTING 1525032 HORSETAIL TECHNOLOGIES LLC 1300 THAMES ST G20 BALTIMORE MD 21231 INFORMATION SERVICES 1043571 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 FINANCIAL SERVICES 756843 42 INTEREST ON LOANS 522100 51680573 51680573 OTHER OPERATING INCOME 522100 5767610 5663979 103631 FEE INCOME 522100 4649813 4589142 60671 62097996 15753568 15753568 77851564 77687262 164302 0 263247 6000 4915042 10882450 1295451 1921570 1112899 184494 353474 1583883 1390577 5029322 3117796 2020703 255088 21198437 2221802 161607 CREDIT LOSS EXPENSE 3918221 LOAN SERVICING EXPENSE 2943529 MISC OPERATING EXPENSE 1137467 OPERATING FEES 162430 66075489 7561304 10187018 48901513 59403456 8618791 8786458 1802040 1965550 61240377 31741196 26545784 29499181 253450869 222236473 978613091 1042807255 29342446 43794968 1354835838 1418680359 22662001 22612760 1228033351 1277121601 1250695352 1299734361 X 0 0 0 0 104140486 118945998 104140486 118945998 1354835838 1418680359 11776075 3029437 0 X X 0 1 X 1 0 8173 8173 8173 1 CCUL - PAC 1201 K STREET SUITE 1050 SACRAMENTO CA 95814 940357265 8173 9698188 9698188 30620225 15340566 15279659 4913095 3892482 1020613 12848549 10009192 2839357 3160320 2498956 661364 29499181 ALL OTHER INVESTMENTS 8135400 F LOANS AND LEASES 914942292 F NCUA SHARE INSURANCE CAP DEPOSIT 11468070 C HELD-TO-MATURITY SECURITIES 108261493 C 1042807255 DIVIDENDS PAYABLE 1009202 TOTAL SHARES AND DEPOSITS 1264986897 BORROWINGS 10000000 ALLOWANCE FOR CREDIT LOSS 1125502 1277121601 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 SHOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEARS ENDED JUNE 30, 2024 AND 2023, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. 1 THE FOUNDATION OF VCCU PO BOX 6920 VENTURA CA 93006 462578478 501(C)(3) 48592 0 FMV TO PROVIDE FINANCIAL ASSISTANCE AND EDUCATION TO LOCAL COMMUNITY PARTNERS. BOYS AND GIRLS CLUB OF SANTA CLARA VALLEY PO BOX 152 SANTA PAULA CA 93061 952497853 501(C)(3) 12600 0 FMV TO PROVIDE PROGRAMS DESIGNED TO ENRICH CHILDREN'S LIVES. FOOD SHARE INC 4156 SOUTHBANK ROAD OXNARD CA 93036 770018162 501(C)(3) 111505 0 FMV TO FIGHT AGAINST HUNGER IN VENTURA COUNTY. WORLDWIDE FOUNDATION FOR CREDIT UNIONS PO BOX 2982 MADISON WI 53701 396093210 501(C)(3) 10000 0 FMV TO SUPPORT THE GLOBAL WOMEN'S LEADERSHIP NETWORK. INCLUSIV 39 BROADWAY SUITE 2140 NEW YORK NY 10006 112421972 501(C)(3) 7500 0 FMV TO HELP LOW- AND MODERATE-INCOME PEOPLE AND COMMUNITIES ACHIEVE FINANCIAL INDEPENDENCE. INTERFACE CHILDREN & FAMILY SERVICES INC 4001 MISSION OAKS BLVD STE 1 CAMARILLO CA 930125121 952944459 501(C)(3) 6500 0 FMV TO PROVIDE MENTAL HEALTH AND TRAUMA TREATMENT PROGRAMS. VC FAMILY JUSTICE CENTER FOUNDATION 3170 LOMA VISTA RD VENTURA CA 93003 822765815 501(C)(3) 6103 0 FMV TO PROVIDE FUNDING AND RESOURCES FOR VICTIMS AND SURVIVORS OF DOMESTIC VIOLENCE AND OTHER VIOLENT CRIMES IN VENTURA COUNTY. MAKE A WISH TRI-COUNTIES 4001 MISSION OAKS BLVD STE F CAMARILLO CA 93012 770098671 501(C)(3) 5100 0 FMV TO GRANT WISHES OF CHILDREN WITH LIFE-THREATENING MEDICAL CONDITIONS. MUSEUM OF VENTURA COUNTY 100 E MAIN ST VENTURA CA 93001 951942930 501(C)(3) 5100 0 FMV TO SUPPORT THE MUSEUM OF VENTURA COUNTY AND ITS EDUCATIONAL, CULTURAL, AND COMMUNITY PROGRAMS. WOMEN'S ECONOMIC VENTURES 21 E CANON PERDIDO STREET STE 301 SANTA BARBARA CA 93101 953674624 501(C)(3) 5013 0 FMV TO EMPOWER WOMEN TO REALIZE THEIR DREAMS AND ACHIEVE FINANCIAL INDEPENDENCE AND SUCCESS. 10 SCHOLARSHIP 1 6000 FMV X X X 0 1 0 LINDA ROSSI PRESIDENT/CEO 600270 0 133750 0 74620 0 590082 0 17001 0 1415723 0 0 0 LINDA SIM CFO 392905 0 61959 0 37436 0 28837 0 28017 0 549154 0 0 0 GAVIN BRADLEY COO 391946 0 61966 0 37474 0 27679 0 27817 0 546882 0 0 0 CHAD RITCHIE CIO 344639 0 43221 0 6485 0 25753 0 30327 0 450425 0 0 0 EDMOND SAHAKIAN CLO 239999 0 30084 0 17805 0 21303 0 25146 0 334337 0 0 0 BEVERLY ARMENDARIZ VP, HUMAN RESOURCES 267111 0 23825 0 8937 0 23176 0 21037 0 344086 0 0 0 APRIL REMNANT VP, DELIVERY SYSTEMS 221443 0 23315 0 11275 0 19028 0 18301 0 293362 0 0 0 CHRISTINA ESTES VP, MARKETING 219463 0 22513 0 9202 0 17422 0 18460 0 287060 0 0 0 DAVID KANONGATAA FINANCIAL ADVISOR 67308 0 506198 0 2942 0 15935 0 36531 0 628914 0 0 0 GINA O'CALLAGHAN FINANCIAL ADVISOR 75000 0 315879 0 3012 0 16505 0 0 0 410396 0 0 0 ANSON MAR AVP BUSINESS SERVICES 66387 0 173176 0 553 0 14119 0 24766 0 279001 0 0 0 RODOLFO GUEVARA TORRES AVP MORTGAGE OPERATIONS 193528 0 20296 0 3830 0 11229 0 14989 0 243872 0 0 0 SEAN MCCULLOCH AVP COMMERCIAL LENDING 194608 0 8828 0 1854 0 13100 0 26490 0 244880 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 2024: LINDA ROSSI - $11,770 LINDA SIM - $8,137 GAVIN BRADLEY - $6,979 CHAD RITCHIE - $6,531 EDMOND SAHAKIAN - $4,492 BEVERLY ARMENDARIZ - $5,238 APRIL REMNANT - $4,212 CHRISTINA ESTES - $4,065 JOSEPH SCHROEDER FORMER OFFICER FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICY X 7200000 8786458 0 1 1 8786458 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 VI, LINES 1A AND 1B: DURING 2024, THE NUMBER OF VOTING MEMBERS OF THE GOVERNING BODY AND THE NUMBER OF INDEPENDENT VOTING MEMBERS INCREASED FROM 7 TO 9. FORM 990, PART XII, 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 48592 FMV