2018-10-11T01:37:12-05:00 2017-12-31 Grant Thornton LLP 515 S Flower Street 7th Floor Los Angeles CA 90071 990 2017-01-01 952023588 Altura Credit Union (FKA Riverside County's Credit Union) % TOMMIE SHYROCK EVP/CFO ALTU 9515715395 2847 Campus Parkway Riverside CA 92507 TOMMIE SHYROCK evp/cfo 9515715362 2018-10-09 true Qi Wen Liang P01270238 2136271717 2018-10-10 2017 2022-09-23 18:48:47Z Jennifer Binkley 2847 Campus Parkway Riverside CA 92507 112271339 false X www.alturacu.com X 1957 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 14 14 422 14 260793 -197208 0 0 58610230 65119769 5170882 4853523 19797 45992 63800909 70019284 573855 575575 0 0 21334786 22645559 0 0 0 33679874 36563074 55588515 59784208 8212394 10235076 1220062946 1280007348 1091789021 1141674580 128273925 138332768 X 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 FUNDS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, ALTURA 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. false false ALTURA CREDIT UNION OFFERS TRADITIONAL BANKING SERVICES, INCLUDING CHECKING ACCOUNTS, SAVINGS ACCOUNTS, AND INVESTMENT SERVICES (RETIREMENT ACCOUNTS, STOCKS, BONDS, AND MUTUAL FUNDS) FOR PERSONAL AND BUSINESS PURPOSES. IT ALSO OFFERS MOBILE BANKING THROUGH A PHONE APPLICATION AVAILABLE FOR IPHONE, ANDROID PHONES, AND BLACKBERRY PHONES. MEMBERS CAN HAVE 24/7 ACCOUNT ACCESS, CHECK THEIR ACCOUNT AND LOAN BALANCES, TRANSFER FUNDS WITHIN AN ACCOUNT, PAY THEIR CREDIT CARD AND LOAN WITHIN AN ACCOUNT, LOCATE BRANCHES AND ATM MACHINES, AND HAVE ACCESS TO OTHER MEMBER SERVICES. ALTURA CREDIT UNION OFFERS A WIDE RANGE LINE OF CREDIT PROGRAM TO ITS MEMBERS THAT INCLUDES VEHICLE LOANS, HOME LOANS, PERSONAL LOANS, AND CREDIT CARD FOR VEHICLES. THE ORGANIZATION OFFERS FINANCING OR REFINANCING FOR NEW OR USED AUTOMOBILES WITH TERMS UP TO 84 MONTHS. IT ALSO OFFERS FINANCING FOR RECREATIONAL VEHICLES, BOATS, JET SKIS, AND MOTORCYCLES. THE ORGANIZATION OFFERED TRADITIONAL AND ADJUSTABLE RATE MORTGAGES IN 2017. IN 2017, IT SPECIFICALLY SOUGHT TO ASSIST FIRST-TIME HOMEBUYERS THROUGH A VARIETY OF EFFORTS, INCLUDING FHA HOME LOANS AND A DOWN PAYMENT ASSISTANCE PROGRAM. THE ORGANIZATION OFFERS TWO TYPES OF PERSONAL LOANS: SIGNATURE LOAN AND SECURED LOAN. A SIGNATURE LOAN PROVIDES UP TO $15,000 TO ITS MEMBERS FOR ANY PURPOSE. A SECURED LOAN PROVIDES LOANS TO ITS MEMBERS THAT IS SECURED BY THE FUNDS IN THE MEMBER SAVING ACCOUNT OR SHARE CERTIFICATE. A SECURED LOAN HAS TERMS UP TO 10 YEARS OR UP TO THE MATURITY DATE FOR A SHARE CERTIFICATE. THE ORGANIZATION ALSO OFFERS A VARIETY OF CREDIT CARDS INCLUDING MASTERCARD PLATINUM PREFERRED, MASTERCARD PLATINUM, MASTERCARD CLASSIC, AND MASTERCARD REWARDS. ALTURA CREDIT UNION OFFERED FREE WORKSHOPS IN 2017 TO ITS MEMBERS. THESE WORKSHOPS COVERED THE FOLLOWING TOPICS: SECURING YOUR FINANCIAL FUTURE, SOCIAL SECURITY, AND RETIREMENT PLANNING. IT ALSO OFFERED FREE ONLINE COURSES ON DIFFERENT TOPICS ENABLING ITS MEMBERS TO EXPLORE DIFFERENT ASPECTS OF FINANCIAL EDUCATION AT THEIR OWN PACE. CLASSES INCLUDED: MONEY MANAGEMENT, CHECKING ACCOUNT MANAGEMENT, THE PSYCHOLOGY OF SPENDING, THE ROAD TO HOME OWNERSHIP, FINANCIAL FIRST AID, FINANCES FOR COLLEGE STUDENTS, AND BUYING A VEHICLE. false false false false false false false false false true false false false true true false true false false false false false false false false false true false true false true false false false false false false false false false true true true false true 20158 0 true 422 true true true false false false false false X 14 14 false false false false true true true true true false true true true true true true true true true true false CA X TOMMIE SHYROCK EVPCFO 9515715393 2847 CAMPUS PARKWAY Riverside CA 92507 Ofelia Valdez-Yeager Chairman 2.0 0.0 X X 0 0 0 Jacqueline Hall Vice Chairman 2.0 0.0 X X 0 0 0 Mark Balys Immediate Past Chairman 2.0 0.0 X X 0 0 0 Joesph Calderon Director 2.0 0.0 X 0 0 0 Ninfa Delgado Director 2.0 0.0 X 0 0 0 Keith D Downs Director 2.0 0.0 X 0 0 0 Eugene Kim Director 2.0 0.0 X 0 0 0 Gloria Perez Director 2.0 1.0 X 0 0 0 Norman Perry Director 2.0 0.0 X 0 0 0 George Price Secretary 2.0 0.0 X X 0 0 0 Barbara Purvis Director 2.0 1.0 X 0 0 0 Perry Reed Director 2.0 0.0 X 0 0 0 Jerry Rivera Director 2.0 0.0 X 0 0 0 Alan Strzemieczny Treasurer 2.0 0.0 X X 0 0 0 Dr Ron Pardee Director (thru 02/2017) 2.0 0.0 X 0 0 0 Jennifer Binkley CEO (as of 2/13/17) 40.0 1.0 X 460084 0 11038 Tommie Shryock EVP/CFO 40.0 0.0 X 281393 0 23661 Kevin Sherrell EVP, CAIO (as of 2/27/17) 40.0 0.0 X 250528 0 12686 Mark Hawkins CEO (thru 2/13/17) 40.0 1.0 X 1021355 0 8341 Robert Whitton SVP, COO (as of 2/27/17) 40.0 0.0 X 210933 0 19773 Debora Sigler SVP, Risk Management 40.0 0.0 X 207215 0 22844 Chris Andrus SVP, CCO 40.0 8.0 X 162294 77316 29476 Kathy Thayer VP, Controller 40.0 0.0 X 177291 0 19030 Luis Barrios Commercial BD Officer 40.0 0.0 X 188010 0 25119 Scott Murray VP Technology and IS 40.0 0.0 X 143855 0 7829 Natalie Brown VP Consumer Lending 40.0 0.0 X 133411 0 12216 Alva Sargeant VP Real Estate 40.0 0.0 X 131728 0 17248 3368097 77316 209261 12 false true false FTSI PO BOX 919 MONROVIA CA 91017 SECURITY 948750 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 90312 STATEMENT PROCESSING 823725 JACK HENRY ASSOCIATES INC PO BOX 609 MONET MO 65708 DATA PROCESSING 619710 OLTMANS CONTSTRUCTION CO INC 10005 MISSION MILL ROAD WHITTIER CA 90601 CONSTRUCTION 616571 TELEPACIFIC COMMUNICATIONS PO BOX 509013 SAN DIEGO CA 92150 INTERNET 486605 11 0 INTEREST ON LOANS 522100 37630855 37630855 FEES INCOME 522100 27488914 27228121 260793 65119769 4332255 4332255 0 0 45992 45992 0 45992 45992 38322457 4450866 38322457 3929598 521268 521268 521268 0 0 0 0 0 0 0 0 0 0 70019284 64858976 260793 4899515 575575 0 0 0 2722737 0 16060696 449794 1904096 1508236 0 0 0 0 0 0 0 2912336 2743436 0 0 2852257 87711 0 358856 33090 0 3019480 0 PROVISION FOR LOAN & LEASE 7604491 LOAN SERVICE EXPENSES 6812611 REPAIRS AND MAINTENANCE 5373944 MEMBER DIVIDENDS 3145753 1619109 59784208 78901011 74979740 35037677 29881956 0 0 0 0 0 252780 0 0 778867137 888871410 0 0 1668072 1878223 85985943 53078620 33383134 32907323 213227132 171202953 0 0 20735353 25861600 0 0 58243430 54171363 1220062946 1280007348 17359872 18312179 0 0 0 0 0 0 0 0 0 0 484251 484251 0 0 1073944898 1122878150 1091789021 1141674580 X 0 0 0 0 128273925 138332768 128273925 138332768 1220062946 1280007348 10235076 -176233 X false true X true false 7290571 7290571 40229923 19435868 20794055 4769824 4190622 579202 33695625 29452130 4243495 32907323 0 SHARES AND DEPOSITS 1122878150 1122878150 X FIN 48 (ASC 740) FOOTNOTE SCHEDULE D, PART X, LINE 2: THE CREDIT UNION IS A STATE CHARTERED CREDIT UNION WITH EXEMPTION FROM FEDERAL AND STATE INCOME TAXES PURSUANT TO IRC SECTION 501(C)(14) AND CALIFORNIA RTC CODE 23701(Y). FASB ASC 740 ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES PROVIDES GUIDANCE ON HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE FINANCIAL STATEMENTS. ASC 740 REQUIRES EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN WITH A DETERMINATION OF WHETHER UNCERTAIN TAX POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED WHEN EXAMINED BY THE TAXING AUTHORITIES. TAX POSITIONS NOT DEEMED TO HAVE MET THE MORE-LIKELY THAN NOT CRITERIA WOULD BE RECORDED AS AN EXPENSE AND A LIABILITY IN THE CURRENT YEAR. FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016, AS WELL AS ANY REMAINING OPEN TAX YEARS, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS REQUIRING RECOGNITION IN THE CONSOLIDATED FINANCIAL STATEMENTS. true ALTURA CREDIT UNION FOUNDATION 2847 CAMPUS PARKWAY RIVERSIDE CA 92507 330625895 501(C)(3) 575575 Scholarships 1 0 PROCEDURE FOR MONITORING GRANT FUNDS IN THE UNITED STATES SCHEDULE I, PART I, LINE 2: A MAJORITY OF THE DIRECTORS OF THE GRANTEE, ALTURA CREDIT UNION FOUNDATION, ARE ALSO OFFICERS OR DIRECTORS OF ALTURA CREDIT UNION. ALTURA CREDIT UNION EXERCISES OVERSIGHT OVER THE USE OF GRANT FUNDS, WHICH ARE USED FOR SCHOLARSHIPS FOR HIGH SCHOOL GRADUATES, THROUGH THESE OVERLAPPING DIRECTORS. X X true true X X false true false Jennifer Binkley CEO (as of 2/13/17) 401381 0 39128 0 19575 0 0 0 11038 0 471122 0 0 0 Tommie Shryock EVP/CFO 240645 0 35418 0 5330 0 10119 0 13542 0 305054 0 0 0 Kevin Sherrell EVP, CAIO (as of 2/27/17) 223797 0 26563 0 168 0 10044 0 2642 0 263214 0 0 0 Robert Whitton SVP, COO (as of 2/27/17) 194749 0 16029 0 155 0 8600 0 11173 0 230706 0 0 0 Debora Sigler SVP, Risk Management 178543 0 26196 0 2476 0 8463 0 14381 0 230059 0 0 0 Chris Andrus SVP, CCO 106434 77316 41318 0 14542 0 6860 3182 19434 0 188588 80498 0 0 Kathy Thayer VP, Controller 156431 0 17691 0 3169 0 7161 0 11869 0 196321 0 0 0 Luis Barrios Commercial BD Officer 63585 0 5104 0 119321 0 6369 0 18750 0 213129 0 0 0 Scott Murray VP Technology and IS 131153 0 12563 0 139 0 5829 0 2000 0 151684 0 0 0 Mark Hawkins CEO (thru 2/13/17) 368259 0 0 0 653096 0 7385 0 956 0 1029696 0 651980 0 Social Club Dues Schedule J, Part I, Line 1A: The Chief Executive Officer was reimbursed for Social Club Dues. The amount is included in compensation on Schedule J, Part II, column B(iii). The dues represent amounts paid to the Victoria Club, and are a taxable item for the CEO as it is considered a benefit. Travel for Companions Schedule J, Part I, Line 1A: The reimbursement for companion travel expenses must be approved in advance of travel by the Board of Directors. For travel benefits received in excess of $600 during any tax year, the credit union will issue a Form 1099 to the recipient. NONQUALIFIED RETIREMENT PLAN SCHEDULE J, PART I, LINE 4B: MARK HAWKINS, WHO WAS CEO THROUGH FEBRUARY 2017, HAD PARTICIPATED IN A SUPPLEMENTAL NONQUALIFIED PLAN. He received $651,980 payment during calendar year 2017, which is reported as other reportable compensation on SCHEDULE J, Part II, column B(iii JENNIFER BINKLEY, THE NEW CEO FOR ALTURA CREDIT UNION, DID NOT HAVE A SUPPLEMENTAL RETIREMENT PLAN UNTIL 2018. KEVIN SHERRELL OFFICER CAR LOAN X 62736 38110 false false true ROBERT WHITTON KEY EMPLOYEE CAR LOAN X 96635 91078 false false true DEBORA SIGLER KEY EMPLOYEE CAR LOAN X 40868 26272 false false true CHRIS ANDRUS KEY EMPLOYEE CAR LOAN X 148431 97320 false false true 252780 LOAN OFFERING In the normal course of business, the Credit Union extends credit to directors, Supervisory Committee members and executive officers. The loans with directors and Supervisory Committee members are entered into at arms-length, independently and removed from the persons role at the Credit Union, and made within the usual parameters offered to all members of the Credit Union. The loans with employees are offered at a discounted interest rate as part of the Employee Perks Program. These types of loans with officers and key employees reported on Part VII are disclosed on Schedule L Part II. ORGANIZATIONS MEMBERS OR STOCKHOLDERS FORM 990, PART VI, SECTION A, LINE 6: ALTURA 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. ALTURA CREDIT UNION DOES NOT HAVE STOCKHOLDERS. POWERS OF MEMBERS TO ELECT OR APPOINT GOVERNING BODY FORM 990, PART VI, SECTION A, LINE 7A: THE GOVERNING BOARD OF ALTURA 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 THE BY-LAWS. GOVERNANCE DECISIONS RESERVED TO MEMBERS FORM 990, PART VI, SECTION A, LINE 7B: AT THE END OF EACH TERM OF THE BOARD MEMBERS, THE 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 A MERGER OR DISSOLUTION. FORM 990 REVIEW PROCESS FORM 990, PART VI, SECTION B, LINE 11B: THE CFO REVIEWS THE INFORMATION LISTED ON THE FORM 990 FOR ACCURACY BEFORE SUBMITTING IT TO THE BOARD OF DIRECTORS FOR APPROVAL. CONFLICT OF INTEREST POLICY FORM 990, PART VI, SECTION B, LINE 12C: ALTURA CREDIT UNION'S EMPLOYEE HANDBOOOK DETAILS THE CONFLICT OF INTEREST POLICY. ACCOUNT STATUS IS REVIEWED FOR DIRECTORS, OFFICERS AND EMPLOYEES. THERE IS AN ETHICS HOTLINE AVAILABLE FOR USE BY OUR MEMBERS AND EMPLOYEES. IN THE CASE A POTENTIAL CONFLICT IS SUSPECTED, AN INVESTIGATION IS CONDUCTED AND IF NECESSARY, STEPS ARE TAKEN TO RESOLVE THE ISSUE IN A TIMELY MANNER PROCESS FOR DETERMINING COMPENSATION OF THE ORGANIZATIONS CEO FORM 990, PART VI, SECTION B, LINE 15A AND 15B: A PERFORMANCE APPRAISAL IS COMPLETED BY THE BOARD OF DIRECTORS. EXTERNAL MARKET DATA IS GATHERED AND A REPORT ON PROJECTED CEO INCREASES WITH RECOMMENDATION IS PREPARED BY AN OUTSIDE FIRM. THE BOARD OF DIRECTORS MEETS TO REVIEW THE DATA AND RECOMMENDS INCREASES AND THE CURRENT TOTAL COMPENSATION PACKAGE OF THE CEO. THE BOARD THEN VOTES ON THE NEW SALARY. FOR OTHER OFFICERS OR KEY EMPLOYEES, COMPENSATION SURVEYS ARE CONDUCTED AND USED, AS WELL AS AN INFORMATION SYSTEM THAT PROVIDES MARKET SALARIES AND INCREASES FOR SIMILAR ROLES IN THE SURROUNDING AREAS. DOCUMENTS MADE AVAILABLE TO THE PUBLIC FORM 990, PART VI, SECTION C, LINE 19: THE ORGANIZATIONS GOVERNING DOCUMENTS, CODE OF ETHICS, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. THE MONTHLY FINANCIAL STATEMENTS ARE POSTED IN EACH OF THE BRANCHES. Altura Credit Union Foundation 2847 Campus Parkway Riverside CA 92507 330625895 Scholarships CA 501(c)(3) 07 Altura CU true Altura Group Inc 2847 Campus Pkwy Riverside CA 92507 330466710 Lending CA ACU C Corp 935219 4950582 1.00000 true false true false false false false false false false false false true false true true false false false false Altura Credit Union Foundation B 575575 fmv Altura Group Inc L 94473 fmv