2018-11-02T16:27:32-05:00 2017-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2017-01-01 951790568 VENTURA COUNTY CREDIT UNION VENT 8054774024 2575 VISTA DEL MAR DRIVE SUITE 100 VENTURA CA 93001 LINDA SIM CFO 8054774024 2018-10-26 1 VALENTINO CREUS CPA P01054153 8189549700 24.176.202.186 2018-10-26 10:12:25 PD P F1F003A2A7C761FE37D10E00B261E5E1C6591A3D EAB9806DEF4238CAE74313C6CC2BD34B53E62B85 2017 2019-02-21 02:37:17Z JOSEPH SCHROEDER 2575 VISTA DEL MAR DRIVE SUITE 100 VENTURA CA 93001 44154388 0 X WWW.VCCUONLINE.NET X CREDIT UNION 1950 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 7 7 230 12 1769861 0 0 0 37683105 39668352 2315013 4199402 289034 286634 40287152 44154388 106123 120508 0 0 12023513 12952424 0 0 0 27546663 26420744 39676299 39493676 610853 4660712 809485815 836490079 742288589 765307612 67197226 71182467 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 THE CREDIT UNION OPENED AN 8TH BRANCH IN RIVER PARK DURING THE YEAR. THE CREDIT UNION WAS A TOP 50 SBA LENDER IN THE LA DISTRICT IN 2017. FOR THE EIGHTH YEAR IN A ROW, VENTURA COUNTY CREDIT UNION WAS AWARDED THE BEST FINANCIAL INSTITUTION IN VENTURA COUNTY BY A VC REPORTER READERS' POLL. THE CREDIT UNION WAS VOTED BEST/FAVORITE CREDIT UNION BY VARIOUS COUNTIES, CONSUMER GROUPS, AND INDUSTRY ASSOCIATIONS DURING THE YEAR. THE CREDIT UNION'S CEO WAS AWARDED THE LATINO LEADERSHIP AWARD BY EL CONCILIO FAMILY SERVICES AND FEATURED IN WHO'S WHO IN BANKING AND FINANCE BY PACIFIC COAST BUSINESS TIMES. 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 0 0 1 11898 0 1 230 1 1 1 0 0 0 0 0 X 7 7 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 SUE TATANGELO CHAIRPERSON 5.00 X 0 0 0 ROXANNE OSTREM VICE CHAIRPERSON 4.00 X 0 0 0 SONIA AMEZCUA SECRETARY 3.80 X 0 0 0 JEFF LANDIS ASSISTANT SECRETARY 3.80 X 0 0 0 PHILIP BOHAN TREASURER 3.80 X 0 0 0 MARGO BYRNE BOARD MEMBER 3.80 X 0 0 0 GREG STUART BOARD MEMBER 3.80 X 0 0 0 DANIELLE BRINKMAN-VERA SUPV CMTE CHAIR 2.00 X 0 0 0 KENNETH KAGAN SUPV CMTE MEMBER 1.30 X 0 0 0 SCOTT KOPALD SUPV CMTE MEMBER 1.30 X 0 0 0 LISA MCINALLY SUPV CMTE MEMBER 1.30 X 0 0 0 ADAM SIMPSON SUPV CMTE MEMBER 1.30 X 0 0 0 JOSEPH SCHROEDER PRESIDENT/CEO 45.00 X 476028 0 49220 LINDA SIM CFO 45.00 X 220381 0 43221 GAVIN BRADLEY COO 45.00 X 227123 0 43356 LINDA ROSSI CAO 45.00 X 226056 0 22701 JACKIE BENOUN CCO (FORMER) 45.00 X 129888 0 3223 MARK ROSS VP IT 45.00 X 173230 0 40771 EDMOND SAHAKIAN VP MTG AND BUSINESS 45.00 X 162068 0 25489 GINA O'CALLAGHAN FINANCIAL ADVISOR 45.00 X 212176 0 29692 DAVID KANONGATAA FINANCIAL ADVISOR 45.00 X 210194 0 30568 LINDA MUSE-TABATA SR HOME LOAN SPECIALIST 45.00 X 170653 0 11356 SEAN MCCULLOCH AVP BUSINESS SERVICES (FORMER) 45.00 X 155255 0 5811 CLINTON LOVINGER VP MEMBER SERVICES 45.00 X 139593 0 24175 2502645 0 329583 16 0 1 0 INTEGRATED BUILDERS GROUP INC 4980 GOLDEN FOOTHILL PKWY EL DORADO HILLS CA 95762 BUILDING DESIGN SERVICES 2219961 THE MEMBERS GROUP PO BOX 10410 DES MOINES IA 50307 PLASTIC CARD SERVICES 1536592 BDI-BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 90312 STMT & POSTAGE SERVICES 627112 JACK HENRY & ASSOCIATES INC P O BOX 609 MONETT MO 65708 INFORMATION PROCESSING SOLUTIONS 399018 JWAALA INC 901 S MOPAC EXPRESSWAY AUSTIN TX 78746 BANKING PLATFORM IT SOLUTIONS 382964 27 INTEREST ON LOANS 522100 26494238 26494238 FEE INCOME 522100 6696601 6627806 68795 OTHER OPERATING INCOME 522100 6477513 6316515 160998 39668352 4199402 2659334 1540068 OTHER NON-OPERATING INCOME 522210 286634 286634 286634 44154388 42384527 1769861 0 120508 2502645 7748666 334986 1477546 888581 105966 254550 309295 1001984 6265551 1094587 1672707 157528 3026055 2601321 216229 PROV FOR LOAN LOSSES 6520468 LOAN SERVICING EXPENSE 1759968 MISC OPERATING EXPENSE 1351802 OPERATING FEES 82733 39493676 4456504 5083171 88392344 31446463 7812674 8040187 1358122 1232189 52218540 17066505 34559708 35152035 59988430 137347463 588904362 594520180 24013671 23668391 809485815 836490079 10980952 12928289 731307637 752379323 742288589 765307612 X 0 0 0 0 67197226 71182467 67197226 71182467 809485815 836490079 4660712 -675471 0 X X 0 1 X 1 0 7000 7000 7000 1 CCUL - PAC 1201 K STREET SUITE 1050 SACRAMENTO CA 95814 940357265 7000 9698188 9698188 28997766 8839494 20158272 3866563 1081822 2784741 9656023 7145189 2510834 35152035 ALL OTHER INVESTMENTS 4474858 F LOANS AND LEASES 582909147 F NCUA SHARE INSURANCE CAP DEPOSIT 7136175 C 594520180 DIVIDENDS PAYABLE 91981 TOTAL SHARES AND DEPOSITS 752287342 752379323 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 WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEAR ENDED JUNE 30, 2017, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. 1 CALIFORNIA LUTHERAN UNIVERSITY 60 WEST OLSEN ROAD THOUSAND OAKS CA 91360 952962604 501(C)(3) 5500 FMV PROMOTES EDUCATION THROUGH SPECIAL EVENTS AND EDUCATIONAL PROGRAMS CA STATE UNIVERSITY CHANNEL ISLANDS FOUNDATION ONE UNIVERSITY DRIVE CAMARILLO CA 93012 770433230 501(C)(3) 5500 FMV FURTHER EDUCATIONAL PURPOSES OF CSU, CHANNEL ISLANDS AMERICAN HEART ASSOCIATION 7272 GREENVILLE AVE DALLAS TX 75231 135613797 501(C)(3) 5000 FMV PROMOTE AWARENESS OF THE ISSUE OF HEART DISEASE MIXTECO INDIGENA COMMUNITY ORGANIZING PROJECT 520 W 5TH ST STE F OXNARD CA 93030 300045901 501(C)(3) 5000 FMV ASSIST IN ORGANIZING AND EMPOWERING VENTURA COUNTY'S INDIGENOUS IMMIGRANT COMMUNITY AMERICAN RED CROSS 225 PRADO ROAD A SAN LUIS OBISPO CA 93401 530196605 501(C)(3) 5000 FMV PROVIDE ASSISTANCE TO THOSE EFFECTED BY DISASTERS MAKE-A-WISH TRI-COUNTIES FOUNDATION 4110 MISSION OAKS BLVD STE F CAMARILLO CA 93012 770098671 501(C)(3) 5575 FMV HELP STRENGTHEN AND EMPOWER CHILDREN BATTLING CRITICAL ILLNESSES INTERFACE CHILDREN AND FAMILY SERVICES 4001 MISSION OAKS BLVD STE 1 CAMARILLO CA 93012 952944459 501(C)(3) 6000 FMV PROVIDE PROGRAMS TO STRENGTHEN CHILDREN, FAMILIES AND COMMUNITIES TO BE SAFE, HEALTHY AND THRIVING 7 0 X X X 1 1 0 JOSEPH SCHROEDER PRESIDENT/CEO 430387 0 32000 0 13641 0 26234 0 22986 0 525248 0 0 0 LINDA SIM CFO 210680 0 5000 0 4701 0 10831 0 32390 0 263602 0 0 0 GAVIN BRADLEY COO 217005 0 5000 0 5118 0 10966 0 32390 0 270479 0 0 0 LINDA ROSSI CAO 215963 0 5000 0 5093 0 10914 0 11787 0 248757 0 0 0 MARK ROSS VP IT 162772 0 4000 0 6458 0 8381 0 32390 0 214001 0 0 0 EDMOND SAHAKIAN VP MTG AND BUSINESS 161335 0 0 0 733 0 7714 0 17775 0 187557 0 0 0 GINA O'CALLAGHAN FINANCIAL ADVISOR 212091 0 0 0 85 0 6605 0 23087 0 241868 0 0 0 DAVID KANONGATAA FINANCIAL ADVISOR 210143 0 0 0 51 0 6573 0 23995 0 240762 0 0 0 LINDA MUSE-TABATA SR HOME LOAN SPECIALIST 170191 0 0 0 462 0 5138 0 6218 0 182009 0 0 0 SEAN MCCULLOCH AVP BUSINESS SERVICES (FORMER) 153557 0 0 0 1698 0 4665 0 1146 0 161066 0 0 0 CLINTON LOVINGER VP MEMBER SERVICES 129127 0 4000 0 6466 0 6495 0 17680 0 163768 0 0 0 PART I, LINES 4A-B JACKIE BENOUN (OFFICER) RECEIVED A SEVERANCE IN THE AMOUNT OF $100,000 DURING THE YEAR. 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 2017: JOE SCHROEDER - $18,150 LINDA SIM - $4,272 GAVIN BRADLEY - $4,326 LINDA ROSSI - $4,305 JACKIE BENOUN - $582 MARK ROSS - $3,305 EDMOND SAHAKIAN - $2,954 CLINTON LOVINGER - $2,437 APRIL REMNANT - $1,167 JOSEPH SCHROEDER OFFICER HOME LOAN X 595000 451947 0 1 1 JOSEPH SCHROEDER OFFICER FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICY X 7200000 7588240 0 1 1 8040187 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 XI, 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 ACTUAL AMOUNT BELOW THRESHOLD