2015-05-07T19:43:23-05:00 2014-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2014-01-01 951803229 VISTERRA CREDIT UNION VIST 9516564411 PO BOX 9500 MORENO VALLEY CA 925529500 TL SHRYOCK SENIOR VP/CFO 9516564411 2015-05-04 1 VALENTINO CREUS CPA P01054153 8189549700 2014 2016-02-25 16:41:14Z ROBERT CAMERON PO BOX 9500 MORENO VALLEY CA 925529500 47028308 0 X WWW.VISTERRACU.ORG X CREDIT UNION 1953 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 7 7 139 9 93758 -216553 0 0 15728481 16049064 857535 1440799 470588 0 17056604 17489863 0 0 0 0 6325246 6666339 0 0 0 8289591 10754978 14614837 17421317 2441767 68546 332790342 335609213 305947563 308565590 26842779 27043623 X VISTERRA 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, VISTERRA 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. 0 0 PROVIDE LOANS AND LENDING PRODUCTS TO OUR MEMBERS AT COMPETITIVE RATES AND TERMS. MANY WOULD NOT QUALIFY FOR LOANS AT OTHER FINANCIAL INSTITUTIONS. THESE LOANS INCLUDE: VEHICLE LOANS, HOME MORTGAGES, HELOC LOANS, SIGNATURE LOANS AND CREDIT CARD LOANS. PROVIDE FINANCIAL SERVICES TO OUR MEMBERS FOR PARTICIPATING IN THE PRODUCTS AND SERVICES OFFERED TO THE MEMBERSHIP AT COMPETITIVE PRICES AND TERMS. THIS WOULD INCLUDE: SAVINGS ACCOUNTS, CHECKING ACCOUNTS, ATM SERVICES, HOME BANKING SERVICES, BILL PAYMENT SERVICES, NOTARY SERVICES, DEBIT CARD SERVICES, SHARED BRANCHING SERVICES, INSURANCE PRODUCTS RELATED TO THESE SERVICES, AND OTHER INVESTMENT SERVICES. PROVIDE CERTIFICATE, CHECKING AND SAVINGS ACCOUNTS TO OUR MEMBERS AT COMPETITIVE RATES AND TERMS. THIS WOULD INCLUDE: SAVINGS ACCOUNTS, CHECKING ACCOUNTS, MONEY MARKET ACCOUNTS, IRA SAVINGS ACCOUNTS, ESCROW ACCOUNTS, AND CERTIFICATES OF DEPOSITS. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4477 0 1 139 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 TLSHRYOCK 9516564411 23520 CACTUS AVENUE MORENO VALLEY CA 92553 BARBARA PURVIS CHAIRMAN 10.00 X 0 0 0 GARY BAUGH VICE CHAIRMAN 5.00 X 0 0 0 JOSEPH CALDERON SECRETARY 5.00 X 0 0 0 GEORGE PRICE TREASURER 5.00 X 0 0 0 NORMAN PERRY BOARD MEMBER 5.00 X 0 0 0 ALAN STRZEMIECZNY BOARD MEMBER 5.00 X 0 0 0 PERRY REED BOARD MEMBER 5.00 X 0 0 0 ROBIN WETMORE SUPV CMTE CHAIR 10.00 X 0 0 0 RIX SKONBERG SUPV CMTE SECRETARY 5.00 X 0 0 0 ROBERT CAMERON PRESIDENT/CEO 40.00 X 230812 0 277106 TOMMIE SHRYOCK SVP/CFO 40.00 X 193329 0 20187 JANET DUHAIME SUCHOCKI SVP/COO 40.00 X 174672 0 17916 RON HELDER VP INFO TECH 40.00 X 155070 0 18737 JON FRIESTEDT VP LENDING 40.00 X 144259 0 20903 LESA VONDRACEK VP HUMAN RESOURCES 40.00 X 141106 0 24079 MATT KAHN CONSUMER LOAN MANAGER 40.00 X 108422 0 11104 1147670 0 390032 7 0 1 0 FTSI INC 676 W WILSON AVE GLENDALE CA 91203 ATM INSTALLATION 1873204 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 ATM SERVICES 624522 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 90312 MAILING HOUSE SVC 280379 PSCU 19825 N 7TH ST PHOENIX AZ 85024 BILLING SERVICES 236126 DH 605 CRESCENT EXECUTIVE COURT LAKE MARY FL 32746 COMPUTER SYSTEM/MAINTENANCE 200379 7 INTEREST ON LOANS 522100 11324917 11324917 FEE INCOME 522100 3229094 3229094 OTHER OPERATING INCOME 522100 1495053 1401295 93758 16049064 583858 583858 26726453 3668933 26899415 2639030 -172962 1029903 856941 856941 17489863 17396105 93758 0 1147670 4301532 163678 609231 444228 41014 125777 525084 488397 1237614 614281 1061047 56818 848165 1512936 110319 PROVISION FOR LOAN & LE 1867925 ATM EXPENSES 992970 LOAN SERVICING EXPENSES 855563 MISC OPERATING EXPENSES 383362 33706 17421317 6487286 5323969 3708218 22586161 429080 455419 29642090 14500456 15626927 15141634 21745143 14871972 275934682 270143576 8859006 7086482 332790342 335609213 5192011 5516427 300755552 303049163 305947563 308565590 X 0 0 0 0 26842779 27043623 26842779 27043623 332790342 335609213 68546 132298 0 X X 0 1 X 1 0 124857 124857 17356955 5966585 11390370 2360935 2120331 240604 9799343 6413540 3385803 15141634 ALL OTHER INVESTMENTS 6905476 F NET LOANS AND LEASES 222405082 F NCUA SHARE INSURANCE DEPOSIT 2904443 C DEPOSITS IN COMMERCIAL BANKS 37112000 C LOANS HELD FOR SALE 216575 F PAID IN CAPITAL AT CORP CUS 600000 C 270143576 TOTAL SHARES & DEPOSITS 303049163 303049163 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 MARCH 31, 2014 MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. THE CREDIT UNION IS GENERALLY NOT SUBJECT TO EXAMINATION BY U.S. FEDERAL AUTHORITIES FOR TAX YEARS BEFORE 2010 AND BY STATE TAX AUTHORITIES BEFORE 2009. FOR THE YEAR ENDED MARCH 31, 2014, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS, AND ACCORDINGLY, THE CREDIT UNION HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. X X X X 0 1 0 ROBERT CAMERON PRESIDENT/CEO 221762 0 0 0 9050 0 261548 0 15558 0 507918 0 0 0 TOMMIE SHRYOCK SVP/CFO 190378 0 0 0 2951 0 5777 0 14410 0 213516 0 0 0 JANET DUHAIME SUCHOCKI SVP/COO 173743 0 0 0 929 0 5328 0 12588 0 192588 0 0 0 RON HELDER VP INFO TECH 153345 0 0 0 1725 0 4787 0 13950 0 173807 0 0 0 JON FRIESTEDT VP LENDING 141966 0 0 0 2293 0 697 0 20206 0 165162 0 0 0 LESA VONDRACEK VP HUMAN RESOURCES 139483 0 0 0 1623 0 4485 0 19594 0 165185 0 0 0 PART I, LINE 4B IN MARCH 2005, THE CREDIT UNION ENTERED INTO A 457(B) DEFERRED COMPENSATION AGREEMENT WITH EXECUTIVES THAT PROVIDES BENEFITS PAYABLE TO THE EMPLOYEES, IF THEY REMAIN EMPLOYED BY THE CREDIT UNION. ROBERT CAMERON, PRESIDENT/CEO IS THE ONLY CURRENT PLAN PARTICIPANT. AS DEFINED IN THE AGREEMENT, IF THE EMPLOYEES BECOME FULLY DISABLED, ACCRUED BENEFITS ARE IMMEDIATELY PAYABLE AND BENEFITS ARE SUBJECT TO FORFEITURE IF EMPLOYMENT IS TERMINATED FOR CAUSE. THE AGREEMENT IS FUNDED BY A MODIFIED PREMIUM WHOLE LIFE INSURANCE POLICY. THE CONTRACT GUARANTEES THE CREDIT UNION EARNS A MINIMUM RETURN ON ITS INSURANCE POLICY INVESTMENTS. THE AGREEMENT AND INSURANCE POLICIES ARE REVALUED ANNUALLY ON THE ANNIVERSARY DATE OF MARCH 31 OF EACH YEAR, AT WHICH TIME THE LIABILITY IS ADJUSTED. THE ACCRUED LIABILITY RELATED TO THIS AGREEMENT WAS $1,170,987 AS OF DECEMBER 31, 2014. THE AMOUNT ACCRUED IN 2014 WAS $256,268. FORM 990, PART VI, SECTION A, LINE 6 VISTERRA 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. VISTERRA CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF VISTERRA 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 11 THE FORM AND RELATED DOCUMENTS WILL BE REVIEWED BY THE CFO, THEN IT WILL BE REVIEWED BY THE CEO, FINALLY IT WILL BE PRESENTED TO THE BOARD OF DIRECTORS FOR FINAL REVIEW AND APPROVAL BEFORE BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C EACH BOARD MEMBER, EMPLOYEE, AND VOLUNTEER HAS THE RESPONSIBILITY TO PROMPTLY REPORT ANY OFFER OR SOLICITATION FROM ANYONE WHO DOES BUSINESS WITH THE CREDIT UNION OF AN ACTIVITY INVOLVING PERSONAL PROFIT, GAIN, OR BENEFIT TO ANY COMPANY EMPLOYEE OR OFFICIAL. EMPLOYEES SHALL REPORT ANY SITUATIONS COVERED BY THE POLICY TO HIS/HER IMMEDIATE SUPERVISOR OR MANAGER. REPORTS RECEIVED BY SUPERVISORS AND MANAGERS WILL BE FORWARDED TO THE PRESIDENT OR HIS DESIGNEE. OFFICIALS SHALL REPORT SITUATIONS COVERED BY THIS POLICY TO THE CHAIRMAN OF THE BOARD OF DIRECTORS. THE PRESIDENT SHALL MAINTAIN A FILE FOR ALL REPORTS OF POTENTIAL OR ACTUAL CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 IT IS THE POLICY OF THE CREDIT UNION TO MAINTAIN A WAGE AND SALARY PROGRAM THAT IS COMPETITIVE WITH THOSE IN OUR INDUSTRY AND IN OUR COMMUNITY. IT IS ALSO OUR DESIRE TO RECOGNIZE THE CONTRIBUTION OF EACH INDIVIDUAL TO THE SUCCESS OF THE ORGANIZATION. THEREFORE, THE CREDIT UNION HAS ESTABLISHED JOB GRADES AND PAY RANGES FOR EACH OF OUR JOB POSITIONS. A PAY RANGE INCLUDES A MINIMUM, 25TH PERCENTILE, 50TH PERCENTILE, 75TH PERCENTILE, AND MAXIMUM WAGE FOR A JOB GRADE. ALL PAY RANGES FOR ALL JOB GRADES ARE HELD IN COMPLETE CONFIDENCE BY THE VICE PRESIDENT OF HUMAN RESOURCES. MANAGEMENT PERSONNEL ARE DISTRIBUTED THE JOB GRADES AND PAY RANGES FOR THEIR AREAS OF RESPONSIBILITY. NEW EMPLOYEES ARE TYPICALLY HIRED AT A PAY RATE THAT FALLS BETWEEN THE MINIMUM AND THE 50TH PERCENTILE FOR THE JOB GRADE. WHEN A CANDIDATE HAS EXTENSIVE AND/OR SPECIALIZED EXPERIENCE, A HIGHER STARTING RATE MAY BE JUSTIFIED. OVER TIME, EMPLOYEES WHO ARE CONSIDERED FULLY QUALIFIED IN THEIR POSITION TYPICALLY RECEIVE A RATE THAT FALLS BETWEEN THE 50TH AND 75TH PERCENTILES. EMPLOYEES WHO ARE RECEIVING A RATE IN EXCESS OF THE 75TH PERCENTILE HAVE DEMONSTRATED A SUSTAINED PERFORMANCE ABOVE A FULLY QUALIFIED LEVEL. JOB GRADES AND PAY RANGES ARE REVIEWD EACH YEAR TO DETERMINE THEIR ADEQUACY AND COMPETITIVENESS FOR BUSINESS CONDITIONS. THE PRESIDENT WILL CONDUCT THE REVIEW BY DECEMBER 31ST FOR THE FOLLOWING YEAR AND SUBMIT MODIFICATIONS, IF ANY, TO THE BOARD OF DIRECTORS FOR APPROVAL. WHEN ADJUSTMENTS TO THE MINIMUM PAY RANGE IN ANY JOB GRADE ARE APPROVED, THE WAGES OF ACTIVE EMPLOYEES EARNING LESS THAN NEW PAY RANGE MINIMUM WILL ALSO BE ADJUSTED AS DIRECTED BY THE PRESIDENT. THE PERFORMANCE APPRAISAL PROCESS AND THE GRANTING OF MERIT INCREASES ARE INTERTWINED. ANNUAL PERFORMANCE REVIEWS ARE CONDUCTED ON OR ABOUT THE EMPLOYEE'S ANNIVERSARY DATE OF HIRE OR MOST RECENT PROMOTION, QUALIFYING TRANSFER, OR DEMOTION. THE OVERALL RATING THAT AN EMPLOYEE RECEIVES DETERMINES THE PERCENTAGE OF HIS/HER MERIT INCREASE. A MERIT INCREASE BECOMES EFFECTIVE ON THE FIRST DAY OF THE PAY PERIOD FOLLOWING AN EMPLOYEE'S PERFORMANCE APPRAISAL REVIEW DATE. EMPLOYEES WHO RECEIVE A RATING OF NEEDS IMPROVEMENT OR UNACCEPTABLE IN ANY INDIVIDUAL AREA RATED OR OVERALL WILL NOT RECEIVE A MERIT INCREASE. EMPLOYEES WHO ARE EARNING AT OR ABOVE THE PAY RANGE MAXIMUM FOR THEIR JOB GRADE WILL NOT BE ELIGIBLE FOR A MERIT INCREASE. IN UNUSUAL CIRCUMSTANCES, THE REVIEW OF AN EMPLOYEE'S CURRENT PAY MAY ALSO RESULT IN THE GRANTING OF A MERIT INCREASE. SHOULD BUSINESS CONDITIONS WARRANT, CHANGES TO THIS POLICY, OR A SUSPENSION OF THE ENTIRE PROGRAM, MAY BE MADE BY MANAGEMENT, AS APPROVED BY THE BOARD OF DIRECTORS, AT ANY TIME. IN THAT EVENT, EMPLOYEES WILL BE NOTIFIED IN AS TIMELY A MANNER AS POSSIBLE. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICIES ARE AVAILABLE UPON REQUEST. FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY EACH MONTH AFTER PREPARATION AND HANDED OUT AT THE ANNUAL MEMBERSHIP MEETING. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. SEE ATTACHED FORM 3115 FOR VISTERRA CREDIT UNION, EIN: 95-1803229