2025-11-11T17:43:59-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 2875 MICHELLE DRIVE 300 IRVINE CA 92606 990 2024-01-01 946087440 COMMONWEALTH CENTRAL CREDIT UNION COMM 4085313100 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 VIKTORIA EARLE PRESIDENT/CEO 4085313100 2025-11-11 1 0 LISA N RYSSEL CPA P00643670 7149781300 2025-11-11 2024 2025-03-06 01:10:19Z VIKTORIA EARLE 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 33422489 0 X WWW.WEALTHCU.ORG X 1958 CA TO HELP OUR MEMBERS IMPROVE THEIR FINANCIAL WELL-BEING. 7 7 107 10 69529 0 1881608 0 28312646 29666623 4186624 3755866 64291 0 34445169 33422489 15000 10000 1718260 2872614 11368712 11915296 0 0 0 10739805 11152311 23841777 25950221 10603392 7472268 631464188 614517951 559193467 534544886 72270721 79973065 TO HELP OUR MEMBERS IMPROVE THEIR FINANCIAL WELL-BEING THROUGH SAVING AND CREATING A SOURCE OF CREDIT FOR MEMBERS. 0 0 THE CREDIT UNION PROVIDES CONSUMER LOANS, SHARE AND SHARE DRAFT ACCOUNTS, SHARE CERTIFICATES AND OTHER EXEMPT FUNCTION ACTIVITIES TO ITS MEMBERS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 8274 0 1 107 1 1 1 0 0 0 0 0 0 0 0 X 7 7 0 0 1 0 1 1 0 1 1 0 1 1 0 1 1 1 1 1 1 1 0 CA X VIKTORIA EARLE 4085313236 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 JAMES CRAWFORD TREASURER 1.00 X X 10892 0 0 LARRY CHAMBERS CHAIRMAN 1.00 X X 4280 0 0 ALBERT BALAGSO VICE CHAIRMAN 1.00 X X 12078 0 0 ANNE LE DIRECTOR 1.00 X 4494 0 0 BARRY SCHIMMEL DIRECTOR 1.00 X 1493 0 0 LILY LIM-TSAO SECRETARY 1.00 X X 4463 0 0 MEENAKSHI MEYYAPPAN DIRECTOR 1.00 X 1136 0 0 VIKTORIA EARLE PRESIDENT/CEO 40.00 X 583724 0 49211 DAVID LOFTUS CHIEF FINANCIAL OFFICER 40.00 X 276585 0 13650 LISA BROWN CHIEF STRATEGY AND PEOPLE 40.00 X 316234 0 18702 JENNIFER D'AMICO CHIEF MARKETING OFFICER 40.00 X 235647 0 37183 VAL OVROOTSKY CHIEF INFORMATION OFFICER 40.00 X 268601 0 28138 KIMBERLY OBLAK CHIEF EXPERIENCE OFFICER 40.00 X 276238 0 33345 SYLVIA GRANGER VP, RETAIL SERVICES 40.00 X 243441 0 24890 AMY CIMORELLI AVP, HUMAN RESORCES 40.00 X 178939 0 23081 NORMAN SALOM ACCOUNTING MANAGER 40.00 X 140252 0 8933 SANDRA EDUSADA CALL CENTER MANAGER 40.00 X 134816 0 16808 SIRISAK UMPAWA DIRECTOR OF INFORMATION TE 40.00 X 151731 0 27587 2845044 0 281528 30 0 1 0 MOMENTUM INC 83 SOUTH KING ST STE 500 SEATTLE WA 98104 ARCHITECTURE/ENGINEERING 844831 FISERV PO BOX 208457 DALLAS TX 753208457 CORE PROCESSOR 808507 CO-OP ACH 4950 AMON ARTER BLVD FORT WORTH TX 76155 FINANCIAL SERVICES 588001 Q2 SOFTWARE INC 2975 REGENT BLVD STE 100 IRVING TX 75320 HOME BANKING 455466 EVOLVEIP PO BOX 360946 PITTSBURGH PA 152516946 NETWORK SECURITY 429226 20 INTEREST ON LOANS TO MEMBERS 522100 24817338 24817338 FEES AND CHARGES 522100 2633136 2563607 69529 INTERCHANGE INCOME 522100 1801540 1801540 INVESTMENT SERVICES COMMISSION 522100 250113 250113 INSURANCE AND WEALTH PROTECTION 522100 164496 164496 29666623 3755866 3755866 33422489 29597094 69529 3755866 10000 2872614 2176094 7737815 258397 1119271 623719 74089 44549 2384146 699708 855894 1078710 1007604 97497 70295 1146937 161760 PROVISION FOR LOAN LOSS 1494730 OPERATING EXPENSES 816600 LOAN ORIGINATION COSTS 415133 ATM EXPENSES 379977 424682 25950221 3687404 2985030 63963228 94219813 868613 1118817 8845001 8919679 515380075 469662473 643609 970925 29629718 17010259 12427166 12619459 10990646 9070389 2838707 2990703 11819739 11960663 631464188 614517951 4306888 4387270 554886579 530157616 559193467 534544886 X 0 0 0 0 72270721 79973065 72270721 79973065 631464188 614517951 X 7472268 183700 46376 X 0 1 X 1 0 1189220 1189220 15780806 7219356 8561450 4486466 2357194 2129272 8173226 7433709 739517 12619459 MEMBERS' SHARE AND SAVINGS ACCOUNTS 528470695 LEASE LIABILITY 1686921 530157616 X 33468865 46376 46376 33422489 0 33422489 25950221 0 25950221 0 25950221 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2024 AND 2023. THE CREDIT UNION'S 2021 THROUGH 2023 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: CASH SURRENDER VALUE CHANGES ON LIFE INSURANCE POLICIES MOVED TO PART XI 46,376. X 1 1 X X X X 0 1 0 VIKTORIA EARLE PRESIDENT/CEO 482230 0 79429 0 22065 0 17250 0 31961 0 632935 0 0 0 LISA BROWN CHIEF STRATEGY AND PEOPLE 259985 0 28224 0 28025 0 14060 0 4642 0 334936 0 0 0 KIMBERLY OBLAK CHIEF EXPERIENCE OFFICER 266525 0 2882 0 6831 0 13889 0 19456 0 309583 0 0 0 VAL OVROOTSKY CHIEF INFORMATION OFFICER 242488 0 23694 0 2419 0 13490 0 14648 0 296739 0 0 0 DAVID LOFTUS CHIEF FINANCIAL OFFICER 251897 0 24169 0 519 0 12707 0 943 0 290235 0 0 0 JENNIFER D'AMICO CHIEF MARKETING OFFICER 212669 0 21782 0 1196 0 10918 0 26265 0 272830 0 0 0 SYLVIA GRANGER VP, RETAIL SERVICES 195556 0 22485 0 25400 0 10373 0 14517 0 268331 0 0 0 AMY CIMORELLI AVP, HUMAN RESORCES 160733 0 17065 0 1141 0 6917 0 16164 0 202020 0 0 0 SIRISAK UMPAWA DIRECTOR OF INFORMATION TE 136896 0 14534 0 301 0 7296 0 20291 0 179318 0 0 0 SANDRA EDUSADA CALL CENTER MANAGER 124155 0 9510 0 1151 0 6730 0 10078 0 151624 0 0 0 PART I, LINE 1A CERTAIN MEMBERS OF MANAGEMENT AND BOARD MEMBERS RECEIVE COMPENSATION FOR TRAVEL COMPANIONS. JENNIFER DAMICO CHIEF MARKETING OFFICER CREDIT CARD X 1000 67 0 1 1 SYLVIA GRANGER VP, RETAIL SALES MORTGAGE X 379000 331156 0 1 1 VALENTIN OVROOTSKY CHIEF INFORMATION OFFICER MORTGAGE X 711000 597265 0 1 1 VALENTIN OVROOTSKY CHIEF INFORMATION OFFICER LINE OF CREDIT X 300000 60197 0 1 1 VALENTIN OVROOTSKY CHIEF INFORMATION OFFICER AUTO X 41518 17995 0 1 1 SYLVIA K GRANGER VP, RETAIL SERVICES LINE OF CREDIT X 150000 114838 0 1 1 SYLVIA K GRANGER VP, RETAIL SERVICES CREDIT CARD X 20000 347 0 1 1 VALENTIN OVROOTSKY CHIEF INFORMATION OFFICER CREDIT CARD X 5000 309 0 1 1 VIKTORIA EARLE PRESIDENT/CEO SPLIT DOLLAR LOAN X 7774075 7797505 0 1 1 8919679 SCHEDULE L, PART II SPLIT DOLLAR LOAN: BEGINNING IN 2023, THE CREDIT UNION MADE A LOAN FOR LIFE INSURANCE PREMIUM PAYMENTS TO A MEMBER OF MANAGEMENT. THE LOAN IS COLLATERALIZED BY THE ASSIGNMENT OF THE POLICY DEATH BENEFITS AND CASH VALUES OF THE LIFE INSURANCE POLICIES, PREMIUM DEPOSIT ACCOUNT BALANCES, AND A CHECKING ACCOUNT BALANCE. THE POLICIES ARE OWNED BY THE EXECUTIVE AND THE EXECUTIVE HAS THE RIGHT TO NAME THE BENEFICIARIES FOR AMOUNTS NOT SECURED BY THE ASSIGNMENTS. THE LOANS ARE CONSIDERED NONRECOURSE AND AS SUCH, THE CREDIT UNION RECORDS THE BALANCE AS THE LOWER OF THE OUTSTANDING LOAN BALANCE PLUS ACCRUED INTEREST OR THE COLLATERAL VALUE. FORM 990, PART VI, SECTION A, LINE 1A THE BOARD OF DIRECTORS MAY APPOINT AN EXECUTIVE COMMITTEE OF NO FEWER THAN THREE (3) DIRECTORS AND DELEGATE TO SUCH COMMITTEE THE POWER TO APPROVE MEMBERSHIP APPLICATIONS. WITH THE WRITTEN APPROVAL OF THE COMMISSIONER, THE EXECUTIVE COMMITTEE MAY ACT FOR THE BOARD OF DIRECTORS IN THE PURCHASE AND SALE OF SECURITIES, INVESTMENT AND WITHDRAWAL OF FUNDS, IN BORROWING FUNDS, AND TO MAKE LOANS TO OTHER CREDIT UNIONS IN ACCORDANCE WITH THE LAWS AND REGULATIONS. FORM 990, PART VI, SECTION A, LINE 4 THE CREDIT UNION AMENDED ITS BYLAWS DURING 2024 TO EXPAND ITS FIELD OF MEMBERSHIP TO INCLUDE INDIVIDUALS WHO LIVE OR WORK IN THE COUNTIES OF SAN BENITO AND MONTEREY, CALIFORNIA. FORM 990, PART VI, SECTION A, LINE 6 PARTICIPATION IN THE CREDIT UNION IS LIMITED TO THOSE INDIVIDUALS THAT QUALIFY FOR MEMBERSHIP. THE FIELD OF MEMBERSHIP IS DEFINED IN THE CREDIT UNION'S CHARTER AND BYLAWS. THIS GENERALLY CONSISTS OF INDIVIDUALS WHO LIVE OR REGULARLY WORK IN THE COUNTIE OF SANTA CLARA, SAN BENITO, AND MONTEREY, CALIFORNIA. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, THE SPOUSE OF A MEMBER, THE BLOOD OR ADOPTIVE RELATIVES OF EITHER OF THEM, AND THEIR SPOUSES MAY BE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. ONCE THE DRAFT IS AVAILABLE, IT IS REVIEWED BY MANAGEMENT AND ANY CHANGES INCORPORATED INTO THE FILING. ONCE THIS DETAILED REVIEW IS COMPLETE, THE FORM 990 IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C IN ACCORDANCE WITH OUR BOARD POLICY, PERSONNEL POLICIES AND NON-DISCLOSURE/CONFIDENTIALITY AGREEMENT (THAT CONTAINS A CONFLICT OF INTEREST CLAUSE), COMMONWEALTH EMPLOYEES ARE REQUIRED TO DISCLOSE THE FOLLOWING INFORMATION UPON HIRE AND AT ANY TIME DURING THEIR EMPLOYMENT: - EMPLOYEE AND RELATIVE ACCOUNTS: UPON HIRE AND THEN ON AN ANNUAL BASIS, ALL EMPLOYEES ARE REQUIRED TO COMPLETE A FORM DISCLOSING ANY MEMBER ACCOUNTS BELONGING TO THEM AND/OR THEIR FAMILY MEMBERS. - CONFLICTING OUTSIDE EMPLOYMENT: IN CONJUNCTION WITH THEIR OFFER OF EMPLOYMENT LETTERS, NEW EMPLOYEES ARE REQUIRED TO SIGN A NON-DISCLOSURE/CONFIDENTIALITY AGREEMENT WHICH INCLUDES A CONFLICT OF INTEREST CLAUSE RELATING TO OUTSIDE EMPLOYMENT. ADDITIONALLY, NEW AND EXISTING EMPLOYEES ARE REQUIRED TO REPORT TO THEIR MANAGER ANY OUTSIDE EMPLOYMENT SO THAT THE CEO AND VP OF HUMAN RESOURCES CAN DETERMINE IF A CONFLICT OF INTEREST EXISTS. - CONFLICT OF INTEREST: AS REQUIRED BY COMMONWEALTH'S CODE OF ETHICAL CONDUCT, ALL VOLUNTEERS AND EMPLOYEES MUST DISCLOSE AND REPORT TO THE PRESIDENT/CEO ANY POSSIBLE CONFLICT OF INTEREST IN THEIR BUSINESS DEALINGS. FURTHERMORE, ALL EMPLOYEES ARE REQUIRED TO DISCLOSE TO THE PRESIDENT/CEO ANY GIFTS, GRATUITIES, AMENITIES, MEALS, ENTERTAINMENT, ETC. TO DETERMINE WHETHER OR NOT ACCEPTANCE OF SUCH ITEMS WOULD BE DEEMED A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 COMMONWEALTH RETAINS AN OUTSIDE COMPENSATION CONSULTING FIRM, BALANCEDCOMP, TO ASSIST IN ITS SALARY ADMINISTRATION EFFORTS. SPECIFICALLY, BALANCEDCOMP WORKS WITH THE PRESIDENT/CEO AND THE CHIEF STRATEGY AND PEOPLE OFFICER TO DEVELOP A COMPREHENSIVE COMPENSATION STRUCTURE THAT INCLUDES ANNUAL MARKET EVALUATIONS, SALARY GRADE STRUCTURE AND AN INTEGRATED JOB DESCRIPTION DATABASE. THE CURRENT COMPENSATION STRUCTURE WAS INITIALLY DEVELOPED AND IMPLEMENTED IN 2003. SINCE THEN, THE STRUCTURE HAS BEEN MAINTAINED AND ADMINISTERED BY THE CREDIT UNION'S HUMAN RESOURCES DEPARTMENT WITH THE ASSISTANCE OF BALANCEDCOMP USING A COMPENSATION SOFTWARE PACKAGE. ON AN ANNUAL BASIS, BALANCEDCOMP PARTICIPATES (ON BEHALF OF COMMONWEALTH) IN AT LEAST 10 SALARY SURVEYS FOR USE IN BENCHMARKING PAY DATA WITH MARKET RATES. THE PAY RANGES ARE ADJUSTED ANNUALLY TO REFLECT CHANGES IN MARKET CONDITIONS AND THE RANGES IN CORPORATE GEOGRAPHIC WAGE DIFFERENTIALS. THE CHIEF STRATEGY AND PEOPLE OFFICER PROVIDES OVERSIGHT TO THE HUMAN RESOURCES STAFF IN SALARY ADMINISTRATION PRACTICES BY UTILIZING ALL OF THE ABOVE-MENTIONED RESOURCES PROVIDED BY BALANCEDCOMP. FURTHERMORE, THE HR DEPARTMENT ADMINISTERS COMPENSATION THROUGH THE MANAGEMENT OF COMPARATIOS. (THE COMPARATIO IS A MATHEMATICAL CALCULATION THAT IDENTIFIES THE RELATIONSHIP BETWEEN ACTUAL PAY AND MARKET RATE FOR A PERSON, DEPARTMENT OR THE TOTAL CREDIT UNION. FOR EXAMPLE, A 90% COMPARATIO FOR AN INDIVIDUAL SAYS THAT THE INDIVIDUAL IS BEING PAID AT 90% OF THE PREVAILING MARKET RATE FOR HIS/HER JOB. THE COMPARATIO IS DETERMINED BY DIVIDING ACTUAL PAY BY THE RATE ESTABLISHED AS THE MID-POINT FOR THE GRADE.) AS MARKET CONDITIONS NECESSITATE, A MID-YEAR REVIEW OF THE COMPENSATION STRUCTURE'S MARKET COMPETITIVENESS IS CONDUCTED WITH THE ASSISTANCE OF BALANCEDCOMP. EXECUTIVE COMPENSATION PRACTICES ALSO EMPLOY THE SAME METHODOLOGIES AS OUTLINED ABOVE, AND BALANCEDCOMP PROVIDES GUIDANCE AND RECOMMENDATIONS AS NEEDED. PAY GRADES AND RANGES ARE ESTABLISHED FOR EACH SENIOR MANAGEMENT LEVEL POSITION AND COMPARATIOS ARE ALSO USED WITH SUCH POSITIONS. HRN PERFORMANCE SOLUTIONS ALSO PROVIDES CONSULTING SERVICES FOR THE CEO'S COMPENSATION PACKAGE BY EMPLOYING THE SAME METHODOLOGIES (I.E. PAY GRADE, PAY RANGE, SALARY SURVEYS, COMPARATIOS, ETC.) WHEN WORKING WITH THE BOARD'S COMPENSATION COMMITTEE MEMBERS. THIS PROCESS WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND POLICIES ARE AVAILABLE UPON REQUEST. FINANCIAL STATEMENTS ARE PUBLICALLY AVAILABLE AT WWW.NCUA.GOV AND IN OUR BRANCH OFFICES. FORM 990, PART XI, LINE 9: CASH SURRENDER VALUE CHANGES ON LIFE INSURANCE POLICIES 46,376.