2012-08-07T16:46:28-05:00 2011-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2011-01-01 951803229 VISTERRA CREDIT UNION VIST 9516564411 PO BOX 9500 MORENO VALLEY CA 925529500 TL SHRYOCK 9516564411 2012-07-27 1 P01054153 8189549700 2011 2016-02-24 21:20:13Z ROBERT CAMERON PO BOX 9500 MORENO VALLEY CA 925529500 21584032 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 7 145 10 63402 -217994 0 0 19972261 17647045 1206985 1261857 0 0 21179246 18908902 0 0 0 0 6003273 6270774 0 0 0 20430579 10678585 26433852 16949359 -5254606 1959543 362258148 329780490 342318667 307884300 19939481 21896190 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 0 1 4966 0 1 145 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 GEORGE PRICE 10.00 X 0 0 0 BARBARA PURVIS 5.00 X 0 0 0 JONATHAN KLEINER 5.00 X 0 0 0 NORMAN PERRY 5.00 X 0 0 0 GARY BAUGH 5.00 X 0 0 0 PERRY REED 5.00 X 0 0 0 JOSEPH CALDERON 5.00 X 0 0 0 ALAN STRZEMIECZNY 5.00 X 0 0 0 ROBIN WETMORE 5.00 X 0 0 0 RIX SKONBERG 5.00 X 0 0 0 ROBERT CAMERON 40.00 X 216165 0 138995 TOMMIE SHRYOCK 40.00 X 172599 0 24006 JANET DUHAIME 40.00 X 157681 0 10627 RON HELDER 40.00 X 136752 0 16896 LESA VONDRACEK 40.00 X 119017 0 19764 802214 0 210288 5 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARDS SVCS 394006 BUSINESS DATA INCORPORATED PO BOX 6081 INGLEWOOD CA 90312 MAILING HOUSE SVCS 295648 CO-OP 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 ATM/DEBIT CARDS SVCS 237206 HARLAND BUSINESS SOLUTIONS INC PO BOX 535120 ATLANTA GA 303535120 IT CONSULTING SERVICES 219602 EXPERIAN 475 ANTON BLVD COSTA MESA CA 92626 CREDIT REPORTS 125210 6 INTEREST ON LOANS 522100 12210378 12210378 FEE INCOME 522100 4403945 4403945 OTHER OPERATING INCOME 522100 1032722 969320 63402 17647045 1010601 1010601 2926386 2675130 251256 251256 251256 18908902 18845500 63402 0 802214 4431930 114967 511643 410020 26101 86118 372088 409839 1286517 581138 983547 52539 1340442 1306254 763884 ATM EXPENSES 1008392 PROV. FOR LOAN LOSSES 1008340 LOAN SERVICING EXPENSES 983237 MISC OPERATING EXPENSES 439481 30668 16949359 3028416 3373799 34149692 29821447 361372 323914 29949796 12961776 18104787 16988020 4857543 19454830 291360345 251309967 10395993 8508513 362258148 329780490 2508747 3824502 339809920 304059798 342318667 307884300 X 0 0 0 0 19939481 21896190 19939481 21896190 362258148 329780490 X 1959543 -2834 X X 0 1 1 X 0 947801 947801 17848868 4558748 13290120 3198777 2085583 1113194 7954350 6317445 1636905 16988020 ALL OTHER INVESTMENTS 1399100 F NET LOANS AND LEASES 198961772 F NCUA SHARE INSURANCE DEPOSIT 3055535 F DEPOSITS IN COMMERICAL BANKS 46777000 F LOANS HELD FOR SALE 1116560 F 251309967 TOTAL SHARES & DEPOSITS 304059798 304059798 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE CREDIT UNION ADOPTED THE PROVISIONS OF ASC 740-10, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, ON JANUARY 1, 2009. THE CREDIT UNION HAD NO UNRECOGNIZED TAX BENEFITS WHICH WOULD REQUIRE AN ADJUSTMENT TO THE JANUARY 1, 2010 BEGINNING BALANCE OF UNDIVIDED EARNINGS. THE CREDIT UNION ALSO HAD NO UNRECOGNIZED TAX BENEFITS AT SEPTEMBER 30, 2011. X X X X 0 0 0 ROBERT CAMERON 208676 0 0 0 7489 0 129286 0 9709 0 355160 0 0 0 TOMMIE SHRYOCK 165325 0 0 0 7274 0 5331 0 18675 0 196605 0 0 0 JANET DUHAIME 155155 0 0 0 2526 0 4711 0 5916 0 168308 0 0 0 RON HELDER 131867 0 0 0 4885 0 4188 0 12708 0 153648 0 0 0 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -2,834. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.