2024-09-30T18:51:37-05:00 2023-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2023-01-01 952513485 FIRST ENTERTAINMENT CREDIT UNION FKA CREDIT UNIONS IN THE STATE OF CA FIRS 8888003328 6735 FOREST LAWN DRIVE 300 HOLLYWOOD CA 90068 KEN KRAMER SVP/CFO 8888003328 2024-09-30 1 1 VALENTINO CREUS CPA P01054153 8189549700 2023 2024-10-15 13:58:12Z STEPHEN OWEN 6735 FOREST LAWN DRIVE 300 HOLLYWOOD CA 90068 100313213 0 X WWW.FIRSTENT.ORG X CREDIT UNION 1967 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 11 11 287 18 92346 0 0 0 68803190 86560177 10311587 13369422 278034 369282 79392811 100298881 27154 47644 0 0 31003120 34211157 0 0 0 30599847 53396587 61630121 87655388 17762690 12643493 2110364195 2209711281 1987866526 2058787845 122497669 150923436 X FIRST ENTERTAINMENT 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, FIRST ENTERTAINMENT 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 FIRST ENTERTAINMENT CREDIT UNION OFFERS ITS MEMBERS A VARIETY OF SAVINGS PROGRAMS INCLUDING CHECKING ACCOUNTS, MONEY MARKET ACCOUNTS, TERM SAVINGS CERTIFICATES, AND IRAS. ADDITIONALLY, THE CREDIT UNION OFFERS BUSINESS CHECKING AND MONEY MARKET ACCOUNTS. FIRST ENTERTAINMENT CREDIT UNION MEMBERS HAVE ACCESS TO A VARIETY OF LOAN PRODUCTS INCLUDING PERSONAL AND AUTO LOANS AND A COMPREHENSIVE PORTFOLIO OF REAL ESTATE LOANS. ADDITIONALLY, THE CREDIT UNION OFFERS A COMPLETE SUITE OF COMMERCIAL REAL ESTATE AS WELL AS COMMERCIAL AND INDUSTRIAL LOANS TO SERVICE BUSINESS LENDING NEEDS. FIRST ENTERTAINMENT CREDIT UNION MEMBERS ENJOY FREE ONLINE ACCOUNT ACCESS AS WELL AS A VARIETY OF ADDITIONAL MEMBER-ONLY BENEFITS. 0 0 0 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 1 0 0 1 38071 0 1 287 1 1 1 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 CA X X LARRY GRAGER VP FINANCE 3234364203 6735 FOREST LAWN DRIVE SUITE 300 HOLLYWOOD CA 90068 PATRICK WALTERS BOARD CHAIR 1.00 X 0 0 0 STEPHEN RAYNES BOARD VICE-CHAIR 1.00 X 0 0 0 LAURA VALAN SECRETARY 1.00 X 0 0 0 IRWIN JACOBSON TREASURER 1.00 X 0 0 0 HOWARD WELINSKY BOARD MEMBER 1.00 X 0 0 0 GARI ANN DOUGLASS BOARD MEMBER 1.00 X 0 0 0 SAKAE MANNING BOARD MEMBER 1.00 X 0 0 0 JEFF MIRKIN BOARD MEMBER 1.00 X 0 0 0 MICHAEL EDWARDS BOARD MEMBER 1.00 X 0 0 0 TED SCHILOWITZ BOARD MEMBER 1.00 X 0 0 0 JAMES HERR BOARD MEMBER 1.00 X 0 0 0 STEPHEN OWEN PRESIDENT/CEO 40.00 X 824765 0 33796 KENNETH KRAMER SVP/CFO 40.00 X 423640 0 45342 ADRIANA ALLISON SVP/CXO 40.00 X 389440 0 59730 JONATHAN PARTRIDGE EVP/CHIEF STRATEGY OFFICER 40.00 X 329660 0 17512 MOLLY HOLCOMB SVP/CHIEF MARKETING OFFICER 40.00 X 317367 0 10911 JENNIFER JORDAN SVP/CHIEF RISK OFFICER 40.00 X 299654 0 7641 JANET KWON-GASPARD SVP/CHIEF PEOPLE OFFICER 40.00 X 285991 0 35487 THOMAS E ORMAN SVP/CLO 40.00 X 275270 0 13886 JAMES MARCELLINO VP FACILITIES 40.00 X 734586 0 27835 WILLIAM H WALKER VP REAL ESTATE LENDING 40.00 X 295243 0 40128 SHANNON LEITCH VP COMMERCIAL & REAL ESTATE LENDING 40.00 X 267025 0 7931 IRINA ABRAMOVA VP INFORMATION TECHNOLOGY 40.00 X 261936 0 23525 DANIEL ARITA VP STRATEGY 40.00 X 251254 0 25369 4955831 0 349093 85 0 1 0 DANIEL L MUELLER DBA THE LAWRENCE COMPAN 20600 GRAMERCY PLACE TORRANCE CA 90501 MARKETING SERVICES 475853 LA QUINTA RESORT AND CLUB 49-499 EISENHOWER DRIVE LA QUINTA CA 92253 EVENTS SERVICES 269123 SAPPHIRE TRAIL LLC PO BOX 330081 NORTHGLENN CO 80233 MARKETING SERVICES 230899 SALTEE CO LLC 257 GULL CIRCLE PONTE VEDRA FL 32082 CONSULTING AND COACHING SERVICES 191100 TTEC DIGITAL LLC PO BOX 856660 MINNEAPOLIS MN 554856660 IT AND COMMUNCATIONS SERVICES 134999 6 INTEREST ON LOANS 522100 69577499 69577499 OTHER OPERATING INCOME 522100 11496980 11454251 42729 FEE INCOME 522100 5485698 5436081 49617 86560177 13376249 13376249 7505 14332 -6827 -6827 -6827 OTHER NON-INTEREST INC 522100 369282 369282 369282 100298881 100206535 92346 0 47644 4955831 22553780 1891154 2868878 1941514 236681 57332 2704693 1121172 7793198 4523466 2065999 1107118 24246085 1137013 152350 PROVISION FOR LOAN & LE 4469735 LOAN SERVICING EXPENSE 1830338 MISCELLANEOUS EXPENSES 1377260 ATM EXPENSES 274462 299685 87655388 15832954 16626100 79198543 56250924 2974990 16541788 2893546 2747338 26772145 21100166 6341884 5671979 528403553 494761281 1443362957 1573438750 31355768 43673121 2110364195 2209711281 22371023 19844080 1965495503 2038943765 1987866526 2058787845 X 0 0 0 0 122497669 150923436 122497669 150923436 2110364195 2209711281 12643493 15782274 0 X X 0 1 X 1 0 10000 10000 10000 1 CALIFORNIA CREDIT UNION LEAGUE PAC 2855 E GUASTI ROAD SUITE 202 ONTARIO CA 91761 10000 1097000 1097000 9257854 6721234 2536620 8198585 6846224 1352361 8218706 7532708 685998 5671979 LOANS AND LEASES 1540389181 F NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 18470100 F ALL OTHER INVESTMENTS 13569800 F MORTGAGE SERVICING ASSETS 1009669 F 1573438750 MEMBER DEPOSITS 1778714776 BORROWINGS 260000000 ALLOWANCE FOR CREDIT LOSSES 228989 2038943765 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 CONSOLIDATED 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 SHOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEARS ENDED SEPTEMBER 30, 2023 AND 2022, 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. 0 CHILDREN'S MIRACLE NETWORK HOSPITAL 205 WEST 700 SOUTH SALT LAKE CITY UT 84101 870387205 501(C)(3) 25984 0 FMV TO PROVIDE THE BEST CARE FOR KIDS IN CHILDREN'S HOSPITALS 1 0 X X X X 1 1 0 STEPHEN OWEN PRESIDENT/CEO 671378 0 137227 0 16160 0 6458 0 27338 0 858561 0 0 0 KENNETH KRAMER SVP/CFO 306360 0 68668 0 48612 0 8550 0 36792 0 468982 0 0 0 ADRIANA ALLISON SVP/CXO 291877 0 64656 0 32907 0 6810 0 52920 0 449170 0 0 0 JONATHAN PARTRIDGE EVP/CHIEF STRATEGY OFFICER 302824 0 20427 0 6409 0 0 0 17512 0 347172 0 0 0 MOLLY HOLCOMB SVP/CHIEF MARKETING OFFICER 271931 0 41676 0 3760 0 7860 0 3051 0 328278 0 0 0 JENNIFER JORDAN SVP/CHIEF RISK OFFICER 249954 0 37479 0 12221 0 7641 0 0 0 307295 0 0 0 JANET KWON-GASPARD SVP/CHIEF PEOPLE OFFICER 257526 0 13569 0 14896 0 8149 0 27338 0 321478 0 0 0 THOMAS E ORMAN SVP/CLO 79943 0 67226 0 128101 0 4440 0 9446 0 289156 0 0 0 JAMES MARCELLINO VP FACILITIES 184794 0 40858 0 508934 0 7278 0 20557 0 762421 0 0 0 WILLIAM H WALKER VP REAL ESTATE LENDING 170477 0 40833 0 83933 0 6538 0 33590 0 335371 0 0 0 SHANNON LEITCH VP COMMERCIAL & REAL ESTATE LENDING 227140 0 38700 0 1185 0 6928 0 1003 0 274956 0 0 0 IRINA ABRAMOVA VP INFORMATION TECHNOLOGY 203012 0 34501 0 24423 0 4634 0 18891 0 285461 0 0 0 DANIEL ARITA VP STRATEGY 211661 0 36217 0 3376 0 7744 0 17625 0 276623 0 0 0 PART I, LINES 4A-B THE CREDIT UNION OFFERS A NONQUALIFIED RETIREMENT, 457(F) PLAN. THE PLAN IS UNFUNDED, THEREFORE BENEFITS ARE PAID FROM THE GENERAL ASSETS OF THE CREDIT UNION. JAMES MARCELLINO WAS THE ONLY PARTICIPANT AS OF DECEMBER 31, 2023. THE CREDIT UNION ENTERED INTO SPLIT-DOLLAR AGREEMENTS WITH CREDIT UNION EXECUTIVES. UNDER THE ARRANGEMENTS, THE CREDIT UNION MADE LOANS TO THE EXECUTIVES EQUAL TO THE LIFE INSURANCE POLICIES' PREMIUMS. THE EXECUTIVES ASSIGNED THE INSURANCE POLICIES TO THE CREDIT UNION AS COLLATERAL FOR REPAYING THE PREMIUMS AND BORROW FROM THE POLICIES TO SUPPLEMENT RETIREMENT INCOME. THE CREDIT UNION IS REPAID FROM THE POLICIES' DEATH PROCEEDS UNLESS EARLIER TERMINATED. INTEREST ACCRUES ON THE LOANS AT THE APPLICABLE FEDERAL RATE AT THE TIME OF ADVANCE. ANY PRINCIPAL OR INTEREST NOT REPAID UNDER THE ARRANGEMENTS IS TAXABLE TO THE EXECUTIVES. THE FOLLOWING EMPLOYEES RECEIVED SEVERANCE PAYMENTS DURING THE YEAR: THOMAS ORMAN $127,605 WILLIAM WALKER $77,519 STEPHEN OWEN OFFICER MORTGAGE X 2259996 2185544 0 1 1 ADDIE ALLISON KEY EMPLOYEE HELOC X 200000 179780 0 1 1 ADDIE ALLISON KEY EMPLOYEE AUTO LOAN X 49521 37989 0 1 1 ADDIE ALLISON KEY EMPLOYEE MORTGAGE X 606000 465408 0 1 1 STEPHEN OWEN OFFICER FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICY X 13300000 13673067 0 1 1 16541788 FORM 990, PART VI, SECTION A, LINE 6 FIRST ENTERTAINMENT 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. FIRST ENTERTAINMENT CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF FIRST ENTERTAINMENT 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 ITS 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 THE 990 IS REVIEWED BY THE BOARD EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 12C EMPLOYEES, BOARD AND VOLUNTEERS ARE REQUIRED TO REPORT KNOWN CONFLICTS OF INTEREST. EMPLOYEES SIGN THE CONFLICT OF INTEREST POLICY AT THE TIME OF HIRE AND ANNUALLY AT THE BEGINNING OF EACH YEAR. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD CONDUCTS AN EXECUTIVE COMMITTEE SESSION TO DETERMINE SALARY OF THE PRESIDENT/CEO. FIRST ENTERTAINMENT CREDIT UNION ALSO HAS A COMPENSATION SYSTEM THAT COMPARES SALARIES BASED ON OTHER CREDIT UNIONS, THEIR ASSET SIZE AND GEOGRAPHIC LOCATION. FIRST ENTERTAINMENT CREDIT UNION USES RANGES FOR ALL OF THEIR POSITIONS. EACH POSITION IS THEN CAREFULLY REVIEWED. FORM 990 PART VI SECTION B LINE 15B: THE CEO AND ESC EVALUATES EACH SENIOR EXECUTIVE POSITION IN ACCORDANCE WITH FIRST ENTERTAINMENT CREDIT UNION'S COMPENSATION GUIDELINES, THE COMPENSATION SYSTEM AND BASED ON THEIR OVERALL PERFORMANCE AS ASSESSED DURING THE FORMAL EVALUATION PROCESS WHICH IS CONDUCTED ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 FIRST ENTERTAINMENT CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, AND CONFLICT OF INTEREST POLICY AVAILABLE TO ITS MEMBERS UPON REQUEST. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. MEDIA BENEFITS CORP 6735 FOREST LAWN DR SUITE 300 HOLLYWOOD CA 90068 953974685 SALES CA FIRST ENT CU C 823034 176536 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0