2024-11-13T16:54:09-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 20 EAST THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2023-01-01 941231186 SAN MATEO CREDIT UNION SANM 6503631716 350 CONVENTION WAY REDWOOD CITY CA 94063 DAVID DIAMOND VP, CHIEF FINANCIAL OFFICER 6503631716 2024-11-12 1 1 MELISSA HANGSLEBEN P02087031 6022662248 2024-11-12 2023 2024-10-15 13:58:12Z MONTERRA CREDIT UNION WADE PAINTER 350 CONVENTION WAY REDWOOD CITY CA 94063 88269127 0 X WWW.MONTERRA.ORG X 1952 CA PROVIDE A RANGE OF FINANCIAL PRODUCTS AND SERVICES TO IMPROVE THE FINANCIAL LIVES OF OUR MEMBERS. 7 7 234 10 108571 50687 0 0 59827484 69997800 8905205 18012611 1335771 252693 70068460 88263104 184130 116856 4250301 13419822 23729780 26000352 0 0 0 23672208 24193156 51836419 63730186 18232041 24532918 1661497926 1674734928 1482369102 1473504715 179128824 201230213 PASSIONATELY DELIVER RELEVANT PRODUCTS, SERVICES, AND EDUCATION TAILORED TO HELP OUR MEMBERS, EMPLOYEES, AND COMMUNITIES ACHIEVE THEIR FINANCIAL GOALS. 0 0 MONTERRA CREDIT UNION IS A FINANCIAL COOPERATIVE SERVING THE COMMUNITIES WITHIN SAN MATEO COUNTY, CITY OF PALO ALTO AND SELECT NEIGHBORHOODS IN SAN FRANCISCO. WE HAVE SEVEN BRANCHES THROUGHOUT THESE GEOGRAPHICAL AREAS AND A HEADQUARTERS OFFICE LOCATED IN REDWOOD CITY, CALIFORNIA. AS OF YEAR-END 2023, WE HAD 94,907 MEMBER-OWNERS. WE OFFER OUR MEMBERS A WIDE ARRAY OF RETAIL FINANCIAL PRODUCTS AND SERVICES, AND WE PROVIDE FINANCIAL EDUCATION TO YOUTH AND ADULTS THROUGHOUT THE COMMUNITIES WE SERVE. MONTERRA CREDIT UNION OFFERS AN ARRAY OF CONSUMER FINANCIAL PRODUCTS, INCLUDING RESIDENTIAL REAL ESTATE LOANS, AUTOMOBILE LOANS, SECURED AND UNSECURED LOANS AND CREDIT CARDS, AS WELL AS CHECKING, SAVINGS AND CERTIFICATE OF DEPOSIT ACCOUNTS. 0 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 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 26916 0 1 234 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 1 0 1 1 1 1 0 0 1 1 0 1 1 1 1 1 1 1 0 CA X DAVID DIAMOND 6503631716 350 CONVENTION WAY REDWOOD CITY CA 94063 STEVE DIVNEY CHAIR 1.00 0.00 X X 0 0 0 JOHN BEIERS VICE CHAIR 1.00 0.00 X X 0 0 0 KATE HARR SECRETARY 1.00 0.00 X X 0 0 0 MAGDA GONZALEZ TREASURER 1.00 0.00 X X 0 0 0 MICHAEL CLAIRE DIRECTOR 1.00 0.00 X 0 0 0 PAUL OKADA DIRECTOR 1.00 0.00 X 0 0 0 BRIAN PONTY DIRECTOR 1.00 0.00 X 0 0 0 WADE PAINTER CEO/PRESIDENT 40.00 1.00 X 759104 0 24366 DAVID DIAMOND VP, CHIEF FINANCIAL OFFICER 40.00 1.00 X 328737 0 16167 VALERIE ALSIP EVP/COO 40.00 1.00 X 429210 0 16552 PATRICIA ELLINGSON SVP, CHIEF LENDING OFFICER 40.00 0.00 X 300906 0 26210 REBECCA NIXON VP EMPLOYEE RELATIONS 40.00 0.00 X 256486 0 21053 WILLIAM ANDREWS VP INFORMATION SERVICES 40.00 0.00 X 203711 0 18033 DOREEN SZYMANKSKI VP MEMBER EXPERIENCE 40.00 0.00 X 201135 0 24447 IGNASIO MEDRANO VP DIGITAL SERVICES 40.00 0.00 X 207676 0 13459 ROBERT CARTER VP ADMINISTRATIVE SERVICES 40.00 0.00 X 213669 0 14164 RICHARD KINZIE VP RISK & COMPLIANCE 40.00 0.00 X 206285 0 17637 DANI ROBINSON VP CREDIT RISK 40.00 0.00 X 172754 0 14178 SUZANNE KNOWLTON VP MARKETING & COMMUNITY RELATIONS 40.00 1.00 X 259121 0 21187 CHERYL RAYO VP REAL ESTATE LENDING 40.00 0.00 X 209180 0 10210 EMILIO JOHANSEN EXECUTIVE WEALTH ADVISOR 40.00 0.00 X 280296 0 27935 ANATOLY VILDERMAN EXECUTIVE WEALTH ADVISOR 40.00 0.00 X 278038 0 17464 JOHNNY ESCALANTE DIRECTOR OF INFORMATION SERVICES 40.00 0.00 X 169274 0 14834 JANELLE EATON-ESCALANTE DIRECTOR OF EMPLOYEE RELATIONS 40.00 0.00 X 163768 0 6269 FANGZHOU LIU IS PROGRAMMING LEAD 40.00 0.00 X 144522 0 5997 4783872 0 310162 44 0 1 0 VISA PO BOX 742233 LOS ANGELES CA 90074 CARD NETWORK PROVIDER 2932706 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE SYSTEM SERVICES 1152146 ALKAMI TECHNOLOGY 5601 GRANITE PARKWAY STE 120 PLANO TX 75024 MOBILE DEPOSIT SERVICES 1082794 MOGO MARKETING & MEDIA LLC 900 LARKSPUR LANDING CIRCLE LARKSPUR CA 94939 MARKETING SERVICES 514112 FINANCIAL TECHNOLOGY SOLUTIONS INTL INC PO BOX 919 MONROVIA CA 91017 ATM SERVICING 478744 35 INTEREST ON LOANS 522100 54595634 54595634 INTERCHANGE INCOME 522100 7377391 7377391 OTHER NONINTEREST INCOME 522100 4253718 4145147 108571 DEPOSIT SERVICE CHARGES AND FEES 522100 3710541 3710541 SALE OF LOANS 522100 60516 60516 69997800 11935485 11935485 258716 6023 252693 252693 252693 6077126 0 6077126 6077126 6077126 88263104 69889229 108571 18265304 116856 13419822 3985637 16848117 1168629 2510152 1487817 202651 276180 10768 2796995 2043972 1720735 2452120 68978 223408 2623820 329923 UBI TAX 10804 DEBIT & CREDIT CARD FEE 3264900 REPAIRS & MAINTENANCE 2788950 LOAN SERVICING 1908311 3470641 63730186 15728774 11323233 246760569 195220830 1462395 1624090 11452609 11782441 1292005187 1367263727 807015 605615 44341792 29130249 16358552 15211543 29828305 23125560 7755500 7959700 39339020 40618189 1661497926 1674734928 9559726 13202280 1472809376 1460302435 1482369102 1473504715 X 0 0 0 0 179128824 201230213 179128824 201230213 1661497926 1674734928 X 24532918 681141 -3112670 X X 0 1 X 1 0 10768 0 0 10768 10768 1 CALIFORNIA CREDIT UNION LEAGUE 2855 E GUASTI ROAD SUITE 202 ONTARIO CA 91761 940357265 10768 PART I-A, LINE 1: THE CREDIT UNION CONTRIBUTES TO POLITICAL ACTION COMMITTEES (PACS) IN SUPPORT OF CREDIT UNION ISSUES. 5000000 5000000 15065154 7015143 8050011 4151698 4151698 0 20042459 17963408 2079051 82481 82481 15211543 MEMBERS' SHARES AND SAVINGS ACCOUNTS 1446195839 LEASE LIABILITIES 14106596 1460302435 X 88269127 0 88269127 -6023 -6023 88263104 63736209 6023 6023 63730186 0 63730186 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE AND THE UNRELATED BUSINESS INCOME TAXES PAID WERE IMMATERIAL FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022. 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, 2023 AND 2022. THE CREDIT UNION'S 2020 THROUGH 2022 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES MOVED TO THE STATEMENT OF REVENUE FROM EXPENSES -6,023. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES MOVED TO THE STATEMENT OF REVENUE FROM EXPENSES 6,023. 1 REDWOOD CITY PAL CENTER 3399 BAY RD REDWOOD CITY CA 94063 943229506 501(C)(3) 10000 0 ANNUAL GIVING NATIONAL CREDIT UNION FOUNDATION 4703 MADISON YARDS WAY SUITE 300 MADISON WI 53705 391383650 501(C)(3) 10000 0 ANNUAL PROGRAM SUPPORT CHAMBER SAN MATEO COUNTY 255 SHORELINE DR 150 REDWOOD CITY CA 94065 940377914 501(C)(6) 9620 0 ANNUAL PROGRAM SUPPORT SAN MATEO COUNTY ECONOMIC DEVELOPMENT ASSOCIATION 1900 OFARRELL STREET SUITE 380 SAN MATEO CA 94403 941295795 501(C)(4) 7514 0 ANNUAL GIVING REDWOOD CITY PARKS AND ARTS FOUNDATION 1400 ROOSEVELT AVE REDWOOD CITY CA 94061 454990174 501(C)(3) 6750 0 ANNUAL GIVING THE SEQUOIA AWARDS PO BOX 2355 REDWOOD CITY CA 94064 943148844 501(C)(3) 6750 0 SCHOLARSHIPS CHILDREN'S MIRACLE NETWORK HOSPITALS 205 WEST 700 SOUTH SALT LAKE CITY UT SALT LAKE CITY UT 84101 870387205 501(C)(3) 6000 0 FUNDRAISING EVENT 5 2 PART I, LINE 2: THE COMMUNITY RELATIONS DEPARTMENT MAINTAINS RECORDS OF ALL GRANTS. GRANT PAYMENTS ARE MADE WITH THE APPROVAL OF DESIGNATED INDIVIDUALS WITH AUTHORITY TO APPROVE GRANT PAYMENTS. X X 1 1 X X X X 0 1 0 WADE PAINTER CEO/PRESIDENT 653009 0 95295 0 10800 0 19800 0 4566 0 783470 0 0 0 VALERIE ALSIP EVP/COO 389693 0 39517 0 0 0 15840 0 712 0 445762 0 0 0 DAVID DIAMOND VP, CHIEF FINANCIAL OFFICER 298152 0 30585 0 0 0 12165 0 4002 0 344904 0 0 0 PATRICIA ELLINGSON SVP, CHIEF LENDING OFFICER 274761 0 26145 0 0 0 17547 0 8663 0 327116 0 0 0 EMILIO JOHANSEN EXECUTIVE WEALTH ADVISOR 43564 0 234702 0 2030 0 17898 0 10037 0 308231 0 0 0 ANATOLY VILDERMAN EXECUTIVE WEALTH ADVISOR 57085 0 218353 0 2600 0 17052 0 412 0 295502 0 0 0 SUZANNE KNOWLTON VP MARKETING & COMMUNITY RELATIONS 184246 0 74875 0 0 0 13025 0 8162 0 280308 0 0 0 REBECCA NIXON VP EMPLOYEE RELATIONS 232607 0 23879 0 0 0 14778 0 6275 0 277539 0 0 0 ROBERT CARTER VP ADMINISTRATIVE SERVICES 193015 0 20654 0 0 0 12654 0 1510 0 227833 0 0 0 DOREEN SZYMANKSKI VP MEMBER EXPERIENCE 178216 0 20059 0 2860 0 12411 0 12036 0 225582 0 0 0 RICHARD KINZIE VP RISK & COMPLIANCE 187330 0 18955 0 0 0 12418 0 5219 0 223922 0 0 0 WILLIAM ANDREWS VP INFORMATION SERVICES 182848 0 20863 0 0 0 13011 0 5022 0 221744 0 0 0 IGNASIO MEDRANO VP DIGITAL SERVICES 186594 0 21082 0 0 0 13047 0 412 0 221135 0 0 0 CHERYL RAYO VP REAL ESTATE LENDING 191966 0 17214 0 0 0 8778 0 1432 0 219390 0 0 0 DANI ROBINSON VP CREDIT RISK 157696 0 15058 0 0 0 10839 0 3339 0 186932 0 0 0 JOHNNY ESCALANTE DIRECTOR OF INFORMATION SERVICES 154864 0 14410 0 0 0 9941 0 4893 0 184108 0 0 0 JANELLE EATON-ESCALANTE DIRECTOR OF EMPLOYEE RELATIONS 149989 0 13779 0 0 0 4849 0 1420 0 170037 0 0 0 FANGZHOU LIU IS PROGRAMMING LEAD 135794 0 8728 0 0 0 0 0 5997 0 150519 0 0 0 PART I, LINE 1A IN ACCORDANCE WITH THE MONTERRA CREDIT UNION BYLAWS AND EXPENDITURES POLICY, OFFICIALS, DIRECTORS, AND SUPERVISORY COMMITTEE MEMBERS TRAVEL TO ATTEND CONTINUING EDUCATION AND INDUSTRY-RELATED SEMINARS, CONFERENCES, AND MEETINGS. PART I, LINE 4B SPLIT DOLLAR: THE CREDIT UNION HAS 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 EACH RESPECTIVE LIFE INSURANCE POLICY, PLUS INCOME ANNUITIES USED TO FUND THE POLICIES. THE POLICIES ARE OWNED BY THE EXECUTIVE AND THE EXECUTIVE HAS THE RIGHT TO NAME THE BENEFICIARIES FOR AMOUNTS NOT SECURED BY THE ASSIGNMENTS. WADE PAINTER PRESIDENT/CEO SPLIT DOLLAR LIFE INSURANCE X 9659000 11782441 0 1 1 11782441 FORM 990, PART VI, SECTION A, LINE 4 THE GOVERNING DOCUMENTS WERE UPDATED TO REFLECT THE CREDIT UNION'S NAME CHANGE FROM SAN MATEO CREDIT UNION TO MONTERRA CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 6 YOU ARE ELIGIBLE FOR MEMBERSHIP IN MONTERRA CREDIT UNION IF: - YOU LIVE, WORK, WORSHIP, OR ATTEND SCHOOL IN SAN MATEO COUNTY, THE CITY OF PALO ALTO, OR SELECT SAN FRANCISCO ZIP CODES: 94110, 94112, 94116, 94122 94124, 94132, OR 94134. - YOU ARE A MEMBER OF OR EMPLOYED BY ONE OF OUR PARTNER ORGANIZATIONS OR BUSINESSES. - YOU HAVE A FAMILY MEMBER, DOMESTIC PARTNER, OR ROOMMATE THAT IS A MEMBER OF MONTERRA CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. 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. FORM 990 AND SUMMARY ARE PROVIDED TO THE BOARD OF DIRECTORS SUBSEQUENT TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EMPLOYEES OF THE CREDIT UNION SHALL NOT ENGAGE IN ANY ACTIVITIES WHICH ARE OR COULD BE IN CONFLICT WITH THEIR STATUS AS A CREDIT UNION EMPLOYEE. THIS INCLUDES THE USE OF ONE'S STATUS AS AN EMPLOYEE FOR PERSONAL PROFIT OR ADVANTAGE. IN ADDITION, IT IS UNLAWFUL FOR AN EMPLOYEE OR OFFICER OF THE CREDIT UNION TO USE INFORMATION AND DISCLOSURE OF MEMBER ASSETS AND PERSONAL DATA FOR PERSONAL GAIN OR OTHER FRAUDULENT PURPOSES. SUCH ACTIVITY ON THE PART OF ANY EMPLOYEE WILL RESULT IN IMMEDIATE DISMISSAL. ANNUALLY EMPLOYEES AND THE BOARD OF DIRECTORS MUST REVIEW, DISCLOSE, AND SIGN THE CONFLICT OF INTEREST DOCUMENT. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE PRESIDENT, OFFICERS, AND KEY EMPLOYEES IS DETERMINED BY CONDUCTING AN INDEPENDENT COMPENSATION ANALYSIS, WHICH IS REVIEWED BY THE COMPENSATION COMMITTEE. THE COMPENSATION DETERMINATION IS ALSO SUPPORTED BY A WRITTEN EMPLOYMENT CONTRACT, COMPENSATION SURVEY, APPROVAL OF BOARD, AND INDEPENDENT COMPENSATION CONSULTANT. THIS PROCESS WAS LAST COMPLETED IN 2023. FOR OFFICERS AND KEY EMPLOYEES, COMPENSATION IS DETERMINED BY CONDUCTING AN INDEPENDENT COMPENSATION ANALYSIS. COMPENSATION IS THEN DETERMINED AND APPROVED BY THE CEO. THE COMPENSATION DECISION IS DOCUMENTED IN THE EMPLOYEE'S PERSONNEL FILE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CUMULATIVE CHANGE IN ACCOUNTING PRINCIPLE -3,112,670. FORM 990, PART XII, LINE 2C: THE ORGANIZATION DID NOT CHANGE ITS OVERSIGHT OR SELECTION PROCESS FOR AN INDEPENDENT ACCOUNTANT DURING THE TAX YEAR. SMCU COMMUNITY FUND 350 CONVENTION WAY REDWOOD CA 94063 850663372 NONPROFIT FUND TO SUPPORT FINANCIAL WELLNESS IN OUR COMMUNITY CA 501(C)(3) LINE 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0