2023-10-03T16:13:33-05:00 2022-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2022-01-01 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 2023-09-27 1 KEN KRAMER 999009999 1 VALENTINO CREUS CPA P01054153 8189549700 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z STEPHEN OWEN 6735 FOREST LAWN DRIVE 300 HOLLYWOOD CA 90068 79577972 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 11 326 17 91573 0 0 0 65174656 68803190 8266355 10311587 260390 278034 73701401 79392811 0 27154 0 0 28111795 31003120 0 0 0 28410712 30599847 56522507 61630121 17178894 17762690 2107643635 2110364195 1947481652 1987866526 160161983 122497669 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 27215 0 1 326 1 1 1 0 0 0 0 0 1 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 HOWARD WELINSKY BOARD CHAIR 1.00 X 0 0 0 STEPHEN RAYNES BOARD VICE-CHAIR 1.00 X 0 0 0 IRWIN JACOBSON TREASURER 1.00 X 0 0 0 PATRICK WALTERS SECRETARY 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 LAURA VALAN 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 544154 0 20767 LISA LANDT FORMER FORMER PRESIDENT/CEO 40.00 X 1195277 0 35724 CHARLES BRUEN INTERM PRESIDENT/CEO 40.00 X 163931 0 0 KENNETH KRAMER SVP/CFO 40.00 X 345510 0 35724 ADRIANA ALLISON SVP/CXO 40.00 X 434759 0 45661 THOMAS E ORMAN SVP/CLO 40.00 X 370927 0 22924 JONATHAN PARTRIDGE SVP/CIO 40.00 X 165628 0 4141 NAS BIRMINGHAM FORMER VP DIGITAL PRODUCT & BUSINESS SYSTEMS 40.00 X 286059 0 30935 WILLIAM H WALKER VP REAL ESTATE LENDING 40.00 X 280455 0 32878 MATTHEW A KENNEDY COMM BUSINESS DEVELOPMENT OFFICER 40.00 X 266403 0 47441 JAMES MARCELLINO VP OPERATIONS 40.00 X 264013 0 28899 JENNIFER JORDAN VP RISK MANAGEMENT & GENERAL COUNSEL 40.00 X 235689 0 7108 4552805 0 312202 25 0 1 0 KURT W KAMPE III PO BOX 220217 SANTA CLARITA CA 913220217 LEGAL SERVICES 486448 ALLIED UNIVERSAL SECURITY SERVICES PO BOX 31001-2374 PASADENA CA 911102374 SECURITY SERVICES 410750 LAGUNA CLIFFS MARRIOTT RESORT & SPA 25135 PARK LANTERN DANA POINT CA 92629 RESORT - LRP VENUE 192102 MB INTERIM LEADERS LLC 2 VENTURE SUITE 100 IRVINE CA 92618 TEMPORARY EMPLOYEES AGENCY 133560 RSM US LLP 5155 PAYSPHERE CIRCLE CHICAGO IL 60674 CONSULTING 123439 7 INTEREST ON LOANS 522100 50337640 50337640 OTHER OPERATING INCOME 522100 12477640 12434486 43154 FEE INCOME 522100 5987910 5939491 48419 68803190 10320984 10320984 5698 170066 153676 31485 -147978 138581 -9397 -9397 OTHER NON-INTEREST INC 522100 278034 278034 278034 79392811 79301238 91573 0 27154 4552805 21043509 1446089 2199231 1761486 221152 125249 2607035 751188 6976424 4298635 2295755 526356 4923381 1474337 177590 PROVISION FOR LOAN & LE 2181870 LOAN SERVICING EXPENSE 2166655 MISCELLANEOUS EXPENSES 1187855 ATM EXPENSES 260224 426141 61630121 13091769 15832954 150236195 79198543 6754737 2974990 3583696 2893546 26928785 20586901 7408709 6341884 664963173 528403553 1233661323 1443362957 27944033 31355768 2107643635 2110364195 18139864 22371023 1929341788 1965495503 1947481652 1987866526 X 0 0 0 0 160161983 122497669 160161983 122497669 2107643635 2110364195 17762690 -55427004 0 X X 0 1 X 1 0 12000 12000 12000 1 1097000 1097000 9257854 6488578 2769276 8226023 6528939 1697084 8347908 7569384 778524 6341884 LOANS AND LEASES 1409872334 F NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 18693924 F ALL OTHER INVESTMENTS 13569800 F MORTGAGE SERVICING ASSETS 1226899 F 1443362957 MEMBER DEPOSITS 1925495503 BORROWINGS 40000000 1965495503 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 YEAR ENDED SEPTEMBER 30, 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. STATE TAXES, IF APPLICABLE, ARE PAID ON INCOME EARNED BY THE CREDIT UNION IN CALIFORNIA. THE CREDIT UNION IS SUBJECT TO AND PAYS ALL STATE AND CITY TAXES ON GOODS AND SERVICES PURCHASED BY THE CREDIT UNION. 0 CHILDREN'S MIRACLE NETWORK HOSPITAL 1351 HARTER PARKWAY YUBA CITY CA 95993 870387205 501(C)(3) 7799 0 FMV TO PROVIDE THE BEST CARE FOR KIDS IN CHILDREN'S HOSPITALS X X X X 0 1 0 STEPHEN OWEN PRESIDENT/CEO 408161 0 100000 0 35993 0 8550 0 12217 0 564921 0 0 0 LISA LANDT FORMER FORMER PRESIDENT/CEO 424030 0 150000 0 621247 0 8550 0 27174 0 1231001 0 0 0 CHARLES BRUEN INTERM PRESIDENT/CEO 163931 0 0 0 0 0 0 0 0 0 163931 0 0 0 KENNETH KRAMER SVP/CFO 283174 0 42460 0 19876 0 8550 0 27174 0 381234 0 0 0 ADRIANA ALLISON SVP/CXO 260122 0 40567 0 134070 0 6533 0 39128 0 480420 0 0 0 THOMAS E ORMAN SVP/CLO 280877 0 42152 0 47898 0 8550 0 14374 0 393851 0 0 0 JONATHAN PARTRIDGE SVP/CIO 85061 0 30000 0 50567 0 0 0 4141 0 169769 0 0 0 NAS BIRMINGHAM FORMER VP DIGITAL PRODUCT & BUSINESS SYSTEM 156090 0 28771 0 101198 0 3761 0 27174 0 316994 0 0 0 WILLIAM H WALKER VP REAL ESTATE LENDING 208170 0 29860 0 42425 0 5704 0 27174 0 313333 0 0 0 MATTHEW A KENNEDY COMM BUSINESS DEVELOPMENT OFFICER 97547 0 155494 0 13362 0 8313 0 39128 0 313844 0 0 0 JAMES MARCELLINO VP OPERATIONS 207894 0 32147 0 23972 0 8061 0 20838 0 292912 0 0 0 JENNIFER JORDAN VP RISK MANAGEMENT & GENERAL COUNSEL 197519 0 28589 0 9581 0 7108 0 0 0 242797 0 0 0 PART I, LINE 4B 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. LISA LANDT AND ADDIE ALLISON WERE PARTICIPANTS AS OF DECEMBER 31, 2022. THE CREDIT UNION PREVIOUSLY MAINTAINED A COLLATERAL ASSIGNMENT SPLIT-DOLLAR AGREEMENT WITH A FORMER CREDIT UNION EXECUTIVE. UNDER THE ARRANGEMENT, THE CREDIT UNION MADE A LOAN TO THE EXECUTIVE EQUAL TO THE LIFE INSURANCE POLICY PREMIUMS. THE EXECUTIVE ASSIGNED THE INSURANCE POLICY TO THE CREDIT UNION AS COLLATERAL FOR REPAYING THE PREMIUMS AND BORROWED FROM THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE FORMER EXECUTIVE TRANSFERRED OWNERSHIP OF THE LIFE INSURANCE POLICY TO THE CREDIT UNION IN FEBRUARY 2022. THE BALANCE OF THE LOAN RECEIVABLE AT THE TIME OF TRANSFER WAS $4,246,607 AND THE CASH SURRENDER VALUE OF THE POLICY WAS $3,753,638. THE FORMER EXECUTIVE'S CURRENT EMPLOYER AGREED TO PAY THE CREDIT UNION THE $492,969 DIFFERENCE BETWEEN THE LOAN RECEIVABLE AND CASH SURRENDER VALUE, WHICH WAS RECOGNIZED AS A GAIN IN OTHER NON-INTEREST INCOME. THE LIFE INSURANCE POLICY IS RECOGNIZED IN OTHER ASSETS AS A CREDIT UNION OWNED LIFE INSURANCE POLICY WITH A CASH SURRENDER VALUE OF $3,673,519 AS OF SEPTEMBER 30, 2022. AS OF SEPTEMBER 30, 2021, THE BALANCE OF THE LOAN TO THE EXECUTIVE UNDER THIS ARRANGEMENT WAS $3,813,176. THE LOAN WAS SECURED BY A LIFE INSURANCE POLICY ISSUED BY MINNESOTA LIFE INSURANCE COMPANY, RATED A+ (SUPERIOR) BY A.M. BEST COMPANY, AN INSURANCE INDUSTRY RATING AGENCY. STEPHEN OWEN OFFICER MORTGAGE X 2259996 2238357 0 1 1 ADDIE ALLISON KEY EMPLOYEE HELOC X 200000 184652 0 1 1 ADDIE ALLISON KEY EMPLOYEE AUTO LOAN X 49521 47385 0 1 1 ADDIE ALLISON KEY EMPLOYEE MORTGAGE X 606000 504596 0 1 1 2974990 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 723865 154458 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0