2023-10-06T16:51:37-05:00 2022-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2022-01-01 941530642 SACRAMENTO CREDIT UNION SACR 9164446070 PO BOX 2351 SACRAMENTO CA 958122351 GLENDA KAISER CFO 9164446070 2023-10-06 1 GLENDA KAISER XXX-XX-XXXX 0 JENIFER L CHASE P01306883 5638884000 2023-10-06 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z BHAVNESH MAKIN PO BOX 2351 SACRAMENTO CA 958122351 23862433 0 X WWW.SACTOCU.ORG X 1935 CA TO PROVIDE PROMPT, COMPETITIVE, QUALITY CONSUMER FINANCIAL SERVICES TO OUR MEMBERS. 6 6 135 12 119064 0 0 0 19412904 19669566 2776973 3981010 16388 15625 22206265 23666201 0 0 0 0 8942601 9625152 0 0 0 7478452 7922694 16421053 17547846 5785212 6118355 686832962 713970677 598027509 619046869 88805453 94923808 SACRAMENTO CREDIT UNION'S MISSION IS TO PROVIDE PROMPT, COMPETITIVE, QUALITY CONSUMER FINANCIAL SERVICES TO OUR MEMBERS IN A FRIENDLY, PROFESSIONAL, AND PRUDENT MANNER. 0 0 ESTABLISHED MARCH 18, 1935, SACRAMENTO CREDIT UNION (THE CREDIT UNION) IS INCORPORATED UNDER SECTION 14100 OF THE CREDIT UNION DIVISION OF THE STATE OF CALIFORNIA DEPARTMENT OF BUSINESS OVERSIGHT. THE CREDIT UNION IS A FEDERALLY INSURED COMMUNITY CREDIT UNION SERVING 26,594 MEMBERS ACROSS THE FOLLOWING COUNTIES: SACRAMENTO, EL DORADO, PLACER, SOLANO, SUTTER, YOLO, AND YUBA. COMPOSED OF INDIVIDUALS, CORPORATIONS, PARTNERSHIPS, AND OTHER LEGAL ENTITIES, THE CREDIT UNION MAINTAINS THE STANDARDS OF A TRADITIONAL MEMBER-OWNED COOPERATIVE WHILE PROVIDING SUPERIOR FINANCIAL SERVICES AT SEVEN LOCATIONS AS WELL AS CONVENIENT PAYMENT OPPORTUNITIES AFFORDED BY ONLINE BANKING, BILL PAY, MOBILE BANKING, POINT-OF-SALE, AND ATM TRANSACTIONS. SACRAMENTO CREDIT UNION (THE CREDIT UNION) OFFERS A WIDE RANGE OF COMPETITIVELY PRICED CONSUMER LOAN PRODUCTS TO HELP MEMBERS WITH FINANCING FOR VEHICLES AND FIRST MORTGAGES. FINANCING IS ALSO AVAILABLE IN THE FORM OF SECURED AND UNSECURED LINES OF CREDIT. REGARDING THE LATTER, THE CREDIT UNION OFFERS VISA PLATINUM CREDIT CARDS BOTH WITH AND WITHOUT THE POPULAR REWARDS FEATURE. SCU ALSO OFFERS COMMERCIAL REAL ESTATE LOANS AND SBA LOANS. SACRAMENTO CREDIT UNION OFFERS A BROAD RANGE OF DEPOSIT PRODUCTS TO ASSIST MEMBERS IN MANAGING CASH FLOW AND SAVING FOR THE FUTURE. INSURED TO AT LEAST $250,000 AND BACKED BY THE FULL FAITH AND CREDIT OF THE FEDERAL GOVERNMENT, SAVINGS OPPORTUNITIES INCLUDE THE FOLLOWING COMPETIVELY PRICED ACCOUNTS: REGULAR, VACATION CLUB, HOLIDAY, IRA, MONEY MARKET, REGULAR AND REWARDS CHECKING, AND CERTIFICATES OF DEPOSIT. SAVINGS IS MADE CONVENIENT VIA DIRECT DEPOSIT OF PAY CHECKS AS WELL AS ANY OTHER RECURRING SOURCE OF CASH INFLOW. THROUGH ONLINE, MOBILE OR TELEPHONE BANKING, MEMBERS CAN EASILY TRANSFER FUNDS BETWEEN SAVINGS ACCOUNTS OR MAKE PAYMENT ON LOANS. ALSO AVAILABLE ARE INVESTMENT SERVICES PROVIDED BY CERTIFIED IN-HOUSE FINANCIAL ADVISORS. 0 0 1 0 0 0 0 0 0 1 1 0 0 1 0 0 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 8324 0 1 135 1 1 1 0 0 0 0 0 0 0 X 6 6 0 0 0 0 1 1 0 1 0 0 0 0 1 0 0 1 1 1 0 0 X GLENDA KAISER 9164446070 PO BOX 2351 SACRAMENTO CA 958122351 TARIK ELDIN DIRECTOR INVESTMENT SERVICES 40.00 X 826373 0 49524 BHAVNESH MAKIN PRESIDENT/CHIEF EXECUTIVE OFFICER 40.00 X 423522 0 34134 MICHAEL HASTINGS FINANCIAL ADVISOR 40.00 X 208207 0 36773 GLENDA KAISER CHIEF FINANCIAL OFFICER 40.00 X 194518 0 36123 KENNETH ZELENY DIRECTOR OF INFORMATION TECHNOLOGY 40.00 X 124664 0 33196 BRIAN COTTON VP DIGITAL BANKING & CONTACT CENTER 40.00 X 121908 0 36190 ALETHA HICKEY VP HUMAN RESOURCES 40.00 X 136806 0 15567 ARON BREWER SECRETARY/TREASURER 1.00 X X 0 0 0 LES BROWN CHAIR 1.00 X X 0 0 0 MARY ANN CARRASCO DIRECTOR 1.00 X 0 0 0 LINDA FOSTER-HALL FORMER DIRECTOR 1.00 X 0 0 0 JUDY MCGARRY DIRECTOR 1.00 X 0 0 0 WILLIE L SOUTHWARD III VICE CHAIR 1.00 X X 0 0 0 KRISTIN VAN GAASBECK DIRECTOR 1.00 X 0 0 0 2035998 0 241507 11 0 1 0 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 CARD PROCESSOR & DATA PROCESSING 757415 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 90074 ONLINE/MOBILE BANKING PROVIDER 364164 COOK SOLUTIONS GROUP 9225 NE CASCADES PKWY PORTLAND OR 97220 ATM SERVICER 132425 INFO IMAGE 175 SOUTH HILL DRIVE BRISBANE CA 94005 STATEMENT VENDOR 132422 CHICAGO TITLE 10969 TRADE CENTER DR STE 107 RANCHO CORDOVA CA 95670 TITLE COMPANY FOR EQUITY LOANS 130544 9 NET LOAN PORTFOLIO 522100 12873749 12873749 OTHER INCOME 522100 5134632 5015568 119064 FEE INCOME 522100 1661185 1661185 19669566 3990870 3990870 162766 147141 15625 15625 15625 39231 49091 -9860 -9860 -9860 23666201 19550502 119064 3996635 688297 7156140 434021 800784 545910 11193 87536 220959 337563 326291 1175763 926163 61971 757 781630 80878 DIVIDENDS PAID TO MEMBE 1508208 VISA OPERATIONS 910853 ATM OPERATIONS 540171 LENDING COLLECTIONS 500042 452716 17547846 3102367 2985326 53233910 45314644 646909 656833 3526939 3704406 345793133 380724117 466151 591145 13593945 9283864 4780477 4310081 257175097 253141704 18107979 22542421 686832962 713970677 4504770 8893976 593522739 610152893 598027509 619046869 X 0 0 0 0 88805453 94923808 88805453 94923808 686832962 713970677 6118355 0 X X 0 0 0 2769 0 0 2769 2769 0 CCUL PAC 2855 E GUASTI ROAD SUITE 202 ONTARIO CA 91761 999999999 2769 0 PART I-A, LINE 1: SACRAMENTO CREDIT UNION PARTICIPATES IN POLITICAL CAMPAIGN ACTIVITIES SO WE HAVE AN OPPORTUNITY TO PROVIDE INPUT ON LEGISLATION THAT AFFECTS CREDIT UNIONS. 233500 233500 6679619 4979137 1700482 2497873 1295272 1202601 4182953 3009455 1173498 4310081 FEDERAL AGENCY SECURITIES 186173454 C FEDERALLY INSURED CDS 9930000 C CUSO & MISCELLANEOUS 3945092 C INVESTMENT IN CORP CREDIT UNIONS 600000 C US TREASURIES 52493158 C 253141704 CORE DEPOSITS 221384372 MONEY MARKET 152961897 SHAREDRAFT WITH DIVIDENDS 136513341 SHAREDRAFT WITHOUT DIVIDENDS 39236340 IRA SHARES: ROTH & EDUCATION 692455 IRA SHARES: TRADITIONAL 4251293 IRA CERTIFICATES 5067810 SHARE CERTIFICATES 50045385 610152893 X X X X 0 0 0 TARIK ELDIN DIRECTOR INVESTMENT SERVICES 23931 0 93572 0 708870 0 32300 0 17224 0 875897 0 0 0 BHAVNESH MAKIN PRESIDENT/CHIEF EXECUTIVE OFFICER 343190 0 43812 0 36520 0 32300 0 1834 0 457656 0 0 0 MICHAEL HASTINGS FINANCIAL ADVISOR 21794 0 24479 0 161934 0 20776 0 15997 0 244980 0 0 0 GLENDA KAISER CHIEF FINANCIAL OFFICER 158678 0 25250 0 10590 0 18730 0 17393 0 230641 0 0 0 KENNETH ZELENY DIRECTOR OF INFORMATION TECHNOLOGY 109386 0 3500 0 11778 0 10625 0 22571 0 157860 0 0 0 BRIAN COTTON VP DIGITAL BANKING & CONTACT CENTER 102990 0 12750 0 6168 0 10583 0 25607 0 158098 0 0 0 ALETHA HICKEY VP HUMAN RESOURCES 126241 0 8100 0 2465 0 11067 0 4500 0 152373 0 0 0 BHAVNESH MAKIN OFFICER OF ORGANIZATION SPLIT DOLLAR POLICY LOAN X 3500000 3704406 0 1 1 3704406 LOANS TO INTERESTED PERSONS: IN DECEMBER 2016, THE CREDIT UNION ENTERED INTO AN AGREEMENT WITH A SENIOR EXECUTIVE WHEREBY THE CREDIT UNION MADE A LOAN TO THE EXECUTIVE TO MAKE THE PAYMENTS FOR PREMIUMS ON LIFE INSURANCE POLICIES. THE LOAN IS SECURED BY A PORTION OF THE POLICIES' BENEFITS. THE EXECUTIVE IS THE OWNER AND BENEFICIARY OF THE POLICIES. THE CREDIT UNION RECORDED A RECEIVABLE FROM THE EXECUTIVE FOR THE PREMIUMS PAID TO THE INSURANCE COMPANY. FORM 990, PART VI, SECTION A, LINE 6 SACRAMENTO CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A SACRAMENTO CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 8B SACRAMENTO CREDIT UNION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE CHIEF FINANCIAL OFFICER AND THEN PRESENTED TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 15A A COMPENSATION BENCHMARKING SYSTEM, COMPEASE, WAS IMPLEMENTED IN NOVEMBER 2017 AND IS USED ANNUALLY TO BENCHMARK OUR SALARIES AGAINST SIMILARLY SITUATED COMPANIES. COMPEASE IS ALSO USED TO ESTABLISH SALARY RANGES FOR ALL POSITIONS. WHEN SETTING OFFICER AND KEY EMPLOYEE COMPENSATION, FACTORS TAKEN INTO CONSIDERATION ARE COMPA RATIO, SUBJECT EXPERTISE, INDUSTRY EXPERIENCE, JOB TENURE AND JOB PERFORMANCE. THE CHIEF EXECUTIVE OFFICER APPROVES ALL SALARY RANGES BASED ON DATA PROVIDED FROM COMPEASE. THE BOARD OF DIRECTORS CONSULTS WITH A THIRD PARTY CONSULTANT TO ESTABLISH THE CHIEF EXECUTIVE OFFICER'S COMPENSATION. THE BOARD OF DIRECTORS KEEPS CONTEMPORANEOUS DOCUMENTATION OF THE DECISION-MAKING PROCESS USED TO DETERMINE THE CHIEF EXECUTIVE OFFICER COMPENSATION. THIS PROCESS LAST OCCURRED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 SACRAMENTO CREDIT UNION (THE CREDIT UNION) MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE SECTION 6104. FORM 990, PART IV, LINE 12A & PART XII, LINE 2B THE ORGANIZATION'S FINANCIAL STATEMENTS ARE AUDITED ON A SEPARATE BASIS BY AN INDEPENDENT ACCOUNTANT. HOWEVER, THE FINANCIAL STATEMENTS ARE AUDITED ON A FISCAL YEAR-END BASIS OF SEPTEMBER 30TH, WHILE THE ORGANIZATION'S TAX YEAR-END IS DECEMBER 31ST. FORM 990, PART I, LINES 14 & 17: IN 2022, SACRAMENTO CREDIT UNION DETERMINED THAT IT WAS MORE APPROPRIATE TO INCLUDE IN THE PRIOR YEAR COLUMN FOR LINE 17 (OTHER EXPENSES) CERTAIN ITEMS INCLUDED IN PRIOR YEAR FORMS 990, PART IX, IN LINE 4 (BENEFITS PAID TO OR FOR MEMBERS). CONFORMING ADJUSTMENTS HAVE BEEN MADE TO THE CURRENT YEAR AMOUNTS LISTED IN THE CURRENT YEAR COLUMN OF PART I AND PART IX.