2023-11-09T08:50:25-07:00 2022-12-31 990 2022-01-01 562180770 LATINO COMMUNITY CREDIT UNION LATI 9196889270 100 West Morgan Street Durham NC 27701 Alison Yonas CFO 9196889270 2023-11-09 1 1 11 0 AAL2 2022 2023-04-26 12:10:37Z VICKY GARCIA 100 WEST MORGAN STREET DURHAM NC 27701 57822762 0 X www.latinoccu.org X credit union 2000 NC Latino Community Credit Union's (LCCU) mission is to provide ethical financial products and education to empower communities. 7 7 197 14 0 0 2078342 694400 45658466 55108107 145578 2020255 0 0 47882386 57822762 81300 114475 0 0 9496119 11780765 0 0 0 18911512 22141222 28488931 34036462 19393455 23786300 720522330 910105673 635667914 801464957 84854416 108640716 LCCU's mission is provide ethical financial products and education to empower communities. 0 0 Credit Union Programs: Provide mortgages and consumer loans to members at affordable rates. There were 10,199 loans provided to 118,789 members in 2022. Of the 777 home loans made to members, 550 were first-time homebuyers. Offer competitive rates on share deposits and services. LCCU opened 40,026 new accounts in 2022 and paid out $6,287,879 in dividends for its 118,789 members. Provide financial education to over 118,789 members and to the broader community. Offer free financial education workshops to the community, develop and distribute curriculum and educational videos to interested parties. In 2022, LCCU provided 41 scholarships for higher education to members for a total of $132,500. 0 0 0 0 0 1 0 0 0 0 0 1 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 40044 0 1 197 1 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 0 0 X Vicky Garcia 9196889270 100 West Morgan Street Durham NC 27701 Luis Pastor CEO 40 2 X X X 445120 0 42915 Roger Montes Senior Vice President, Branch Coordination 40 0 X 164412 0 38582 Silvia Rincon Senior Vice President, Member Experience 40 1 X 151682 0 24622 Vicky Garcia Senior Vice President, Product and Risk Management 40 0 X 140200 0 35114 Irving Bustillo SVP, Branch Support 40 0 X 140393 0 26712 Alison Yonas Senior Vice President, Finance and Strategic Investment 40 1 X 156450 0 9375 David Brehmer Chair 5 0 X X 0 0 0 Maria Scanga Treasurer 2 0 X X 0 0 0 Lorena Patterson Vice-Chair 1 0 X X 0 0 0 Farad Ali Secretary 1.00 0 X X 0 0 0 Jerry Harmon Director 1 0 X 0 0 0 John Herrera Director 1 1 X 0 0 0 Jorge Archila Director 1 0 X 0 0 0 Erika Bell Director 1 1 X 0 0 0 1198257 0 177320 6 0 1 0 North Carolina State Employees Credit Union 1000 Wade Avenue Raleigh NC 27605 Back Office Services 8548507 Standard Title LLC PO Box 19001 Raleigh NC 27619 Settlements 683368 Accurate Title Group LLC 6000 Freedom Square Drive Independence OH 44131 Home Appraisals 468382 Paylocity 1400 American Lane Schaumburg IL 60173 HR and Payroll 425955 Perkins and Will 411 W Chapel Hill Street Suite 200 Durham NC 27701 Architecture Services 313954 17 0 0 0 0 690000 4400 0 694400 Loan Interest Income 522130 44894848 44894848 0 0 Fees and Service Charges 522130 6118080 6118080 0 0 Interchange Income 522130 4095179 4095179 0 0 0 0 0 0 55108107 2020255 2020255 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 57822762 57128362 0 0 0 114475 0 0 486889 0 8818966 468181 1303814 702915 0 39692 22579 0 0 0 70417 4283 856276 9212 0 1529801 12630 0 0 6287878 0 670034 0 Provision for Loan Losses 1740000 Service Fees 8548507 Debit Card Processing 1344374 1005539 34036462 0 0 0 4700448 3833327 77106133 137012439 0 0 1549522 2634936 0 0 0 0 610264358 730334476 0 0 241854 370101 22532493 3502744 18330695 19029749 0 0 2114552 2814862 5749251 6708210 0 0 465517 7367573 720522330 910105673 1527829 7792882 0 0 0 0 0 0 1425623 1719639 0 0 21375000 41575000 1500000 100436000 609839462 649941436 635667914 801464957 X 0 0 0 0 84854416 108640716 84854416 108640716 720522330 910105673 23786300 0 0 0 0 0 X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 3554865 0 3554865 12424634 0 1233758 11190876 3233972 0 1771339 1462633 756332 0 497647 258685 2562690 0 0 2562690 19029749 0 Share Draft Accounts 67105650 Money Market Accounts 190986866 Cash Point Global Accounts 912333 Share Certificates 278695669 Deposit Accounts 109757838 Intra-company Accounts 2483080 649941436 57822762 0 0 0 0 0 57822762 0 0 0 57822762 34036462 0 0 0 0 0 34036462 0 0 0 34036462 Schedule D, Part IV, Line 2b LCCU's escrow account liability is comprised of funds held in escrow for mortgages made to credit union members. 1 Scholarships for higher education to members who fulfill application requirements and are chosen by committee. 41 132500 0 Schedule I, Part I, Line 2 Schedule I, Part 1, Line 2, LCCU is pleased to invest in it members' education. To ensure proper use of granted scholarship funds, the credit union makes the payment in the name of the school of higher education which the scholarship recipient will be attending. LCCU also requires a copy of the acceptance letter from the educational institution the winners will be attending, as well as transcripts, verification of income declared in the scholarship application, evidence of additional grants, loans and repayment plan relevant to their education, and evidence of personal funds available to cover any outstanding balances, if applicable. X X 0 1 0 Luis Pastor CEO 445120 0 0 0 0 0 27000 0 15915 0 488035 0 0 0 Roger Montes Senior Vice President, Branch Coordination 164412 0 0 0 0 0 29460 0 9122 0 202994 0 0 0 Silvia Rincon Senior Vice President, Member Experience 151682 0 0 0 0 0 9375 0 15247 0 176304 0 0 0 Irving Bustillo SVP, Branch Support 140393 0 0 0 0 0 9308 0 17932 0 167633 0 0 0 Alison Yonas Senior Vice President, Finance and Strategic Investment 156450 0 0 0 0 0 9375 0 45 0 165870 0 0 0 Vicky Garcia Senior Vice President, Product and Risk Management 140200 0 0 0 0 0 27900 0 7214 0 175314 0 0 0 Schedule J, Part I, Line 4 Certain employees are eligible to participate in the organization's 457b plan. Luis Pastor's contribution was $8,879, Roger Montes' contribution was $19,500 and Vicky Garcia's contribution was $19,500 in 2022. Form 990, Part IV, Line 26 All loans for current officers are loans from the credit union made on the same terms as offered to other members of the credit union. Therefore, we are not required to complete Schedule L. Form 990, Part VI, Section A, Line 6 LCCU had 118,789 member-owners in 2022. Form 990, Part VI, Section A, Line 7a LCCU's member-owners elect the board of directors at the annual meeting. Form 990, Part VI, Section B, Line 11b LCCU has a comprehensive process to review the 990. The 990 is first completed by the Finance Department after the organization's audited financial statements are complete. The 990 is then reviewed by the CEO and sent to the Board of Directors for their review before being submitted to the IRS. Form 990, Part VI, Section B, Line 12c LCCU's conflict of interest policy states that the responsibility for avoiding and disclosing both actual and potential conflicts of interest falls on the individual directors and committee members themselves. Failure to comply with LCCU policies concerning conflict of interest may subject the director or committee member to removal according to the by-laws of LCCU. A conflict of interest is present whenever a director or committee member has a material financial interest in a proposed contract or transaction to which LCCU may be a party. A conflict of interest may also exist where the private interests of a director or committee member and his or her official LCCU responsibilities conflict. The definition of a director or committee member also includes the individual's immediate family, which includes a person's spouse, parents, siblings, children, life partner and anyone living within the person's household as a family member. The Board of Directors, without the participation or vote of the director involved, will evaluate disclosures and any other information concerning actual and potential conflicts of interest and take the appropriate action in the best interests of LCCU. The Board may ask disinterested parties to review the actual or potential conflicts of interest and recommend a course of action based on statutes, regulations, by-law provisions and internal policies. Form 990, Part VI, Section B, Line 15 The process for determining compensation for LCCU's CEO is handled by the Board of Directors. The Board Chair determines the annual evaluation format and includes the CEO in the process. The Board Chair presents this data to the full Board without the presence of the CEO. A new salary is decided based on job performance, credit union performance, and compensation data for similarly held positions, and is effective as of the start of the new fiscal year. This process is documented by the Secretary of the Board of Directors and the new salary is communicated by the Board Chair to the Human Resources department, which documents and implements the salary change. The CEO is responsible for conducting reviews and salary changes for all other officers and key employees. LCCU did not have any other officers or key employees as defined by the IRS in 2022. Form 990, Part VI, Section C, Line 19 LCCU makes its governing documents and conflict of interest policy available to the public upon request. LCCU makes its financial statements available to the public by posting a copy in its branches monthly. A more complete version of its financials is available to the public upon request. Latino Community Development Center 100 West Morgan Street Durham NC 27701 820551614 Financial education NC 501c3 7 N/A 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 LCCU's request for an extension of time to file an exempt organization return was approved. Therefore, this return is not late since it is filed by November 15, 2023.