2023-11-15T08:04:56-06:00 2022-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2022-01-01 941484851 CREDIT UNIONS IN THE STATE OF CALIFORNIA SIERRA CENTRAL CREDIT UNION CRED 8002227228 1351 HARTER PKWY YUBA CITY CA 95993 STEPHANIE DICKINSON CFO 8002227228 2023-11-14 1 STEPHANIE DICKINSON 999009999 0 JENIFER L CHASE P01306883 5638884000 2023-11-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z SIERRA CENTRAL CREDIT UNION RONALD SWEENEY 1351 HARTER PKWY YUBA CITY CA 95993 53335034 0 X WWW.SIERRACENTRAL.COM X 1955 CA AS YOUR FINANCIAL INSTITUTION, WE PLEDGE TO SERVE YOU AND OUR COMMUNITY FAITHFULLY. WE WILL BE FRIENDLY, HELPFUL, AND PROFESSIONAL, AND WE WILL PROVIDE GREAT PRODUCTS AND COMPETITIVE RATES. 7 7 331 10 214536 0 0 0 49512915 47304703 2271221 6030331 0 0 51784136 53335034 20000 20000 0 0 18277773 20546017 0 0 0 22790444 30649345 41088217 51215362 10695919 2119672 1450440549 1505152952 1304985885 1357578616 145454664 147574336 AS YOUR FINANCIAL INSTITUTION, WE PLEDGE TO SERVE YOU AND OUR COMMUNITY FAITHFULLY. WE WILL BE FRIENDLY, HELPFUL, AND PROFESSIONAL, AND WE WILL PROVIDE GREAT PRODUCTS AND COMPETITIVE RATES. 0 0 SIERRA CENTRAL CREDIT UNION (THE CREDIT UNION) PROVIDES FINANCIAL SERVICES, INCLUDING SAVINGS, CHECKING, MONEY MARKET, IRA SAVINGS ACCOUNTS AND REGULAR AND IRA CDS TO MEMBER OWNERS. MEMBERS HAVE ACCESS TO OVER 30,000 ATMS, ONLINE BANKING AND DEBIT CARDS. IN 2022, THE CREDIT UNION PROVIDED FINANCIAL SERVICES, SAVINGS AND LOAN ACCOUNTS TO 74,410 MEMBERS, AND FUNDED $372.8M IN LOANS. 0 0 1 0 0 0 0 1 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 26939 0 1 331 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 1 1 0 0 1 0 1 1 1 0 0 X STEPHANIE DICKINSON 8002227228 1351 HARTER PKWY YUBA CITY CA 95993 DEVIN BARBER CHAIR 2.00 X X 0 0 0 TIB BELZA VICE CHAIR/SECRETARY 2.00 X X 0 0 0 TONY GAYLEAN DIRECTOR 2.00 X 0 0 0 BALDEV JOHAL DIRECTOR 2.00 X 0 0 0 DIANA LANGLEY FORMER DIRECTOR 2.00 X 0 0 0 DIANE MEYERS TREASURER 2.00 X X 0 0 0 DAN MIERZWA DIRECTOR 2.00 X 0 0 0 SEAN MINARD DIRECTOR 2.00 X 0 0 0 JOHN CASSIDY FORMER CEO 40.00 X 174065 0 42696 STEPHANIE DICKINSON CFO 40.00 X 302983 0 38877 RON SWEENEY CEO 40.00 X 658182 0 37076 MICHAEL CARTOSCELLI CRO, SVP RETAIL BANKING 40.00 X 272114 0 36004 STEVE HENDERSON CIO, SVP ISIT & FACILITIES 40.00 X 320228 0 34685 DAVID KELSAY CLO, SVP LENDING 40.00 X 297202 0 36669 BARBARA MENEFEE SVP ADMINISTRATION 40.00 X 288469 0 34264 DAVID BUMPUS BUSINESS DEVELOPMENT MANAGER 40.00 X 174448 0 26011 SARA HODGE VP CONTROLLER 40.00 X 163910 0 23118 TODD MCGREGOR VP DIGITAL CHANNELS 40.00 X 181822 0 9732 WALTER MEYER VP COMMERCIAL LENDING 40.00 X 176753 0 15995 KATHLEEN STEINER VP ISIT 40.00 X 189109 0 17631 3199285 0 352758 40 0 1 0 FISERV INC 75 REMITTANCE DR 6962 CHICAGO IL 60675 IT SERVICES 5185585 TPX COMMUNICATIONS PO BOX 509013 SAN DIEGO CA 92150 COMMUNICATION SERVICES 656549 DEIBOLD PO BOX 643543 PITTSBURGH PA 15264 ATM SERVICING 642676 INFOIMAGE INC 175 SOUTH HILL DR BRISBANE CA 94005 STATEMENT PROCESSING 521320 EXPERIAN PO BOX 881971 LOS ANGELES CA 90088 CREDIT SERVICING 454491 25 LOAN INTEREST INCOME 522110 35796252 35796252 INTERCHANGE INCOME 522110 5782449 5782449 SERVICE CHARGES & OTHER FEES 522110 4323287 4108751 214536 INSURANCE INCOME 522110 744493 744493 OTHER NONINTEREST INCOME 522110 658222 658222 47304703 5991639 5991639 38692 0 38692 38692 38692 53335034 47090167 214536 6030331 20000 2573514 14204584 650169 1816604 1301146 191171 167880 17000 34760 141196 501369 5095408 2048161 2243309 262773 16387 7065 2434673 218374 PROVISON FOR LOAN LOSS 4751773 DIVIDENDS PAID TO MEMBE 4593221 PLASTIC CARD OPERATIONS 3495370 LOAN SERVICING 1808131 2621324 51215362 15903856 16708213 218962835 59637260 12951322 13120991 813874412 915389184 1293131 1725550 70213088 28855428 41033646 41357660 329923535 435806551 16497812 21407543 1450440549 1505152952 10548114 13765419 1239322 1240480 0 30000000 1293198449 1312572717 1304985885 1357578616 X 0 0 0 0 145454664 147574336 145454664 147574336 1450440549 1505152952 2119672 0 X X 0 1 X 1 0 17000 17000 17000 1 CA CREDIT UNION LEAGUE PAC PO BOX 51476 ONTARIO CA 917610076 942329967 17000 0 PART I-A, LINE 1: SIERRA CENTRAL CREDIT UNION CONTRIBUTED FINANCIALLY TO THE CALIFORNIA CREDIT UNION LEAGUE'S POLITICAL ACTION COMMITTEE TO SUPPORT LOBBYING ISSUES. 1 347127 733821 730071 350877 1 X 12649861 12649861 30563707 9437118 21126589 1224032 1161234 62798 24294503 17795100 6499403 1480985 461976 1019009 41357660 FHLB STOCK 5269000 C CO-OP STOCK 20000 C CUDL STOCK 500000 C FEDERAL AGENCY SECURITIES 52281546 F US TREASURIES 377736005 F 435806551 MEMBER SHARES 1312572717 1312572717 X 53335034 0 53335034 0 53335034 51215362 0 51215362 0 51215362 PART IV, LINE 1B: SIERRA CENTRAL CREDIT UNION (THE CREDIT UNION) HOLDS ESCROW ACCOUNTS FOR LOANS THAT ARE NOT OWNED BY THE CREDIT UNION, BUT ARE SERVICED BY THE CREDIT UNION. PART IV, LINE 2B: SIERRA CENTRAL CREDIT UNION HOLD FUNDS IN ESCROW TO PAY TAXES AND INSURANCE ON BEHALF OF ITS MORTGAGE LOAN MEMBERS. PART X, LINE 2: SIERRA CENTRAL CREDIT UNION (THE CREDIT UNION) IS A STATE-CHARTERED CREDIT UNION AS DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14) AND, AS SUCH, IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. FASB ASC TOPIC 740, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED, AND PRESENTED IN THE 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-THANNOT THRESHOLD SHOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT PERIOD. FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS, AND ACCORDINGLY, SIERRA CENTRAL CREDIT UNION HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. STATE TAXES, HOWEVER, 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. 1 0 0 SCHOLARSHIPS TO STUDENTS ATTENDING COLLEGE 20 20000 0 PART I, LINE 2: FUNDS FOR COLLEGE SCHOLARSHIPS ARE SENT DIRECTLY TO THE RECIPIENTS AND SIERRA CENTRAL CREDIT UNION DOES NOT MONITOR THE USE OF THE FUNDS. X 1 1 X X 0 0 0 RON SWEENEY CEO 562116 0 93744 0 2322 0 15250 0 21826 0 695258 0 0 0 STEVE HENDERSON CIO, SVP ISIT & FACILITIES 287964 0 0 0 32264 0 15250 0 19435 0 354913 0 0 0 STEPHANIE DICKINSON CFO 273426 0 0 0 29557 0 14275 0 24602 0 341860 0 0 0 DAVID KELSAY CLO, SVP LENDING 261533 0 0 0 35669 0 15234 0 21435 0 333871 0 0 0 BARBARA MENEFEE SVP ADMINISTRATION 257454 0 0 0 31015 0 14829 0 19435 0 322733 0 0 0 MICHAEL CARTOSCELLI CRO, SVP RETAIL BANKING 241215 0 0 0 30899 0 10802 0 25202 0 308118 0 0 0 JOHN CASSIDY FORMER CEO 100188 0 73877 0 0 0 5236 0 37460 0 216761 0 0 0 KATHLEEN STEINER VP ISIT 181326 0 0 0 7783 0 9664 0 7967 0 206740 0 0 0 DAVID BUMPUS BUSINESS DEVELOPMENT MANAGER 170170 0 0 0 4278 0 8993 0 17018 0 200459 0 0 0 WALTER MEYER VP COMMERCIAL LENDING 170241 0 0 0 6512 0 8028 0 7967 0 192748 0 0 0 TODD MCGREGOR VP DIGITAL CHANNELS 174844 0 0 0 6978 0 9099 0 633 0 191554 0 0 0 SARA HODGE VP CONTROLLER 157447 0 0 0 6463 0 8561 0 14557 0 187028 0 0 0 PART I, LINE 1A SOCIAL CLUB DUES - GOLF CLUB DUES WERE PROVIDED TO RON SWEENEY, STEVE HENDERSON, STEPHANIE DICKINSON, DAVID KELSAY, BARBARA MENEFEE, AND MICHAEL CARTOSCELLI. THIS BENEFIT AMOUNT IS INCLUDED IN REPORTABLE COMPENSATION ON PART VII AND SCHEDULE J. JOHN CASSIDY OFFICER COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 6275594 7103152 0 1 1 RON SWEENEY OFFICER COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 5316725 6017839 0 1 1 13120991 FORM 990, SCHEDULE L, PART II - LOANS TO INTERESTED PERSONS SPLIT-DOLLAR PLAN: THE CREDIT UNION ENTERED INTO AGREEMENTS WITH SENIOR EXECUTIVES, JOHN CASSIDY AND RON SWEENEY, WHEREBY THE CREDIT UNION MADE A FULLY SECURED LOAN TO THE EXECUTIVES TO MAKE THE PAYMENTS FOR PREMIUMS ON LIFE INSURANCE POLICIES. THE LOAN IS SECURED BY A PORTION OF THE POLICIES BENEFITS. THE EXECUTIVES ARE THE OWNERS AND BENEFICIARIES OF THE POLICIES. FORM 990, PART VI, SECTION A, LINE 6 SIERRA CENTRAL CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A SIERRA CENTRAL CREDIT UNION MEMBERS HAVE THE POWER TO ELECT MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF FORM 990 WILL BE PROVIDED ELECTRONICALLY TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS CONTRACT WITH AN EXTERNAL CONSULTING COMPANY TO PROVIDE COMPARABLE COMPENSATION DATA FOR LIKE POSITIONS. IN A CLOSED SESSION FORMAT, THE BOARD MEMBERS REVIEWED AND APPROVED ON THE THE COMPENSATION PACKAGE. THIS APPROVAL, IN CONJUNCTION WITH THE EMPLOYEE CONTRACTS, WERE PRESENTED TO AND ACCEPTED BY THE CHIEF EXECUTIVE OFFICER. THE DECISION WAS CONTEMPORANEOUSLY DOCUMENTED IN THE BOARD MINUTES. THE LAST TIME THIS PROCESS OCCURRED WAS IN 2021. FORM 990, PART VI, SECTION C, LINE 19 SIERRA CENTRAL CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED 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 XII, LINE 2C: THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED SINCE THE PRIOR YEAR. FORM 990, PART I, LINES 14 & 17: IN 2022, SIERRA CENTRAL 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.