2023-11-15T18:12:07-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 20 EAST THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2022-01-01 946087440 COMMONWEALTH CENTRAL CREDIT UNION COMM 4085313100 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 VIKTORIA EARLE PRESIDENT/CEO 4085313100 2023-11-12 1 VIKTORIA EARLE XXX-XX-XXXX 0 MELISSA HANGSLEBEN P02087031 6022662248 2023-11-12 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z VIKTORIA EARLE 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 26357314 0 X WWW.WEALTHCU.ORG X 1958 CA TO PROMOTE THRIFT AMONG MEMBERS AND CREATE A SOURCE OF CREDIT FOR MEMBERS. 7 7 114 10 67020 0 0 0 21040759 22619146 418322 3066278 595902 668691 22054983 26354115 22000 21000 656664 657806 11258819 11423930 0 0 0 7895798 9299069 19833281 21401805 2221702 4952310 681759070 672566612 623398006 610334033 58361064 62232579 TO PROMOTE THRIFT AMONG MEMBERS AND CREATE A SOURCE OF CREDIT FOR MEMBERS. 0 0 THE CREDIT UNION PROVIDES CONSUMER LOANS, SHARE AND SHARE DRAFT ACCOUNTS, SHARE CERTIFICATES AND OTHER EXEMPT FUNCTION ACTIVITIES TO ITS MEMBERS. 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 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 6171 0 1 114 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 1 1 1 1 1 0 CA X VIKTORIA EARLE 4085313236 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 LARRY CHAMBERS VICE-CHAIRMAN 1.00 X X 2496 0 0 JAMES CRAWFORD CHAIRMAN 1.00 X X 9456 0 0 MICHAEL F FILICE JR DIRECTOR 1.00 X 7967 0 0 ANNA LE SECRETARY 1.00 X X 2976 0 0 BARRY SCHIMMEL DIRECTOR 1.00 X 1032 0 0 ALBERT BALAGSO TREASURER 1.00 X X 5050 0 0 LILY LIM-TSAO DIRECTOR 1.00 X 1977 0 0 CRAIG WEBER CEO (PARTIAL YEAR) 40.00 X 424993 0 40797 VIKTORIA EARLE CEO (BEGAN DURING 2022) 40.00 X 394168 0 38217 LISA BROWN CHIEF STRATEGY AND PEOPLE OFFICER 40.00 X 285086 0 14128 VAL OVROOTSKY CHIEF INFORMATION OFFICER 40.00 X 237389 0 24786 JENNIFER D'AMICO CHIEF MARKETING OFFICER 40.00 X 208315 0 26310 DAVID LOFTUS CFO (BEGAN DURING 2022) 40.00 X 88864 0 286 SAMUEL TUOHEY COO (PARTIAL YEAR) 40.00 X 298264 0 22606 SYLVIA GRANGER VP, RETAIL SERVICES 40.00 X 221455 0 27102 CHRIS CAPUTO VP, LENDING (PARTIAL YEAR) 40.00 X 213434 0 20212 MANUEL CARINO AVP, INFORMATION SYSTEMS & SECURITY 40.00 X 197573 0 44383 AMY CIMORELLI AVP, HUMAN RESOURCES 40.00 X 160850 0 23446 SANDRA EDUSADA CALL CENTER MANAGER 40.00 X 124492 0 14459 EILISH PERRY DIRECTOR OF COMPLIANCE 40.00 X 133894 0 22822 NOEL SHANKER DIGITAL SERVICES MANAGER 40.00 X 126075 0 33823 3145806 0 353377 28 0 1 0 FISERV PO BOX 208457 DALLAS TX 75320 CORE SYSTEM 498917 CO-OP FINANCIAL 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 PAYMENT CARD SERVICES 373400 Q2 SOFTWARE INC PO BOX 205970 DALLAS TX 75320 ONLINE BANKING 366801 CO-OP ACH 9692 HAVEN AVE SUITE 300 RANCHO CUCAMONGA CA 91730 PAYMENTS ACH SERVICES 334699 EVOLVEIP PO BOX 1023 SOUTHEASTERN PA 19398 CLOUD STORAGE SOLUTION 226463 25 INTEREST ON LOANS TO MEMBERS 522100 18132347 18132347 FEES AND CHARGES 522100 2126071 2059051 67020 INTERCHANGE INCOME 522100 1948180 1948180 INVESTMENT SERVICES COMMISSION 522100 220273 220273 INSURANCE AND WEALTH PROTECTION 522100 192275 192275 22619146 3069477 3069477 125614 0 125614 125614 125614 3199 -3199 -3199 -3199 OTHER INCOME 522100 543077 543077 543077 26354115 22552126 67020 3734969 21000 657806 2617366 6739624 257191 1120998 688751 45496 35520 4021 1945829 573501 764011 943085 853326 53673 39667 1196160 150026 PROVISION FOR LOAN LOSS 807155 OPERATING EXPENSES 632304 LOAN ORIGINATION EXPENS 614068 CREDIT CARD EXPENSES 309672 331555 21401805 3845501 1316539 203887864 125968987 4174541 3460707 2273733 1693950 417604906 487782426 865902 823964 27665896 14786788 13581023 12879108 13324819 13133323 2160047 2498507 20040734 23009101 681759070 672566612 3344102 3542444 620053904 606791589 623398006 610334033 X 0 0 0 0 58361064 62232579 58361064 62232579 681759070 672566612 X 4952310 -1379057 298262 X 0 1 X 1 0 4021 0 0 4021 4021 1 CALIFORNIA CREDIT UNION LEAGUE 2855 E GUASTI ROAD SUITE 202 ONTARIO CA 91761 940357265 4021 PART I-A, LINE 1: CONTRIBUTIONS TO A PAC. 1189220 1189220 15672030 6609915 9062115 3451456 1857058 1594398 7353190 6319815 1033375 12879108 MEMBERS' SHARE AND SAVINGS ACCOUNTS 604791886 LEASE LIABILITIES 1999703 606791589 X 26655576 298262 298262 26357314 -3199 -3199 26354115 21405004 3199 3199 21401805 0 21401805 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. 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, 2022 AND 2021. THE CREDIT UNION'S 2019 THROUGH 2021 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: CASH SURRENDER VALUE CHANGES ON LIFE INSURANCE POLICIES MOVED TO PART XI 298,262. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON DISPOSAL MOVED TO STATEMENT OF REVENUE -3,199. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSAL MOVED TO STATEMENT OF REVENUE 3,199. 1 SCHOLARSHIPS 21 21000 PART I, LINE 2: EACH SCHOLARSHIP PARTICIPANT MUST SUBMIT AN APPLICATION. A COMMITTEE REVIEWS THE APPLICATION AND CHOOSES THE APPLICANT BASED ON THE CONTENT OF THEIR APPLICATION. X 1 1 X X X X 1 0 0 CRAIG WEBER CEO (PARTIAL YEAR) 356515 0 59287 0 9191 0 12667 0 28130 0 465790 0 0 0 VIKTORIA EARLE CEO (BEGAN DURING 2022) 354441 0 24480 0 15247 0 15250 0 22967 0 432385 0 0 0 SAMUEL TUOHEY COO (PARTIAL YEAR) 266601 0 24850 0 6813 0 8099 0 14507 0 320870 0 0 0 LISA BROWN CHIEF STRATEGY AND PEOPLE OFFICER 256722 0 24480 0 3884 0 13008 0 1120 0 299214 0 0 0 VAL OVROOTSKY CHIEF INFORMATION OFFICER 216731 0 19219 0 1439 0 11861 0 12925 0 262175 0 0 0 SYLVIA GRANGER VP, RETAIL SERVICES 196897 0 19289 0 5269 0 10154 0 16948 0 248557 0 0 0 MANUEL CARINO AVP, INFORMATION SYSTEMS & SECURITY 178294 0 16236 0 3043 0 10164 0 34219 0 241956 0 0 0 JENNIFER D'AMICO CHIEF MARKETING OFFICER 190015 0 17618 0 682 0 10000 0 16310 0 234625 0 0 0 CHRIS CAPUTO VP, LENDING (PARTIAL YEAR) 194891 0 17590 0 953 0 5846 0 14366 0 233646 0 0 0 AMY CIMORELLI AVP, HUMAN RESOURCES 145652 0 14276 0 922 0 6760 0 16686 0 184296 0 0 0 NOEL SHANKER DIGITAL SERVICES MANAGER 114181 0 11524 0 370 0 6921 0 26902 0 159898 0 0 0 EILISH PERRY DIRECTOR OF COMPLIANCE 119974 0 11598 0 2322 0 6234 0 16588 0 156716 0 0 0 PART I, LINE 1A CERTAIN MEMBERS OF MANAGEMENT AND BOARD MEMBERS RECEIVE COMPENSATION FOR TRAVEL COMPANIONS. PART I, LINE 4A THE FOLLOWING INDIVIDUALS RECEIVED A SEVERANCE PAYMENT DURING CALENDAR YEAR 2022: SAMUEK TUOHEY - $65,805 CHRIS CAPUTO - $47,500. JENNIFER DAMICO CHIEF MARKETING OFFICER CREDIT CARD X 10000 164 0 1 1 SYLVIA GRANGER VP, RETAIL SALES MORTGAGE X 379000 353791 0 1 1 VALENTIN OVROOTSKY CHIEF INFORMATION OFFICER MORTGAGE X 711000 648669 0 1 1 VALENTIN OVROOTSKY CHIEF INFORMATION OFFICER LINE OF CREDIT X 1400 21101 0 1 1 EILISH T PERRY DIRECTOR OF COMPLIANCE MORTGAGE X 300000 279826 0 1 1 MANUEL CARINO AVP, INFORMATION SYSTEMS & SECURITY MORTGAGE X 306122 306122 0 1 1 MANUEL CARINO AVP, INFORMATION SYSTEMS & SECURITY AUTO X 49000 25230 0 1 1 VALENTIN OVROOTSKY CHIEF INFORMATION OFFICER AUTO X 41518 39426 0 1 1 MANUEL CARINO AVP, INFORMATION SYSTEMS & SECURITY CREDIT CARD X 3818 3818 0 1 1 SYLVIA K GRANGER VP, RETAIL SERVICES LINE OF CREDIT X 14602 14602 0 1 1 SYLVIA K GRANGER VP, RETAIL SERVICES CREDIT CARD X 1112 1112 0 1 1 VALENTIN OVROOTSKY CHIEF INFORMATION OFFICER CREDIT CARD X 178 89 0 1 1 1693950 FORM 990, PART VI, SECTION A, LINE 1A THE BOARD OF DIRECTORS MAY APPOINT AN EXECUTIVE COMMITTEE OF NO FEWER THAN THREE (3) DIRECTORS AND DELEGATE TO SUCH COMMITTEE THE POWER TO APPROVE MEMBERSHIP APPLICATIONS. WITH THE WRITTEN APPROVAL OF THE COMMISSIONER, THE EXECUTIVE COMMITTEE MAY ACT FOR THE BOARD OF DIRECTORS IN THE PURCHASE AND SALE OF SECURITIES, INVESTMENT AND WITHDRAWAL OF FUNDS, IN BORROWING FUNDS, AND TO MAKE LOANS TO OTHER CREDIT UNIONS IN ACCORDANCE WITH THE LAWS AND REGULATIONS. FORM 990, PART VI, SECTION A, LINE 6 PARTICIPATION IN THE CREDIT UNION IS LIMITED TO THOSE INDIVIDUALS THAT QUALIFY FOR MEMBERSHIP. THE FIELD OF MEMBERSHIP IS DEFINED IN THE CREDIT UNION'S CHARTER AND BYLAWS. THIS GENERALLY CONSISTS OF INDIVIDUALS WHO LIVE OR REGULARLY WORK IN THE COUNTY OF SANTA CLARA, CALIFORNIA. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, THE SPOUSE OF A MEMBER, THE BLOOD OR ADOPTIVE RELATIVES OF EITHER OF THEM, AND THEIR SPOUSES MAY BE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP. 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. ONCE THIS DETAILED REVIEW IS COMPLETE, THE FORM 990 IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C IN ACCORDANCE WITH OUR BOARD POLICY, PERSONNEL POLICIES AND NON-DISCLOSURE/CONFIDENTIALITY AGREEMENT (THAT CONTAINS A CONFLICT OF INTEREST CLAUSE), COMMONWEALTH EMPLOYEES ARE REQUIRED TO DISCLOSE THE FOLLOWING INFORMATION UPON HIRE AND AT ANY TIME DURING THEIR EMPLOYMENT: - EMPLOYEE AND RELATIVE ACCOUNTS: UPON HIRE AND THEN ON AN ANNUAL BASIS, ALL EMPLOYEES ARE REQUIRED TO COMPLETE A FORM DISCLOSING ANY MEMBER ACCOUNTS BELONGING TO THEM AND/OR THEIR FAMILY MEMBERS. - CONFLICTING OUTSIDE EMPLOYMENT: IN CONJUNCTION WITH THEIR OFFER OF EMPLOYMENT LETTERS, NEW EMPLOYEES ARE REQUIRED TO SIGN A NON-DISCLOSURE/CONFIDENTIALITY AGREEMENT WHICH INCLUDES A CONFLICT OF INTEREST CLAUSE RELATING TO OUTSIDE EMPLOYMENT. ADDITIONALLY, NEW AND EXISTING EMPLOYEES ARE REQUIRED TO REPORT TO THEIR MANAGER ANY OUTSIDE EMPLOYMENT SO THAT THE CEO AND VP OF HUMAN RESOURCES CAN DETERMINE IF A CONFLICT OF INTEREST EXISTS. - CONFLICT OF INTEREST: AS REQUIRED BY COMMONWEALTH'S CODE OF ETHICAL CONDUCT, ALL VOLUNTEERS AND EMPLOYEES MUST DISCLOSE AND REPORT TO THE PRESIDENT/CEO ANY POSSIBLE CONFLICT OF INTEREST IN THEIR BUSINESS DEALINGS. FURTHERMORE, ALL EMPLOYEES ARE REQUIRED TO DISCLOSE TO THE PRESIDENT/CEO ANY GIFTS, GRATUITIES, AMENITIES, MEALS, ENTERTAINMENT, ETC. TO DETERMINE WHETHER OR NOT ACCEPTANCE OF SUCH ITEMS WOULD BE DEEMED A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 COMMONWEALTH RETAINS AN OUTSIDE COMPENSATION CONSULTING FIRM, BALANCEDCOMP, TO ASSIST IN ITS SALARY ADMINISTRATION EFFORTS. SPECIFICALLY, BALANCEDCOMP WORKS WITH THE PRESIDENT/CEO AND THE VP OF HUMAN RESOURCE DEVELOPMENT TO DEVELOP A COMPREHENSIVE COMPENSATION STRUCTURE THAT INCLUDES ANNUAL MARKET EVALUATIONS, SALARY GRADE STRUCTURE AND AN INTEGRATED JOB DESCRIPTION DATABASE. THE CURRENT COMPENSATION STRUCTURE WAS INITIALLY DEVELOPED AND IMPLEMENTED IN 2003. SINCE THEN, THE STRUCTURE HAS BEEN MAINTAINED AND ADMINISTERED BY THE CREDIT UNION'S HUMAN RESOURCES DEPARTMENT WITH THE ASSISTANCE OF BALANCEDCOMP USING A COMPENSATION SOFTWARE PACKAGE. ON AN ANNUAL BASIS, BALANCEDCOMP PARTICIPATES (ON BEHALF OF COMMONWEALTH) IN AT LEAST 10 SALARY SURVEYS FOR USE IN BENCHMARKING PAY DATA WITH MARKET RATES. THE PAY RANGES ARE ADJUSTED ANNUALLY TO REFLECT CHANGES IN MARKET CONDITIONS AND THE RANGES IN CORPORATE GEOGRAPHIC WAGE DIFFERENTIALS. THE VP OF HUMAN RESOURCES PROVIDES OVERSIGHT TO THE HUMAN RESOURCES STAFF IN SALARY ADMINISTRATION PRACTICES BY UTILIZING ALL OF THE ABOVE-MENTIONED RESOURCES PROVIDED BY BALANCEDCOMP. FURTHERMORE, THE HR DEPARTMENT ADMINISTERS COMPENSATION THROUGH THE MANAGEMENT OF COMPARATIOS. (THE COMPARATIO IS A MATHEMATICAL CALCULATION THAT IDENTIFIES THE RELATIONSHIP BETWEEN ACTUAL PAY AND MARKET RATE FOR A PERSON, DEPARTMENT OR THE TOTAL CREDIT UNION. FOR EXAMPLE, A 90% COMPARATIO FOR AN INDIVIDUAL SAYS THAT THE INDIVIDUAL IS BEING PAID AT 90% OF THE PREVAILING MARKET RATE FOR HIS/HER JOB. THE COMPARATIO IS DETERMINED BY DIVIDING ACTUAL PAY BY THE RATE ESTABLISHED AS THE MID-POINT FOR THE GRADE.) AS MARKET CONDITIONS NECESSITATE, A MID-YEAR REVIEW OF THE COMPENSATION STRUCTURE'S MARKET COMPETITIVENESS IS CONDUCTED WITH THE ASSISTANCE OF BALANCEDCOMP. EXECUTIVE COMPENSATION PRACTICES ALSO EMPLOY THE SAME METHODOLOGIES AS OUTLINED ABOVE, AND BALANCEDCOMP PROVIDES GUIDANCE AND RECOMMENDATIONS AS NEEDED. PAY GRADES AND RANGES ARE ESTABLISHED FOR EACH SENIOR MANAGEMENT LEVEL POSITION AND COMPARATIOS ARE ALSO USED WITH SUCH POSITIONS. HRN PERFORMANCE SOLUTIONS ALSO PROVIDES CONSULTING SERVICES FOR THE CEO'S COMPENSATION PACKAGE BY EMPLOYING THE SAME METHODOLOGIES (I.E. PAY GRADE, PAY RANGE, SALARY SURVEYS, COMPARATIOS, ETC.) WHEN WORKING WITH THE BOARD'S COMPENSATION COMMITTEE MEMBERS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND POLICIES ARE AVAILABLE UPON REQUEST. FINANCIAL STATEMENTS ARE PUBLICALLY AVAILABLE AT WWW.NCUA.GOV AND IN OUR BRANCH OFFICES. FORM 990, PART XI, LINE 9: CASH SURRENDER VALUE CHANGES ON LIFE INSURANCE POLICIES 298,262.