2022-10-13T16:08:45-05:00 2021-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2021-01-01 951790568 VENTURA COUNTY CREDIT UNION VENT 8054774024 2575 VISTA DEL MAR DRIVE SUITE 100 VENTURA CA 93001 LINDA SIM CFO 8054774028 2022-10-05 1 LINDA SIM 999009999 VALENTINO CREUS CPA P01054153 8189549700 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z LINDA ROSSI 2575 VISTA DEL MAR DRIVE SUITE 100 VENTURA CA 93001 41276672 0 X WWW.VCCUONLINE.NET X CREDIT UNION 1950 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 7 7 260 12 203371 0 0 0 41377630 37652588 2886234 3248270 300282 375814 44564146 41276672 152254 184298 0 0 16318814 16945777 0 0 0 23745469 17533338 40216537 34663413 4347609 6613259 1114149062 1276134577 1019043975 1176845485 95105087 99289092 X VENTURA COUNTY 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, VENTURA COUNTY CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFIT, OR SERVICE OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. 0 0 FOR THE TWELFTH YEAR IN A ROW, VENTURA COUNTY CREDIT UNION WAS AWARDED THE BEST FINANCIAL INSTITUTION IN VENTURA COUNTY BY THE VC REPORTER BEST OF READERS' POLL. THE CREDIT UNION RECEIVED THE 2021 BEST OF THE BEST AWARD FOR MEMBERS SHOPPERS EXPERIENCE IN RECOGNITION OF THE EXCEPTIONAL SERVICE PROVIDED TO VCCU MEMBERS. THE CREDIT UNION WAS PRIZED WITH THE TOP BUSINESS LEGACY AWARD BY THE VENTURA COUNTY AREA AGENCY FOR VCCU'S CONTINUOUS CONTRIBUTIONS TO THE VENTURA COMMUNITY. DURING 2021, VENTURA COUNTY CREDIT UNION'S CEO LINDA ROSSI WAS HONORED WITH THE WOMAN OF THE YEAR AWARD BY THE GREATER CONEJO VALLEY CHAMBER OF COMMERCE. LINDA WAS ALSO NAMED IN THE TOP 50 WOMAN IN BUSINESS BY THE PACIFIC COAST BUSINESS TIMES. 0 0 1 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 0 0 1 13284 0 1 260 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X X LINDA SIM CFO 8054774024 2575 VISTA DEL MAR DRIVE SUITE 100 VENTURA CA 93001 ROXANNE OSTREM CHAIRPERSON 3.00 X 0 0 0 MARGO BYRNE VICE CHAIRPERSON 2.00 X 0 0 0 SONIA AMEZCUA SECRETARY 2.00 X 0 0 0 SUE TATANGELO TREASURER 3.00 X 0 0 0 CORY MADDEN BOARD MEMBER 3.00 X 0 0 0 GREG STUART BOARD MEMBER 4.00 X 0 0 0 SELFA SAUCEDO BOARD MEMBER 2.00 X 0 0 0 PHILIP BOHAN BOARD MEMBER (EMERITUS) 1.00 X 0 0 0 KENNETH KAGAN SUPV CMTE CHAIR 2.00 X 0 0 0 SCOTT KOPALD SUPV CMTE MEMBER 1.00 X 0 0 0 BRENDA ALLISON SUPV CMTE MEMBER 2.00 X 0 0 0 LISA MCINALLY SUPV CMTE MEMBER 2.00 X 0 0 0 LINDA ROSSI PRESIDENT/CEO 40.00 X 560396 0 56864 LINDA SIM CFO 40.00 X 339345 0 57782 GAVIN BRADLEY COO 40.00 X 330072 0 45770 CHAD RITCHIE CIO 40.00 X 311598 0 42533 EDMOND SAHAKIAN CLO 40.00 X 220781 0 37899 APRIL REMNANT VP, DELIVERY SYSTEMS 40.00 X 190519 0 49038 CHRISTINA ESTES VP, MARKETING 40.00 X 183977 0 31968 DIANNE CLAPP VP, RISK MANAGEMENT 40.00 X 177754 0 26629 CLINTON LOVINGER VP, MEMBER SERVICES 40.00 X 176478 0 28849 BEVERLY ARMENDARIZ VP, HUMAN RESOURCES 40.00 X 169237 0 27788 DAVID KANONGATAA FINANCIAL ADVISOR 40.00 X 315808 0 43183 SEAN MCCULLOCH AVP COMMERCIAL LENDING 40.00 X 277878 0 18749 GINA O'CALLAGHAN FINANCIAL ADVISOR 40.00 X 275528 0 13485 LINDA MUSE-TABATA - FORMER SR HOME LOAN SPECIALIST 40.00 X 239127 0 21011 VALERIE MANDERNACHT-COLVARD CORE SUPERVISOR 40.00 X 164277 0 27186 3932775 0 528734 16 0 1 0 CO-OP 1500 SW 118TH STREET DES MOINES IA 50325 CREDIT CARDS MGMT AND PROCESSING 1927300 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 90312 ACCOUNTING 544709 ALOGENT HOLDINGS INC 35 TECHNOLOGY PARKWAY SOUTH PEACHTREE CORNERS GA 30092 TECHNOLOGY SOLUTIONS 522774 DOVENMUEHLE MORTGAGE INC 1 CORPORATE DRIVE SUITE 360 LAKE ZURICH IL 60047 FINANCIAL SERVICES 466977 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 FINANCIAL SERVICES 356555 28 INTEREST ON LOANS 522100 27477964 27477964 FEE INCOME 522100 5392070 5315332 76738 OTHER OPERATING INCOME 522100 4782554 4655921 126633 37652588 3248270 3248270 OTHER NON-INTEREST INC 522210 244297 244297 PROVISION FOR LOAN & L 522210 131517 131517 375814 41276672 41073301 203371 0 184298 3932775 9698817 706343 1592491 1015351 58990 274550 608687 1089200 4661932 2214969 1856958 109275 1670277 2254301 283793 LOAN SERVICING EXPENSE 1838513 MISC OPERATING EXPENSE 479425 OPERATING FEES 132468 34663413 10128691 9907497 77187677 71024539 8539898 8293867 1261798 1246303 54406822 26059094 30267056 28347728 248322608 323188129 709334301 807386783 29107033 26739731 1114149062 1276134577 12827731 15384587 1006216244 1161460898 1019043975 1176845485 X 0 0 0 0 95105087 99289092 95105087 99289092 1114149062 1276134577 6613259 -2429254 0 X X 0 1 X 1 0 7479 7479 7479 1 CCUL - PAC 1201 K STREET SUITE 1050 SACRAMENTO CA 95814 940357265 7479 9698188 9698188 28927540 12905991 16021549 3899321 2732828 1166493 9925388 8557346 1368042 1956385 1862929 93456 28347728 ALL OTHER INVESTMENTS 6423600 F LOANS AND LEASES 659337553 F NCUA SHARE INSURANCE CAP DEPOSIT 10366265 C HELD-TO-MATURITY SECURITIES 131259365 C 807386783 DIVIDENDS PAYABLE 87177 TOTAL SHARES AND DEPOSITS 1161373721 1161460898 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 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 WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEAR ENDED JUNE 30, 2021, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. 1 THE FOUNDATION OF VENTURA COUNTY CREDIT UNION 6026 TELEPHONE RD VENTURA CA 93003 462578478 501(C)(3) 49885 0 FMV PROVIDING FINANCIAL ASSISTANCE AND EDUCATION TO LOCAL PARTNERS. WORLDWIDE FOUNDATION FOR CREDIT UNIONS 5710 MINERAL POINT ROAD MADISON WI 53705 396093210 501(C)(3) 12500 0 FMV SUPPORT CREDIT UNION SYSTEMS & MEMBERS IN DEVELOPMENT ACTIVITIES. CHANNEL ISLANDS YMCA 3760 TELEGRAPH RD VENTURA CA 93003 951643379 501(C)(3) 10500 0 FMV TO HELP BUILD HEALTHY, CONFIDENT, CONNECTED, AND SECURE CHILDREN, ADULTS, FAMILIES, AND COMMUNITIES. FOOD SHARE OF VENTURA COUNTY 4156 SOUTHBANK RD OXNARD CA 96036 770018162 501(C)(3) 7500 0 FMV TO HELP THE FIGHT AGAINST HUNGER IN VENTURA COUNTY. CHILDREN'S MIRACLE NETWORK 18400 VON KARMAN AVE SUITE 900 IRVINE CA 92612 870387205 501(C)(3) 6600 0 FMV TO HELP SAVE THE LIVES OF CHILDREN BY RAISING FUNDS AND AWARENESS FOR LOCAL CHILDREN'S HOSPITALS. 11 0 X X X 0 1 0 LINDA ROSSI PRESIDENT/CEO 461014 0 48000 0 51382 0 42918 0 13946 0 617260 0 0 0 LINDA SIM CFO 308328 0 12000 0 19017 0 36958 0 20824 0 397127 0 0 0 GAVIN BRADLEY COO 309667 0 12000 0 8405 0 23746 0 22024 0 375842 0 0 0 CHAD RITCHIE CIO 303183 0 2000 0 6415 0 23360 0 19173 0 354131 0 0 0 EDMOND SAHAKIAN CLO 211027 0 2000 0 7754 0 17291 0 20608 0 258680 0 0 0 APRIL REMNANT VP, DELIVERY SYSTEMS 175743 0 3390 0 11386 0 15478 0 33560 0 239557 0 0 0 CHRISTINA ESTES VP, MARKETING 174581 0 2000 0 7396 0 14610 0 17358 0 215945 0 0 0 DIANNE CLAPP VP, RISK MANAGEMENT 176232 0 0 0 1522 0 12382 0 14247 0 204383 0 0 0 CLINTON LOVINGER VP, MEMBER SERVICES 167220 0 2000 0 7258 0 13458 0 15391 0 205327 0 0 0 BEVERLY ARMENDARIZ VP, HUMAN RESOURCES 166968 0 2000 0 269 0 13842 0 13946 0 197025 0 0 0 DAVID KANONGATAA FINANCIAL ADVISOR 47385 0 268373 0 50 0 12162 0 31021 0 358991 0 0 0 SEAN MCCULLOCH AVP COMMERCIAL LENDING 151982 0 124688 0 1208 0 16517 0 2232 0 296627 0 0 0 GINA O'CALLAGHAN FINANCIAL ADVISOR 61608 0 213792 0 128 0 13485 0 0 0 289013 0 0 0 LINDA MUSE-TABATA - FORMER SR HOME LOAN SPECIALIST 29491 0 209169 0 467 0 11913 0 9098 0 260138 0 0 0 VALERIE MANDERNACHT-COLVARD CORE SUPERVISOR 162218 0 1703 0 356 0 7710 0 19476 0 191463 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS ENTERED INTO A SPLIT-DOLLAR AGREEMENT WITH A MEMBER OF THE EXECUTIVE MANAGEMENT TEAM. UNDER THE ARRANGEMENT, THE CREDIT UNION MAKES A LOAN TO THE EXECUTIVE EQUAL TO THE LIFE INSURANCE POLICY PREMIUMS. THE EXECUTIVE ASSIGNS THE INSURANCE POLICY TO THE CREDIT UNION AS COLLATERAL FOR REPAYING THE PREMIUMS AND BORROWS FROM THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE CREDIT UNION IS REPAID FROM THE POLICY'S DEATH PROCEEDS. INTEREST ACCRUES ON THE LOANS AT THE APPLICABLE FEDERAL RATE AT THE TIME OF THE ADVANCE. THE INTEREST IS REPORTED AS TAXABLE INCOME TO THE EXECUTIVE IN THE YEAR EARNED. ANY PRINCIPAL OR INTEREST NOT REPAID UNDER THE ARRANGEMENTS IS TAXABLE TO THE EXECUTIVE. THE CREDIT UNION CONTRIBUTES TO A 457(F) PLAN AS ADDITIONAL RETIREMENT BENEFITS FOR THE CEO. THE 457(F) PLAN IS FULLY FUNDED AND NO FURTHER ACCRUALS WILL BE RECORDED. THE CREDIT UNION OFFERS A SERP AS PART OF THE CEO'S 10-YEAR EMPLOYMENT CONTRACT. THE PURPOSE OF THE PLAN IS TO PROVIDE ADDITIONAL INCENTIVE FOR THE CEO TO REMAIN WITH THE CREDIT UNION. THE CREDIT UNION CONTRIBUTES 2% OF COMPENSATION TO A 457(B) PLAN ON TOP OF ALL OTHER RETIREMENT PLANS FOR SENIOR MANAGEMENT. THE FOLLOWING IS A LIST OF CURRENT PARTICIPANTS AND THE CONTRIBUTIONS MADE IN 2021: LINDA ROSSI - $25,668 LINDA SIM - $19,708 GAVIN BRADLEY - $6,496 CHAD RITCHIE - $6,110 EDMOND SAHAKIAN - $4,329 APRIL REMNANT - $4,022 CHRISTINA ESTES - $3,607 DIANNE CLAPP - -$3,488 CLINTON LOVINGER - $3,562 BEVERLY ARMENDARIZ - $3,465 JOSEPH SCHROEDER FORMER OFFICER FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICY X 7200000 8293867 0 1 1 8293867 FORM 990, PART VI, SECTION A, LINE 6 VENTURA COUNTY 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. VENTURA COUNTY CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BODY OF VENTURA COUNTY 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 OUR 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 ADVANCED MONTHLY BOARD PACKAGES, INCLUDING FINANCIAL STATEMENTS AND OTHER RELEVANT INFORMATION ARE DISTRIBUTED TO THE BOARD MONTHLY, IN ADVANCE OF THE BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD REVIEWS ANY EXCEPTION ON A PERIODIC BASIS PURSUANT TO THE ORGANIZATION'S CONFLICT OF INTEREST POLICY AND PROVIDES ANY RESOLUTION WHERE NECESSARY. FORM 990, PART VI, SECTION B, LINE 15 THE HUMAN RESOURCE DEPT. GATHERS RELEVANT SALARY INFORMATION COMPARABLE WITHIN INDUSTRY AND MARKET STANDARDS. THEREAFTER, APPROPRIATE RECOMMENDATIONS ARE PROVIDED TO THE CEO FOR REVIEW AND APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES AVAILABLE ITS FINANCIAL STATEMENTS IN EVERY BRANCH LOCATION ON A MONTHLY BASIS AND PROVIDES ANY GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY UPON REQUEST. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. THE FOUNDATION OF VENTURA COUNTY CREDIT UNION 2575 VISTA DEL MAR DRIVE SUITE 100 VENTURA CA 93001 462578478 COLLECTION OF CHARITABLE DONATIONS FROM EMPLOYEES AND GENERAL PUBLIC CA 501(C)(3) LINE 7 VENTURA COUNTY CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 THE FOUNDATION OF VENTURA COUNTY CREDIT UNION B ACTUAL AMOUNT BELOW THRESHOLD