2022-11-15T13:19:03-06:00 2021-12-31 410746749 CLIFTONLARSONALLEN LLP 20 EAST THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2021-01-01 946087440 COMMONWEALTH CENTRAL CREDIT UNION COMM 4085313100 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 VIKTORIA EARLE PRESIDENT/CEO 4085313100 2022-11-14 1 VIKTORIA EARLE 999009999 MELISSA HANGSLEBEN P02087031 6022662248 2022-11-14 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z VIKTORIA EARLE 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 22157486 0 X WWW.WEALTHCU.ORG X 1958 CA TO PROMOTE THRIFT AMONG MEMBERS AND CREATE A SOURCE OF CREDIT FOR MEMBERS. 6 6 113 8 77091 0 0 0 21621777 21040759 612043 418322 644800 595902 22878620 22054983 23000 22000 1210423 656664 11327030 11258819 0 0 0 10012259 7895798 22572712 19833281 305908 2221702 628253573 681759070 572272790 623398006 55980783 58361064 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 0 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 5856 0 113 1 1 1 0 0 0 0 0 0 0 X 6 6 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X VIKTORIA EARLE 4085313236 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 LARRY CHAMBERS TREASURER 1.00 X X 18680 0 0 JAMES CRAWFORD VICE-CHAIRMAN 1.00 X X 9151 0 0 MICHAEL F FILICE JR CHAIRMAN 1.00 X X 6104 0 0 VERN BUSSE TREASURER (THRU 4/21) 1.00 X X 629 0 0 ANNA LE DIRECTOR 1.00 X 2682 0 0 BARRY SCHIMMEL DIRECTOR 1.00 X 1233 0 0 ALBERT BALAGSO SECRETARY 1.00 X X 2471 0 0 TARAH BECK DIRECOR (THRU 7/21) 1.00 X 0 0 0 CRAIG WEBER CEO 40.00 X 526276 0 71413 VIKTORIA EARLE CFO 40.00 X 239823 0 28771 SAMUEL TUOHEY COO 40.00 X 279716 0 24482 LISA BROWN VP, HUMAN RESOURCES & ADMINISTRATION 40.00 X 249597 0 33177 SYLVIA GRANGER VP, RETAIL SERVICES 40.00 X 203434 0 23928 VAL OVROOTSKY VP, IT 40.00 X 191412 0 20554 CHRIS CAPUTO VP, LENDING 40.00 X 182869 0 29920 JENNIFER D'AMICO VP, MARKETING 40.00 X 172837 0 25223 MANUEL CARINO AVP, INFORMATION SYSTEMS & SECURITY 40.00 X 159674 0 34380 AMY CIMORELLI AVP, HUMAN RESOURCES 40.00 X 153528 0 20395 SANDRA EDUSADA RETAIL SERVICES MANAGER 40.00 X 114917 0 14028 EILISH PERRY DIRECTOR OF COMPLIANCE 40.00 X 114422 0 19361 NORMAN SALOM ACCOUNTING MANAGER 40.00 X 110149 0 6337 2739604 0 351969 19 0 1 0 0 INTEREST ON LOANS TO MEMBERS 522100 16937198 16937198 INTERCHANGE INCOME 522100 1884079 1884079 FEES AND CHARGES 522100 1841551 1764460 77091 INSURANCE AND WEALTH PROTECTION 522100 196422 196422 INVESTMENT SERVICES COMMISSION 522100 181509 181509 21040759 493645 493645 148344 27180 121164 121164 121164 75323 -75323 -75323 -75323 OTHER INCOME 522100 474738 474738 474738 22054983 20963668 77091 1014224 22000 656664 2344382 7064005 185757 1069421 595254 41406 36318 1666027 506743 807778 926489 885511 39017 24826 1198284 142295 OPERATING EXPENSES 693921 LOAN ORIGINATION EXPENS 433528 CREDIT CARD EXPENSES 294704 COLLECTION EXPENSE 103518 95433 19833281 4619340 3845501 180851582 203887864 2986112 4174541 2852036 2273733 391873344 417604906 860292 865902 27192299 13611276 13744157 13581023 8830361 13324819 2220206 2160047 19416143 20040734 628253573 681759070 3143764 3344102 569129026 620053904 572272790 623398006 X 0 0 0 0 55980783 58361064 55980783 58361064 628253573 681759070 X 2221702 -207130 365709 X 0 1 X 1 0 1189220 1189220 15672030 6305553 9366477 3305820 1634631 1671189 7025229 5671092 1354137 13581023 MEMBERS' SHARE AND SAVINGS ACCOUNTS 620053904 620053904 X 22428959 298653 298653 22130306 -75323 -75323 22054983 19841548 8267 8267 19833281 0 19833281 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, 2021 AND 2020. THE CREDIT UNION'S 2018 THROUGH 2020 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 298,653. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON DISPOSAL MOVED TO STATEMENT OF REVENUE -75,323. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSAL MOVED TO STATEMENT OF REVENUE 75,323. CREDIT FOR LOAN LOSSES MOVED TO PART XI -67,056. 1 SCHOLARSHIPS 22 22000 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 0 0 0 CRAIG WEBER CEO 507694 0 200 0 18382 0 32500 0 38913 0 597689 0 0 0 SAMUEL TUOHEY COO 248297 0 23692 0 7727 0 9887 0 14595 0 304198 0 0 0 LISA BROWN VP, HUMAN RESOURCES & ADMINISTRATION 245602 0 200 0 3795 0 31938 0 1239 0 282774 0 0 0 VIKTORIA EARLE CFO 237672 0 200 0 1951 0 12438 0 16333 0 268594 0 0 0 SYLVIA GRANGER VP, RETAIL SERVICES 189478 0 8798 0 5158 0 10138 0 13790 0 227362 0 0 0 CHRIS CAPUTO VP, LENDING 176357 0 4964 0 1548 0 16156 0 13764 0 212789 0 0 0 VAL OVROOTSKY VP, IT 189598 0 375 0 1439 0 9641 0 10913 0 211966 0 0 0 JENNIFER D'AMICO VP, MARKETING 168408 0 3747 0 682 0 8923 0 16300 0 198060 0 0 0 MANUEL CARINO AVP, INFORMATION SYSTEMS & SECURITY 152103 0 4788 0 2783 0 6676 0 27704 0 194054 0 0 0 AMY CIMORELLI AVP, HUMAN RESOURCES 139497 0 13318 0 713 0 6760 0 13635 0 173923 0 0 0 PART I, LINE 1A CERTAIN MEMBERS OF MANAGEMENT AND BOARD MEMBERS RECEIVE COMPENSATION FOR TRAVEL COMPANIONS. CHRISTOPHER CAPUTO VP, LENDING MORTGAGE X 510400 490735 0 1 1 CHRISTOPHER CAPUTO VP, LENDING LINE OF CREDIT X 168735 118569 0 1 1 CRAIG WEBER CEO MORTGAGE X 990000 610050 0 1 1 JENNIFER DAMICO VP, MARKETING CREDIT CARD X 10000 343 0 1 1 SYLVIA GRANGER VP, RETAIL SALES MORTGAGE X 379000 363450 0 1 1 VALENTIN OVROOTSKY VP, IT AUTO X 18929 7382 0 1 1 VALENTIN OVROOTSKY VP, IT MORTGAGE X 711000 671818 0 1 1 VALENTIN OVROOTSKY VP, IT CREDIT CARD X 178 178 0 1 1 CRAIG WEBBER CEO VISA PLATINUM X 155 155 0 1 1 SYLVIA GRANGER VP, RETAIL SALES LINE OF CREDIT X 7469 7469 0 1 1 SYLVIA GRANGER VP, RETAIL SALES VISA PLATINUM X 2106 2106 0 1 1 VALENTIN OVROOTSKY VP, IT LINE OF CREDIT X 1400 1400 0 1 1 VALENTIN OVROOTSKY VP, IT CREDIT CARD X 78 78 0 1 1 2273733 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 DRAFT OF THE FORM 990 IS PRESENTED TO THE BOARD OF DIRECTORS FOR THEIR REVIEW AND COMMENTS PRIOR TO FILING 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 298,653. CREDIT FOR LOAN LOSSES 67,056.