2021-11-10T17:24:32-06:00 2020-12-31 410746749 CLIFTONLARSONALLEN LLP 20 EAST THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2020-01-01 946087440 COMMONWEALTH CENTRAL CREDIT UNION COMM 4085313100 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 VIKTORIA EARLE CFO 4085313100 2021-11-08 1 VIKTORIA EARLE 999009999 MARY C GREEN P00447183 6022662248 2021-11-08 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z CRAIG WEBER 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 22904109 0 X WWW.WEALTHCU.ORG X 1958 CA TO PROMOTE THRIFT AMONG MEMBERS AND CREATE A SOURCE OF CREDIT FOR MEMBERS. 7 7 115 3 83628 0 0 0 23015092 21621777 1724451 612043 764767 644800 25504310 22878620 22000 23000 1117398 1210423 11490615 11327030 0 0 0 9958816 10012259 22588829 22572712 2915481 305908 530015745 628253573 474894970 572272790 55120775 55980783 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 6820 0 115 1 1 1 0 0 0 0 0 1 0 X 7 7 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 DIRECTOR 1.00 X 13435 0 0 JAMES CRAWFORD VICE-CHAIRMAN 1.00 X X 8659 0 0 MICHAEL F FILICE JR CHAIRMAN 1.00 X X 7117 0 0 VERN BUSSE TREASURER 1.00 X X 2524 0 0 ANNA LE DIRECTOR 1.00 X 2682 0 0 BARRY SCHIMMEL DIRECTOR 1.00 X 780 0 0 ALBERT BALAGSO SECRETARY 1.00 X X 1950 0 0 CRAIG WEBER CEO 40.00 X 3984396 0 40552 VIKTORIA EARLE CFO 40.00 X 258518 0 28244 SAMUEL TUOHEY COO 40.00 X 275901 0 23985 LISA BROWN VP, HUMAN RESOURCES & ADM 40.00 X 270729 0 13317 SYLVIA GRANGER VP, RETAIL SERVICES 40.00 X 213603 0 22611 VAL OVROOTSKY VP, IT 40.00 X 205798 0 19498 CHRIS CAPUTO VP, LENDING 40.00 X 194163 0 21849 JENNIFER D'AMICO VP, MARKETING 40.00 X 188653 0 24749 MANUEL CARINO AVP, INFORMATION SYSTEMS 40.00 X 168643 0 33083 AMY CIMORELLI AVP, HUMAN RESOURCES 40.00 X 152496 0 19784 NOEL SHANKER DIGITAL SERVICES MANAGER 40.00 X 129255 0 18998 NORMAN SALOM ACCOUNTING MANAGER 40.00 X 117283 0 25780 SANDRA EDUSADA RETAIL SERVICES MANAGER 40.00 X 119618 0 13504 6316203 0 305954 21 0 1 0 0 INTEREST ON LOANS TO MEMBERS 522100 18011575 18011575 FEES AND CHARGES 522100 1742209 1658581 83628 INTERCHANGE INCOME 522100 1566737 1566737 INSURANCE AND WEALTH PROTECTION I 522100 210690 210690 INVESTMENT SERVICES COMMISSION 522100 90566 90566 21621777 612043 612043 144512 25489 119023 119023 119023 OTHER INCOME 522100 525777 525777 525777 22878620 21538149 83628 1256843 6000 17000 1210423 5823713 3271666 259584 1392165 579902 47346 35520 1400030 506986 840758 1108594 1456685 31775 49592 126267 135804 PROVISION FOR LOAN LOSS 2179416 OPERATING EXPENSES 997786 LOAN ORIGINATION EXPENS 397941 CREDIT CARD EXPENSES 327414 370345 22572712 3513694 4619340 65637729 180851582 1829225 2986112 2272470 2852036 409519708 391873344 702897 860292 26746201 13002044 13462060 13744157 12592506 8830361 2175551 2220206 18309905 19416143 530015745 628253573 6947240 3143764 467947730 569129026 474894970 572272790 X 0 0 0 0 55120775 55980783 55120775 55980783 530015745 628253573 X 305908 253298 300802 X 0 1 X 1 0 1189220 1189220 15672030 5995775 9676255 2372575 1917795 454780 6695723 5088474 1607249 816653 816653 13744157 MEMBERS' SHARE AND SAVINGS ACCOUNTS 569129026 569129026 X 23179422 300802 300802 22878620 0 22878620 22572712 0 22572712 0 22572712 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION FILED TAX RETURNS FOR THE 2019 CALENDAR YEAR FOR ACTIVITIES IT HAS DEEMED TAXABLE, HAS A MINIMAL NET OPERATING LOSS CARRYFORWARD AS OF DECEMBER 31, 2020. 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, 2020 AND 2019. THE CREDIT UNION'S 2017 THROUGH 2019 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 300,802. 1 SCHOLARSHIPS 17 17000 PART I, LINE 2: EACH SCHOLARSHIP PARTICIPANT MUST SUBMIT AN APPLICATION. A COMMITEE REVIEWS THE APPLICATION AND CHOOSES THE APPLICANT BASED ON THE CONTENT OF THEIR APPLICATION. X 1 1 X X X X 0 1 0 CRAIG WEBER CEO 491590 0 48330 0 3444476 0 14250 0 26302 0 4024948 0 3426034 0 SAMUEL TUOHEY COO 243605 0 24478 0 7818 0 9828 0 14157 0 299886 0 0 0 VIKTORIA EARLE CFO 232547 0 23960 0 2011 0 12190 0 16054 0 286762 0 0 0 LISA BROWN VP, HUMAN RESOURCES & ADM 240660 0 24310 0 5759 0 12190 0 1127 0 284046 0 0 0 SYLVIA GRANGER VP, RETAIL SERVICES 186102 0 19196 0 8305 0 9559 0 13052 0 236214 0 0 0 VAL OVROOTSKY VP, IT 185748 0 19030 0 1020 0 9448 0 10050 0 225296 0 0 0 CHRIS CAPUTO VP, LENDING 175013 0 17562 0 1588 0 8823 0 13026 0 216012 0 0 0 JENNIFER D'AMICO VP, MARKETING 170235 0 17730 0 688 0 8745 0 16004 0 213402 0 0 0 MANUEL CARINO AVP, INFORMATION SYSTEMS 149249 0 15680 0 3714 0 6803 0 26280 0 201726 0 0 0 AMY CIMORELLI AVP, HUMAN RESOURCES 137136 0 14069 0 1291 0 6893 0 12891 0 172280 0 0 0 PART I, LINE 1A CERTAIN MEMBERS OF MANAGEMENT AND BOARD MEMBERS RECEIVE COMPENSATION FOR TRAVEL COMPANIONS. PART I, LINE 4B THE CREDIT UNION HAS A NONQUALIFIED DEFERRED COMPENSATION PLAN FOR THE PRESIDENT/CEO THAT IS BASED ON A FIXED VESTING SCHEDULE. THERE WERE NO CONTRIBUTIONS DURING 2020. THE FOLLOWING WERE THE DISTRIBUTIONS MADE DURING 2020: CRAIG WEBER - $3,426,034 CHRISTOPHER CAPUTO VP, LENDING AUTO X 39000 34441 0 1 1 CHRISTOPHER CAPUTO VP, LENDING AUTO X 49600 39789 0 1 1 CHRISTOPHER CAPUTO VP, LENDING MORTGAGE X 510400 504656 0 1 1 CHRISTOPHER CAPUTO VP, LENDING LINE OF CREDIT X 168735 168735 0 1 1 CRAIG WEBER CEO MORTGAGE X 990000 641324 0 1 1 JENNIFER DAMICO VP, MARKETING CREDIT CARD X 10000 186 0 0 1 MANUEL CARINO AVP, INFORMATION SYSTEMS AUTO X 49000 41285 0 0 1 MANUEL CARINO AVP, INFORMATION SYSTEMS AUTO X 16714 3149 0 0 1 SYLVIA GRANGER VP, RETAIL SALES MORTGAGE X 379000 374798 0 0 1 VALENTIN OVROOTSKY VP, IT AUTO X 18929 13045 0 1 1 VALENTIN OVROOTSKY VP, IT MORTGAGE X 711000 698735 0 1 1 CRAIG WEBER CEO CREDIT CARD X 299 299 0 1 1 MANUEL CARINO AVP, INFORMATION SYSTEMS CREDIT CARD X 2941 2941 0 1 1 MANUEL CARINO AVP, INFORMATION SYSTEMS MORTGAGE X 400000 328443 0 1 1 VALENTIN OVROOTSKY VP, IT CREDIT CARD X 210 210 0 1 1 2852036 FORM 990, PART VI, SECTION A, LINE 1 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 OUTSIDE PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. ONCE THE DRAFT OF THE RETURN IS PREPARED, IT IS PROVIDED TO THE ORGANIZATION FOR REVIEW WITH ANY CHANGES BEING INCORPORATED BEFORE IT IS REVIEWED BY MANAGEMENT. THE FORM 990 IS THEN PROVIDED TO THE GOVERNING BODY PRIOR TO FILING. 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 300,802.