2019-11-13T18:47:48-06:00 2018-12-31 410746749 CLIFTONLARSONALLEN LLP 20 E THOMAS RD STE 2300 PHOENIX AZ 85012 990 2018-01-01 946087440 COMMONWEALTH CENTRAL CREDIT UNION COMM 4085313100 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 VIKTORIA EARLE CFO 4085313100 2019-11-09 1 MARY C GREEN P00447183 6022662248 67.137.57.251 2019-11-09 08:16:46 US P FD94BE241EB30D59D427851B854338419E5FBD2E 6090138281F26C81E44F33703B5A75F6ECDC86D4 2018 2020-03-31 21:24:44Z CRAIG WEBER 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 23731127 0 X WWW.WEALTHCU.ORG X 1958 CA TO PROMOTE THRIFT AMONG MEMBERS AND CREATE A SOURCE OF CREDIT FOR MEMBERS. 7 7 125 10 98529 -11594 0 0 18579975 21439732 1631352 1764336 160011 527059 20371338 23731127 18000 22000 425394 542191 9488284 10845805 0 0 0 7972727 8499319 17904405 19909315 2466933 3821812 503086735 515077902 455495886 463675301 47590849 51402601 TO PROMOTE THRIFT AMONG 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 7231 0 125 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 1 1 1 1 1 1 1 1 0 CA X VIKTORIA EARLE 4085313236 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 BARRY SCHIMMEL CHAIRMAN 1.00 X X 0 0 1053 MICHAEL F FILICE JR VICE-CHAIRMAN 1.00 X X 0 0 8574 JAMES CRAWFORD TREASURER 1.00 X X 0 0 9287 GERALD WELTZIN SECRETARY 1.00 X X 0 0 6305 ROBERT BRYANT DIRECTOR 1.00 X 0 0 5785 VERN BUSSE DIRECTOR 1.00 X 0 0 2411 LARRY CHAMBERS DIRECTOR 1.00 X 0 0 8544 CRAIG WEBER CEO 40.00 X 513603 0 29426 VIKTORIA EARLE CFO 40.00 X 243141 0 16241 SAMUEL TUOHEY COO 40.00 X 233827 0 18309 LISA BROWN VP, HUMAN RESOURCES & ADMINISTRATION 40.00 X 245884 0 10102 CHRIS CAPUTO VP, LENDING 40.00 X 182941 0 16459 JENNIFER D'AMICO VP, MARKETING 40.00 X 173759 0 5584 SYLVIA GRANGER VP, RETAIL SERVICES 40.00 X 193766 0 16976 VAL OVROOTSKY VP, IT 40.00 X 198673 0 17701 MANUEL CARINO AVP, INFORMATION SYSTEMS & SECURITY 40.00 X 149629 0 27385 AMY CIMORELLI AVP, HUMAN RESOURCES 40.00 X 137995 0 14846 EILISH PERRY DIRECTOR OF COMPLIANCE 40.00 X 113779 0 13880 NORMAN SALOM ACCOUNTING MANAGER 40.00 X 108571 0 20021 NOEL SHANKER DIGITAL SERVICES MANAGER 40.00 X 120818 0 10687 2616386 0 259576 17 0 1 0 0 INTEREST ON LOANS TO MEMBERS 522100 16921983 16921983 FEES AND CHARGES 522100 2739266 2640737 98529 INTERCHANGE INCOME 522100 1459316 1459316 INSURANCE AND WEALTH PROTECTION I 522100 209359 209359 INVESTMENT SERVICES COMMISSION 522100 109808 109808 21439732 1764336 1764336 47647 0 47647 47647 47647 OTHER INCOME 522100 479412 479412 479412 23731127 21341203 98529 2291395 22000 542191 2158351 6696109 175681 1243571 572093 32556 35520 1219339 737185 813736 822218 1351958 110285 42028 100086 131434 PROVISION FOR LOAN LOSS 840498 LOAN ORIGINATION EXPENS 637792 CREDIT CARD EXPENSES 404802 COLLECTIONS EXPENSE 221748 998134 19909315 2426024 3175881 68586960 42866197 563869 814391 2318433 2056572 348520889 400839215 603918 674573 25043215 11024351 13941079 14018864 19874663 16153382 28294822 15938335 17956078 18540492 503086735 515077902 6300537 6470171 449195349 457205130 455495886 463675301 X 0 0 0 0 47590849 51402601 47590849 51402601 503086735 515077902 X 3821812 -303745 293685 X 0 1 X 1 0 1189220 1189220 15672030 5372609 10299421 1684901 1136729 548172 5818590 4002724 1815866 678474 512289 166185 14018864 MEMBERS' SHARE AND SAVINGS ACCOUNTS 457205130 457205130 X 24024812 293685 293685 23731127 0 23731127 19909315 0 19909315 0 19909315 PART X, LINE 2: THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2018 AND 2017. PART XI, LINE 2D - OTHER ADJUSTMENTS: CASH SURRENDER VALUE CHANGES ON LIFE INSURANCE POLICIES 293,685. 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 X 1 1 X X X X 0 1 0 CRAIG WEBER CEO 460299 0 53304 0 0 0 11000 0 18426 0 543029 0 0 0 VIKTORIA EARLE CFO 220336 0 22805 0 0 0 8844 0 7397 0 259382 0 0 0 SAMUEL TUOHEY COO 232322 0 1505 0 0 0 7430 0 10879 0 252136 0 0 0 LISA BROWN VP, HUMAN RESOURCES & ADMINISTRATIO 222157 0 23727 0 0 0 8975 0 1127 0 255986 0 0 0 CHRIS CAPUTO VP, LENDING 164998 0 17943 0 0 0 6626 0 9833 0 199400 0 0 0 JENNIFER D'AMICO VP, MARKETING 158031 0 15728 0 0 0 4725 0 859 0 179343 0 0 0 SYLVIA GRANGER VP, RETAIL SERVICES 174204 0 19562 0 0 0 7109 0 9867 0 210742 0 0 0 VAL OVROOTSKY VP, IT 172656 0 26017 0 0 0 6928 0 10773 0 216374 0 0 0 MANUEL CARINO AVP, INFORMATION SYSTEMS & SECURITY 136353 0 13276 0 0 0 6301 0 21084 0 177014 0 0 0 AMY CIMORELLI AVP, HUMAN RESOURCES 126448 0 11547 0 0 0 5152 0 9694 0 152841 0 0 0 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 DISTRIBUTIONS OR CONTRIBUTIONS DURING 2018 AND NO DOLLARS ARE VESTED AS OF 12/31/18. CHRISTOPHER CAPUTO VP, LENDING MORTGAGE X 555600 358716 0 0 1 CRAIG WEBER CEO MORTGAGE X 990000 701659 0 1 1 SYLVIA GRANGER VP, RETAIL SALES MORTGAGE X 417000 388634 0 0 1 VALENTIN OVROOTSKY VP, IT MORTGAGE X 650000 607563 0 0 1 2056572 FORM 990, PART VI, SECTION A, LINE 6 CREDIT UNION DEPOSITORS ARE CONSIDERED MEMBERS OF THE CREDIT UNION. 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 DOUCMENTS 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 293,685.