2025-11-06T16:34:09-06:00 2024-12-31 390859910 BAKER TILLY ADVISORY GROUP LP 601 W RIVERSIDE AVENUE STE 1800 SPOKANE WA 99201 990 2024-01-01 946198351 MONTEREY CREDIT UNION MONT 8316471000 PO BOX 3288 MONTEREY CA 93942 SIDNEY COOPER JR CFO 8316473826 2025-11-06 1 1 EMINA O CRESSWELL P01217304 5097472600 2025-11-05 2024 2025-03-06 01:10:19Z WADE PYRON PO BOX 3288 MONTEREY CA 93942 16074276 0 X WWW.MONTEREYCU.COM X 1968 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PORMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 88 13 22028 0 0 0 11819185 14332403 1595309 1741873 0 0 13414494 16074276 0 0 0 0 7465855 8191436 0 0 0 7004142 12386475 14469997 20577911 -1055503 -4503635 290805580 315430888 264087555 291618687 26718025 23812201 X A FINANCIAL COOPERATIVE, ORGANIZED TO PROVIDE A COMPLETE SELECTYION OF FINANCIAL PRODUCTS TO OUR MEMBERS, CREATING A SOURCE OF CREDIT AT A RATE OF INTEREST SET BY THE BOARD OF DIRECTORS, AND PROVIDING AN OPPORTUNITY FOR THE MEMBERS TO USE AND CONTROL THEIR MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, MONTEREY CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT OF ITS MEMBERS. 0 0 SUCCESSFUL PROVISION OF AN AUTO LOAN PROGRAM, USING BOTH DIRECT AND INDIRECT CHANNELS TO DELIVER OUR PRODUCTS. SUCCESSFUL PROVISION OF SAVINGS AND CHECKING PRODUCTS, WHICH ALLOWS OUR MEMBERS TO FULFILL THEIR PERSONAL FINANCIAL NEEDS. SUCCESSFUL PROVISION OF DELIVERY CHANNELS TO MEET THE VARYING NEEDS OF OUR MEMBERS; INCLUDING BRANCHES, ATMS, AND OTHER REMOTE MEANS OF ACCESSING THE CREDIT UNION'S FINANCIAL PRODUCTS. 0 0 0 0 0 0 0 0 0 1 1 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 1 4239 0 1 88 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X SIDNEY COOPER JR 8316473826 PO BOX 3288 MONTEREY CA 93942 PETE TANSILL CHAIR 2.00 X X 0 0 0 CANDACE INGRAM VICE CHAIR 2.00 X X 0 0 0 CARL SEDORYK SECRETARY/TREASURER 2.00 X X 0 0 0 ROBERT BRANDEWIE BOARD MEMBER 2.00 X 0 0 0 JENNIFER CLARKE BOARD MEMBER 2.00 X 0 0 0 JEAN DJUBASAK BOARD MEMBER 2.00 X 0 0 0 SARAH HARDGRAVE BOARD MEMBER 2.00 X 0 0 0 DAVID C LAREDO BOARD MEMBER 2.00 X 0 0 0 TARA TRAUTSCH BOARD MEMBER 2.00 X 0 0 0 KATHY ALIOTTI VP MEMBER SERVICES 40.00 X 300812 0 39066 SIDNEY COOPER JR CFO 40.00 X 308400 0 49044 MATHEW HOHMAN COO 40.00 X 453015 0 21321 HEATHER MALAFRONTE VP HUMAN RESOURCES 40.00 X 235114 0 53369 E SCOTT MORRIS VP INFORMATION SERVICES 40.00 X 335507 0 67715 JAMES WADE PYRON PRESIDENT - CEO 40.00 X 756490 0 20700 ANDREW BONO SENIOR NETWORK ADMINISTRATOR 40.00 X 180862 0 10973 MATTHEW BROWN SYSTEMS ADMINISTRATOR II (THRU 12/2024) 40.00 X 144473 0 0 CHRISTOPER BURKHARDT VP LENDING 40.00 X 178777 0 9153 DAVID MARCOS SYSTEMS ADMINISTRATOR II 40.00 X 135099 0 8553 A DAVID SANTOS VP RETAIL SALES 40.00 X 186592 0 7904 3215141 0 287798 12 0 1 0 FIS P O BOX 4535 CAROL STREAM IL 60197 ATM/CREDIT CARD PROCESSING 606693 CUBUS - TYFONE 5331 S MACADAM AVE STE 251 PORTLAND OR 97239 ONLINE MEMBER PLATFORM 266961 CORELATION 2305 HISTORIC DECATUR RD STE 300 SAN DIEGO CA 92106 CORE SYSTEM 200864 INFO IMAGE 175 SOUTH HILL DRIVE BRISBANE CA 94005 STATEMENT PROCESSING 197920 MERIDIANLINK PO BOX 846822 LOS ANGELES CA 90084 ONLINE ACCOUNT OPENING 196794 5 INTEREST ON LOANS 522100 11840054 11840054 FEE INCOME 522100 2138776 2116748 22028 OTHER PROGRAM INCOME 522100 353573 353573 14332403 1701264 1701264 40609 0 40609 40609 40609 16074276 14310375 22028 1741873 2650554 4351380 144915 596142 448445 673742 104315 179086 84153 633441 814680 940051 324345 122237 75024 4467073 758814 178292 ATM AND DEBIT CARD PROC 1526334 PROVISION FOR LOAN LOSS 1131017 LOAN PROCESSING EXPENSE 178789 DUES AND SUBSCRIPTIONS 54216 140866 20577911 1297004 999138 8174100 4116524 1708049 4389839 189160043 215076848 422737 556785 9905396 5986270 3169543 3919126 56357630 50428485 25414340 29710279 5102134 6233864 290805580 315430888 3232112 4117133 14000000 3000000 246855443 284501554 264087555 291618687 X 0 0 0 0 26718025 23812201 26718025 23812201 290805580 315430888 X -4503635 301871 1295940 X 0 1 X 1 0 680000 680000 1234432 712372 522060 3094275 2807405 286870 4896689 2466493 2430196 3919126 POOLED INVESTMENTS 50428485 C 50428485 FHLB STOCK 1294800 C LIFE INSURANCE CONTRACTS 25415479 F SWYFT CUSO, LLC 3000000 C 29710279 MEMBER SHARES 283351144 LEASE LIABILITIES 1150410 284501554 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN INTERNAL REVENUE CODE SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. FASB ASC TOPIC 740, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE CONSOLIDATED 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 TO BE SUSTAINED WHEN CHALLENGED OR WHEN EXAMINED BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS NOT DEEMED TO MEET THE MORE LIKELY THAN NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. X X X 0 0 0 JAMES WADE PYRON PRESIDENT - CEO 509946 0 139500 0 107044 0 20700 0 0 0 777190 0 0 0 MATHEW HOHMAN COO 423976 0 0 0 29039 0 20700 0 621 0 474336 0 0 0 E SCOTT MORRIS VP INFORMATION SERVICES 335507 0 0 0 0 0 20479 0 47236 0 403222 0 0 0 SIDNEY COOPER JR CFO 308400 0 0 0 0 0 0 0 49044 0 357444 0 0 0 KATHY ALIOTTI VP MEMBER SERVICES 291487 0 0 0 9325 0 18749 0 20317 0 339878 0 0 0 HEATHER MALAFRONTE VP HUMAN RESOURCES 211403 0 0 0 23711 0 14906 0 38463 0 288483 0 0 0 A DAVID SANTOS VP RETAIL SALES 165325 0 0 0 21267 0 7904 0 0 0 194496 0 0 0 ANDREW BONO SENIOR NETWORK ADMINISTRATOR 173264 0 0 0 7598 0 10973 0 0 0 191835 0 0 0 CHRISTOPER BURKHARDT VP LENDING 152734 0 0 0 26043 0 9153 0 0 0 187930 0 0 0 KATHLEEN ALIOTTI VP MEMBER SERVICES MORTGAGE X 325000 231796 0 1 1 KATHLEEN ALIOTTI VP MEMBER SERVICES HELOC X 200000 6310 0 1 1 MATTHEW HOHMAN COO MORTGAGE X 775000 682661 0 1 1 MATTHEW HOHMAN COO HELOC X 200000 68327 0 1 1 HEATHER MALAFRONTE VP HUMAN RESOURCES MORTGAGE X 873000 856649 0 1 1 HEATHER MALAFRONTE VP HUMAN RESOURCES AUTO X 48345 47464 0 1 1 HEATHER MALAFRONTE VP HUMAN RESOURCES PERSONAL X 5000 4956 0 1 1 SCOTT MORRIS VP INFORMATION SERVICES AUTO X 18946 3820 0 1 1 JAMES WADE PYRON PRESIDENT - CEO MORTGAGE X 2550000 2487856 0 1 1 4389839 FORM 990, PART VI, SECTION A, LINE 6 MONTEREY CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION THAT IS OWNED BY ITS MEMBERS AND IS ORGANIZED TO PROVIDE A COMPLETE SELECTION OF FINANCIAL PRODUCTS TO OUR MEMBERS. MONTEREY CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BODY OF MONTEREY CREDIT UNION IS COMPRISED OF VOLUNTEER MEMBERS WHO ARE DIRECTLY ELECTED BY THE MEMBERSHIP AT LARGE AS PRESCRIBED IN OUR BYLAWS. THE CREDIT UNION'S BOARD (GOVERNING BODY) IS AUTHORIZED BY THE MEMBERSHIP THAT ELECTS THEM TO MAKE DECISIONS ON THEIR BEHALF. THE MEMBERS THEMSELVES DO NOT APPROVE SIGNIFICANT DECISIONS MADE BY THE BOARD. PLANNING, OVERSIGHT, AND GOVERNANCE DECISIONS ARE MADE PRIMARILY THROUGH OUR GOVERNING BODY, WHILE MANAGEMENT AND OPERATIONAL DECISIONS ARE MADE BY THE OFFICERS OF MONTEREY CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS MUST APPROVE CERTAIN AMENDMENTS TO ARTICLES OF INCOPORATION AND BYLAWS. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE 990 AND SCHEDULES ARE PRESENTED TO THE BOARD AT THE BOARD MEETING FOR REVIEW. CHANGES AND MODIFICATIONS ARE MADE PRIOR TO THE FINAL COMPLETION AND FILING OF THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, THE CREDIT UNION REQUIRES ALL BOARD AND OFFICERS TO DISCLOSE ALL ACCOUNTS HELD AT THE CREDIT UNION. ALL BOARD AND OFFICER ACCOUNTS ARE THEN FLAGGED FOR SPECIAL REVIEW BY THIRD PARTY AUDITORS. ALL NEW DIRECTORS AND EMPLOYEES ARE ALSO REQUIRED TO COMPLETE AND SIGN THE FORM UPON THEIR START DATE. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION FOR THE CEO IS SET BY THE BOARD OF DIRECTORS. THE BOARD REVIEWS THE CEO'S PERFORMANCE ANNUALLY AND PREPARES A FORMAL WRITTEN REVIEW OF THEIR FINDINGS. THE BOARD ALSO OBTAINS AN INDEPENDENT SALARY STUDY, LAST PREPARED AS OF NOVEMBER 2024, WHICH PROVIDES DATA FOR ALL OFFICER POSITIONS AS WELL AS OTHER CREDIT UNION POSITIONS. THE BOARD REVIEWS THE CEO'S SALARY AND SETS ITS AS PART OF THEIR DELIBERATIONS. THE CEO IS GIVEN AUTHORITY BY THE BOARD TO SET ALL OFFICER AND EMPLOYEE SALARIES, AND IS SUBJECT TO GUIDANCE PROVIDED WITHIN THE INDEPENDENT SALARY STUDY THAT IS PROVIDED TO THE BOARD. THE BOARD ALSO APPROVES THE AMOUNTS TO BE PAID, IF ANY, TO THE OFFICERS UNDER THE CREDIT UNION'S INCENTIVE PLAN, WHICH IS BASED ON PROFITABILITY. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC UPON REQUEST. THE FINANCIAL STATEMENTS ARE POSTED ON A MONTHLY BASIS IN THE CREDIT UNION'S BRANCHES. FORM 990, PART XI, LINE 9: INCREASE ON SURRENDER VALUE OF LIFE INSURANCE 1,295,940. MONTEREY CREDIT UNION SERVICES INC PO BOX 3228 MONTEREY CA 93942 770433817 INSURANCE AND FINANCIAL PRODUCTS CA MONTEREY CREDIT UNION C 10000 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0