2017-11-06T19:53:21-06:00 2016-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2016-01-01 951790568 VENTURA COUNTY CREDIT UNION VENT 8054774024 2575 VISTA DEL MAR DRIVE SUITE 100 VENTURA CA 93001 LINDA SIM CFO 8054774024 2017-10-30 1 VALENTINO CREUS CPA P01054153 8189549700 24.176.202.186 2017-10-30 09:34:12 PD P F53CDBC3F18316389D6CFA617EE7B9AF17900040 AAA51A721A1433521015D48D976EB051C184777B 2016 2018-03-14 21:41:22Z JOSEPH SCHROEDER 2575 VISTA DEL MAR DRIVE SUITE 100 VENTURA CA 93001 40305622 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 7 227 11 822528 0 0 0 34307348 37683105 2911786 2315013 291219 289034 37510353 40287152 130604 106123 0 0 11238892 12023513 0 0 0 22573468 27546663 33942964 39676299 3567389 610853 732979368 809485815 666101992 742288589 66877376 67197226 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 THE CREDIT UNION COMPLETED THE IMPLEMENTATION OF THE MASTERCARD EMV CHIP TECHNOLOGY DURING THE YEAR, PROVIDING ADDITIONAL FRAUD PROTECTION FOR ITS MEMBERS. THE CREDIT UNION BEGAN CONSTRUCTION OF AN 8TH BRANCH IN RIVERPARK DURING THE YEAR. AND THE CREDIT UNION RELOCATED ITS CORPORATE HEADQUARTERS IN 2016. FOR THE SEVENTH YEAR IN A ROW, VENTURA COUNTY CREDIT UNION WAS AWARDED THE BEST FINANCIAL INSTITUTION IN VENTURA COUNTY BY A VC REPORTER READERS' POLL. THE CREDIT UNION WAS VOTED BEST/FAVORITE CREDIT UNION BY VARIOUS COUNTIES, CONSUMER GROUPS, AND INDUSTRY ASSOCIATIONS DURING THE YEAR. THE CREDIT UNION'S WEALTH MANAGEMENT ADVISORS, MARKETING DEPARTMENT, AND VCCU LEADERSHIP WERE RECOGNIZED BY VARIOUS ORGANIZATIONS. 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 11539 0 1 227 1 1 1 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 5.00 X 0 0 0 SUE TATANGELO VICE CHAIRPERSON 4.00 X 0 0 0 PHILIP BOHAN SECRETARY 3.80 X 0 0 0 JEFF LANDIS ASSISTANT SECRETARY 3.80 X 0 0 0 PAT MADDEN TREASURER 3.80 X 0 0 0 MARGO BYRNE BOARD MEMBER 3.80 X 0 0 0 SONIA AMEZCUA BOARD MEMBER 3.80 X 0 0 0 BRENDA MORRIS BOARD MEMBER EMERITUS 1.80 X 0 0 0 DANIELLE BRINKMAN-VERA SUPV CMTE CHAIR 2.00 X 0 0 0 KENNETH KAGAN SUPV CMTE MEMBER 1.30 X 0 0 0 SCOTT KOPAID SUPV CMTE MEMBER 1.30 X 0 0 0 JOSEPH SCHROEDER PRESIDENT/CEO 45.00 X 458707 0 55319 LINDA SIM CFO 45.00 X 223623 0 41059 LINDA ROSSI CAO 45.00 X 226142 0 23403 GAVIN BRADLEY COO 45.00 X 221097 0 40866 JACKIE BENOUN CCO 45.00 X 188954 0 30468 MARK ROSS VP IT 45.00 X 169052 0 37424 GINA O'CALLAGHAN FINANCIAL ADVISOR 45.00 X 211840 0 28422 LINDA MUSE-TABATA SR HOME LOAN SPECIALIST 45.00 X 196889 0 11155 DAVID KANONGATAA FINANCIAL ADVISOR 45.00 X 147810 0 26529 EDMOND SAHAKIAN AVP BUSINESS SERVICES 45.00 X 138899 0 21129 CLINTON LOVINGER VP MEMBER SERVICES 45.00 X 133764 0 17077 2316777 0 332851 20 0 1 0 INTEGRATED BUILDERS GROUP INC 1264 HAWKS FLIGHT COURT EL DORADO HILLS CA 95762 BUILDING DESIGN SERVICES 3444494 THE MEMBERS GROUP PO BOX 10410 DES MOINES IA 50307 PLASTIC CARD SERVICES 1813118 CRC SERVICES LLC 11109 RIVER RUN BLVD BAKERSFIELD CA 93311 TENANT IMPROVEMENT ALLOWANCE PAYMENT 809765 BDI-BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 90312 STMT & POSTAGE SERVICES 607188 JACK HENRY & ASSOCIATES INC P O BOX 609 MONETT MO 65708 INFORMATION PROCESSING SOLUTIONS 431717 25 INTEREST ON LOANS 522100 25988322 25988322 FEE INCOME 522100 6140031 6083335 56696 OTHER OPERATING INCOME 522100 5554752 5434776 119976 37683105 2310483 1664627 645856 23000 18470 4530 4530 4530 OTHER NON-OPERATING INCOME 522210 289034 289034 289034 40287152 39464624 822528 0 106123 2316777 7161503 329518 1315787 899928 130759 261747 403469 1069334 6292142 1090913 1672670 141860 2263241 2537229 201073 PROV FOR LOAN LOSSES 8826454 LOAN SERVICING EXPENSE 1681156 MISC OPERATING EXPENSE 844011 OPERATING FEES 75128 55477 39676299 5635373 4456504 22087007 88392344 493878 7812674 1081193 1358122 49505319 14945611 32403456 34559708 59584771 59988430 588678113 588904362 23015577 24013671 732979368 809485815 4874695 10980952 661227297 731307637 666101992 742288589 X 0 0 0 0 66877376 67197226 66877376 67197226 732979368 809485815 610853 -291003 0 X X 0 1 X 1 0 8536 8536 8536 1 CCUL - PAC 1201 K STREET SUITE 1050 SACRAMENTO CA 95814 940357265 8536 9698188 9698188 28625248 7659510 20965738 1415022 837193 577829 9766861 6448908 3317953 34559708 ALL OTHER INVESTMENTS 4474858 F LOANS AND LEASES 577847607 F NCUA SHARE INSURANCE CAP DEPOSIT 6581897 C 588904362 DIVIDENDS PAYABLE 100212 TOTAL SHARES AND DEPOSITS 731207425 731307637 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, 2016, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. 1 CALIFORNIA LUTHERAN UNIVERSITY 60 WEST OLSEN ROAD THOUSAND OAKS CA 91360 952962604 501(C)(3) 5000 FMV PROMOTES EDUCATION THROUGH SPECIAL EVENTS AND EDUCATIONAL PROGRAMS HEALTH CARE FOUNDATION VENTURA COUNTY 3291 LOMA VISTA VENTURA CA 93003 471535937 501(C)(3) 5000 FMV ENHANCE HCA WITH ENRICHMENTS ABOVE STANDARDS FOR QUALITY HEALTH CARE WOCCU SERVICES GROUP INC 5710 MINERAL POINT ROAD MADISON WI 53705 391984681 501(C)(3) 5000 FMV ASSIST CREDIT UNION IN DEVELOPING AND IMPLEMENTING NEW TECHNOLOGIES MIXTECO INDIGENA COMMUNITY ORGANIZING PROJECT 520 W 5TH ST STE F OXNARD CA 93030 300045901 501(C)(3) 5000 FMV ASSIST IN ORGANIZING AND EMPOWERING VENTURA COUNTY'S INDIGENOUS IMMIGRANT COMMUNITY FOUNDATION OF VENTURA COUNTY CREDIT UNION 2575 VISTA DEL MAR DRIVE VENTURA CA 93001 462578478 501(C)(3) 22121 FMV PROVIDE FINANCIAL ASSISTANCE AND EDUCATION TO LOCAL PARTNERS 5 0 X X X 0 1 0 JOSEPH SCHROEDER PRESIDENT/CEO 418618 0 33000 0 7089 0 26063 0 29256 0 514026 0 0 0 LINDA SIM CFO 213957 0 9000 0 666 0 10788 0 30271 0 264682 0 0 0 LINDA ROSSI CAO 216104 0 9000 0 1038 0 10940 0 12463 0 249545 0 0 0 GAVIN BRADLEY COO 211054 0 9000 0 1043 0 10595 0 30271 0 261963 0 0 0 JACKIE BENOUN CCO 179085 0 7500 0 2369 0 8986 0 21482 0 219422 0 0 0 MARK ROSS VP IT 161737 0 7000 0 315 0 7153 0 30271 0 206476 0 0 0 GINA O'CALLAGHAN FINANCIAL ADVISOR 211792 0 0 0 48 0 6583 0 21839 0 240262 0 0 0 LINDA MUSE-TABATA SR HOME LOAN SPECIALIST 196889 0 0 0 0 0 5924 0 5231 0 208044 0 0 0 DAVID KANONGATAA FINANCIAL ADVISOR 147784 0 0 0 26 0 4690 0 21839 0 174339 0 0 0 EDMOND SAHAKIAN AVP BUSINESS SERVICES 133729 0 4526 0 644 0 4394 0 16735 0 160028 0 0 0 CLINTON LOVINGER VP MEMBER SERVICES 126709 0 5500 0 1555 0 3958 0 13119 0 150841 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 2016: JOE SCHROEDER - $18,150 LINDA SIM - $4,207 GAVIN BRADLEY - $4,130 LINDA ROSSI - $4,268 JACKIE BENOUN - $3,504 MARK ROSS - $3,164 JOSEPH SCHROEDER OFFICER HOME LOAN X 595000 467503 0 1 1 JOSEPH SCHROEDER OFFICER FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICY X 7200000 7345171 0 1 1 7812674 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 XI, LINCE 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