2016-11-15T12:18:43-06:00 2015-12-31 420714325 RSM US LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2015-01-01 941287157 COAST CENTRAL CREDIT UNION COAS 7074458801 2650 HARRISON AVENUE EUREKA CA 95501 JAMES SESSA SENIOR VICE PRESIDENT/CFO 7074458801 2016-11-10 1 GERALD B KISSELL P00092658 6123324300 2015 2017-02-10 21:41:12Z DEAN CHRISTENSEN 2650 HARRISON AVENUE EUREKA CA 95501 38753794 0 X WWW.COASTCCU.ORG X 1950 CA PROVIDING FINANCIAL SERVICES TO MEMBERS. 9 9 261 12 94166 -13724 0 0 28238741 30315602 7228046 8367010 5628 23745 35472415 38706357 134647 122501 4173176 4365006 12758200 13222190 0 0 0 10754294 11516302 27820317 29225999 7652098 9480358 1061043760 1160157471 944746226 1033358447 116297534 126799024 COAST CENTRAL CREDIT UNION'S MISSION IS TO BE THE PRIMARY FINANCIAL INSTITUTION FOR MEMBERS BY PROVIDING HIGH QUALITY FINANCIAL SERVICES AT COMPETITIVELY FAVORABLE RATES CONSISTENT WITH MAINTAINING FINANCIAL STRENGTH. 0 0 COAST CENTRAL PROVIDES A RANGE OF DEPOSIT SERVICES TO ITS APPROXIMATELY 63,000 MEMBERS. THESE INCLUDE SAVINGS, CHECKING, MONEY MARKET, AND SAVINGS CERTIFICATE ACCOUNTS. SERVICES CAN BE ACCESSED THROUGH OUR 12 MEMBER SERVICES BRANCHES, ONLINE, BY PHONE, OR THROUGH A LARGE NETWORK OF ATMS. WE OFFER MANY DIFFERENT LOAN PRODUCTS. THESE INCLUDE CREDIT CARDS, CONSUMER PERSONAL, AUTO, AND RV LOANS; REAL ESTATE PURCHASE, REFINANCE, AND HOME EQUITY LINES-OF-CREDIT; AND, MEMBER BUSINESS LOANS. LOAN DECISIONS ARE MADE LOCALLY, WITH KNOWLEDGE OF LOCAL CONDITIONS AND THE CREDIT UNION MEMBERS THEMSELVES. COAST CENTRAL IS ACTIVE IN SUPPORTING MANY LOCAL EVENTS AND CHARITIES. OVER $250,000 IS DONATED TO LOCAL CHARITABLE ORGANIZATIONS, COLLEGE SCHOLARSHIPS TO LOCAL HIGH SCHOOL GRADUATES, AND COMMUNITY PROJECTS, EACH YEAR. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 11786 0 1 261 1 1 1 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 CA X JAMES SESSA 7074431138 2650 HARRISON AVENUE EUREKA CA 95501 X RONALD RUDEBOCK CHAIR 2.00 X X 1478 0 0 DENISE JONES VICE CHAIR 2.00 X X 0 0 0 JOHN GLADDING TREASURER 2.00 X X 0 0 0 JOYCE JURY SECRETARY 2.00 X X 0 0 0 ROBERT GEARHEART DIRECTOR 1.00 X 0 0 0 LOUIS BUCHER DIRECTOR 1.00 X 0 0 0 BRENDAN MCKENNY DIRECTOR 1.00 X 815 0 0 KELLY WALSH DIRECTOR 1.00 X 815 0 0 ROBIN BAILIE DIRECTOR 1.00 X 0 0 0 DEAN CHRISTENSEN PRESIDENT/CEO 40.00 X 1454969 0 66919 JAMES SESSA SVP ADMIN/CFO 40.00 X 404921 0 52604 ED CHRISTIANS VP MEMBER INFORMATION SYSTEMS 40.00 X 207558 0 34915 ROBERT MOORE VP MEMBER LOAN SERVICES 40.00 X 222389 0 25692 ANN JADRO-BETTIGA VP HUMAN RESOURCES 40.00 X 186886 0 31397 KRISTIN BLAIR VP MEMBER SERVICES 40.00 X 167257 0 28718 DEAN HART VP MARKETING 40.00 X 165696 0 28793 2812784 0 269038 10 0 1 0 COX RASMUSSEN 2830 F ST EUREKA CA 95501 MARKETING SERVICES 479639 INFO IMAGE 141 JEFFERSON DR MENLO PARK CA 94025 PRINTING SERVICES 441944 D&H PO BOX 535120 ATLANTA GA 30353 COMPUTER PRODUCTS/SERVICES 434391 Q2 SOFTWARE INC PO BOX 205970 DALLAS TX 75320 SOFTWARE SERVICES 384491 CDW DIRECT INC PO BOX 75723 CHICAGO IL 60675 COMPUTER HARDWARE/SOFTWARE 182594 15 INTEREST ON LOANS 522100 21490642 21490642 DEPOSIT & LOAN SERVICE INCOME 522100 6806721 6806721 ATM & MISC SERVICE INCOME 522100 2018239 1924073 94166 30315602 8103861 8103861 10200 9414 786 786 786 152030 149142 7545 30478 144485 118664 263149 263149 MISC OTHER INCOME 522100 22959 22959 22959 38706357 30244395 94166 8367796 86536 35965 4365006 1983136 7624411 1424313 1459426 730904 14611 132166 167475 2003700 946055 1651632 1366186 926539 65151 186084 2552790 798201 123437 PROVISION FOR LOAN & OV 354614 DUES & SUBSCRIPTIONS 94893 ANNUAL MEETING, CASH O/ 71154 STAFF EVENTS/APPRECIATI 61614 29225999 101440095 120965206 1352750 1597986 473315055 509417215 1355179 1144092 18501082 8355666 9422725 10145416 463719102 505788437 10438854 11099119 1061043760 1160157471 3345810 3715879 568194 749663 74567277 72032529 866264945 956860376 944746226 1033358447 X 0 0 0 0 116297534 126799024 116297534 126799024 1061043760 1160157471 9480358 1021132 0 X 0 1 X 1 0 0 1 X 1140279 1140279 9457044 2648162 6808882 984336 581716 402620 2624170 1888106 736064 4295253 3237682 1057571 10145416 SECURITIES AVAILABLE FOR SALE 498516301 F FHLB STOCK 6853300 F FHLB DAILY 155336 F CORPORATE INVESTMENTS 263500 F 505788437 ACCRUED INTEREST PAYABLE 152876 WORK IN PROCESS 953464 SHARES 955754036 956860376 PART IV, LINE 2B: THE CREDIT UNION ACTS AS CUSTODIAN ON BEHALF OF ITS MEMBER'S ESCROWED FUNDS; WHICH ARE UTILIZED TO PAY TAXES AND INSURANCE ON BEHALF OF ITS MEMBERS. 1 EEL RIVER VALLEY MULTI-GENERATIONAL CENTER PO BOX 744 FORTUNA CA 95540 453672349 501(C)(3) 15799 YOUTH TRAINING & EDUCATION HUMBOLDT AREA FOUNDATION 363 INDIANOLA ROAD BAYSIDE CA 95524 237310660 501(C)(3) 5000 SPONSORING NEW BUSINESSES CASA OF DEL NORTE 579 US HIGHWAY 101 SOUTH CRESCENT CITY CA 95531 061812799 501(C)(3) 16840 YOUTH ADVOCACY BOYS & GIRLS CLUBS OF THE REDWOODS 3015 J STREET EUREKA CA 95501 942184464 501(C)(3) 25000 PURCHASE VAN LOCALLY DELICIOUS INC PO BOX 309 ARCATA CA 95518 273186261 501(C)(3) 7500 FOOD FOR PEOPLE PROGRAM 5 LOCAL COLLEGE SCHOLARSHIPS 34 35965 PART I, LINE 2: THE MARKETING DEPT APPROVES PAYMENT OF GRANT EXPENSES TO ORGANIZATIONS AND THE ADMINISTRATION APPROVES SCHOLARSHIPS. FUNDS ARE SENT DIRECTLY TO THE FINANCIAL AID OFFICES OF THE COLLEGES THE STUDENTS WILL BE ATTENDING. IF THE STUDENTS DO NOT ACTUALLY ENROLL, THE FUNDS ARE RETURNED TO US. ORGANIZATIONS PROVIDE A PACKET OF BACKGROUND INFORMATION ABOUT THEIR SERVICE/ORGANIZATION WHEN APPLYING FOR A GRANT. THE ORGANIZATIONS ARE LOCAL SO THE CREDIT UNION IS AWARE OF HOW THE FUNDS ARE USED. X X X 1 1 X X X 0 0 0 DEAN CHRISTENSEN PRESIDENT/CEO 564204 0 417987 0 472778 0 39750 0 27169 0 1521888 0 0 0 JAMES SESSA SVP ADMIN/CFO 287752 0 90020 0 27149 0 39750 0 13469 0 458140 0 0 0 ED CHRISTIANS VP MEMBER INFORMATION SYSTEMS 178958 0 28600 0 0 0 21090 0 13825 0 242473 0 0 0 ROBERT MOORE VP MEMBER LOAN SERVICES 183389 0 39000 0 0 0 13837 0 11855 0 248081 0 0 0 ANN JADRO-BETTIGA VP HUMAN RESOURCES 161986 0 24900 0 0 0 20918 0 10479 0 218283 0 0 0 KRISTIN BLAIR VP MEMBER SERVICES 144657 0 22600 0 0 0 16863 0 11855 0 195975 0 0 0 DEAN HART VP MARKETING 143296 0 22400 0 0 0 16790 0 12003 0 194489 0 0 0 PART I, LINE 1A TRAVEL - BOARD MEMBERS CAN TAKE A GUEST ON UP TO TWO CONFERENCES PER YEAR. THE GUEST EXPENSES PAID BY THE CREDIT UNION ARE REPORTED AS TAXABLE INCOME TO THE BOARD MEMBER. MEMBERSHIP DUES - THE CREDIT UNION PAYS FOR MANAGEMENT EMPLOYEES' DUES TO SERVICE CLUBS SUCH AS ROTARY, KIWANIS, ETC., FOR EDUCATIONAL, NETWORKING, AND COMMUNITY SERVICE PURPOSES. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11 THE ACCOUNTING DEPARTMENT PREPARES THE INFORMATION WHICH IS THEN REVIEWED BY SENIOR MANAGEMENT. THE 990 IS PRESENTED TO THE BOARD CHAIR BEFORE FILING, AND A COPY IS MADE AVAILABLE FOR ALL BOARD MEMBERS. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION HAS A CONFLICT OF INTEREST POLICY FOR ITS STAFF, OFFICIALS, AND THE BOARD OF DIRECTORS. CONFLICT OF INTEREST BY EMPLOYEES WHEN HANDLING MEMBER ACCOUNTS IS MONITORED BY THE COMPUTER SYSTEM. BOARD MEMBERS CANNOT VOTE ON MATTERS WHERE THERE IS A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 ANNUALLY DURING THE BUDGET PROCESS, THE BOARD OF DIRECTORS REVIEWS AND APPROVES THE COMPENSATION RANGES FOR EACH POSITION. THESE RANGES ARE DEVELOPED BY THE HUMAN RESOURCES DEPARTMENT USING COMPARABLE DATA SPECIFIC TO THE CREDIT UNION INDUSTRY. THE CEO SALARY IS BY CONTRACT AND REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE LOBBIES OF ALL OFFICES. ALL OTHER REQUESTS MUST BE PRESENTED IN WRITING TO THE BOARD OF DIRECTORS. DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PT VII AND SCHEDULE J, PT II - COMPENSATION RELATED DISCLOSURES SCHEDULE J EXPLANATION OF "BONUS AND INCENTIVE COMPENSATION" THE CREDIT UNION HAS TWO PRIMARY INCENTIVE COMPENSATION PLANS, AN ANNUAL INCENTIVE COMPENSATION PLAN THAT ALL EMPLOYEES ARE ELIGIBLE FOR AND A LONG-TERM DEFERRED INCENTIVE COMPENSATION PLAN FOR ELIGIBLE SENIOR MANAGEMENT. GOALS ARE ESTABLISHED BY THE CREDIT UNION FOR EACH OF THESE PLANS TO PROVIDE INCENTIVE AND REWARDS TO EMPLOYEES FOR ACHIEVING RESULTS THAT IMPROVE AND STRENGTHEN THE CREDIT UNION. THE GOALS ARE ESTABLISHED FOR EACH OF THESE PLANS AT THE BEGINNING OF THE INCENTIVE PLAN PERIOD. FOR THE ANNUAL PLAN,PAYOUTS ARE MADE TO PARTICIPANTS BASED UPON ACHIEVEMENT OF THE ANNUAL GOALS. FOR THE LONG-TERM DEFERRED PLAN, THE GOALS MUST BE ACHIEVED OVER A THREE YEAR PERIOD FOR THE PARTICIPANT TO EARN A PAYOUT UNDER THE PLAN. THE PRESIDENT/CEO EARNED A PAYOUT FROM ONE OTHER INCENTIVE PLAN PROVIDED BY THE CREDIT UNION. THE RETENTION INCENTIVE PLAN REQUIRED THE PRESIDENT/CEO TO PROVIDE CONTINUOUS SERVICE THROUGH A SPECIFIED DATE. ALTHOUGH THE AMOUNTS REPORTED ON THE W-2 AND SCHEDULE J IS PROPERLY REPORTED FOR THE YEAR, IT IS IMPORTANT TO NOTE THAT CERTAIN MEMBERS OF THE SENIOR MANAGEMENT TEAM ARE LONG-SERVING EXECUTIVES AND THE INCENTIVES EARNED PROVIDE REWARDS FOR THEIR MANY YEARS OF SERVICE, NOT ONLY THE CURRENT YEAR. YEARS OF SERVICE FOR THOSE EXCEEDING TWENTY YEARS ARE AS FOLLOWS: DEAN CHRISTENSEN, 26 YEARS AND JAMES SESSA, 34 YEARS. SCHEDULE J EXPLANATION OF "OTHER REPORTABLE COMPENSATION" THE CREDIT UNION HAS ESTABLISHED A 401K RETIREMENT PLAN FOR ALL ELIGIBLE EMPLOYEES. IT HAS ALSO PUT IN PLACE OTHER PLANS AND FUNDING PAYMENTS TO PROVIDE A REASONABLE TARGETED RETIREMENT BENEFIT FOR HIGHER PAID EMPLOYEES BECAUSE OF THE LIMITATIONS UNDER QUALIFIED PLANS SUCH AS OUR 401K PLAN, WHICH CREATES A REVERSE DISCRIMINATION EFFECT. THE CREDIT UNION PROVIDES IN LIEU PAYMENTS TO AN INDIVIDUAL ONCE THE QUALIFIED LIMIT IS REACHED EQUAL TO WHAT OTHERWISE WOULD HAVE BEEN CONTRIBUTED TO THE PLAN IF NOT FOR THE LIMITATION. IN 2010 COAST CENTRAL CREDIT UNION ATTACHED TO ITS 990 FILING A "SPLIT DOLLAR NONRECOURSE LOAN REPRESENTATION". THE 2015 FORM 990 DOES NOT ALLOW PDF ATTACHMENTS TO BE INCLUDED WITH THE ELECTRONICALLY FILED FORM 990, WITH THE EXCEPTION OF SPECIFIC ATTACHMENTS REQUIRED BY THE IRS. COAST CENTRAL CREDIT UNION HAS AN E-FILE REQUIREMENT AND CANNOT PAPER FILE UNLESS REQUIRED TO DO SO BY THE IRS. IF A PAPER COPY OF THE RETURN IS FILED WHEN IT IS NOT REQUIRED THE IRS MAY CONSIDER THE RETURN AS NOT TIMELY FILED; THEREFORE THE "SPLIT DOLLAR NONRECOURSE LOAN REPRESENTATION" IS AVAILABLE UPON REQUEST.