2023-11-15T17:53:46-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 20 EAST THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2022-01-01 941244186 REDWOOD CREDIT UNION REDW 8004797928 3033 CLEVELAND AVE 100 SANTA ROSA CA 95403 RONALD FELDER CHIEF FINANCIAL & RISK OFFICER 8004797928 2023-11-14 1 RONALD FELDER XXX-XX-XXXX 0 MELISSA HANGSLEBEN P02087031 6022662248 2023-11-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z BRETT MARTINEZ 3033 CLEVELAND AVE 100 SANTA ROSA CA 95403 304611139 0 X WWW.REDWOODCU.ORG X 1950 CA PROVIDE FINANCIAL PRODUCTS AND SERVICES TO MEMBERS. 11 11 891 11 315245 0 0 0 244650227 267576429 4239855 36935424 82608 74248 248972690 304586101 1250000 1000000 18779969 18985108 75342053 83766453 0 0 0 54391568 87757157 149763590 191508718 99209100 113077383 7428683362 7527506599 6632385382 6635678961 796297980 891827638 PASSIONATELY SERVING THE BEST INTERESTS OF OUR MEMBERS, EMPLOYEES, AND COMMUNITIES. SERVING ALL OF OUR MEMBERS FINANCIAL SERVICE NEEDS. 0 0 REDWOOD CREDIT UNION IS ENGAGED IN PROVIDING LOW COST FINANCIAL SERVICES TO OUR MEMBER-OWNERS AS A COOPERATIVE ORGANIZATION. 0 0 1 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 79559 0 1 891 1 1 1 0 0 0 0 0 1 0 X 11 11 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 1 1 1 1 0 0 CA X MICHAEL GAY CONTROLLER 8004797928 3033 CLEVELAND AVE SUITE 100 SANTA ROSA CA 95403 BRETT MARTINEZ PRESIDENT/CEO 40.00 1.00 X 1436480 0 371550 CYNTHIA NEGRI CHIEF ADMIN OFFICER 40.00 0.00 X 806116 0 187758 RONALD FELDER CHIEF FINANCIAL OFFICER 40.00 0.00 X 673383 0 173238 ANTHONY E HILDESHEIM CHIEF OPERATING OFFICER 40.00 0.00 X 670029 0 163287 MICHAEL DEFAZIO FINANCIAL ADVISOR 40.00 0.00 X 789697 0 9150 TODD N LINDEMANN SVP PAYMENTS 40.00 0.00 X 524585 0 79754 KRISTINA DERKOS SVP PEOPLE 40.00 0.00 X 444258 0 106796 JULIE NIX FINANCIAL ADVISOR 40.00 0.00 X 526431 0 18010 DIANNA BERTHINIER SVP/BUSINESS SERVICES 40.00 0.00 X 448505 0 85153 MISHEL KAUFMAN CHIEF ADMIN & RISK OFFICER 40.00 0.00 X 417233 0 97213 THOMAS HUBERT SVP/AUTO, INSURANCE & WEATH SERVICES 40.00 0.00 X 411201 0 93839 MICHELLE ANDERSON CHIEF LENDING OFFICER 40.00 0.00 X 434487 0 67480 THERESA MITCHELL EXTERNAL MORTGAGE LOAN OFFICER 40.00 0.00 X 463517 0 18151 DEIDRE HOLMES THOMPSON SVP/ MEMBER EXPERIENCE 40.00 0.00 X 352593 0 70166 CLARK R MATTHIESSEN FINANCIAL ADVISOR 40.00 0.00 X 393882 0 17284 AARON COLLIER SVP IT 40.00 0.00 X 314629 0 79166 KRISTIEN MAHLMANN SVP/ ACCOUNTING & FINANCE 40.00 0.00 X 300157 0 70369 SCOTT DYKSTRA SR SBA/ COMM LO 40.00 0.00 X 325802 0 21911 SHEILA O'NEIL EXTERNAL MORTGAGE LOAN OFFICER 40.00 0.00 X 311504 0 16134 JOSEPH TURFA FINANCIAL ADVISOR 40.00 0.00 X 311094 0 11402 ROB EYLER CHAIR 1.00 0.00 X X 0 0 0 JIM OLMSTED VICE CHAIR 1.00 1.00 X X 0 0 0 DEBRA WATTS TREASURER 1.00 1.00 X X 0 0 0 LISA WITTKE SCHAFFNER SECRETARY 1.00 0.00 X X 0 0 0 JUDY HERRERIAS-JAMES DIRECTOR 1.00 1.00 X 0 0 0 M CHRISTINA RIVERA DIRECTOR 1.00 0.00 X 0 0 0 GREG MCGUIRK DIRECTOR 1.00 0.00 X 0 0 0 ROD DOLE DIRECTOR 1.00 0.00 X 0 0 0 DAVID GOUIN DIRECTOR 1.00 0.00 X 0 0 0 JERI HANSEN DIRECTOR 1.00 0.00 X 0 0 0 GERARDO MARTIN DIRECTOR 1.00 0.00 X 0 0 0 10355583 0 1757811 208 0 1 0 WESTERN BUILDERS 1400 N DUTTON AVE SUITE 7 SANTA ROSA CA 95401 GENERAL CONTRACTOR LABOR 23433500 INFOLMAGE INC 141 JEFFERSON DR MENLO PARK CA 94025 STATEMENTS PROVIDER 2523949 QUEST PO BOX 430 ROSEVILLE CA 95678 IT CONSULTING 1913971 LUMIN 3001 BISHOP DR STE 110 SAN RAMON CA 94583 ONLINE & DIGITAL BANKING PROVIDER 1783709 JACK HENRY & ASSOCIATES PO BOX 609 MONETT MO 65708 ATM SERVICES 1635693 100 INTEREST ON LOANS TO MEMBERS 522100 204525207 204525207 INTERCHANGE INCOME 522100 27782921 27782921 SERVICE CHARGES AND FEES 522100 20972645 20972645 OTHER NON-INTEREST INCOME 522100 7309663 7077711 231952 INSURANCE COMMISSIONS 522100 6098734 6098734 887259 887259 267576429 36817336 30643 36786693 74248 0 74248 74248 52650 21598 143126 25038 118088 118088 118088 304586101 267344477 315245 36926379 1000000 18985108 9708806 58740070 4404050 5752384 5161143 296842 185119 35900 14653915 5659011 6907229 6768992 1447912 3704676 7568033 618783 PROVISION FOR LOAN LOSS 20762170 LOAN SERVICING 11512731 LOSSES AND FRAUD 4382789 MISCELLANEOUS EXPENSES 3253055 191508718 2447843202 1020973092 8142534 10939301 19315778 43099048 4696030615 5655032795 5243363 6457452 173186263 47464684 97776554 125721579 261200 480882987 22259619 23915294 131810497 160485051 7428683362 7527506599 43256716 63633418 6589128666 6572045543 6632385382 6635678961 X 0 0 0 0 796297980 891827638 796297980 891827638 7428683362 7527506599 X 113077383 -16890596 -657129 X 0 1 X 1 0 35900 0 0 35900 35900 1 CALIFORNIA CREDIT UNION LEAGUE 2855 E GUASTI ROAD SUITE 600 ONTARIO CA 91761 940357265 25000 MIKE MCGUIRE FOR STATE SENATE 2022 369B THIRD STREET SUITE 652 SAN RAFAEL CA 94901 463842849 3000 JIM WOOD FOR ASSEMBLY 2022 1017 L STREET PMB 292 SACRAMENTO CA 95814 853841563 3000 PORTANTINO FOR SUPERINTENDENT OF PUBLIC INSTRUCTION 2026 1414 K STREET SUITE 250 SACRAMENTO CA 95814 861346007 4900 PART I-A, LINE 1: CONTRIBUTIONS TO POLITICAL ORGANIZATIONS 13362684 13362684 93186098 15908394 77277704 13593919 7870514 5723405 38476839 23685776 14791063 14566723 14566723 125721579 MEMBERS' SHARE AND SAVINGS ACCOUNTS 6555819863 LEASE LIABILITIES 16225680 6572045543 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE. 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 THEIR TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2022 AND 2021. THE CREDIT UNION'S 2019 THROUGH 2021 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. 1 REDWOOD CREDIT UNION COMMUNITY FUND INC 3033 CLEVELAND AVENUE SANTA ROSA CA 95403 475084832 501(C)(3) 1000000 0 UNRESTRICTED 1 0 PART I, LINE 2: ALL MONIES ARE REVIEWED AND APPROVED BY MANAGEMENT AND SENIOR MANAGEMENT OF THE CREDIT UNION AND ONGOING REVIEW BY MANAGEMENT WITH A REPORT BACK TO SENIOR MANAGEMENT ON USAGE. X 1 1 X X X X 0 1 0 BRETT MARTINEZ PRESIDENT/CEO 893672 0 536203 0 6605 0 371550 0 0 0 1808030 0 0 0 CYNTHIA NEGRI CHIEF ADMIN OFFICER 569781 0 170228 0 66107 0 177476 0 10282 0 993874 0 0 0 RONALD FELDER CHIEF FINANCIAL OFFICER 497110 0 149562 0 26711 0 161965 0 11273 0 846621 0 0 0 ANTHONY E HILDESHEIM CHIEF OPERATING OFFICER 495418 0 142760 0 31851 0 154277 0 9010 0 833316 0 0 0 MICHAEL DEFAZIO FINANCIAL ADVISOR 62354 0 34611 0 692732 0 9150 0 0 0 798847 0 0 0 TODD N LINDEMANN SVP PAYMENTS 283141 0 28784 0 212660 0 72007 0 7747 0 604339 0 211081 0 KRISTINA DERKOS SVP PEOPLE 351968 0 52568 0 39722 0 98279 0 8517 0 551054 0 0 0 JULIE NIX FINANCIAL ADVISOR 62354 0 22430 0 441647 0 15250 0 2760 0 544441 0 0 0 DIANNA BERTHINIER SVP/BUSINESS SERVICES 366926 0 74576 0 7003 0 83931 0 1222 0 533658 0 0 0 MISHEL KAUFMAN CHIEF ADMIN & RISK OFFICER 335433 0 66574 0 15226 0 88119 0 9094 0 514446 0 0 0 THOMAS HUBERT SVP/AUTO, INSURANCE & WEATH SERVICES 346565 0 53741 0 10895 0 85421 0 8418 0 505040 0 0 0 MICHELLE ANDERSON CHIEF LENDING OFFICER 344147 0 90340 0 0 0 59869 0 7611 0 501967 0 0 0 THERESA MITCHELL EXTERNAL MORTGAGE LOAN OFFICER 40019 0 0 0 423498 0 15250 0 2901 0 481668 0 0 0 DEIDRE HOLMES THOMPSON SVP/ MEMBER EXPERIENCE 281014 0 55671 0 15908 0 63447 0 6719 0 422759 0 0 0 CLARK R MATTHIESSEN FINANCIAL ADVISOR 62354 0 12030 0 319498 0 9150 0 8134 0 411166 0 0 0 AARON COLLIER SVP IT 262902 0 51727 0 0 0 71884 0 7282 0 393795 0 0 0 KRISTIEN MAHLMANN SVP/ ACCOUNTING & FINANCE 258170 0 41987 0 0 0 56637 0 13732 0 370526 0 0 0 SCOTT DYKSTRA SR SBA/ COMM LO 100006 0 0 0 225796 0 15250 0 6661 0 347713 0 0 0 SHEILA O'NEIL EXTERNAL MORTGAGE LOAN OFFICER 40019 0 0 0 271485 0 15250 0 884 0 327638 0 0 0 JOSEPH TURFA FINANCIAL ADVISOR 62354 0 15291 0 233449 0 9150 0 2252 0 322496 0 0 0 PART I, LINE 1A THE CREDIT UNION PROVIDES COMPENSATION FOR TRAVEL COMPANIONS FOR MEMBERS OF MANAGEMENT AND BOARD MEMBERS. PART I, LINE 4B 457(F) PLAN - THE CREDIT UNION HAS A NONQUALIFIED DEFERRED COMPENSATION PLAN FOR MEMBERS OF SENIOR MANAGEMENT. UNDER THE TERMS OF THE PLAN, THE PARTICIPANTS ARE ENTITLED TO BENEFITS IF THEY REMAIN EMPLOYED BY THE CREDIT UNION UNTIL A PREDETERMINED TIME. THESE BENEFITS ARE BASED ON ELEMENTS OF THE CREDIT UNION'S LONG TERM INCENTIVE PLAN, WHICH CONSIDERS INDIVIDUAL PERFORMANCE, AS WELL AS THE OVERALL PERFORMANCE OF THE CREDIT UNION, IN DETERMINATION OF EMPLOYEE BENEFITS. IF THESE EMPLOYEES BECOME FULLY DISABLED AS DEFINED IN THE AGREEMENT, ACCRUED BENEFITS ARE IMMEDIATELY PAYABLE. THE BENEFITS ARE SUBJECT TO FORFEITURE IF EMPLOYMENT IS TERMINATED FOR CAUSE AS DEFINED IN THE AGREEMENT. THE FOLLOWING WERE CONTRIBUTIONS MADE DURING 2022: BRETT MARTINEZ - $322,862 CYNTHIA NEGRI - $168,326 RONALD FELDER - $147,544 ANTHONY E HELDESHEIM - $124,687 MICHELLE ANDERSON - $59,869 KRISTINA DERKOS - $62,129 DIANNA BERTHINIER - $68,681 THOMAS HUBERT - $49,671 MISHEL KAUFMAN - $78,969 TODD LINDEMANN - $30,233 MATTHEW MARTIN - $29,245 AARON COLLIER - $58,661 KIMBERLY WILLIAMS - $29,247 KRISTEN MAHLMANN - $42,436 BRYAN HAAS - $21,977 DEIDRE THOMPSON - $51,887 THE FOLLOWING EMPLOYEE RECEIVED DISTRIBUTIONS FROM THIS PLAN DURING 2022: TODD LINDEMANN - $211,081 SPLIT DOLLAR PLAN: THE CREDIT UNION HAS GRANTED NOTES RECEIVABLE FOR LIFE INSURANCE PREMIUM PAYMENTS TO SELECT SENIOR MANAGEMENT PERSONNEL. THE NOTES ARE COLLATERALIZED BY THE ASSIGNMENT OF THE POLICY DEATH BENEFITS AND CASH VALUES, OF EACH RESPECTIVE LIFE INSURANCE POLICY. THE POLICIES ARE OWNED BY THE EXECUTIVE(S) WHO HAVE SOLE CONTROL OVER THE LISTED BENEFICIARIES FOR AMOUNTS NOT SECURED BY THE ASSIGNMENTS. AT THE TIME OF RETIREMENT, THE NOTE BECOMES DUE AND PAYABLE AND CAN BE PAID WITH THE CASH VALUE OF THE LIFE INSURANCE POLICIES, OR WITH OTHER PERSONAL FUNDS AT THE EXECUTIVE'S DISCRETION. THE LOANS ARE CONSIDERED NONRECOURSE AND AS SUCH, THE CREDIT UNION HAS RECORDED THE BALANCE AS THE LOWER OF THE OUTSTANDING LOAN BALANCE, PLUS ACCRUED INTEREST, OR THE CSV OF THE LIFE INSURANCE POLICIES. BRETT MARTINEZ PRESIDENT/CEO SPLIT DOLLAR PLAN INSURANCE POLICY X 15706866 14093011 0 1 1 BRETT MARTINEZ PRESIDENT/CEO SPLIT DOLLAR PLAN INSURANCE POLICY X 5200000 4956037 0 1 1 MICHELLE ANDERSON CLO SPLIT DOLLAR PLAN INSURANCE POLICY X 5600000 5600000 0 1 1 RONALD FELDER CFO SPLIT DOLLAR PLAN INSURANCE POLICY X 10700000 10700000 0 1 1 ANTHONY HILDESHEIM COO SPLIT DOLLAR PLAN INSURANCE POLICY X 7750000 7750000 0 1 1 43099048 FORM 990, PART VI, SECTION A, LINE 1A THE BOARD OF DIRECTORS MAY APPOINT AN EXECUTIVE COMMITTEE OF NO FEWER THAN THREE (3) DIRECTORS. WITH THE WRITTEN APPROVAL OF THE COMMISSIONER OF BUSINESS OVERSIGHT, 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 LAW AND REGULATIONS PERTAINING TO CREDIT UNIONS. FORM 990, PART VI, SECTION A, LINE 6 PARTICIPATION IN THIS CREDIT UNION IS LIMITED TO THOSE WHO QUALIFY FOR MEMBERSHIP AS DEFINED IN THE CREDIT UNION'S CHARTER AND BYLAWS. THIS GENERALLY CONSISTS OF INDIVIDUALS (AND THEIR BUSINESSES) THAT RESIDE IN OR ARE EMPLOYED IN SONOMA COUNTY AND SURROUNDING COUNTIES IN NORTHERN CALIFORNIA. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS ELECT THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. ONCE THE DRAFT IS AVAILABLE, IT IS REVIEWED BY MANAGEMENT AND ANY CHANGES INCORPORATED INTO THE FILING PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C VOLUNTEERS MUST DISCLOSE TO THE BOARD OF DIRECTORS ANNUALLY ANY INVOLVEMENT WITH ORGANIZATIONS WHICH DO BUSINESS WITH THE CREDIT UNION. CREDIT UNION SENIOR MANAGEMENT SIGNS A DISCLOSURE ANNUALLY PER POLICY. ALL EMPLOYEES ARE REQUIRED TO REPORT ANY POTENTIAL CONFLICTS OF INTEREST. FOR EMPLOYEES, THIS WOULD BE REPORTED TO THEIR SUPERVISOR. FOR DIRECTORS, THIS WOULD BE REPORTED ON THEIR CONFLICT OF INTEREST STATEMENT AND REPORTED TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15A COMPENSATION OF THE CEO IS APPROVED BY THE BOARD OF DIRECTORS AFTER THE COMPENSATION COMMITTEE GATHERS DATA FROM OUTSIDE SOURCES AND REVIEWS SURVEY AND OTHER DATA. FOR OTHER OFFICERS AND KEY EMPLOYEES, THIRD PARTY DATA IS USED TO ADJUST THE COMPENSATION TO MARKET DATA. ALL OF THE JOBS ARE GRADED, AND IN EACH GRADE, THERE IS A FLOOR, CEILING AND MARKET. ALL COMPENSATION DECISIONS ARE DOCUMENTED IN THE EMPLOYEE'S PERSONNEL FILES. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY IS AVAILABLE UPON REQUEST. QUARTERLY INCOME STATEMENTS ARE POSTED AT EACH BRANCH. ANNUAL FINANCIALS AND ANNUAL REPORT ARE AVAILABLE ON THE COMPANY'S WEBSITE. FORM 990, PART XI, LINE 9: LOSS ON CUSO INVESTMENTS -657,129. REDWOOD CREDIT UNION COMMUNITY FUND INC 3033 CLEVELAND AVENUE SANTA ROSA CA 95403 475084832 ADVANCING WELL-BEING OF THE COMMUNITY CA 501(C)(3) 7 REDWOOD CREDIT UNION 1 RCU SERVICES GROUP INC 3303 CLEVELAND AVE SUITE 100 SANTA ROSA CA 95404 680465274 INSURANCE AND AUTO SERVICES CA REDWOOD CREDIT UNION C 3668829 7500374 1.00000 0 1 1 0 1 0 0 0 0 0 0 0 1 0 1 1 1 1 0 0 RCU SERVICES GROUP INC A 83293 CASH RCU SERVICES GROUP INC D 1915994 12/31/22 LOAN BALANCE RCU SERVICES GROUP INC L 442032 CASH RCU SERVICES GROUP INC P 191874 CASH RCU SERVICES GROUP INC Q 2654333 CASH REDWOOD CREDIT UNION COMMUNITY FUND INC B 1000000 CASH