2024-05-13T16:56:26-05:00 2023-12-31 910189318 MOSS ADAMS LLP 805 SW BROADWAY STE 1400 PORTLAND OR 97205 990 2023-01-01 936024307 RIVERMARK COMMUNITY CREDIT UNION RIVE 5035262696 9125 SW GEMINI DR SUITE 100 BEAVERTON OR 97008 SETH SCHAEFER CEO AND PRESIDENT 5035262696 2024-05-10 1 SETH SCHAEFER XXX-XX-XXXX 1 WENDY CAMPOS P00448102 5032421447 2024-05-09 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z SETH SCHAEFER 9125 SW GEMINI DR SUITE 100 BEAVERTON OR 97008 128448141 0 X RIVERMARKCU.ORG X 1951 OR CONDUCTING CREDIT UNION FINANCIAL SERVICES FOR A MEMBER OWNED FINANCIAL COOPERATIVE. 9 9 356 13 514564 0 0 0 55466465 66593410 9784219 14773788 0 0 65250684 81367198 0 0 0 0 28503085 30464124 0 0 0 29733293 46541524 58236378 77005648 7014306 4361550 1400588793 1448214620 1336573326 1368036785 64015467 80177835 PROVIDE QUALITY FINANCIAL SERVICES, PRODUCTS AND SUPPORT FOR MEMBERS IN THE LOCAL COMMUNITIES WE SERVE. 0 0 PROVIDED FINANCIAL SERVICES TO 90,796 MEMBERS, INCLUDING SHARE DEPOSITS AND LOANS. 0 0 1 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 39983 0 1 356 1 1 1 0 0 0 0 0 1 0 X 9 9 0 0 0 0 1 1 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X JAMIE TOMAN 5035262696 9125 SW GEMINI DR BEAVERTON OR 97008 SETH SCHAEFER PRESIDENT/CEO 40.00 X 1826013 0 99014 CORI POLAND CHIEF EXPERIENCE OFFICER 40.00 X 352836 0 111167 ABEN HILL CHIEF LENDING OFFICER 40.00 X 332125 0 109260 STEPHANIE STRIMLING CHIEF INNOVATION OFFICER 40.00 X 282657 0 122732 DAVID NOBLE CHIEF MARKETING OFFICER 40.00 X 280146 0 130764 JOSEPH BRIAN GRIFFIS CHIEF FINANCIAL OFFICER (THRU 2/23) 40.00 X 220111 0 6079 RYAN HALLEY VICE PRESIDENT FINANCIAL WELLNESS 40.00 X 196200 0 7616 LANCE FINK DATA PROGRAM MANAGER 40.00 X 188127 0 13983 MICKEY BEARD VICE PRESIDENT CONSUMER LENDING 40.00 X 185042 0 14304 RANDAL BRESEE VICE PRESIDENT MEMBER EXPERIENCE 40.00 X 180539 0 14556 BRIAN GREENFIELD VICE PRESIDENT OF TECHNOLOGY 40.00 X 182971 0 7133 JEREMY CALVA CHIEF FINANCIAL OFFICER 40.00 X 144749 0 2458 KIM BICKFORD BOARD CHAIR 2.00 X X 22000 0 0 GLORIA ZABEL BOARD VICE CHAIR 2.00 X X 18000 0 0 JOSH STEPHENSON SECRETARY 2.00 X X 18000 0 0 GARY FRAYN BOARD MEMBER 2.00 X 16500 0 0 KERRI LEATHERS IZUNAGBARA BOARD MEMBER 2.00 X 16500 0 0 ROB LAVIGNE BOARD MEMBER 2.00 X 15000 0 0 STEVEN HOLLAND BOARD MEMBER 2.00 X 15000 0 0 JESUS PALOMARES BOARD MEMBER 2.00 X 15000 0 0 BRETT BRYANT BOARD MEMBER 2.00 X 15000 0 0 DENNIS FULLAN BOARD MEMBER (THRU 4/23) 2.00 X 7500 0 0 BILL ROBERTS JR BOARD MEMBER (THRU 4/23) 2.00 X 7500 0 0 4537516 0 639066 43 0 1 0 FISERV INC 255 FISERV DRIVE BROOKFIELD WI 53045 FINANCIAL SOFTWARE AND HARDWARE 2885071 FINANCIAL TECHNOLOGY SOLUTIONS PO BOX 919 MONROVIA CA 91017 ATM/PTK MAINTENANCE, SOFTWARE AND MACHIN 1568524 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 90074 ONLINE BANKING 1234595 DOVENMUEHLE MORTGAGE INC 1 CORPORATE DRIVE SUITE 360 LAKE ZURICH IL 60047 MORTGAGE SUB-SERVICER 542238 LOOMIS FARGO & CO TOTAL DEPT CH 10500 PALATINE IL 60055 ATM/PTK SERVICER 428002 41 INTEREST ON LOANS 522100 49057032 49057032 INTERCHANGE INCOME 522100 10831880 10434916 396964 SERVICE CHARGES AND FE 522100 6257155 6200288 56867 OTHER NON-INTEREST INC 522100 1701658 1640925 60733 MORTGAGE SALES AND SER 522100 -1254315 -1254315 66593410 14456240 14456240 34983389 12415102 34983389 12097554 0 317548 317548 317548 81367198 66078846 514564 14773788 4186115 18947627 2554657 2516905 2258820 72304 146487 5126073 1865205 3321606 3586697 1977366 729383 10 17934986 1271768 PROVISION FOR LOAN LOSS 6020925 LOAN SERVICING 3103144 DUES AND SUBSCRIPTIONS 297459 STATE EXAM FEE 94166 993945 77005648 14550800 11499282 34498362 97651560 817784080 845138577 2861684 3023655 25206690 13771446 11182849 11435244 448174250 418614724 9010855 3555637 62525913 57295941 1400588793 1448214620 19147523 23279418 980556 683890 3992014 4037572 175000000 155000000 1137453233 1185035905 1336573326 1368036785 X 0 0 0 0 64015467 80177835 64015467 80177835 1400588793 1448214620 X 4361550 9876316 3916521 -1992019 X X 0 1 X 1 0 12000 0 12000 12000 1 CREDIT UNION LEGISLATIVE ACTION FUND PO BOX 1900 BEAVERTON OR 970751900 800043051 12000 PART I-A, LINE 1: THE CREDIT UNION HAS ONLY INDIRECT POLITICAL CAMPAIGN ACTIVITY, A CONTRIBUTION TO THE CREDIT UNION LEGISLATIVE ACTION FUND. 0 1 X 53331 53331 9847432 2138558 7708874 4752323 3475223 1277100 10553604 8157665 2395939 11435244 MEMBER SHARE & SAVINGS ACCOUNTS 1181847163 OPERATING LEASE LIABILITY 3188742 1185035905 X PART IV, LINE 2B: THE CREDIT UNION MAINTAINS ESCROW, TAXES AND INSURANCE AS PART OF THE LOAN PROGRAM. PART X, LINE 2: THE CREDIT UNION IS STATE CHARTERED AND FEDERALLY TAX-EXEMPT UNDER INTERNAL REVENUE CODE 501(C)(14), EXCEPT TO THE EXTENT OF UNRELATED BUSINESS INCOME. RIA IS A DISREGARDED ENTITY FOR TAX PURPOSES AND ITS ACTIVITY IS INCLUDED IN THE CREDIT UNION'S TAX FILINGS. A TAX-EXEMPT ORGANIZATION INFORMATION RETURN, UNRELATED BUSINESS INCOME TAX RETURN, AND OREGON EXCISE RETURN ARE FILED ANNUALLY WITH THE APPLICABLE TAX JURISDICTIONS. THE CREDIT UNION HAD NO UNRECOGNIZED TAX BENEFITS AS OF DECEMBER 31, 2023 AND 2022. THE CREDIT UNION RECOGNIZES INTEREST ACCRUED AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AS A NONINTEREST EXPENSE. DURING THE YEARS ENDED DECEMBER 31, 2023 AND 2022, THE CREDIT UNION RECOGNIZED NO INTEREST AND PENALTIES. X 1 1 X X X 0 1 0 SETH SCHAEFER PRESIDENT/CEO 582249 0 212000 0 1031764 0 91639 0 7375 0 1925027 0 1018257 0 CORI POLAND CHIEF EXPERIENCE OFFICER 256186 0 95909 0 741 0 103792 0 7375 0 464003 0 0 0 ABEN HILL CHIEF LENDING OFFICER 256585 0 74346 0 1194 0 101885 0 7375 0 441385 0 0 0 STEPHANIE STRIMLING CHIEF INNOVATION OFFICER 224870 0 57280 0 507 0 115357 0 7375 0 405389 0 0 0 DAVID NOBLE CHIEF MARKETING OFFICER 219783 0 58659 0 1704 0 123389 0 7375 0 410910 0 0 0 JOSEPH BRIAN GRIFFIS CHIEF FINANCIAL OFFICER (THRU 2/23) 32187 0 88009 0 99915 0 4850 0 1229 0 226190 0 24910 0 RYAN HALLEY VICE PRESIDENT FINANCIAL WELLNESS 178697 0 16216 0 1287 0 7616 0 0 0 203816 0 0 0 LANCE FINK DATA PROGRAM MANAGER 172853 0 15141 0 133 0 6608 0 7375 0 202110 0 0 0 MICKEY BEARD VICE PRESIDENT CONSUMER LENDING 166791 0 14696 0 3555 0 6929 0 7375 0 199346 0 0 0 RANDAL BRESEE VICE PRESIDENT MEMBER EXPERIENCE 162891 0 13989 0 3659 0 7181 0 7375 0 195095 0 0 0 BRIAN GREENFIELD VICE PRESIDENT OF TECHNOLOGY 168198 0 13573 0 1200 0 7133 0 0 0 190104 0 0 0 PART I, LINE 1A BOARD AND MANAGEMENT OCCASIONALLY BRING SPOUSES ON CONFERENCE TRIPS. THIS WAS INCLUDED IN TOTAL COMPENSATION. PART I, LINE 1B SETH SCHAEFER, CHIEF EXECUTIVE OFFICER, HAS EARNED $1,567,589 FOR HIS SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN AS OF 12/31/2023. TOTAL CONTRIBUTIONS OF $78,439 AND TOTAL DISTRIBUTIONS OF $1,018,257 WERE ISSUED TO THE PLAN DURING 2023. BRIAN GRIFFIS, CHIEF FINANCIAL OFFICER, EARNED $283,578 FOR HIS SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN AS OF 2/28/2023. BRIAN LEFT THE ORGANIZATION AT THE END OF FEBRUARY 2023 AND TOOK A TOTAL DISTRIBUTION OF $24,910. CORI POLAND, CHIEF EXPERIENCE OFFICER, HAS EARNED $336,670 FOR HER SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN AS OF 12/31/2023. TOTAL CONTRIBUTIONS OF $92,452 AND TOTAL DISTRIBUTIONS OF $24,974 WERE ISSUED TO THE PLAN DURING 2023. ABEN HILL, CHIEF LENDING OFFICER, HAS EARNED $176,591 FOR HIS SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN AS OF 12/31/2023. TOTAL CONTRIBUTIONS OF $88,685 AND TOTAL DISTRIBUTIONS OF $0 WERE ISSUED TO THE PLAN DURING 2023. STEPHANIE STRIMLING, CHIEF INNOVATION OFFICER, HAS EARNED $176,591 FOR HIS SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN AS OF 12/31/2023. TOTAL CONTRIBUTIONS OF $88,685 AND TOTAL DISTRIBUTIONS OF $0 WERE ISSUED TO THE PLAN DURING 2023. DAVID NOBLE, CHIEF MARKETING OFFICER, HAS EARNED $107,622 FOR HIS SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN AS OF 12/31/2023. TOTAL CONTRIBUTIONS OF $107,622 AND TOTAL DISTRIBUTIONS OF $0 WERE ISSUED TO THE PLAN DURING 2023. FORM 990, PART VI, SECTION A, LINE 6 RIVERMARK COMMUNITY CREDIT UNION HAD 90,796 MEMBERS AT 12/31/23. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION'S GOVERNING BODY IS SELECTED FROM AMONG MEMBERSHIP AND IS VOTED ON BY ALL ELIGIBLE MEMBERS OVER THE AGE OF 18. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE CREDIT UNION'S CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER AND IS ALSO PREPARED BY A THIRD PARTY ACCOUNTING FIRM PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION HAS A POLICY TITLED "CODE OF ETHICS AND STANDARDS OF BUSINESS CONDUCT OF BOARD OF DIRECTORS, SUPERVISORY COMMITTEE, BOARD COMMITTEES AND OFFICIALS OF RIVERMARK COMMUNITY CREDIT UNION." VOLUNTEERS OF THE CREDIT UNION REVIEW AND APPROVE THIS POLICY ON AN ANNUAL BASIS. THE VOLUNTEERS MUST NOTIFY THE BOARD CHAIRMAN IF THEIR STATUS CHANGES AND THEY NO LONGER MEET THE QUALIFICATIONS FOR THE SEAT THEY OCCUPY. CONDUCT NOT IN ACCORDANCE WITH THIS POLICY SHALL CONSTITUTE GROUNDS FOR DISQUALIFICATION TO SERVE, DISCIPLINARY ACTION, OR SUSPENSION OR REMOVAL AS PERMITTED BY LAW. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION IS REVIEWED ANNUALLY BY THE BOARD OF DIRECTORS. IN PREPARATION FOR THE REVIEW, THE VP OF HUMAN RESOURCES PROVIDES REPORT DATA FROM A PROFESSIONAL COMPENSATION FIRM THAT PROVIDES COMPENSATION DATA FOR ALL EMPLOYEE LEVELS. IN ADDITION, A SEPARATE CEO SALARY REPORT IS REQUESTED TO USE FOR COMPARABILITY PURPOSES. THE BOARD OF DIRECTORS REVIEWS THIS INFORMATION WHEN MAKING THE RECOMMENDATION FOR AN ANNUAL SALARY. BONUS COMPENSATION, IF ANY IS GIVEN, IS DIRECTLY TIED TO ACHIEVEMENT OF SPECIFIC CREDIT UNION AND INDIVIDUAL GOALS. THIS PROCESS IS COMPLETED ANNUALLY. FORM 990, PART VI, SECTION C, LINE 18 THROUGH THE ANNUAL MEETING OF THE CREDIT UNION MEMBERS. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS AS WELL AS GOVERNING AND CONFLICT OF INTEREST POLICY DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: ASC 326 ADOPTED EXPECTED LOSS ADJUSTMENT -1,992,019. FORM 990, PART XII, LINE 2C: THE CREDIT UNION ADOPTED ASC 326 USING THE MODIFIED RETROSPECTIVE METHOD FOR ALL FINANCIAL ASSETS MEASURED AT AMORTIZED COST, AND OFF-BALANCE-SHEET CREDIT EXPOSURES. RESULTS FOR REPORTING PERIODS BEGINNING AFTER JANUARY 1, 2023, ARE PRESENTED UNDER ASC 326, WHILE PRIOR AMOUNTS CONTINUE TO BE REPORTED IN ACCORDANCE WITH PREVIOUSLY APPLICABLE GAAP. THE ADOPTION RESULTED IN AN INCREASE TO THE ALLOWANCE FOR CREDIT LOSSES ON LOANS OF APPROXIMATELY $2 MILLION, WITH AN OFFSETTING DECREASE TO THE BEGINNING BALANCE OF UNDIVIDED EARNINGS. RIVERMARK INSURANCE AGENCY LLC 9125 SW GEMINI DR SUITE 100 BEAVERTON OR 97008 462978707 INSURANCE AGENCY OR 63748 500414 RIVERMARK COMMUNITY CREDIT UNION