2024-10-01T19:38:33-05:00 2023-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2023-01-01 952023588 ALTURA CREDIT UNION FKA RIVERSIDE COUNTY'S CREDIT UNION ALTU 9515715395 2847 CAMPUS PARKWAY RIVERSIDE CA 92507 KATHY THAYER SVP/CFO 9515715395 2024-09-25 1 1 VALENTINO CREUS CPA P01054153 8189549700 2023 2024-10-15 13:58:12Z JENNIFER BINKLEY 2847 CAMPUS PARKWAY RIVERSIDE CA 92507 142954503 0 X WWW.ALTURACU.COM X CREDIT UNION 1957 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 11 11 513 11 173585 0 0 0 103399409 123486619 14018211 18473253 542633 883051 117960253 142842923 87438 192406 0 0 41810508 45214173 0 0 0 57397372 82578001 99295318 127984580 18664935 14858343 2461240542 2590432254 2334169582 2434742862 127070960 155689392 X 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, ALTURA CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. 0 0 ALTURA CREDIT UNION OFFERS TRADITIONAL BANKING SERVICES, INCLUDING CHECKING ACCOUNTS, SAVINGS ACCOUNTS, AND INVESTMENT SERVICES (RETIREMENT ACCOUNTS, STOCKS, BONDS, AND MUTUAL FUNDS) FOR PERSONAL AND BUSINESS PURPOSES. IT ALSO OFFERS MOBILE BANKING THROUGH A PHONE APPLICATION AVAILABLE FOR IPHONE, ANDROID PHONES, AND BLACKBERRY PHONES. MEMBERS CAN HAVE 24/7 ACCOUNT ACCESS, CHECK THEIR ACCOUNT AND LOAN BALANCES, TRANSFER FUNDS WITHIN AN ACCOUNT PAY THEIR CREDIT CARD AND LOAN WITHIN AN ACCOUNT, LOCATE BRANCHES AND ATM MACHINES, AND HAVE ACCESS TO OTHER MEMBER SERVICES. ALTURA CREDIT UNION OFFERS A WIDE RANGE LINE OF CREDIT PRODUCTS TO ITS MEMBERS THAT INCLUDES VEHICLE LOANS, HOME LOANS, PERSONAL LOANS, AND CREDIT CARDS. THE ORGANIZATION OFFERS FINANCING OR REFINANCING FOR NEW OR USED AUTOMOBILES WITH TERMS UP TO 84 MONTHS. IT ALSO OFFERS FINANCING FOR RECREATIONAL VEHICLES, BOATS, JET SKIS, AND MOTORCYCLES. THE ORGANIZATION OFFERED TRADITIONAL AND ADJUSTABLE RATE MORTGAGES IN 2023. IN 2023, IT SPECIFICALLY SOUGHT TO ASSIST MEMBERS THAT WERE IMPACTED BY FIRE, GOVERNMENT SHUTDOWN,OR OTHER EMERGENCY, THROUGH A VARIETY OF EFFORTS BY OFFERING EMERGENCY AND OTHER SPECIALIZED LOANS. THE ORGANIZATION OFFERS TWO TYPES OF PERSONAL LOANS: SIGNATURE LOAN AND SECURED LOANS. A SIGNATURE LOAN PROVIDES UP TO $15,000 TO ITS MEMBERS FOR ANY PURPOSE. A SECURED LOAN PROVIDES LOANS TO ITS MEMBERS THAT IS SECURED BY COLLATERAL. A SECURED LOAN HAS TERMS UP TO 10 YEARS OR UP TO THE MATURITY DATE FOR A SHARE CERTIFICATE. THE ORGANIZATION ALSO OFFERS A VARIETY OF CREDIT CARDS INCLUDING MASTERCARD PLATINUM PREFERRED, MASTERCARD PLATINUM, MASTERCARD CLASSIC, AND MASTERCARD REWARDS. ALTURA CREDIT UNION OFFERED FREE WORKSHOPS IN 2023 TO ITS MEMBERS THROUGH COMMUNITY OUTREACH AND CONNECTING WITH OUR COMMUNITY PARTNERS. THESE WORKSHOPS COVERED THE FOLLOWING TOPICS: REBUILDING AFTER A FINANCIAL CRISIS, SOLVING THE MYSTERY OF CREDIT REPORTS, RAISING MONEY SMART KIDS, BUILDING A BETTER BUDGET, IDENTIFY THEFT SOLUTIONS, TEN STEPS TO FINANCIAL SUCCESS, PSYCHOLOGY OF SPENDING, TEENS AND MONEY AND UNDERSTANDING CREDIT. WE ALSO OFFER ACCESS TO CERTIFIED FINANCIAL COUNSELORS (BALANCE), ONLINE COURSE AND EDUCATION ARTICLES. THE FREE ONLINE COURSES CONSIST OF VARIOUS TOPICS ENABLING OUR MEMBERS TO EXPLORE DIFFERENT ASPECTS OF FINANCIAL EDUCATION AT THEIR OWN PACE. CLASSES INCLUDED: MONEY MANAGEMENT,CHECKING ACCOUNT MANAGEMENT,THE PSYCHOLOGY OF SPENDING,THE ROAD TO HOME OWNERSHIP, FINANCIAL FIRST AID, FINANCES FOR COLLEGE STUDENTS, AND BUYING A VEHICLE. 0 0 0 0 0 0 0 0 0 1 0 1 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 34525 0 1 513 1 1 1 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X X KATHY THAYER SVPCFO 9515715362 2847 CAMPUS PARKWAY RIVERSIDE CA 92507 JERRY RIVERA CHAIRMAN 2.00 X 1147 0 0 JOSEPH CALDERON VICE CHAIRMAN 2.00 X 738 0 0 GLORIA PEREZ SECRETARY 2.00 X 0 0 0 EUGENE KIM TREASURER 2.00 X 0 0 0 PERRY REED IMMEDIATE PAST CHAIRMAN 2.00 X 0 0 0 BARBARA PURVIS DIRECTOR 2.00 1.00 X 0 0 0 NORMAN PERRY DIRECTOR 2.00 X 0 0 0 JACQUELINE HALL DIRECTOR 2.00 X 0 0 0 MARK BALYS DIRECTOR 2.00 1.00 X 0 0 0 KEITH D DOWNS DIRECTOR 2.00 1.00 X 0 0 0 NINFA DELGADO DIRECTOR 2.00 X 0 0 0 JENNIFER BINKLEY CEO 40.00 1.00 X 955137 0 40924 KEVIN SHERRELL EVP/CSO 40.00 X 513597 0 19800 KATHLEEN THAYER SVP/CFO 40.00 X 430866 0 33348 CHIN H PYUN SVP/CLO 40.00 X 345521 0 25212 CHRIS ANDRUS SVP/CMO 40.00 X 343640 0 47456 ROBERT WHITTON FORMER SVP/CXO 40.00 X 332401 0 21540 SCOTT MURRAY SVP/CIO 40.00 X 331056 0 21735 NATALIE BROWN SVP/LENDING 40.00 X 257857 0 34049 JULIE BJORNSTAD SVP/HR 40.00 X 240785 0 37797 GREG REXROAD MORTGAGE LOAN OFFICER 40.00 X 358955 0 42545 GREG CHANTLER VP, CORPORATE REAL ESTATE 40.00 X 228848 0 41594 LUIS BARRIOS COMMERCIAL BUS DEVELOPMENT OFFICER 40.00 X 227568 0 32821 SOHEILA NICKMANESH MORTGAGE LOAN OFFICER 40.00 X 215388 0 20657 TURHAN HUNT VP, MEMBER SERVICES 40.00 X 213335 0 33443 4996839 0 452921 85 0 1 0 ALKAMI TECHNOLOGY INC 5601 GRANITE PARKWAY STE 120 PLANO TX 75024 MOBILE BANKING PROVIDER 2006130 FTSI PO BOX 919 MONROVIA CA 91017 PROVIDER OF BRANCH & DIGITAL TRANSFORMAT 1165979 JACK HENRY AND ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE DATA PROCESSOR 1065772 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 90312 STATEMENT PROCESSING 969830 CDW DIRECT LLC PO BOX 75723 CHICAGO IL 606755723 IT SERVICES 911485 60 INTEREST ON LOANS 522100 76465997 76465997 OTHER OPERATING INCOME 522100 28354469 28354469 FEE INCOME 522100 18666153 18492568 173585 123486619 18479534 18479534 591698 105299 486399 486399 486399 6281 -6281 -6281 -6281 GAIN ON EQUITY AND TRA 522100 343322 343322 OTHER NON-INTEREST INC 522100 34566 34566 GAIN ON SALES OF REPO 900099 18764 18764 396652 142842923 142669338 173585 0 192406 4996839 32539442 1564185 3367244 2746463 221372 206269 3421849 2886768 9448318 876054 4927985 1296420 22649168 4626794 575023 LOAN SERVICING EXPENSE 15871416 CREDIT LOSS -LOANS AND 12112240 MISC. EXPENSE 3181251 OPERATING FEES 277074 127984580 90137124 94802897 57306294 47527044 11690917 11939473 2529574 2697795 108524699 67851183 42096700 40673516 711703156 634010306 1495614782 1708549005 50161995 50232218 2461240542 2590432254 34712550 38510006 2299457032 2396232856 2334169582 2434742862 X 0 0 0 0 127070960 155689392 127070960 155689392 2461240542 2590432254 X 14858343 18192566 -4432477 X X 0 1 X 1 0 7290571 7290571 50767424 27953931 22813493 10796873 5250962 5545911 39356200 34646290 4709910 313631 313631 40673516 PAID-IN CAPITAL AT CORP. 2250000 C ALL OTHER INVESTMENTS 12671800 F LOANS AND LEASES 1672214517 F NCUA SHARE INSURANCE 20339438 C LOANS HELD FOR SALE 1073250 C 1708549005 SHARES AND DEPOSITS 2096232856 BORROWINGS 300000000 2396232856 X 142948223 0 142948223 -105300 -105300 142842923 128089880 0 128089880 -105300 -105300 127984580 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES 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 ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023 AND 2022. THE CREDIT UNION'S 2020 THROUGH 2022 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: ADJUSTMENT FOR RENT EXPENSE -105,300. PART XII, LINE 4B - OTHER ADJUSTMENTS: ADJUSTMENT FOR RENT EXPENSE -105,300. 1 ALTURA CREDIT UNION FOUNDATION 2847 CAMPUS PARKWAY RIVERSIDE CA 92507 330625895 501(C)(3) 192406 0 FMV TO ASSIST HIGH SCHOOL SENIORS IN REACHING THEIR HIGHER EDUCATION GOALS. 1 0 PART I, LINE 2: A MAJORITY OF THE DIRECTORS OF THE GRANTEE, ALTURA CREDIT UNION FOUNDATION, ARE ALSO OFFICERS OR DIRECTORS OF ALTURA CREDIT UNION. ALTURA CREDIT UNION EXERCISES OVERSIGHT OVER THE USE OF GRANT FUNDS, WHICH ARE USED FOR SCHOLARSHIPS FOR HIGH SCHOOL GRADUATES, THROUGH THESE OVERLAPPING DIRECTORS. X X 1 1 X X 0 1 0 JENNIFER BINKLEY CEO 767418 0 176059 0 11660 0 13330 0 27594 0 996061 0 0 0 KEVIN SHERRELL EVP/CSO 409545 0 97529 0 6523 0 19800 0 0 0 533397 0 0 0 KATHLEEN THAYER SVP/CFO 346798 0 76009 0 8059 0 17001 0 16347 0 464214 0 0 0 CHIN H PYUN SVP/CLO 271513 0 68008 0 6000 0 16524 0 8688 0 370733 0 0 0 CHRIS ANDRUS SVP/CMO 270098 0 72912 0 630 0 19800 0 27656 0 391096 0 0 0 ROBERT WHITTON FORMER SVP/CXO 257945 0 74304 0 152 0 11988 0 9552 0 353941 0 0 0 SCOTT MURRAY SVP/CIO 265361 0 59361 0 6334 0 19357 0 2378 0 352791 0 0 0 NATALIE BROWN SVP/LENDING 217150 0 34427 0 6280 0 15952 0 18097 0 291906 0 0 0 JULIE BJORNSTAD SVP/HR 193289 0 47265 0 231 0 14105 0 23692 0 278582 0 0 0 GREG REXROAD MORTGAGE LOAN OFFICER 348370 0 10473 0 112 0 19800 0 22745 0 401500 0 0 0 GREG CHANTLER VP, CORPORATE REAL ESTATE 193207 0 35641 0 0 0 14255 0 27339 0 270442 0 0 0 LUIS BARRIOS COMMERCIAL BUS DEVELOPMENT OFFICER 201303 0 26078 0 187 0 9025 0 23796 0 260389 0 0 0 SOHEILA NICKMANESH MORTGAGE LOAN OFFICER 206610 0 8778 0 0 0 13004 0 7653 0 236045 0 0 0 TURHAN HUNT VP, MEMBER SERVICES 171326 0 36009 0 6000 0 8992 0 24451 0 246778 0 0 0 PART I, LINE 1A THE CHIEF EXECUTIVE OFFICER WAS REIMBURSED FOR SOCIAL CLUB DUES. THE AMOUNT IS INCLUDED IN COMPENSATION ON SCHEDULE J, PART II, COLUMN B(III). THE DUES REPRESENT AMOUNTS PAID TO THE VICTORIA CLUB, AND ARE A TAXABLE ITEM FOR THE CEO AS IT IS CONSIDERED A BENEFIT. THE REIMBURSEMENT FOR COMPANION TRAVEL EXPENSES MUST BE APPROVED IN ADVANCE OF TRAVEL BY THE BOARD OF DIRECTORS. FOR TRAVEL BENEFITS RECEIVED IN EXCESS OF $600 DURING ANY TAX YEAR, THE CREDIT UNION WILL ISSUE A FORM 1099 TO THE RECIPIENT. PART I, LINE 4B THE CREDIT UNION ENTERED INTO A SPLIT-DOLLAR AGREEMENT WITH THE CEO IN 2018. THE CREDIT UNION ENTERED INTO A SPLIT-DOLLAR AGREEMENT WITH THE EVP/CSO IN 2019. JENNIFER BINKLEY OFFICER FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICY X 6042522 7129300 0 1 1 KEVIN SHERRELL OFFICER FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICY X 2741186 3109827 0 1 1 KEVIN SHERRELL OFFICER MORTGAGE X 496000 448830 0 1 1 ROBERT WHITTONFORMER KEY EMPLOYEE MORTGAGE X 364000 334861 0 1 1 CHRIS ANDRUS KEY EMPLOYEE MORTGAGE X 517000 486851 0 1 1 SCOTT MURRAY KEY EMPLOYEE MORTGAGE X 468000 429804 0 1 1 11939473 FORM 990, PART VI, SECTION A, LINE 6 ALTURA 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. ALTURA CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF ALTURA 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 ITS 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 THE CFO REVIEWS THE INFORMATION LISTED ON THE FORM 990 FOR ACCURACY BEFORE SUBMITTING IT TO THE BOARD OF DIRECTORS FOR APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C ALTURA CREDIT UNION'S EMPLOYEE HANDBOOK DETAILS THE CONFLICT OF INTEREST POLICY. ACCOUNT STATUS IS REVIEWED FOR DIRECTORS, OFFICERS AND EMPLOYEES. THERE IS AN ETHICS HOTLINE AVAILABLE FOR USE BY OUR MEMBERS AND EMPLOYEES. IN THE CASE OF A POTENTIAL CONFLICT IS SUSPECTED, AN INVESTIGATION IS CONDUTED AND IF NECESSARY, STEPS ARE TAKEN TO RESOLVE THE ISSUE IN A TIMELY MANNER. FORM 990, PART VI, SECTION B, LINE 15 A PERFORMANCE APPRAISAL IS COMPLETED BY THE BOARD OF DIRECTORS. EXTERNAL MARKET DATA IS GATHERED AND A REPORT ON PROJECTED CEO INCREASES WITH THE RECOMMENDATION IS PREPARED BY AN OUTSIDE FIRM. THE BOARD OF DIRECTORS MEETS TO REVIEW THE DATA AND RECOMMENDS INCREASES AND THE CURRENT TOTAL COMPENSATION PACKAGE OF THE CEO. THE BOARD THEN VOTES ON THE NEW SALARY. FOR OTHER OFFICERS OR KEY EMPLOYEES, COMPENSATION SURVEYS ARE CONDUCTED AND USED, AS WELL AS AN INFORMATION SYSTEM THAT PROVIDES MARKET SALARIES AND INCREASES FOR SIMILAR ROLES IN THE SURROUNDING AREAS. FORM 990, PART VI, SECTION C, LINE 19 ALTURA CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CODE OF ETHICS, AND FINANCIAL STATEMENTS AVAILABLE TO ITS MEMBERS UPON REQUEST. THE MONTHLY FINANCIALS STATEMENTS ARE POSTED IN EACH OF THE BRANCHES. FORM 990, PART XI, LINE 9: CECL TRANSITIONAL AMOUNT (AS DETERMINED UNDER 702.703(B)) -4,432,477. FORM 990, PART XII, LINE 2C THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. ALTURA CREDIT UNION FOUNDATION 2847 CAMPUS PARKWAY RIVERSIDE CA 92507 330625895 SCHOLARSHIPS CA 501(C)(3) 7 ALTURA CU 1 ALTURA GROUP INC 2847 CAMPUS PKWY RIVERSIDE CA 92507 330466710 LENDING CA ALTURA CU C 3233019 6136346 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 ALTURA CREDIT UNION FOUNDATION B 192406 FMV ALTURA GROUP INC L 215390 FMV