2024-07-29T14:30:22-07:00 2023-12-31 990 2023-01-01 956111723 ADELFI CREDIT UNION ADEL 7146715700 135 S State College Blvd Suite 500 Brea CA 92821 Nicolette Harms SVP/CFO 7146715700 2024-07-29 1 2023 2024-08-08 14:25:15Z X Abel Pomar 135 S State College Blvd Suite 500 Brea CA 92821 32611638 0 X WWW.ADELFIBANKING.COM X 1964 CA Adelfi partners with individuals, families, Christ-centered ministries and businesses to protect, grow, and share their financial resources. 10 10 107 15 0 0 0 0 22738707 28268198 31576174 4343440 1610224 0 55925105 32611638 3536606 441550 0 0 11999177 13289129 0 0 0 11151719 17564410 26687502 31295089 29237603 1316549 574129929 568720887 484882336 479527510 89247593 89193377 Adelfi partners with individuals, families, Christ-centered ministries and businesses to protect, grow, and share their financial resources. Through their accounts at Adelfi, members help to advance the Kingdom, so that one (brother or sister in Christ) impacts many. 0 0 31295089 441550 32611638 Adelfi Credit Union provided credit union services to our members. Our membership totaled 13,785 as of December 31, 2023. 0 0 0 31295089 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 107 1 0 0 0 0 0 0 0 0 X 10 10 1 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Nicollete Harms 7146715700 135 S State College Blvd Suite 500 Brea CA 92821 Abel Luis Pomar President CEO 40 0 X 824550 0 49634 Nicolette Harms SVP CFO 40 0 X 434688 0 47865 Bentley Hatcher SVP Chief Lending Officer 40 0 X 434524 0 45504 Charles Kelly SVP Chief Technology Officer 40 0 X 327824 0 43893 Susan Rushing SVP Chief Risk Officer 40 0 X 317522 0 25613 Jimmy Lee SVP Chief Marketing Officer 40 0 X 299328 0 41485 Brian Constable VP Enterprise Banking 40 0 X 258051 0 41834 David Steven Director of Participation Operations 40 0 X X 239764 0 15659 Heath Burke VP Information Technology 40 0 X 202467 0 41114 Wilhelmina Salcedo VP Accounting 40 0 X 189547 0 36543 Dianna Reynolds VP Compliance and Internal Controls 40 0 X 195565 0 19476 Carey Price SVP Chief Banking Officer 40 0 X 72979 0 3270 Robert Todd Anderson Treasurer, Director 5 0 X 6294 0 0 Christopher Montes Vice-Chair, Director 5 0 X 4788 0 0 Graham Crain Chairman, Director 5 0 X 0 0 0 John Bastian Secretary, Director 5 0 X 0 0 0 Joshua Guttau Director 5 0 X 0 0 0 Sebastian Igreti Director 5 0 X 0 0 0 Jeremy Anderson Director 5 0 X 0 0 0 Hal Hoxie Director 5 0 X 0 0 0 Hilda Kennedy Director 5 0 X 0 0 0 Dave Walker Director 5 0 X 0 0 0 Caryn Ryan Secretary, Director (retired Dec23) 5 0 X X 0 0 0 3807891 0 411890 38 1 1 0 Mighty Roar LLC 880 Marietta Hwy Suite 630-341 Roswell GA 30075 Marketing Services/Retainer 290000 1 0 0 0 0 0 0 0 0 Interest from loans to members 522130 21497973 21497973 0 0 Non-Interest fee income 522130 6770225 6770225 0 0 0 0 0 0 28268198 4343440 4343440 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 32611638 32611638 0 0 441550 441550 2722497 2722497 0 7244988 7244988 829521 829521 1763629 1763629 728494 728494 385082 385082 389839 389839 1217797 1217797 618710 618710 2449616 2449616 900713 900713 22304 22304 0 20207 20207 7990254 7990254 199429 199429 514122 514122 Provision for loan losses 938196 938196 0 0 Member Transactions 1837085 1837085 0 0 All Other Expenses 81056 81056 0 0 31295089 31295089 0 0 723013 1001497 25432351 44836639 0 0 0 0 468216685 453265235 0 1171617 1235747 5194652 4776953 362576 417699 53751559 47502524 0 10581626 9748536 0 406110 13890502 10306900 574129929 568720887 10990815 3851603 0 0 0 0 0 0 0 0 0 0 1647345 0 0 0 472244176 475675907 484882336 479527510 X 0 0 0 0 89247593 89193377 89247593 89193377 574129929 568720887 X 1316549 239639 0 0 0 -1610404 X 0 1 X 1 0 0 0 0 0 0 0 0 0 0 0 0 0 5194652 4776953 417699 0 0 0 0 417699 Member Shares 475675907 475675907 X 32611638 0 0 0 0 0 32611638 0 0 0 32611638 31295089 0 0 0 0 0 31295089 0 0 0 31295089 Schedule D, Part X, Line 2 The credit union had no unrecognized tax benefits at December 31, 2023 and 2022. Interest and penalties related to unrecognized tax benefits are recognized by the credit union as an administrative expense. During, the year ended December 31, 2023, the Credit Union did not recognize any penalty. While, during the year ended December 31, 2022, the Credit Union recognized $3,024 in penalties. 1 Wycliffe Bible Translators Inc PO Box 628200 Orlando FL 32862 951831097 501 ( c ) 3 12232 0 General Support Evangelical Free Church of America 901 E 78th Street Minneapolis MN 554201300 410721672 501 ( c ) 3 6120 0 General Support OC International PO BOX 36900 Colorado CO 80936 941501634 501 ( c ) 3 5500 0 General Support One Collective NFP 2155 Point Blvd Suite 200 Elgin IL 60123 366069820 501 ( c ) 3 6000 0 General Support Legacy Inc PO BOX 4228 Visalia CA 93278 364727578 501 ( c ) 3 10000 0 General Support Mt Zion Baptist Church 224 W California St Ontario CA 91762 330029184 501 ( c ) 3 10000 0 General Support ONE&ALL Church 1404 W Covina Blvd San Dimas CA 91773 956006335 501 ( c ) 3 10000 0 General Support Eastern Nazarene College 23 E Elm Ave Quincy MA 02170 042105777 501 ( c ) 3 10000 0 General Support Arizona Christian University 1 W Firestorm Way Glendale AZ 85306 860186050 501 ( c ) 3 8500 0 General Support Standing Stone Ministries PO Box 11028 Newport Beach CA 92658 455319818 501 ( c ) 3 6000 0 General Support 10 0 Schedule I, Part I, Line 2 Schedule I, Part I, Line 2 - The Board of Directors determines the annual grant allocation limit for officials. An official must complete the Ministry Grant Recommendation Form for an appropriate 501(c)(3) organization that aligns with Adelfi' s mission. The official sends the completed form to the Board Chair or the Supervisory Committee Chair for approval. The approved form is sent to the Adelfi Board liaison for processing. The Board liaison notifies the requestor when the check is sent and sends a copy of the letter. Annually, the liaison provides the Board of Directors with a report of the grants given. The Chief Executive Officer is authorized to make grants for missionaries and has assigned this authority to the Adelfi Missions Committee. No unsolicited grant proposals are accepted. X 1 1 X X 1 0 0 Abel Luis Pomar President CEO 502139 0 194090 0 128320 0 14850 0 34784 0 874183 0 0 Nicolette Harms SVP CFO 332308 0 22985 0 79396 0 14850 0 33015 0 482554 0 0 Susan Rushing SVP Chief Risk Officer 259525 0 55765 0 2233 0 14186 0 11427 0 343136 0 0 Charles Kelly SVP Chief Technology Officer 272752 0 55072 0 0 0 14850 0 29043 0 371717 0 0 Bentley Hatcher SVP Chief Lending Officer 342692 0 91831 0 0 0 0 0 45504 0 480027 0 0 Jimmy Lee SVP Chief Marketing Officer 259615 0 39712 0 0 0 13642 0 27843 0 340812 0 0 Carey Price SVP Chief Banking Officer 72500 0 0 0 479 0 3270 0 0 0 76249 0 0 Brian Constable VP Enterprise Banking 222565 0 34485 0 1000 0 11822 0 30011 0 299883 0 0 David Steven Director of Participation Operations 113380 0 9748 0 116636 0 7163 0 8497 0 255424 0 0 Heath Burke VP Information Technology 175067 0 27399 0 0 0 9299 0 31815 0 243580 0 0 Dianna Reynolds VP Compliance and Internal Controls 169909 0 24516 0 1139 0 8749 0 10727 0 215040 0 0 Wilhelmina Salcedo VP Accounting 181731 0 7816 0 0 0 8700 0 27843 0 226090 0 0 Schedule J, Part I, Line 1a Schedule J, Part I, Line 1a - Adelfi Credit Union has travel policies and procedures for employees and Board of Directors. Schedule J, Part I, Line 3 Schedule J, Part I, Line 3 - The Compensation Committee meets at least annually to identify the CEO's performance, objectives and related short-term incentive targets. Periodically industry-specific surveys are reviewed and other sources are secured to determine appropriate compensation levels. The Board of Directors reviews the Compensation Committee's recommendations of the CEO's total cash compensation and targets and makes a final determination. Salary grades for all positions, including other officers, are determined after consulting with external independent firms that provide comparability data. Schedule J, Part I, Line 1a - Adelfi Credit Union has travel policies and procedures for employees and Board of Directors. Schedule J, Part I, Line 4 One of the highest compensated employees, David Steven received a severance payment in 2023 amounting $95,369. Employment of David Steven with the credit union ceased on 10/28/2023. Form 990, Part VI, Section A, Line 2 J. Anderson and G. Crain are partners on Sabetha Hillcrest, LLC and Beloit Maverick, LLC (two commercial properties). G. Crain is the owner of Crain Investments. H. Hoxie is the CEO of the non-profit Butterfield Foundation who owns some investment at Crain Capital. Form 990, Part VI, Section A, Line 6 Adelfi Credit Union is a state chartered credit union (not-for-profit cooperative) with members who qualify under field of membership criteria. Form 990, Part VI, Section A, Line 7a The Credit Union members elect the Board of Directors. Form 990, Part VI, Section B, Line 11b A draft of the Form 990 is reviewed by the Credit Union's Accounting Manager, CFO, and Supervisory Committee; updates are made to the draft from their comments. Then copies of the Form 990 are sent to the full Board of Directors so they have the opportunity to provide comments and questions prior to filing. Form 990, Part VI, Section B, Line 12c All employees, Board of Director members and Supervisory Committee members are required to read and sign the conflict of interest policy and acknowledgment. Once an employee, Board of Director member, or Supervisory Committee member becomes aware of a conflict, he/she must disclose the conflict. Annually, the Board and the CEO must disclose conflicts of interest. Form 990, Part VI, Section B, Line 15 The Compensation Committee meets at least annually to identify the CEO's performance, objectives and related short-term incentive targets. Periodically industry-specific surveys are reviewed and other sources are secured to determine appropriate compensation levels. The Board of Directors reviews the Compensation Committee's recommendations of the CEO's total cash compensation and targets and makes a final determination. Salary grades for all positions, including other officers, are determined after consulting with external independent firms that provide comparability data. Form 990, Part VI, Section C, Line 19 Governing documents and conflict of interest policy are not available to the general public. Unaudited quarterly financials are available on the company website as well as annual financials derived from the audited financial statements. Audited financial statements are available upon request. Form 990, Part XI, Line 9 This adjustment is for the Current Expected Credit Losses adoption on January 1, 2023 per FASB ASC 326.