2024-11-15T11:43:21-06:00 2023-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2023-01-01 951442156 E-CENTRAL CREDIT UNION E-CE 6267996000 990 SOUTH FAIR OAKS AVENUE PASADENA CA 911052626 MIKE THEODORE PRESIDENT/CEO 6267996000 2024-11-14 1 1 VALENTINO CREUS CPA P01054153 8189549700 2023 2024-10-15 13:58:12Z MIKE THEODORE 990 SOUTH FAIR OAKS AVENUE PASADENA CA 911052626 11789670 0 X WWW.ECENTRALCU.ORG X CREDIT UNION 1943 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 7 7 42 10 35746 12247 0 0 7372629 8480986 898807 1285658 678494 2023026 8949930 11789670 0 0 0 0 3422538 3740699 0 0 0 3970252 4280798 7392790 8021497 1557140 3768173 182628434 172452151 148766804 134822350 33861630 37629801 X E-CENTRAL CREDIT UNION IS A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVING 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, E-CENTRAL CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNING, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. 0 0 OUR REAL ESTATE PROGRAM AND MEMBER BUSINESS LENDING (MBL) PROGRAMS CONTINUE TO PROVIDE VALUE TO OUR MEMBERSHIP. WE FOCUS ON PROVIDING PERSONALIZED SERVICES COUPLED WITH COMPETITIVE PRICING. THROUGH OUR TRUSTED BRAND, MEMBERS CAN TAKE SOLACE THAT THEY ARE WORKING WITH A REPUTABLE LENDER. OFFERING A VAST ARRAY OF DYNAMIC ONLINE SERVICES IS CENTRAL TO E-CENTRAL'S STRATEGIC PLAN TO ALLOW MEMBERS TO ACCESS THEIR ACCOUNT ANYTIME, ANYWHERE. THIS IS AN IMPORTANT INITIATIVE TO REMAIN COMPETITIVE, IMPROVE OPERATIONAL EFFICIENCIES, AND TO RETAIN MEMBERS. OUR SUITE OF FREE E-SERVICES INCLUDES ONLINE BANKING, MOBILE BANKING, BILL PAY, PERSONAL FINANCIAL MANAGEMENT TOOLS, ACCOUNT-TO-ACCOUNT TRANSFERS, REMOTE CHECK DEPOSIT AND A NUMBER OF OTHER SERVICES. E-CENTRAL OFFERS A SUITE OF AFFORDABLE CHECKING ACCOUNTS THAT INCLUDE A NUMBER OF FREE SERVICES, SUCH AS DEBIT CARDS AND A SUITE OF ONLINE SERVICES. THE CREDIT UNION CONTINUES TO SEE CHECKING ACCOUNT PENETRATION INCREASE, CHECKING OVERALL BALANCES INCREASE AND DEBIT CARD TRANSACTIONS INCREASE EACH YEAR. MEMBERS VALUE OUR LOW-COST SOLUTION AS THEY LOOK TO SAVE MONEY EVERY DAY. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 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 1 1942 0 1 42 1 1 1 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X X SILVIO JORGE VICE PRESIDENTCFO 6267996000 990 SOUTH FAIR OAKS AVENUE PASADENA CA 911052626 MARK GARMUS BOARD CHAIRPERSON 5.00 X 0 0 0 DOMINICK EDWARDS BOARD VICE CHAIRPERSON 2.00 X 0 0 0 DENNIS MAGALDI SECRETARY/TREASURER 2.00 X 2400 0 0 STEPHEN HENSON DIRECTOR 2.00 X 0 0 0 GLENDA GILES-LUICK DIRECTOR 2.00 X 0 0 0 RICHARD HONORE DIRECTOR 2.00 X 0 0 0 TREVOR KALE DIRECTOR 2.00 X 0 0 0 JON OLIVER SUPV CMTE CHAIR 3.00 X 0 0 0 CORBET WILCOX SUPV CMTE MEMBER 1.00 X 0 0 0 JAMES GREENBAUM SUPV CMTE MEMBER 1.00 X 0 0 0 MICHAEL THEODORE PRESIDENT/CEO 40.00 X 454052 0 48489 LOH JEN SY SVP/CCO 40.00 X 177546 0 41026 SILVIO JORGE VP/CFO 40.00 X 149993 0 32620 SUSAN BROWN EXEC. ASST. 40.00 X 142521 0 30957 EVAN HITCHCOCK VP OPS 40.00 X 139374 0 31742 JOSE DAVILA VP OF IT 40.00 X 124106 0 34973 JENNIFER GIN VP OF CL 40.00 X 119907 0 30765 1309899 0 250572 7 0 1 0 0 INTEREST ON LOANS 522100 7105709 7105709 FEE INCOME 522100 1016252 1001385 14867 OTHER OPERATING INCOME 522100 359025 338146 20879 8480986 1285658 1285658 OTHER NON OPERATING INCOME 522100 1670348 1670348 PROVISION FOR LOAN AND LEASE LOSS 522100 352678 352678 2023026 11789670 11753924 35746 0 1309899 1622106 201539 414195 192960 57911 78000 147748 163852 1085215 902108 369519 282088 543440 146973 145433 LOAN SERVICING 212165 MISC OPERATING EXPENSE 118746 OPERATING FEES 27600 8021497 272391 208682 24656857 16811121 1994147 1914966 222548 249831 7602238 3404153 4231633 4198085 149374635 147358209 1876223 1711257 182628434 172452151 1909361 2364937 146857443 132457413 148766804 134822350 X 0 0 0 0 33861630 37629801 33861630 37629801 182628434 172452151 X 3768173 -2 X X 0 1 X 1 0 3285000 3285000 2431758 1753206 678552 664880 578678 86202 1220600 1072269 148331 4198085 DEPOSITS IN COMMERCIAL BANKS 2500000 C LOANS AND LEASES 133232007 F NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 1354772 C PAID IN CAPITAL IN CORP 426333 C ALL OTHER INVESTMENTS 855700 F HELD TO MATURITY DEBT SECURITIES 8989397 F 147358209 SHARES AND DEPOSITS 132457413 132457413 X PART X, LINE 2: FASB ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE FINANCIAL STATEMENTS. THIS REQUIRES THE EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE CREDIT UNION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE LIKELY THAN NOT" OF BEING SUSTAINED "WHEN CHALLENGED OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS DEEMED TO NOT MEET THE MORE-LIKELY-THAN-NOT THRESHOLD SHOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEARS ENDED MARCH 31, 2024 AND 2023, MANAGEMENT HAS DETERMINED THAT THE CREDIT UNION HAS NO MATERIAL UNCERTAIN TAX POSITIONS, AND ACCORDINGLY, THE CREDIT UNION HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. THE CREDIT UNION IS SUBJECT TO AND PAYS ALL STATE AND CITY TAXES ON GOODS AND SERVICES PURCHASED BY THE CREDIT UNION. X 1 1 X X X X 0 0 0 MICHAEL THEODORE PRESIDENT/CEO 425000 0 25000 0 4052 0 29447 0 19042 0 502541 0 0 0 LOH JEN SY SVP/CCO 150962 0 25000 0 1584 0 16935 0 24091 0 218572 0 0 0 SILVIO JORGE VP/CFO 123461 0 25000 0 1532 0 12969 0 19651 0 182613 0 0 0 SUSAN BROWN EXEC. ASST. 114892 0 25000 0 2629 0 14842 0 16115 0 173478 0 0 0 EVAN HITCHCOCK VP OPS 113461 0 25000 0 913 0 12417 0 19325 0 171116 0 0 0 JOSE DAVILA VP OF IT 98944 0 25000 0 162 0 12931 0 22042 0 159079 0 0 0 JENNIFER GIN VP OF CL 100612 0 15000 0 4295 0 10950 0 19815 0 150672 0 0 0 JENNIFER GIN HCE MORTGAGE X 505000 457770 0 0 1 JENNIFER GIN HCE CREDIT CARD X 222 222 0 0 0 LOH JEN SY OFFICER MORTGAGE X 900000 726991 0 1 1 LOH JEN SY OFFICER CREDIT CARD X 2675 2675 0 0 0 MIKE THEODORE OFFICER MORTGAGE X 860000 657397 0 1 1 DOMINICK EDWARDS DIRECTOR PERSONAL LINE OF CREDIT X 15000 14030 0 1 0 EVAN HITCHCOCK HCE CAR LOAN X 22638 16835 0 1 0 STEPHEN HENSON DIRECTOR CAR LOAN X 43950 39046 0 1 0 1914966 FORM 990, PART VI, SECTION A, LINE 6 E-CENTRAL 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. E-CENTRAL CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF E-CENTRAL 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 OUR 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 EACH BOARD MEMBER SHALL RECEIVE A COMPLETED DRAFT OF THE FORM 990 FOR REVIEW PRIOR TO FILING EACH YEAR. FORM 990, PART VI, SECTION B, LINE 12C E-CENTRAL CU REGULARLY MONITORS AND ENFORCES COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. ON AN ANNUAL BASIS THE CONFLICT OF INTEREST POLICY IS REVIEWED AND A COPY IS PROVIDED TO EMPLOYEES. ALL EMPLOYEES ARE REQUIRED TO READ AND SIGN THE RECEIPT OF THE CONFLICT OF INTEREST POLICY. AS PART OF THAT REVIEW, ALL EMPLOYEES ARE TO REPORT TO THEIR MANAGERS OF KNOWN FAMILY MEMBERS THAT HAVE ACCOUNTS WITH THE CU. EMPLOYEES ARE RESTRICTED FROM HAVING ANY ACCESS TO THEIR OR A FAMILY MEMBERS ACCOUNT. THIS IS TESTED ANNUALLY DURING THE COMPLIANCE PORTION OF OUR AUDIT. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS OF DETERMINING COMPENSATION FOR THE CEO IS REVIEWED AND COMPLETED BY THE BOARD, AND THE PROCESS OF DETERMINING COMPENSATION FOR TOP MANAGEMENT OFFICIALS AND KEY EMPLOYEES IS REVIEWED BY THE CEO. THE CUNA SALARY SURVEY IS USED FOR COMPARABILITY FOR INDUSTRY STANDARDS AND REASONABLENESS. FORM 990, PART VI, SECTION C, LINE 19 MONTHLY FINANCIAL STATEMENTS ARE POSTED IN THE BUILDING LOBBY AND ALSO MADE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: ROUNDING -2. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS SELECTION PROCESS OR OVERSIGHT PROCESS DURING THE TAX YEAR.