2024-11-15T18:30:24-06:00 2023-12-31 952302617 SINGERLEWAK LLP 10960 WILSHIRE BLVD SUITE 1100 LOS ANGELES CA 90024 990 2023-01-01 951820763 FRONTWAVE CREDIT UNION FRON 7606318767 1278 ROCKY POINT DRIVE OCEANSIDE CA 92056 DENNIS KINGERY CFO 7606318767 2024-11-15 1 0 NANAZ BENYAMINI P00666808 3104773924 2024-11-15 2023 2024-10-15 13:58:12Z DENNIS KINGERY 1278 ROCKY POINT DRIVE OCEANSIDE CA 92056 102123871 0 X WWW.FRONTWAVECU.COM X 1952 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONGST ITS MEMBERS. 9 9 332 16 162633 0 0 0 59268888 73440551 4713104 8114702 180600 162633 64162592 81717886 0 0 0 0 23964581 25834523 0 0 0 34622223 51643096 58586804 77477619 5575788 4240267 1358956009 1429880746 1273198596 1332023409 85757413 97857337 X FRONTWAVE CREDIT UNION IS A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR THEM AT RATES OF INTERET 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, FRONTWAVE 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 FRONTWAVE CREDIT UNION PROVIDES A WIDE RANGE OF MEMBER SERVICES INCLUDING EDUCATING MEMBERS ON AVAILABLE PRODUCTS AND SERVICES, FEES INVOLVED, AND OPENING AND SERVICING DEPOSIT AND LOAN PRODUCTS. FRONTWAVE CREDIT UNION USED CUTTING-EDGE TECHNOLOGY BY PROVIDING ITS MEMBERS WITH DIGITAL BANKING. THE MEMBERS CAN USE THE ONLINE AND MOBILE BANKING TOOLS TO MANAGE THEIR ACCOUNTS 24/7. 0 0 1 0 0 0 0 0 0 1 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 1 1 0 0 1 15842 0 1 332 1 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 1 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 CA X DENNIS KINGERY CFO 7606318767 1278 ROCKY POINT DRIVE OCEANSIDE CA 92056 AMANDA COOK TREASURER 3.00 X 0 0 0 BRIAN SUTTON CHAIRMAN 3.00 X X 0 0 0 GARY GREVING SECRETARY 3.00 X X 0 0 0 GERALD POLYASCKO DIRECTOR 3.00 X 0 0 0 MICHAEL BRIGAGLIANO VICE CHAIRMAN 3.00 X X 0 0 0 RICHARD ROTHWELL DIRECTOR 3.00 X 0 0 0 SALLY ARNETT DIRECTOR 3.00 X 0 0 0 JOSEP MITILIERI DIRECTOR 3.00 X 0 0 0 KELLEY MAYER DIRECTOR 3.00 X 0 0 0 PAUL LEONHARDT CHIEF LENDING OFFICER 40.00 X 297786 0 39933 SARAI RODGERS CHIEF HUMAN RESOURCES OFFI 40.00 X 295223 0 41484 SHILPA EDLABADKAR CFO (UNTIL 2/1/23) 40.00 X 65537 0 6949 TODD KERN CHIEF EXPERIENCE OFFICER 40.00 X 314848 0 25418 WILLIAM BIRNIE PRESIDENT/CEO 40.00 X 404534 0 34815 WILLIAM WELLS CHIEF INFORMATION OFFICER 40.00 X 302886 0 490 DENNIS KINGERY CHIEF FINANCIAL OFFICER 40.00 X 147807 0 18928 KENDALL SCHORR CHIEF RISK OFFICER 40.00 X 65709 0 4865 DANIEL KITCHEN VP OF BUSINESS BANKING 40.00 X 187316 0 36037 JENNIFER TOPZAND VP OF MARKETING 40.00 X 230255 0 32884 JENNIFER WILLIAMS CHIEF RISK OFFICER 40.00 X 213940 0 24184 KIRSTEN HANSON VP OF REAL ESTATE LENDING 40.00 X 202421 0 21207 ROGELIO ESTRADA VP OF PROCESS EXCELLENCE 40.00 X 201816 0 32591 2930078 0 319785 46 0 1 0 NO LIMIT COMMERCIAL MAINTENANCE 4855 SEASCAPE DR OCEANSIDE CA 920576251 JANITORIAL SERVICES AND SUPPLIES 165598 SAPPHIRE TRAIL LLC PO BOX 330081 NORTHGLENN CO 80233 MARKET RESEARCH 150029 2 INTEREST INCOME 522100 41974964 41974964 OTHER OPERATING INCOME 522100 20120652 20120652 FEE INCOME 522100 11344935 11344935 73440551 7614687 7614687 20906000 20405985 500015 500015 500015 NON-MEMBER ATM FEES 522100 162633 162633 162633 81717886 81055238 162633 500015 2067212 18629273 1252913 2328924 1556201 1859313 180000 1883380 2955095 5872286 3418184 484434 16714419 2128926 LOAN SERVICING EXPENSE 7479724 CREDIT LOSS EXPENSE 6239478 MISCELLANEOUS OPERATING 2427857 77477619 28419917 18441209 26597644 108884512 4172297 3520020 49251877 22978052 26446740 26273825 9628370 9659477 295473785 293847896 968217256 969253807 1358956009 1429880746 24489226 28605681 1248709370 1303417728 1273198596 1332023409 X 0 0 0 0 85757413 97857337 85757413 97857337 1358956009 1429880746 X 4240267 9311983 -1452326 X 0 1 X 1 0 23500 23500 23500 1 SAN DIEGO CREDIT UNION'S POLITICAL ACTION COMMITTEE 5890 PACIFIC CENTER BLVD SAN DIEGO CA 92121 743032876 2500 CALIFORNIA CREDIT UNION LEAGUE POLITICAL ACTION COMMITTEE 2855 E GUASTI RD STE 202 ONTARIO CA 91761 940357265 10000 NATIONAL ASSOCIATION OF FEDERALLY-INSURED CREDIT UNIONS 3138 10TH ST NORTH ARLINGTON VA 22201 952642719 10000 LAURIE DAVIES PO BOX 730 HILLMAR CA 95324 842487320 1000 7376772 7376772 21275609 6660613 14614996 5964355 3383460 2580895 10567571 9543208 1024363 4067570 3390771 676799 26273825 PERPETUAL CONTRIBUTED CAPITAL 600500 C OTHER INVESTMENTS 7435500 F AVAILABLE FOR SALE DEBT SECURITIES 285811896 F 293847896 LOANS RECEIVABLE 932978355 FORECLOSED VEHICLE 14184 NCUA SHARES 11229831 OTHER ASSETS 25031437 969253807 BORROWINGS 100000000 MEMBER SHARE DEPOSITS 1203417728 1303417728 X PART X, LINE 2: THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14) AND, AS SUCH IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, THE CREDIT UNION PAYS TAXES ON ANY UNRELATED BUSINES TAXABLE INCOME. THE CREDIT UNION HAD NO SIGNIFICANT TAX LIABILITY FOR THE YEARS ENDED DECEMBER 31, 2023, AND 2022. X 1 1 X X X 1 1 0 WILLIAM BIRNIE PRESIDENT/CEO 318105 0 61229 0 25200 0 15663 0 19152 0 439349 0 0 0 TODD KERN CHIEF EXPERIENCE OFFICER 270682 0 36000 0 8166 0 15820 0 9598 0 340266 0 0 0 PAUL LEONHARDT CHIEF LENDING OFFICER 239202 0 36000 0 22584 0 13613 0 26320 0 337719 0 0 0 SARAI RODGERS CHIEF HUMAN RESOURCES OFFI 240454 0 36000 0 18769 0 15164 0 26320 0 336707 0 0 0 WILLIAM WELLS CHIEF INFORMATION OFFICER 256914 0 36000 0 9972 0 0 0 490 0 303376 0 0 0 JENNIFER TOPZAND VP OF MARKETING 171796 0 19000 0 39459 0 6674 0 26210 0 263139 0 0 0 JENNIFER WILLIAMS CHIEF RISK OFFICER 174241 0 35500 0 4199 0 8642 0 15542 0 238124 0 0 0 ROGELIO ESTRADA VP OF PROCESS EXCELLENCE 181894 0 19000 0 922 0 6233 0 26358 0 234407 0 0 0 KIRSTEN HANSON VP OF REAL ESTATE LENDING 181747 0 20100 0 574 0 10284 0 10923 0 223628 0 0 0 DANIEL KITCHEN VP OF BUSINESS BANKING 168288 0 11000 0 8028 0 9720 0 26317 0 223353 0 0 0 DENNIS KINGERY CHIEF FINANCIAL OFFICER 142315 0 750 0 4742 0 4494 0 14434 0 166735 0 0 0 PART I, LINES 4A-B: EFFECTIVE AUGUST 31, 2015, THE CREDIT UNION ESTABLISHED A NONQUALIFIED DEFERRED COMPENSATION PLAN FOR A MEMBER OF SENIOR MANAGEMENT UNDER IRC SECTION 457(F). THE CREDIT UNION ACCRUES FOR THE PLAN EACH YEAR UNTIL THE TARGET BENEFIT AMOUNT AND TARGET BENEFIT DATE ARE REACHED. THERE WAS NO LIABILITY FOR THE DEFERRED COMPENSATION PLAN AS OF DECEMBER 31, 2023. SEVERANCE ARRANGEMENTS ARE SUBJECT TO NONDISCLOSURE AGREEMENTS AND CAN BE MADE AVAILABLE UPON REQUEST BY THE IRS. SALLY ARNETT DIRECTOR VISA X 14000 9864 0 1 1 SALLY ARNETT DIRECTOR 1ST MORTGAGE X 194720 142270 0 1 1 WILLIAM BIRNIE OFFICER VISA X 1000 926 0 1 1 WILLIAM BIRNIE OFFICER VISA X 5000 322 0 1 1 WILLIAM BIRNIE OFFICER 1ST MORTGAGE X 540000 444352 0 1 1 MICHAEL BRIGAGLIANO DIRECTOR AUTO X 31577 20204 0 1 1 AMANDA COOK DIRECTOR 1ST MORTGAGE X 543000 493318 0 1 1 CEZARY GOCH SUPERVISORY COMMITTEE 1ST MORTGAGE X 929000 875783 0 1 1 CEZARY GOCH SUPERVISORY COMMITTEE AUTO X 29201 13301 0 1 1 CARRIE GREVING OFFICER 1ST MORTGAGE X 537000 500623 0 1 1 SARAI RODGERS OFFICER 1ST MORTGAGE X 200000 186160 0 1 1 SARAI RODGERS OFFICER 1ST MORTGAGE X 835000 784168 0 1 1 HEATHER KINGERY OFFICER AUTO X 45509 0 1 1 WILLIAM ARNETT DIRECTOR VISA X 3220 0 1 1 3520020 FORM 990, PART VI, SECTION A, LINE 4 DURING THE TAX YEAR 2023, THE ORGANIZATION AMENDED THEIR BYLAWS IN ORDER TO REFLECT THE FOLLOWING CHANGE: FRONTWAVE CREDIT UNION MAINTAINS THE RIGHT TO CHOOSE OUR BUSINESS CUSTOMERS AND CAN REFUSE TO PROVIDE SERVICES TO BUSINESSES WE DEEM HIGH-RISK, OR INCONSISTENT WITH OUR POLICIES. WE MAY EVALUATE BUSINESS CUSTOMERS BASED ON CREDIT UNION VALUES AND WILL AVOID ASSOCIATIONS WITH CERTAIN INDUSTRIES DUE TO REPUTATIONAL RISKS. FORM 990, PART VI, SECTION A, LINE 6 FRONTWAVE 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. FRONTWAVE CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF FRONTWAVE 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 FORM 990 IS REVIEWED BY THE CFO PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION HAS AN INTERNAL AUDIT AND COMPLIANCE DEPARTMENT WHICH MONITORS POLICIES AND PROCEDURES. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS HAS A COMPENSATION COMMITTEE THAT REVIEWS AND SETS THE CEO'S SALARY. THE HR DEPARTMENT AND THE CEO REVIEW MARKET COMPENSATION REPORTS TO DETERMINE SALARIES FOR THE ORGANIZATION'S OTHER OFFICERS AND KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE, AND OTHER GOVERNING DOCUEMNTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: ONE-TIME ADJUSTMENT DUE TO EARLY ADOPTION OF CECL -1,452,326. FRONTWAVE INSURANCE SERVICES LLC 1278 ROCKY POINT DRIVE OCEANSIDE CA 92056 472878097 INSURANCE CA 25679 40967 FRONTWAVE CREDIT UNION FRONTWAVE FOUNDATION 1278 ROCKY POINT DRIVE OCEANSIDE CA 92056 842517480 CHARITABLE FOUNDATION CA 501(C)(3) 170(B)(1)(A) FRONTWAVE CREDIT UNION 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0