2025-10-22T16:09:00-05:00 2024-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2024-01-01 941518911 UNITED LOCAL CREDIT UNION UNIT 5592278329 3650 EAST ASHLAN AVENUE FRESNO CA 93726 ANGELINA MALDONADO PRESIDENT/CEO 5592278329 2025-10-22 1 1 JENIFER L CHASE P01306883 5638884000 2025-10-22 2024 2025-03-06 01:10:19Z ANGELINA MALDONADO 3650 EAST ASHLAN AVENUE FRESNO CA 93726 6383220 0 X WWW.UNITEDLOCAL.ORG X 1953 CA PROVIDE CREDIT UNION SERVICES TO MEMBERS. 5 5 24 5 4073 0 0 0 5551352 5319923 871742 1063297 0 0 6423094 6383220 0 0 0 0 2124874 2177430 0 0 0 3027306 3153406 5152180 5330836 1270914 1052384 123664475 121456226 101975477 98556189 21688998 22900037 THE MISSION OF UNITED LOCAL CREDIT UNION IS TO BETTER THE LIVES OF EACH OF OUR HARD-WORKING MEMBERS VIA AN EXCELLENT FINANCIAL SERVICES RELATIONSHIP. 0 0 UNITED LOCAL CREDIT UNION (THE CREDIT UNION) PROVIDES DEPOSIT SERVICES TO MEMBERS WHICH INCLUDES CHECKING, SAVINGS, CERTIFICATES OF DEPOSITS, IRA ACCOUNTS, COURTESY PAY, AND TRUST ACCOUNTS. THE TOTAL NUMBER OF MEMBERS AT THE CREDIT UNION AS OF 12/31/2024 WAS 8,219, WITH THE TOTAL DOLLAR AMOUNT OF SHARES AT YEAR-END OF $97,461,150. UNITED LOCAL CREDIT UNION PROVIDES ELECTRONIC BANKING SERVICES TO SUPPORT DEPOSITS AND LOANS WITH AUTOMATED TELLER MACHINES, E-STATEMENTS, BILL PAY, AUDIO RESPONSE, TELECONTACT SERVICES, SUPPLEMENTAL NOTARY, SIGNATURE GAURANTEES, AND WIRES. UNITED LOCAL CREDIT UNION PROVIDES FULL-SERVICE LENDING INCLUDING AUTO, UNSECURED, CREDIT CARD AND MORTGAGE LOANS. THE TOTAL NUMBER OF BORROWERS AT THE CREDIT UNION AT 12/31/2024 WAS 3,637, WITH TOTAL OUTSTANDING LOANS OF $77,904,342. 0 0 1 0 0 0 0 1 0 1 1 0 0 1 1 1 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 1 887 0 1 24 1 1 1 0 0 0 0 0 0 0 X 5 5 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 0 CA X ANGELINA MALDONADO 5592278329 3650 EAST ASHLAN AVENUE FRESNO CA 93726 ANDY ANDERSON VICE BOARD CHAIRMAN 1.00 X X 0 0 0 DENISE BENELLI SECRETARY 1.00 X X 0 0 0 JIM HAZELRIGG BOARD CHAIRMAN 1.00 X X 0 0 0 PAMELA NIELSEN DIRECTOR 1.00 X 0 0 0 LARS OAKANDER DIRECTOR 1.00 X 0 0 0 ANGELINA MALDONADO PRESIDENT/CEO 40.00 X 265666 0 39798 SHERWOOD BROWN CONTROLLER 40.00 X 103860 0 14956 VIREN MISTRY VICE PRESIDENT/COO 40.00 X 115635 0 37663 485161 0 92417 3 0 1 0 JACK HENRY AND ASSOCIATES 8985 BALBOA AVENUE SAN DIEGO CA 92123 ONLINE IT SYSTEMS 671974 1 LOAN INCOME 522100 4220874 4220874 SERVICE CHARGES AND OTHER FEE INC 522100 957515 953442 4073 OTHER NON-INTEREST INCOME 522100 141534 141534 5319923 1063297 1063297 6383220 5315850 4073 1063297 424280 1087279 474468 61397 130006 29010 38837 1000 200688 793104 792396 317808 74507 26842 97450 DIVIDENDS PAID TO MEMBE 618477 PROVISON FOR LOAN LOSSE 137976 DFPI 18263 CASH SHORT/OVER 7048 5330836 10712273 12267075 960290 1014982 78477735 77904342 364969 374412 2696358 1568032 496815 1128326 26608352 22739864 6044041 6027225 123664475 121456226 450423 1095039 40141 57391 101484913 97403759 101975477 98556189 X 0 0 0 0 21688998 22900037 21688998 22900037 123664475 121456226 X 1052384 158655 X X 0 1 X 1 0 1000 1000 1000 1 CALIFORNIA CREDIT UNION PAC 1201 K STREET SUITE 150 SACRAMENTO CA 95814 942329967 1000 0 PART I-A, LINE 1: UNITED LOCAL CREDIT UNION CONTRIBUTED TO THE CALIFORNIA CREDIT UNION POLITICAL ACTION COMMITTEE TO SUPPORT CREDIT UNION ISSUES. 0 1 X 355296 354430 866 1674040 1213602 460438 667022 667022 1128326 CERTIFICATES OF DEPOSIT 22500865 C SHARES IN A CORPORATE CU 238999 C 22739864 MEMBER SHARES 97403759 97403759 X 6383220 0 6383220 0 6383220 5330836 0 5330836 0 5330836 PART IV, LINE 2B: UNITED LOCAL CREDIT UNION HOLDS FUNDS IN ESCROW IN ORDER TO PAY FOR REAL ESTATE TAXES AND HOMEOWNERS INSURANCE ON BEHALF OF ITS MORTGAGE LOAN MEMBERS. PART X, LINE 2: UNITED LOCAL CREDIT UNION (THE CREDIT UNION) IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN THE INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION 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 IS SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). FASB CODIFICATION TOPIC 740, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED, AND PRESENTED IN THE FINANCIAL STATEMENTS. THIS REQUIRES AN 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 POSITION ARE MORE-LIKELY-THAN-NOT "WHEN CHALLENGED OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS NOT DEEMED TO MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. X X 0 1 0 ANGELINA MALDONADO PRESIDENT/CEO 265666 0 0 0 0 0 24004 0 15794 0 305464 0 0 0 VIREN MISTRY VICE PRESIDENT/COO 115635 0 0 0 0 0 20587 0 17076 0 153298 0 0 0 PART I, LINE 4B ANGELINA MALDONADO, PRESIDENT/CEO, AND VIREN MISTRY, VICE PRESIDENT/COO PARTICIPATED IN A RETENTION PAYMENT PLAN SPONSORED BY UNITED LOCAL CREDIT UNION. THERE WERE NO DISTRIBUTIONS FROM THE PLAN IN 2024. THE FOLLOWING DEFINED BENEFIT ACCRUAL AMOUNTS ARE INCLUDED IN DEFERRED COMPENSATION IN PART VII AND SCHEDULE J, PART II. ANGELINA MALDONADO - $24,004 VIREN MISTRY - $20,587 ANGELINA MALDONADO OFFICER COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 900000 1014982 0 1 1 1014982 SCHEDULE L, PART II - LOANS TO INTERESTED PERSONS: UNITED LOCAL CREDIT UNION (THE CREDIT UNION) ENTERED INTO COLLATERAL SPLIT-DOLLAR LIFE INSURANCE AGREEMENTS FOR A KEY EMPLOYEE IN 2019. THE CREDIT UNION PROVIDED A LOAN TO THE KEY EMPLOYEE TO FUND THE PURCHASE OF A LIFE INSURANCE POLICY, WHICH IS OWNED AND CONTROLLED BY THE KEY EMPLOYEE. BY WAY OF THE COLLATERAL ASSIGNMENT AND SIDE ACCOUNT ASSIGNMENT FROM THE KEY EMPLOYEE TO THE CREDIT UNION, THE LOAN IS COLLATERALIZED BY THE LIFE INSURANCE POLICY, BEARS AN INTEREST RATE OF 2.68%, AND IS NON-RECOURSE. THE KEY EMPLOYEE AND THE KEY EMPLOYEE'S ESTATE AND BENEFICIARIES ARE NOT PERSONALLY OBLIGATED TO PAY THE OUTSTANDING BALANCE. THE POLICY, PREMIUM DEPOSIT ACCOUNT, AND SIDE ACCOUNT, WHICH TOGETHER COMPRISE THE TOTAL ASSET VALUE, ARE THE SOLE SOURCES FOR THE LOAN PAYMENTS. THE LOAN PROVIDED TO THE KEY EMPLOYEE IS INCLUDED WITH OTHER ASSETS ON THE STATEMENTS OF FINANCIAL CONDITION, IS CARRIED AT THE RESPECTIVE LOAN BALANCE WITH CUMULATIVE INTEREST AND TOTALED APPROXIMATELY $1,014,982 AT DECEMBER 31, 2024. ALL LIFE INSURANCE POLICY PREMIUMS ARE PAID OUT OF PROCEEDS FROM THE LOAN. THE DEATH BENEFIT OF THE LIFE INSURANCE POLICY IS INTENDED TO BE THE PRIMARY SOURCE OF LOAN REPAYMENT, WITH THE PROCEEDS UPON DEATH TO BE ALLOCATED FIRST TO THE OUTSTANDING BALANCE OF THE LOAN TO THE CREDIT UNION, SECONDLY TO THE KEY EMPLOYEE'S ESTATE FOR THE AMOUNT (IF ANY) OF THE VESTED PERCENTAGE EXCEEDING THE AMOUNTS BORROWED, AND THIRDLY (IF ANY) TO BE DIVIDED EQUALLY BETWEEN THE CREDIT UNION AND THE KEY EMPLOYEE'S ESTATE. FORM 990, PART VI, SECTION A, LINE 6 UNITED LOCAL CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A UNITED LOCAL CREDIT UNION MEMBERS HAVE THE POWER TO ELECT MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B UNITED LOCAL CREDIT UNION MEMBERS HAVE THE POWER TO ELECT AND REMOVE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 8B UNITED LOCAL CREDIT UNION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE PRESIDENT/CHIEF EXECUTIVE OFFICER, AND A COPY OF THE FORM 990 WILL BE PROVIDED TO THE BOARD OF DIRECTORS BEFORE FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C UNITED LOCAL CREDIT UNION'S BOARD MEMBERS, SUPERVISORY COMMITTEE, OTHER COMMITTEES, OFFICIALS, AND EMPLOYEES MUST NEVER USE THEIR POSITION FOR PERSONAL PROFIT OR GAIN, MUST NOT ENGAGE DIRECTLY OR INDIRECTLY IN ANY COVER-UP OR OBSTRUCTION OF QUESTIONABLE PRACTICES, AND MUST EXHIBIT DILIGENCE AND COMPLETE HONESTY IN DEALING WITH ALL CREDIT UNION MATTERS. WHEN THERE IS A PERSONAL INTEREST IN A CONTRACT, TRANSACTION, OR RELATIONSHIP TO WHICH THAT PERSON, PERSON'S FAMILY OR ANY BUSINESS AFFILIATES MAY BE A PARTY, THE EXISTENCE OF SUCH INTEREST MUST BE DISCLOSED AND THE NATURE OF SUCH INTEREST DESCRIBED TO THE BOARD PRIOR TO THE TIME ANY ACTION IS TAKEN BY THE BOARD DIRECTORS, COMMITTEE MEMBERS OR OFFICIALS WITH RESPECT TO THE MATTER. THE INTERESTED PARTY SHALL NOT DIRECTLY OR INDIRECTLY PARTICIPATE IN ANY DELIBERATION OR DETERMINATION OF THE MATTER AND SHOULD TAKE ALL REASONABLE STEPS TO AVOID THE CONFLICT. IF THERE IS EVEN THE APPEARANCE OF THE CONFLICT, INCLUDING EXCUSING HIMSELF OR HERSELF FROM ALL RELEVANT DISCUSSIONS AND DECISIONS, THE INTERESTED PARTY IS TO BE HELD TO THE SAME STANDARDS AS IF THERE IS AN ACTUAL CONFLICT. THE ORGANIZATION REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THE POLICY BY HAVING THE BOARD AND STAFF FILL OUT ANNUAL DISCLOSURES AND SUBMITS THEM FOR REVIEW. ANY CONFLICTS OR APPEARANCE OF CONFLICT ARE REVIEWED BY THE BOARD OF DIRECTORS, WITH ANY INTERESTED PARTY EXCUSING THEMSELF FROM ANY DISCUSSION OR DECISION. IF A CONFLICT OF INTEREST HAS OCCURRED, THE RESTRICTIONS IMPOSED ARE DETERMINED ON A CASE BY CASE BASIS. FORM 990, PART VI, SECTION B, LINE 15A UNITED LOCAL CREDIT UNION USES A COMPENSATION SURVEY OF COMPARABLE PERSONS IN COMPARABLE POSITIONS AT SIMILAR ORGANIZATIONS TO DETERMINE THE CHIEF EXECUTIVE OFFICER'S COMPENSATION. THE DECISION IS REVIEWED AND APPROVED BY UNITED LOCAL CREDIT UNION'S GOVERNING BODY AND IS CONTEMPORANEOUSLY DOCUMENTED IN THE BOARD MEETING MINUTES. THE LAST TIME THIS PROCESS OCCURRED WAS IN 2024. FORM 990, PART VI, SECTION C, LINE 19 UNITED LOCAL CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE SECTION 6104. FORM 990, PART XI, LINE 9: CHANGE IN OTHER COMPREHENSIVE INCOME 158,655. FORM 990, PART XII, LINE 2C: THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM PRIOR TAX YEAR.