2025-03-06T18:23:49-06:00 2023-12-31 910189318 MOSS ADAMS LLP 601 W RIVERSIDE AVENUE STE 1800 SPOKANE WA 99201 990 2023-01-01 946198351 MONTEREY CREDIT UNION MONT 8316471000 PO BOX 3288 MONTEREY CA 93942 SIDNEY COOPER JR CFO 8316473826 2025-03-06 1 0 EMINA O CRESSWELL CPA P01217304 5097472600 2025-03-06 2023 2025-03-06 01:10:19Z X WADE PYRON PO BOX 3288 MONTEREY CA 93942 13414494 0 X WWW.MONTEREYCU.COM X 1968 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 83 13 17084 0 0 0 10423789 11819185 2543248 1595309 0 0 12967037 13414494 0 0 0 0 6974756 7465855 0 0 0 4477740 7004142 11452496 14469997 1514541 -1055503 299185113 290805580 271638818 264087555 27546295 26718025 X A FINANCIAL COOPERATIVE, ORGANIZED TO PROVIDE A COMPLETE SELECTION OF FINANCIAL PRODUCTS TO OUR MEMBERS, CREATING A SOURCE OF CREDIT AT A RATE OF INTEREST SET BY THE BOARD OF DIRECTORS, AND PROVIDING AN OPPORTUNITY FOR THE MEMBERS TO USE AND CONTROL THEIR MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, MONTEREY CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT OF ITS MEMBERS. 0 0 SUCCESSFUL PROVISION OF AN AUTO LOAN PROGRAM, USING BOTH DIRECT AND INDIRECT CHANNELS TO DELIVER OUR PRODUCTS. SUCCESSFUL PROVISION OF SAVINGS AND CHECKING PRODUCTS, ALLOWING OUR MEMBERS TO FULFILL THEIR PERSONAL FINANCIAL NEEDS. SUCCESSFUL PROVISION OF DELIVERY CHANNELS TO MEET THE VARYING NEEDS OF OUR MEMBERS; INCLUDING BRANCHES, ATMS, AND OTHER REMOTE MEANS OF ACCESSING THE CREDIT UNION'S FINANCIAL PRODUCTS. 0 0 0 0 0 0 0 0 0 1 1 1 0 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 0 1 0 0 1 3396 0 1 83 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 CA X SIDNEY COOPER JR 8316473826 PO BOX 3288 MONTEREY CA 93942 PETE TANSILL CHAIR 2.00 X X 0 0 0 CANDACE INGRAM VICE CHAIR 2.00 X X 0 0 0 CARL SEDORYK SECRETARY & TREASURER 2.00 X X 0 0 0 ROBERT BRANDEWIE BOARD MEMBER 2.00 X 0 0 0 JENNIFER CLARKE BOARD MEMBER 2.00 X 0 0 0 JEAN DJUBASAK BOARD MEMBER 2.00 X 0 0 0 SARAH HARDGRAVE BOARD MEMBER 2.00 X 0 0 0 DAVID LAREDO BOARD MEMBER 2.00 X 0 0 0 TARA TRAUTSCH BOARD MEMBER 2.00 X 0 0 0 JUDY HIGGERSON BOARD MEMBER (THRU 05/2023) 2.00 X 0 0 0 KATHLEEN ALIOTTI VP MEMBER SERVICES 40.00 X 370001 0 67496 SIDNEY COOPER CFO 40.00 X 76848 0 7533 J STEWART FULLER CEO (THRU 10/2023) 40.00 X 598416 0 39649 MATTHEW HOHMAN COO 40.00 X 542376 0 20383 HEATHER MALAFRONTE VP HUMAN RESOURCES 40.00 X 265553 0 17870 E SCOTT MORRIS VP INFORMATION SERVICES 40.00 X 401367 0 63437 JAMES E PENPRASE VP FINANCE (THRU 10/2023) 40.00 X 521328 0 20714 JAMES WADE PYRON PRESIDENT - CEO 40.00 X 333244 0 0 ANDREW BONO SENIOR NETWORK ADMINISTRATOR 40.00 X 201919 0 28638 MATTHEW BROWN SYSTEMS ADMINISTRATOR II 40.00 X 135308 0 10234 CHRISTOPER BURKHARDT VP LENDING 40.00 X 209963 0 8906 DAVID MARCOS SYSTEMS ADMINISTRATOR II 40.00 X 143165 0 55665 A DAVID SANTOS VP RETAIL SALES 40.00 X 187405 0 27761 3986893 0 368286 17 0 1 0 WORDCOM 56 MAIN ST - PO BOX 308 ELLINGTON CT 06029 DIRECT MAIL PROCESSING 407064 MANIFESTO 4243 SE BELMONT ST STE 100 PORTLAND OR 97215 BRAND CONSULTING 345182 CUBUS 5331 S MACADAM AVE STE 251 PORTLAND OR 97239 ON LINE PLATFORM 248901 MERIDIANLINK PO BOX 846822 LOS ANGELES CA 90084 ON LINE PLATFORM 162786 INFO IMAGE 175 SOUTH HILL DRIVE BRISBANE CA 94005 STATEMENT PROCESSING 158128 5 INTEREST ON LOANS 522100 9456951 9456951 FEE INCOME 522100 2066386 2049302 17084 OTHER PROGRAM INCOME 522100 295848 295848 11819185 1591206 1591206 4103 0 4103 4103 4103 13414494 11802101 17084 1595309 3346216 3136823 141904 460349 380563 179785 39009 175528 37724 366443 463340 746651 300219 72409 55052 1627892 616008 241097 ATM AND DEBIT CARD PROC 1004495 PROVISION FOR LOAN LOSS 746924 LOAN PROCESSING EXPENSE 163649 DUES AND SUBSCRIPTIONS 38955 128962 14469997 898918 1297004 11217436 8174100 1684751 1708049 189120123 189160043 0 422737 8744591 5575048 3203845 3169543 0 0 62452822 56357630 24167960 25414340 6439258 5102134 299185113 290805580 6129107 3232112 10000000 14000000 255509711 246855443 271638818 264087555 X 0 0 0 0 27546295 26718025 27546295 26718025 299185113 290805580 X -1055503 602161 -374928 X 0 1 X 1 0 680000 680000 734432 690313 44119 2920092 2782869 137223 4410067 2101866 2308201 3169543 POOLED INVESTMENTS 56357630 C 56357630 FHLB STOCK 1294800 C LIFE INSURANCE CONTRACTS 24119540 F 25414340 MEMBER SHARES 245762078 LEASE LIABILITIES 1093365 246855443 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN INTERNAL REVENUE CODE 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. FASB ASC TOPIC 740, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE CONSOLIDATED 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 TO BE SUSTAINED 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, 2023 AND 2022, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. X X X 0 0 0 J STEWART FULLER CEO (THRU 10/2023) 445817 0 144653 0 7946 0 19800 0 19849 0 638065 0 0 0 MATTHEW HOHMAN COO 388475 0 106272 0 47629 0 19800 0 583 0 562759 0 0 0 JAMES E PENPRASE VP FINANCE (THRU 10/2023) 291417 0 186899 0 43012 0 19800 0 914 0 542042 0 0 0 E SCOTT MORRIS VP INFORMATION SERVICES 290076 0 83414 0 27877 0 19800 0 43637 0 464804 0 0 0 KATHLEEN ALIOTTI VP MEMBER SERVICES 279427 0 79793 0 10781 0 19800 0 47696 0 437497 0 0 0 JAMES WADE PYRON PRESIDENT - CEO 333244 0 0 0 0 0 0 0 0 0 333244 0 0 0 HEATHER MALAFRONTE VP HUMAN RESOURCES 203959 0 53674 0 7920 0 15989 0 1881 0 283423 0 0 0 ANDREW BONO SENIOR NETWORK ADMINISTRATOR 165044 0 29156 0 7719 0 12255 0 16383 0 230557 0 0 0 CHRISTOPER BURKHARDT VP LENDING 148548 0 31506 0 29909 0 8906 0 0 0 218869 0 0 0 A DAVID SANTOS VP RETAIL SALES 138793 0 24118 0 24494 0 11378 0 16383 0 215166 0 0 0 DAVID MARCOS SYSTEMS ADMINISTRATOR II 140587 0 2578 0 0 0 9081 0 46584 0 198830 0 0 0 KATHLEEN A ALLIOTTI VP OF MEMBER SERVICES MORTGAGE X 325000 241398 0 1 1 MATHEW P HOHMAN COO MORTGAGE X 775000 712885 0 1 1 MATHEW P HOHMAN COO HELOC X 200000 23878 0 1 1 SCOTT E MORRIS VP OF INFORMATION SYSTEMES AUTO LOAN X 18946 7626 0 1 1 JAMES E PENPRASE FORMER VP OF FINANCE MORTGAGE X 700000 657446 0 1 1 JAMES E PENPRASE FORMER VP OF FINANCE HELOC X 68000 64816 0 1 1 1708049 FORM 990, PART VI, SECTION A, LINE 6 MONTEREY CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION THAT IS OWNED BY ITS MEMBERS AND IS ORGANIZED TO PROVIDE A COMPLETE SELECTION OF FINANCIAL PRODUCTS TO OUR MEMBERS. MONTEREY CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BODY OF MONTEREY CREDIT UNION IS COMPRISED OF VOLUNTEER MEMBERS WHO ARE DIRECTLY ELECTED BY THE MEMBERSHIP AT LARGE AS PRESCRIBED IN OUR BYLAWS. THE CREDIT UNION'S BOARD (GOVERNING BODY) IS AUTHORIZED BY THE MEMBERSHIP TO MAKE DECISIONS ON THEIR BEHALF. THE MEMBERS THEMSELVES DO NOT APPROVE SIGNIFICANT DECISIONS MADE BY THE BOARD. PLANNING, OVERSIGHT, AND GOVERNANCE DECISIONS ARE MADE PRIMARILY THROUGH OUR GOVERNING BODY, WHILE MANAGEMENT AND OPERATIONAL DECISIONS ARE MADE BY THE OFFICERS OF MONTEREY CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS MUST APPROVE CERTAIN AMENDMENTS TO ARTICLES OF INCOPORATION AND BYLAWS. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS REVIEWED FORM 990 ON DECEMBER 17, 2024, AFTER THE FORM 990 WAS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, THE CREDIT UNION REQUIRES ALL BOARD MEMBERS AND OFFICERS TO DISCLOSE ALL ACCOUNTS HELD AT THE CREDIT UNION. ALL BOARD MEMBER AND OFFICER ACCOUNTS ARE THEN FLAGGED FOR SPECIAL REVIEW BY THIRD PARTY AUDITORS. ALL NEW DIRECTORS AND EMPLOYEES ARE ALSO REQUIRED TO COMPLETE AND SIGN THE FORM UPON THEIR START DATE. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION FOR THE CEO IS SET BY THE BOARD OF DIRECTORS. THE BOARD REVIEWS THE CEO'S PERFORMANCE ANNUALLY AND PREPARES A FORMAL WRITTEN REVIEW OF THEIR FINDINGS. THE BOARD ALSO OBTAINS AN INDEPENDENT SALARY STUDY, LAST OBTAINED AS OF NOVEMBER 2023, WHICH PROVIDES DATA FOR OFFICER AND OTHER CREDIT UNION POSITIONS. THE BOARD REVIEWS THE CEO'S SALARY AND SETS IT AS PART OF THEIR DELIBERATIONS. THE CEO IS GIVEN AUTHORITY BY THE BOARD TO SET ALL OFFICER AND EMPLOYEE SALARIES AND IS SUBJECT TO GUIDANCE PROVIDED WITHIN THE INDEPENDENT SALARY STUDY. THE BOARD ALSO APPROVES THE AMOUNTS TO BE PAID, IF ANY, TO OFFICERS UNDER THE CREDIT UNION'S PROFITABILITY-BASED INCENTIVE PLAN. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC UPON REQUEST. THE FINANCIAL STATEMENTS ARE POSTED ON A MONTHLY BASIS IN THE BRANCHES OF THE CREDIT UNION. FORM 990, PART XI, LINE 9: PROVISION FOR CREDIT LOSSES - LOANS -1,587,008. INCREASE ON SURRENDER VALUE OF LIFE INSURANCE 1,212,080. FORM 990, PARTS I, III, VI, AND SCHEDULE O: THE ORGANIZATION IS AMENDING FORM 990 TO ADJUST SEVERAL DISCLOSURES. DISCLOSURES WERE ADJUSTED FOR PART I LINE 1, PART III LINES 1 AND 4B, AND PART VI LINES 7A, 12C, 15, AND 19. BOX 11A WAS CHECKED NO . MONTEREY CREDIT UNION SERVICES INC PO BOX 3228 MONTEREY CA 93942 770433817 INSURANCE AND FINANCIAL PRODUCTS CA MONTEREY CREDIT UNION C 60 10000 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0