2024-11-15T10:34:41-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 20 EAST THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2023-01-01 941244186 REDWOOD CREDIT UNION REDW 8004797928 3033 CLEVELAND AVE 100 SANTA ROSA CA 95403 KRISTEN MAHLMANN EVP/CHIEF FINANCIAL OFFICER 8004797928 2024-11-14 1 0 MELISSA HANGSLEBEN P02087031 6022662248 2024-11-14 2023 2024-10-15 13:58:12Z BRETT MARTINEZ 3033 CLEVELAND AVE 100 SANTA ROSA CA 95403 423001934 0 X WWW.REDWOODCU.ORG X 1950 CA PROVIDE FINANCIAL PRODUCTS AND SERVICES TO MEMBERS. 9 9 1014 9 364142 0 0 0 267576429 348264169 36935424 74638907 74248 98858 304586101 423001934 1000000 0 18985108 75798264 83766453 98383928 0 0 0 87757157 123075816 191508718 297258008 113077383 125743926 7527506599 8510071050 6635678961 7525653106 891827638 984417944 PASSIONATELY SERVING THE BEST INTERESTS OF OUR MEMBERS, EMPLOYEES, AND COMMUNITIES. SERVING ALL OF OUR MEMBERS FINANCIAL SERVICE NEEDS. 0 0 REDWOOD CREDIT UNION IS ENGAGED IN PROVIDING LOW COST FINANCIAL SERVICES TO OUR MEMBER-OWNERS AS A COOPERATIVE ORGANIZATION. 0 0 1 0 0 0 0 0 0 1 0 0 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 1 1 0 1 109892 0 1 1014 1 1 1 0 0 0 0 0 1 0 X 9 9 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 1 1 1 1 1 0 CA X MICHAEL GAY 8004797928 3033 CLEVELAND AVE 100 SANTA ROSA CA 95403 BRETT MARTINEZ PRESIDENT/CEO 40.00 1.00 X 2747409 0 428124 ANTHONY HILDESHEIM EVP/CHIEF ADMIN OFFICER 40.00 0.00 X 1298325 0 278751 RONALD FELDER CHIEF FINANCIAL OFFICER 40.00 0.00 X 1261182 0 186191 CYNTHIA NEGRI CHIEF ADMIN OFFICER 40.00 0.00 X 985503 0 137923 MICHAEL DEFAZIO WEALTH ADVISOR 40.00 0.00 X 876317 0 19644 MISHEL KAUFMAN EVP/CHIEF OP & RISK OFFICER 40.00 0.00 X 727435 0 147074 DIANNA BERTHINIER SVP/BUSINESS SERVICES 40.00 0.00 X 727632 0 111914 KRISTINA DERKOS SVP/PEOPLE 40.00 0.00 X 791216 0 10520 AARON COLLIER EVP/CHIEF INFO OFFICER 40.00 0.00 X 515819 0 112058 JULIE LYNCH WEALTH ADVISOR 40.00 0.00 X 581917 0 19356 MICHELLE ANDERSON EVP/CHIEF LENDING OFFICER 40.00 0.00 X 452964 0 110811 DEIDRE HOLMES THOMPSON SVP/MEMBER EXPERIENCE 40.00 0.00 X 372900 0 161800 THOMAS HUBERT SVP/AUTO, INSURANCE & WEALTH SERVICES 40.00 0.00 X 412296 0 89231 CLARK MATTHIESSEN WEALTH ADVISOR 40.00 0.00 X 465032 0 24035 NICOLE SCHAEFER EXTERNAL MORTGAGE LOAN OFFICER 40.00 0.00 X 466339 0 20372 MATTHEW MARTIN SVP/COMM & GOV RELATIONS 40.00 0.00 X 409823 0 58785 TODD LINDEMANN SVP/PAYMENTS 40.00 0.00 X 347628 0 100699 KRISTEN MAHLMANN SVP/PEOPLE 40.00 0.00 X 332293 0 106279 JENNIFER BOYLE SVP/CONSUMER LENDING & LENDING OPS 40.00 0.00 X 320883 0 64621 SCOTT DYKSTRA SR SBA/COMM LO 40.00 0.00 X 355537 0 23314 TIMOTHY BATES SVP/ENTERPRISE RISK 40.00 0.00 X 307542 0 64697 BRYAN HAAS SVP/PRODUCTS, PROJECTS, & CRE 40.00 0.00 X 295012 0 61558 KIMBERLY WILLIAMS SVP/ STRATEGY & PROJECT MANAGEMENT 40.00 0.00 X 194225 0 9661 ROB EYLER CHAIR 1.00 0.00 X X 0 0 0 JIM OLMSTED VICE CHAIR 1.00 1.00 X X 0 0 0 DEBRA WATTS TREASURER 1.00 1.00 X X 0 0 0 LISA WITTKE SCHAFFNER SECRETARY 1.00 0.00 X X 0 0 0 JERI HANSEN DIRECTOR 1.00 0.00 X 0 0 0 JUDY HERRERIAS-JAMES DIRECTOR 1.00 1.00 X 0 0 0 DAVID GOUIN DIRECTOR 1.00 0.00 X 0 0 0 M CHRISTINA RIVERA DIRECTOR 1.00 0.00 X 0 0 0 ROD DOLE DIRECTOR 1.00 0.00 X 0 0 0 15245229 0 2347418 258 0 1 0 WESTERN BUILDERS 1400 N DUTTON AVE SUITE 7 SANTA ROSA CA 95401 GENERAL CONTRACTOR LABOR 13284692 INFOLMAGE INC 175 SOUTH HILL DRIVE BRISBANE CA 94005 STATEMENTS PROVIDER 2735439 AMPLIFI LOYALTY SOLUTIONS 1240 EAST DIEHL ROAD 400 NAPERVILLE IL 60563 REWARD POINT SUPPORT 1720549 JACK HENRY & ASSOCIATES PO BOX 609 MONETT MO 65708 ATM SERVICES 1442938 QUEST PO BOX 8259 PASADENA CA 91109 IT CONSULTING 1297598 115 INTEREST ON LOANS TO MEMBERS 522100 287473005 287473005 INTERCHANGE INCOME 522100 27885204 27885204 SERVICE CHARGES AND FEES 522100 19650052 19650052 INSURANCE COMMISSIONS 522100 6785442 6785442 OTHER NON-INTEREST INCOME 522100 6051188 5813860 237328 419278 419278 348264169 74457961 63814 74394147 98858 0 98858 98858 63000 35858 180946 0 180946 180946 180946 423001934 348026841 364142 74610951 75798264 14740784 65926490 4302403 7545583 5868668 461965 248578 25000 17190516 5995000 8141131 7624574 1992464 16962761 8543447 603877 PROVISION FOR LOAN LOSS 33286585 LOAN SERVICING 13166018 LOSSES AND FRAUD 5698422 MISCELLANEOUS EXPENSES 3135478 297258008 1020973092 1406285897 10939301 12801256 43099048 44858233 5655032795 6224106849 6457452 6905720 185887833 55616078 125721579 130271755 480882987 483778882 23915294 23555373 160485051 177507085 7527506599 8510071050 63633418 91984424 500000000 6572045543 6933668682 6635678961 7525653106 X 0 0 0 0 891827638 984417944 891827638 984417944 7527506599 8510071050 X 125743926 2224179 -35377799 X 0 1 X 1 0 25000 0 0 25000 25000 1 CALIFORNIA CREDIT UNION LEAGUE 2855 E GUASTI ROAD SUITE 600 ONTARIO CA 91761 940357265 25000 13387684 13387684 93216125 18854257 74361868 14789706 9002096 5787610 40218020 27759725 12458295 24276298 24276298 130271755 MEMBERS' SHARE AND SAVINGS ACCOUNTS 6917053070 LEASE LIABILITIES 16615612 6933668682 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED THEIR TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023 AND 2022. THE CREDIT UNION'S 2020 THROUGH 2022 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X 1 1 X X X X 0 1 0 BRETT MARTINEZ PRESIDENT/CEO 928944 0 546930 0 1271535 0 428124 0 0 0 3175533 0 1264021 0 ANTHONY HILDESHEIM EVP/CHIEF ADMIN OFFICER 548110 0 162455 0 587760 0 267763 0 10988 0 1577076 0 588654 0 RONALD FELDER CHIEF FINANCIAL OFFICER 559094 0 162671 0 539417 0 174274 0 11917 0 1447373 0 541690 0 CYNTHIA NEGRI CHIEF ADMIN OFFICER 262604 0 87428 0 635471 0 133946 0 3977 0 1123426 0 635748 0 MICHAEL DEFAZIO WEALTH ADVISOR 67170 0 37982 0 771165 0 19644 0 0 0 895961 0 0 0 MISHEL KAUFMAN EVP/CHIEF OP & RISK OFFICER 375979 0 111940 0 239516 0 137475 0 9599 0 874509 0 244718 0 DIANNA BERTHINIER SVP/BUSINESS SERVICES 347559 0 80194 0 299879 0 111056 0 858 0 839546 0 295251 0 KRISTINA DERKOS SVP/PEOPLE 380000 0 17765 0 393451 0 9150 0 1370 0 801736 0 394077 0 AARON COLLIER EVP/CHIEF INFO OFFICER 321576 0 64190 0 130053 0 104482 0 7576 0 627877 0 136918 0 JULIE LYNCH WEALTH ADVISOR 64440 0 21828 0 495649 0 16500 0 2856 0 601273 0 0 0 MICHELLE ANDERSON EVP/CHIEF LENDING OFFICER 355482 0 97482 0 0 0 102867 0 7944 0 563775 0 0 0 DEIDRE HOLMES THOMPSON SVP/MEMBER EXPERIENCE 310899 0 62001 0 0 0 154680 0 7120 0 534700 0 0 0 THOMAS HUBERT SVP/AUTO, INSURANCE & WEALTH SERVICE 370895 0 41401 0 0 0 81415 0 7816 0 501527 0 0 0 CLARK MATTHIESSEN WEALTH ADVISOR 67540 0 18221 0 379271 0 16399 0 7636 0 489067 0 0 0 NICOLE SCHAEFER EXTERNAL MORTGAGE LOAN OFFICER 40000 0 205 0 426134 0 16500 0 3872 0 486711 0 0 0 MATTHEW MARTIN SVP/COMM & GOV RELATIONS 264127 0 37355 0 108341 0 54936 0 3849 0 468608 0 111546 0 TODD LINDEMANN SVP/PAYMENTS 299148 0 48480 0 0 0 93054 0 7645 0 448327 0 0 0 KRISTEN MAHLMANN SVP/PEOPLE 273024 0 59269 0 0 0 91178 0 15101 0 438572 0 0 0 JENNIFER BOYLE SVP/CONSUMER LENDING & LENDING OPS 269558 0 51072 0 253 0 64621 0 0 0 385504 0 0 0 SCOTT DYKSTRA SR SBA/COMM LO 105776 0 205 0 249556 0 16500 0 6814 0 378851 0 0 0 TIMOTHY BATES SVP/ENTERPRISE RISK 275634 0 31908 0 0 0 50399 0 14298 0 372239 0 0 0 BRYAN HAAS SVP/PRODUCTS, PROJECTS, & CRE 252920 0 42092 0 0 0 53502 0 8056 0 356570 0 0 0 KIMBERLY WILLIAMS SVP/ STRATEGY & PROJECT MANAGEMENT 194225 0 0 0 0 0 9661 0 0 0 203886 0 0 0 PART I, LINE 1A THE CREDIT UNION PROVIDES COMPENSATION FOR TRAVEL COMPANIONS FOR MEMBERS OF MANAGEMENT AND BOARD MEMBERS. PART I, LINE 4B 457(F) PLAN - THE CREDIT UNION HAS A NONQUALIFIED DEFERRED COMPENSATION PLAN FOR MEMBERS OF SENIOR MANAGEMENT. UNDER THE TERMS OF THE PLAN, THE PARTICIPANTS ARE ENTITLED TO BENEFITS IF THEY REMAIN EMPLOYED BY THE CREDIT UNION UNTIL A PREDETERMINED TIME. THESE BENEFITS ARE BASED ON ELEMENTS OF THE CREDIT UNION'S LONG TERM INCENTIVE PLAN, WHICH CONSIDERS INDIVIDUAL PERFORMANCE, AS WELL AS THE OVERALL PERFORMANCE OF THE CREDIT UNION, IN DETERMINATION OF EMPLOYEE BENEFITS. IF THESE EMPLOYEES BECOME FULLY DISABLED AS DEFINED IN THE AGREEMENT, ACCRUED BENEFITS ARE IMMEDIATELY PAYABLE. THE BENEFITS ARE SUBJECT TO FORFEITURE IF EMPLOYMENT IS TERMINATED FOR CAUSE AS DEFINED IN THE AGREEMENT. THE FOLLOWING WERE CONTRIBUTIONS MADE DURING 2023: BRETT MARTINEZ - $337,891 RONALD FELDER - $159,933 ANTHONY E HILDESHEIM - $171,423 CYNTHIA NEGRI - $94,046 MISHEL KAUFMAN - $83,108 DIANNA BERTHINIER - $94,556 AARON COLLIER - $91,447 MICHELLE ANDERSON - $86,367 THOMAS HUBERT - $44,187 MATTHEW MARTIN - $38,741 DEIDRE HOLMES THOMPSON - $72,864 TODD LINDEMANN - $46,554 KRISTEN MAHLMANN - $75,628 TIMOTHY BATES - $34,367 JENNIFER BOYLE - $30,500 BRYAN HAAS - $40,475 THE FOLLOWING EMPLOYEE RECEIVED DISTRIBUTIONS FROM THIS PLAN DURING 2023: BRETT MARTINEZ - $1,264,021 RONALD FELDER - $541,690 ANTHONY HILDSHEIM - $588,654 CYNTHIA NEGRI - $635,748 KRISTINA DERKOS - $394,077 MISHEL KAUFMAN - $244,718 DIANNA BERTHINIER - $295,251 AARON COLLIER - $136,918 MATTHEW MARTIN - $111,546 SPLIT DOLLAR PLAN: THE CREDIT UNION HAS GRANTED NOTES RECEIVABLE FOR LIFE INSURANCE PREMIUM PAYMENTS TO SELECT SENIOR MANAGEMENT PERSONNEL. THE NOTES ARE COLLATERALIZED BY THE ASSIGNMENT OF THE POLICY DEATH BENEFITS AND CASH VALUES, OF EACH RESPECTIVE LIFE INSURANCE POLICY. THE POLICIES ARE OWNED BY THE EXECUTIVE(S) WHO HAVE SOLE CONTROL OVER THE LISTED BENEFICIARIES FOR AMOUNTS NOT SECURED BY THE ASSIGNMENTS. AT THE TIME OF RETIREMENT, THE NOTE BECOMES DUE AND PAYABLE AND CAN BE PAID WITH THE CASH VALUE OF THE LIFE INSURANCE POLICIES, OR WITH OTHER PERSONAL FUNDS AT THE EXECUTIVE'S DISCRETION. THE LOANS ARE CONSIDERED NONRECOURSE AND AS SUCH, THE CREDIT UNION HAS RECORDED THE BALANCE AS THE LOWER OF THE OUTSTANDING LOAN BALANCE, PLUS ACCRUED INTEREST, OR THE CSV OF THE LIFE INSURANCE POLICIES. BRETT MARTINEZ PRESIDENT/CEO SPLIT DOLLAR PLAN INSURANCE POLICY X 15706866 14177326 0 1 1 BRETT MARTINEZ PRESIDENT/CEO SPLIT DOLLAR PLAN INSURANCE POLICY X 5200000 5088023 0 1 1 MICHELLE ANDERSON SVP/MORTGAGE SPLIT DOLLAR PLAN INSURANCE POLICY X 5600000 5611195 0 1 1 RONALD FELDER EVP/CHIEF LENDING OFFICER SPLIT DOLLAR PLAN INSURANCE POLICY X 10700000 10735823 0 1 1 ANTHONY HILDESHEIM EVP/CHIEF ADMIN OFFICER SPLIT DOLLAR PLAN INSURANCE POLICY X 7750000 7775946 0 1 1 MISHEL KAUFMAN EVP/CHIEF OP & RISK OFFICER SPLIT DOLLAR PLAN INSURANCE POLICY X 1500000 1469920 0 1 1 44858233 FORM 990, PART VI, SECTION A, LINE 1A THE BOARD OF DIRECTORS MAY APPOINT AN EXECUTIVE COMMITTEE OF NO FEWER THAN THREE (3) DIRECTORS. WITH THE WRITTEN APPROVAL OF THE COMMISSIONER OF BUSINESS OVERSIGHT, THE EXECUTIVE COMMITTEE MAY ACT FOR THE BOARD OF DIRECTORS IN THE PURCHASE AND SALE OF SECURITIES, INVESTMENT AND WITHDRAWAL OF FUNDS, IN BORROWING FUNDS, AND TO MAKE LOANS TO OTHER CREDIT UNIONS IN ACCORDANCE WITH THE LAW AND REGULATIONS PERTAINING TO CREDIT UNIONS. FORM 990, PART VI, SECTION A, LINE 6 PARTICIPATION IN THIS CREDIT UNION IS LIMITED TO THOSE WHO QUALIFY FOR MEMBERSHIP AS DEFINED IN THE CREDIT UNION'S CHARTER AND BYLAWS. THIS GENERALLY CONSISTS OF INDIVIDUALS (AND THEIR BUSINESSES) THAT RESIDE IN OR ARE EMPLOYED IN SONOMA COUNTY AND SURROUNDING COUNTIES IN NORTHERN CALIFORNIA. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS ELECT THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. ONCE THE DRAFT IS AVAILABLE, IT IS REVIEWED BY MANAGEMENT AND ANY CHANGES INCORPORATED INTO THE FILING PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C VOLUNTEERS MUST DISCLOSE TO THE BOARD OF DIRECTORS ANNUALLY ANY INVOLVEMENT WITH ORGANIZATIONS WHICH DO BUSINESS WITH THE CREDIT UNION. CREDIT UNION SENIOR MANAGEMENT SIGNS A DISCLOSURE ANNUALLY PER POLICY. ALL EMPLOYEES ARE REQUIRED TO REPORT ANY POTENTIAL CONFLICTS OF INTEREST. FOR EMPLOYEES, THIS WOULD BE REPORTED TO THEIR SUPERVISOR. FOR DIRECTORS, THIS WOULD BE REPORTED ON THEIR CONFLICT OF INTEREST STATEMENT AND REPORTED TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION OF THE CEO IS APPROVED BY THE BOARD OF DIRECTORS AFTER THE COMPENSATION COMMITTEE GATHERS DATA FROM OUTSIDE SOURCES AND REVIEWS SURVEY AND OTHER DATA. FOR OTHER OFFICERS AND KEY EMPLOYEES, THIRD PARTY DATA IS USED TO ADJUST THE COMPENSATION TO MARKET DATA. ALL OF THE JOBS ARE GRADED, AND IN EACH GRADE, THERE IS A FLOOR, CEILING AND MARKET. ALL COMPENSATION DECISIONS ARE DOCUMENTED IN THE EMPLOYEE'S PERSONNEL FILES. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY IS AVAILABLE UPON REQUEST. QUARTERLY INCOME STATEMENTS ARE POSTED AT EACH BRANCH. ANNUAL FINANCIALS AND ANNUAL REPORT ARE AVAILABLE ON THE COMPANY'S WEBSITE. FORM 990, PART XI, LINE 9: LOSS ON CUSO INVESTMENTS -823,452. CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE -34,554,347. REDWOOD CREDIT UNION COMMUNITY FUND INC 3033 CLEVELAND AVENUE SANTA ROSA CA 95403 475084832 ADVANCING WELL-BEING OF THE COMMUNITY CA 501(C)(3) 7 REDWOOD CREDIT UNION 1 RCU SERVICES GROUP INC 3303 CLEVELAND AVE SUITE 100 SANTA ROSA CA 95404 680465274 INSURANCE AND AUTO SERVICES CA REDWOOD CREDIT UNION C 4232360 9769038 1.00000 1 1 0 0 1 0 0 0 0 0 0 0 1 0 1 1 1 1 0 0 RCU SERVICES GROUP INC A 126814 CASH RCU SERVICES GROUP INC D 4005568 12/31/23 LOAN BALANCE RCU SERVICES GROUP INC L 393195 CASH RCU SERVICES GROUP INC P 77061 CASH RCU SERVICES GROUP INC Q 3274379 CASH