2024-09-03T19:23:15-05:00 2023-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2023-01-01 951914215 SOUTH BAY CREDIT UNION SOUT 4243279783 312 N PACIFIC COAST HIGHWAY REDONDO BEACH CA 90277 DON STEINMAN CFO 4243279783 2024-08-30 1 1 VALENTINO CREUS CPA P01054153 8189549700 2023 2024-08-08 14:25:15Z PARIS CHEVALIER 312 N PACIFIC COAST HIGHWAY REDONDO BEACH CA 90277 8170718 0 X WWW.SBCU.ORG X CREDIT UNION 1953 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 33 12 13595 3735 0 0 5737686 7632560 436462 538158 0 0 6174148 8170718 6000 5000 0 0 2409282 2838345 0 0 0 3271831 4986068 5687113 7829413 487035 341305 144521136 156698184 131630362 143023343 12890774 13674841 X SEE SCHEDULE OSOUTH BAY 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 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, SOUTH BAY 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 BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. 0 0 SBCU IS COMMITTED TO ASSISTING OUR MEMBERS ACHIEVE THEIR FINANCIAL GOALS. OUR SAVINGS RATES HAVE BEEN CONSISTENTLY AT THE TOP OF OUR LOCAL MARKETPLACE. IN 2023, WE WERE ABLE TO FUND $35.3 MILLION IN NEW LOANS TO OUR MEMBERS. IN 2023, WE UPGRADED INFORMATION TECHNOLOGY TO SAFEGUARD MEMBER FUNDS AND PRIVATE INFORMATION. 0 0 0 0 0 0 0 0 0 1 1 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1693 0 1 33 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X X DON STEINMAN CFO 4243279783 312 N PACIFIC COAST HIGHWAY REDONDO BEACH CA 90277 CHRIS OTEY CHAIRMAN 1.00 X 0 0 0 CHUCK GARLAND VICE-CHAIRMAN 1.00 X 0 0 0 STEPHANIE ERTMAN SECRETARY 1.00 X 0 0 0 ANNIE FLIPPO DIRECTOR 1.00 X 0 0 0 VIKI COPELAND DIRECTOR 1.00 X 0 0 0 TOM LIGHT DIRECTOR 1.00 X 0 0 0 TAREK SHAER DIRECTOR 1.00 X 0 0 0 BRIAN LUNDIN DIRECTOR 1.00 X 0 0 0 NICOLE WESLEY DIRECTOR 1.00 X 0 0 0 DAN INSKEEP SPV CMTE CHAIRMAN 1.00 X 0 0 0 PERRY LYNN SPV CMTE MEMBER 1.00 X 0 0 0 ANGELIA PARRISH SPV CMTE MEMBER 1.00 X 0 0 0 PARIS CHEVALIER PRESIDENT/CEO 40.00 X 249484 0 16002 DON STEINMAN CFO 40.00 X 160200 0 11450 FRANK ESPINOZA CHIEF RISK OFFICER 40.00 X 185052 0 12436 BERNICE WHITE CLO 40.00 X 133246 0 20737 GLADYS GALLEGOS DIRECTOR OF OPS 40.00 X 105349 0 9001 SANDY DUARTE RISK OFFICER 40.00 X 103262 0 6825 936593 0 76451 6 0 1 0 CU NORTHWEST 1421 NORTH MEADOWWOOD LANE 130 LIBERTY LAKE WA 99019 IT SERVICES 293601 COOK SECURITY 9225 NE CASCADES PKWY PORTLAND OR 97220 SECURITY SERVICES 132435 2 INTEREST ON LOANS 522100 5690526 5690526 FEE INCOME 522100 1118573 1118573 OTHER OPERATING INCOME 522100 823461 809866 13595 7632560 538158 538158 8170718 8157123 13595 0 5000 936593 1433314 112335 199367 156736 108966 7666 116231 87459 540196 1291778 18333 203349 172573 1225405 206595 112532 LOAN SERVICING EXPENSE 421322 INTEREST ON BORROWED MO 290180 MISC OPERATING EXPENSE 163459 OPERATING FEES 20024 7829413 607483 877651 1671807 2233594 523360 956383 7117791 1714229 5512506 5403562 13976751 12324598 116311854 128420905 5917375 6481491 144521136 156698184 941728 4229649 130688634 138793694 131630362 143023343 X 0 0 0 0 12890774 13674841 12890774 13674841 144521136 156698184 341305 442762 0 X X 0 1 X 1 0 2734857 2734857 2927610 585696 2341914 1455324 1128533 326791 5403562 OTHER INVESTMENTS - NET 12324598 F 12324598 LOANS AND LEASES 118991905 F BANK CERTIFICATES 9429000 C 128420905 TAXES PAYABLE 2734 OTHER LIABILITIES 3670887 SHARES AND DEPOSITS 135120073 138793694 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. AS OF JUNE 30, 2023 AND 2022, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. X X X 0 0 0 PARIS CHEVALIER PRESIDENT/CEO 237484 0 0 0 12000 0 12670 0 3332 0 265486 0 0 0 DON STEINMAN CFO 137832 0 14818 0 7550 0 8307 0 3143 0 171650 0 0 0 FRANK ESPINOZA CHIEF RISK OFFICER 162724 0 14778 0 7550 0 5369 0 7067 0 197488 0 0 0 BERNICE WHITE CLO 113996 0 11700 0 7550 0 6847 0 13890 0 153983 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 SOUTH BAY 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. SOUTH BAY CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF SOUTH BAY 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 THE BOARD AND MANAGEMENT REVIEW THE FORM 990 DURING THE BOARD MEETING AND PROVIDE COMMENTS AND MODIFICATIONS WHERE NECESSARY. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION MONITORS COMPLIANCE WITH OUR CONFLICT OF INTEREST POLICY. OUR CONFLICT OF INTEREST POLICY IS BOTH IN OUR POLICY MANUAL AND IN OUR EMPLOYEE HANDBOOK. THESE ARE BOTH UPDATED ON AN ANNUAL BASIS AND BROUGHT BEFORE THE BOARD OF DIRECTORS FOR THEIR REVIEW. A CONFLICT OF INTEREST POLICY IS DISTRIBUTED ON AN ANNUAL BASIS FOR SIGNATURE OF RECEIPT AND ACKNOWLEDGEMENT BY ALL VOLUNTEERS AND STAFF. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS SETS COMPENSATION FOR PRESIDENT/CEO. THE PRESIDENT/CEO SETS COMPENSATION FOR MANAGEMENT STAFF. SALARY SURVEYS AND COMPARABLE DATA IS OBTAINED AND USED FOR THIS PURPOSE. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC AS REQUESTED IN WRITING. FINANCIALS FOR THE INSTITUTION ARE POSTED MONTHLY IN THE BRANCHES. FORM 990, PART XII, LINE 2C THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. SECTION 1.263(A)-1(F)DE MINIMIS SAFE HARBOR ELECTION SOUTH BAY CREDIT UNION 312 N. PACIFIC COAST HIGHWAY REDONDO BEACH, CA 90277 TAXPAYER IDENTIFICATION NUMBER: 95-1914215 FOR THE YEAR ENDING DECEMBER 31, 2023 SOUTH BAY CREDIT UNION IS MAKING THE DE MINIMIS SAFE HARBOR ELECTION UNDER REG. SEC. 1.263(A)-1(F).