2024-11-15T09:21:33-06:00 2023-12-31 382492570 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2023-01-01 562180770 LATINO COMMUNITY CREDIT UNION LATI 9196889270 100 WEST MORGAN STREET DURHAM NC 27701 RODRIGO INIGUEZ CHIEF FINANCIAL OFFICER 9842711010 2024-11-14 1 0 JOHN J MURNANE JR P03021572 3052328272 2024-11-14 2023 2024-10-15 13:58:12Z MARIA VICTORIA GARCIA 100 WEST MORGAN STREET DURHAM NC 27701 73382404 0 X WWW.LATINOCCU.ORG X CREDIT UNION 2000 NC LATINO COMMUNITY CREDIT UNION'S (LCCU) MISSION IS TO PROVIDE ETHICAL FINANCIAL PRODUCTS AND EDUCATION TO EMPOWER COMMUNITIES. 7 7 295 13 0 0 694400 4395258 55108107 64175913 2020255 4811233 0 0 57822762 73382404 114475 143000 0 0 11780765 16032694 0 0 0 22141222 36421664 34036462 52597358 23786300 20785046 910105673 1031841907 801464957 902416145 108640716 129425762 LATINO COMMUNITY CREDIT UNION'S (LCCU) MISSION IS TO PROVIDE ETHICAL FINANCIAL PRODUCTS AND EDUCATION TO EMPOWER COMMUNITIES. 0 0 CREDIT UNION PROGRAMS: PROVIDE MORTGAGES AND CONSUMER LOANS TO MEMBERS AT AFFORDABLE RATES. THERE WERE 9,291 LOANS PROVIDED TO 133,792 MEMBERS IN 2023. OF THE 751 HOME LOANS MADE TO MEMBERS, 493 WERE TO FIRST-TIME HOMEBUYERS. OFFER COMPETITIVE RATES ON SHARE DEPOSITS AND SERVICES. LCCU OPENED 48,720 NEW ACCOUNTS IN 2023 AND PAID OUT $15,983,593 IN DIVIDENDS FOR ITS 133,792 MEMBERS. PROVIDE FINANCIAL EDUCATION TO 133,792 MEMBERS AND TO THE BROADER COMMUNITY. OFFER FREE FINANCIAL EDUCATION WORKSHOPS TO THE COMMUNITY, DEVELOP AND DISTRIBUTE CURRICULUM AND EDUCATIONAL VIDEOS TO INTERESTED PARTIES. IN 2023, LCCU PROVIDED 43 SCHOLARSHIPS FOR HIGHER EDUCATION TO MEMBERS FOR A TOTAL OF $143,000. 0 1 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 22101 0 1 295 1 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X MARIA VICTORIA GARCIA 9196889270 100 WEST MORGAN STREEET DURHAM NC 27701 DAVID BREHMER BOARD CHAIR 5.00 X 0 0 0 LORENA PATTERSON BOARD VICE CHAIR 1.00 X 0 0 0 MARIA SCANGA BOARD TREASURER & ASST. SECRETARY 2.00 X 0 0 0 FARAD ALI BOARD SECRETARY 1.00 X 0 0 0 ERIKA BELL BOARD DIRECTOR 1.00 X 0 0 0 JERRY HARMON BOARD DIRECTOR 1.00 X 0 0 0 JORGE ARCHILA BOARD DIRECTOR 1.00 X 0 0 0 MARIA VICTORIA GARCIA CEO 40.00 X 291013 0 24618 LUIS PASTOR CEO 40.00 X 447346 0 17195 RODRIGO INIGUEZ CHIEF FINANCIAL OFFICER 40.00 X 46114 0 0 ROGER MONTES CHIEF RETAIL OFFICER 40.00 X 177267 0 19807 ALISON YONAS CHIEF DEVELOPMENT & IMPACT OFFICER 40.00 X 187117 0 10675 IRVING BUSTILLO CHIEF LENDING OFFICER 40.00 X 170447 0 28512 STEVE HERRELL CHIEF RISK OFFICER 40.00 X 179336 0 11664 TERRY PHELPS CHIEF OPERATIONS OFFICER 40.00 X 173479 0 5333 CAMILO MONCAYO VP DEPOSITS & OPERATIONS 40.00 X 109919 0 13895 TIMOTHY BROPHY VP ACCOUNTING 40.00 X 103030 0 20124 AGUSTIN SANCHEZ VP TRIANGLE REGION 40.00 X 100594 0 13560 HERNAN SEDDA VP TRIAD REGION 40.00 X 100552 0 16292 2086214 0 181675 11 0 1 0 NORTH CAROLINA STATE EMPLOYEES CU 1000 WADE AVENUE RALEIGH NC 27605 BACK OFFICE OPERATIONS 10331115 CORNERSTONE 7272 E INDIAN SCHOOL RD SUITE 400 SCOTTSDALE AZ 85251 CONSULTING 1949132 ACCURATE TITLE GROUP 6000 FREEDOM SQUARE SUITE 300 INDEPENDENCE OH 44131 REAL ESTATE APPRAISALS 435860 LUMIN DIGITAL 560 CARILLON PARKWAY ST PETERSBURG FL 33716 DIGITAL BANKING 423505 PERFORMANCE PRINT SERVICES 1 TW ALEXANDER DRIVE SUITE 130 DURHAM NC 27703 MARKETING MATERIALS 273368 14 4395258 4395258 LOAN INTEREST INCOME 522100 54051324 54051324 FEES/CHARGES/INTERCHANGE INCOME 522100 8805118 8805118 COMMISSION INCOME 522100 991127 991127 OTHER INCOME 522100 328344 328344 64175913 4811233 4811233 73382404 68987146 0 0 X 143000 1789923 10634184 674479 1979976 954132 1570029 29612 987702 1619632 113570 15983593 719085 SERVICE FEES 10331115 PROVISION FOR LOAN LOSS 2855101 DEBIT CARD PROCESSING 772650 LOSSES 380328 1059247 52597358 3833327 5471066 137012439 130376495 2634936 2504594 730334476 847785372 370101 2505869 20345617 4221829 16467059 16123788 2814862 4000360 16638473 23074363 910105673 1031841907 10275962 20125710 1719639 1807971 41575000 39775000 100436000 99936000 647458356 740771464 801464957 902416145 X 0 0 0 0 108640716 129425762 108640716 129425762 910105673 1031841907 20785046 0 X X 0 1 X 1 1 1 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 3554865 3554865 12424634 1548275 10876359 3256906 2042088 1214818 1109212 631466 477746 16123788 SHARE ACCOUNTS 101080825 SHARE DRAFT ACCOUNTS 65415772 MONEY MARKET ACCOUNTS 201156053 CERTIFICATES 373118814 740771464 X 73382404 0 73382404 0 73382404 52597358 0 52597358 0 52597358 PART IV, LINE 2B: ON A MONTHLY BASIS, THE CREDIT UNION COLLECTS PAYMENT FROM MEMBERS WITH MORTGAGE LOANS OUTSTANDING. AS STIPULATED BY THE AGREEMENT SIGNED BY BOTH PARTIES, THE MONTHLY PAYMENT FOR EACH MEMBER INLCUDES PRINCIPAL, INTEREST, AND ESCROWS. ESCROWS ARE USED TO PAY TAXES AND INSURANCE ON THE PROPERTY. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY THE INTERNAL REVENUE CODE SECTION 501(C)(1)(A)(I), FROM FEDERAL AND STATE INCOME TAXES. 1 SCHOLARSHIPS 43 143000 PART I, LINE 2: LCCU IS PLEASED TO INVEST IN ITS MEMBERS' EDUCATION. TO ENSURE PROPER USE OF GRANTED SCHOLARSHIP FUNDS, THE CREDIT UNION MAKES THE PAYMENT IN THE NAME OF THE SCHOOL OF HIGHER EDUCATION WHICH THE SCHOLARSHIP RECIPIENT WILL BE ATTENDING. LCCU ALSO REQUIRES A COPY OF THE ACCEPTANCE LETTER FROM THE EDUCATIONAL INSTITUTION THE WINNERS WILL BE ATTENDING, AS WELL AS TRANSCRIPTS, VERIFICATION OF INCOME DECLARED IN THE SCHOLARSHIP APPLICATION, EVIDENCE OF ADDITIONAL GRANTS, LOANS AND REPAYMENT PLAN RELEVANT TO THEIR EDUCATION, AND EVIDENCE OF PERSONAL FUNDS AVAILABLE TO COVER ANY OUTSTANDING BALANCES, IF APPLICABLE. X X 0 0 0 LUIS PASTOR CEO 391243 0 0 0 56103 0 3625 0 13570 0 464541 0 0 0 MARIA VICTORIA GARCIA CEO 291013 0 0 0 0 0 17449 0 7169 0 315631 0 0 0 IRVING BUSTILLO CHIEF LENDING OFFICER 170447 0 0 0 0 0 10625 0 17887 0 198959 0 0 0 ALISON YONAS CHIEF DEVELOPMENT & IMPACT OFFICER 178117 0 9000 0 0 0 10675 0 0 0 197792 0 0 0 ROGER MONTES CHIEF RETAIL OFFICER 177267 0 0 0 0 0 10730 0 9077 0 197074 0 0 0 STEVE HERRELL CHIEF RISK OFFICER 179336 0 0 0 0 0 10800 0 864 0 191000 0 0 0 TERRY PHELPS CHIEF OPERATIONS OFFICER 173479 0 0 0 0 0 0 0 5333 0 178812 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 LCCU HAD 133,792 MEMBER-OWNERS AS OF DECEMBER 31, 2023. FORM 990, PART VI, SECTION A, LINE 7A LCCU'S MEMBER-OWNERS ELECT THE BOARD OF DIRECTORS AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION. FORM 990, PART VI, SECTION B, LINE 11B LCCU HAS A COMPREHENSIVE PROCESS TO REVIEW THE 990. THE 990 IS FIRST COMPLETED BY THE FINANCE DEPARTMENT AFTER THE ORGANIZATION'S AUDITED FINANCIAL STATEMENTS ARE COMPLETE. THE 990 IS THEN REVIEWED BY THE CEO AND SENT TO THE BOARD OF DIRECTORS FOR THEIR REVIEW BEFORE BEING SUBMITTED TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C LCCU'S CONFLICT OF INTEREST POLICY STATES THAT THE RESPONSIBILITY FOR AVOIDING AND DISCLOSING BOTH ACTUAL AND POTENTIAL CONFLICTS OF INTEREST FALLS ON THE INDIVIDUAL DIRECTORS AND COMMITTEE MEMBERS THEMSELVES. FAILURE TO COMPLY WITH LCCU POLICIES CONCERNING CONFLICT OF INTEREST MAY SUBJECT THE DIRECTOR OR COMMITTEE MEMBER TO REMOVAL ACCORDING TO THE BY-LAWS OF LCCU. A CONFLICT OF INTEREST IS PRESENT WHENEVER A DIRECTOR OR COMMITTEE MEMBER HAS A MATERIAL FINANCIAL INTEREST IN A PROPOSED CONTRACT OR TRANSACTION TO WHICH LCCU MAY BE A PARTY. A CONFLICT OF INTEREST MAY ALSO EXIST WHERE THE PRIVATE INTERESTS OF A DIRECTOR OR COMMITTEE MEMBER AND HIS OR HER OFFICIAL LCCU RESPONSIBILITIES CONFLICT. THE DEFINITION OF A DIRECTOR OR COMMITTEE MEMBER ALSO INCLUDES THE INDIVIDUAL'S IMMEDIATE FAMILY, WHICH INCLUDES A PERSON'S SPOUSE, PARENTS, SIBLINGS, CHILDREN, LIFE PARTNER AND ANYONE LIVING WITHIN THE PERSON'S HOUSEHOLD AS A FAMILY MEMBER. THE BOARD OF DIRECTORS, WITHOUT THE PARTICIPATION OR VOTE OF THE DIRECTOR INVOLVED, WILL EVALUATE DISCLOSURES AND ANY OTHER INFORMATION CONCERNING ACTUAL AND POTENTIAL CONFLICTS OF INTEREST AND TAKE THE APPROPRIATE ACTION IN THE BEST INTERESTS OF LCCU. THE BOARD MAY ASK DISINTERESTED PARTIES TO REVIEW THE ACTUAL OR POTENTIAL CONFLICTS OF INTEREST AND RECOMMEND A COURSE OF ACTION BASED ON STATUTES, REGULATIONS, BY-LAW PROVISIONS AND INTERNAL POLICIES. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS HANDLES THE PROCESS FOR DETERMINING COMPENSATION FOR LCCU'S CEO. THE BOARD CHAIR DETERMINES THE ANNUAL EVALUATION FORMAT AND INCLUDES THE CEO IN THE PROCESS. THE BOARD CHAIR PRESENTS THIS DATA TO THE FULL BOARD WITHOUT THE PRESENCE OF THE CEO. A NEW SALARY IS DECIDED BASED ON JOB PERFORMANCE, CREDIT UNION PERFORMANCE, AND COMPENSATION MARKET DATA FOR SIMILAR POSITIONS AND CREDIT UNION SIZE AND IS EFFECTIVE AS OF FEB 1ST NEW FISCAL YEAR. THIS PROCESS IS DOCUMENTED BY THE SECRETARY OF THE BOARD OF DIRECTORS AND THE NEW SALARY IS COMMUNICATED BY THE BOARD CHAIR TO THE HUMAN RESOURCES DEPARTMENT, WHICH DOCUMENTS AND IMPLEMENTS THE SALARY CHANGE. IN MARCH 2023, A CONSULTING FIRM (WILLIS TOWER WATSON) WAS HIRED TO ANALYZE SALARY RANGES FOR THE CEO AND EXECUTIVE POSITIONS. THE CEO IS RESPONSIBLE FOR CONDUCTING REVIEWS AND SALARY CHANGES FOR ALL OTHER OFFICERS AND KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 LCCU MAKES ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC UPON REQUEST. LCCU MAKES ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC BY POSTING A COPY IN ITS BRANCHES MONTHLY. A MORE COMPLETE VERSION OF ITS FINANCIALS IS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 24E RETURNS & FORGERIES 339,521. MISCELLANEOUS 303,142. SUPERVISORY FEE 220,103. BOND & INSURANCE 125,840. ASSOCIATION DUES 70,641. FORM 990, PART XII, LINE 2 THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR. LATINO COMMUNITY DEVELOPMENT CENTER 100 WEST MORGAN STREET DURHAM NC 27701 820551614 FINANCIAL EDUCATION NC 501(C)(3) LINE 7 LATINO COMMUNITY CREDIT UNION 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0