2025-11-17T14:46:39-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 2875 MICHELLE DRIVE 300 IRVINE CA 92606 990 2024-01-01 941244186 REDWOOD CREDIT UNION REDW 8004797928 3033 CLEVELAND AVE 100 SANTA ROSA CA 95403 KRISTEN MAHLMANN EVP/CHIEF FINANCIAL OFFICER 8004797928 2025-11-14 1 1 LISA N RYSSEL CPA P00643670 7149781300 2025-11-14 2024 2025-03-06 01:10:19Z BRETT MARTINEZ 3033 CLEVELAND AVE 100 SANTA ROSA CA 95403 504075566 0 X WWW.REDWOODCU.ORG X 1950 CA PROVIDE FINANCIAL PRODUCTS AND SERVICES TO MEMBERS. 11 11 1066 11 281060 0 0 0 348264169 422197724 74638907 81671698 98858 90043 423001934 503959465 0 250000 75798264 146809294 98383928 109930094 0 0 0 123075816 131177470 297258008 388166858 125743926 115792607 8510071050 9109279837 7525653106 8004008206 984417944 1105271631 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 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 121830 0 1 1066 1 1 1 0 0 0 0 0 1 0 X 11 11 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 M CHRISTINA RIVERA DIRECTOR 1.00 0.00 X 0 0 0 JUDY HERRERIAS-JAMES DIRECTOR 1.00 1.00 X 0 0 0 JIM OLMSTED VICE CHAIR 1.00 1.00 X X 0 0 0 JERI HANSEN DIRECTOR 1.00 0.00 X 0 0 0 GREG MCGUIRK DIRECTOR 1.00 0.00 X 0 0 0 GERADO MARTIN DIRECTOR 1.00 0.00 X 0 0 0 ROB EYLER CHAIR 1.00 0.00 X X 0 0 0 DEBRA WATTS TREASURER 1.00 1.00 X X 0 0 0 DAVID GOUIN DIRECTOR 1.00 0.00 X 0 0 0 ROD DOLE DIRECTOR 1.00 0.00 X 0 0 0 LISA WITTKE SCHAFFNER SECRETARY 1.00 0.00 X X 0 0 0 AARON COLLIER EVP/CHIEF INFO OFFICER (THRU 03/24) 40.00 0.00 X 163268 0 10183 KRISTEN MAHLMANN EVP/CHIEF FINANCIAL OFFICER 40.00 0.00 X 572074 0 155158 MISHEL KAUFMAN EVP/CHIEF OP & RISK OFFICE 40.00 0.00 X 595329 0 216958 ANTHONY HILDESHEIM EVP/CHIEF ADMIN OFFICER 40.00 0.00 X 1016297 0 369249 RONALD FELDER EVP/CHIEF LENDING OFFICER 40.00 0.00 X 765745 0 228469 BRETT MARTINEZ PRESIDENT/CEO 40.00 1.00 X 1801884 0 519653 PRITI CHATWANI EXTERNAL MORTGAGE LOAN OFF 40.00 0.00 X 353020 0 10754 STEPHEN WARD SVP OF BUSINESS SERVICES 40.00 0.00 X 327672 0 25688 ESTEBAN ZUNO SVP/AUTO, INSURANCE & WEALTH 40.00 0.00 X 364033 0 28781 TODD LINDEMANN SVP/PAYMENTS 40.00 0.00 X 381010 0 156824 DEIDRE HOLMES THOMPSON SVP/MEMBER EXPERIENCE 40.00 0.00 X 387518 0 179464 JOSEPH PEYTON SVP OF IT 40.00 0.00 X 344277 0 24966 THOMAS HUBERT SVP/AUTO, INSURANCE & WEALTH (THRU 10/31/24) 40.00 0.00 X 473675 0 144767 JENNIFER BOYLE SVP/CONSUMER LENDING & LEN 40.00 0.00 X 373674 0 129237 TIMOTHY BATES SVP/ENTERPRISE RISK (THRU 10/04/24) 40.00 0.00 X 355467 0 61118 MICHELLE ANDERSON EVP/CHIEF LENDING OFFICER (THRU 6/24) 40.00 0.00 X 638827 0 53238 NICOLE SCHAEFER EXTERNAL MORTGAGE LOAN OFF 40.00 0.00 X 843714 0 22113 JULIE LYNCH WEALTH ADVISOR 40.00 0.00 X 677460 0 22295 CLARK MATTHIESSEN WEALTH ADVISOR 40.00 0.00 X 460723 0 25761 KATHLEEN CHANG EXTERNAL MORTGAGE LOAN OFF 40.00 0.00 X 442199 0 14210 MICHAEL DEFAZIO WEALTH ADVISOR 40.00 0.00 X 1053262 0 20989 KRISTINA DERKOS FORMER SVP/PEOPLE (TERM 02/17/ 40.00 0.00 X 529039 0 6640 12920167 0 2426515 318 1 1 0 WESTERN BUILDERS 1400 N DUTTON AVE SUITE 7 SANTA ROSA CA 95401 GENERAL CONTRACTOR LABOR 3387087 INFOLMAGE INC 175 SOUTH HILL DRIVE BRISBANE CA 94005 STATEMENTS PROVIDER 2735720 LUMIN DIGITAL 3001 BISHOP ST STE 110 SAN RAMON CA 94583 ONLINE BANKING SERVICE 2392870 JACK HENRY & ASSOCIATES PO BOX 609 MONETT MO 65708 FINANCIAL SERVICE PROVIDER 1963877 FINANCIAL TECHNOLOGY SOLUTIONS 225 S IVY 1027 MONROVIA CA 91017 ATM EQUIPMENT & MAINTENANCE 1511617 121 INTEREST ON LOANS TO MEMBERS 522100 357691537 357691537 INTERCHANGE INCOME 522100 31033200 31033200 SERVICE CHARGES AND FEES 522100 19412081 19412081 INSURANCE COMMISSIONS 522100 7755998 7755998 OTHER NON-INTEREST INCOME 522100 5817499 5595839 221660 487409 487409 422197724 81760710 81760710 90043 0 90043 90043 59400 30643 27089 116101 -89012 -89012 -89012 503959465 421976064 281060 81702341 250000 146809294 11228281 78534378 4897430 8573203 6696802 527359 264854 34700 20931879 7171537 8145106 8203763 2307963 7919194 9623377 694159 PROVISION FOR LOAN LOSS 40241463 LOAN SERVICING 13164712 LOSSES AND FRAUD 8445858 MISCELLANEOUS EXPENSES 3501546 388166858 1406285897 1331114126 12801256 93772792 44858233 45318139 6224106849 6768204898 6905720 12705673 190674692 65157642 130271755 125517050 483778882 490066437 23555373 23108729 177507085 219471993 8510071050 9109279837 91984424 64307823 500000000 0 6933668682 7939700383 7525653106 8004008206 X 0 0 0 0 984417944 1105271631 984417944 1105271631 8510071050 9109279837 X 115792607 5604653 -543573 X 0 1 X 1 0 55000 0 0 55000 55000 1 CALIFORNIA CREDIT UNION LEAGUE 2855 E GUASTI ROAD SUITE 600 ONTARIO CA 91761 940357265 55000 13387684 13387684 112608354 22534464 90073890 16243250 10167607 6075643 47862040 32455571 15406469 573364 573364 125517050 MEMBERS' SHARE AND SAVINGS ACCOUNTS 7924443484 LEASE LIABILITIES 15256899 7939700383 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, 2024 AND 2023. THE CREDIT UNION'S 2021 THROUGH 2023 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. 0 REDWOOD CREDIT UNION COMMUNITY FUND 3033 CLEVELAND AVENUE SANTA ROSA CA 95403 475084832 501(C)3 250000 0 GENERAL SUPPORT 1 X 1 1 X X X X 1 1 0 BRETT MARTINEZ PRESIDENT/CEO 913936 0 565179 0 322769 0 519653 0 0 0 2321537 0 0 0 ANTHONY HILDESHEIM EVP/CHIEF ADMIN OFFICER 538330 0 430496 0 47471 0 359502 0 9747 0 1385546 0 258982 0 MICHAEL DEFAZIO WEALTH ADVISOR 63720 0 983135 0 6407 0 20989 0 0 0 1074251 0 0 0 RONALD FELDER EVP/CHIEF LENDING OFFICER 506271 0 171742 0 87732 0 215870 0 12599 0 994214 0 0 0 NICOLE SCHAEFER EXTERNAL MORTGAGE LOAN OFF 33837 0 809877 0 0 0 15701 0 6412 0 865827 0 0 0 MISHEL KAUFMAN EVP/CHIEF OP & RISK OFFICE 435363 0 122342 0 37624 0 206080 0 10878 0 812287 0 189118 0 KRISTEN MAHLMANN EVP/CHIEF FINANCIAL OFFICER 351189 0 220328 0 557 0 139527 0 15631 0 727232 0 154823 0 JULIE LYNCH WEALTH ADVISOR 39840 0 637620 0 0 0 17250 0 5045 0 699755 0 0 0 MICHELLE ANDERSON EVP/CHIEF LENDING OFFICER (THRU 6/24 228324 0 227228 0 183275 0 49222 0 4016 0 692065 0 0 0 THOMAS HUBERT SVP/AUTO, INSURANCE & WEALTH (THRU 1 376724 0 61318 0 35633 0 144767 0 0 0 618442 0 0 0 DEIDRE HOLMES THOMPSON SVP/MEMBER EXPERIENCE 319219 0 49944 0 18355 0 171793 0 7671 0 566982 0 0 0 TODD LINDEMANN SVP/PAYMENTS 299039 0 63906 0 18065 0 147458 0 9366 0 537834 0 0 0 KRISTINA DERKOS FORMER SVP/PEOPLE (TERM 02/17/ 0 0 0 0 529039 0 0 0 6640 0 535679 0 0 0 JENNIFER BOYLE SVP/CONSUMER LENDING & LEN 280022 0 57639 0 36013 0 129237 0 0 0 502911 0 0 0 CLARK MATTHIESSEN WEALTH ADVISOR 62369 0 398354 0 0 0 17563 0 8198 0 486484 0 0 0 KATHLEEN CHANG EXTERNAL MORTGAGE LOAN OFF 38480 0 403074 0 645 0 13108 0 1102 0 456409 0 0 0 TIMOTHY BATES SVP/ENTERPRISE RISK (THRU 10/04/24) 251523 0 28240 0 75704 0 47918 0 13200 0 416585 0 0 0 ESTEBAN ZUNO SVP/AUTO, INSURANCE & WEALTH 238692 0 125341 0 0 0 17250 0 11531 0 392814 0 0 0 JOSEPH PEYTON SVP OF IT 281861 0 32593 0 29823 0 14571 0 10395 0 369243 0 0 0 PRITI CHATWANI EXTERNAL MORTGAGE LOAN OFF 33880 0 319140 0 0 0 4407 0 6347 0 363774 0 0 0 STEPHEN WARD SVP OF BUSINESS SERVICES 296156 0 31516 0 0 0 13340 0 12348 0 353360 0 0 0 AARON COLLIER EVP/CHIEF INFO OFFICER (THRU 03/24) 131617 0 31651 0 0 0 8253 0 1930 0 173451 0 0 0 PART I, LINE 1A THE CREDIT UNION PROVIDES COMPENSATION FOR TRAVEL COMPANIONS FOR MEMBERS OF MANAGEMENT AND BOARD MEMBERS. PART I, LINES 4A-B 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 2024: BRETT MARTINEZ - $412,785 RONALD FELDER - $201,895 ANTHONY E HILDESHEIM - $258,982 MISHEL KAUFMAN - $144,639 AARON COLLIER - $59,964 MICHELLE ANDERSON - $35,480 THOMAS HUBERT - $105,281 DEIDRE HOLMES THOMPSON - $85,870 TODD LINDEMANN - $99,833 KRISTEN MAHLMANN - $120,179 TIMOTHY BATES - $38,215 JENNIFER BOYLE - $85,035 MATTHEW MARTIN - $46,116 BRYAN HAAS - $43,404 THE FOLLOWING EMPLOYEES RECEIVED DISTRIBUTIONS FROM THIS PLAN DURING 2024: ANTHONY HILDSHEIM - $258,982 MISHEL KAUFMAN - $189,118 KRISTEN MAHLMANN - $154,823 THE FOLLOWING EMPLOYEE RECEIVED A SEVERANCE PAYMENT DURING 2024: KRISTINA DERKOS - $529,039 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 14346145 0 1 1 BRETT MARTINEZ PRESIDENT/CEO SPLIT DOLLAR PLAN INSURANCE POLICY X 5200000 5304493 0 1 1 MICHELLE ANDERSON SVP/MORTGAGE SPLIT DOLLAR PLAN INSURANCE POLICY X 5600000 5633363 0 1 1 RONALD FELDER EVP/CHIEF LENDING OFFICER SPLIT DOLLAR PLAN INSURANCE POLICY X 10700000 10789013 0 1 1 ANTHONY HILDESHEIM EVP/CHIEF ADMIN OFFICER SPLIT DOLLAR PLAN INSURANCE POLICY X 7750000 7791138 0 1 1 MISHEL KAUFMAN EVP/CHIEF OP & RISK OFFICER SPLIT DOLLAR PLAN INSURANCE POLICY X 1500000 1453987 0 1 1 45318139 SCHEDULE L, PART II SPLIT DOLLAR LOANS ARE RECORDED ON THE FINANCIAL STATEMENTS AT THE CASH SURRENDER VALUE. THE LOAN + ACCRUED INTEREST VALUE FOR EACH LOAN ARE: MICHELLE ANDERSON: $5,944,747RONALD FELDER: $11,343,688ANTHONY HILDESHEIM: $8,216,699MISHEL KAUFMAN: $1,612,577BRETT MARTINEZ: $17,803,962BRETT MARTINEZ: $5,516,357 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 -543,573. 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 5272673 9856875 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 99286 CASH RCU SERVICES GROUP INC D 3181635 12/31/24 LOAN BALANCE RCU SERVICES GROUP INC L 278711 CASH RCU SERVICES GROUP INC M 586555 CASH RCU SERVICES GROUP INC Q 3600457 CASH RCU SERVICES GROUP INC P 271920 CASH