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Nonprofiteer
← RIVERMARK COMMUNITY CREDIT UNION

Form 990 for tax year 2023

Filed by RIVERMARK COMMUNITY CREDIT UNION.

Totals

Total revenue
$81,367,198
Total expenses
$77,005,648
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$66,593,410
Investment income
$14,773,788
Other revenue
$0
Total assets, end of year
$1,448,214,620
Total liabilities, end of year
$1,368,036,785
Net assets or fund balances, end of year
$80,177,835
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: INTEREST ON LOANS

    total $49,057,032 · related or exempt $49,057,032

  • 2b · Program service revenue: INTERCHANGE INCOME

    total $10,831,880 · related or exempt $10,434,916 · unrelated business $396,964

  • 2c · Program service revenue: SERVICE CHARGES AND FE

    total $6,257,155 · related or exempt $6,200,288 · unrelated business $56,867

  • 2d · Program service revenue: OTHER NON-INTEREST INC

    total $1,701,658 · related or exempt $1,640,925 · unrelated business $60,733

  • 2e · Program service revenue: MORTGAGE SALES AND SER

    total -$1,254,315 · related or exempt -$1,254,315

  • 3 · Investment income

    total $14,456,240 · excluded $14,456,240

  • 7a · Gross sales of assets other than inventory

    securities $34,983,389 · other assets $12,415,102

  • 7b · Less cost or other basis and sales expenses

    securities $34,983,389 · other assets $12,097,554

  • 7c · Gain or loss

    securities $0 · other assets $317,548

  • 7d · Net gain or loss

    total $317,548 · excluded $317,548

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $4,186,115

  • 7 · Other salaries and wages

    total $18,947,627

  • 8 · Pension plan contributions

    total $2,554,657

  • 9 · Other employee benefits

    total $2,516,905

  • 10 · Payroll taxes

    total $2,258,820

  • 11b · Fees: legal

    total $72,304

  • 11c · Fees: accounting

    total $146,487

  • 11g · Fees: other

    total $5,126,073

  • 12 · Advertising and promotion

    total $1,865,205

  • 13 · Office expenses

    total $3,321,606

  • 14 · Information technology

    total $3,586,697

  • 16 · Occupancy

    total $1,977,366

  • 17 · Travel

    total $729,383

  • 19 · Conferences, conventions and meetings

    total $10

  • 20 · Interest

    total $17,934,986

  • 22 · Depreciation, depletion and amortization

    total $1,271,768

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $6,020,925

  • 24b · Other expenses: LOAN SERVICING

    total $3,103,144

  • 24c · Other expenses: DUES AND SUBSCRIPTIONS

    total $297,459

  • 24d · Other expenses: STATE EXAM FEE

    total $94,166

  • 24e · All other expenses

    total $993,945

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $14,550,800 · end of year $11,499,282

  • 2 · Savings and temporary cash investments

    beginning of year $34,498,362 · end of year $97,651,560

  • 7 · Other notes and loans receivable

    beginning of year $817,784,080 · end of year $845,138,577

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,861,684 · end of year $3,023,655

  • 10a · Land, buildings and equipment: cost or other basis

    $25,206,690

  • 10b · Land, buildings and equipment: accumulated depreciation

    $13,771,446

  • 10c · Land, buildings and equipment, net

    beginning of year $11,182,849 · end of year $11,435,244

  • 11 · Investments: publicly traded securities

    beginning of year $448,174,250 · end of year $418,614,724

  • 12 · Investments: other securities

    beginning of year $9,010,855 · end of year $3,555,637

  • 15 · Other assets

    beginning of year $62,525,913 · end of year $57,295,941

  • 17 · Accounts payable and accrued expenses

    beginning of year $19,147,523 · end of year $23,279,418

  • 19 · Deferred revenue

    beginning of year $980,556 · end of year $683,890

  • 21 · Escrow or custodial account liability

    beginning of year $3,992,014 · end of year $4,037,572

  • 23 · Secured mortgages and notes payable

    beginning of year $175,000,000 · end of year $155,000,000

  • 25 · Other liabilities

    beginning of year $1,137,453,233 · end of year $1,185,035,905

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $64,015,467 · end of year $80,177,835

Mission and programs · 2023

Mission

PROVIDE QUALITY FINANCIAL SERVICES, PRODUCTS AND SUPPORT FOR MEMBERS IN THE LOCAL COMMUNITIES WE SERVE.

Activities or mission (Part I)

CONDUCTING CREDIT UNION FINANCIAL SERVICES FOR A MEMBER OWNED FINANCIAL COOPERATIVE.

  • PROVIDED FINANCIAL SERVICES TO 90,796 MEMBERS, INCLUDING SHARE DEPOSITS AND LOANS.

As filed on the 2023 return.

Listed in Part VII

  • SETH SCHAEFER

    PRESIDENT/CEO

    Total calculated
    $1,925,027
    From this org
    $1,826,013
    From related orgs
    $0
    Other
    $99,014
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $582,249
    Bonus
    $212,000
    Other
    $1,031,764
    Deferred
    $91,639
    Nontaxable benefits
    $7,375
    Filer's total
    $1,925,027

  • CORI POLAND

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $464,003
    From this org
    $352,836
    From related orgs
    $0
    Other
    $111,167
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $256,186
    Bonus
    $95,909
    Other
    $741
    Deferred
    $103,792
    Nontaxable benefits
    $7,375
    Filer's total
    $464,003

  • ABEN HILL

    CHIEF LENDING OFFICER

    Total calculated
    $441,385
    From this org
    $332,125
    From related orgs
    $0
    Other
    $109,260
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $256,585
    Bonus
    $74,346
    Other
    $1,194
    Deferred
    $101,885
    Nontaxable benefits
    $7,375
    Filer's total
    $441,385

  • STEPHANIE STRIMLING

    CHIEF INNOVATION OFFICER

    Total calculated
    $405,389
    From this org
    $282,657
    From related orgs
    $0
    Other
    $122,732
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $224,870
    Bonus
    $57,280
    Other
    $507
    Deferred
    $115,357
    Nontaxable benefits
    $7,375
    Filer's total
    $405,389

  • DAVID NOBLE

    CHIEF MARKETING OFFICER

    Total calculated
    $410,910
    From this org
    $280,146
    From related orgs
    $0
    Other
    $130,764
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $219,783
    Bonus
    $58,659
    Other
    $1,704
    Deferred
    $123,389
    Nontaxable benefits
    $7,375
    Filer's total
    $410,910

  • JOSEPH BRIAN GRIFFIS

    CHIEF FINANCIAL OFFICER (THRU 2/23)

    Total calculated
    $226,190
    From this org
    $220,111
    From related orgs
    $0
    Other
    $6,079
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $32,187
    Bonus
    $88,009
    Other
    $99,915
    Deferred
    $4,850
    Nontaxable benefits
    $1,229
    Filer's total
    $226,190

  • RYAN HALLEY

    VICE PRESIDENT FINANCIAL WELLNESS

    Total calculated
    $203,816
    From this org
    $196,200
    From related orgs
    $0
    Other
    $7,616
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,697
    Bonus
    $16,216
    Other
    $1,287
    Deferred
    $7,616
    Nontaxable benefits
    $0
    Filer's total
    $203,816

  • LANCE FINK

    DATA PROGRAM MANAGER

    Total calculated
    $202,110
    From this org
    $188,127
    From related orgs
    $0
    Other
    $13,983
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $172,853
    Bonus
    $15,141
    Other
    $133
    Deferred
    $6,608
    Nontaxable benefits
    $7,375
    Filer's total
    $202,110

  • MICKEY BEARD

    VICE PRESIDENT CONSUMER LENDING

    Total calculated
    $199,346
    From this org
    $185,042
    From related orgs
    $0
    Other
    $14,304
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,791
    Bonus
    $14,696
    Other
    $3,555
    Deferred
    $6,929
    Nontaxable benefits
    $7,375
    Filer's total
    $199,346

  • RANDAL BRESEE

    VICE PRESIDENT MEMBER EXPERIENCE

    Total calculated
    $195,095
    From this org
    $180,539
    From related orgs
    $0
    Other
    $14,556
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,891
    Bonus
    $13,989
    Other
    $3,659
    Deferred
    $7,181
    Nontaxable benefits
    $7,375
    Filer's total
    $195,095

  • BRIAN GREENFIELD

    VICE PRESIDENT OF TECHNOLOGY

    Total calculated
    $190,104
    From this org
    $182,971
    From related orgs
    $0
    Other
    $7,133
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,198
    Bonus
    $13,573
    Other
    $1,200
    Deferred
    $7,133
    Nontaxable benefits
    $0
    Filer's total
    $190,104

  • JEREMY CALVA

    CHIEF FINANCIAL OFFICER

    Total calculated
    $147,207
    From this org
    $144,749
    From related orgs
    $0
    Other
    $2,458
    Hours/week
    40

  • KIM BICKFORD

    BOARD CHAIR

    Total calculated
    $22,000
    From this org
    $22,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • GLORIA ZABEL

    BOARD VICE CHAIR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • JOSH STEPHENSON

    SECRETARY

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • GARY FRAYN

    BOARD MEMBER

    Total calculated
    $16,500
    From this org
    $16,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • KERRI LEATHERS IZUNAGBARA

    BOARD MEMBER

    Total calculated
    $16,500
    From this org
    $16,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • ROB LAVIGNE

    BOARD MEMBER

    Total calculated
    $15,000
    From this org
    $15,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • STEVEN HOLLAND

    BOARD MEMBER

    Total calculated
    $15,000
    From this org
    $15,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • JESUS PALOMARES

    BOARD MEMBER

    Total calculated
    $15,000
    From this org
    $15,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • BRETT BRYANT

    BOARD MEMBER

    Total calculated
    $15,000
    From this org
    $15,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • DENNIS FULLAN

    BOARD MEMBER (THRU 4/23)

    Total calculated
    $7,500
    From this org
    $7,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • BILL ROBERTS JR

    BOARD MEMBER (THRU 4/23)

    Total calculated
    $7,500
    From this org
    $7,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
BOARD AND MANAGEMENT OCCASIONALLY BRING SPOUSES ON CONFERENCE TRIPS. THIS WAS INCLUDED IN TOTAL COMPENSATION.
PART I, LINE 1B
SETH SCHAEFER, CHIEF EXECUTIVE OFFICER, HAS EARNED $1,567,589 FOR HIS SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN AS OF 12/31/2023. TOTAL CONTRIBUTIONS OF $78,439 AND TOTAL DISTRIBUTIONS OF $1,018,257 WERE ISSUED TO THE PLAN DURING 2023. BRIAN GRIFFIS, CHIEF FINANCIAL OFFICER, EARNED $283,578 FOR HIS SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN AS OF 2/28/2023. BRIAN LEFT THE ORGANIZATION AT THE END OF FEBRUARY 2023 AND TOOK A TOTAL DISTRIBUTION OF $24,910. CORI POLAND, CHIEF EXPERIENCE OFFICER, HAS EARNED $336,670 FOR HER SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN AS OF 12/31/2023. TOTAL CONTRIBUTIONS OF $92,452 AND TOTAL DISTRIBUTIONS OF $24,974 WERE ISSUED TO THE PLAN DURING 2023. ABEN HILL, CHIEF LENDING OFFICER, HAS EARNED $176,591 FOR HIS SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN AS OF 12/31/2023. TOTAL CONTRIBUTIONS OF $88,685 AND TOTAL DISTRIBUTIONS OF $0 WERE ISSUED TO THE PLAN DURING 2023. STEPHANIE STRIMLING, CHIEF INNOVATION OFFICER, HAS EARNED $176,591 FOR HIS SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN AS OF 12/31/2023. TOTAL CONTRIBUTIONS OF $88,685 AND TOTAL DISTRIBUTIONS OF $0 WERE ISSUED TO THE PLAN DURING 2023. DAVID NOBLE, CHIEF MARKETING OFFICER, HAS EARNED $107,622 FOR HIS SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN AS OF 12/31/2023. TOTAL CONTRIBUTIONS OF $107,622 AND TOTAL DISTRIBUTIONS OF $0 WERE ISSUED TO THE PLAN DURING 2023.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Provenance

Return type
form_990
Tax year
2023
Filed
10 May 2024
IRS schema version
2023v5.0
Source object
202401349349308525

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