Page 3 - 2024 California Coast Credit Union Annual Report

As the chair of your Board of Directors, I am pleased to share the California Coast Credit Union 2024 Annual Report.
As a not-for-profit, member-owned cooperative, our mission is to serve our members and community. Despite uncertain economic trends, Cal Coast helped our members thrive financially while maintaining the credit union's strength.
Cal Coast expanded financial wellness efforts, hosting over 100 workshops and webinars, providing one-on- one financial coaching, and delivering youth financial literacy to thousands via in-person workshops, our FinSense app, and the Bite of Reality program.
We extended financial education programs for residents, businesses, and nonprofits in San Diego’s Promise Zone, an area lacking traditional financial institutions. Cal Coast offered financial wellness workshops, opened a Financial Wellness Center, and also plans to open a branch to serve these communities.
The Supervisory Committee represents the member- ship of California Coast Credit Union and oversees the audit function. The Committee documents the verification of member accounts periodically per the credit union’s bylaws. To fulfill these responsibilities, the Supervisory Committee engaged the independent CPA audit firm CliftonLarsonAllen, LLP (CLA) to perform the verification of member accounts and the financial statement audit for the period ending March 31, 2024.
It is the opinion of CLA that the consolidated financial statements present fairly, in all material respects, the financial condition of California Coast Credit Union and its subsidiary as of March 31, 2024 and the results of the operations and cash flows for the year conform to generally accepted accounting principles. As part of the audit, a confirmation of members’ accounts as of December 31, 2023, was performed per the requirements of the California Department of
Finally, I want to note with sadness that midway
through this year we lost Director Gary Atkinson. Gary had served on the Board since our merger with First Future Credit Union in 2008. He was dedicated to serving our members’ financial well-being. I also wish to acknowledge that Director Barbara Brooks is leaving the Board after almost 40 years of service. We appreciate her meaningful contributions and wish her well.
I thank my fellow board members and Cal Coast staff who uphold our founders' legacy. Most of all, I thank our 200,000+ members for their continued trust and loyalty.
Sincerely,
Rick J. Knott Chairman of the Board
Financial Protection and Innovation and generally accepted auditing standards.
The Supervisory Committee also oversees the internal audit function. The Committee selects and co- ordinates the audits of key areas, regularly meets to review findings, and ensures the strengthening of internal controls. As a result, the established strong processes and controls of California Coast continue to be enhanced in 2024. On behalf of the Committee, I thank the California Coast management and Board of Directors for their leadership and cooperation.
Respectfully submitted,
Dennis McGrath Supervisory Committee Chair
.