2025-05-07T14:47:00-05:00 2024-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2024-01-01 940760540 F3 CREDIT UNION PACI 4082758595 1040 LEIGH AVENUE SAN JOSE CA 951264152 PAUL LINDSLEY CHIEF FINANCIAL OFFICER 4082758595 2025-05-06 1 1 JENIFER L CHASE P01306883 5638884000 2025-05-06 2024 2025-03-06 01:10:19Z X FARDAD KHOSRAVI 1040 LEIGH AVENUE SAN JOSE CA 951264152 11865118 0 X WWW.F3CREDITUNION.COM X 1931 CA F3 CREDIT UNION BUILDS FINANCIAL PARTNERSHIPS AND PROVIDES COMPETITIVE SERVICES. 6 6 41 10 35751 0 0 0 6278499 7145996 4237695 4719122 0 0 10516194 11865118 0 0 0 0 3551821 3659236 0 0 0 5466302 7066856 9018123 10726092 1498071 1139026 236503849 233387409 203997888 198698304 32505961 34689105 F3 CREDIT UNION IS COMMITTED TO CREATING A BETTER LIFE FOR OUR MEMBER OWNERS BY BUILDING FINANCIAL PARTNERSHIPS AND PROVIDING COMPETITIVE SERVICES. 0 0 F3 CREDIT UNION (THE CREDIT UNION) PROVIDES CONSUMER FINANCIAL SERVICES TO INDIVIDUALS THAT RESIDE IN SANTA CLARA COUNTY, CALIFORNIA. THE CREDIT UNION PROVIDES A VAST ARRAY OF LOAN PRODUCTS TO MEMBERS AT COMPETITIVE MARKET RATES AND LOWER THAN MARKET FEES. DURING 2024, THE CREDIT UNION PROVIDED A TOTAL OF $37 MILLION IN MEMBER AND PARTICIPATION LOAN DOLLARS. F3 CREDIT UNION PROVIDES DEPOSITORY SERVICES TO ITS MEMBERS. DURING 2024, MEMBERS HAD A TOTAL OF $197 MILLION MEMBER SHARE DEPOSITS AT DECEMBER 31, 2024. F3 CREDIT UNION'S CAPITAL PERCENTAGE AT DECEMBER 31, 2024 WAS 17.59%. THIS IS GREATER THAN 1.5X THE INDUSTRY REQUIREMENT. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 16399 0 1 41 1 1 1 0 0 0 0 0 0 0 X 6 6 0 0 1 0 1 1 1 1 1 0 0 1 1 0 0 1 1 1 0 0 CA X FARDAD KHOSRAVI 4082758595 1040 LEIGH AVENUE SAN JOSE CA 951264152 CAROL CROTEAU VICE CHAIR 0.50 X X 0 0 0 MARIE FURTADO DIRECTOR 0.50 X 0 0 0 MICHAEL MEDLIN SECRETARY, TREASURER 0.50 X X 0 0 0 ROBERT SCALETTA DIRECTOR 0.50 X 0 0 0 RICHARD SILVERIA DIRECTOR 0.50 X 0 0 0 ROGER SOMER CHAIR 0.50 X X 0 0 0 FARDAD KHOSRAVI PRESIDENT & CEO 40.00 X 352948 0 109491 PAUL LINDSLEY CFO 40.00 X 169656 0 23600 MANIE KOHN VP - MARKETING 40.00 X 126000 0 17225 DAVID CLARK VP - IT 40.00 X 148464 0 23583 CYNDEE LEMON VP - OPERATIONS/HR 40.00 X 137365 0 25423 ELSA PHAM VP - LENDING 40.00 X 135802 0 25549 1070235 0 224871 6 0 1 0 FIS 7805 HUDSON RD WOODBURY MN 55125 VISA PROCESSING 410173 FINASTRA PO BOX 535120 ATLANTA GA 30353 DATA PROCESSING 366706 454 5251 CALIFORNIA AVE IRVINE CA 92617 MARKETING 120000 TPX 208 S AKARD ST DALLAS TX 75202 COMMUNICATIONS 106455 4 INTEREST FROM LOANS 522100 5859799 5859799 FEE & CHARGES INCOME 522100 673136 637385 35751 MASTERCARD INTERCHANGE INCOME 522100 269975 269975 OTHER INCOME 522100 186892 186892 VISA INTERCHANGE INCOME 522100 156194 156194 7145996 4719122 4719122 11865118 7110245 35751 4719122 655695 2372936 67560 339370 223675 81042 1500 261354 338111 86275 562078 338812 69865 3 37612 88689 DIVIDENDS PAID TO MEMBE 2571676 PROVISION FOR LOAN LOSS 1761847 LOAN/VISA EXPENSES 352613 ATM EXPENSES 271223 244156 10726092 6646483 8310132 1425043 1530493 3264779 3448941 102691197 107063991 546340 500768 444435 258836 181161 185599 108388314 102088535 37760 0 13322772 10258950 236503849 233387409 1276933 1260488 202720955 197437816 203997888 198698304 X 0 0 0 0 32505961 34689105 32505961 34689105 236503849 233387409 1139026 1044118 0 X X 0 0 0 1500 1500 1500 1 CALIFORNIA CREDIT UNION LEAGUE 1201 K STREET SUITE 1050 SACRAMENTO CA 95814 940357265 1500 0 PART I-A, LINE 1: F3 CREDIT UNION MADE A $1,500 POLITICAL ACTION COMMITTEE CONTRIBUTION TO THE CALIFORNIA CREDIT UNION LEAGUE IN AUGUST 2024 TO SUPPORT CREDIT UNION ISSUES. 67017 67017 206042 146885 59157 171376 111951 59425 185599 DEPOSITS IN CORPORATE CREDIT UNIONS 4861761 C PREPAID INVESTMENT PREMIUMS 3266990 C AVAILABLE FOR SALE INVESTMENTS 93959784 F 102088535 MEMBER SHARE DEPOSITS 197437816 197437816 X X X 0 1 0 FARDAD KHOSRAVI PRESIDENT & CEO 352948 0 0 0 0 0 90135 0 19356 0 462439 0 0 0 PAUL LINDSLEY CFO 169656 0 0 0 0 0 11310 0 12290 0 193256 0 0 0 DAVID CLARK VP - IT 148464 0 0 0 0 0 10496 0 13087 0 172047 0 0 0 CYNDEE LEMON VP - OPERATIONS/HR 137365 0 0 0 0 0 9635 0 15788 0 162788 0 0 0 ELSA PHAM VP - LENDING 135802 0 0 0 0 0 9761 0 15788 0 161351 0 0 0 PART I, LINE 4B F3 CREDIT UNION (CREDIT UNION) HAS A NONQUALIFIED DEFERRED COMPENSATION (NQDC) PLAN IN PLACE FOR FARDAD KHOSRAVI, PRESIDENT & CHIEF EXECUTIVE OFFICER, AS DESCRIBED IN SECTION 457(F). THE CREDIT UNION ACCRUED $67,212 OF ADDITIONAL LIABILITY RELATED TO THE NQDC PLAN DURING 2024, AND THIS AMOUNT IS INCLUDED AS DEFERRED COMPENSATION ON FORM 990, PART VII AND SCHEDULE J. FARDAD KHOSRAVI OFFICER COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 3000000 3405019 0 1 1 PAUL LINDSLEY OFFICER AUTO LOAN X 54159 43922 0 1 1 3448941 FORM 990, PART VI, SECTION A, LINE 4 THE CREDIT UNION UPDATED ITS BYLAWS TO REFLECT THE NAME CHANGE FROM PACIFIC POSTAL CREDIT UNION TO F3 CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 6 F3 CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A F3 CREDIT UNION MEMBERS HAVE THE POWER TO ELECT MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B F3 CREDIT UNION MEMBERS HAVE THE POWER TO ELECT AND REMOVE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE PRESIDENT/CHIEF EXECUTIVE OFFICER FOR ACCURACY BEFORE FILING WITH THE INTERNAL REVENUE SERVICE. THE BOARD OF DIRECTORS IS PROVIDED A COPY OF THE FORM 990 PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 15A THE CHIEF EXECUTIVE OFFICER'S COMPENSATION IS EVALUATED BY A COMPENSATION COMMITTEE THAT EVALUATES THE ACHIEVEMENT OF PREVIOUSLY SET ANNUAL GOALS AND QUESTIONNAIRES THAT WERE APPROVED AND FILED BY THE BOARD OF DIRECTORS. F3 CREDIT UNION CONDUCTS AN ANNUAL SURVEY OF COMPARABLE CHIEF EXECUTIVE OFFICER SALARIES OF SIMILARLY SITUATED CREDIT UNIONS AND IS REVIEWED BEFORE THE FINAL RECOMMENDATION OF SALARY TO THE BOARD OF DIRECTORS. THIS PROCESS LAST OCCURRED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 F3 CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE SECTION 6104(D). FORM 990, PART IV, LINE 12A & PART XII, LINE 2B: F3 CREDIT UNION'S (THE CREDIT UNION) FINANCIAL STATEMENTS ARE AUDITED ON A SEPARATE BASIS BY AN INDEPENDENT ACCOUNTANT. HOWEVER, THE FINANCIAL STATEMENTS ARE AUDITED ON A FISCAL YEAR-END BASIS OF SEPTEMBER 30TH, WHILE THE CREDIT UNION'S TAX YEAR-END IS DECEMBER 31ST.