2022-11-07T09:34:56-06:00 2021-12-31 410746749 CLIFTONLARSONALLEN LLP 20 EAST THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2021-01-01 942600376 KEYPOINT CREDIT UNION KEYP 4087314100 2150 TRADE ZONE BOULEVARD SAN JOSE CA 95131 DOUGLAS SCHROCK ACTING CFO 4087314100 2022-11-02 1 DOUGLAS SCHROCK 999009999 MELISSA HANGSLEBEN P02087031 6022662248 2022-11-02 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z X T BRADFORD CANFIELD 2150 TRADE ZONE BOULEVARD SAN JOSE CA 95131 91703428 0 X WWW.KPCU.COM X 1979 CA A COOPERATIVE ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 11 11 222 11 1013430 0 0 0 46866014 48898489 3626895 30147616 815813 255731 51308722 79301836 32030 11100 4074535 2708257 22079513 25062849 0 0 0 22647700 23659498 48833778 51441704 2474944 27860132 1496633127 1639289410 1382499763 1503576834 114133364 135712576 X KEYPOINT CREDIT UNION IS A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR THEM AT COMPETITIVE RATES OF INTEREST, AND PROVIDING AN OPPORTUNITY FOR THEM TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, KEYPOINT CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFIT, OR SERVICE OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. 1 0 ACCOMPLISHMENT OF EXCELLENT LOAN SERVICES TO MEMBERS AND LOAN PORTFOLIO GROWTH THROUGH THE ORIGINATION OF CONSUMER AND MORTGAGE LOANS. ACCOMPLISHMENT OF TARGET GOALS IN MEMBER GROWTH (ACQUISITION OF NEW MEMBERS). MEMBER SATISFACTION IN CONNECTION WITH SERVICES PERTAINING TO CHECKING/SAVINGS ACCOUNTS, ATTRACTIVE CD RATES, IRA AND MONEY MARKET ACCOUNTS. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 43156 0 222 1 1 1 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 CA X DOUGLAS SCHROCK 4087314100 2150 TRADE ZONE BOULEVARD SAN JOSE CA 95131 T BRADFORD CANFIELD PRESIDENT & CEO 50.00 0.10 X 735281 0 47781 VI LUU CHIEF OPERATING AND LENDING OFFICER 50.00 0.10 X 458966 0 46261 TRENT MCILHANEY CHIEF FINANCIAL OFFICER 50.00 X 419177 0 37867 GINA CORDERO MORTGAGE LOAN MANAGER 40.00 X 406131 0 44680 STEVEN WEILER SVP COMMERCIAL BANKINGS 50.00 X 378811 0 48967 LEEANNE GIBLIN CAO 50.00 X 342547 0 47879 RAUL NIEVES JR SR MORTGAGE LOAN OFFICER 40.00 X 296115 0 41281 ANDREW MANNING CIO 50.00 X 236581 0 45495 HOLY Q DO MORTGAGE LOAN OFFICER 40.00 X 255098 0 10997 DOUGLAS SCHROCK VP FINANCE 50.00 X 215473 0 42810 LAWRENCE SCOFFIELD VP CORPORATE ADMIN 50.00 X 206960 0 42810 MARSHA BERLINSKI SVP SALES & RETAIL LENDING 50.00 X 211310 0 33249 ARIE ELKINS CHIEF INFORMATION SECURITY OFFICER 50.00 X 200583 0 43074 PHUOC NGO DIRECTOR IT INFRASTRUCTURE 50.00 X 208662 0 33932 EATAN VIJAN FINANCIAL ADVISOR 50.00 X 203643 0 37434 HERMAN WHITE DIR. COMM BANKING OPS 40.00 X 201973 0 25011 ROBERT LERNER DIRECTOR 5.00 X 10897 0 0 GREGORY EBY DIRECTOR 5.00 X 7784 0 0 JOHN TOM DIRECTOR 5.00 X 5358 0 0 MARSHA POENISH CHAIRPERSON 5.00 X X 0 0 0 GARY GARCIA VICE CHAIRPERSON 5.00 X X 0 0 0 KEITH STATTENFIELD TREASURER AND SECRETARY 5.00 X X 0 0 0 BALJINDER SANDHU DIRECTOR 5.00 X 0 0 0 LINDA CHEW DIRECTOR 5.00 X 0 0 0 LESLIE GUIDICE DIRECTOR 5.00 X 0 0 0 MARY BENNION DIRECTOR 5.00 X 0 0 0 CANDICE LAM DIRECTOR 5.00 X 0 0 0 5001350 0 629528 60 0 1 0 FISERV INC 455 WINDING BROOK DRIVE GLASTONBURY CT 06033 CORE SYSTEM SERVICING 1249517 SHI INTERNATIONAL CORP PO BOX 952121 DALLAS TX 753952121 CORE SYSTEM SERVICING 794073 VISA DPS PO BOX 60000 SAN FRANCISCO CA 94160 DEBIT AND CREDIT CARD NETWORK SERVICING 541075 ROBERT HALF INTERNATIONAL INC PO BOX 743295 LOS ANGELES CA 900743295 HR-TEMP HELP 518103 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 DEBIT AND CREDIT CARD NETWORK SERVICING 399776 49 INTEREST ON LOANS 522100 33975327 33975327 GAIN ON SALE OF LOANS 522100 4031723 4031723 FEE INCOME 522100 3129667 3124470 5197 INTERCHANGE INCOME 522100 2846328 2816623 29705 SANTA CLARA COUNTY COVID AID 522100 2596826 2596826 2318618 1373637 944981 48898489 4278856 33547 4245309 188425 57370 131055 131055 131055 1537821 36675161 1529361 10814861 8460 25860300 25868760 25868760 OTHER INCOME 900099 124676 124676 124676 79301836 47918606 1013430 30369800 5100 6000 2708257 4108515 16871526 349644 2296373 1436791 276988 234190 5082006 1174471 3054614 3332446 303950 2847310 2469013 20828 PROVISION FOR LOAN LOSS 2110000 LOAN SERVICING 1613247 MISCELLANEOUS 666149 ATM EXPENSES 474286 51441704 12669713 9683107 123462147 184411935 3336643 4205857 15158094 13582961 1022553521 1101984873 2826363 2797848 35579398 23529848 5452542 12049550 264824833 253584712 8913770 19086189 37435501 37902378 1496633127 1639289410 19103325 15339966 4283 4067 1232929 1362160 139000000 109000000 1223159226 1377870641 1382499763 1503576834 X 0 0 0 0 114133364 135712576 114133364 135712576 1496633127 1639289410 X 27860132 -6379593 98673 X 0 1 X 1 0 0 1 X 3985000 3985000 3965000 44056 3920944 2221935 1775274 446661 25407463 21710518 3696945 12049550 MEMBERS' SHARES 1377870641 1377870641 X PART IV, LINE 2B: CUSTODIAL ACCOUNTS FOR FHLB PROGRAM LOAN SERVICER AND ESCROW ACCOUNT RELATED TO HAZARD INSURANCE AND PROPERTY TAX ON MORTGAGE LOAN PROPERTIES. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 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 THAT HAVE RESULTED IN NO TAXES PAID FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020. 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 ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2021 AND 2020. 1 SCHOLARSHIPS 4 2000 GENERAL ASSISTANCE TO VICTIMS OF MASS SHOOTING TRAGEDY 8 4000 X 1 1 X X X X 0 1 0 T BRADFORD CANFIELD PRESIDENT & CEO 551149 0 172340 0 11792 0 26000 0 21781 0 783062 0 0 0 VI LUU CHIEF OPERATING AND LENDING OFFICER 314024 0 134986 0 9956 0 39000 0 7261 0 505227 0 0 0 TRENT MCILHANEY CHIEF FINANCIAL OFFICER 330401 0 79320 0 9456 0 16086 0 21781 0 457044 0 0 0 GINA CORDERO MORTGAGE LOAN MANAGER 54571 0 348779 0 2781 0 22899 0 21781 0 450811 0 0 0 STEVEN WEILER SVP COMMERCIAL BANKINGS 146613 0 0 0 232198 0 48967 0 0 0 427778 0 0 0 LEEANNE GIBLIN CAO 265088 0 68003 0 9456 0 26098 0 21781 0 390426 0 0 0 RAUL NIEVES JR SR MORTGAGE LOAN OFFICER 30105 0 262613 0 3397 0 19500 0 21781 0 337396 0 0 0 ANDREW MANNING CIO 225641 0 4995 0 5945 0 29113 0 16382 0 282076 0 0 0 HOLY Q DO MORTGAGE LOAN OFFICER 29615 0 221458 0 4025 0 2590 0 8407 0 266095 0 0 0 DOUGLAS SCHROCK VP FINANCE 195775 0 13611 0 6087 0 26000 0 16810 0 258283 0 0 0 LAWRENCE SCOFFIELD VP CORPORATE ADMIN 174079 0 19937 0 12944 0 26000 0 16810 0 249770 0 0 0 MARSHA BERLINSKI SVP SALES & RETAIL LENDING 183260 0 18426 0 9624 0 32547 0 702 0 244559 0 0 0 ARIE ELKINS CHIEF INFORMATION SECURITY OFFICER 178806 0 12175 0 9602 0 19288 0 23786 0 243657 0 0 0 PHUOC NGO DIRECTOR IT INFRASTRUCTURE 176737 0 9216 0 22709 0 10146 0 23786 0 242594 0 0 0 EATAN VIJAN FINANCIAL ADVISOR 47385 0 0 0 156258 0 19500 0 17934 0 241077 0 0 0 HERMAN WHITE DIR. COMM BANKING OPS 179969 0 19398 0 2606 0 23579 0 1432 0 226984 0 0 0 PART I, LINE 1A HEALTH CLUB DUES ARE PAID FOR SEVERAL OFFICERS AND ARE TREATED AS TAXABLE COMPENSATION FOR ANY PERSONAL USE. PART I, LINE 4B SPLIT DOLLAR LIFE INSURANCE POLICIES - THE CREDIT UNION HAS MADE RECOURSE LOANS FOR LIFE INSURANCE PREMIUM PAYMENTS TO A MEMBER OF SENIOR MANAGEMENT. THE LOANS ARE COLLATERALIZED BY THE ASSIGNMENT OF THE CASH SURRENDER VALUE OF THE RESPECTIVE LIFE INSURANCE POLICIES AND THE ANNUITY CONTRACTS SET UP TO PAY THE LIFE INSURANCE PREMIUMS. THE POLICIES ARE OWNED BY THE EXECUTIVE AND THE EXECUTIVE HAS SOLE CONTROL OVER THE LISTED BENEFICIARIES. AT THE TIME OF RETIREMENT, THE LOAN BECOMES DUE AND PAYABLE AND CAN BE PAID WITH THE CASH VALUE OF THE LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS, OR WITH OTHER PERSONAL FUNDS AT THE EXECUTIVE'S DISCRETION. THE OUTSTANDING LOAN BALANCES, PLUS ACCRUED INTEREST, WAS $9,271,232 AT DECEMBER 31, 2021. ARIE C ELKINS CHIEF INFORMATION SECURITY OFFICER 1ST MORTGAGE X 625000 510238 0 1 1 ARIE C ELKINS CHIEF INFORMATION SECURITY OFFICER HELOC X 30000 9756 0 1 1 DOUGLAS SCHROCK VP FINANCE 1ST MORTGAGE X 500000 426386 0 1 1 LAWRENCE D SCOFFIELD VP CORPORATE ADMIN HELOC X 200000 36517 0 1 1 LAWRENCE D SCOFFIELD VP CORPORATE ADMIN 1ST MORTGAGE X 102500 99062 0 1 1 LAWRENCE D SCOFFIELD VP CORPORATE ADMIN AUTO LOAN X 20001 8637 0 1 1 MARSHA BERLINSKI SVP SALES & RETAIL LENDING MORTGAGE X 970000 903315 0 1 1 T BRADFORD CANFIELD PRESIDENT & CEO SPLIT DOLLAR X 8478878 9271231 0 1 1 TRENT MCILHANEY CHIEF FINANCIAL OFFICER MORTGAGE X 1028000 973985 0 1 1 TRENT MCILHANEY CHIEF FINANCIAL OFFICER AUTO LOAN X 41469 33218 0 1 1 TRENT MCILHANEY CHIEF FINANCIAL OFFICER AUTO LOAN X 24708 13093 0 1 1 VI LUU CHIEF OPERATING AND LENDING OFFICER MORTGAGE X 585000 502050 0 1 1 TRENT MCILHANEY CHIEF FINANCIAL OFFICER HELOC X 100000 30758 0 1 1 ANDREW MANNING CIO MORTGAGE X 663000 652715 0 1 1 ANDREW MANNING CIO MORTGAGE X 112000 112000 0 1 1 13582961 FORM 990, PART III, LINE 2 THE CREDIT UNION PROVIDED COVID RELIEF CHECK CUTTING AND DISTRIBUTION AS WELL AS PROVIDED INVESTMENTS IN NEW LOAN PRODUCTS (SOLAR AND HOME IMPROVEMENT). FORM 990, PART VI, SECTION A, LINE 1A THE CREDIT UNION HAS AN EXECUTIVE COMMITTEE CONSISTING OF NO FEWER THAN THREE (3) DIRECTORS. THE COMMITTEE HAS THE POWER TO APPROVE MEMBERSHIP APPLICATIONS. WITH THE WRITTEN APPROVAL OF THE COMMISSIONER, 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 APPLICABLE LAW AND REGULATIONS. 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 THOSE WHO LIVE, WORK, WORSHIP, OR GO TO SCHOOL IN SANTA CLARA, ALAMEDA, CONTRA COSTA, EL DORADO, PLACER, SAN MATEO, SANTA BARBARA, AND SACRAMENTO COUNTIES, CALIFORNIA. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, THE SPOUSE OF A MEMBER, THE BLOOD OR ADOPTIVE RELATIVES OF EITHER OF THEM, AND THEIR SPOUSES MAY BE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF KEYPOINT CREDIT UNION IS COMPRISED OF VOLUNTEER DIRECTORS WHO ARE DIRECTLY ELECTED BY ITS MEMBERS. EACH MEMBER OF THE GOVERNING BOARD SERVES FOR A PERIOD OF THREE YEARS AND UNTIL THEIR SUCCESSORS SHALL HAVE BEEN ELECTED. FORM 990, PART VI, SECTION A, LINE 7B AT THE END OF EACH TERM OF THE BOARD MEMBERS, ELECTIONS ARE HELD AND BOARD MEMBERS ARE VOTED BY THE MEMBERS OF THE CREDIT UNION PURSUANT TO ITS BY-LAWS. MEMBER VOTES ARE ALSO REQUIRED TO RATIFY DECISIONS DEALING WITH REORGANIZATIONS AS IN THE CASE OF MERGER OR DISSOLUTION. 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. THE BOARD OF DIRECTORS DO NOT RECEIVE A COPY PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C PER THE CREDIT UNION'S CONFLICT OF INTEREST POLICY, DIRECTORS, VOLUNTEERS AND EMPLOYEES ARE REQUIRED TO DISCLOSE THEIR INTERESTS THAT COULD GIVE RISE TO CONFLICTS OF INTEREST. THE POLICY WAS MOST RECENTLY REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS ON FEBRUARY 25, 2016. FOR THE ENFORCEMENT OF THE CONFLICT OF INTEREST POLICY, THE VP OF RISK MANAGEMENT REVIEWS ACCOUNT ACTIVITY FOR ALL DIRECTORS, VOLUNTEERS, AND EMPLOYEES AND THEIR INTERESTS. IN ADDITION, THE ACCOUNTS PAYABLE SYSTEM IS REVIEWED TO ENSURE PROPRIETY OF ANY POTENTIAL CONFLICTS OF INTEREST AS APPLICABLE. THE CREDIT UNION ALSO MAINTAINS A POLICY THAT NO IMMEDIATE FAMILY MEMBERS OF THE BOARD OF DIRECTORS OR SUPERVISORY COMMITTEE MEMBERS MAY BECOME EMPLOYEES OF THE CREDIT UNION UNTIL TWO YEARS HAVE ELAPSED SINCE THEIR VOLUNTEER SERVICE WITH THE CREDIT UNION ENDED. THE CREDIT UNION DOES ALLOW DIRECTORS, VOLUNTEERS AND EMPLOYEES TO APPLY FOR LOANS THAT THE CREDIT UNION OFFERS TO ITS MEMBERSHIP. ALL LOAN APPLICATIONS FOR VICE-PRESIDENTS AND ABOVE, VOLUNTEERS AND BOARD MEMBERS REQUIRE THE APPROVAL OF THE BOARD OF DIRECTORS. DIRECTORS ARE RESTRICTED FROM PARTICIPATING IN THE DELIBERATIONS AND VOTING IN A TRANSACTION THAT PERTAINS TO THEM. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE CEO IS DETERMINED BY THE COMPENSATION COMMITTEE OF THE CREDIT UNION, WHO USE COMPARABILITY DATA TO DETERMINE THE APPROPRIATE COMPENSATION. COMPENSATION IS DOCUMENTED IN THE HR SOFTWARE AND THE REVIEW PROCESS WAS LAST COMPLETED DURING 2021. ALL VP POSITIONS AND ABOVE ARE REVIEWED FOR MARKET PLACE COMPENSATION AND SALARY RANGES ARE RECOMMENDED FOR ADJUSTMENT BASED ON SURVEY INFORMATION. THE CEO APPROVES THE RECOMMENDATION FOR SALARY STRUCTURE CHANGE. AFTER A PERFORMANCE REVIEW IS WRITTEN AND RATING IS DETERMINED, A MERIT INCREASE IS DETERMINED BY THE PERFORMANCE LEVEL AS LONG AS THE SALARY REMAINS IN THE RANGE. THE RECOMMENDATION FOR MERIT INCREASE IS APPROVED OVERALL BY THE INDIVIDUAL DEPARTMENT VP OR EVP. THE OVERALL GROUP IS APPROVED BY THE CEO. THE ANNUAL REVIEW WAS LAST PERFORMED DURING 2021 AND DOCUMENTED IN THE HR SOFTWARE. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE POSTED IN THE BRANCH OFFICES MONTHLY. FORM 990, PART XI, LINE 9: GAIN ON CUSO INVESTMENT 98,673. KEYPOINT FOUNDATION 2150 TRADE ZONE BOULEVARD SAN JOSE CA 95131 473954329 CHARITABLE GIVING CA 501(C)(3) PF KEYPOINT CREDIT UNION 1 KEYPOINT FINANCIAL SERVICES INC 2150 TRADE ZONE BOULEVARD SAN JOSE CA 95131 770018330 INSURANCE CA KEYPOINT CREDIT UNION C 21362 1181009 1.00000 1 INTEGRATED CREDIT UNION SERVICES INC 2150 TRADE ZONE BOULEVARD SAN JOSE CA 95131 943140652 INSURANCE CA KEYPOINT CREDIT UNION C 50208 15086 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0