2021-11-10T16:37:10-06:00 2020-12-31 420714325 RSM US LLP 801 NICOLLET MALL WEST TOWER STE 1200 MINNEAPOLIS MN 554022526 990 2020-01-01 940760540 PACIFIC POSTAL CREDIT UNION PACI 4082758595 1040 LEIGH AVENUE SAN JOSE CA 951264152 FARDAD KHOSRAVI C.E.O 4082758595 2021-10-29 1 FARDAD KHOSRAVI 999009999 KACIE MCEWEN P01599614 6123324300 2021-10-29 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z FARDAD KHOSRAVI 1040 LEIGH AVENUE SAN JOSE CA 951264152 7478389 0 X WWW.PPCU.ORG X 1931 CA PACIFIC POSTAL CREDIT UNION BUILDS FINANCIAL PARTNERSHIPS AND PROVIDES COMPETITIVE SERVICES. 7 7 35 10 29762 0 0 0 5131090 5041740 4912538 2436649 0 0 10043628 7478389 0 0 961707 889361 2877869 3073741 0 0 0 5042107 2645877 8881683 6608979 1161945 869410 224203026 243282825 190284597 207599372 33918429 35683453 PACIFIC POSTAL CREDIT UNION IS COMMITTED TO CREATING A BETTER LIFE FOR OUR MEMBER OWNERS BY BUILDING FINANCIAL PARTNERSHIPS AND PROVIDING COMPETITIVE SERVICES. 0 0 PACIFIC POSTAL CREDIT UNION PROVIDES CONSUMER FINANCIAL SERVICES TO POSTAL AND CIVIL SERVICE EMPLOYEES AND THEIR FAMILIES IN A DESIGNATED GEOGRAPHICAL AREA IN CALIFORNIA. THE CREDIT UNION PROVIDES A VAST ARRAY OF LOAN PRODUCTS TO MEMBERS AT COMPETITIVE MARKET RATES AND LOWER THAN MARKET FEES. DURING 2020 THE CREDIT UNION PROVIDED A TOTAL OF $39,418,172 IN LOAN DOLLARS TO ITS MEMBERS AND AN ADDITIONAL $2,743,000 IN PARTICIPATION LOANS. THE CREDIT UNION PROVIDES DEPOSIT SERVICES TO MEMBERS AT LOWER THAN MARKET FEES. DURING 2020, MEMBERS INCREASED THEIR DEPOSIT ACCOUNTS TO $17,385,541. TOTAL MEMBERSHIP OF THE CREDIT UNION WAS 14,119 AT DECEMBER 31, 2020. FOR THE YEAR ENDED DECEMBER 31, 2020 THE PERCENTAGE OF FEE INCOME EARNED AS A PERCENTAGE OF TOTAL INCOME WAS 14%, WHICH IS LESS THAN HALF OF THE INDUSTRY STANDARD. 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 6000 0 1 35 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 0 0 CA X FARDAD KHOSRAVI 4082758595 1040 LEIGH AVENUE SAN JOSE CA 951264152 ROBERT SCALETTA CHAIR 0.50 X X 0 0 0 RICHARD SILVERIA VICE CHAIR 0.50 X X 0 0 0 MARIE FURTADO SECRETARY, TREASURER 0.50 X X 0 0 0 INDERJIT CHAHAL DIRECTOR 0.50 X 0 0 0 CAROL CROTEAU DIRECTOR 0.50 X 0 0 0 MICHAEL MEDLIN DIRECTOR 0.50 X 0 0 0 JOHANNA ROCHA DIRECTOR 0.50 X 0 0 0 ROGER SOMER DIRECTOR 0.50 X 0 0 0 FARDAD KHOSRAVI PRESIDENT & CEO 40.00 X 274279 0 29856 PAUL LINDSLEY CFO 40.00 X 139428 0 15931 CYNDEE LEMON OPERATIONS MANAGER 40.00 X 102767 0 17439 KAROLE MORIKAWA VP MARKETING 40.00 X 119950 0 18682 ELSA PHAM VP LENDING 40.00 X 116736 0 16990 DAVID CLARK IT MANAGER 40.00 X 119698 0 15495 872858 0 114393 6 0 1 0 CO-OP FINANCIAL SERVICES 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 ATM SERVICES 228665 FINASTRA PO BOX 535120 ATLANTA GA 30353 DATA PROCESSING 165010 FIS 7805 HUDSON RD WOODBURY MN 55125 VISA PROCESSING 129408 CUBUS 3049 INDEPENDENCE DR SUITE A LIVERMORE CA 94551 HOMEBANKING 121008 TPX 208 S AKARD ST DALLAS TX 75202 COMMUNICATIONS 114033 5 INTEREST FROM LOANS 522100 3866697 3866697 FEE & CHARGES INCOME 522100 570364 540602 29762 OTHER INCOME 522100 468358 468358 VISA INTERCHANGE INCOME 522100 136321 136321 5041740 2394245 2394245 42404 0 42404 42404 42404 7478389 5011978 29762 2436649 889361 461508 1844347 109781 490624 167481 261144 113456 116054 294891 406409 30675 177 39145 73439 PROVISION FOR LOAN LOSS 509100 ATM EXPENSES 251994 LOAN/VISA EXPENSES 245577 303816 6608979 759826 580396 556168 854770 3165765 3020434 71756331 76551692 460349 455062 5245027 4879725 301956 365302 135088644 149154604 188802 151042 11925185 12149523 224203026 243282825 1201106 1130340 189083491 206469032 190284597 207599372 X 0 0 0 0 33918429 35683453 33918429 35683453 224203026 243282825 869410 895614 0 X 0 1 X 1 0 67017 67017 1584929 1413159 171770 3593081 3466566 126515 365302 DEPOSITS IN CORPORATE CREDIT UNIONS 19726592 C INVESTMENTS VAULUATION -1118402 F PREPAID INVESTMENT PREMIUMS 8265157 C AVAILABLE FOR SALE INVESTMETNS 122281257 F 149154604 MEMBER SHARE DEPOSITS 206469032 206469032 X 1 1 X X X 0 1 0 FARDAD KHOSRAVI PRESIDENT & CEO 273460 0 0 0 819 0 17339 0 13529 0 305147 0 0 0 PAUL LINDSLEY CFO 139428 0 0 0 0 0 8395 0 8538 0 156361 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS - THE CREDIT UNION PAYS TRAVEL EXPENSES FOR BOARD AND MANAGEMENT SPOUSES WHEN THEY ATTEND CONFERENCES. THIS INCLUDES TRAVEL, MEALS, AND LODGING. THE TRAVEL FOR SPOUSES IS TAXABLE TO THE RECIPIENT. PART I, LINE 4B THE CREDIT UNION HAS A NONQUALIFIED DEFERRED COMPENSATION PLAN IN PLACE FOR CERTAIN EXECUTIVES AS DESCRIBED IN SECTION 457(F). AMOUNTS ACCRUED UNDER SUCH A PLAN ARE PROPERLY REFLECTED IN PART VII, COLUMN F AND IN SCHEDULE J, PART II, COLUMN C. ADDITIONAL TERMS AND CONDITIONS OF SUCH PLAN ARE AVAILABLE TO THE IRS UPON REQUEST. THERE WERE NO DISBURSEMENTS DURING 2020. FARDAD KHOSRAVI PRESIDENT/CEO NONRECOURSE SPLIT-DOLLAR LOAN X 3000000 3020434 0 1 1 3020434 FORM 990, SCHEDULE R, PART II - LOANS TO/FROM INTERESTED PERSONS REPRESENTATION UNDER 26 C.F.R. SECTION 1.7872-15(D)(2)REGARDING NONRECOURSE SPLIT DOLLAR LOAN IS AVAILABLE TO THE IRS UPON REQUEST. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION OF THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE PRESIDENT/CEO FOR ACCURACY BEFORE FILING WITH THE IRS. THE BOARD OF DIRECTORS REVIEWS FORM 990 AFTER IT HAS BEEN FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ALL VENDOR CONTRACTS ARE BOARD APPROVED. MANAGEMENT MONITORS AND REPORTS ANY CONFLICTS TO THE CEO WHO THEN REPORTS TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15A THE CEO'S SALARY IS RECOMMENDED TO THE BOARD OF DIRECTORS BY THE CEO EVALUATION COMMITTEE. SALARY IS DETERMINED BASED ON ACHIEVEMENT OF GOALS SET AND A COMPARISON WITH OTHER CEO SALARIES IN LIKE CU'S. THE CEO SETS SALARIES FOR MANAGEMENT BASED ON A PERFORMANCE APPRAISAL. RANGES FOR POSITIONS ARE SET BASED ON A THIRD PARTY SURVEY. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D).