2018-11-14T08:43:28-06:00 2017-12-31 420714325 RSM US LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2017-01-01 951209332 UNIVERSITY & STATE EMPLOYEES CREDIT UNION UNIV 8587956100 10120 PACIFIC HEIGHTS BLVD NO 100 SAN DIEGO CA 92121 TODD THARP SVP/CFO 8587956100 2018-11-07 1 GERALD B KISSELL P00092658 6123324300 108.171.131.189 2018-11-07 17:19:03 CS P BAAA55F19712D57DA335EB0D2886131656817A04 C0F43978DBA0C0105C9EC865D2B1B55C6AA9D490 2017 2019-02-21 02:37:17Z USE CREDIT UNION JAMES HARRIS 10120 PACIFIC HEIGHTS BLVD NO 100 SAN DIEGO CA 92121 110333135 0 X WWW.USECU.ORG X 1936 CA WE ARE A MEMBER OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE; WE EXIST TO SERVE - TO ENRICH LIVES AND BUILD BETTER FUTURES. 9 9 209 15 194334 -363330 0 0 30961284 33260963 5277754 5512132 77843 185446 36316881 38958541 0 0 1762618 1835971 13796072 14445790 0 0 0 15899349 17038042 31458039 33319803 4858842 5638738 883404811 932910812 799023884 843461219 84380927 89449593 X WE TRANSFORM LIVES BY MAKING DREAMS HAPPEN! 0 0 MEMBERSHIP IN USE CREDIT UNION PROVIDES ACCESS TO A ROBUST ARRAY OF QUALITY FINANCIAL SERVICES AND PRODUCTS INCLUDING CHECKING AND SAVINGS ACCOUNTS. UNLIKE BANKS, WHICH RETURN THEIR PROFITS TO SHAREHOLDERS, USE CREDIT UNION RETURNS ITS PROFITS TO MEMBERS IN THE FORM OF HIGHER RATES ON DEPOSITS AND A HOST OF FREE AND LOW-COST SERVICES. AS OF DECEMBER 31, 2017, USE CREDIT UNION MEMBERS HELD 75,654 DEPOSIT ACCOUNTS TOTALING OVER $827 MILLION. THESE ACCOUNTS INCLUDED FREE CHECKING, LOW-BALANCE SAVINGS, IRA'S, AND HIGH-YIELD MONEY MARKET AND TERM INVESTMENT ACCOUNTS. AS A MEMBER-OWNED, NOT-FOR-PROFIT COOPERATIVE, USE CREDIT UNION IS DEDICATED TO PROVIDING THE FINANCIAL PRODUCTS AND SERVICES MEMBERS NEED AT EVERY STAGE OF LIFE. WHETHER IT'S BUYING A FIRST CAR, FINANCING A NEW HOME, OR SEEKING A HIGHER EDUCATION, USE CREDIT UNION OFFERS MEMBERS LOW-COST HOME, VEHICLE, AND PERSONAL LOANS, AS WELL AS, FREE FINANCIAL SEMINARS TO ASSIST THEM IN MAKING SOUND FINANCIAL CHOICES. AS OF DECEMBER 31, 2017, USE CREDIT UNION MEMBERS HELD 37,080 MORTGAGE, HOME EQUITY, VEHICLE, CREDIT CARD, AND VARIOUS OTHER PERSONAL LOANS TOTALING OVER $633 MILLION. SINCE 1936, USE CREDIT UNION HAS BEEN HELPING PEOPLE ACHIEVE THEIR MOST IMPORTANT FINANCIAL GOALS. AS ONE OF CALIFORNIA'S LARGEST CREDIT UNIONS, USE OFFERS FULL-SERVICE BANKING INCLUDING FREE AND LOW-COST E-SERVICES. MEMBERS CAN MANAGE THEIR PERSONAL FINANCES ANYTIME, ANYWHERE WITH TELEPHONE, ONLINE AND WIRELESS INTERNET BANKING. AS AN ADDITIONAL CONVENIENCE, USE CREDIT UNION OFFERS BILLPAY SERVICES TO MEMBERS WITH QUALIFYING CHECKING ACCOUNTS AT NO COST. EACH MONTH, APPROXIMATELY 27,000 MEMBERS UTILIZE THE E-SERVICES AVAILABLE 24 HOURS PER DAY. IN ADDITION, USE CREDIT UNION HAS PARTNERED WITH OTHER CREDIT UNIONS TO FORM THE CO-OP ATM NETWORK. THIS NETWORK PROVIDES MEMBERS ACCESS TO APPROXIMATELY 30,000 NO-FEE ATM'S THROUGHOUT THE UNITED STATES AND CANADA, INCLUDING LOCATIONS AT POPULAR RETAILERS. ADDITIONAL USE CREDIT UNION MEMBERSHIP BENEFITS INCLUDE: 1) PROFESSIONAL BROKERAGE AND INVESTMENT SERVICES, 2) TAX PREPARATION SERVICES, 3) MONEY-SAVING AUTO, HOME, HEALTH AND LIFE INSURANCE PROGRAMS, 4) FREE FINANCIAL EDUCATION SEMINARS, AND 5) MERCHANT, RECREATION AND TRAVEL DISCOUNTS. 0 0 0 0 0 0 0 1 0 1 1 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 16414 0 1 209 1 1 1 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 CA X MARGARITA GUERRA AVPASSISTANT CONTROLLER 8587956424 10120 PACIFIC HEIGHTS BLVD SUITE SAN DIEGO CA 92121 LES OVERMAN CHAIR 3.00 X X 0 0 0 BEVERLY RANDEZ VICE CHAIR 3.00 X X 0 0 0 MATT ADAMS DIRECTOR 3.00 X 0 0 0 JOSHUA LAWRENCE DIRECTOR 3.00 X 0 0 0 TONY CHERIN DIRECTOR 3.00 X 0 0 0 SCOT EINSENDRATH DIRECTOR 3.00 X 0 0 0 DAVID ELY DIRECTOR 3.00 X 0 0 0 YVONNE L MARSH DIRECTOR 3.00 X 0 0 0 STEVE ST MARIE DIRECTOR 3.00 X 0 0 0 JAMES HARRIS PRESIDENT/CEO 40.00 X 474457 0 32302 TODD THARP SVP/CFO/TREASURER 40.00 X 272936 0 6646 STEPHEN EWERS CIO 40.00 X 281879 0 38348 LAURA YOUNG SVP/HR & ORGANIZATIONAL DEVELOPMENT 40.00 X 263399 0 16246 KAREN SMITH VP LENDING 40.00 X 179609 0 22347 BILLIE JO CARDENAS VP RETAIL DELIVERY & MARKETING 40.00 X 192253 0 23088 NATHANIEL FRICHTEL VP BUSINESS TECHNOLOGY 40.00 X 164000 0 21950 DONALD COLEMAN VP REAL ESTATE 40.00 X 163438 0 18525 KAREN STIGLER VP INNOVATION & OPTIMIZATION 40.00 X 141851 0 7055 2133822 0 186507 28 0 1 0 LEVEL5 LLC 2018 POWERS FERRY ROAD SUITE 750 ATLANTA GA 30338 CONSTRUCTION SERVICES 1191800 VANTIV HOLDING LLC 8500 GOVERNORS HILL DRIVE SYMMES TOWNSHIP OH 45249 CARDHOLDER SERVICES 1165305 DIGITAL INSIGHT 1300 SEAPORT BOULEVARD SUITE 300 REDWOOD CITY CA 94063 ONLINE BANKING / WEBSITE HOSTING SERVICE 564052 BUSINESS DATA INC 321 NORTH OAK STREET INGLEWOOD CA 90302 MEMBER STATEMENT PROCESSING 442092 PSCU 560 CARILLION PARKWAY ST PETERSBURG FL 33716 CALL CENTER SERVICES 274210 16 LOAN INTEREST INCOME 522100 25240339 25240339 SERVICE CHARGES AND FEE INCOME 522100 4992479 4798145 194334 INTERCHANGE INCOME 522100 3028145 3028145 33260963 4241477 4241477 1041679 856233 185446 185446 185446 71789016 70518361 1270655 1270655 1270655 38958541 33066629 194334 5697578 1835971 1700881 10257628 425779 1081751 979751 254797 208276 407317 646707 1762510 2041266 1718675 162581 233169 120000 1805744 148055 PROVISION FOR LOAN LOSS 2570715 ATM EXPENSES 2027829 LOAN PROGRAM/SERVICING 1205692 CREDIT CARD PROGRAM COS 736582 988127 33319803 51004263 73508537 559400101 626941229 1167186 1371509 43635983 17123675 26890223 26512308 182181649 144689138 62761389 59888091 883404811 932910812 2059419 2173370 5000000 5000000 791964465 836287849 799023884 843461219 X 0 0 0 0 84380927 89449593 84380927 89449593 883404811 932910812 5638738 -570072 0 X 0 1 X 1 0 0 1 X 8257243 8257243 18836797 5611123 13225674 4901164 3252660 1648504 11640779 8259892 3380887 26512308 FEDERAL HOME LOAN BANK STOCK 4410200 C FEDERAL AGENCIES SECURITIES 47585814 F MORTGAGE-BACKED SECURITIES, RESIDENTIAL 35922896 F SMALL BUSINESS ADMINISTRATION LOAN POOLS 56770228 F 144689138 ACCRUED INTEREST RECEIVABLE 2777879 NCUA SHARE INSURANCE DEPOSITS 7620913 ACH SETTLEMENT CLEARING 29266289 INSURANCE CONTRACTS 11006695 LOANS HELD FOR SALE 1944700 OTHER ASSETS 7271615 59888091 MEMBER SHARES 828951770 OTHER LIABILITIES 7336079 836287849 X 39814774 0 39814774 -856233 -856233 38958541 34176036 0 34176036 -856233 -856233 33319803 PART IV, LINE 2B: THE CREDIT UNION MAINTAINS ESCROW ACCOUNTS FOR MORTGAGE LOANS HELD BY MEMBERS. THE CREDIT UNION ALSO HOLDS CUSTODIAL ACCOUNTS TO FACILITATE THE SERVICING OF LOANS SOLD TO ENTITIES SUCH AS FANNIE MAE. AT 12/31/2017 THE ESCROW BALANCE WAS $1,678,723 AND THE VALUE OF ASSETS FOR WHICH THE CREDIT UNION SERVES AS CUSTODIAN WAS $494,647. PART X, LINE 2: FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016, MANAGEMENT DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES RECLASSED TO REVENUE -856,233. PART XII, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES RECLASSED TO REVENUE -856,233. X 1 1 X X X 0 0 0 JAMES HARRIS PRESIDENT/CEO 373859 0 50000 0 50598 0 13491 0 18811 0 506759 0 0 0 TODD THARP SVP/CFO/TREASURER 250000 0 0 0 22936 0 6646 0 0 0 279582 0 0 0 STEPHEN EWERS CIO 211019 0 27322 0 43538 0 13106 0 25242 0 320227 0 0 0 LAURA YOUNG SVP/HR & ORGANIZATIONAL DEVELOPMENT 216340 0 25713 0 21346 0 8058 0 11589 0 283046 0 0 0 KAREN SMITH VP LENDING 173587 0 0 0 6022 0 8141 0 14206 0 201956 0 0 0 BILLIE JO CARDENAS VP RETAIL DELIVERY & MARKETING 164387 0 21348 0 6518 0 9955 0 13483 0 215691 0 0 0 NATHANIEL FRICHTEL VP BUSINESS TECHNOLOGY 154003 0 0 0 9997 0 8539 0 13411 0 185950 0 0 0 DONALD COLEMAN VP REAL ESTATE 142054 0 16471 0 4913 0 8447 0 12272 0 184157 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS - THE CREDIT UNION WILL PAY FOR ONE IMMEDIATE FAMILY MEMBER OR DOMESTIC PARTNER TO ACCOMPANY A VOLUNTEER TO A CONFERENCE OR SEMINAR, WITHIN SPECIFIED LIMITATIONS (E.G. ANNUAL BUDGET ALLOCATIONS, SHARING VOLUNTEER'S HOTEL ROOM). THE CREDIT UNION WILL ISSUE TO THE VOLUNTEER AN IRS FORM 1099 WHEN EXPENSES EXCEED $600 FOR WHICH NO BONA FIDE BUSINESS PURPOSE EXISTS. 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 HAVE 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 CREDIT UNION'S CEO AND CFO PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C USE CREDIT UNION STRIVES TO MEET ALL REQUIREMENTS OUTLINED IN THE IRS 1023 FORM CONCERNING CONFLICT OF INTEREST FOR NON-PROFIT ORGANIZATIONS. THIS INCLUDES A WRITTEN CONFLICT OF INTEREST POLICY, A QUESTIONNAIRE FOR OFFICERS, DIRECTORS, AND KEY EMPLOYEES TO DISCLOSE POSSIBLE INTERESTS THAT MAY TRIGGER A CONFLICT, AND ANNUAL TRAINING. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION UTILIZES COMPEASE, A SOFTWARE APPLICATION LINKED TO CURRENT SALARY SURVEY DATA, TO ESTABLISH COMPENSATION LEVELS FOR EACH CREDIT UNION POSITION. COMPENSATION FOR OFFICERS AND KEY EMPLOYEES IS BASED UPON COMPEASE EVALUATIONS, A CANDIDATE'S SALARY HISTORY, AND THE SALARY JUDGED NECESSARY TO ATTRACT QUALIFIED CANDIDATES BASED UPON THEIR SKILLS AND EXPERIENCE. FORM 990, PART VI, SECTION C, LINE 19 AUDITED FINANCIAL STATEMENTS ARE PROVIDED TO THE MEMBERSHIP AT EACH ANNUAL MEETING. UNAUDITED FINANCIAL STATEMENTS ARE POSTED MONTHLY AT EACH BRANCH LOCATION FOR PUBLIC VIEWING. GOVERNING DOCUMENTS ARE PROVIDED UPON REQUEST. USE FINANCIAL SERVICES LLC 10120 PACIFIC HEIGHTS BLVD SUITE 10 SAN DIEGO CA 92121 FINANCIAL SERVICES (INACTIVE) CA UNIVERSITY & STATE EMPLOYEES CREDIT UNION