2017-12-21T15:21:42-06:00 2016-12-31 420714325 RSM US LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2016-01-01 940760540 PACIFIC POSTAL CREDIT UNION F/K/A PENINSULA POSTAL CREDIT UNION PACI 4082758595 1040 LEIGH AVENUE SAN JOSE CA 951264152 FARDAD KHOSRAVI PRESIDENT/CEO 4082758595 2017-12-21 1 GERALD B KISSELL P00092658 6123324300 108.171.131.189 2017-12-21 13:59:00 CS P 01563F10D6676BDC9B96404AA3206AA292B808E6 5AB5DFEC54AF030231DDAA57F2AFD57D98013E0B 2016 2018-03-14 21:41:22Z FARDAD KHOSRAVI 1040 LEIGH AVENUE SAN JOSE CA 951264152 9676611 0 X WWW.PPCU.ORG X 1931 CA PACIFIC POSTAL CREDIT UNION IS COMMITTED TO CREATING A BETTER LIFE FOR OUR MEMBER OWNERS BY BUILDING FINANCIAL PARTNERSHIPS AND PROVIDING COMPETITIVE SERVICES. 9 9 31 11 23829 -6242 0 0 3671117 4200024 2692725 3378796 390601 0 6754443 7578820 0 0 559133 605591 2427791 2445712 0 0 0 2982954 3500491 5969878 6551794 784565 1027026 214954140 216752575 185121554 186649863 29832586 30102712 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 AND DEPOSIT PRODUCTS TO MEMBERS AT COMPETITIVE MARKET RATES AND LOWER THAN MARKET FEES. DURING 2016 THE CREDIT UNION PROVIDED A TOTAL OF $28,770,754 IN LOAN DOLLARS TO ITS MEMBERS. THE CREDIT UNION PROVIDES DEPOSIT SERVICES TO MEMBERS AT LOWER THAN MARKET FEES. DURING 2016 MEMBERS INCREASED THEIR DEPOSIT ACCOUNTS BY $1,251,428 AND TOTAL MEMBERSHIP OF THE CREDIT UNION WAS 14,399 AT DECEMBER 31, 2016. FOR THE YEAR ENDED DECEMBER 31, 2016 THE PERCENTAGE OF FEE INCOME EARNED AS A PERCENTAGE OF TOTAL INCOME WAS 9.72%, 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 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2809 0 1 31 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 0 1 1 1 0 CA X FARDAD KHOSRAVI 4082758595 1040 LEIGH AVENUE SAN JOSE CA 951264152 MICHAEL MEDLIN CHAIR 0.50 X X 0 0 0 LASHON FISCHER-ANDERSON VICE CHAIR 0.50 X X 0 0 0 JOSEPH COLE SECRETARY/TREASURER 0.50 X X 0 0 0 RICHARD SILVERIA DIRECTOR 0.50 X 0 0 0 MARIE FURTADO DIRECTOR 0.50 X 0 0 0 ROGER SOMER DIRECTOR 0.50 X 0 0 0 CAROL CROTEAU DIRECTOR 0.50 X 0 0 0 ROBERT SCALETTA DIRECTOR 0.50 X 0 0 0 JEOUNGRIM SHIN DIRECTOR 0.50 X 0 0 0 JAN MEERE PRESIDENT & CEO 40.00 X 263719 0 229869 FARDAD KHOSRAVI EVP 40.00 X 180948 0 46628 KAROLE MORIKAWA VP MARKETING 40.00 X 108150 0 17670 ELSA PHAM VP LENDING 40.00 X 103283 0 9888 656100 0 304055 4 0 1 0 CO-OP FINANCIAL SERVICES 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 ATM SERVICES 254466 AT&T 208 S AKARD ST DALLAS TX 75202 COMMUNICATIONS 202205 DH (ULTRADATA) PO BOX 535120 ATLANTA GA 30353 DATA PROCESSING 143379 FIS 7805 HUDSON RD WOODBURY MN 55125 VISA CARD PROCESSING 118661 PM SYSTEMS 75 REMITTANCE DR DEPT 1649 CHICAGO IL 60675 HOMEBANKING 111762 5 INTEREST FROM LOANS 522100 2987133 2987133 FEE & CHARGES INCOME 522100 736482 712653 23829 DEBIT CARD INTERCHANGE INCOME 522100 259067 259067 VISA INTERCHANGE INCOME 522100 145681 145681 OTHER INCOME 522100 71661 71661 4200024 3380879 3380879 2093308 2400 2097791 0 -4483 2400 -2083 -2083 7578820 4176195 23829 3378796 605591 494587 1491921 130210 194779 134215 240415 119642 74925 255559 510492 48372 48383 81639 INVESTMENT PREMIUM AMOR 997217 LOAN/VISA EXPENSES 328746 PROVISION FOR LOAN LOSS 316689 ATM PROCESSING 246731 231681 6551794 1879666 3911138 223639 38723 53034277 56185435 270797 413526 5230614 4798065 500013 432549 150351009 146915133 387571 374208 8307168 8481863 214954140 216752575 2112626 2389507 183008928 184260356 185121554 186649863 X 0 0 0 0 29832586 30102712 29832586 30102712 214954140 216752575 1027026 -756900 0 X 0 1 X 1 0 67017 67017 1749136 1466384 282752 3414461 3331681 82780 432549 DEPOSITS IN CORPORATE CREDIT UNIONS 23713870 C INVESTMENTS VAULUATION -1320497 F PREPAID INVESTMENT PREMIUMS 7244121 C STOCK 25000 C CD RATELINE 24228000 C FNC 4514000 C AVAILABLE FOR SALE INVESTMETNS 88510639 F 146915133 MEMBER SHARE DEPOSITS 184260356 184260356 X 1 1 X X X 0 1 0 JAN MEERE PRESIDENT & CEO 260624 0 0 0 3095 0 215132 0 15735 0 494586 0 0 0 FARDAD KHOSRAVI EVP 180580 0 0 0 368 0 38153 0 9473 0 228574 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. 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 THE PRESIDENT/CEO REVIEWS FORM 990 FOR ACCURACY. 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 15 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 3RD 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).