2017-11-15T18:43:32-06:00 2016-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2016-01-01 950945085 POSTCITY FINANCIAL CREDIT UNION POST 5624986057 8169 E WARDLOW RD LONG BEACH CA 90808 CHRISTINE HALEY PRESIDENT/CEO 5624986057 2017-11-07 1 VALENTINO CREUS CPA P01054153 8189549700 24.176.202.186 2017-11-07 08:26:49 PS P F53CDBC3F18316389D6CFA617EE7B9AF17900040 AAA51A721A1433521015D48D976EB051C184777B 2016 2017-02-10 21:41:12Z X CHRISTINE HALEY 8169 E WARDLOW RD LONG BEACH CA 90808 2610930 0 X WWW.POSTCITYCU.ORG X CREDIT UNION 1933 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 6 6 15 9 6823 3201 0 0 2109636 2087296 498420 523634 10775 0 2618831 2610930 2631 2075 0 0 1179844 1121007 0 0 0 1404084 1624208 2586559 2747290 32272 -136360 76283408 75932766 67155233 66941888 9128175 8990878 X POSTCITY FINANCIAL 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 RATES OF INTEREST SET BY THE BOARD OF DIRECTORS, 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, POSTCITY FINANCIAL 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. 0 0 ACHIEVEMENT OF SATISFACTORY SERVICES PROVIDED TO MEMBERS IN CONNECTION WITH CONSUMER LOANS, I.E., AUTO LINES, VISA AND PERSONAL LINES OF CREDIT. ACCOMPLISHMENT OF TARGET GOALS IN CONNECTION WITH PROVISION OF MORTGAGE LOAN PRODUCTS TO EXISTING MEMBERS. MEMBER SATISFACTION IN CONNECTION WITH SERVICES PERTAINING TO CHECKING/SAVINGS ACCOUNTS, ATTRACTIVE CD RATES, IRA AND SIMILAR ACCOUNTS. 0 0 0 0 0 0 0 0 0 1 0 1 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 1441 0 1 15 1 1 1 0 0 0 0 0 0 0 X 6 6 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 0 0 CA X X CHRISTINE HALEY PRESIDENTCEO 5624986057 8169 E WARDLOW RD LONG BEACH CA 90808 ROBERT BOONE CHAIRMAN 1.00 X 0 0 0 CARNELL DUNSTON VICE-CHAIR 1.00 X 0 0 0 ALFRED SOUDER SECRETARY 1.00 X 0 0 0 MICHAEL KARLSON TREASURER 1.00 X 0 0 0 JIM DE SIMAS BOARD MEMBER 1.00 X 0 0 0 PATRICK TILLET BOARD MEMBER 1.00 X 0 0 0 MARY HARMON SUPV CMTE CHAIRPERSON 1.00 X 0 0 0 SHARON BERGERON SUPV CMTE MEMBER 1.00 X 0 0 0 AMARILIS ADADON-ODAI SUPV CMTE MEMBER 1.00 X 0 0 0 CHRISTINE HALEY PRESIDENT/CEO 50.00 X 1352425 0 14574 KEN PETERSON VICE PRESIDENT 50.00 X 741201 0 18865 2093626 0 33439 2 0 1 0 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 EFT NETWORK PROCESSOR 224351 FISERV 75 REMITTANCE DRIVE SUITE 6958 CHICAGO IL 606756958 IT SERVICE PROVIDER 197024 2 INCOME FROM LOANS 522100 1440347 1440347 FEE INCOME 522100 514429 514429 OTHER OPERATING INCOME 522100 132520 125697 6823 2087296 523634 523634 2610930 2604107 6823 0 X 2075 272730 463725 290920 93632 34829 24256 333737 217674 464964 18382 17584 27284 151115 47747 PROVISION FOR LOAN & LE 143863 LOAN SERVICING EXPENSE 97361 MISC OPERATING EXPENSES 33568 OPERATING FEES 9662 2182 2747290 685268 804887 2495928 5709756 109090 70487 1012514 804796 98772 207718 68944209 67480666 3950141 1659252 76283408 75932766 2250094 104171 64905139 66837717 67155233 66941888 X 0 0 0 0 9128175 8990878 9128175 8990878 76283408 75932766 -136360 -937 0 X X 0 1 X 1 0 403386 310376 93010 609128 494420 114708 207718 INVESTMENTS IN CUSOS 45000 C ASI DEPOSIT RESERVE 843760 C LOANS 26513622 F DEPOSITS IN BANK/S&LS/SAVINGS BANKS/OTHER CUS 35605000 C CORPORATE CU DEPOSITS 2496000 C INVESTMENTS - AVAILABLE FOR SALE 248284 C INVESTMENTS - HELD TO MATURITY 1729000 C 67480666 TAXES PAYABLE 1035 MEMBER SHARES 66836682 66837717 X PART X, LINE 2: FASB ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE FINANCIAL STATEMENTS. THIS REQUIRES THE EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE CREDIT UNION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE LIKELY THAN NOT" TO BE SUSTAINED "WHEN CHALLENGED OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS DEEMED TO NOT MEET THE MORE-LIKELY-THAN-NOT THRESHOLD SHOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEAR ENDED JUNE 30, 2017, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. X 1 1 X X 0 1 0 CHRISTINE HALEY PRESIDENT/CEO 149928 0 0 0 1202497 0 13194 0 1380 0 1366999 0 0 0 KEN PETERSON VICE PRESIDENT 119191 0 0 0 622010 0 18000 0 865 0 760066 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS A NONQUALIFIED DEFERRED COMPENSATION PLAN FOR CERTAIN EXECUTIVES UNDER IRC SECTION 457(F). THE PRESENT VALUE OF THE ESTIMATED LIABILITY UNDER THE PLAN WAS BEING ACCRUED USING A COMPOUNDING ACCRUAL METHOD. THE AGREEMENT ENTITLED THE PLAN BENEFIT TO THE EXECUTIVES IN THE EVENT OF EMPLOYMENT UNTIL MAY 15, 2016. DURING 2016 THE FOLLOWING EXECUTIVES RECEIVED PAYOUTS FROM THE 457(F) PLAN: CHRISTINE HALEY $1,200,000 KENNETH PETERSON $620,896 FORM 990, PART VI, SECTION A, LINE 6 POSTCITY FINANCIAL CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION THAT IS OWNED AND CONTROLLED BY ITS MEMBERS, AND OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS TO ITS MEMBERS. POSTCITY FINANCIAL CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF POSTCITY FINANCIAL CREDIT UNION IS COMPRISED OF VOLUNTEER MEMBERS WHO ARE DIRECTLY ELECTED BY ITS MEMBERS. EACH MEMBER OF THE GOVERNING BOARD SERVES FOR A PERIOD AS PRESCRIBED BY OUR BY-LAWS. 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 DISSOLUTIONS. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD AND MANAGEMENT REVIEW THE FORM 990 DURING THE BOARD MEETING AND PROVIDE COMMENTS AND MODIFICATIONS WHERE NECESSARY. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS SIGN A CONFLICT OF INTEREST POLICY AFTER THEY ARE ELECTED AND ANNUALLY THEREAFTER. FORM 990, PART VI, SECTION B, LINE 15A AN HR COMMITTEE IS FORMED FROM THE BOARD OF DIRECTORS TO PREPARE THE CEO'S REVIEW. INDUSTRY REPORTS INDICATING TOTAL COMPENSATION ARE REVIEWED. THE COMMITTEE BRINGS THE INFORMATION TO THE FULL BOARD FOR REVIEW, INPUT AND FINAL APPROVAL. THE CEO PREPARES THE REVIEW FOR ALL DIRECT REPORTS, AND USES INDUSTRY REPORTS INDICATING SALARY RANGES SPECIFIC TO EACH POSITION. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION POSTS A SIGN IN THE LOBBY TO INQUIRE WITHIN TO REVIEW THE CREDIT UNION'S FINANCIALS. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES 333,737. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. FORM 990, PART IX, LINE 5: COMPENSATION FOR CURRENT OFFICERS TYPICALLY AGREES TO THE COLUMN D TOTAL AT PART VII. THIS YEAR THE FIGURES DO NOT AGREE. THIS IS DUE TO THE INCLUSION OF 457(F) PAYOUTS IN THE OFFICERS' FORMS W-2 WAGES. THE 457(F) EXPENSES WERE ACCRUED OVER 10 YEARS, AND SO THE CURRENT YEAR EXPENSE PER THE TRIAL BALANCE DOES NOT INCLUDE THE ENTIRE PAYOUT AMOUNT. THE EXPENSE REFLECTED ON PART IX, LINE 5 REPRESENTS THE OFFICERS' BOX 5 WAGES REDUCED BY THE AMOUNT OF THE 457(F) PAYOUTS REFLECTED ON SCHEDULE J, PART III.