2017-11-13T18:25:17-06:00 2016-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2016-01-01 941278209 SF POLICE CREDIT UNION SFPO 4155643800 2550 IRVING STREET SAN FRANCISCO CA 94122 EDDIE YOUNG CEO 4155643800 2017-11-09 1 VALENTINO CREUS CPA P01054153 8189549700 108.95.190.209 2017-11-09 15:51:49 PS P F53CDBC3F18316389D6CFA617EE7B9AF17900040 F53CDBC3F18316389D6CFA617EE7B9AF17900040 2016 2017-02-10 21:41:12Z EDDIE YOUNG 2550 IRVING STREET SAN FRANCISCO CA 94122 45172906 0 X WWW.SFPCU.ORG X CREDIT UNION 1953 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 7 7 124 10 232885 0 0 0 26182709 28257005 4580489 3898876 0 27738 30763198 32183619 10600 10000 0 0 10147260 11148471 0 0 0 16201475 16485563 26359335 27644034 4403863 4539585 801362987 844750174 688455469 726446982 112907518 118303192 X S.F. POLICE 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, S.F. POLICE 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 ACHIEVED SATISFACTORY RESULTS IN PROVIDING MEMBERS WITH CONSUMER LOANS FROM A BROAD ARRAY OF PRODUCT OFFERINGS, INCLUDING VEHICLE LOANS, CREDIT CARDS AND PERSONAL LINES OF CREDIT. ACHIEVED SATISFACTORY RESULTS IN PROVIDING MEMBERS WITH MORTGAGE LOANS, INCLUDING FIRST TRUST DEEDS, SECOND TRUST DEEDS AND HOME EQUITY LINES OF CREDIT. ACHIEVED SATISFACTORY RESULTS IN PROVIDING MEMBERS WITH A BROAD ARRAY OF DEPOSIT PRODUCT OFFERINGS, INCLUDING A HIGH-YIELD CHECKING ACCOUNT PRODUCT AND A PREMIUM-RATE MONEY MARKET SAVINGS PRODUCT. 0 0 1 0 0 0 0 0 0 1 0 1 0 1 1 1 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 12553 0 1 124 1 1 1 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X X EDDIE YOUNG CEO 4155643800 2550 IRVING STREET SAN FRANCISCO CA 94122 MIKE HEBEL CHAIRMAN 1.00 X 0 0 0 CROCE A CASCIATO VICE CHAIR 1.00 X 0 0 0 STEVE TACCHINI SECRETARY 1.00 X 0 0 0 GLENN R SYLVESTER BOARD MEMBER 1.00 X 0 0 0 ROBERT PUTS BOARD MEMBER 1.00 X 0 0 0 JAMES F HENNESSY BOARD MEMBER 1.00 X 0 0 0 JOHN GOLDBERG BOARD MEMBER 1.00 X 0 0 0 EDDIE YOUNG CEO 40.00 X 454576 0 29091 MICHAEL BARE CFO 40.00 X 223528 0 41173 RATNENDU S MUKHERJEE SVP IT/CIO & CISO 40.00 X 199206 0 25131 NANCY D WILSON SVP MEMBER EXPERIENCE 40.00 X 164357 0 20793 MICHAEL MASTERS IT DIRECTOR 40.00 X 159357 0 19736 KATHLEEN GRAHAM SVP MARKETING 40.00 X 156664 0 44991 DEIRDRE S CLOHERTY VP HUMAN RESOURCES 40.00 X 156064 0 10853 VICTORIA S GONG CONTROLLER 40.00 X 155049 0 20058 VICTOR TO INFRA OPS SERVICES 40.00 X 130519 0 10189 PATRICIA LEE BUSINESS APP SERVICES 40.00 X 124162 0 16805 CRAIG WINANS SR. FINANCIAL ANALYST 40.00 X 119835 0 17471 PATRICK CHIN NETWORK & E-COMMUNICATIONS 40.00 X 116768 0 29601 ANAITA DIAZ MARKETING 40.00 X 109106 0 16486 2269191 0 302378 17 0 1 0 NEWGROUND RESOURCES 415 W GOLF ROAD STE 19 ARLINGTON IL 60005 NEW BUILDING CONSULTANTS 1774979 PSCU FINANCIAL SERVICES 19825 NORTH 7TH STREET PHOENIX AZ 85024 VISA PROCESSOR 1138617 Q2 SOFTWARE INC 13785 REARCH BLVD AUSTIN TX 78750 ONLINE BANKING 516363 INFO IMAGE 14141 JEFFERSON DR MENLO PARK CA CA 91730 MAILING HOUSE 356457 CDW PO BOX 75723 CHICAGO IL 60675 COMPUTER MAINTENANCE 303001 6 INTEREST ON LOANS 522100 23416398 23416398 OTHER OPERATING INCOME 522100 3198867 3157936 40931 FEE INCOME 522100 1641740 1449786 191954 28257005 3892688 3892688 12986455 9020 12989287 0 -2832 9020 6188 6188 GAIN ON OREOS 522100 27738 27738 27738 32183619 31950734 232885 0 10000 2269191 6709579 715504 803061 651136 68709 73950 16169 738820 873625 4590485 1166746 978945 230714 2055633 778895 278855 PROVISION FOR LOAN LOSS 2753798 LOAN SERVICING EXPENSE 1599037 MISC OPERATING EXPENSE 186831 OPERATING FEES 81095 13256 27644034 1220865 711770 54102258 98018412 296776 10457177 953276 1017584 22044727 10891028 11739134 11153699 199293827 130035120 520042705 564342163 157203 147231 13556943 28867018 801362987 844750174 3138984 4716361 685316485 721730621 688455469 726446982 X 0 0 0 0 112907518 118303192 112907518 118303192 801362987 844750174 4539585 856089 0 X X 0 1 X 1 0 6000 6000 6000 1 CCUL PAC 1201 K STREET SUITE 1050 SACRAMENTO CA 95814 940357265 6000 6155905 6155905 9365161 5104161 4261000 6523661 5786867 736794 11153699 DEPOSITS IN COMMERCIAL BANKS 32714000 C NET LOANS & LEASES 512950058 F INVESTMENTS IN NATURAL PERSON CUS 5425000 C NCUA SHARE INSURANCE CAPITALIZATION DEPOSITS 6277272 C MEMBERSHIP CAPITAL 600000 C ALL OTHER INVESTMENTS 6375833 F 564342163 TOTAL SHARES AND DEPOSITS 721730621 721730621 X 32170363 0 32170363 13256 13256 32183619 27630778 0 27630778 13256 13256 27644034 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 WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEAR ENDED DECEMBER 31, 2016, MANAGEMENT HAS DETERMINED THAT THE CREDIT UNION HAS NO MATERIAL UNCERTAIN TAX POSITIONS, AND ACCORDINGLY, THE CREDIT UNION HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: OTHER NON-OPERATING INCOME RECLASSIFIED BETWEEN REVENUE AND EXPENSES PART XII, LINE 4B - OTHER ADJUSTMENTS: OTHER NON-OPERATING INCOME RECLASSIFIED BETWEEN REVENUE AND EXPENSES X X 0 1 0 EDDIE YOUNG CEO 436850 0 6576 0 11150 0 21200 0 7891 0 483667 0 0 0 MICHAEL BARE CFO 219280 0 3225 0 1023 0 18820 0 22353 0 264701 0 0 0 RATNENDU S MUKHERJEE SVP IT/CIO & CISO 195996 0 2925 0 285 0 16127 0 9004 0 224337 0 0 0 NANCY D WILSON SVP MEMBER EXPERIENCE 161207 0 2228 0 922 0 12902 0 7891 0 185150 0 0 0 MICHAEL MASTERS IT DIRECTOR 144603 0 2096 0 12658 0 11845 0 7891 0 179093 0 0 0 KATHLEEN GRAHAM SVP MARKETING 154181 0 1790 0 693 0 14238 0 30753 0 201655 0 0 0 DEIRDRE S CLOHERTY VP HUMAN RESOURCES 151411 0 2136 0 2517 0 10853 0 0 0 166917 0 0 0 VICTORIA S GONG CONTROLLER 151571 0 2212 0 1266 0 12167 0 7891 0 175107 0 0 0 PART I, LINE 4B A SPLIT-DOLLAR LIFE INSURANCE AGREEMENT WAS SIGNED BETWEEN THE CREDIT UNION AND ITS CEO EFFECTIVE JULY 29, 2016. THE CEO IS THE SOLE OWNER OF THE LIFE INSURANCE POLICIES PURCHASED. GLENN R SYLVESTER DIRECTOR EQUITY LINE X 289000 41688 0 1 1 VICTORIA GONG HCE EQUITY LINE X 200000 140315 0 1 1 MICHAEL MASTERS HCE VISA X 15000 14558 0 1 1 JOHN GOLDBERG DIRECTOR MORTGAGE X 151200 120202 0 1 1 ROBERT PUTS DIRECTOR VISA X 50000 2103 0 1 1 GLENN R SYLVESTER DIRECTOR AUTO X 37601 18096 0 1 1 EDDIE YOUNG DIRECTOR FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICY X 8320717 8427404 0 1 1 MICHAEL HEBEL DIRECTOR VISA X 10000 373 0 1 1 MICHAEL HEBEL DIRECTOR AUTO X 33977 20029 0 1 1 STEPHEN TACCHINI DIRECTOR AUTO X 30028 27622 0 1 1 STEPHEN TACCHINI DIRECTOR MORTGAGE X 526750 522580 0 0 1 BARBARA BREWSTER DIRECTOR VISA X 16500 15521 0 1 1 JAMES HENNESSY DIRECTOR MORTGAGE X 500000 494443 0 1 1 RICHARD CORREIA DIRECTOR VISA X 15000 5653 0 1 1 MICHAEL BARE DIRECTOR MORTGAGE X 610000 606590 0 1 1 10457177 FORM 990, PART VI, SECTION A, LINE 6 S.F. POLICE 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. S. F. POLICE CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF S.F. POLICE 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 DISSOLUTION. FORM 990, PART VI, SECTION B, LINE 11B THE COMPLETED FORM 990 WILL BE REVIEWED BY MANAGEMENT FOR ACCURACY AND A COPY OF THE 990 WILL BE PRESENTED TO THE BOARD OF DIRECTORS BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C EACH EMPLOYEE RECEIVES, REVIEWS AND PROVIDES A SIGNED ACKNOWLEDGEMENT OF THE EMPLOYEE HANDBOOK UPON BEING HIRED. THE EMPLOYEE HANDBOOK INCLUDES A CONFLICT OF INTEREST POLICY. DECISIONS MADE AT THE EXECUTIVE AND DEPARTMENTAL LEVELS CONSIDER CONFLICT OF INTEREST POLICIES. FORM 990, PART VI, SECTION B, LINE 15 ANNUALLY THE HR DEPARTMENT CONDUCTS A FULL ANALYSIS UTILIZING 1-3 CREDIT UNION INDUSTRY SPECIFIC SALARY SURVEYS. THIS DATA IS THEN TRENDED UP TO LEAD THE MARKET. THE MARKET DATA IS THEN COMPARED TO INTERNAL COMPENSATION STRUCTURES. SPECIAL ATTENTION IS GIVEN TO GREEN AND RED CIRCLE SITUATIONS. INTERNAL PAY EQUITY ANALYSIS IS ALSO CONDUCTED. HR THEN PREPARES A MERIT INCREASE MATRIX BASED UPON PROJECTED BUDGETING AND PRESENTS TO CEO, COO AND CFO. ONCE AGREED UPON, THE ANALYSIS IS PRESENTED TO THE BOD. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE BUILDING LOBBY AND MADE AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.