2016-11-10T15:35:53-06:00 2015-12-31 910189318 Moss Adams LLP 101 Second Street Suite 900 San Francisco CA 94105 990 2015-01-01 942600376 KeyPoint Credit Union KEYP 4087314100 2805 Bowers Avenue Santa Clara CA 95051 Timothy Green CFO 4087314100 2016-11-09 1 Wendy Campos P00448102 4159561500 2016-11-09 2015 2017-02-10 21:41:12Z T BRADFORD CANFIELD 2805 Bowers Avenue Santa Clara CA 95051 42034100 0 X www.kpcu.com X 1979 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 232 12 1054437 -353283 0 0 36797204 38015192 2854314 4014265 51608 -62420 39703126 41967037 5000 5000 0 0 17226625 18696822 0 0 0 16107101 16955199 33338726 35657021 6364400 6310016 939225533 1007159964 860923932 923123725 78301601 84036239 X KEYPOINT 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 COMPETITIVE RATES OF INTEREST, 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, KEYPOINT 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 ACCOMPLISHMENT OF EXCELLENT LOAN SERVICES TO MEMBERS AND LOAN PORTFOLIO GROWTH THROUGH THE ORIGINATION OF CONSUMER AND MORTGAGE LOANS. ACCOMPLISHMENT OF TARGET GOALS IN MEMBER GROWTH (ACQUISITION OF NEW MEMBERS). MEMBER SATISFACTION IN CONNECTION WITH SERVICES PERTAINING TO CHECKING/SAVINGS ACCOUNTS, ATTRACTIVE CD RATES, IRA AND MONEY MARKET ACCOUNTS. 0 0 1 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 11803 0 1 232 1 1 1 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 CA X TIMOTHY GREEN 4087314118 2805 BOWERS AVE SANTA CLARA CA 95051 John Tom Chairperson 5.00 X X 0 0 0 adam corkins Vice Chairperson 5.00 X X 0 0 0 gregory eby Board Secretary & Treasurer 5.00 X X 0 0 0 Keith Stattenfield Board Member 5.00 X 0 0 0 Robert Lerner Board Member 5.00 X 0 0 0 suzanne rakow Board Member 5.00 X 0 0 0 Baljinder Sandhu Board Member 5.00 X 0 0 0 Dinesh Bettadapur Board Member 5.00 X 0 0 0 Bunninder Falak Board Member 5.00 X 0 0 0 TED CANFIELD President/Chief Executive Officer 40.00 0.10 X 540954 0 222043 Timothy Green Chief Finance Officer 40.00 X 269902 0 19160 samuel Tuohey chief operating officer 40.00 0.10 X 298392 0 26511 faye nabhani chief lending officer 40.00 X 278358 0 33482 Ajay Kumar Chief Information Officer 40.00 X 157512 0 5288 HELEN GRAYS SVP Business and Community Development 40.00 X 278125 0 33884 LeeAnne Giblin SVP Human Resources 40.00 X 224606 0 18514 Steven Weiler SVP Commercial Banking 40.00 X 196613 0 15264 DOUGLAS SCHROCK VP Finance 40.00 0.10 X 201143 0 26131 Tisha Hartman VP Retail Lending 40.00 X 189978 0 18785 Lawrence Scoffield VP Corporate Admin 40.00 X 188532 0 24001 Victor Smilgys VP IT Eservices 40.00 X 177774 0 27412 Arie Elkins VP IT Infrastructure 40.00 X 175789 0 32879 Lori Harding VP Branch Operations 40.00 X 138480 0 21549 Michael Ivezic VP Audit 40.00 X 134985 0 13530 Jeff Aana Commercial Real Estate Sales Manager 40.00 X 164337 0 13406 Dash McElroy OSI System Manager 40.00 X 150193 0 32921 Kevin Armstrong Director Consumer Lending 40.00 X 149293 0 22042 Shiou-lin Chen Director Financial Reporting 40.00 0.13 X 144765 0 17165 Omar Hilario Helpdesk Support Manager 40.00 X 132013 0 7915 4191744 0 631882 37 0 1 0 FISERV 455 WINDING BROOK DRIVE GLASTONBURY CT 06033 CORE SYSTEM SERVICING 2247895 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 DEBIT/CREDIT CARD NETWORK SERVICING 521568 DIEBOLD GLOBAL FINANCE CORPORATION 5995 MAYFAIR ROAD PO BOX 3077 NORTH Canton OH 44750 ATM SERVICING 352039 VISA DPS FILE NO 73583 PO BOX 60000 SAN FRANCISCO CA 94160 DEBIT/CREDIT CARD SERVICING 339778 Ronald L Schultz-billboard connection 1182 folsom street saN FRANCISCO CA 94103 advertising 276620 16 Interest on Loans 522100 29931264 29931264 FEE INCOME 522100 3959157 3731436 227721 OTHER OPERATING INCOME 522100 2117733 1921876 195857 Gain on Sale of Loans 522100 2007038 2007038 38015192 3895058 693279 3201779 186270 67063 119207 119207 119207 Joint Venture K-1 Income 522291 -62420 -62420 -62420 41967037 37591614 1054437 3320986 5000 4157217 11491386 196011 1720485 1131723 164001 107528 3301408 942855 1067628 984903 2175841 44047 471038 2331812 1599921 PROVISION FOR LOAN LOSS 1125000 LOAN SERVICING 950862 ATM EXPENSE 672038 PROVISION FOR TAXES 1392 1014925 35657021 8195510 11416654 18311213 13227599 669901 1597773 766793026 832711555 3907693 4179367 33061191 17453316 15405467 15607875 70878584 95720949 41916351 21020701 13147788 11677491 939225533 1007159964 9438525 17397726 40682 26202 419943 50000000 36000000 801444725 869279854 860923932 923123725 X 0 0 0 0 78301601 84036239 78301601 84036239 939225533 1007159964 X 6310016 -645835 70457 X 0 1 X 1 0 4636 4636 1 CALIFORNIA CREDIT UNION LEAGUE - PAC 2855 E GUASTI ROAD ONTARIO CA 91761 940357265 4636 0 1 X 6000000 6000000 8106931 2866348 5240583 2264282 1507853 756429 16689978 13079115 3610863 15607875 MEMBERS' SHARES 868933533 OTHER MISCELLANEOUS LIABILITIES 346321 869279854 X Part IV, Line 2b: Custodial accounts for FHLB program loan servicer and escrow account related to hazard insurance and property tax on mortgage loan properties. Part X, Line 2: Income taxes - The Credit Union is exempt by statute from federal and state income taxes, except for taxes on unrelated business income, as further discussed in Note 11. The Credit Union's wholly owned subsidiaries are taxable entities, and income taxes related to subsidiaries for 2015 and 2014 were not material to the consolidated financial statements and are included in other operating expenses in the accompanying consolidated statements of income. Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("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 of being sustained when challenged or when examined by the applicable tax authority. Tax positions not deemed to meet the more likely than not threshold would be recorded as tax expenses and liabilities in the current year. For the years ended December 31, 2015 and 2014, management has determined that there are no material uncertain tax positions and, accordingly, has not recorded a liability for the payment of interest or penalties. X X 1 1 X X X 0 1 0 TED CANFIELD President/Chief Executive Officer 378148 0 132516 0 30290 0 192625 0 29418 0 762997 0 0 0 Timothy Green Chief Finance Officer 227291 0 41274 0 1337 0 8949 0 10211 0 289062 0 0 0 samuel Tuohey chief operating officer 236811 0 58433 0 3148 0 10166 0 16345 0 324903 0 0 0 faye nabhani chief lending officer 210031 0 39173 0 29154 0 9586 0 23896 0 311840 0 0 0 Ajay Kumar Chief Information Officer 130881 0 25000 0 1631 0 4855 0 433 0 162800 0 0 0 HELEN GRAYS SVP Business and Community Developme 177830 0 36202 0 64093 0 10069 0 23815 0 312009 0 0 0 LeeAnne Giblin SVP Human Resources 189033 0 33314 0 2259 0 7681 0 10833 0 243120 0 0 0 Steven Weiler SVP Commercial Banking 139206 0 51060 0 6347 0 6963 0 8301 0 211877 0 0 0 DOUGLAS SCHROCK VP Finance 157375 0 30147 0 13621 0 8550 0 17581 0 227274 0 0 0 Tisha Hartman VP Retail Lending 156824 0 21882 0 11272 0 6764 0 12021 0 208763 0 0 0 Lawrence Scoffield VP Corporate Admin 152393 0 29892 0 6247 0 7750 0 16251 0 212533 0 0 0 Victor Smilgys VP IT Eservices 143410 0 29689 0 4675 0 5383 0 22029 0 205186 0 0 0 Arie Elkins VP IT Infrastructure 135132 0 29144 0 11513 0 7305 0 25574 0 208668 0 0 0 Lori Harding VP Branch Operations 114201 0 18231 0 6048 0 4969 0 16580 0 160029 0 0 0 Jeff Aana Commercial Real Estate Sales Manager 102466 0 59289 0 2582 0 4862 0 8544 0 177743 0 0 0 Dash McElroy OSI System Manager 125449 0 12520 0 12224 0 4389 0 28532 0 183114 0 0 0 Kevin Armstrong Director Consumer Lending 122617 0 15818 0 10858 0 5984 0 16058 0 171335 0 0 0 Shiou-lin Chen Director Financial Reporting 123515 0 20687 0 563 0 5675 0 11490 0 161930 0 0 0 Part I, Line 1a HOUSING ALLOWANCE OF $6,000 WAS PAID TO DOUGLAS SCHROCK IN 2015 AND TREATED AS TAXABLE COMPENSATION TO HIM. HEALTH CLUB DUES ARE PAID FOR SEVERAL OFFICERS AND ARE TREATED AS TAXABLE COMPENSATION FOR ANY PERSONAL USE . Part I, Line 4b THE CREDIT UNION HAS A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN ("SERP"). THE SERP IS AN UNFUNDED RETIREMENT PLAN, WITH PARTICIPATION LIMITED TO EXECUTIVES SELECTED BY THE CREDIT UNION'S BOARD OF DIRECTORS. THE PURPOSE OF THE SERP IS TO ENCOURAGE CONTINUED SERVICE BY CERTAIN EXECUTIVES BY PROVIDING ENHANCED RETIREMENT BENEFITS. ACCORDINGLY, THE EXECUTIVES WHO PARTICIPATE IN THE SERP WILL RECEIVE ACCUMULATED SERP BENEFITS ONLY AT RETIREMENT. The current participant is Ted Canfield and the amount contributed in 2015 was $183,018. faye nabhani OFFICER 1st MortgaGE X 760000 750894 0 1 1 faye nabhani OFFICER HELOC X 80000 49968 0 1 1 tisha hartman OFFICER personal X 8000 24999 0 1 1 ARIE ELKINS OFFICER auTO LOAN X 9005 5502 0 1 1 tisha hartman OFFICER AUTO LOAN X 59849 46830 0 1 1 victor smilgys oFFICER auTO LOAN X 14406 10676 0 1 1 tisha hartman OFFICER auTO LOAN X 22000 18668 0 1 1 arie ELKINS OFFICER auTO LOAN X 38944 33799 0 1 1 lawrence scofield OFFICER heloc X 200000 48117 0 1 1 arie elKINS OFFICER 1st MortgaGE X 625000 608320 0 1 1 1597773 Form 990, Part VI, Section A, line 6 KEYPOINT 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. THE CREDIT UNION DOES NOT HAVE STOCKHOLDERS. Form 990, Part VI, Section A, line 7a THE GOVERNING BOARD OF KEYPOINT CREDIT UNION IS COMPRISED OF VOLUNTEER MEMBERS WHO ARE DIRECTLY ELECTED BY ITS MEMBERS. EACH MEMBER OF THE GOVERNING BOARD SERVES FOR A PERIOD OF THREE YEARS AND UNTIL THEIR SUCCESSORS SHALL HAVE BEEN ELECTED. 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 11 A COPY OF THE 990 IS MADE AVAILABLE TO BOARD MEMBERS WHO WISH TO HAVE A COPY OR REVIEW IT. Form 990, Part VI, Section B, line 12c PER THE CREDIT UNION'S CONFLICT OF INTEREST POLICY, DIRECTORS, VOLUNTEERS AND EMPLOYEES ARE REQUIRED TO DISCLOSE THEIR INTERESTS THAT COULD GIVE RISE TO CONFLICTS OF INTEREST. THE POLICY WAS MOST RECENTLY REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS ON FEBRUARY 25, 2016. FOR THE ENFORCEMENT OF THE CONFLICT OF INTEREST POLICY, THE INTERNAL AUDITOR REVIEWS ACCOUNT ACTIVITY FOR ALL DIRECTORS, VOLUNTEERS, AND EMPLOYEES AND THEIR INTERESTS. IN ADDITION, THE ACCOUNTS PAYABLE SYSTEM IS REVIEWED TO ENSURE PROPRIETY OF ANY POTENTIAL CONFLICTS OF INTEREST AS APPLICABLE. THE CREDIT UNION ALSO MAINTAINS A POLICY THAT NO IMMEDIATE FAMILY MEMBERS OF THE BOARD OF DIRECTORS OR SUPERVISORY COMMITTEE MEMBERS MAY BECOME EMPLOYEES OF THE CREDIT UNION UNTIL TWO YEARS HAVE ELAPSED SINCE THEIR VOLUNTEER SERVICE WITH THE CREDIT UNION ENDED. THE CREDIT UNION DOES ALLOW DIRECTORS, VOLUNTEERS AND EMPLOYEES TO APPLY FOR LOANS THAT THE CREDIT UNION OFFERS TO ITS MEMBERSHIP. ALL LOAN APPLICATIONS FOR VICE-PRESIDENTS AND ABOVE, VOLUNTEERS AND BOARD MEMBERS REQUIRE THE APPROVAL OF THE BOARD OF DIRECTORS. DIRECTORS ARE RESTRICTED FROM PARTICIPATING IN THE DELIBERATIONS AND VOTING IN A TRANSACTION THAT PERTAINS TO THEM. Form 990, Part VI, Section B, line 15 THE COMPENSATION OF THE CEO IS DETERMINED BY THE COMPENSATION COMMITTEE OF THE CREDIT UNION. ALL VP POSITIONS AND ABOVE ARE REVIEWED FOR MARKET PLACE COMPENSATION AND SALARY RANGES ARE RECOMMENDED FOR ADJUSTMENT BASED ON SURVEY INFORMATION. THE CEO APPROVES THE RECOMMENDATION FOR SALARY STRUCTURE CHANGE. AFTER A PERFORMANCE REVIEW IS WRITTEN AND RATING IS DETERMINED, A MERIT INCREASE IS SET BY THE FORMULA OF WHERE THE INDIVIDUAL FALLS INTO THE RANGE AND PERFORMANCE LEVEL. THE RECOMMENDATION FOR MERIT INCREASE IS APPROVED OVERALL BY THE INDIVIDUAL DEPARTMENT VP OR EVP. THE OVERALL GROUP IS APPROVED BY THE CEO. Form 990, Part VI, Section C, line 19 Governing documents and conflict of interest policy are not made available to the public. Financial Statements are posted in the branch offices monthly. Form 990, Part XI, line 9: BOOK TO TAX DIFFERENCE IN INVESTMENT INCOME 70,457. KEYPOINT FOUNDATION 2805 BOWERS AVENUE SANTA CLARA CA 95051 473954329 CHARITABLE SCHOLARSHIPS CA 501(c)(3) PF KEYPOINT CREDIT UNION 1 KEYPOINT FINANCIAL SERVICES INC 2805 Bowers Avenue Santa Clara CA 95051 770018330 Insurance CA KeyPoint Credit Union C 33359 577913 1.00000 1 Integrated Credit Union Services Inc 2805 Bowers Avenue Santa Clara CA 95051 943140652 Insurance CA KeyPoint Credit Union C 23360 7397 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0