2016-11-09T16:29:13-06:00 2015-12-31 410746749 CLIFTONLARSONALLEN LLP 20 E THOMAS RD STE 2300 PHOENIX AZ 85012 990 2015-01-01 946087440 COMMONWEALTH CENTRAL CREDIT UNION COMM 4085313100 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 VIKTORIA EARLE CFO 4085313100 2016-11-08 1 JANIS K ISAACSON CPA P00089104 6022662248 2015 2017-02-10 21:41:12Z VIKTORIA EARLE 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 18466572 0 X WWW.WEALTHCU.ORG X 1958 CA TO PROMOTE THRIFT AMONG MEMBERS AND CREATE A SOURCE OF CREDIT FOR MEMBERS. 7 7 125 10 105648 -51837 0 0 17332090 18445359 -9163 -346 0 0 17322927 18445013 7000 6000 0 0 8066402 9046189 0 0 0 5773874 6695397 13847276 15747586 3475651 2697427 419294127 455403837 378420780 412115120 40873347 43288717 TO PROMOTE THRIFT AMONG AND CREATE A SOURCE OF CREDIT FOR MEMBERS. 0 0 THE CREDIT UNION PROVIDES CONSUMER LOANS, SHARE AND SHARE DRAFT ACCOUNTS, SHARE CERTIFICATES AND OTHER EXEMPT FUNCTION ACTIVITIES TO ITS MEMBERS. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4222 0 1 125 1 1 1 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X X VIKTORIA EARLE 4085313236 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 ROBERT BRYANT SECRETARY 1.00 X 0 0 2108 LYLE CHAMBERS TREASURER 1.00 X 0 0 2972 JAMES CRAWFORD CHAIRMAN 1.00 X 0 0 4079 DR RODGER CRYER DIRECTOR 1.00 X 0 0 6215 MICHAEL F FILICE JR DIRECTOR 1.00 X 0 0 6069 BARRY SCHIMMEL DIRECTOR 1.00 X 0 0 0 GERALD WELTZIN VICE-CHAIRMAN 1.00 X 0 0 4849 CRAIG WEBER CEO 40.00 X 408423 0 32539 VIKTORIA EARLE CFO 40.00 X 197319 0 22488 LISA BROWN VP, HUMAN RESOURCE DEVELOP 40.00 X 210483 0 8334 VI LUU VP, LENDING 40.00 X 188793 0 24946 JAMES BOYLE VP, MARKETING 40.00 X 191638 0 16700 ED MACHADO VP, REMOTE DELIVERY CHANNELS 40.00 X 169456 0 24018 SYLVIA GRANGER AVP, RETAIL SERVICES 40.00 X 162053 0 16358 MANUEL CARINO AVP, IT 40.00 X 127940 0 25724 AMY CIMORELLI AVP, HUMAN RESOURCES 40.00 X 104618 0 14114 JENNIFER D'AMICO AVP, MARKETING 40.00 X 113760 0 3673 1874483 0 215186 10 0 1 0 FISERV INC 255 FISERV DRIVE BROOKFIELD WI 53045 CORE SERVICE PROVIDER 330337 ACI WORLDWIDE CORP 6060 COVENTRY DRIVE ELKHORN NE 680026482 INTERNET/ONLINE BANKING 210256 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 903126081 STATEMENT PROCESSING 109259 3 PROGRAM SERVICE REVENUE 522100 18339711 18339711 UNRELATED BUSINESS INCOME 900099 105648 105648 18445359 21213 21559 -346 -346 -346 18445013 18339365 105648 0 6000 2089669 5066050 189787 1212198 488485 26801 35520 969399 9103 1258621 82472 49545 409983 280163 120440 OPERATING EXPENSES 3628350 CREDIT FOR LOAN LOSSES -175000 15747586 2603098 3126509 61190619 69587410 266819792 297872749 24293389 9853529 13468108 14439860 58450316 51889079 16762194 18488230 419294127 455403837 4197338 4469583 374223442 407645537 378420780 412115120 X 0 0 0 0 40873347 43288717 40873347 43288717 419294127 455403837 2697427 -282057 0 X X 0 1 X 1 0 1189220 1189220 15635930 4443276 11192654 1684901 807297 877604 5260322 4126192 1134130 523016 476764 46252 14439860 AVAILABLE-FOR-SALE 29017420 F OTHER INVESTMENTS 22871659 C 51889079 MEMBERS' SHARE AND SAVINGS ACCOUNTS 407645537 407645537 X 18445013 0 18445013 0 18445013 15747586 0 15747586 0 15747586 PART X, LINE 2: THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2015 AND 2014. 1 SCHOLARSHIPS 6 6000 PART I, LINE 2: EACH SCHOLARSHIP PARTICIPANT MUST SUBMIT AN APPLICATION. A COMMITTEE REVIEWS THE APPLICATION AND CHOOSES THE APPLICANT BASED ON THE CONTENT OF THEIR APPLICATION. X X 1 1 X X X X X 0 0 0 CRAIG WEBER CEO 381496 0 26927 0 0 0 10600 0 21939 0 440962 0 0 0 VIKTORIA EARLE CFO 184239 0 13080 0 0 0 8184 0 14304 0 219807 0 0 0 LISA BROWN VP, HUMAN RESOURCE DEVELOP 196966 0 13517 0 0 0 7223 0 1111 0 218817 0 0 0 VI LUU VP, LENDING 176004 0 12789 0 0 0 8076 0 16870 0 213739 0 0 0 JAMES BOYLE VP, MARKETING 179307 0 12331 0 0 0 7699 0 9001 0 208338 0 0 0 ED MACHADO VP, REMOTE DELIVERY CHANNELS 157876 0 11580 0 0 0 7193 0 16825 0 193474 0 0 0 SYLVIA GRANGER AVP, RETAIL SERVICES 152253 0 9800 0 0 0 6210 0 10148 0 178411 0 0 0 MANUEL CARINO AVP, IT 120175 0 7765 0 0 0 5616 0 20108 0 153664 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 CREDIT UNION DEPOSITORS ARE CONSIDERED MEMBERS OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11 THE BOARD OF DIRECTORS RECEIVES A COPY OF THE 990 FORM PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C IN ACCORDANCE WITH OUR BOARD POLICY, PERSONNEL POLICIES AND NON-DISCLOSURE/CONFIDENTIALITY AGREEMENT (THAT CONTAINS A CONFLICT OF INTEREST CLAUSE), COMMONWEALTH EMPLOYEES ARE REQUIRED TO DISCLOSE THE FOLLOWING INFORMATION UPON HIRE AND AT ANY TIME DURING THEIR EMPLOYMENT: - EMPLOYEE AND RELATIVE ACCOUNTS: UPON HIRE AND THEN ON AN ANNUAL BASIS, ALL EMPLOYEES ARE REQUIRED TO COMPLETE A FORM DISCLOSING ANY MEMBER ACCOUNTS BELONGING TO THEM AND/OR THEIR FAMILY MEMBERS. - CONFLICTING OUTSIDE EMPLOYMENT: IN CONJUNCTION WITH THEIR OFFER OF EMPLOYMENT LETTERS, NEW EMPLOYEES ARE REQUIRED TO SIGN A NON-DISCLOSURE/CONFIDENTIALITY AGREEMENT WHICH INCLUDES A CONFLICT OF INTEREST CLAUSE RELATING TO OUTSIDE EMPLOYMENT. ADDITIONALLY, NEW AND EXISTING EMPLOYEES ARE REQUIRED TO REPORT TO THEIR MANAGER ANY OUTSIDE EMPLOYMENT SO THAT THE CEO AND VP OF HUMAN RESOURCES CAN DETERMINE IF A CONFLICT OF INTEREST EXISTS. - CONFLICT OF INTEREST: AS REQUIRED BY COMMONWEALTH'S CODE OF ETHICAL CONDUCT, ALL VOLUNTEERS AND EMPLOYEES MUST DISCLOSE AND REPORT TO THE PRESIDENT/CEO ANY POSSIBLE CONFLICT OF INTEREST IN THEIR BUSINESS DEALINGS. FURTHERMORE, ALL EMPLOYEES ARE REQUIRED TO DISCLOSE TO THE PRESIDENT/CEO ANY GIFTS, GRATUITIES, AMENITIES, MEALS, ENTERTAINMENT, ETC. TO DETERMINE WHETHER OR NOT ACCEPTANCE OF SUCH ITEMS WOULD BE DEEMED A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 COMMONWEALTH RETAINS AN OUTSIDE COMPENSATION CONSULTING FIRM, HRN PERFORMANCE SOLUTIONS (HRN), TO ASSIST IN ITS SALARY ADMINISTRATION EFFORTS. SPECIFICALLY, HRN WORKS WITH THE PRESIDENT/CEO AND THE VP OF HUMAN RESOURCE DEVELOPMENT TO DEVELOP A COMPREHENSIVE COMPENSATION STRUCTURE THAT INCLUDES ANNUAL MARKET EVALUATIONS, SALARY GRADE STRUCTURE AND AN INTEGRATED JOB DESCRIPTION DATABASE. THE CURRENT COMPENSATION STRUCTURE WAS INITIALLY DEVELOPED AND IMPLEMENTED IN 2003. SINCE THEN, THE STRUCTURE HAS BEEN MAINTAINED AND ADMINISTERED BY THE CREDIT UNION'S HUMAN RESOURCES DEPARTMENT WITH THE ASSISTANCE OF HRN USING A COMPENSATION SOFTWARE PACKAGE. ON AN ANNUAL BASIS, HRN PARTICIPATES (ON BEHALF OF COMMONWEALTH) IN AT LEAST 10 SALARY SURVEYS FOR USE IN BENCHMARKING PAY DATA WITH MARKET RATES. THE PAY RANGES ARE ADJUSTED ANNUALLY TO REFLECT CHANGES IN MARKET CONDITIONS AND THE RANGES INCORPORATE GEOGRAPHIC WAGE DIFFERENTIALS. THE VP OF HUMAN RESOURCES PROVIDES OVERSIGHT TO THE HUMAN RESOURCES STAFF IN SALARY ADMINISTRATION PRACTICES BY UTILIZING ALL OF THE ABOVE-MENTIONED RESOURCES PROVIDED BY HRN. FURTHERMORE, THE HR DEPARTMENT ADMINISTERS COMPENSATION THROUGH THE MANAGEMENT OF COMPARATIOS. (THE COMPARATIO IS A MATHEMATICAL CALCULATION THAT IDENTIFIES THE RELATIONSHIP BETWEEN ACTUAL PAY AND MARKET RATE FOR A PERSON, DEPARTMENT OR THE TOTAL CREDIT UNION. FOR EXAMPLE, A 90% COMPARATIO FOR AN INDIVIDUAL SAYS THAT THE INDIVIDUAL IS BEING PAID AT 90% OF THE PREVAILING MARKET RATE FOR HIS/HER JOB. THE COMPARATIO IS DETERMINED BY DIVIDING ACTUAL PAY BY THE RATE ESTABLISHED AS THE MID-POINT FOR THE GRADE.) AS MARKET CONDITIONS NECESSITATE, A MID-YEAR REVIEW OF THE COMPENSATION STRUCTURE'S MARKET COMPETITIVENESS IS CONDUCTED WITH THE ASSISTANCE OF HRN. EXECUTIVE COMPENSATION PRACTICES ALSO EMPLOY THE SAME METHODOLOGIES AS OUTLINED ABOVE, AND HRN PROVIDES GUIDANCE AND RECOMMENDATIONS AS NEEDED. PAY GRADES AND RANGES ARE ESTABLISHED FOR EACH SENIOR MANAGEMENT LEVEL POSITION AND COMPARATIOS ARE ALSO USED WITH SUCH POSITIONS. HRN ALSO PROVIDES CONSULTING SERVICES FOR THE CEO'S COMPENSATION PACKAGE BY EMPLOYING THE SAME METHODOLOGIES (I.E. PAY GRADE, PAY RANGE, SALARY SURVEYS, COMPARATIOS, ETC.) WHEN WORKING WITH THE BOARD'S COMPENSATION COMMITTEE MEMBERS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOUCMENTS AND POLICIES ARE AVAILABLE UPON REQUEST. FINANCIAL STATEMENTS ARE PUBLICALLY AVAILABLE AT WWW.NCUA.GOV AND IN OUR BRANCH OFFICES. FORM 990, PART XII, LINE 2C: THE SUPERVISORY COMMITTEE OVERSEES THE AUDITED FINANCIAL STATEMENTS.