2014-07-28T15:22:17-05:00 2013-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2013-01-01 410519270 ST PAUL POSTAL EMPLOYEES CREDIT UNION STPA 6517707000 8499 TAMARACK RD WOODBURY MN 55125 BRIAN SHERRICK CEO 6517707000 2014-07-21 1 TANYA MEDGAARDEN P01717240 5074347000 2013 2015-11-30 17:44:51Z POSTAL CREDIT UNION BRIAN SHERRICK 8499 TAMARACK RD WOODBURY MN 55125 27374758 0 X WWW.POSTALCU.ORG X CU 1926 MN TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP. 9 9 167 12 32614 -12528 0 0 24772134 24827955 1147707 1050313 0 0 25919841 25878268 0 0 3168638 2459025 9103129 9294411 0 0 0 10711260 10744580 22983027 22498016 2936814 3380252 539588574 551093935 494340461 501279410 45248113 49814525 TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP INCLUDING LOANS, DEPOSITS AND OTHER MISCELLANEOUS SERVICES. 0 0 THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO APPROXIMATELY 48,000 MEMBERS. ALL EXCESS EARNINGS OF THE CREDIT UNION GO TO RETAINED EARNINGS, OUR ONLY SOURCE OF CAPITAL. WE PROVIDE A BROAD ARRAY OF FINANCIAL SERVICES INCLUDING CONSUMER LOANS, REAL ESTATE LOANS AND BUSINESS LOANS. THE CREDIT UNION PROVIDES A WIDE ARRAY OF DEPOSIT PRODUCTS TO OUR MEMBERS INCLUDING SAVINGS, MONEY MARKET, IRA'S, CD'S AND CHECKING. ATTACHED TO THE CHECKING WE OFFER ACCESS TO ATM'S, DEBIT CARDS, ACH AND OTHER PAYMENT SYSTEMS. THE CREDIT UNION PROVIDES ACCESS TO ALL MEMBERS THROUGH BOTH TELEPHONE AND INTERNET SERVICES. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 8538 0 1 167 1 1 1 0 0 0 0 0 X 9 9 1 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X X DENNIS BAUER 6517478902 8499 TAMARACK ROAD WOODBURY MN 55125 JAMES C BRYAN CHAIRMAN 1.00 X 2198 0 0 DANIEL L BLEES SECRETARY 1.00 X 2175 0 0 ALLAN J BRENNAN DIRECTOR 1.00 X 503 0 0 KEITH E HAUGE VICE CHAIRMAN 1.00 X 1740 0 0 ROGER MCCLURE DIRECTOR 1.00 X 420 0 0 MARY WHITE DIRECTOR 1.00 X 1629 0 0 JUDY SCHADEWALD DIRECTOR 1.00 X 1429 0 0 ROBERT VANCE DIRECTOR 1.00 X 1801 0 0 LAURIE LUDWIG DIRECTOR 1.00 X 1253 0 0 PETER OLSON DIRECTOR 1.00 X 1906 0 0 DENNIS BAUER CFO 37.50 X 261757 0 47938 BRIAN SHERRICK CEO 37.50 X 558719 0 195652 JEANINE SWANSON SR VICE PRESIDENT 37.50 X 174774 0 33504 LAWRENCE MIGGLER SR VICE PRESIDENT 37.50 X 278299 0 36507 KELLY JOHNSON SR VICE PRESIDENT 37.50 X 160141 0 2967 MICHAEL RUSH VICE PRESIDENT 37.50 X 146089 0 6755 ALISHA JOHNSON SR VICE PRESIDENT 37.50 X 162224 0 8175 1757057 0 331498 9 0 1 0 FIRST DATA 5270 W 84TH ST SUITE 260 BLOOMINGTON MN 55437 DEBIT CARD/ATM CARD PROCESSOR 876462 WORKS COMPUTING INC 1801 AMERICAN BLVD E SUITE 12 BLOOMINGTON MN 55425 SERVER VIRTIALIZATION PROJECT 351434 HARLAND PO BOX 931898 ATLANTA GA 31193 STATEMENTS AND TAX FORMS 347561 NUSOURCE FINANCIAL INC 9749 HAMILTON RD EDEN PRAIRIE MN 55344 NEW ATM'S AND TARTAN OFFICE PROJECT 340607 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD PROCESSOR 312151 15 LOAN INTEREST 900099 17149332 17149332 FEES & SERVICE CHGS 522100 4197863 4165249 32614 OTHER OPERATING INCOME 900099 3480760 3480760 24827955 1116449 1116449 248248 1182106 248000 1248490 248 -66384 -66136 -66136 25878268 24795341 32614 1050313 2459025 1079120 6326178 1341719 547394 1601558 943967 420965 1466377 929670 37280 PROFESSIONAL/OUTSIDE SE 2879455 PROVISION FOR LOAN LOSS 786153 LOAN SERVICING EXPENSES 683091 EDUCATIONAL & PROMOTION 499290 496774 22498016 46375224 45098810 31302681 17593383 234787 190976 403635635 433199795 1257170 1338576 29001625 11702784 17139639 17298841 11781827 9191439 3602811 3391135 24258800 23790980 539588574 551093935 6955684 7074341 52956734 53606896 434428043 440598173 494340461 501279410 X 0 0 0 0 45248113 49814525 45248113 49814525 539588574 551093935 X 3380252 1186160 X X 0 1 X 1 0 4769798 4769798 14409704 3839279 10570425 9577039 7863505 1713534 245084 245084 17298841 MEMBER ACCOUNTS 440598173 440598173 X 25878268 0 25878268 0 25878268 22498016 0 22498016 0 22498016 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC SECTION 501 (C) (14), FROM FEDERAL AND STATE INCOME TAXES. CERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE, IN TECHNICAL ADVICE MEMORANDUMS RELEASED IN MARCH OF 2007, TO BE UNRELATED TO THE SPECIFIC ENTITY'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELLBEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR POTENTIAL TAXABLE ACTIVITIES. THE CREDIT UNION HAS A NET OPERATING LOSS CARRYFORWARD TO 2013 OF APPROXIMATELY $168,000. A DEFERRED TAX ASSET HAS NOT BEEN RECOGNIZED FOR ANY FUTURE BENEFITS OF ITS USE. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN IS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2013 AND 2012. THE CREDIT UNION'S 2010 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X 0 1 0 DENNIS BAUER CFO 220478 0 34621 0 6658 0 38333 0 9605 0 309695 0 0 0 BRIAN SHERRICK CEO 273791 0 19744 0 265184 0 186047 0 9605 0 754371 0 0 0 JEANINE SWANSON SR VICE PRESIDENT 146346 0 23455 0 4973 0 31667 0 1837 0 208278 0 0 0 LAWRENCE MIGGLER SR VICE PRESIDENT 149590 0 24229 0 104480 0 30952 0 5555 0 314806 0 0 0 KELLY JOHNSON SR VICE PRESIDENT 136135 0 20731 0 3275 0 0 0 2967 0 163108 0 0 0 MICHAEL RUSH VICE PRESIDENT 123248 0 19866 0 2975 0 0 0 6755 0 152844 0 0 0 ALISHA JOHNSON SR VICE PRESIDENT 139838 0 22024 0 362 0 0 0 8175 0 170399 0 0 0 PART I, LINE 4B DENNIS BAUER $38,333 BRIAN SHERRICK $186,047 JEANINE SWANSON $31,667 LAWRENCE MIGGLER $30,952 FORM 990, PART VI, SECTION A, LINE 2 BRIAN SHERRICK AND JEANINE SWANSON - FAMILY RELATIONSHIP FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF APPROXIMATELY 47,549 MEMBER-OWNERS, EACH OF WHICH HAS EQUAL RIGHTS IN OWNERSHIP, GOVERNANCE AND VOTING RIGHTS AT THE ANNUAL MEETINGS, WITH THE EXCEPTION OF THE MEMBER-OWNERS WHO ARE ELECTED TO THE THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBER-OWNERS OF THE CREDIT UNION HAVE THE AUTHORITY TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS FOR THREE-YEAR TERMS ON A ROTATING BASIS. CANDIDATES ARE ELECTED BY A SIMPLE PLURALITY VOTE. THE BOARD OF DIRECTORS APPOINT VOLUNTEERS TO SERVE ON THE SUPERVISORY COMMITTEE, WHICH IS VESTED WITH MONITORING SAFETY AND SOUNDSHIP OF THE ORGANIZATION. IF DEEMED APPROPRIATE, THE SUPERVISORY COMMITTEE CAN SUSPEND BOARD MEMBERS AND CAN CALL A SPECIAL MEETING OF THE MEMBERSHIP TO EVALUATE THE ISSUE AND VOTE TO EITHER DISMISS OR REINSTATE THE BOARD MEMBER. FORM 990, PART VI, SECTION A, LINE 7B CHANGES TO THE GOVERNING DOCUMENTS (BYLAWS AND CERTIFICATE OF ORGANIZATION) MUST BE APPROVED BY THE MEMBER-OWNERS AFTER THEY HAVE BEEN APPROVED BY THE BOARD OF DIRECTORS AND THE REGULATORY AGENCY. APPROVAL OCCURS WHEN AT LEAST 50% OF THE MEMBER-OWNERS VOTE TO APPROVE. FORM 990, PART VI, SECTION B, LINE 11 PRIOR TO BEING FILED WITH THE IRS, A COPY OF THE IRS FORM 990 AND RELATED SCHEDULES ARE REVIEWED BY THE PRESIDENT/CEO, INCLUDING A CONFIRMATION OF THE ACCURACY OF EVERY ANSWER AND OVERSIGHT OF APPROPRIATE CHANGES. UPON COMPLETION OF THE PRESIDENT'S REVIEW, THE FORMS ARE REVIEWED AND VOTED ON AT A BOARD MEETING PRIOR TO SUBMITTAL TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS AND OFFICERS ANNUALLY RECEIVE A CONFLICT OF INTEREST POLICY AND SIGN/DATE THAT THEY AGREE AND UNDERSTAND THE CU'S POLICY. FORM 990, PART VI, SECTION B, LINE 15 HRN PERFORMANCE SOLUTIONS, AN OUTSIDE CONSULTANT, PERFORMS A COMPENSATION REVIEW FOR ALL POSITIONS IN THE CREDIT UNION EACH YEAR AND COMPARES THE CREDIT UNION TO THE MARKET PLACE. THIS WAS COMPLETED FOR ALL POSITIONS IN 2013. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY OF THE CREDIT UNION. FORM 990, PART XI, LINE 9: OTHER COMPREHENSIVE LOSS 1,186,160. FORM 990, PART XII, LINE 2C: THE PROCESS FOR THE COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF THE CREDIT UNION'S FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. PCU COMMUNITY FOUNDATION 8499 TAMARACK RD WOODBURY MN 55125 205065518 SUPPORT OF LOCAL EDUCATION INITIATIVES MN 501(C)(3) LINE 7 ST PAUL POSTAL EMPLOYEES CREDIT UNION 0 PCU SCHOLARSHIP FUND 8499 TAMARACK RD WOODBURY MN 55125 205067754 SUPPORT AND ENCOURAGEMENT OF HIGHER EDUCATION MN 501(C)(3) LINE 7 ST PAUL POSTAL EMPLOYEES CREDIT UNION 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 NO TRANSACTIONS OVER 50000