2014-11-14T16:05:03-06:00 2013-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2013-01-01 941278209 SF POLICE CREDIT UNION SFPO 4155643800 2550 IRVING STREET SAN FRANCISCO CA 94122 EDDIE YOUNG CEO 4155643800 2014-11-03 1 VALENTINO CREUS CPA P01054153 8189549700 2013 2015-11-30 17:44:51Z EDDIE YOUNG 2550 IRVING STREET SAN FRANCISCO CA 94122 111492485 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 7 123 10 154180 -398648 0 0 22103175 23161786 8356796 6167100 74336 234869 30534307 29563755 11500 8367 0 0 8973186 9958891 0 0 0 15543259 14805880 24527945 24773138 6006362 4790617 722651432 730140495 616105935 632915187 106545497 97225308 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 32217 0 1 123 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 0 0 1 1 0 CA X EDDIE YOUNG 4155643800 2550 IRVING STREET SAN FRANCISCO CA 94122 GLENN R SYLVESTER CHAIRMAN 1.00 X 0 0 0 ROBERT PUTS VICE CHAIR 1.00 X 0 0 0 JAMES HENNESSY SECRETARY 1.00 X 0 0 0 RICHARD CORRIEA BOARD MEMBER 1.00 X 0 0 0 MIKE HEBEL BOARD MEMBER 1.00 X 0 0 0 JOHN MINDERMANN BOARD MEMBER 1.00 X 0 0 0 STEPHEN TACCHINI BOARD MEMBER 1.00 X 0 0 0 FRANK HEDLEY SUPV CMTE CHAIR 1.00 X 0 0 0 BARBARA BREWSTER SUPV CMTE MEMBER 1.00 X 0 0 0 JOHN GOLDBERG SUPV CMTE MEMBER 1.00 X 0 0 0 MICHAEL R SORDELLI CEO (FORMER) 40.00 X 478630 0 33768 EDDIE YOUNG CFO/ACTING CEO 40.00 X 238070 0 28369 ROSALYN I REILLY COO 40.00 X 279897 0 27678 ROSE GREEN CIO 40.00 X 190986 0 24320 EVELYN FERNANDEZ SVP OF FS 40.00 X 167239 0 18695 DARLENE HONG VP BUSINESS DEVELOPMENT 40.00 X 142204 0 21005 VICTORIA S GONG CONTROLLER 40.00 X 138477 0 18574 MICHAEL MASTERS IT DIRECTOR 40.00 X 138292 0 18603 DEIRDRE S CLOHERTY VP HUMAN RESOURCES 40.00 X 136303 0 23597 1910098 0 214609 18 0 1 0 CDW PO BOX 75723 CHICAGO IL 60675 COMPUTER MAINTENANCE 1794007 PSCU FINANCIAL SERVICES 19825 NORTH 7TH STREET PHOENIX AZ 85024 VISA PROCESSOR 1076326 CO-OP FINANCIAL SERVICES 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 DEBIT CARD PROCESSOR 582760 INFO IMAGE 14141 JEFFERSON DRIVE MENLO PARK CA 94025 MAILING HOUSE 306948 SIMON & ASSOCIATES 12000 PICO BLVD LOS ANGELES CA 90064 ADVERTISING 303215 7 INTEREST ON LOANS 522100 19363873 19363873 OTHER OPERATING INCOME 522100 2526051 2508199 17852 FEE INCOME 522100 1271862 1135534 136328 23161786 5946788 5946788 82145417 3625 81928730 0 216687 3625 220312 220312 OTHER NON-OPERATING INCOME 522100 234869 234869 234869 29563755 29409575 154180 0 8367 1910098 6179120 532605 755971 581097 25125 135514 765672 1072847 3514089 862432 742229 170312 2674737 806574 655608 PROV. FOR LOAN LOSSES 2081510 LOAN SERVICING EXPENSE 1061582 MISC OPERATING EXPENSE 169619 OPERATING FEES 68030 24773138 740577 855113 33025697 33760092 1827796 1604764 696087 1003420 20267756 8373016 6487445 11894740 281375356 238013743 392391531 430637508 201246 201246 5905697 12169869 722651432 730140495 3150545 2858674 612955390 630056513 616105935 632915187 X 0 0 0 0 106545497 97225308 106545497 97225308 722651432 730140495 4790617 -14110806 0 X X 0 1 X 1 0 7100 7100 7100 1 CCUL PAC 1201 K STREET SUITE 1050 SACRAMENTO CA 95814 940357265 7100 6155905 6155905 8553745 4142162 4411583 5558106 4230854 1327252 11894740 DEPOSITS IN COMMERCIAL BANKS 9146000 C NET LOANS & LEASES 402971953 F INVESTMENTS IN NATURAL PERSON CUS 349000 C NCUA SHARE INSURANCE CAPITALIZATION DEPOSITS 5673444 C MEMBERSHIP CAPITAL 600000 C ALL OTHER INVESTMENTS 11897111 F 430637508 TOTAL SHARES AND DEPOSITS 630056513 630056513 X 29459369 0 29459369 104386 104386 29563755 25167390 0 25167390 -394252 -394252 24773138 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, 2013, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. THE CREDIT UNION IS NOT SUBJECT TO EXAMINATION BY U.S. FEDERAL TAX AUTHORITIES FOR TAX YEARS BEFORE 2009 AND STATE TAX AUTHORITIES FOR TAX YEARS BEFORE 2008. PART XI, LINE 4B - OTHER ADJUSTMENTS: REVERSAL OF PRIOR PERIOD AUDIT ADJUSTMENT PART XII, LINE 4B - OTHER ADJUSTMENTS: REVERSAL OF PRIOR PERIOD AUDIT ADJUSTMENT X X 0 0 0 MICHAEL R SORDELLI CEO (FORMER) 466833 0 8885 0 2912 0 27369 0 6399 0 512398 0 0 0 EDDIE YOUNG CFO/ACTING CEO 230342 0 6750 0 978 0 18879 0 9490 0 266439 0 0 0 ROSALYN I REILLY COO 268815 0 8034 0 3048 0 18744 0 8934 0 307575 0 0 0 ROSE GREEN CIO 185223 0 5336 0 427 0 7556 0 16764 0 215306 0 0 0 EVELYN FERNANDEZ SVP OF FS 162184 0 4850 0 205 0 9165 0 9530 0 185934 0 0 0 DARLENE HONG VP BUSINESS DEVELOPMENT 137844 0 4120 0 240 0 11152 0 9853 0 163209 0 0 0 VICTORIA S GONG CONTROLLER 133622 0 3918 0 937 0 9967 0 8607 0 157051 0 0 0 MICHAEL MASTERS IT DIRECTOR 134274 0 3864 0 154 0 10747 0 7856 0 156895 0 0 0 DEIRDRE S CLOHERTY VP HUMAN RESOURCES 132307 0 3900 0 96 0 10712 0 12885 0 159900 0 0 0 GLENN R SYLVESTER DIRECTOR MORTGAGE X 289000 48648 0 1 1 ROBERT PUTS DIRECTOR VISA X 50000 456 0 1 1 RICHARD CORRIEA DIRECTOR VISA X 15000 13092 0 0 1 ROSALYN REILLY OFFICER AUTO X 37000 31526 0 1 1 ROSALYN REILLY OFFICER VISA X 12100 3007 0 1 1 ROSALYN REILLY OFFICER MORTGAGE X 630000 629823 0 1 1 GLENN R SYLVESTER DIRECTOR VISA X 27000 13 0 1 1 EVELYN FERNANDEZ AUTO X 16815 2332 0 0 1 EVELYN FERNANDEZ VISA X 25000 25211 0 0 1 EVELYN FERNANDEZ MORTGAGE X 600000 532720 0 0 1 EVELYN FERNANDEZ EQUITY LINE X 180000 179555 0 0 1 VICTORIA GONG EQUITY LINE X 200000 128933 0 0 1 GLENN R SYLVESTER AUTO X 13268 9448 0 0 1 1604764 FORM 990, PART VI, SECTION A, LINE 6 SAN FRANCISCO 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. SAN FRANCISCO POLICE CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF SAN FRANCISCO 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 11 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.