2012-11-02T16:33:19-05:00 2011-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2011-01-01 941278209 SF POLICE CREDIT UNION SFPO 4155643800 2550 IRVING STREET SAN FRANCISCO CA 94122 EDDIE YOUNG 4155643800 2012-10-25 1 P01054153 8189549700 2011 2016-02-24 21:20:13Z EDDIE YOUNG 2550 IRVING STREET SAN FRANCISCO CA 94122 55330907 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 7 104 10 59272 -358356 0 0 20933679 21101349 11123143 10292041 0 0 32056822 31393390 0 7100 0 0 7409745 8144803 0 0 0 19283923 19019749 26693668 27171652 5363154 4221738 634030180 695068046 542180899 594165714 91849281 100902332 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 0 1 13395 0 1 104 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 RICHARD CORRIEA 1.00 X 0 0 0 STEPHEN TACCHINI 1.00 X 0 0 0 GLENN R SYLVESTER 1.00 X 0 0 0 ROBERT PUTS 1.00 X 0 0 0 MIKE HEBEL 1.00 X 0 0 0 DAVID MAYER 1.00 X 0 0 0 JAMES HENNESSY 1.00 X 0 0 0 FRANK HEDLEY 1.00 X 0 0 0 BARBARA BREWSTER 1.00 X 0 0 0 JOHN GOLDBERG 1.00 X 0 0 0 MICHAEL R SORDELLI 40.00 X 301922 0 27592 ROSALYN I REILLY 40.00 X 266657 0 25907 EDDIE YOUNG 40.00 X 234265 0 22674 ROSE GREEN 40.00 X 165451 0 22313 EVELYN FERNANDEZ 40.00 X 143543 0 13497 VICTORIA S GONG 40.00 X 131971 0 15777 DARLENE HONG 40.00 X 131694 0 18334 MICHAEL MASTERS 40.00 X 127927 0 15950 DEIRDRE S CLOHERTY 40.00 X 121116 0 20122 1624546 0 182166 12 0 1 0 PSCU FINANCIAL SERVICES 19825 NORTH 7TH STREET PHOENIX AZ 85024 VISA PROCESSOR 933124 INFO IMAGE 14141 JEFFERSON DRIVE MENLO PARK CA 94025 MAILING HOUSE 282157 CO-OP FINANCIAL SERVICES 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 DEBIT CARD PROCESSOR 268607 HARLAND FINANCIAL SOLUTIONS PO BOX 535120 ATLANTA GA 30353 SYSTEM SUPPORT 229175 SIMON & ASSOCIATES 12000 PICO BLVD LOS ANGELES CA 90064 ADVERTISING 194001 6 INTEREST ON LOANS 522100 18418598 18418598 OTHER OPERATING INCOME 522100 1636784 1620116 16668 FEE INCOME 522100 1045967 1003363 42604 21101349 9884379 9884379 24345179 23937517 407662 407662 407662 31393390 31334118 59272 0 7100 1624546 5021747 465305 538023 495182 65095 98700 419635 883549 2444474 502953 615143 122554 5367843 773495 1189637 PROV. FOR LOAN LOSSES 5199692 LOAN SERVICING EXPENSE 1111702 MISC OPERATING EXPENSE 169970 EXAM & SUPV. FEES 55307 27171652 873119 839323 21472472 20081834 1126545 2520061 13530581 6841150 6981758 6689431 254227454 289104786 343559302 357243547 201246 5789530 18387818 634030180 695068046 1835164 2562490 540345735 591603224 542180899 594165714 X 0 0 0 0 91849281 100902332 91849281 100902332 634030180 695068046 X 4221738 4831313 X X 0 1 1 X 0 6000 6000 6000 1 CCUL PAC 1201 K STREET SUITE 1050 SACRAMENTO CA 95814 940357265 6000 934450 934450 8429860 3590324 4839536 4166271 3250826 915445 6689431 DEPOSITS IN COMMERCIAL BANKS 27199808 F NET LOANS & LEASES 325397529 F INVESTMENTS IN NATURAL PERSON CUS 494000 F NUCA SHARE INSURANCE CAPITALIZATION DEPOSITS 4152210 F 357243547 MEMBER SHARE ACCOUNTS 591603224 591603224 31393390 27171652 4221738 4061750 769563 4831313 9053051 31430138 0 31430138 -36748 -36748 31393390 26743895 0 26743895 427757 427757 27171652 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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" OF BEING 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, 2011, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. THE CREDIT UNION IS NOT SUBJECT TO EXAMINATION BY U.S. FEDERAL AND STATE TAX AUTHORITIES FOR TAX YEARS BEFORE 2006. X X 0 0 0 MICHAEL R SORDELLI 299660 0 0 0 2262 0 20532 0 7060 0 329514 0 0 0 ROSALYN I REILLY 264941 0 0 0 1716 0 18400 0 7507 0 292564 0 0 0 EDDIE YOUNG 233742 0 0 0 523 0 16313 0 6361 0 256939 0 0 0 ROSE GREEN 165097 0 0 0 354 0 7077 0 15236 0 187764 0 0 0 EVELYN FERNANDEZ 143355 0 0 0 188 0 7023 0 6474 0 157040 0 0 0 DARLENE HONG 131460 0 0 0 234 0 10772 0 7562 0 150028 0 0 0 GLENN R SYLVESTER MORTGAGE X 289000 262356 0 1 1 ROBERT PUTS VISA X 50000 3074 0 1 1 STEPHEN TACCHINNI EQUITY LINE X 200000 100936 0 1 1 DAVID MAYER VISA X 26500 4445 0 0 1 RICHARD CORRIEA VISA X 15000 14207 0 0 1 MICHAEL R SORDELLI VISA X 12100 2372 0 1 1 ROSALYN REILLY AUTO X 37000 39351 0 1 1 ROSALYN REILLY VISA X 12100 2381 0 1 1 ROSALYN REILLY MORTGAGE X 630000 629870 0 1 1 GLENN R SYLVESTER VISA X 27000 18126 0 1 1 JAMES HENNESSY MORTGAGE X 165000 61357 0 1 1 DEIRDRE CLOHERTY MORTGAGE X 450000 388674 0 0 1 EVELYN FERNANDEZ AUTO X 16815 9005 0 0 1 EVELYN FERNANDEZ SECURED LOAN X 20109 4007 0 0 1 EVELYN FERNANDEZ VISA X 25000 23133 0 0 1 EVELYN FERNANDEZ MORTGAGE X 600000 557303 0 0 1 EVELYN FERNANDEZ EQUITY LINE X 180000 179924 0 0 1 MICHAEL MASTERS AUTO X 7450 3095 0 0 1 MICHAEL MASTERS VISA X 10000 9969 0 0 1 VICTORIA GONG EQUITY LINE X 200000 195318 0 0 1 VICTORIA GONG VISA X 25000 11158 0 0 1 2520061 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 4,061,750. PRIOR PERIOD ADJUSTMENTS: 769,563. TOTAL TO FORM 990, PART XI, LINE 5: 4,831,313. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.