2011-05-26T11:46:01-05:00 2010-12-31 LARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2010-01-01 410519270 ST PAUL POSTAL EMPLOYEES CREDIT UNION STPA 6517707000 8499 TAMARACK RD WOODBURY MN 55125 RUSSELL PLUNKETT 6517707000 2011-05-19 1 RICHARD J GABRIELSON 5074347000 2010 2016-02-24 21:20:13Z POSTAL CREDIT UNION RUSSELL PLUNKETT 8499 TAMARACK RD WOODBURY MN 55125 28061922 0 X WWW.POSTALCU.ORG X CU 1926 MN TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP. 9 9 156 0 19382 0 0 0 27880471 25989512 3476399 1859348 2478991 0 33835861 27848860 0 0 6506843 4689722 8302581 8466280 0 0 0 16822157 12820956 31631581 25976958 2204280 1871902 475826915 488958688 435493638 447446348 40333277 41512340 TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP INCLUDING LOANS, DEPOSITS AND OTHER MISCELLANEOUS SERVICES. 0 0 THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO APPROXIMATELY 40,000 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 1 1 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 9583 0 1 156 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 1.00 X 1258 0 0 DANIEL L BLEES 1.00 X 1412 0 0 ALLAN J BRENNAN 1.00 X 733 0 0 KEITH E HAUGE 1.00 X 1089 0 0 ROGER MCCLURE 1.00 X 923 0 0 MARY WHITE 1.00 X 961 0 0 JUDY SCHADEWALD 1.00 X 886 0 0 ROBERT VANCE 1.00 X 1206 0 0 LAURIE LUDWIG 1.00 X 558 0 0 RUSSELL PLUNKETT 37.50 X 476882 0 42901 DENNIS BAUER 37.50 X 186862 0 31827 BRIAN SHERRICK 37.50 X 187204 0 32077 JEANINE SWANSON 37.50 X 134509 0 19463 LAWRENCE MIGGLER 37.50 X 145336 0 27088 KELLY JOHNSON 37.50 X 106898 0 16206 MICHAEL RUSH 37.50 X 113262 0 22660 1359979 0 192222 7 0 1 0 HEALTH PARTNERS INC PO BOX 1450 MINNEAPOLIS MN 55485 PCU EMPLOYEE HEALTHCARE 768250 FIRST DATA 5270 W 84TH ST SUITE 260 BLOOMINGTON MN 55437 DEBIT CARD/ATM CARD PROCESSOR 517560 HARLAND FINANCIAL PO BOX 53521 ATLANTA GA 30353 CORE PROCESSING SYSTEM 385243 PSCU 6454 171ST LANE NW RAMSEY MN 55303 CREDIT CARD PROCESSOR 376292 HARLAND FINANCIAL PO BOX 931898 ATLANTA GA 31193 STATEMENTS AND TAX FORMS 248927 15 LOAN INTEREST 900099 18894385 18894385 FEES & SERVICE CHGS 522100 3934275 3914893 19382 OTHER OPERATING INCOME 900099 3160852 3160852 25989512 1901465 1901465 95945 75000 213062 95945 -138062 -42117 -42117 27848860 25970130 19382 1859348 4689722 966779 5647439 1342632 509430 1641109 871626 329126 2350409 1202562 52620 PROVISION FOR LOAN LOSS 2420000 PROFESSIONAL/OUTSIDE SE 1864015 EDUCATIONAL & PROMOTION 604654 CORPORATE FUND ASSESSME 512225 LOAN SERVICING EXPENSES 493813 478797 25976958 34421874 33475948 41663231 43150036 685160 471557 329399082 344681227 1040873 1730693 28165107 10247751 17887674 17917356 30482839 25896592 3937904 3975956 16308278 17659323 475826915 488958688 3710799 3163112 55000000 55009012 376782839 389274224 435493638 447446348 X 0 0 0 0 40333277 41512340 40333277 41512340 475826915 488958688 X 1871902 -692839 X X 0 1 1 X 0 4769798 4769798 14073549 3094031 10979518 9106857 7153720 1953137 214903 214903 17917356 SECURITIES - AFS 25896592 F 25896592 MEMBER ACCOUNTS 389274224 389274224 27848860 25976958 1871902 -91876 -600963 -692839 1179063 27986923 138063 138063 27848860 0 27848860 26115021 138063 138063 25976958 0 25976958 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE COMPANY ADOPTED THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS ON JANUARY 1, 2009. AS A RESULT OF IMPLEMENTATION, THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2010. THE CREDIT UNION'S 2006 THROUGH 2009 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 8 - OTHER ADJUSTMENTS: SFAS 158 IMPLEMENTATION RELATED TO DEFINED BENEFIT PLAN -505,018. RECLASSIFICATION FOR GAINS INCLUDED IN NET INCOME -95,945. PART XII, LINE 2D - OTHER ADJUSTMENTS: (GAIN)/LOSS ON SALE OF ASSETS 138,063. PART XIII, LINE 2D - OTHER ADJUSTMENTS: (GAIN)/LOSS ON SALE OF ASSETS 138,063. X X 0 1 0 RUSSELL PLUNKETT 273535 0 3600 0 199747 0 30714 0 12187 0 519783 0 0 0 DENNIS BAUER 173851 0 8693 0 4318 0 19611 0 12216 0 218689 0 0 0 BRIAN SHERRICK 174427 0 8721 0 4056 0 20156 0 11921 0 219281 0 0 0 JEANINE SWANSON 120642 0 6032 0 7835 0 14371 0 5092 0 153972 0 0 0 LAWRENCE MIGGLER 133634 0 6682 0 5020 0 15492 0 11596 0 172424 0 0 0 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 40,000 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 KOKER GOODWIN, AN OUTSIDE CONSULTANT (KGASSOCIATES) 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 2010. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY OF THE CREDIT UNION. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -91,876. SFAS 158 IMPLEMENTATION RELATED TO DEFINED BENEFIT PLAN -505,018. RECLASSIFICATION FOR GAINS INCLUDED IN NET INCOME -95,945. TOTAL TO FORM 990, PART XI, LINE 5: -692,839. 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 SUPP0RT OF LOCAL EDUCATION INITIATIVES MN 501(C)(3) LINE 7 N/A 0 PCU SCHOLARSHIP FUND 8499 TAMARACK RD WOODBURY MN 55125 205067754 SUPPORT AND ENCOURAGEMENT OF HIGHER EDUCATION MN 501(C)(3) LINE 7 N/A 0 0 1 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 NO TRANSACTIONS OVER 50000