2011-11-04T19:23:21-05:00 2010-12-31 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2010-01-01 941278209 SF POLICE CREDIT UNION SFPO 4155643800 2550 IRVING STREET SAN FRANCISCO CA 94122 EDDIE YOUNG 4155643800 2011-10-31 1 8189549700 2010 2016-03-07 17:11:31Z EDDIE YOUNG 2550 IRVING STREET SAN FRANCISCO CA 94122 53541547 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 7 108 10 67920 -315328 0 0 20291347 20933679 12127961 11123143 2684798 0 35104106 32056822 0 0 10514492 0 7392221 7409745 0 0 0 12770514 19283923 30677227 26693668 4426879 5363154 714790658 634030180 625406175 542180899 89384483 91849281 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 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 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 32658 0 1 108 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 JOHN C KRISTOVICH 1.00 X 0 0 0 DAVID MAYER 1.00 X 0 0 0 RICHARD CORRIEA 1.00 X 0 0 0 ROBERT PUTS 1.00 X 0 0 0 GLENN R SYLVESTER 1.00 X 0 0 0 STEVE TACCHINI 1.00 X 0 0 0 JAMES HENNESSY 1.00 X 0 0 0 MICHAEL R SORDELLI 40.00 X 264353 0 13237 ROSALYN I REILLY 40.00 X 256012 0 11873 EDDIE YOUNG 40.00 X 194280 0 10734 ROSE GREEN 40.00 X 162674 0 7065 EVELYN FERNANDEZ 40.00 X 123148 0 8049 LISA SWANSON 32.00 X 104349 0 11093 DEIRDRE S CLOHERTY 40.00 X 113311 0 13427 DARLENE HONG 40.00 X 133283 0 12471 VICTORIA S GONG 40.00 X 123988 0 10613 NANCY D WILSON 40.00 X 115979 0 9299 MICHAEL MASTERS 40.00 X 123920 0 8983 1715297 0 116844 11 0 1 0 PSCU FINANCIAL SERVICES 19825 NORTH 7TH STREET PHOENIX AZ 85024 VISA PROCESSOR 730864 INFO IMAGE 14141 JEFFERSON DRIVE MENLO PARK CA 94025 MAILING HOUSE 301590 HARLAND FINANCIAL SOLUTIONS PO BOX 535120 ATLANTA GA 30353 SYSTEM SUPPORT 286282 CO-OP FINANCIAL SERVICES 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 DEBIT CARD PROCESSOR 264327 ORCC 4795 MEADOW WOOD LN 300 CHANTILLY VA 20151 ONLINE BANKING 260248 10 INTEREST INCOME 522100 18377269 18377269 OTHER OPERATING INCOME 522100 1437558 1426973 10585 FEE INCOME 522100 1118852 1061517 57335 20933679 10577049 10577049 22025384 5435 21483091 1634 542293 3801 546094 546094 32056822 31988902 67920 0 1715297 4343051 440451 456309 454637 23357 89767 47542 278226 859287 2311127 588862 587838 23373 72165 7145045 708691 1434051 PROVISION FOR LOAN AND 4229532 LOAN SERVICING EXPENSE 529302 MISCELLANEOUS OPERATING 185969 ASSOCIATION DUES 72212 OPERATING FEES 53075 44502 26693668 609326 873119 24309581 21472472 1167325 1126545 13050895 6069137 7233751 6981758 240983085 254227454 430257250 338684655 10230340 10664177 714790658 634030180 2424941 1835164 622981234 540345735 625406175 542180899 X 0 0 0 0 89384483 91849281 89384483 91849281 714790658 634030180 X 5363154 -2898356 X X 0 1 1 X 0 1500 1500 1500 1 LELAND YEE - SENATE 2010 1005 12TH STREET H SACRAMENTO CA 95814 1000 JACKIE SPEIER - CONGRESS PO BOX 112 BURLINGAME CA 94011 500 934450 934450 8429860 3264470 5165390 3686585 2804667 881918 6981758 OTHER 692000 C ALL OTHER INVESTMENTS IN CORPORATE CREDIT UNIONS 2000000 C DEPOSITS IN COMMERCIAL BANKS, S&LS, SAVING BANKS 20509222 C NET LOANS & LEASES 315483433 C 338684655 MEMBER SHARE ACCOUNTS 540345735 540345735 32056822 26693668 5363154 -2898356 -2898356 2464798 32056822 0 32056822 0 32056822 26693668 0 26693668 0 26693668 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: ASC 740-10-65 (FASB INTERPRETATION NO. 48, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, AN INTERPRETATION OF SFAS NO. 109) WAS ISSUED TO CREATE A SINGLE MODEL TO ADDRESS ACCOUNTING UNCERTAINTY IN TAX POSITIONS. THIS STANDARD CLARIFIES THE ACCOUNTING FOR INCOME TAXES BY PRESCRIBING A MINIMUM RECOGNITION THRESHOLD A TAX POSITION IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. THIS STANDARD ALSO PROVIDES GUIDANCE DERECOGNITION, MEASUREMENT, CLASSIFICATION, INTEREST AND PENALTIES, DISCLOSURE AND TRANSITION. THE CREDIT UNION ADOPTED THIS STANDARD ON JANUARY 1, 2009. AS A RESULT OF THE IMPLEMENTATION OF THIS STANDARD, THE CREDIT UNION DID NOT RECOGNIZE ANY LIABILITY FOR UNRECOGNIZED TAX BENEFITS. X X 0 0 0 MICHAEL R SORDELLI 249344 0 0 0 15009 0 5929 0 7308 0 277590 0 0 0 ROSALYN I REILLY 241639 0 0 0 14373 0 5794 0 6079 0 267885 0 0 0 EDDIE YOUNG 184143 0 0 0 10137 0 4383 0 6351 0 205014 0 0 0 ROSE GREEN 153685 0 0 0 8989 0 0 0 7065 0 169739 0 0 0 GLENN R SYLVESTER MORTGAGE X 289000 266902 0 1 1 JOHN C KRISTOVICH EQUITY LINE X 200000 4533 0 1 1 JOHN C KRISTOVICH VISA X 25000 4243 0 1 1 ROBERT PUTS VISA X 50000 983 0 1 1 STEPHEN TACCHINNI EQUITY LINE X 200000 63082 0 1 1 DAVID MAYER VISA X 26500 2996 0 1 1 RICHARD CORRIEA VISA X 15000 13500 0 0 1 MICHAEL R SORDELLI VISA X 12100 3496 0 1 1 ROSALYN REILLY AUTO X 37000 33529 0 1 1 ROSALYN REILLY VISA X 12100 4137 0 1 1 ROSALYN REILLY MORTGAGE X 630000 629925 0 1 1 GLENN R SYLVESTER VISA X 27000 25606 0 1 1 JAMES HENNESSY MORTGAGE X 165000 73613 0 0 1 1126545 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. 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 LOSSES ON INVESTMENTS: -2,898,356. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.