2011-11-09T16:25:53-06:00 2010-12-31 KPMG LLP 400 Capitol Mall Suite 800 Sacramento CA 95814 990 2010-01-01 940362025 THE GOLDEN 1 CREDIT UNION GOLD 9167322900 8945 CAL CENTER DRIVE SACRAMENTO CA 95826 Tamara Ferrin 2011-11-04 MARC A HOLLIS 9164484700 2010 2016-02-24 21:20:13Z DONNA A BLAND 8945 CAL CENTER DRIVE SACRAMENTO CA 95826 605835052 false 1526 X WWW.GOLDEN1.COM X 1933 CA THE GOLDEN 1 CREDIT UNION DELIVERS FINANCIAL SOLUTIONS WITH VALUE, CONVenience, AND EXCEPTIONAL SERVICE. 11 11 1804 23 5786787 1026815 0 0 254129069 228677232 13337790 57736003 109988593 77620304 377455452 364033539 0 0 0 0 72092576 70785300 0 0 0 330248647 218125716 402341223 288911016 -24885771 75122523 7621152762 7748674102 6960800483 7002865053 660352279 745809049 THE GOLDEN 1 CREDIT UNION DELIVERS FINANCIAL SOLUTIONS WITH VALUE, CONVENIENCE, AND EXCEPTIONAL SERVICE. THE PURPOSE OF THE CORPORATION IS TO ENGAGE IN CREDIT UNION BUSINESS AND ANY OTHER LAWFUL ACTIVITIES WHICH ARE NOT PROHIBITED TO A CREDIT UNION BY APPLICABLE LAWS OR REGULATIONS. false false GOLDEN 1 OFFERS AN ARRAY OF DEPOSIT PRODUCTS TO OUR MEMBERSHIP INCLUDING SAVINGS, CHECKING, MONEY MARKET, IRAS AND CERTIFICATES. WHILE EARNING COMPETITIVE DIVIDEND RATES, OUR MEMBERSHIP CAN ACCESS THEIR DEPOSITS THROUGH OUR BRANCH NETWORK, VIA AN ATM, ONLINE OR BY CALLING OUR MEMBER SERVICE CALL CENTER. GOLDEN 1 OFFERS AN ARRAY OF COMPETITIVE LOAN OPTIONS TO OUR MEMBERSHIP, INCLUDING NEW AND USED AUTO, FIRST MORTGAGE, HOME EQUITY, CREDIT CARD AND PERSONAL LOANS. GOLDEN 1 STRIVES TO MAINTAIN COMPETITIVE PRICING AND A VARIETY OF LOAN PRODUCTS THAT MEET OUR MEMBER'S BORROWING NEEDS. MEMBERS CAN APPLY FOR LOANS IN A BRANCH, ONLINE, OR AT AN AUTO DEALERSHIP. GOLDEN 1 OFFERS OUR MEMBERS AN ARRAY OF INSURANCE AND INVESTMENT-RELATED PRODUCTS SUCH AS CREDIT LIFE/CREDIT DISABILITY, MECHANICAL BREAKDOWN INSURANCE, GUARANTEED ASSET PROTECTION AND FINANCIAL CONSULTING. false false true false false false false false false true true false true true true true false false false false false false false false false false false false true false false false false false false false false false false false false false false false true 184241 0 true 1804 true true true false false false false false X 11 11 false false false false true true true true true false true true true true true true true true true true false CA X X TAMARA FERRIN VPCONTROLLER 9167322900 8945 CAL CENTER DRIVE SACRAMENTO CA 95826 PEDRO REYES 5.0 X 0 0 0 CASSANDRA JENNINGS 5.0 X 0 0 0 THOMAS MCCAFFERY 5.0 X 0 0 0 CRAIG BROWN 5.0 X 0 0 0 PARIS COLEMAN 5.0 X 0 0 0 P CRAIG CORNETT 5.0 X 0 0 0 JAMES GOMEZ 5.0 X 0 0 0 JOHN HARRIGAN 5.0 X 0 0 0 MANUEL MATEO 5.0 X 0 0 0 TING LAN SUN 5.0 X 0 0 0 KERI L THOMAS 5.0 X 0 0 0 JUDY AGAN 5.0 X 0 0 0 MARIA CORNELIUS 5.0 X 2067 0 0 DONNA BLAND 60.0 X 277617 0 34414 TAMMY DAVIS 60.0 X 150757 0 19131 ROBERT GARRISON 60.0 X 158065 0 12612 TOMMY GENESSY 60.0 X 191082 0 28331 CHARLES GOSS 60.0 X 61488 0 3140 LEONARD GZESH 60.0 X 172739 0 11321 SCOTT INGRAM 60.0 X 156653 0 17368 WILLIAM THORLA 60.0 X 152686 0 22859 EDWARD MARR 50.0 X 152113 0 18293 JAMES ANDERSON 50.0 X 132812 0 22064 JOHN DANNELLEY 50.0 X 125415 0 16051 KARA GIANO 50.0 X 132096 0 6039 RICHARD LOHMEYER 50.0 X 129138 0 17283 MICHAEL POPP 50.0 X 125910 0 22011 TERESA HALLECK 60.0 X 438828 0 17404 2559466 0 268321 14 true true false PRINTING BY DESIGN PO BOX 103 RESCUE CA 95672 PRINTING SERVICES 749558 DOWNEY BRAND 621 CAPITOL MALL 18TH FLOOR SACRAMENTO CA 95814 LEGAL SERVICES 370893 BUCHALTER NEMER 1100 WISHIRE BLVD SUITE 1500 LOS ANGELES CA 900172457 LEGAL SERVICES 256397 KPMG LLP DEPT 922 PO BOX 120001 DALLAS TX 753120922 ACCOUNTING SERVICES 211935 DIXON CUSTOM BUILDERS 1015 SKILLMAN LANE PETALUMA CA 94952 CONSTRUCTION SERVICE 151701 5 0 INTEREST INCOME - LOANS 522200 228677232 228677232 228677232 55713942 55713942 0 0 243778106 45468 241762321 39192 2015785 6276 2022061 2022061 0 0 0 CHECKING ACCOUNTS FEE INCOME 522100 30825259 30825259 DEBIT CARD INCOME 522100 12602459 12602459 STAR NETWORK FEE INCOME 522100 12866945 12866945 21325641 15538854 5786787 77620304 364033539 358246752 5786787 0 0 0 0 2827787 0 53573804 3068195 6887183 4428331 0 0 255438 0 0 0 1568105 4500617 11050123 6101173 0 13800031 210353 0 197205 2186372 0 10558968 828760 DISBURSEMENTS TO MEMBERS 72669566 PROVISION FOR LOAN LOSSES 42556961 NCUSIF STABILIZATION 15532815 PRODUCT SERVICES 13086861 ATM EXPENSE 11054878 11967490 288911016 112647674 110290841 779904067 606082622 3986434315 3589954127 137994098 84176630 63172419 53817468 2302182632 2960060563 376811655 428468481 7621152762 7748674102 7690712 5278452 6953109771 6997586601 6960800483 7002865053 X 660352279 745809049 660352279 745809049 7621152762 7748674102 X 75122523 10334247 X false true true X false 251 251 251 true CA CREDIT UNION LEAGUE PAC 9500 CLEVELAND AVE SUITE 200 RANCHO CUCAMONGA CA 91730 942329967 251 FORM 990 SCHEDULE C, PART 1-A, LINE 1 THE GOLDEN 1 CREDIT UNION CONTRIBUTED TO THE CALIFORNIA CREDIT UNION LEAGUE POLITICAL ACTION COMMITTEE (PAC) DURING 2010. 7634025 7634025 43321296 10216724 33104572 87038775 73959904 13078871 53817468 US GOVERNMENT AGENCY OBL.-AFS 2220416925 F ANTICIPATION NOTES - HTM 554245436 C US GOVERNMENT AGENCY OBL.-HTM 24803870 C SECURITIES OF FDIC NOTES - HTM 160594332 C 2960060563 PAYROLL DEDUCTION RECEIVABLE 299781245 OTHER ASSETS 128687236 428468481 0 REGULAR SHARES 903330943 SHARE DRAFTS AND MM ACCOUNTS 3397411748 TERM SHARE CERTIFICATES 1906194513 OTHER LIABILITIES 65550255 OTHER DEPOSITS 225099142 BORROWED FUNDS 500000000 6997586601 364033539 288911016 75122523 1015851 1015851 76138374 365049390 1015851 0 0 0 1015851 364033539 364033539 288911016 0 0 0 0 0 288911016 288911016 FORM 990 Beginning with the adoption of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, included in FASB ASC Subtopic 740-10 - Income Taxes - Overall, as of January 1, 2009, the Credit Union recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The amount of unrecognized tax benefits at December 31, 2010 and 2009 was $1,455,918 and $1,393,055, respectively, including interest and penalties, and is reported in other liabilities. As of December 31, 2010 and 2009, the Credit Union had accrued $225,041 and $543,592, respectively, for the interest and penalties related to unrecognized tax benefits, which is classified as other liabilities in the balance sheet. For years before 2003, the Credit Union is no longer subject to state income tax examinations. For years before 2004, the Credit Union is no longer subject to U.S. Federal income tax examinations. X true true X X X false true false DONNA BLAND 260014 0 0 0 17603 0 13224 0 21190 0 312031 0 TAMMY DAVIS 103639 0 0 0 47118 0 4482 0 14649 0 169888 0 ROBERT GARRISON 148976 0 0 0 9089 0 7065 0 5547 0 170677 0 TOMMY GENESSY 145287 0 0 0 45795 0 8872 0 19459 0 219413 0 LEONARD GZESH 132706 0 0 0 40033 0 5441 0 5880 0 184060 0 SCOTT INGRAM 144098 0 0 0 12555 0 7233 0 10135 0 174021 0 WILLIAM THORLA 144080 0 0 0 8606 0 7200 0 15659 0 175545 0 TERESA HALLECK 218497 0 76000 0 144331 0 7350 0 10054 0 456232 0 EDWARD MARR 112534 0 0 0 39579 0 5762 0 12531 0 170406 0 JAMES ANDERSON 125941 0 0 0 6871 0 4015 0 18049 0 154876 0 FORM 990 SCHEDULE J, PART I, LINE 1A THE CREDIT UNION WILL REIMBURSE A DIRECTOR FOR REASONABLE ACTUAL EXPENSES INCURRED IN CONNECTION WITH ATTENDING APPROVED CONFERENCES, SEMINARS, AND OTHER BUSINESS FUNCTIONS. REIMBURSEMENT MAY INCLUDE EXPENSES FOR ONE IMMEDIATE FAMILY MEMBER TO FACILITATE TRAVEL TO AND FROM SUCH EVENT PER GOLDEN 1'S BOARD TRAVEL POLICY. FORM 990 SCHEDULE J, PART I, LINE 4B Teresa Halleck, president and CEO through August 11, 2010, participated in a 457(F) plan as approved by the board of directors. However, no compensation was paid. Effective July 30, 2010 Donna Bland became interim President and CEO of Golden 1. Teresa Halleck resigned effective August 12, 2010. FORM 990 PART VI, LINE 7A The Golden 1 Credit Union members have the right to vote for the election of Directors. The Golden 1 has one class of members that shall be restricted to the persons and organizations having specific affiliations or identifying characteristics established by the Board of Directors in our Field of Membership. The Golden 1's Field of Membership includes persons who live and/or regularly work in one of our regulatory-permissible community charter counties and employees and immediate family members of our regulatory-permissible organizations. FORM 990 PART VI, LINE 7B THE GOLDEN 1 CREDIT UNION MEMBERS, BY A TWO-THIRDS (2/3) VOTE, SHALL HAVE THE POWER TO REVIEW THE ACTS AND REVERSE THE DECISIONS OF THE BOARD OF DIRECTORS OF THIS CREDIT UNION. FORM 990 PART VI, LINE 11A/11B The 2010 Form 990 was reviewed by Golden 1's Board of Directors in advance of filing. A committee of the Golden 1 Board of Directors was designated to review the Form 990, in advance of the October 20, 2011 Golden 1 Board Meeting. Copies of the 2010 Form 990 were provided to the full Golden 1 Board, and at the recommendation of the committee of Board members, the Golden 1 Board of Directors approved (as filed) the 2010 Form 990 on October 20, 2011. FORM 990 PART VI, LINE 12C In accordance with Board Policy, The Golden 1 requires all elected officials, committee members, officers, managers and other key employees designated by the Chief Executive Office to receive, complete, and sign an annual Statement of Disclosure Form. The Statement of Disclosure asks a series of questions pertaining to potential conflicts of interest. The Golden 1 Administration Department coordinates the distribution, collection and exception review of the completed statements. Golden 1's Internal Audit Department performs an annual audit of the Statement of Disclosures to ensure compliance with Board Policy, timeliness of the process and appropriate review of completed statements. On an annual basis, the Board also reviews and approves the related Board Policy and Statement of Disclosure Form. FORM 990 PART VI, LINE 15A/15B Officers of The Golden 1 Credit Union include the Chief Executive Officer (CEO) and Senior Vice Presidents (SVPs). The compensation review process for Officers is as follows: CEO COMPENSATION: A committee consisting of four members from the Board of Directors (called the CEO Compensation Committee) is formed each year to review CEO Compensation. The Chairman of this Committee directs the SVP of Human Resources to provide pay trend information for review and consideration taking into consideration asset size, business scope, and overall complexity of the operations. Similar industry and banking surveys are used for comparison purposes. The results, which are provided to the Committee, compares benchmark base pay, incentive pay, and total compensation to Golden 1's current CEO compensation package. After review and consideration, the Committee provides a recommendation to the full Board of Directors for approval. THE DECISION IS DOCUMENTED CONTEMPOARENOUSLY AND MAINTAINED IN HUMAN RESOURCES. SVP COMPENSATION: A similar analysis is performed for the SVPs as requested by the President & CEO. Similar industry and banking surveys are used as referenced above. An overall competitive analysis is performed by the SVP of Human Resources and the results and supporting documentation are presented to the CEO. FORM 990 PART VI, LINE 19 The Golden 1 Credit Union's Form 990 will be available on GuideStar.org for public inspection. The Golden 1 Credit Union's quarterly National Credit Union Administration (NCUA) Call 5300 Report contains financial and statistical data. This regulatory report is available for public inspection online at NCUA.gov. Golden 1's Annual Report is publically available on our website at golden1.com. Golden 1 members may request copies of financial statements by calling our Member Service Call Center. Form 990 PART VI, LINE 6 The Golden 1 Credit Union provides financial services for its regulatory-permissible field of membership. Form 990 Part IV, Line 26 Loans from the credit union to interested persons were made on the same terms as offered to other members of the credit union. FORM 990 PART XI, LINE 5 OTHER CHANGES IN NET ASSETS OR FUND BALANCE: CHANGE IN OTHER COMPREHENSIVE INCOME $ 9,318,396 UNREALIZED GAINS ON INVESTMENTS 1,015,851 ------------ TOTAL 10,334,247 ============ FORM 990 PRIOR TO THE 2008 FORM 990, THE GOLDEN 1 CREDIT UNION WAS PART OF THE GROUP FILING FOR CREDIT UNIONS IN THE STATE OF CALIFORNIA, BY THE DEPARTMENT OF FINANCIAL INSTITUTIONS (DFI).