2023-11-13T15:07:12-06:00 2022-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2022-01-01 940760540 PACIFIC POSTAL CREDIT UNION PACI 4082758595 1040 LEIGH AVENUE SAN JOSE CA 951264152 PAUL LINDSLEY CHIEF FINANCIAL OFFICER 4082758595 2023-11-11 1 PAUL LINDSLEY 999009999 0 JENIFER L CHASE P01306883 5638884000 2023-11-11 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z FARDAD KHOSRAVI 1040 LEIGH AVENUE SAN JOSE CA 951264152 7633896 0 X WWW.PPCU.ORG X 1931 CA PACIFIC POSTAL CREDIT UNION BUILDS FINANCIAL PARTNERSHIPS AND PROVIDES COMPETITIVE SERVICES. 7 7 36 10 24895 0 0 0 5175320 5563409 1686521 2070487 0 0 6861841 7633896 0 0 0 0 3236568 3294754 0 0 0 2825467 3501925 6062035 6796679 799806 837217 255571467 239600553 219710250 209790314 35861217 29810239 PACIFIC POSTAL CREDIT UNION IS COMMITTED TO CREATING A BETTER LIFE FOR OUR MEMBER OWNERS BY BUILDING FINANCIAL PARTNERSHIPS AND PROVIDING COMPETITIVE SERVICES. 0 0 PACIFIC POSTAL CREDIT UNION PROVIDES CONSUMER FINANCIAL SERVICES TO POSTAL AND CIVIL SERVICE EMPLOYEES AND THEIR FAMILIES IN A DESIGNATED GEOGRAPHICAL AREA IN CALIFORNIA. THE CREDIT UNION PROVIDES A VAST ARRAY OF LOAN PRODUCTS TO MEMBERS AT COMPETITIVE MARKET RATES AND LOWER THAN MARKET FEES. DURING 2022 THE CREDIT UNION PROVIDED A TOTAL OF $45 MILLION IN MEMBER AND PARTICIPATION LOAN DOLLARS. PACIFIC POSTAL CREDIT UNION PROVIDES DEPOSITORY SERVICES TO ITS MEMBERS. DURING 2022, MEMBERS HAD A TOTAL OF $208,477,305 IN MEMBER SHARE DEPOSITS AT DECEMBER 31, 2022. PACIFIC POSTAL CREDIT UNION'S CAPITAL PERCENTAGE AT DECEMBER 31, 2022 WAS 16%. THIS IS GREATER THAN TWO TIMES THE INDUSTRY REQUIREMENT. 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 0 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 17841 0 1 36 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 1 1 0 0 1 1 0 0 1 1 1 1 0 X FARDAD KHOSRAVI 4082758595 1040 LEIGH AVENUE SAN JOSE CA 951264152 CAROL CROTEAU VICE CHAIR 0.50 X X 0 0 0 MARIE FURTADO DIRECTOR 0.50 X 0 0 0 MICHAEL MEDLIN DIRECTOR 0.50 X 0 0 0 JOHANNA ROCHA SECRETARY, TREASURER 0.50 X X 0 0 0 ROBERT SCALETTA DIRECTOR 0.50 X 0 0 0 RICHARD SILVERIA DIRECTOR 0.50 X 0 0 0 ROGER SOMER CHAIR 0.50 X X 0 0 0 FARDAD KHOSRAVI PRESIDENT & CEO 40.00 X 322420 0 85171 PAUL LINDSLEY CFO 40.00 X 151000 0 14990 KAROLE MORIKAWA MARKETING MANAGER 40.00 X 126540 0 22371 DAVID CLARK IT MANAGER 40.00 X 132905 0 15756 CYNDEE LEMON OPERATIONS MANAGER 40.00 X 123522 0 18887 ELSA PHAM MARKETING MANAGER 40.00 X 124843 0 17067 981230 0 174242 6 0 1 0 CO-OP FINANCIAL SERVICES 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 ATM SERVICES 243478 FINASTRA PO BOX 535120 ATLANTA GA 30353 DATA PROCESSING 210171 CUBUS 3049 INDEPENDENCE DR SUITE A LIVERMORE CA 94551 HOMEBANKING 148476 FIS 7805 HUDSON RD WOODBURY MN 55125 VISA PROCESSING 147587 TPX 208 S AKARD ST DALLAS TX 75202 COMMUNICATIONS 103891 5 INTEREST FROM LOANS 522100 4324225 4324225 FEE & CHARGES INCOME 522100 578259 553364 24895 MASTERCARD INTERCHANGE INCOME 522100 298093 298093 OTHER INCOME 522100 188901 188901 VISA INTERCHANGE INCOME 522100 173931 173931 5563409 2070487 2070487 7633896 5538514 24895 2070487 573581 2005265 73419 462301 180188 39798 284658 182180 82780 523833 396696 57662 509 50408 75786 PROVISION FOR LOAN LOSS 663700 DIVIDENDS PAID TO MEMBE 335534 LOAN/VISA EXPENSES 333316 ATM EXPENSES 288960 186105 6796679 641102 5147889 664342 1990840 3165765 3093483 84286925 96312554 478732 478147 1309979 1091308 259806 218671 153324335 119259046 113281 75521 12637179 13024402 255571467 239600553 1910445 1313009 217799805 208477305 219710250 209790314 X 0 0 0 0 35861217 29810239 35861217 29810239 255571467 239600553 837217 -6888195 0 X X 0 0 0 67017 67017 1104304 1034098 70206 138658 57210 81448 218671 DEPOSITS IN CORPORATE CREDIT UNIONS 7062401 C PREPAID INVESTMENT PREMIUMS 7311067 C AVAILABLE FOR SALE INVESTMENTS 104885578 F 119259046 ACCRUED INCOME 1043114 NCUSIF DEPOSIT 1991514 OTHER ASSETS 9989774 13024402 MEMBER SHARE DEPOSITS 208477305 208477305 X X X 0 1 0 FARDAD KHOSRAVI PRESIDENT & CEO 321516 0 0 0 904 0 71225 0 13946 0 407591 0 0 0 PAUL LINDSLEY CFO 151000 0 0 0 0 0 4550 0 10440 0 165990 0 0 0 PART I, LINE 4B PACIFIC POSTAL CREDIT UNION HAS A NONQUALIFIED DEFERRED COMPENSATION PLAN IN PLACE FOR FARDAD KHOSRAVI, PRESIDENT & CHIEF EXECUTIVE OFFICER, AS DESCRIBED IN SECTION 457(F). THE TOTAL 2022 EMPLOYER CONTRIBUTIONS INTO THE PLAN ON BEHALF OF THE INDIVIDUAL IN THE AMOUNT OF $55,104 IS REPORTED AS DEFERRED COMPENSATION ON FORM 990, PART VII AND SCHEDULE J, PART II. THERE WERE NO DISTRIBUTIONS FROM THE PLAN IN 2022. FARDAD KHOSRAVI OFFICER COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 3000000 3093483 0 1 1 3093483 FORM 990, PART VI, SECTION A, LINE 6 PACIFIC POSTAL CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A PACIFIC POSTAL CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE PRESIDENT/CHIEF EXECUTIVE OFFICER FOR ACCURACY BEFORE FILING WITH THE INTERNAL REVENUE SERVICE. THE BOARD OF DIRECTORS IS PROVIDED A COPY OF THE FORM 990 PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 15 THE CHIEF EXECUTIVE OFFICER'S COMPENSATION IS EVALUATED BY A COMPENSATION COMMITTEE THAT EVALUATES THE ACHIEVEMENT OF PREVIOUSLY SET ANNUAL GOALS AND QUESTIONNAIRES THAT WERE APPROVED AND FILED BY THE BOARD OF DIRECTORS. THE CREDIT UNION CONDUCTS AN ANNUAL SURVEY OF COMPARABLE CHIEF EXECUTIVE OFFICER SALARIES OF SIMILARLY SITUATED CREDIT UNIONS AND IS REVIEWED BEFORE THE FINAL RECOMMENDATION OF SALARY TO THE BOARD OF DIRECTORS. THE CHIEF EXECUTIVE OFFICER SETS SALARIES FOR MANAGEMENT BASED ON A PERFORMANCE APPRAISAL. SALARY RANGES FOR THE POSITIONS ARE SET YEARLY BASED ON A THIRD-PARTY SURVEY. THIS PROCESS LAST OCCURRED IN 2022. FORM 990, PART VI, SECTION C, LINE 19 PACIFIC POSTAL CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE SECTION 6104(D). FORM 990, PART IV, LINE 12A & PART XII, LINE 2B PACIFIC POSTAL CREDIT UNION'S (THE CREDIT UNION) FINANCIAL STATEMENTS ARE AUDITED ON A SEPARATE BASIS BY AN INDEPENDENT ACCOUNTANT. HOWEVER, THE FINANCIAL STATEMENTS ARE AUDITED ON A FISCAL YEAR-END BASIS OF SEPTEMBER 30TH, WHILE THE CREDIT UNION'S TAX YEAR-END IS DECEMBER 31ST. FORM 990, PART I, LINES 14 & 17: IN 2022, PACIFIC POSTAL CREDIT UNION DETERMINED THAT IT WAS MORE APPROPRIATE TO INCLUDE IN THE PRIOR YEAR COLUMN FOR LINE 17 (OTHER EXPENSES) CERTAIN ITEMS INCLUDED IN PRIOR YEAR FORMS 990, PART IX, IN LINE 4 (BENEFITS PAID TO OR FOR MEMBERS). CONFORMING ADJUSTMENTS HAVE BEEN MADE TO THE CURRENT YEAR AMOUNTS LISTED IN THE CURRENT YEAR COLUMN OF PART I AND PART IX.