2022-11-15T17:21:00-06:00 2021-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2021-01-01 940760540 PACIFIC POSTAL CREDIT UNION PACI 4082758595 1040 LEIGH AVENUE SAN JOSE CA 951264152 PAUL LINDSLEY CHIEF FINANCIAL OFFICER 4082758595 2022-11-15 1 PAUL LINDSLEY 999009999 JENIFER L CHASE P01306883 5638884000 2022-11-15 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z FARDAD KHOSRAVI 1040 LEIGH AVENUE SAN JOSE CA 951264152 6862340 0 X WWW.PPCU.ORG X 1931 CA PACIFIC POSTAL CREDIT UNION BUILDS FINANCIAL PARTNERSHIPS AND PROVIDES COMPETITIVE SERVICES. 7 7 39 10 40015 0 0 0 5041740 5175320 2436649 1686521 0 0 7478389 6861841 0 0 889361 448547 3073741 3236568 0 0 0 2645877 2376920 6608979 6062035 869410 799806 243282825 255571467 207599372 219710250 35683453 35861217 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 2021 THE CREDIT UNION PROVIDED A TOTAL OF $44,916,627 IN LOAN DOLLARS TO ITS MEMBERS AND AN ADDITIONAL $9,078,936 IN PARTICIPATION LOANS. PACIFIC POSTAL CREDIT UNION PROVIDES DEPOSIT SERVICES TO MEMBERS AT LOWER THAN MARKET FEES. DURING 2021, MEMBERS INCREASED THEIR DEPOSIT ACCOUNTS TO $11,330,773 AND TOTAL MEMBERSHIP OF THE CREDIT UNION WAS 13,707 AT DECEMBER 31, 2021. FOR THE YEAR-ENDED DECEMBER 31, 2021, PACIFIC POSTAL CREDIT UNION'S PERCENTAGE OF FEE INCOME EARNED AS A PERCENTAGE OF TOTAL INCOME WAS 15%, WHICH IS LESS THAN HALF OF THE INDUSTRY STANDARD. 0 0 0 0 0 0 0 0 0 1 1 0 0 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 2415 0 1 39 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 0 0 1 1 0 0 0 CA X FARDAD KHOSRAVI 4082758595 1040 LEIGH AVENUE SAN JOSE CA 951264152 RICHARD SILVERIA CHAIR 0.50 X X 0 0 0 ROGER SOMER VICE CHAIR 0.50 X X 0 0 0 JOHANNA ROCHA SECRETARY, TREASURER 0.50 X X 0 0 0 CAROL CROTEAU DIRECTOR 0.50 X 0 0 0 MARIE FURTADO DIRECTOR 0.50 X 0 0 0 MICHAEL MEDLIN DIRECTOR 0.50 X 0 0 0 ROBERT SCALETTA DIRECTOR 0.50 X 0 0 0 FARDAD KHOSRAVI PRESIDENT & CEO 40.00 X 281851 0 27559 PAUL LINDSLEY CFO 40.00 X 143216 0 14984 CYNDEE LEMON OPERATIONS MANAGER 40.00 X 113314 0 15455 KAROLE MORIKAWA MARKETING MANAGER 40.00 X 122497 0 18725 ELSA PHAM MARKETING MANAGER 40.00 X 119230 0 16403 DAVID CLARK IT MANAGER 40.00 X 123040 0 14978 903148 0 108104 6 0 1 0 CO-OP FINANCIAL SERVICES 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 ATM SERVICES 255106 FINASTRA PO BOX 535120 ATLANTA GA 30353 DATA PROCESSING 203945 FIS 7805 HUDSON RD WOODBURY MN 55125 VISA PROCESSING 118412 CUBUS 3049 INDEPENDENCE DR SUITE A LIVERMORE CA 94551 HOMEBANKING 117160 TPX 208 S AKARD ST DALLAS TX 75202 COMMUNICATIONS 112677 5 INTEREST FROM LOANS 522100 3875205 3875205 FEE & CHARGES INCOME 522100 585983 545968 40015 M/C INTERCHANGE INCOME 522100 303538 303538 OTHER INCOME 522100 244267 244267 VISA INTERCHANGE INCOME 522100 166327 166327 5175320 1687020 1687020 499 -499 -499 -499 6861841 5135305 40015 1686521 448547 467610 1998818 130968 458130 181042 270898 177428 90966 328250 400173 29962 86 91913 77350 ATM EXPENSES 286390 LOAN/VISA EXPENSES 263733 PROVISION FOR LOAN LOSS 83500 276271 6062035 580396 641102 854770 664342 3020434 3165765 76551692 84286925 455062 478732 5280597 5020791 365302 259806 149154604 153324335 151042 113281 12149523 12637179 243282825 255571467 1130340 1910445 206469032 217799805 207599372 219710250 X 0 0 0 0 35683453 35861217 35683453 35861217 243282825 255571467 799806 -622042 0 X X 0 0 0 67017 67017 1584929 1471440 113489 3628651 3549351 79300 259806 DEPOSITS IN CORPORATE CREDIT UNIONS 16153154 C INVESTMENTS VAULUATION -1740444 F PREPAID INVESTMENT PREMIUMS 9344257 C AVAILABLE FOR SALE INVESTMETNS 129567368 F 153324335 MEMBER SHARE DEPOSITS 217799805 217799805 X X X 0 1 0 FARDAD KHOSRAVI PRESIDENT & CEO 280947 0 0 0 904 0 14093 0 13466 0 309410 0 0 0 PAUL LINDSLEY CFO 143216 0 0 0 0 0 7160 0 7824 0 158200 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS A NONQUALIFIED DEFERRED COMPENSATION PLAN IN PLACE FOR CERTAIN EXECUTIVES AS DESCRIBED IN SECTION 457(F). AMOUNTS ACCRUED UNDER SUCH A PLAN ARE PROPERLY REFLECTED IN PART VII, COLUMN F AND IN SCHEDULE J, PART II, COLUMN C. ADDITIONAL TERMS AND CONDITIONS OF SUCH PLAN ARE AVAILABLE TO THE IRS UPON REQUEST. THERE WERE NO DISBURSEMENTS DURING 2021. PARTICIPANTS INCLUDED FARDAD KHOSRAVI. FARDAD KHOSRAVI PRESIDENT/CEO NONRECOURSE SPLIT-DOLLAR LOAN X 3000000 3165765 0 1 1 3165765 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 MEMBERS OF THE CREDIT UNION OF THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR 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 11B FORM 990 IS REVIEWED BY THE PRESIDENT/CEO FOR ACCURACY BEFORE FILING WITH THE IRS. THE BOARD OF DIRECTORS REVIEWS FORM 990 AFTER IT HAS BEEN FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12 ALL VENDOR CONTRACTS ARE BOARD APPROVED. MANAGEMENT MONITORS AND REPORTS ANY CONFLICTS TO THE CEO WHO THEN REPORTS TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S SALARY IS RECOMMENDED TO THE BOARD OF DIRECTORS BY THE CEO EVALUATION COMMITTEE. SALARY IS DETERMINED BASED ON ACHIEVEMENT OF GOALS SET AND A COMPARISON WITH OTHER CEO SALARIES IN LIKE CU'S. THE CEO SETS SALARIES FOR MANAGEMENT BASED ON A PERFORMANCE APPRAISAL. RANGES FOR POSITIONS ARE SET BASED ON A THIRD PARTY SURVEY. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART IV, LINE 12A & PART XII, LINE 2B THE ORGANIZATION'S 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 ORGANIZATION'S TAX YEAR-END IS DECEMBER 31ST.