2018-10-16T13:50:30-05:00 2017-12-31 KPMG LLP 500 Capitol Mall Suite 2100 Sacramento CA 95814 990 2017-01-01 940362025 THE GOLDEN 1 CREDIT UNION % ALLYSON HILL SVP/CFO GOLD 9167322900 8945 CAL CENTER DRIVE SACRAMENTO CA 95826 ALLYSON HILL SVP-CFO 9167322900 2018-10-10 true MARC HOLLIS P00231474 9164484700 167.68.102.5 68051020182895000002 2018-10-16 P 2A9AE812BA7896D2A387239CCF6CFAEEE334AE1D CD97CA9486EE307CB2AF315417B54CBEE635F335 2017 2018-06-14 16:35:46Z DONNA A BLAND 8945 CAL CENTER DRIVE SACRAMENTO CA 95826 734342448 false X WWW.GOLDEN1.COM X 1933 CA THE GOLDEN 1 CREDIT UNION DELIVERS FINANCIAL SOLUTIONS WITH VALUE, CONVENIENCE, AND EXCEPTIONAL SERVICE. 11 11 2087 16 5668382 2911377 0 0 242858278 281684200 56914904 69128218 99384021 102749436 399157203 453561854 0 0 0 0 115313217 127956122 0 0 0 194129293 237849755 309442510 365805877 89714693 87755977 10617388977 11486760824 9395668766 10187619202 1221720211 1299141622 THE GOLDEN 1 CREDIT UNION DELIVERS FINANCIAL SOLUTIONS WITH VALUE, CONVENIENCE, AND EXCEPTIONAL SERVICE TO OUR MEMBERS. 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 CONTACT 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 false true true true false false false false false false false false false false false false true false true false false false false false false false false false false false false true 203362 0 true 2087 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 ALLYSON HILL SVPCFO 9167322900 8945 CAL CENTER DRIVE SACRAMENTO CA 95826 Ting Lan Sun Director, Chair 5.0 0.0 X 0 0 0 Paris Coleman Director, Vice Chair 5.0 0.0 X 0 0 0 Craig Brown Director, Secretary/Treasurer 5.0 0.0 X 0 0 0 P Craig Cornett Director 5.0 0.0 X 0 0 0 James Gomez Director 5.0 0.0 X 0 0 0 John Harrigan Director 5.0 0.0 X 0 0 0 Cassandra Jennings Director 5.0 0.0 X 0 0 0 Samantha Lui Director 5.0 0.0 X 0 0 0 Aeisha Mastagni Director 5.0 0.0 X 0 0 0 Pedro Reyes Director 5.0 0.0 X 0 0 0 Keri L Thomas Director 5.0 0.0 X 0 0 0 Donna Bland President/CEO 60.0 0.0 X 756438 0 38430 Tommy Genessy EVP/Service Ops, Security, Tec 60.0 0.0 X 405756 0 30557 Dustin Luton EVP/Finance Risk & Admin 60.0 0.0 X 404005 0 25211 Richard Musci EVP/Products and Delivery 60.0 0.0 X 431958 0 29674 Douglas Aguiar SVP/Chief Marketing Officer 60.0 0.0 X 257100 0 29153 Greg Brown SVP/Chief Lending Officer 60.0 0.0 X 331647 0 32796 Chad Carrington SVP - Security, Tech, Infrastr 60.0 0.0 X 234001 0 21219 Jose Delgado SVP/Chief Retail Officer 60.0 0.0 X 302681 0 26272 Kathy Flynn SVP- Service Operations 60.0 0.0 X 220678 0 17789 Elizabeth Freeman-Rogers SVP-Strategic Planning & CIO 60.0 0.0 X 326538 0 40312 Allyson Hill SVP-CFO 60.0 0.0 X 313873 0 28048 Courtney Linn SVP/General Counsel 60.0 0.0 X 240623 0 16528 George Myers SVP/CHIEF HR OFFICER 60.0 0.0 X 310536 0 52641 Walter Anasovitch VP-Member Care and Credit Risk 50.0 0.0 X 191173 0 26977 James Deas VP- Branch Channel Delivery 50.0 0.0 X 204865 0 33781 Diana Forti Isales VP- Cards 50.0 0.0 X 169803 0 18565 Marlen Foster VP- Digital Channel Delivery 50.0 0.0 X 200141 0 32293 Tracy Jackson VP- Human Resources 50.0 0.0 X 151043 0 16144 Ryan Kelly VP- Audit Services 50.0 0.0 X 177837 0 30079 Ryan Little VP- Consumer Lending 50.0 0.0 X 202851 0 33470 Kyle Long VP- Corporate Strategy 50.0 0.0 X 166727 0 16228 Molly Mallinson VP- Integrated Solustions 50.0 0.0 X 167538 0 12723 Michael Popp VP - Home Loans 50.0 0.0 X 249329 0 38517 Erica Taylor VP - COMM & COMNTY RELATIONS 50.0 0.0 X 181808 0 12994 Harpal Sidhu VP- IT Applications 50.0 0.0 X 240210 0 32701 Terri Bertrand Home Loan External Advisor 50.0 0.0 X 217122 0 23040 Steven Frith Financial Consultant 50.0 0.0 X 165462 0 22493 Lew Lemon Financial Consultant 50.0 0.0 X 168824 0 11866 Gary Paul Financial Consultant 50.0 0.0 X 192314 0 18616 Joshua Summerhays Financial Consultant 50.0 0.0 X 199259 0 34852 Valorie Scott SVP/CHIEF TECH & INNOVATION 50.0 0.0 X 230318 0 20821 Tamara Ferrin VP-Finance 50.0 0.0 X 114047 0 13907 Kara Fitzgerald VP-Contact Center 50.0 0.0 X 145911 0 14091 Christopher Brewer Enterprise Solutions Architect 50.0 0.0 X 104591 0 5589 Jason Budelli Manager Investment Services 50.0 0.0 X 120361 0 10970 Richard Holland Financial Consultant 50.0 0.0 X 102951 0 6742 Robert Lamp Senior Manager IT Programming 50.0 0.0 X 153089 0 19765 Edward Steinway Manager Home Loan External Pro 50.0 0.0 X 107763 0 19544 8861171 0 915398 38 true true false Sacramento Kings 660 J Sreet SACRAMENTO CA 95812 Advertising 6000000 DNA BRAND MECHANICS 1301 FIFTH AVENUE SUITE 2600 SEATTLE WA 98101 ADVERTISING 5410973 KPMG LLP Dept 0922 PO Box 120922 DALLAS TX 753120922 Consulting and Audit 822116 Buchalter Nemer 1000 Wilshire Blvd Suite 1500 LOS ANGELES CA 900172457 Attorney-Legal Serv 772330 Printing By Design PO Box 103 RESCUE CA 95672 Printing Services 621389 5 0 INTEREST INCOME - LOANS 522200 281684200 281684200 281684200 63055095 63055095 0 0 0 0 0 286804276 49442 280738154 42440 6066122 7002 6073123 6073123 0 0 0 0 0 0 0 0 0 CHECKING ACCOUNTS FEE INCOME 522100 30398865 30398865 STAR NETWORK FEE INCOME 522100 20781625 20781625 DEBIT CARD INCOME 522100 26726089 26726089 24842857 19174475 5668382 102749436 453561854 447893472 5668382 0 0 0 0 9776569 0 87179510 7511412 15461437 8027194 0 1670690 670877 0 0 0 4555978 16771040 13880412 10573449 0 16423285 931036 0 521728 18982024 0 14018430 736355 DISBURSEMENTS TO MEMBERS 29169192 PROVISION FOR LOAN LOSSES 45995056 PRODUCT SERVICES 27417525 ATM EXPENSES 22212796 13319882 365805877 147749233 155135401 0 0 0 0 462093461 767141272 6763866 6903637 0 0 7322270911 8110335887 0 0 0 0 166332648 91221232 73335180 75111416 0 0 2055261151 1807183990 0 0 0 0 549915175 564949221 10617388977 11486760824 2304551 2611164 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9393364215 10185008038 9395668766 10187619202 X 0 0 0 0 1221720211 1299141622 1221720211 1299141622 10617388977 11486760824 X 87755977 -10334566 X false true true false 9500 9500 9500 true CA CREDIT UNION LEAGUE PAC 9500 CLEVELAND AVE SUITE 200 RANCHO CUCAMONGA CA 91730 942329967 9500 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 2017. 7364026 7634026 49128058 18627729 30500329 109571299 72594238 36977061 75111416 US GOVERNMENT AGENCY OBL.-AFS 1485893603 F ANTICIPATION NOTES - HTM 0 C US GOVERNMENT AGENCY OBL.-HTM 321290387 C 1807183990 0 REGULAR SHARES 2433688164 SHARE DRAFTS AND MM ACCOUNTS 5904236967 TERM SHARE CERTIFICATES 1687155644 OTHER LIABILITIES 159927263 10185008038 X 455662540 2100686 2100686 453561854 453561854 365803186 -2691 -2691 365805877 365805877 FORM 990 In accordance with FASB ASC Subtopic 740-10 - Income Taxes - Overall, 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, 2017 and 2016 was $ 0 and $28,939 respectively, including interest and penalties, and is reported in other liabilities. As of December 31, 2017 and 2016, the Credit Union had accrued $0 and $7,302 respectively, for the interest and penalties related to unrecognized tax benefits, which is classified as other liabilities in the balance sheet. X X true true X X X X true true false Donna Bland President/CEO 565241 0 149141 0 42056 0 16200 0 22230 0 794868 0 0 0 Tommy Genessy EVP/Service Ops, Security, Tec 288464 0 80090 0 37202 0 16200 0 14357 0 436313 0 0 0 Dustin Luton EVP/Finance Risk & Admin 284562 0 82296 0 37147 0 16200 0 9011 0 429216 0 0 0 Richard Musci EVP/Products and Delivery 298783 0 87532 0 45643 0 16200 0 13474 0 461632 0 0 0 Douglas Aguiar SVP/Chief Marketing Officer 182596 0 48161 0 26343 0 15966 0 13187 0 286253 0 0 0 Greg Brown SVP/Chief Lending Officer 251896 0 58989 0 20762 0 16200 0 16596 0 364443 0 0 0 Chad Carrington SVP - Security, Tech, Infrastr 171850 0 38825 0 23326 0 14026 0 7193 0 255220 0 0 0 Jose Delgado SVP/Chief Retail Officer 245437 0 56002 0 1242 0 8100 0 18172 0 328953 0 0 0 Kathy Flynn SVP- Service Operations 171463 0 37750 0 11465 0 13302 0 4487 0 238467 0 0 0 Elizabeth Freeman-Rogers SVP-Strategic Planning & CIO 231894 0 64662 0 29982 0 16200 0 24112 0 366850 0 0 0 Allyson Hill SVP-CFO 238893 0 38610 0 36370 0 16200 0 11848 0 341921 0 0 0 Courtney Linn SVP/General Counsel 212611 0 0 28012 0 13454 0 3074 0 257151 0 0 0 George Myers SVP/CHIEF HR OFFICER 228473 0 45215 0 36848 0 16200 0 36441 0 363177 0 0 0 Walter Anasovitch VP-Member Care and Credit Risk 144784 0 26269 0 20120 0 12252 0 14725 0 218150 0 0 0 James Deas VP- Branch Channel Delivery 165393 0 32973 0 6499 0 12209 0 21572 0 238646 0 0 0 Diana Forti Isales VP- Cards 159726 0 3203 0 6874 0 9135 0 9430 0 188368 0 0 0 Marlen Foster VP- Digital Channel Delivery 169068 0 12461 0 18612 0 12354 0 19939 0 232434 0 0 0 Tracy Jackson VP- Human Resources 102563 0 12030 0 36450 0 9664 0 6480 0 167187 0 0 0 Ryan Kelly VP- Audit Services 136904 0 31500 0 9433 0 11013 0 19066 0 207916 0 0 0 Ryan Little VP- Consumer Lending 180399 0 15257 0 7195 0 12260 0 21210 0 236321 0 0 0 Kyle Long VP- Corporate Strategy 121235 0 30521 0 14971 0 10346 0 5882 0 182955 0 0 0 Molly Mallinson VP- Integrated Solustions 127679 0 7927 0 31932 0 10192 0 2531 0 180261 0 0 0 Michael Popp VP - Home Loans 200689 0 40601 0 8039 0 14676 0 23841 0 287846 0 0 0 Erica Taylor VP - COMM & COMNTY RELATIONS 139813 0 27098 0 14897 0 10937 0 2057 0 194802 0 0 0 Harpal Sidhu VP- IT Applications 183955 0 37800 0 18455 0 13901 0 18800 0 272911 0 0 0 Terri Bertrand Home Loan External Advisor 6611 0 195141 0 15370 0 13148 0 9892 0 240162 0 0 0 Steven Frith Financial Consultant 20513 0 132807 0 12142 0 10241 0 12252 0 187955 0 0 0 Lew Lemon Financial Consultant 18663 0 128279 0 21882 0 9943 0 1923 0 180690 0 0 0 Gary Paul Financial Consultant 13702 0 151409 0 27203 0 11331 0 7285 0 210930 0 0 0 Joshua Summerhays Financial Consultant 20299 0 168039 0 10921 0 12340 0 22512 0 234111 0 0 0 Valorie Scott SVP/CHIEF TECH & INNOVATION 178192 0 29501 0 22625 0 11573 0 9248 0 251139 0 0 0 Tamara Ferrin VP-Finance 69078 0 34556 0 10413 0 6208 0 7699 0 127954 0 0 0 Kara Fitzgerald VP-Contact Center 107573 0 28625 0 9713 0 8369 0 5722 0 160002 0 0 0 Christopher Brewer Enterprise Solutions Architect 99846 0 1795 0 2950 0 5589 0 0 0 110180 0 0 0 Jason Budelli Manager Investment Services 65302 0 47131 0 7928 0 6733 0 4237 0 131331 0 0 0 Richard Holland Financial Consultant 20464 0 63491 0 18996 0 6047 0 695 0 109693 0 0 0 Robert Lamp Senior Manager IT Programming 134861 0 7054 0 11174 0 8590 0 11175 0 172854 0 0 0 Edward Steinway Manager Home Loan External Pro 85073 0 15439 0 7251 0 6918 0 12626 0 127307 0 0 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.GOLDEN 1 PROVIDED A HOUSING ALLOWANCE TO ONE SVP DURING 2017 FOR RELOCATION. FORM 990, SCHEDULE J, PART I, LINE 4B DONNA BLAND, PRESIDENT AND CEO, PARTICIPATES IN A SPLIT DOLLAR LIFE INSURANCE PLAN AS APPROVED BY THE BOARD OF DIRECTORS. Donna Bland CEO Split Dollar Loan X 6752218 6903637 false true true 6903637 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 A committee of the Golden 1 Board of Directors was designated to review the Form 990, in advance of the October 18, 2018 Golden 1 Board Meeting. The committee of Board members approved the 2017 Form 990 on October 10, 2018. Copies of the 2017 Form 990 were provided to the full Golden 1 Board in advance of the filing. 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), EXECUTIVE VICE PRESIDENT (EVPS), 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/Chief Human Resources Officer 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/Chief Human Resources Officer 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 Contact 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 9 OTHER CHANGES IN NET ASSETS OR FUND BALANCE: CHANGE IN OTHER COMPREHENSIVE LOSS (12,435,251) UNREALIZED GAINS ON INVESTMENTS 2,100,685 ------------- TOTAL (10,334,566) =============