2016-11-14T19:56:06-06:00 2015-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2015-01-01 941278209 SF POLICE CREDIT UNION SFPO 4155643800 2550 IRVING STREET SAN FRANCISCO CA 94122 EDDIE YOUNG CEO 4155643800 2016-11-14 1 VALENTINO CREUS CPA P01054153 8189549700 2015 2017-02-10 21:41:12Z EDDIE YOUNG 2550 IRVING STREET SAN FRANCISCO CA 94122 82664329 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 7 115 10 225705 0 0 0 25208210 26182709 5257132 4580489 1211166 0 31676508 30763198 14948 10600 0 0 9853941 10147260 0 0 0 13861333 16201475 23730222 26359335 7946286 4403863 782682701 801362987 673160711 688455469 109521990 112907518 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 A 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 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 34124 0 1 115 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 X EDDIE YOUNG CEO 4155643800 2550 IRVING STREET SAN FRANCISCO CA 94122 MIKE HEBEL CHAIRMAN 1.00 X 0 0 0 CROCE A CASCIATO VICE CHAIR 1.00 X 0 0 0 STEPHEN TACCHINI SECRETARY 1.00 X 0 0 0 GLENN R SYLVESTER BOARD MEMBER 1.00 X 0 0 0 ROBERT PUTS BOARD MEMBER 1.00 X 0 0 0 JAMES HENNESSY BOARD MEMBER 1.00 X 0 0 0 JOHN GOLDBERG BOARD MEMBER 1.00 X 0 0 0 FRANK HEDLEY SUPV CMTE CHAIR 1.00 X 0 0 0 BARBARA BREWSTER SUPV CMTE MEMBER 1.00 X 0 0 0 RICHARD CORRIEA SUPV CMTE MEMBER 1.00 X 0 0 0 EDDIE YOUNG CEO 40.00 X 480347 0 32476 MICHAEL BARE CFO 40.00 X 201498 0 43211 RATNENDU S MUKHERJEE SVP IT/CIO & CISO 40.00 X 190087 0 19063 VICTORIA S GONG CONTROLLER 40.00 X 160854 0 21795 MICHAEL MASTERS IT DIRECTOR 40.00 X 155123 0 20012 DEIRDRE S CLOHERTY VP HUMAN RESOURCES 40.00 X 154166 0 16275 DARLENE HONG VP BUSINESS DEVELOPMENT 40.00 X 148279 0 22730 SHAMIMA RAZZAK VP OF ACCT. SERVICES 40.00 X 141789 0 17751 1632143 0 193313 20 0 1 0 NEWGROUND RESOURCES 415 W GOLF ROAD STE 19 ARLINGTON IL 60005 NEW BUILDING CONSULTANTS 1396610 PSCU FINANCIAL SERVICES 19825 NORTH 7TH STREET PHOENIX AZ 85024 VISA PROCESSOR 1256902 CO-OP FINANCIAL SERVICES 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 DEBIT CARD PROCESSOR 726265 CDW PO BOX 75723 CHICAGO IL 60675 COMPUTER MAINTENANCE 657167 Q2 SOFTWARE INC 18945 MOUNT LASSEN DRIVE CASTRO VALLEY CA 94552 ONLINE BANKING 448190 12 INTEREST ON LOANS 522100 21577377 21577377 OTHER OPERATING INCOME 522100 3232102 3200697 31405 FEE INCOME 522100 1373230 1178930 194300 26182709 4469360 4469360 52012260 51901131 111129 111129 111129 30763198 30537493 225705 0 10600 1632143 6525915 579130 801623 608449 69915 263669 11715 706317 906028 4370623 1529056 922346 244824 2163301 953202 LOAN SERVICING EXPENSE 1812081 PROVISION FOR LOAN LOSS 1227819 WRITE DOWN OF OREOS 800000 MISC OPERATING EXPENSE 125637 94942 26359335 1158043 1220865 67805351 54102258 975635 296776 903553 953276 21830029 10090895 13492035 11739134 194231174 199293827 493227138 520042705 167175 157203 10722597 13556943 782682701 801362987 6733792 3138984 666426919 685316485 673160711 688455469 X 0 0 0 0 109521990 112907518 109521990 112907518 782682701 801362987 4403863 -1018335 0 X X 0 1 X 1 0 6000 6000 6000 1 CCUL PAC 1201 K STREET SUITE 1050 SACRAMENTO CA 95814 940357265 6000 6155905 6155905 9347775 4778387 4569388 6326349 5312508 1013841 11739134 DEPOSITS IN COMMERCIAL BANKS 28684000 C NET LOANS & LEASES 474651902 F INVESTMENTS IN NATURAL PERSON CUS 3831000 C NCUA SHARE INSURANCE CAPITALIZATION DEPOSITS 6077731 C MEMBERSHIP CAPITAL 600000 C ALL OTHER INVESTMENTS 6198072 F 520042705 TOTAL SHARES AND DEPOSITS 685316485 685316485 X 29943222 0 29943222 819976 819976 30763198 25539358 0 25539358 819977 819977 26359335 PART X, LINE 2: FASB ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE FINANCIAL STATEMENTS. THIS REQUIRES THE EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE CREDIT UNION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE LIKELY THAN NOT" TO BE SUSTAINED "WHEN CHALLENGED OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS DEEMED TO NOT MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEAR ENDED DECEMBER 31, 2015, MANAGEMENT HAS DETERMINED THAT THE CREDIT UNION HAS NO MATERIAL UNCERTAIN TAX POSITIONS, AND ACCORDINGLY, THE CREDIT UNION HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON DISPOSITION OF FIXED ASSETS RECLASSIFIED BETWEEN REVENUE AND EXPENSE OTHER NON-OPERATING INCOME RECLASSIFIED BETWEEN REVENUE AND EXPENSES PART XII, LINE 4B - OTHER ADJUSTMENTS: LOSS ON DISPOSITION OF FIXED ASSETS RECLASSIFIED BETWEEN REVENUE AND EXPENSE OTHER NON-OPERATING INCOME RECLASSIFIED BETWEEN REVENUE AND EXPENSES 1 X X 0 0 0 EDDIE YOUNG CEO 458129 0 11668 0 10550 0 21200 0 11276 0 512823 0 0 0 MICHAEL BARE CFO 200647 0 0 0 851 0 17200 0 26011 0 244709 0 0 0 RATNENDU S MUKHERJEE SVP IT/CIO & CISO 189826 0 0 0 261 0 3323 0 15740 0 209150 0 0 0 VICTORIA S GONG CONTROLLER 155351 0 4263 0 1240 0 12024 0 9771 0 182649 0 0 0 MICHAEL MASTERS IT DIRECTOR 150239 0 4708 0 176 0 11341 0 8671 0 175135 0 0 0 DEIRDRE S CLOHERTY VP HUMAN RESOURCES 149708 0 4293 0 165 0 9598 0 6677 0 170441 0 0 0 DARLENE HONG VP BUSINESS DEVELOPMENT 144383 0 3648 0 248 0 11207 0 11523 0 171009 0 0 0 SHAMIMA RAZZAK VP OF ACCT. SERVICES 137898 0 3739 0 152 0 8886 0 8865 0 159540 0 0 0 GLENN R SYLVESTER DIRECTOR EQUITY LINE X 289000 45923 0 1 1 VICTORIA GONG HCE EQUITY LINE X 200000 102889 0 0 1 CROCE AL CASCIATO DIRECTOR AUTO X 20319 1772 0 1 1 MICHAEL MASTERS HCE VISA X 15000 14722 0 1 1 JOHN GOLDBERG DIRECTOR MORTGAGE X 151200 124032 0 0 1 JOHN GOLDBERG DIRECTOR EQUITY LINE X 100000 6869 0 0 1 ROBERT PUTS DIRECTOR VISA X 50000 569 0 1 1 296776 FORM 990, PART VI, SECTION A, LINE 6 S.F. POLICE CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION THAT IS OWNED AND CONTROLLED BY ITS MEMBERS, AND OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS TO ITS MEMBERS. S. F. POLICE CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF S.F. POLICE CREDIT UNION IS COMPRISED OF VOLUNTEER MEMBERS WHO ARE DIRECTLY ELECTED BY ITS MEMBERS. EACH MEMBER OF THE GOVERNING BOARD SERVES FOR A PERIOD AS PRESCRIBED BY OUR BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7B AT THE END OF EACH TERM OF THE BOARD MEMBERS, ELECTIONS ARE HELD AND BOARD MEMBERS ARE VOTED BY THE MEMBERS OF THE CREDIT UNION PURSUANT TO ITS BY-LAWS. MEMBER VOTES ARE ALSO REQUIRED TO RATIFY DECISIONS DEALING WITH REORGANIZATIONS AS IN THE CASE OF MERGER OR DISSOLUTION. 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. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.