2014-11-07T13:40:23-06:00 2013-12-31 410746749 CLIFTONLARSONALLEN LLP 20 E THOMAS RD STE 2300 PHOENIX AZ 85012 990 2013-01-01 946087440 COMMONWEALTH CENTRAL CREDIT UNION COMM 4085313100 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 VIKTORIA EARLE CFO 4085313100 2014-10-27 1 JANIS K ISAACSON CPA P00089104 6022662248 2013 2015-11-30 17:44:51Z VIKTORIA EARLE 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 17355933 0 X WWW.WEALTHCU.ORG X 1958 CA TO PROMOTE THRIFT AMONG MEMBERS AND CREATE A SOURCE OF CREDIT FOR MEMBERS. 7 7 110 10 109305 -38215 0 0 17637545 17355933 0 0 0 0 17637545 17355933 0 7000 0 0 7258725 7494286 0 0 0 7223453 5184723 14482178 12686009 3155367 4669924 372585263 399362477 338828681 362402221 33756582 36960256 TO PROMOTE THRIFT AMONG AND CREATE A SOURCE OF CREDIT FOR MEMBERS. 0 0 THE CREDIT UNION PROVIDES CONSUMER LOANS, SHARE AND SHARE DRAFT ACCOUNTS, SHARE CERTIFICATES AND OTHER EXEMPT FUNCTION ACTIVITIES TO ITS MEMBERS. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 3795 0 1 110 1 1 1 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X X VIKTORIA EARLE 4085313236 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 ROBERT BRYANT DIRECTOR 1.00 X 0 0 2120 LYLE CHAMBERS DIRECTOR 1.00 X 0 0 2964 JAMES CRAWFORD TREASURER 1.00 X 0 0 0 DR RODGER CRYER VICE CHAIRMAN 1.00 X 0 0 7960 MICHAEL F FILICE JR CHAIRMAN 1.00 X 0 0 5406 BARRY SCHIMMEL DIRECTOR 1.00 X 0 0 0 GERALD WELTZIN SECRETARY 1.00 X 0 0 5512 CRAIG WEBER CEO 40.00 X 358481 0 27269 LISA BROWN VP, HUMAN RESOURCE DEVELOP 40.00 X 197542 0 8253 JAMES BOYLE VP, MARKETING 40.00 X 174725 0 19236 ED MACHADO VP, IT AND SUPPORT SERVICE 40.00 X 158612 0 23021 MANUEL CARINO AVP, IT 40.00 X 121637 0 19844 SYLVIA GRANGER AVP, RETAIL SERVICES 40.00 X 123538 0 12639 HAROLD DEGUZMAN FORMER CFO 40.00 X 112306 0 10115 RICHARD SANDENAW VP, OPERATIONS AND LENDING 40.00 X 128222 0 13671 1375063 0 158010 8 1 1 0 0 PROGRAM SERVICE REVENUE 522100 17246628 17246628 UNRELATED BUSINESS INCOME 900099 109305 109305 17355933 17355933 17246628 109305 0 7000 1509111 4448618 163138 964383 409036 65013 42000 811121 7278 1071704 55275 53797 495903 300351 122092 OPERATING EXPENSES 3660189 PROVISION FOR LOAN LOSS -1500000 12686009 2635631 4128203 70045368 76563510 208186679 239118032 25408069 11516441 14372441 13891628 62938739 49567163 14406405 16093941 372585263 399362477 3464112 3615729 335364569 358786492 338828681 362402221 X 0 0 0 0 33756582 36960256 33756582 36960256 372585263 399362477 X 4669924 -1466250 X X 0 1 X 1 0 1189220 1189220 15635930 3834515 11801415 1010397 654141 356256 7053866 6573048 480818 518656 454737 63919 13891628 AVAILABLE-FOR-SALE 41617704 F OTHER INVESTMENTS 7949459 C 49567163 MEMBERS' SHARE AND SAVINGS ACCOUNTS 358786492 358786492 X 17355933 0 17355933 0 17355933 12686009 0 12686009 0 12686009 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. CERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS), IN TECHNICAL ADVICE MEMORANDUMS (TAMS) RELEASED IN 2007, TO BE UNRELATED TO THE SPECIFIC ENTITY'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELLBEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. THE CREDIT UNION FILED TAX RETURNS FOR CALENDAR 2012 AND 2011 FOR ACTIVITIES THEY HAVE DEEMED TAXABLE AND HAS A MINIMAL NET OPERATING LOSS CARRYFORWARD AS OF THE 2012 CALENDAR YEAR AND IS IN PROCESS OF FILING THE 2013 RETURN. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2013 AND 2012. 1 SCHOLARSHIPS 7 7000 PART I, LINE 2: EACH PARTICIPANT MUST SUBMIT AN APPLICATION AND AN ESSAY. A COMMITTEE REVIEWS THE APPLICATION AND CHOOSES THE APPLICANT BASED ON THE CONTENT OF THEIR APPLICATION AND ESSAY. X X 1 1 X X X X X 0 0 0 CRAIG WEBER CEO 342648 0 15833 0 0 0 10200 0 17069 0 385750 0 0 0 LISA BROWN VP, HUMAN RESOURCE DEVELOP 186089 0 11453 0 0 0 7074 0 1179 0 205795 0 0 0 JAMES BOYLE VP, MARKETING 167556 0 7169 0 0 0 7242 0 11994 0 193961 0 0 0 ED MACHADO VP, IT AND SUPPORT SERVICE 151883 0 6729 0 0 0 6797 0 16224 0 181633 0 0 0 HAROLD DEGUZMAN FORMER CFO 103133 0 9173 0 0 0 3319 0 6796 0 122421 0 0 0 RICHARD SANDENAW VP, OPERATIONS AND LENDING 120866 0 7356 0 0 0 5254 0 8417 0 141893 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 CREDIT UNION DEPOSITORS ARE CONSIDERED MEMBERS OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11 A COPY OF THE FORM 990 WILL BE SENT TO THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO THE ACTUAL FILING. FORM 990, PART VI, SECTION B, LINE 12C IN ACCORDANCE WITH OUR BOARD POLICY, PERSONNEL POLICIES AND NON-DISCLOSURE/CONFIDENTIALITY AGREEMENT (THAT CONTAINS A CONFLICT OF INTEREST CLAUSE), COMMONWEALTH EMPLOYEES ARE REQUIRED TO DISCLOSE THE FOLLOWING INFORMATION UPON HIRE AND AT ANY TIME DURING THEIR EMPLOYMENT: - EMPLOYEE AND RELATIVE ACCOUNTS: UPON HIRE AND THEN ON AN ANNUAL BASIS, ALL EMPLOYEES ARE REQUIRED TO COMPLETE A FORM DISCLOSING ANY MEMBER ACCOUNTS BELONGING TO THEM AND/OR THEIR FAMILY MEMBERS. - CONFLICTING OUTSIDE EMPLOYMENT: IN CONJUNCTION WITH THEIR OFFER OF EMPLOYMENT LETTERS, NEW EMPLOYEES ARE REQUIRED TO SIGN A NON-DISCLOSURE/CONFIDENTIALITY AGREEMENT WHICH INCLUDES A CONFLICT OF INTEREST CLAUSE RELATING TO OUTSIDE EMPLOYMENT. ADDITIONALLY, NEW AND EXISTING EMPLOYEES ARE REQUIRED TO REPORT TO THEIR MANAGER ANY OUTSIDE EMPLOYMENT SO THAT THE CEO AND VP OF HUMAN RESOURCES CAN DETERMINE IF A CONFLICT OF INTEREST EXISTS. - CONFLICT OF INTEREST: AS REQUIRED BY COMMONWEALTHS CODE OF ETHICAL CONDUCT, ALL VOLUNTEERS AND EMPLOYEES MUST DISCLOSE AND REPORT TO THE PRESIDENT/CEO ANY POSSIBLE CONFLICT OF INTEREST IN THEIR BUSINESS DEALINGS. FURTHERMORE, ALL EMPLOYEES ARE REQUIRED TO DISCLOSE TO THE PRESIDENT/CEO ANY GIFTS, GRATUITIES, AMENITIES, MEALS, ENTERTAINMENT, ETC. TO DETERMINE WHETHER OR NOT ACCEPTANCE OF SUCH ITEMS WOULD BE DEEMED A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 COMMONWEALTH RETAINS AN OUTSIDE COMPENSATION CONSULTING FIRM, HRN PERFORMANCE SOLUTIONS (HRN), TO ASSIST IN ITS SALARY ADMINISTRATION EFFORTS. SPECIFICALLY, HRN WORKS WITH THE PRESIDENT/CEO AND THE VP OF HUMAN RESOURCE DEVELOPMENT TO DEVELOP A COMPREHENSIVE COMPENSATION STRUCTURE THAT INCLUDES ANNUAL MARKET EVALUATIONS, SALARY GRADE STRUCTURE AND AN INTEGRATED JOB DESCRIPTION DATABASE. THE CURRENT COMPENSATION STRUCTURE WAS INITIALLY DEVELOPED AND IMPLEMENTED IN 2003. SINCE THEN, THE STRUCTURE HAS BEEN MAINTAINED AND ADMINISTERED BY THE CREDIT UNIONS HUMAN RESOURCES DEPARTMENT WITH THE ASSISTANCE OF HRN USING A COMPENSATION SOFTWARE PACKAGE. ON AN ANNUAL BASIS, HRN PARTICIPATES (ON BEHALF OF COMMONWEALTH) IN AT LEAST 10 SALARY SURVEYS FOR USE IN BENCHMARKING PAY DATA WITH MARKET RATES. THE PAY RANGES ARE ADJUSTED ANNUALLY TO REFLECT CHANGES IN MARKET CONDITIONS AND THE RANGES INCORPORATE GEOGRAPHIC WAGE DIFFERENTIALS. THE VP OF HUMAN RESOURCES PROVIDES OVERSIGHT TO THE HUMAN RESOURCES STAFF IN SALARY ADMINISTRATION PRACTICES BY UTILIZING ALL OF THE ABOVE-MENTIONED RESOURCES PROVIDED BY HRN. FURTHERMORE, THE HR DEPARTMENT ADMINISTERS COMPENSATION THROUGH THE MANAGEMENT OF COMPARATIOS. (THE COMPARATIO IS A MATHEMATICAL CALCULATION THAT IDENTIFIES THE RELATIONSHIP BETWEEN ACTUAL PAY AND MARKET RATE FOR A PERSON, DEPARTMENT OR THE TOTAL CREDIT UNION. FOR EXAMPLE, A 90% COMPARATIO FOR AN INDIVIDUAL SAYS THAT THE INDIVIDUAL IS BEING PAID AT 90% OF THE PREVAILING MARKET RATE FOR HIS/HER JOB. THE COMPARATIO IS DETERMINED BY DIVIDING ACTUAL PAY BY THE RATE ESTABLISHED AS THE MID-POINT FOR THE GRADE.) AS MARKET CONDITIONS NECESSITATE, A MID-YEAR REVIEW OF THE COMPENSATION STRUCTURES MARKET COMPETITIVENESS IS CONDUCTED WITH THE ASSISTANCE OF HRN. EXECUTIVE COMPENSATION PRACTICES ALSO EMPLOY THE SAME METHODOLOGIES AS OUTLINED ABOVE, AND HRN PROVIDES GUIDANCE AND RECOMMENDATIONS AS NEEDED. PAY GRADES AND RANGES ARE ESTABLISHED FOR EACH SENIOR MANAGEMENT LEVEL POSITION AND COMPARATIOS ARE ALSO USED WITH SUCH POSITIONS. HRN ALSO PROVIDES CONSULTING SERVICES FOR THE CEOS COMPENSATION PACKAGE BY EMPLOYING THE SAME METHODOLOGIES (I.E. PAY GRADE, PAY RANGE, SALARY SURVEYS, COMPARATIOS, ETC.) WHEN WORKING WITH THE BOARDS COMPENSATION COMMITTEE MEMBERS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOUCMENTS AND POLICIES ARE AVAILABLE UPON REQUEST. FINANCIAL STATEMENTS ARE PUBLICALLY AVAILABLE AT WWW.NCUA.GOV AND IN OUR BRANCH OFFICES. FORM 990, PART XI, LINE 9: CHANGE IN UNREALIZED GAIN ON SECURITIES AVAILABLE FOR SALE -1,466,250. FORM 990, PART XII, LINE 2C: THE SUPERVISORY COMMITTEE OVERSEES THE AUDITED FINANCIAL STATEMENTS.