2014-11-13T13:03:38-08:00 2013-12-31 Tinucci Jones & Company PC 31207 Keats Way Suite 201 Evergreen CO 80439 990 2013-01-01 846023137 PUBLIC SERVICE CREDIT UNION PUBL 3036912345 7055 EAST EVANS AVENUE DENVER CO 80224 Colleen Knoll CFO 2014-11-13 true Eric L Jones P00634170 3034809090 2013 2015-11-30 17:44:51Z David E Maus 7055 East Evans Avenue Denver CO 80224 129625580 false false X www.pscu.org X 1938 CO PSCU is a financial cooperative that provides the means for our members to achieve their goals and stands for this fundamental truth: That together we're better. 9 8 502 12 772837 -1070649 0 63852925 61375091 4249807 5816226 781058 1207850 68883790 68399167 153226 165545 0 21639204 24613004 0 0 33827730 30134174 55620160 54912723 13263630 13486444 1244721522 1325660039 1117398736 1193288161 127322786 132371878 PSCU is a financial cooperative that provides the means for our members to achieve their goals and stands for this fundamental truth: That together we're better. false false The Credit Union is owned by approximately 149,000 members. The Credit Union provides financial services to its members, such as consumer lending, shared branching services, deposit/transactional services, mortgage lending, commercial lending, home banking, bill payment and other financial services. false false false false false false false false true false true false false false true true false true false false false false false false false false false true false true false false false false false false true false false false true false false false false false true false false false false true 22926 0 true 502 true true false false false false false false false false false false X 9 8 false false false false true true true true true false false false true true true true true true true false X X Public Service Credit Union 3036912345 7055 East Evans Avenue Denver CO 80224 Tim Farrell Chairman 5.00 0.00 X 0 0 0 Lynn Gangone Vice Chair 3.00 0.00 X 0 0 0 Scott Aaronson Treasurer 3.00 0.00 X 0 0 0 Phil Showalter Secretary 3.00 0.00 X 0 0 0 JoAnn Groff Director 3.00 0.00 X 0 0 0 Darrell Digs Director 3.00 0.00 X 0 0 0 Tim Reed Director 3.00 0.00 X 0 0 0 Josh Burchfield Director 3.00 0.00 X 0 0 0 Gary Jones Director 3.00 0.00 X 0 0 0 David E Maus President/CEO 40.00 0.00 X 1568463 0 35880 Cynthia G Koan SVP/CSO 40.00 0.00 X 370119 0 31149 David Pierce SVP/CIO 40.00 0.00 X 260500 0 35210 Stephen Ferrero VP 40.00 0.00 X 177342 0 18007 Carlos Vazquez VP 40.00 0.00 X 136777 0 22046 Evonna L Thorburn SVP/CXO 40.00 0.00 X 262620 0 28279 Herbert White SVP/CLO 40.00 0.00 X 269972 0 34880 Colleen Knoll SVP/CFO 40.00 0.00 X 238606 0 23250 Louis Lubick VP 22.00 0.00 X 143059 0 14152 Mary Kathryn Uhl VP HR 40.00 0.00 X 166585 0 14036 Michelle Tygart Genl Counsel/VP 40.00 0.00 X 166896 0 18695 Michael Kitch Investment Rep 40.00 0.00 X 216147 0 26124 Pamela Tremblay AVP 40.00 0.00 X 126406 0 17371 Chad Shane AVP 40.00 0.00 X 120541 0 15540 Angela Webb AVP 40.00 0.00 X 113298 0 11683 Sarah Collins AVP 40.00 0.00 X 112406 0 22298 4449737 368600 16 false true false VISA Inc PO Box 31279 Tampa FL 33631 Debit Card Process 1420148 AD Miller Services Inc 7006 S Alton Way Centennial CO 80112 Property Management 941042 Diabold Inc PO Box 643543 Pittsburgh PA 15264 ATMs & Maint 804030 CO-OP 9692 Haven Ave Rancho Cucamonga CA 91730 Electronic Trans 2126748 Info Image 141 Jefferson Drive Menlo Park OC Statement Mailing 783163 5 0 Fees Member Service 522100 11483198 11483198 Interest Member Loans 522100 37143380 37143380 Other Operating Income 522100 1981493 1981493 Plastics Income 522100 9100198 9100198 Shared Branch Income 522100 1666822 1666822 61375091 4965165 4965165 0 0 435013 435013 435013 435013 135000 61942474 142144 61084269 -7144 858205 851061 851061 0 0 0 Insurance Income 524298 77157 77157 Non-Member ATM Fees 522100 695680 695680 772837 68399167 61375091 772837 6251239 165545 0 0 0 4036523 0 16588568 889030 1662366 1436517 0 179495 0 0 0 145110 1767174 3311425 0 0 0 3374608 0 0 662809 11 0 3992463 0 Transaction Processing 5698651 Dividends & Interest -Members 4028074 Office Operations 3423677 Loan Servicing Expense 2327459 1223218 54912723 0 0 0 14430354 14115110 376779830 211939877 0 2478622 2713756 2552427 2827463 0 577811634 715817917 0 1191701 917684 53058276 27318211 26118224 25740065 192407469 296683537 14681501 14848130 0 13713047 12597589 22556713 27458911 1244721522 1325660039 12677294 11746352 420550 562333 1104300892 1180979476 1117398736 1193288161 X 127322786 132371878 127322786 132371878 1244721522 1325660039 13486444 -8437352 X false true X true false true 1304683 2882829 2657363 1530149 true X 8579853 8579853 24001451 11377747 12623704 3180466 2626512 553954 7384072 6169647 1214425 9912434 7144305 2768129 25740065 Section 457 Plan Annuity Contracts 5516504 C Member Shares 235238967 Other Member Deposits 945740509 1180979476 X Part IV, Line 1b: Why is organization an agent, trustee, custodian or other intermediary for contrib The Credit Union sells first mortgage loans to others with servicing retained. The custodial escrow accounts related to these mortgage loans are not included in the Credit Union's financial statements. Part IV, Line 2b: Explanation of escrow account liability The Credit Union services first mortgage loans held in its own portfolio. The custodial escrow accounts related to these mortgage loans are included in the Credit Union's financial statements, and are reported as an escrow liability. Part X : FIN48 Footnote ASC 740, Accounting for Uncertainty in Income Taxes, prescribes a minimum recognition threshold and measurement methodology that a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the financial statements. It also provides guidance for de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.The Credit Union and its wholly-owned subsidiary are under regular audit by the tax authorities. The Credit Union believes that it has appropriate support for the positions taken on its tax returns and that its annual tax provision includes amounts sufficient to pay any assessments. Further, management believes that the Credit Union's tax exempt status would be upheld in an examination. Nonetheless, the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued for each year.The Credit Union and its subsidiary file income tax returns in the United States federal and Colorado state jurisdictions. The Credit Union and its subsidiary are no longer subject to income tax examinations for the Colorado state income taxes before 2010 or for the United States federal income taxes before 2010.The Credit Union classifies any interest on underpayments of income tax as "Interest Expense", and classifies penalties in connection with underpayments of tax as "Other Expense". true Colorado Human Resource Assoc 10900 W 120th Ave Unit B-7 Broomfield CO 80021 846119426 501(c)(6) 5545 0 Sponsor events, defray costs University of Denver 2201 E Asbury Ave Denver CO 20208 840404231 125000 0 Supports DU Athletic & Campus Event Womens Vision Foundation 360 S Monroe Suite 175 Denver CO 80219 841155755 25000 0 Networking and Seminar Events 2 1 Grantmaker's Description of How Grants are Used The Credit Union monitoris the use of grant funds by attending the sponsorship event and/or observing the results in the community. X X X true true X X X X false true false Carlos Vazquez VP 122438 12652 1687 13917 8129 158823 Colleen Knoll SVP/CFO 190693 39553 8360 12622 10628 261856 Cynthia G Koan SVP/CSO 267986 80786 21347 23848 7301 401268 David E Maus President/CEO 478123 1047476 42864 25500 10380 1604343 1047476 David Pierce SVP/CIO 206348 43544 10608 24500 10710 295710 Evonna L Thorburn SVP/CXO 202398 42254 17968 22862 5417 290899 Herbert White SVP/CLO 206995 42404 20573 24500 10380 304852 Louis Lubick VP 123230 18002 1827 13802 350 157211 Mary Kathryn Uhl VP HR 143554 22150 881 6177 7859 180621 Michael Kitch Investment Rep 1988 214159 21774 4350 242271 Michelle Tygart Genl Counsel/VP 143106 22507 1283 16473 2222 185591 Stephen Ferrero VP 145339 19971 12032 17551 456 195349 Part I, Line 1a: Relevant information in regards to selections on 1a. Cherry Creek Country Club dues and first class travel upgrades are provided to the Credit Union's CEO. Spouse travel was provided to Board members. The spouse travel benefits were treated as taxable compensation if exceeded $600, and all benefits are approved through the annual budgeting process. Stephen J Ferrero Officer Home X 207500 113841 false false true Evonna L Foster Officer Home X 205350 72046 false false true Cynthia G Koan Officer Home X 243750 208523 false false true David E Maus Officer Home X 457000 19125 false true true Herbert White Officer Home X 331500 320025 false false true Louis Lubick Officer Home X 400000 347522 false false true David Pierce Officer Home X 416000 375513 false false true Cynthia G Koan Officer Rental X 400000 378843 false false true Katy Uhl Officer Home X 300000 282675 false false true Colleen Knoll Officer Home X 417000 410190 false false true Carlos Vasquez Officer Home X 318000 219160 false false true 2747463 CUILA LLC See Schedule O 1149808 Indirect Lending Fees false CU Service Network LLC See Schedule O 766649 Shared Branch Expense false Centennial Lending LLC See Schedule O 52101 Loan Orig & Serv false Business Partners LLC See Schedule O 89147 Loan Orig & Serv false Client Note 1 Client Note 1 - UBIT REPORTING:In May 2009, a federal court jury in Wisconsin ruled in the Community First Credit Union case that credit life and disability insurance and GAP insurance coverage made available to member-borrowers by Community First Credit Union of Appleton, Wisconsin were "substantially related" to Community First's tax exempt purpose. The court granted a tax refund to Community First based on the jury's verdict, confirming that credit insurance and GAP were not subject to the unrelated business income tax (UBIT). The IRS did not appeal the case.In November 2009, in the Bellco Credit Union case, the U.S. District Court in Colorado ruled that commissions received by Bellco Credit Union of Greenwood Village, Colorado from the sale of financial products to Bellco members, were not subject to UBIT. The court ruled that the sale of those financial products to Bellco members was "substantially related" to Bellco's tax-exempt purpose of promoting thrift among its members, and the resulting income was exempt from UBIT.In April 2010, the court in Colorado issued its second and final decision in the Bellco Credit Union case, holding that (i) credit life and disability insurance was "substantially related" to Bellco's tax-exempt purpose of promoting thrift among its members, and (ii) Bellco income from AD&D insurance sold to members by an independent marketing company, where Bellco was essentially limited to allowing use of its name and brand, providing member contact information, and reviewing and approving (but not creating) the marketing materials, represented passive "royalty" income exempt from UBIT. On October 19, 2010 the U.S. Department of Justice abandoned its plan to appeal the federal judge's favorable credit union rulings in the Bellco case.The decisions in these court cases are now definitive statements of the law, are not subject to further review, and provide "substantial authority" that income from the sale of credit life and disability insurance, GAP coverage, financial products sold to credit union members, and AD&D insurance sold via direct mail is exempt from UBIT. As such, for 2013, Public Service Credit Union is not reporting these income sources as subject to UBIT, but is filing a 2013 Form 990-T to report income from other insurance products and non-member ATM fees. Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder The field of membership of this Credit Union shall be: A member of the immediate family of any person who, under the provisions of this Article, is eligible for membership in the Credit Union may also be admitted to membership therein. "Immediate family" means persons related by blood, by marriage or by adoption.A member of a household who resides with a person who, under the provisions of this section, is eligible for membership in the credit union may also be admitted to membership therein. "Household" is defined as persons living in the same residence and who maintain a single economic unit. This includes any person who is a permanent member of and participates in the maintenance of the household, including family members, domestic partners, foster children, and legal guardian relationships.Membership includes employees and retirees (including the definitions above) of Excel Energy, and past and present faculty, staff, student, alumni, and retirees of the University of Colorado Health Sciences Center, and employees or members of other business (SEGs) or Associations generally in the Denver, Colorado metropolitan area. Membership also includes all persons living or working in certain communities of Colorado Springs, Arvada, Littleton, Aurora, Thornton, boundaries of Denver International Airport, Southwest Plaza Mall, Stapleton Redevelopment Area, Larimer County, and other census tracts generally in the Denver, Colorado metropolitan area. Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body The members elect the governing body by vote at the annual meeting. Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders Merger - Requires two thirds majority vote of voting members.Charter conversion - Requires two thirds majority vote of voting members.Dissolution and liquidation - Requires majorty vote of entire membership. Form 990, Part VI, Line 11b: Form 990 Review Process Management provides the required infomation to the Credit Union's independent CPA Firm for completion of the Form 990. Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts The Directors complete the conflict of interest disclosure following each Annual Meeting. On an annual basis, the Board receives a presentation on Fiduciary Responsibilities/Ethics. Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees The current CUES Compensation Survey and salary.com are utilized to determine compensation for the CEO, Executive Vice President, Senior Vice Presidents and Vice Presidents. The last year this process was done was 2008 Form 990, Part VI, Line 19: Other Organization Documents Publicly Available Other than the Form 990, no documents are made available to the public. Form 990 - Sch L - Part II The Credit Union offers a 1% loan discount rate on consumer loans to all employees, and offers a 2% discount rate on first mortgage loans to select employees only. Form 990 - Sch L - Part IV The Credit Union's CEO is on the Board of Directors of CUILA, LLC, CU Service Network, LLC, and Business Partners, LLC. The Credit Union's Executive VP is on the Board of Directors of Centennial Lending, LLC and Business Partners, LLC.The Credit Union participates in an indirect lending program that allows a member to obtain financing of a purchased automobile at the point of purchase at the dealership. CUILA, LLC (dba CU Direct Connect) is the entity that facilitates the indirect program for participating credit unions. The fees paid to CUILA, LLC are the same fees that are paid by all participants in the program.The Credit Union participates with other credit unions in a shared branching network which is facilitated by CU Service, Network, LLC. Centennial Lending, LLC and Business Partners, LLC are credit union service organizations that originate and service real estate and business loans for participating credit unions. Members Insurance Inc 7055 EAST EVANS AVENUE Denver CO 80224 841004011 Insurance Agency CO N/A C Corp 935 393868 1.00000 false false false false false false false false false false false false false false true true false false false false