2013-11-14T17:07:54-06:00 2012-12-31 410746749 CLIFTONLARSONALLEN LLP 20 E THOMAS RD STE 2300 PHOENIX AZ 85012 990 2012-01-01 946087440 COMMONWEALTH CENTRAL CREDIT UNION COMM 4085313100 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 HAROLD H DEGUZMAN 4085313100 2013-11-01 1 JANIS K ISAACSON CPA P00089104 6022662248 2012 2016-03-07 17:11:31Z CRAIG WEBER 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 17637545 0 X WWW.WEALTHCU.ORG X 1958 CA TO PROMOTE THRIFT AMONG MEMBERS AND CREATE A SOURCE OF CREDIT FOR MEMBERS. 7 7 108 10 112774 -42094 0 0 17990043 17637545 0 0 0 0 17990043 17637545 0 0 0 0 7190690 7258725 0 0 0 7525189 7223453 14715879 14482178 3274164 3155367 339003127 372585263 308461512 338828681 30541615 33756582 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 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4628 0 1 108 1 1 1 0 0 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 CRAIG WEBER 4085313348 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 ROBERT BRYANT 1.00 X 0 0 0 LYLE CHAMBERS 1.00 X 0 0 0 JAMES CRAWFORD 1.00 X 0 0 0 DR RODGER CRYER 1.00 X 0 0 0 MICHAEL F FILICE JR 1.00 X 0 0 0 HENRY MANAYAN 1.00 X 0 0 0 GERALD WELTZIN 1.00 X 0 0 0 CRAIG WEBER 40.00 X 368455 0 24161 HAROLD DEGUZMAN 40.00 X 226817 0 23683 LISA BROWN 40.00 X 199137 0 12296 RICHARD SANDENAW 40.00 X 185810 0 18089 JAMES BOYLE 40.00 X 180099 0 16368 ED MACHADO 40.00 X 164022 0 21966 MANUEL CARINO 40.00 X 120586 0 19922 SYLVIA GRANGER 40.00 X 108623 0 12321 1553549 0 148806 8 0 1 0 0 PROGRAM SERVICE REVENUE 522100 17524771 17524771 UNRELATED BUSINESS INCOME 900099 112774 112774 17637545 17637545 17524771 112774 0 1702355 4051719 207175 904078 393398 146606 35500 720572 9963 1072693 36682 63742 544640 319279 132656 OPERATING EXPENSES 3346120 PROVISION FOR LOAN LOSS 795000 14482178 1485793 2635631 44767746 70045368 191860087 208186679 25222669 10850228 14730295 14372441 73382873 62938739 12776333 14406405 339003127 372585263 3588355 3464112 304873157 335364569 308461512 338828681 X 0 0 0 0 30541615 33756582 30541615 33756582 339003127 372585263 X 3155367 59600 X X 0 1 X 1 0 1189220 1189220 15635930 3530125 12105805 1010397 601305 409092 6929780 6272697 657083 457342 446101 11241 14372441 AVAILABLE-FOR-SALE 54013608 F OTHER INVESTMENTS 8925131 C 62938739 MEMBERS' SHARE AND SAVINGS ACCOUNTS 335364569 335364569 X 17637545 0 17637545 0 17637545 14482178 0 14482178 0 14482178 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION IS A TAX-EXEMPT ENTITY UNDER INTERNAL REVENUE CODE 501(C)(14), BUT MAY BE SUBJECT TO TAXATION ON INCOME UNRELATED TO THE CREDIT UNION'S EXEMPT FUNCTION. STATE CHARTERED CREDIT UNIONS SHOULD PAY INCOME TAX ON CERTAIN TYPES OF NET TAXABLE INCOME FROM ACTIVITIES THAT TAXING AUTHORITIES CONSIDER UNRELATED TO THE PURPOSE FOR WHICH THE CREDIT UNION WAS GRANTED NON-TAXABLE STATUS. THE CREDIT UNION HAS FILED UBIT RETURNS (990-T) IN THE PAST, WHICH HAS RESULTED IN NO INCOME TAXES PAID FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011. X X 1 1 X X X X X 0 0 0 CRAIG WEBER 321838 0 46617 0 0 0 7350 0 16811 0 392616 0 0 0 HAROLD DEGUZMAN 199925 0 26892 0 0 0 6255 0 17428 0 250500 0 0 0 LISA BROWN 176633 0 22504 0 0 0 5236 0 7060 0 211433 0 0 0 RICHARD SANDENAW 164776 0 21034 0 0 0 4893 0 13196 0 203899 0 0 0 JAMES BOYLE 160120 0 19979 0 0 0 4644 0 11724 0 196467 0 0 0 ED MACHADO 144095 0 19927 0 0 0 4635 0 17331 0 185988 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, TO ASSIST IN ITS SALARY ADMINISTRATION. SPECIFICALLY, THE FIRM WORKS WITH THE PRESIDENT/CEO AND THE VP OF HUMAN RESOURCE DEVELOPMENT TO MAINTAIN A COMPREHENSIVE COMPENSATION STRUCTURE THAT INCLUDES ANNUAL MARKET EVALUATIONS AND SALARY GRADE STRUCTURE WITH JOB DESCRIPTIONS. PAY RANGES REFLECT GEOGRAPHIC WAGE DIFFERENTIALS AND ARE ADJUSTED ANNUALLY USING MARKET DATA. THE VP OF HUMAN RESOURCES PROVIDES OVERSIGHT TO THE HUMAN RESOURCES STAFF IN SALARY ADMINISTRATIN PRACTICES. THE HUMAN RESOURCES DEPARTMENT ADMINISTERS COMPENSATION THROUGH THE MANAGEMENT OF COMPA-RATIOS (THE COMPA-RATIO IS THE RATIO OF ACTUAL PAY TO MARKET PAY FOR AN EMPLOYEE, DEPARTMENT, OR THE TOTAL CREDIT UNION). FOR EXAMPLE, A 100% COMPA-RATIO FOR AN INDIVIDUAL SAYS THAT THE INDIVIDUAL IS BEING PAID AT 100% OF THE PREVAILING MARKET RATE FOR HIS/HER JOB. EXECUTIVE COMPENSATION PRACTICES ALSO EMPLOY THE SAME METHODOLOGIES AS OUTLINED ABOVE. PAY GRADES AND RANGES ARE ESTABLISHED FOR EACH SENIOR MANAGEMENT LEVEL POSITION AND COMPARATIOS ARE ALSO USED WITH SUCH POSITIONS. AN OUTSIDE COMPENSATION CONSULTING FIRM IS ALSO RETAINED TO ASSIST THE BOARD COMPENSATION COMMITTEE WITH THE CEO'S COMPENSATION. THE SAME METHODOLOGY (I.E. PAY GRADE, PAY RANGE, SALARY SURVEYS, COMPARATIOS, ETC.) IS UTILIZED WHEN WORKING WITH THE BOARDS COMPENSATION COMMITTEE. 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: CHANGE IN UNREALIZED GAIN ON SECURITIES AVAILABLE FOR SALE 59,600. FORM 990, PART XII, LINE 2C: THE SUPERVISORY COMMITTEE OVERSEES THE AUDITED FINANCIAL STATEMENTS.