2012-11-15T13:16:34-06:00 2011-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2011-01-01 941482957 PROVIDENT CREDIT UNION PROV 6505080300 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94063 WAYNE BUNKER 6505080300 2012-11-08 1 VALENTINO CREUS CPA P01054153 8189549700 2011 2016-02-24 21:20:13Z WAYNE BUNKER 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94063 74302687 0 X WWW.PROVIDENTCU.ORG X CREDIT UNION 1950 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 355 14 601417 -126773 0 0 77752684 65985342 7015072 6166572 2470215 2150773 87237971 74302687 17000 85000 0 0 24203275 24203626 0 0 0 57202658 42079965 81422933 66368591 5815038 7934096 1626499898 1516222986 1438431376 1317573508 188068522 198649478 X 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, PROVIDENT CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. 0 0 PROVIDENT OFFERS A SUPER REWARDS CHECKING ACCOUNT WHICH PAYS MEMBERS HIGH RATES ON THEIR CHECKING ACCOUNTS IF THEY QUALIFY BY MAKING AT LEAST 10 POINT OF SALE PURCHASES (DEBIT CARD) PER MONTH, HAVING DIRECT DEPOSIT OR BILL PAY EACH MONTH, AND RECEIVING AN E-STATEMENT INSTEAD OF A PAPER ONE. THIS ACCOUNT ACCRUES FINANCIAL BENEFITS TO MEMBERS AND SUPPORTS ENVIRONMENTALLY FRIENDLY BEHAVIOR BY ENCOURAGING VIRTUAL TRANSACTIONS VERSUS PAPER CHECKS, ELIMINATING PAPER AND MAILING COSTS FOR STATEMENTS, AND INCREASING ACCOUNT SECURITY FOR MEMBERS BY ELIMINATING VULNERABILITY TO IDENTITY THEFT THROUGH STOLEN MAILED STATEMENTS. PROVIDENT OFFERS A "PORTABLE LOAN" PROGRAM WHICH ALLOWS MEMBERS TO KEEP THEIR ORIGINAL LOAN WHEN THEY SELL A HOME AND BUY ANOTHER ONE. THE LOAN BALANCE TRANSFERRED TO THE NEW PROPERTY IS THE REMAINING BALANCE ON THE FIRST PROPERTY. IF THE SECOND PROPERTY REQUIRES A HIGHER LOAN, THE OLD LOAN WILL BE SUPPLEMENTED WITH A HELOC TO MAKE UP THE DIFFERENCE. THE BENEFIT TO MEMBERS IS TO BE ABLE TO TAKE A LOW RATE LOAN TO ANOTHER PROPERTY IF THEIR COST WILL BE LOWER BY DOING SO THAN NEW FINANCING FOR THEIR NEW PROPERTY. PROVIDENT HAS A PROGRAM TO MODIFY RATES ON CERTAIN PORTFOLIO MORTGAGE LOANS ALLOWING MEMBERS TO BENEFIT FROM RATE DROPS WITHOUT GOING THROUGH A COMPLETE REFINANCE PROCESS. 0 0 1 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 41502 0 1 355 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X X X JENNIFER LEE 6505080300 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94065 JANET MATHIS 1.00 X 0 0 0 DAVID BUCKMASTER 1.00 X 0 0 0 FRED MARCUSSEN 1.00 X 0 0 0 ROBERT LANZONE 1.00 X 0 0 0 LAWRENCE TESHARA 1.00 X 0 0 0 DAVID PELZNER 1.00 X 0 0 0 CURTIS WILSON 1.00 X 0 0 0 JUNE ROTHE 1.00 X 0 0 0 SAMUEL JOHNSON JR 1.00 X 0 0 0 SCOTT O'BRIEN 1.00 X 0 0 0 CHRISTINE BOLAND 1.00 X 0 0 0 GEORGE DESCALSO 1.00 X 0 0 0 ANDREA KENTER 1.00 X 0 0 0 SCOTT MCWHIRTER 1.00 X 0 0 0 WAYNE BUNKER 40.00 X 603024 0 177632 LINDA BRUZZONE 40.00 X 254002 0 39859 JIM ERNEST 40.00 X 291213 0 54591 FRED GOMES 40.00 X 267146 0 39909 PATRICIA DOWD 40.00 X 178973 0 19018 DAVID HERRERA 40.00 X 214176 0 33870 CONNIE FINCH 40.00 X 243366 0 32323 HEIDI PARKS 40.00 X 229474 0 33416 CELIA TANAKA 40.00 X 231626 0 17824 MOHAMAD SANGABI 40.00 X 190480 0 27481 IRIS SOLANO 40.00 X 153600 0 21901 GREG MCCURDY 40.00 X 152685 0 28726 JESUS CERPA 40.00 X 142901 0 32275 LAN FIGUEROA 40.00 X 139492 0 19380 3292158 0 578205 35 0 1 0 PROPERTY SCIENCES GROUP 395 TAYLOR BLVD STE 250 PLEASANT HILL CA 94523 REAL ESTATE APPRAISALS 530052 ORCC PO BOX 418410 BOSTON MA 022410810 ONLINE BANKING PROVIDER 409491 FISERV SOLUTIONS INC 75 REMITTANCE DR STE 6969 CHICAGO IL 60675 CORE SYSTEM 372714 DIEBOLD INCORPORATED 6181 CHIP AVENUE CYPRESS CA 90630 SECURITIES SERVICES 350550 ABM JANITORIAL SERVICES 600 HARRISON ST STE 600 SAN FRANCISCO CA 94107 JANITORIAL SERVICES 249630 9 INCOME FROM LOANS 900099 47364503 47364503 FEE INCOME 900099 10830737 10229320 601417 OTHER OPERATING INCOME 900099 7790102 7790102 65985342 6154380 6154380 1910169 0 1910169 1910169 1910169 12192 0 12192 12192 12192 GAIN ON OREOS 240604 240604 240604 74302687 71791101 601417 1910169 62500 22500 3292158 15259709 908919 3293920 1448920 182778 136655 1117963 1746416 4300019 1146059 3948700 458872 17024748 2360722 3179080 LOAN SERVICING EXPENSE 2590959 MISCELLANEOUS EXPENSE 2573597 PROVISION FOR LOAN LOSS 1035754 OPERATING FEES 277643 66368591 4633867 4629211 168206843 228591820 5054160 6067053 1963436 2470446 66349703 33015877 32588430 33333826 108201714 172474023 1287835819 1054830275 417479 18015629 13408853 1626499898 1516222986 9655624 8797687 1428775752 1308775821 1438431376 1317573508 X 0 0 0 0 188068522 198649478 188068522 198649478 1626499898 1516222986 X 7934096 2646860 X X 0 1 1 X 0 18850 18850 18850 1 CCUL-PAC PO BOX 51476 ONTARIO CA 91761 743032874 12000 BAY AREA COOP - PAC PO BOX 193919 SAN FRANCISCO CA 94119 743032874 6600 ORGANIZATIONS DIRECT AND INDIRECT POLITICAL CAMPAIGN ACTIVITIES: PART I-A, LINE 1: PROVIDENT CREDIT UNION CONTRIBUTED TO CAMPAIGNS AND PAC'S RELATED TO THOSE THAT SUPPORT CREDIT UNION AND SPECIFIC LEGISLATION THAT IS IMPORTANT AND BENEFICIAL TO CREDIT UNIONS. PROVIDENT CREDIT UNION CONTRIBUTED TO ALEX PADILLA'S CAMPAIGN TO BE ELECTED TO THE STATE SENATE. THIS ORGANIZATION WAS NOT LISTED IN PART 1-C. THE CREDIT UNION WAS UNABLE TO OBTAIN AN EIN FOR THIS ORGANIZATION. FOLLOWING IS THE NAME AND ADDRESS OF THE CAMPAIGN. ALEX PADILLA AMOUNT OF CONTRIBUTION: $250 1005 12TH STREET, SUITE H SACRAMENTO, CA 95814 7452892 7452892 33266721 11255523 22011198 7750021 5925728 1824293 17880069 15834626 2045443 33333826 NCUA SHARE INSURANCE DEPOSITS 11627611 F OTHER INVESTMENTS IN CORPORATE CREDIT UNIONS 32780689 F DEPOSITS IN COMMERCIAL BANKS, S&L, SAVINGS BANKS 38966300 F ALL OTHER INVESTMENTS 13758300 F NET LOANS AND LEASES 957697375 F 1054830275 MEMBER SHARE DEPOSITS 1308775821 1308775821 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE CONSOLIDATED 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" OF BEING SUSTAINED "WHEN CHALLENGED" OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS NOT DEEMED TO MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. THE CREDIT UNION IS GENERALLY NO LONGER SUBJECT TO EXAMINATION BY FEDERAL TAX AUTHORITIES FOR YEARS BEFORE 2008 AND BY STATE TAX AUTHORITIES BEFORE 2007. FOR THE YEAR ENDED DECEMBER 31, 2011, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS, AND ACCORDINGLY, THE CREDIT UNION HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. 1 REDWOOD CITY SAN MATEO COUNTY - COC 1450 VETERANS BLVD STE 125 REDWOOD CITY CA 94063 940377914 501(C)(6) 15000 FMV TO PROMOTE ECONOMIC PROSPERITY FOR THE COMMUNITY REBUILDING TOGETHER PO BOX 4031 MENLO PARK CA 94026 521585880 501(C)(3) 5000 FMV TO IMPROVE THE HOMES AND LIVES OF LOW-INCOME HOMEOWNERS DELTA SAN FRANCISCO - PENINSULA FOUNDATION 204 EAST 2ND AVE 308 SAN MATEO CA 94401 311656911 501(C)(3) 6000 FMV TO FOSTER EDUCATION AND FINANCIAL ASSISTANCE TO INDIVIDUALS/ORGANIZATIONS 2 1 COLLEGE SCHOLARSHIPS 13 12500 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: SOME SCHOLARSHIPS ARE ONE TIME AWARDS AND FOR THOSE WE HAVE MINIMUM REQUIREMENTS THAT MUST BE MET. FOR THE RENEWAL SCHOLARSHIPS, THE STUDENT MUST MAINTAIN AT LEAST A B AVERAGE AND BE ENROLLED IN AN ACCREDITED COLLEGE. TRANSCRIPTS ARE REQUIRED TO CONFIRM THE STUDENT'S ENROLLMENT AND GRADES. X X X X 1 1 X X X X 1 1 0 WAYNE BUNKER 424070 0 146254 0 32700 0 146931 0 30701 0 780656 0 0 0 LINDA BRUZZONE 198990 0 52267 0 2745 0 19848 0 20011 0 293861 0 0 0 JIM ERNEST 249334 0 41072 0 807 0 24500 0 30091 0 345804 0 0 0 FRED GOMES 202703 0 63461 0 982 0 10135 0 29774 0 307055 0 0 0 PATRICIA DOWD 101729 0 76145 0 1099 0 10173 0 8845 0 197991 0 0 0 DAVID HERRERA 185936 0 27661 0 579 0 13945 0 19925 0 248046 0 0 0 CONNIE FINCH 187061 0 55412 0 893 0 14030 0 18293 0 275689 0 0 0 HEIDI PARKS 180374 0 48243 0 857 0 13528 0 19888 0 262890 0 0 0 CELIA TANAKA 174481 0 48890 0 8255 0 7800 0 10024 0 249450 0 0 0 MOHAMAD SANGABI 185587 0 1074 0 3819 0 18559 0 8922 0 217961 0 0 0 IRIS SOLANO 128975 0 24370 0 255 0 9853 0 12048 0 175501 0 0 0 GREG MCCURDY 137931 0 14032 0 722 0 0 0 28726 0 181411 0 0 0 JESUS CERPA 122722 0 19081 0 1098 0 13137 0 19138 0 175176 0 0 0 LAN FIGUEROA 139437 0 0 0 55 0 10458 0 8922 0 158872 0 0 0 PART I, LINES 4A-B THE CREDIT UNION HAS A DEFERRED COMPENSATION AGREEMENT WITH A MEMBER OF THE EXECUTIVE MANAGEMENT TEAM THAT PROVIDES BENEFITS PAYABLE TO THIS EMPLOYEE IF HE MEETS THE REQUIREMENTS SET FORTH IN THE AGREEMENT. IF THIS EMPLOYEE BECOMES FULLY DISABLED AS DEFINED IN THE AGREEMENT, ACCRUED BENEFITS ARE IMMEDIATELY PAYABLE. THE BENEFITS ARE SUBJECT TO FORFEITURE IF EMPLOYMENT IS TERMINATED FOR CAUSE AS DEFINED IN THE AGREEMENT. WAYNE BUNKER REAL ESTATE LOAN X 927486 884967 0 1 1 LINDA BRUZZONE REAL ESTATE LOAN X 628000 489211 0 1 1 JIM ERNEST REAL ESTATE LOAN X 709000 653305 0 1 1 FRED GOMES REAL ESTATE LOAN X 245000 181750 0 1 1 HEIDI PARKS REAL ESTATE LOAN X 615000 525202 0 1 1 CELIA TANAKA REAL ESTATE LOAN X 335000 335000 0 1 1 PATRICIA DOWD 2 REAL ESTATE LOANS X 250000 217308 0 1 1 MOHAMAD SANGABI REAL ESTATE LOAN X 606682 606682 0 1 1 CONNIE FINCH REAL ESTATE LOAN X 275000 237654 0 1 1 IRIS SOLANO REAL ESTATE LOAN X 448000 433748 0 1 1 JESUS CERPA REAL ESTATE LOAN X 659500 626275 0 1 1 JESUS CERPA REAL ESTATE LOAN X 490000 487880 0 1 1 LAN FIGUEROA REAL ESTATE LOAN X 397000 388071 0 1 1 6067053 FORM 990, PART VI, SECTION A, LINE 6 PROVIDENT 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. PROVIDENT CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF PROVIDENT 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 EACH BOARD MEMBER WILL RECEIVE A COMPLETED DRAFT OF THE FORM 990 FOR REVIEW AND BE GIVEN AN OPPORTUNITY TO SUGGEST CORRECTIONS OR REVISIONS PRIOR TO FILING EACH YEAR. FORM 990, PART VI, SECTION B, LINE 12C ALL STAFF ARE REQUIRED TO SIGN A CONFLICT OF INTEREST FORM ON AN ANNUAL BASIS. IN ADDITION, OUR POLICY REQUIRES THAT WE BE NOTIFIED WITHIN 10 DAYS OF ANY EVENT OR CIRCUMSTANCE THAT MAY RESULT IN A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 WE SUBSCRIBE TO NUMEROUS COMPENSATION SURVEYS FOR OFFICERS AND KEY EMPLOYEES. THESE ARE REVIEWED AND COMPARED TO CURRENT SALARY LEVELS. IN ADDITION, AN ANNUAL EVALUATION OF EACH PERSON'S PERFORMANCE IS COMPLETED INCLUDING ONE FOR THE CEO DONE BY THE BOARD. THE BUDGET IS ALSO A LARGE COMPONENT OF THIS DECISION. FORM 990, PART VI, SECTION C, LINE 18 FINANCIAL STATEMENTS ARE POSTED IN EACH BRANCH OFFICE AND ON THE WEB. THE OTHER DOCUMENTS WOULD BE AVAILABLE ON A CASE BY CASE BASIS. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMEMTS ARE POSTED IN EACH BRANCH OFFICE AND ON THE WEB. THE GOVERNING DOCUMENTS AND CONFLICTS OF INTEREST POLICIES ARE MADE AVAILABLE ON A CASE BY CASE BASIS. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 2,646,860. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. PROVIDENT SERVICES CORPORATION INC 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94065 942355881 INSURANCE PRODUCTS CA PROVIDENT CREDIT UNION C 1292488 8902114 1.00000 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 PROVIDENT SERVICES CORPORATION INC P 1104794