2012-11-01T13:24:42-05:00 2011-12-31 410746749 CLIFTONLARSONALLEN LLP 20 E THOMAS RD STE 2300 PHOENIX AZ 85012 990 2011-01-01 946087440 COMMONWEALTH CENTRAL CREDIT UNION COMM 4085313100 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 HAROLD H DEGUZMAN 4085313100 2012-10-29 1 JANIS K ISAACSON CPA P00089104 6022662248 2011 2016-02-24 21:20:13Z CRAIG WEBER 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 17990043 0 X WWW.WEALTHCU.ORG X 1958 CA TO PROMOTE THRIFT AMONG MEMBERS AND CREATE A SOURCE OF CREDIT FOR MEMBERS. 7 7 100 10 110337 -66199 0 0 19391798 17990043 0 0 0 0 19391798 17990043 0 0 0 0 6694916 7190690 0 0 0 10829127 7525189 17524043 14715879 1867755 3274164 318780138 339003127 292906085 308461512 25874053 30541615 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 0 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 0 1 5314 0 1 100 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 HAROLD DEGUZMAN 4085313236 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 ROBERT BRYANT 1.00 X 0 0 2969 LYLE CHAMBERS 1.00 X 0 0 3114 JAMES CRAWFORD 1.00 X 0 0 0 DR RODGER CRYER 1.00 X 0 0 8494 MICHAEL F FILICE JR 1.00 X 0 0 5139 HENRY MANAYAN 1.00 X 0 0 6313 GERALD WELTZIN 1.00 X 0 0 5690 CRAIG WEBER 40.00 X 315533 0 188359 HAROLD DEGUZMAN 40.00 X 197441 0 14723 LISA BROWN 40.00 X 172034 0 515 RICHARD SANDENAW 40.00 X 157161 0 11151 JAMES BOYLE 40.00 X 144168 0 14723 ED MACHADO 40.00 X 145254 0 14723 MANUEL CARINO 40.00 X 101317 0 12492 1232908 0 288405 7 0 1 0 ANTHEM BLUE CROSS OF CALIFORNIA PO BOX 60000- FILE 2953 SAN FRANCISCO CA 941602953 HEALTH CARE INSURANCE PROVIDER 378468 KAISER FOUNDATION HEALTH PLAN INC PO BOX 60000- FILE 73030 SAN FRANCISCO CA 941603030 HEALTH CARE INSURANCE PROVIDER 316334 XP SYSTEMS CORPORATION 75 REMITTANCE DR SUITE 6963 CHICAGO IL 606756963 CORE SYSTEM PROCESSOR 262203 ACI WORLDWIDE CORPORATION 6060 COVENTRY DRIVE ELKHORN NE 68022 INTERNET BANKING PROVIDER 238532 BUSINESS DATA INC 321 NORTH OAK STREET INGLEWOOD CA 90302 MEMBER STATEMENT PROCESSING 154845 7 PROGRAM SERVICE REVENU 522100 17879706 17879706 UNRELATED BUSINESS INC 900099 110337 110337 17990043 17990043 17879706 110337 0 1521313 4283344 150720 832076 403237 15123 40800 663614 7598 1117685 33305 75407 717454 276881 138478 OPERATING EXPENSES 3577279 PROVISION FOR LOAN LOSS 861565 14715879 2236516 1485793 38934012 44767746 198229803 191860087 24938287 10207992 15179146 14730295 53775661 73382873 10425000 12776333 318780138 339003127 2243173 3588355 290662912 304873157 292906085 308461512 X 0 0 0 0 25874053 30541615 25874053 30541615 318780138 339003127 X 3274164 1393398 X X 0 1 1 X 0 1189220 1189220 15635930 3225735 12410195 1026444 547294 479150 6639193 5994029 645164 447500 440934 6566 14730295 AVAILABLE-FOR-SALE 64209571 F OTHER INVESTMENTS 9173302 C 73382873 MEMBERS' SHARE AND SAVINGS ACCOUNTS 304873157 304873157 17990043 14715879 3274164 1393398 1393398 4667562 17990043 0 17990043 0 17990043 14715879 0 14715879 0 14715879 PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN UNREALIZED GAIN ON SECURITIES AVAILABLE FOR SALE 1,393,398. X X 1 1 X X X X X 0 1 0 CRAIG WEBER 312683 0 1331 0 1519 0 174135 0 14224 0 503892 0 0 0 HAROLD DEGUZMAN 196113 0 857 0 471 0 0 0 14723 0 212164 0 0 0 LISA BROWN 170743 0 754 0 537 0 0 0 515 0 172549 0 0 0 RICHARD SANDENAW 156501 0 660 0 0 0 0 0 11151 0 168312 0 0 0 JAMES BOYLE 143640 0 528 0 0 0 0 0 14723 0 158891 0 0 0 ED MACHADO 144625 0 629 0 0 0 0 0 14723 0 159977 0 0 0 PART I, LINE 4B THE CREDIT UNION CONTRIBUTED $174,135 TO A DEFERRED COMPENSATION PLAN ON BEHALF OF MR. CRAIG WEBER. ALTHOUGH NO ACTUAL PAYMENT WAS MADE TO MR. WEBER AND WHILE MR. WEBER IS NOT FULLY VESTED IN THE PLAN, THE IRS REQUIRES DISCLOSURE, "WHETHER OR NOT FUNDED, VESTED, QUALIFIED OR UNQUALIFIED, OR SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE". 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 RESOURCE DEVELOPMENT CAN DETERMINE IF A CONFLICT OF INTEREST EXISTS. - CONFLICT OF INTEREST: AS REQUIRED BY COMMONWEALTH'S CODE OF ETHICAL CONDUCT, ALL 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, KG & ASSOCIATES, TO ASSIST IN ITS SALARY ADMINISTRATION EFFORTS. SPECIFICALLY, KG & ASSOCIATES 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 UNION'S HUMAN RESOURCES DEPARTMENT WITH THE ASSISTANCE OF KG & ASSOCIATES USING A COMPENSATION SOFTWARE PACKAGE. ON AN ANNUAL BASIS, KG & ASSOCIATES 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 KG & ASSOCIATES. 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 STRUCTURE'S MARKET COMPETITIVENESS IS CONDUCTED WITH THE ASSISTANCE OF KG & ASSOCIATES. EXECUTIVE COMPENSATION PRACTICES ALSO EMPLOY THE SAME METHODOLOGIES AS OUTLINED ABOVE, AND KG & ASSOCIATES 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. KG & ASSOCIATES ALSO PROVIDES CONSULTING SERVICES FOR THE CEO'S COMPENSATION PACKAGE BY EMPLOYING THE SAME METHODOLOGIES (I.E. PAY GRADE, PAY RANGE, SALARY SURVEYS, COMPARATIOS, ETC.) WHEN WORKING WITH THE BOARD'S COMPENSATION COMMITTEE MEMBERS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND CREDIT UNION POLICIES ARE AVAILABLE UPON REQUEST. FINANCIAL STATEMENTS ARE PUBLICLY AVAILABLE ON A WEBSITE MAINTAINED BY THE CREDIT UNION'S FEDERAL REGULATORS. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: CHANGE IN UNREALIZED GAIN ON SECURITIES AVAILABLE FOR SALE 1,393,398. TOTAL TO FORM 990, PART XI, LINE 5: 1,393,398. FORM 990, PART XII, LINE 2C: THE SUPERVISORY COMMITTEE OVERSEES THE AUDITED FINANCIAL STATEMENTS.