2012-11-09T18:09:28-06:00 2011-12-31 KPMG LLP 500 Capitol Mall Suite 2100 Sacramento CA 95814 990 2011-01-01 940362025 THE GOLDEN 1 CREDIT UNION % ALLYSON HILL VP/CONTROLLER GOLD 9167322900 8945 CAL CENTER DRIVE SACRAMENTO CA 95826 TAMARA FERRIN 9167322985 2012-11-01 MARC A HOLLIS 9164484700 2011 2016-02-24 21:20:13Z DONNA A BLAND 8945 CAL CENTER DRIVE SACRAMENTO CA 95826 407299116 false 1526 X WWW.GOLDEN1.COM X 1933 CA THE GOLDEN 1 CREDIT UNION DELIVERS FINANCIAL SOLUTIONS WITH VALUE, CONVENIENCE, AND EXCEPTIONAL SERVICE. 11 11 1519 17 5674191 1047824 0 0 228677232 202820363 57736003 62744660 77620304 78917801 364033539 344482824 0 0 0 0 70785300 76340757 0 0 0 218125716 202781788 288911016 279122545 75122523 65360279 7748674102 7508945792 7002865053 6665554917 745809049 843390875 THE GOLDEN 1 CREDIT UNION DELIVERS FINANCIAL SOLUTIONS WITH VALUE, CONVENIENCE, AND EXCEPTIONAL SERVICE. THE PURPOSE OF THE CORPORATION IS TO ENGAGE IN CREDIT UNION BUSINESS AND ANY OTHER LAWFUL ACTIVITIES WHICH ARE NOT PROHIBITED TO A CREDIT UNION BY APPLICABLE LAWS OR REGULATIONS. false false GOLDEN 1 OFFERS AN ARRAY OF DEPOSIT PRODUCTS TO OUR MEMBERSHIP INCLUDING SAVINGS, CHECKING, MONEY MARKET, IRAS AND CERTIFICATES. WHILE EARNING COMPETITIVE DIVIDEND RATES, OUR MEMBERSHIP CAN ACCESS THEIR DEPOSITS THROUGH OUR BRANCH NETWORK, VIA AN ATM, ONLINE OR BY CALLING OUR MEMBER SERVICE CALL CENTER. GOLDEN 1 OFFERS AN ARRAY OF COMPETITIVE LOAN OPTIONS TO OUR MEMBERSHIP, INCLUDING NEW AND USED AUTO, FIRST MORTGAGE, HOME EQUITY, CREDIT CARD AND PERSONAL LOANS. GOLDEN 1 STRIVES TO MAINTAIN COMPETITIVE PRICING AND A VARIETY OF LOAN PRODUCTS THAT MEET OUR MEMBER'S BORROWING NEEDS. MEMBERS CAN APPLY FOR LOANS IN A BRANCH, ONLINE, OR AT AN AUTO DEALERSHIP. GOLDEN 1 OFFERS OUR MEMBERS AN ARRAY OF INSURANCE AND INVESTMENT-RELATED PRODUCTS SUCH AS CREDIT LIFE/CREDIT DISABILITY, MECHANICAL BREAKDOWN INSURANCE, GUARANTEED ASSET PROTECTION AND FINANCIAL CONSULTING. false false true false false false false false false true true false true true true true false false false false false false false false false false false false true false false false false false false false false false false false false false false false true 175762 0 true 1519 true true true false false false false false X 11 11 false false false false true true true true true false true true true true true true true true true true false CA X X ALLYSON HILL VPCONTROLLER 9167322900 8945 CAL CENTER DRIVE SACRAMENTO CA 95826 CASSANDRA JENNINGS 5.0 X 0 0 0 JOHN HARRIGAN 5.0 X 0 0 0 MANUEL MATEO 5.0 X 0 0 0 CRAIG BROWN 5.0 X 0 0 0 PARIS COLEMAN 5.0 X 0 0 0 P CRAIG CORNETT 5.0 X 0 0 0 JAMES GOMEZ 5.0 X 0 0 0 THOMAS MCCAFFERY 5.0 X 0 0 0 PEDRO REYES 5.0 X 0 0 0 TING LAN SUN 5.0 X 0 0 0 KERI L THOMAS 5.0 X 0 0 0 JUDY AGAN 5.0 X 0 0 0 DONNA BLAND 60.0 X 525407 0 119798 TAMMY DAVIS 60.0 X 210261 0 28219 TOMMY GENESSY 60.0 X 279942 0 39226 CHARLES GOSS 60.0 X 290917 0 41941 LEONARD GZESH 60.0 X 228950 0 19811 SCOTT INGRAM 60.0 X 217321 0 28259 WILLIAM THORLA 60.0 X 200463 0 32001 JAMES ANDERSON 50.0 X 167383 0 25124 CHAD CARRINGTON 50.0 X 175012 0 17590 TAMARA FERRIN 50.0 X 173940 0 10349 ROBERT GARRISON 50.0 X 187194 0 18585 KARA GIANO 50.0 X 171966 0 10400 EDWARD MARR 50.0 X 186580 0 27020 MICHAEL POPP 50.0 X 166004 0 30720 DIANE SENNA 50.0 X 150775 0 24561 HARPAL SIDHU 50.0 X 178489 0 12736 JOHN DANNELLEY 50.0 X 114400 0 29241 KEVEN GRAY 50.0 X 126639 0 7505 JEFFREY PARTEN 50.0 X 131631 0 7922 JOHN-DAVID PHELPS 50.0 X 138449 0 15958 CATHY WOLFE 50.0 X 145344 0 15095 SCOTT VICK 50.0 X 192674 0 53420 4359741 0 615481 22 true true false PRINTING BY DESIGN PO BOX 103 RESCUE CA 95672 PRINTING SERVICES 716460 DOWNEY BRAND 621 CAPITOL MALL 18TH FLOOR SACRAMENTO CA 95814 LEGAL SERVICES 361597 BUCHALTER NEMER 1100 WISHIRE BLVD SUITE 1500 LOS ANGELES CA 900172457 LEGAL SERVICES 307582 DIXON CUSTOM BUILDERS 1015 SKILLMAN LANE PETALUMA CA 94952 CONSTRUCTION SERVICE 303403 KPMG LLP DEPT 922 PO BOX 120001 DALLAS TX 753120922 ACCOUNTING SERVICES 290650 5 0 INTEREST INCOME - LOANS 522200 202820363 202820363 202820363 63639069 63639069 0 0 61827319 94564 62720426 95866 -893107 -1302 -894409 -894409 0 0 0 CHECKING ACCOUNTS FEE INCOME 522100 31723441 31723441 STAR NETWORK FEE INCOME 522100 14036669 14036669 DEBIT CARD INCOME 522100 13946775 13946775 19210916 13536725 5674191 78917801 344482824 338808633 5674191 0 0 0 0 4975222 0 53268049 4861572 8455774 4780140 0 539960 277790 0 0 0 1840885 6056754 11253669 6262572 0 13877486 243472 0 306551 1042489 0 8389510 818034 DISBURSEMENTS TO MEMBERS 56923014 PROVISION FOR LOAN LOSSES 40600227 NCUSIF STABILIZATION 15916624 PRODUCT SERVICES 13914377 24518374 279122545 110290841 95668921 0 0 0 0 606082622 232824913 0 0 0 0 3589954127 3524087410 0 0 0 0 144334561 89711665 53817468 54622896 0 0 2960060563 3161690371 0 0 0 0 428468481 440051281 7748674102 7508945792 5278452 4447694 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6997586601 6661107223 7002865053 6665554917 X 0 0 0 0 745809049 843390875 745809049 843390875 7748674102 7508945792 X 65360279 32221547 X false true true X false 8209 8209 8209 true CA CREDIT UNION LEAGUE PAC 9500 CLEVELAND AVE SUITE 200 RANCHO CUCAMONGA CA 91730 942329967 8209 FORM 990 SCHEDULE C, PART 1-A, LINE 1 THE GOLDEN 1 CREDIT UNION CONTRIBUTED TO THE CALIFORNIA CREDIT UNION LEAGUE POLITICAL ACTION COMMITTEE (PAC) DURING 2011. 7423416 7423416 43423802 11296098 32127704 93487343 78415567 15071776 54622896 US GOVERNMENT AGENCY OBL.-AFS 2990753287 F ANTICIPATION NOTES - HTM 51021648 C US GOVERNMENT AGENCY OBL.-HTM 19861160 C SECURITIES OF FDIC NOTES - HTM 100054276 C 3161690371 PAYROLL DEDUCTION RECEIVABLE 317386285 OTHER ASSETS 122664996 440051281 0 REGULAR SHARES 1072162452 SHARE DRAFTS AND MM ACCOUNTS 3653262616 TERM SHARE CERTIFICATES 1849022804 OTHER LIABILITIES 86659351 OTHER DEPOSITS 0 BORROWED FUNDS 0 6661107223 344482824 279122545 65360279 527322 527322 65887601 345010145 527321 0 0 0 527321 344482824 344482824 279122545 0 0 0 0 0 279122545 279122545 FORM 990 In accordance with FASB ASC Subtopic 740-10 - Income Taxes - Overall, the Credit Union recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The amount of unrecognized tax benefits at December 31, 2011 and 2010 was $1,413,516 and $1,455,918, respectively, including interest and penalties, and is reported in other liabilities. As of December 31, 2011 and 2010, the Credit Union had accrued $155,600 and $225,041, respectively, for the interest and penalties related to unrecognized tax benefits, which is classified as other liabilities in the balance sheet. For years before 2004, the Credit Union is no longer subject to state income tax examinations. For years before 2005, the Credit Union is no longer subject to U.S. Federal income tax examinations. X X true true X X X true true false DONNA BLAND 417994 0 53204 0 54209 0 96301 0 23497 0 645205 0 TAMMY DAVIS 137902 0 33000 0 39359 0 12951 0 15268 0 238480 0 TOMMY GENESSY 191974 0 43001 0 44967 0 14700 0 24526 0 319168 0 CHARLES GOSS 274227 0 4679 0 12011 0 6600 0 35341 0 332858 0 LEONARD GZESH 155457 0 33251 0 40242 0 13743 0 6068 0 248761 0 SCOTT INGRAM 169368 0 30626 0 17327 0 12866 0 15393 0 245580 0 WILLIAM THORLA 160462 0 28875 0 11126 0 12363 0 19638 0 232464 0 JAMES ANDERSON 134868 0 24064 0 8451 0 4978 0 20146 0 192507 0 CHAD CARRINGTON 131204 0 27043 0 16765 0 10614 0 6976 0 192602 0 TAMARA FERRIN 141513 0 27000 0 5427 0 10349 0 0 0 184289 0 ROBERT GARRISON 152159 0 28002 0 7033 0 11281 0 7304 0 205779 0 KARA GIANO 111686 0 27000 0 33280 0 10231 0 169 0 182366 0 EDWARD MARR 118577 0 27567 0 40436 0 11429 0 15591 0 213600 0 DIANE SENNA 116650 0 24000 0 10125 0 9112 0 15449 0 175336 0 HARPAL SIDHU 136075 0 25601 0 16813 0 10371 0 2365 0 191225 0 JOHN-DAVID PHELPS 107032 0 14701 0 16716 0 8475 0 7483 0 154407 0 CATHY WOLFE 3067 0 120277 0 22000 0 8809 0 6286 0 160439 0 SCOTT VICK 157050 0 0 0 35624 0 8784 0 44636 0 246094 0 FORM 990 SCHEDULE J, PART I, LINE 1A THE CREDIT UNION WILL REIMBURSE A DIRECTOR FOR REASONABLE ACTUAL EXPENSES INCURRED IN CONNECTION WITH ATTENDING APPROVED CONFERENCES, SEMINARS, AND OTHER BUSINESS FUNCTIONS. REIMBURSEMENT MAY INCLUDE EXPENSES FOR ONE IMMEDIATE FAMILY MEMBER TO FACILITATE TRAVEL TO AND FROM SUCH EVENT PER GOLDEN 1'S BOARD TRAVEL POLICY. GOLDEN 1 PROVIDED HOUSING ALLOWANCES TO TWO SVP'S DURING 2011 FOR THEIR RELOCATION. FORM 990 SCHEDULE J, PART I, LINE 4A SEVERANCE IN THE AMOUNT OF $19,167 WAS PAID TO THE FORMER CFO, SCOTT VICK, DURING 2011. FORM 990 SCHEDULE J, PART I, LINE 4B DONNA BLAND, PRESIDENT AND CEO, PARTICIPATES IN A 457(F) PLAN AS APPROVED BY THE BOARD OF DIRECTORS. EMPLOYER CONTRIBUTION TO THE PLAN DURING 2011 WAS $81,601 (non-vested). FORM 990 PART VI, LINE 7A The Golden 1 Credit Union members have the right to vote for the election of Directors. The Golden 1 has one class of members that shall be restricted to the persons and organizations having specific affiliations or identifying characteristics established by the Board of Directors in our Field of Membership. The Golden 1's Field of Membership includes persons who live and/or regularly work in one of our regulatory-permissible community charter counties and employees and immediate family members of our regulatory-permissible organizations. During 2011 Golden 1 added the Financial Fitness Association to its membership. FORM 990 PART VI, LINE 7B THE GOLDEN 1 CREDIT UNION MEMBERS, BY A TWO-THIRDS (2/3) VOTE, SHALL HAVE THE POWER TO REVIEW THE ACTS AND REVERSE THE DECISIONS OF THE BOARD OF DIRECTORS OF THIS CREDIT UNION. FORM 990 PART VI, LINE 11A/11B The 2011 Form 990 was reviewed by Golden 1's Board of Directors in advance of filing. A committee of the Golden 1 Board of Directors was designated to review the Form 990, in advance of the October 25, 2012 Golden 1 Board Meeting. Copies of the 2011 Form 990 were provided to the full Golden 1 Board, and at the recommendation of the committee of Board members, the Golden 1 Board of Directors approved (as filed) the 2011 Form 990 on October 25, 2012. FORM 990 PART VI, LINE 12C In accordance with Board Policy, The Golden 1 requires all elected officials, committee members, officers, managers and other key employees designated by the Chief Executive Office to receive, complete, and sign an annual Statement of Disclosure Form. The Statement of Disclosure asks a series of questions pertaining to potential conflicts of interest. The Golden 1 Administration Department coordinates the distribution, collection and exception review of the completed statements. Golden 1's Internal Audit Department performs an annual audit of the Statement of Disclosures to ensure compliance with Board Policy, timeliness of the process and appropriate review of completed statements. On an annual basis, the Board also reviews and approves the related Board Policy and Statement of Disclosure Form. FORM 990 PART VI, LINE 15A/15B Officers of The Golden 1 Credit Union include the Chief Executive Officer (CEO) and Senior Vice Presidents (SVPs). The compensation review process for Officers is as follows: CEO COMPENSATION: A committee consisting of four members from the Board of Directors (called the CEO Compensation Committee) is formed each year to review CEO Compensation. The Chairman of this Committee directs the SVP of Human Resources to provide pay trend information for review and consideration taking into consideration asset size, business scope, and overall complexity of the operations. Similar industry and banking surveys are used for comparison purposes. The results, which are provided to the Committee, compares benchmark base pay, incentive pay, and total compensation to Golden 1's current CEO compensation package. After review and consideration, the Committee provides a recommendation to the full Board of Directors for approval. THE DECISION IS DOCUMENTED CONTEMPOARENOUSLY AND MAINTAINED IN HUMAN RESOURCES. SVP COMPENSATION: A similar analysis is performed for the SVPs as requested by the President & CEO. Similar industry and banking surveys are used as referenced above. An overall competitive analysis is performed by the SVP of Human Resources and the results and supporting documentation are presented to the CEO. FORM 990 PART VI, LINE 19 The Golden 1 Credit Union's Form 990 will be available on GuideStar.org for public inspection. The Golden 1 Credit Union's quarterly National Credit Union Administration (NCUA) Call 5300 Report contains financial and statistical data. This regulatory report is available for public inspection online at NCUA.gov. Golden 1's Annual Report is publically available on our website at golden1.com. Golden 1 members may request copies of financial statements by calling our Member Service Call Center. Form 990 PART VI, LINE 6 The Golden 1 Credit Union provides financial services for its regulatory-permissible field of membership. Form 990 Part IV, Line 26 Loans from the credit union to interested persons were made on the same terms as offered to other members of the credit union. FORM 990 PART XI, LINE 5 OTHER CHANGES IN NET ASSETS OR FUND BALANCE: CHANGE IN OTHER COMPREHENSIVE INCOME $ 31,694,226 UNREALIZED GAINS ON INVESTMENTS 527,322 ------------ TOTAL 32,221,548 ============ FORM 990 PRIOR TO THE 2008 FORM 990, THE GOLDEN 1 CREDIT UNION WAS PART OF THE GROUP FILING FOR CREDIT UNIONS IN THE STATE OF CALIFORNIA, BY THE DEPARTMENT OF FINANCIAL INSTITUTIONS (DFI).