2012-11-13T16:49:38-06:00 2011-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2011-01-01 951644568 LBS FINANCIAL CREDIT UNION LBSF 7148935111 5505 GARDEN GROVE BLVD WESTMINSTER CA 92683 SUSAN WIGHT 7148935111 2012-11-13 1 VALENTINO CREUS CPA P01054153 8189549700 2011 2016-02-24 21:20:13Z JEFFREY A NAPPER 5505 GARDEN GROVE BLVD WESTMINSTER CA 92683 50859308 0 X WWW.LBSFCU.ORG X CREDIT UNION 1935 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 278 15 0 0 0 0 55254751 48822608 1300370 1989784 0 46916 56555121 50859308 0 29081 0 0 14067520 14358942 0 0 0 30591162 21893091 44658682 36281114 11896439 14578194 988244857 1023883117 879536971 899493804 108707886 124389313 X LBS FINANCIAL CREDIT UNION IS 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, LBS FINANCIAL CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNING, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. 0 0 PROVIDING LENDING SERVICES TO OUR MEMBER-OWNERS AT MORE ATTRACTIVE RATES WITH LOWER FEES. THE LENDING PRODUCTS OFFERED INCLUDE: HOME LOANS, HOME EQUITY LOANS, AUTO LOANS, MOTORCYCLE LOANS, VISA CREDIT CARDS, AND PERSONAL LOANS. PROVIDING DEPOSIT SERVICES FOR OUR MEMBER-OWNERS WITH LOWER FEES AND ATTRACTIVE RATES. THE DEPOSIT ACTIVITIES INCLUDE: CHOICE CHECKING, SHARE SAVINGS, MONEY MARKET ACCOUNTS, SHARE CERTIFICATES OF DEPOSIT, IRAS, SPECIAL OCCASION CLUB ACCOUNTS, AND SALARY PLANS. 0 0 1 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 278 1 0 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 SUSAN M WIGHT SVPCFO 7148935111 PO BOX 4860 LONG BEACH CA 908040860 DOUG WOOD 1.00 X 719 0 0 ERIC DAVID 1.00 X 0 0 0 GENE ALLEN 1.00 X 3383 0 0 JOHN FLYPAA 1.00 X 0 0 0 PAM FELLMAN 1.00 X 0 0 0 LUTHER WILLIAMS 1.00 X 931 0 0 LIONEL GATLEY 1.00 X 1358 0 0 JEAN DAVIS 1.00 X 0 0 0 PAUL HONEY 1.00 X 868 0 0 JOE APFEL 1.00 X 0 0 0 DAVID CONRAD 1.00 X 664 0 0 HENRY DUNN 1.00 X 0 0 0 RUSSELL YOUNG 1.00 X 1292 0 0 WILLIAM MARMION 1.00 X 0 0 0 JOE RIDDICK 1.00 X 0 0 0 JEFFREY NAPPER 40.00 X 523802 0 55422 SUSAN WIGHT 40.00 X 150005 0 23942 CHARLES THOMAS 40.00 X 164092 0 24345 DIANE JARECKI 40.00 X 154684 0 22826 SEAN HARDEMAN 40.00 X 145128 0 13435 KEVIN REED 40.00 X 141442 0 29767 ALFRED PARENT JR 40.00 X 129708 0 27838 HEATHER SUMMERS 40.00 X 128616 0 17745 CHARLES FLIEGER 40.00 X 125843 0 14255 1672535 0 229575 9 0 1 0 PRENOVOST NORMANDIN BERGH & DAWE 2122 N BROADWAY 200 SANTA ANA CA 92706 LEGAL SERVICES 603483 BDI 321 NORTH OAK STREET INGLEWOOD CA 90302 STATEMENT PROCESSING 590855 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 CORE PROCESSING 568623 DAVID J ELBAZ-DECKEL 12124 VIEWCREST DRIVE STUDIO CITY CA 91604 CONSULTING SERVICES 268824 QUENTIN GUTIERREZ WITH OUT PINK SLIP PO BOX 1251 MONTEBELLO CA 90640 COLLECTION SERVICES 234229 7 INTEREST ON LOANS 522100 42044266 42044266 FEE INCOME 522100 5250220 5250220 OTHER OPERATING INCOME 522100 1528122 1528122 48822608 1969784 1969784 20000 0 20000 20000 20000 GAIN FROM OREO 522100 32522 32522 OTHER NON-OPERATING IN 522100 9607 9607 GAIN FROM INVESTMENT 522100 4787 4787 46916 50859308 50859308 0 0 13000 16081 1672535 8619550 2040272 1157845 868740 519759 83297 2984321 334973 2797829 445303 1122063 167538 7345617 1714922 2293901 PROV. FOR LOAN LOSSES 756141 MISC OPERATING EXPENSE 722115 LOAN SERVICING EXPENSE 519601 OPERATING FEES 85711 36281114 7356637 7299616 168267740 166461726 2299107 49877 530745 504016 31797155 24493418 8166684 7303737 83308258 128134462 708588215 706895323 9727471 7234360 988244857 1023883117 4537178 3450713 874999793 896043091 879536971 899493804 X 0 0 0 0 108707886 124389313 108707886 124389313 988244857 1023883117 X 14578194 1103233 X X 0 1 1 X 0 6000 6000 6000 1 CCUL-PAC 1201 K STREET 1050 SACRAMENTO CA 95814 940357265 6000 2000508 2000508 11098914 7699845 3399069 1375536 1037236 338300 17322197 15756337 1565860 7303737 INVESTMENTS IN NATURAL PERSON CUS 100000 F LOANS AND LEASES 647771985 F NCUA SHARE INSURANCE DEPOSIT 8977136 F DEPOSITS IN COMMERCIAL BANKS 50046202 F 706895323 TOTAL SHARES AND DEPOSITS 896043091 896043091 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: ASC 740-10-65 (FASB INTERPRETATION NO. 48, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, AN INTERPRETATION OF SFAS NO. 109) WAS ISSUED TO CREATE A SINGLE MODEL TO ADDRESS ACCOUNTING UNCERTAINTY IN TAX POSITIONS. THIS STANDARD CLARIFIES THE ACCOUNTING FOR INCOME TAXES BY PRESCRIBING A MINIMUM RECOGNITION THRESHOLD A TAX POSITION IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. THIS STANDARD ALSO PROVIDES GUIDANCE ON MEASUREMENT, DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, DISCLOSURE AND TRANSITION. THE CREDIT UNION ADOPTED THIS STANDARD ON JANUARY 1, 2009. AS A RESULT OF THE IMPLEMENTATION OF THIS STANDARD, THE CREDIT UNION DID NOT RECOGNIZE ANY LIABILITY FOR UNRECOGNIZED TAX BENEFITS. 1 X EDUCATIONAL SCHOLARSHIPS 30 16081 FMV SCHEDULE I, PART III: HIGH SCHOOL SCHOLARSHIP RECIPIENTS ARE DETERMINED BY THE SCHOOLS THEMSELVES. THE CREDIT UNION ALSO PROVIDES A SPECIAL SCHOLARSHIP THAT IS OPEN TO ALL MEMBERS AND THEIR CHILDREN WHO ARE ATTENDING AN ACCREDITED COLLEGE OR TRADE SCHOOL. THERE ARE STRICT QUALIFICATIONS THAT MUST BE MET AND APPLICATIONS ARE SCREENED IN-HOUSE BY A COMMITTEE. ONE SCHOLARSHIP IS AWARDED EACH YEAR. X X X 1 1 X X X 0 1 0 JEFFREY NAPPER 437822 0 2156 0 83824 0 37822 0 17600 0 579224 0 0 0 SUSAN WIGHT 148016 0 1152 0 837 0 12881 0 11061 0 173947 0 0 0 CHARLES THOMAS 163062 0 101 0 929 0 13929 0 10416 0 188437 0 0 0 DIANE JARECKI 154120 0 101 0 463 0 13136 0 9690 0 177510 0 0 0 SEAN HARDEMAN 144857 0 51 0 220 0 0 0 13435 0 158563 0 0 0 KEVIN REED 139561 0 1444 0 437 0 12624 0 17143 0 171209 0 0 0 ALFRED PARENT JR 129250 0 101 0 357 0 11814 0 16024 0 157546 0 0 0 PART I, LINE 1A THE CREDIT UNION HAS A POLICY TO REIMBURSE THE ACTUAL TRAVEL EXPENSES FOR VOLUNTEERS, BOARD MEMBERS AND THEIR TRAVEL COMPANION. HOWEVER, THE TRAVEL EXPENSES OF EMPLOYEES AND THEIR TRAVEL COMPANION ARE NOT REIMBURSED. PART I, LINE 4B THE CREDIT UNION HAS IN PLACE A RETIREMENT FUND MEANT TO ALLOW THE CEO TO SAVE FOR RETIREMENT BEYOND THE STANDARD DEFINED CONTRIBUTION PLANS. THE PLAN IS FUNDED BY A UNIVERSAL LIFE POLICY FOR THE SOLE PARTICIPANT, JEFFREY NAPPER. HEATHER SUMMERS CAR X 22964 14235 0 0 1 JEFFREY NAPPER VISA X 15000 387 0 1 1 KEVIN REED VISA X 5000 4795 0 0 1 SUSAN WIGHT VISA X 9500 9280 0 0 1 KEVIN REED UNSECURED LOAN X 15000 10004 0 0 1 SUSAN WIGHT UNSECURED LOAN X 5000 3518 0 0 1 KEVIN REED CAR X 8147 7658 0 0 1 49877 FORM 990, PART VI, SECTION A, LINE 6 LBS FINANCIAL CREDIT UNION IS A COOPERATIVE FINANCIAL INSITUTION THAT IS OWNED AND CONTROLLED BY ITS MEMBERS, AND OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS TO ITS MEMBERS. LBS FINANCIAL CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF LBS FINANCIAL 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 THE MERGER OR DISSOLUTION. FORM 990, PART VI, SECTION B, LINE 11 THE BOARD REVIEWS THE FORM 990 DURING THE BOARD MEETING AND PROVIDES COMMENTS AND MODIFICATIONS WHERE NECESSARY. FORM 990, PART VI, SECTION B, LINE 12C IT IS THE POLICY OF THE CREDIT UNION THAT ALL EMPLOYEES MUST DISCLOSE ANY SITUATION THAT COULD OR DOES INVOLVE A POTENTIAL OR ACTUAL CONFLICT BETWEEN THEIR PERSONAL INTERESTS AND THE INTERESTS OF THE CREDIT UNION. FAILURE TO DISCLOSE MAY RESULT IN DISCIPLINARY ACTION, UP TO AND INCLUDING TERMINATION. FORM 990, PART VI, SECTION B, LINE 15 LBS FINANCIAL WILL MAINTAIN A COMPETITIVE SALARY RANGE STRUCTURE FOR ALL POSITIONS. THE FOLLOWING WILL OCCUR: THE HUMAN RESOURCES DEPARTMENT WILL PARTICIPATE IN CERTAIN SALARY SURVEYS AS APPROPRIATE FOR OUR INDUSTRY, POSITIONS, ASSET SIZE, EMPLOYEE SIZE, AND GEOGRAPHICAL LOCATIONS. SALARY RANGES WILL BE REVIEWED, AT A MINIMUM, ON AN ANNUAL BASIS. DUE TO COMPETITIVE MARKET CONDITIONS FOR CERTAIN POSITIONS, ADJUSTMENTS MAY BE REVIEWED AND APPROVED ON A CASE-BY CASE BASIS TO REMAIN COMPETITIVE. PUBLISHED SALARY SURVEYS WILL BE UTILIZED TO DETERMINE SALARY RANGES AND TOTAL COMPENSATION. EACH POSITION WILL BE ASSIGNED A CORRESPONDING SALARY RANGE WITH A MINIMUM, MIDPOINT AND MAXIMUM. THE HUMAN RESOURCES DEPARTMENT WILL PRESENT, ANNUALLY, SALARY RANGES AND RECOMMENDATIONS TO THE HUMAN RESOURCES COMMITTEE (CONSISTING OF THREE BOARD MEMBERS) AND THE PRESIDENT/CEO FOR ALL POSITIONS BENEATH THE PRESIDENT/CEO. THE HUMAN RESOURCES COMMITTEE WILL MAKE THE FINAL RECOMMENDATION TO THE BOARD OF DIRECTORS AND IT IS SO NOTED IN THE MINUTES. ONCE BOARD APPROVED, THE HUMAN RESOURCES DEPARTMENT WILL PUBLISH THE APPROVED SALARY RANGES FOR THE GIVEN YEAR. THE HUMAN RESOURCES DEPARTMENT WILL PRESENT TO THE HUMAN RESOURCES COMMITTEE (CONSISTING OF THREE BOARD MEMBERS) SPECIFIC SALARY SURVEYS TO EVALUATE COMPENSATION FOR THE PRESDIENT/CEO. THE HUMAN RESOURCES COMMITTEE MEETS WITH ALL MEMBERS OF THE BOARD IN AN EXECUTIVE SESSION TO DISCUSS AND EVALUATE COMPENSATION AS WELL AS REVIEW PERFORMANCE. FINAL COMPENSATION AND/OR ADJUSTMENTS ARE APPROVED BY THE BOARD OF DIRECTORS AND ARE SIGNED OFF BY THE CHAIRPERSON OF THE BOARD. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. IN ADDITION, MONTHLY FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY OF EACH OF OUR BRANCH LOCATIONS AND COPIES ARE AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: CHANGE IN OTHER COMPREHENSIVE INCOME 1,103,233. TOTAL TO FORM 990, PART XI, LINE 5: 1,103,233. FORM 990, PART XI, LINE 2C: THE ORGANIZATION DID NOT CHANGE EITHER ITS SELECTION PROCESS OR OVERSIGHT PROCESS DURING THE TAX YEAR.