2011-11-09T09:29:50-06:00 2010-12-31 CLIFTON GUNDERSON LLP 3003 N CENTRAL AVE STE 500 PHOENIX AZ 85012 990 2010-01-01 946087440 COMMONWEALTH CENTRAL CREDIT UNION COMM 4085313100 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 CRAIG WEBER 4085313100 2011-11-07 1 K FINCHER 6022662248 2010 2016-02-24 21:20:13Z CRAIG WEBER 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 19391798 0 X WWW.WEALTHCU.ORG X 1958 CA TO PROMOTE THRIFT AMONG MEMBERS AND CREATE A SOURCE OF CREDIT FOR MEMBERS. 7 7 105 10 53469 -67416 0 0 22494720 19391798 0 0 0 0 22494720 19391798 0 0 0 0 7354143 6694916 0 0 0 20386231 10829127 27740374 17524043 -5245654 1867755 314709651 318780138 290399784 292906085 24309867 25874053 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 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 0 1 6173 0 1 105 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 HAROLD DEGUZMAN 4085313236 5890 SILVER CREEK VALLEY RD SAN JOSE CA 95138 ROBERT BRYANT 1.00 X 0 0 4644 LYLE CHAMBERS 1.00 X 0 0 2997 JAMES CRAWFORD 1.00 X 0 0 0 DR RODGER CRYER 1.00 X 0 0 8003 MICHAEL F FILICE JR 1.00 X 0 0 4884 HENRY MANAYAN 1.00 X 0 0 5855 GERALD WELTZIN 1.00 X 0 0 5549 CRAIG WEBER 40.00 X 303204 0 157028 HAROLD DEGUZMAN 40.00 X 196325 0 20870 LISA BROWN 40.00 X 175343 0 811 RICHARD SANDENAW 40.00 X 158446 0 14727 ED MACHADO 40.00 X 152717 0 20870 JAMES BOYLE 40.00 X 126721 0 20870 MANUEL CARINO 40.00 X 103447 0 10863 SYLVIA GRANGER 40.00 X 100747 0 4955 1316950 0 282926 8 0 1 0 ANTHEM BLUE CROSS OF CALIFORNIA PO BOX 60000- FILE 2953 SAN FRANCISCO CA 941602953 MEDICAL PREMIUMS 371590 KAISER FOUNDATION HEALTH PLAN INC PO BOX 60000- FILE 73030 SAN FRANCISCO CA 941603030 MEDICAL PREMIUMS 309301 BUSINESS DATA INC 321 NORTH OAK STREET INGLEWOOD CA 90302 MEMBER STATEMENT PROCESSING 293190 XP SYSTEMS CORPORATION 75 REMITTANCE DR SUITE 6963 CHICAGO IL 606756963 IT SYSTEM CORE PROCESSOR 229335 PM SYSTEMS CORPORATION 99944 COLLECTION CENTER DRIVE CHICAGO IL 60693 INTERNET BANKING PROVIDER 151239 5 PROGRAM SERVICE REVENU 522100 19338329 19338329 UNRELATED BUSINESS INC 900099 53469 53469 19391798 19391798 19338329 53469 0 1599876 4032892 -175876 795263 442761 8231 40800 703813 4021 1106510 36776 51115 1200397 395806 140897 OPERATING EXPENSES 3652761 PROVISION FOR LOAN LOSS 3488000 17524043 2160203 2236516 55086187 38934012 212223084 198229803 25207241 10028095 15941092 15179146 19689661 53775661 9609424 10425000 314709651 318780138 1867186 2243173 288532598 290662912 290399784 292906085 X 0 0 0 0 24309867 25874053 24309867 25874053 314709651 318780138 X 1867755 -303569 X X 0 1 1 X 0 1189220 1189220 15635930 2921345 12714585 1026444 483313 543131 6908147 6219921 688226 447500 403516 43984 15179146 AVAILABLE-FOR-SALE 49175676 F OTHER INVESTMENTS 4599985 C 53775661 MEMBERS' SHARE AND SAVINGS ACCOUNTS 290662912 290662912 19391798 17524043 1867755 -303569 -303569 1564186 19397295 5497 5497 19391798 0 19391798 17529540 5497 5497 17524043 0 17524043 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES WAS ISSUED TO CREATE A SINGLE MODEL TO ADDRESS ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS. THIS STANDARD CLARIFIES THE ACCOUNTING FOR INCOME TAXES BY PRESCRIBING A MINIMUM RECOGNITION THRESHOLD FOR A TAX POSITION IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. THIS STANDARD ALSO PROVIDES GUIDANCE ON DERECOGNITION, MEASUREMENT, 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 UNCERTAINTY IN TAX POSITIONS. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN UNREALIZED GAIN ON SECURITIES AVAILABLE-FOR-SALE -303,569. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSE INCLUDED IN REVENUE ON THE FINANICAL STATEMENTS 5,497. PART XIII, LINE 2D - OTHER ADJUSTMENTS: EXPENSE INCLUDED IN REVENUE ON THE FINANICAL STATEMENTS 5,497. X X 1 1 X X X X X 0 1 0 CRAIG WEBER 284694 0 18510 0 0 0 144825 0 12203 0 460232 0 0 0 HAROLD DEGUZMAN 183745 0 12580 0 0 0 0 0 20870 0 217195 0 0 0 LISA BROWN 164298 0 11045 0 0 0 0 0 811 0 176154 0 0 0 RICHARD SANDENAW 148257 0 10189 0 0 0 0 0 14727 0 173173 0 0 0 ED MACHADO 142957 0 9760 0 0 0 0 0 20870 0 173587 0 0 0 PART I, LINE 4B THE CREDIT UNION CONTRIBUTED $144,825 FOR CRAIG WEBER. 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, HRN MANAGEMENT GROUP, TO ASSIST IN ITS SALARY ADMINISTRATION EFFORTS. SPECIFICALLY, HRN MANAGEMENT GROUP 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 HRN MANAGEMENT GROUP USING A COMPENSATION SOFTWARE PACKAGE. ON AN ANNUAL BASIS, HRN MANAGEMENT GROUP 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 RESOURCE DEVELOPMENT PROVIDES OVERSIGHT TO THE HUMAN RESOURCES STAFF IN SALARY ADMINISTRATION PRACTICES BY UTILIZING ALL OF THE ABOVE-MENTIONED RESOURCES PROVIDED BY HRN MANAGEMENT GROUP. 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 HRN MANAGEMENT GROUP. EXECUTIVE COMPENSATION PRACTICES ALSO EMPLOY THE SAME METHODOLOGIES AS OUTLINED ABOVE, AND HRN MANAGEMENT GROUP 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. HRN MANAGEMENT GROUP 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 -303,569. TOTAL TO FORM 990, PART XI, LINE 5: -303,569. FORM 990, PART XII, LINE 2C: THE SUPERVISORY COMMITTEE OVERSEES THE AUDITED FINANCIAL STATEMENTS.