2011-10-26T15:57:19-05:00 2010-12-31 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2010-01-01 941482957 PROVIDENT CREDIT UNION PROV 6505080300 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94063 LINDA BRUZZONE 6505080300 2011-10-20 1 VALENTINO CREUS CPA 8189549700 2010 2016-03-07 17:11:31Z WAYNE BUNKER 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94063 93407559 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 9 352 14 755828 0 0 0 79223432 77752684 12153417 7015072 8651524 2470215 100028373 87237971 0 17000 0 0 23300448 24203275 0 0 0 75690007 57202658 98990455 81422933 1037918 5815038 1674838348 1626499898 1493736939 1438431376 181101409 188068522 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 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 41353 0 1 352 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 LINDA BRUZZONE 6505080300 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94065 SAMUEL JOHNSON JR 1.00 X X 0 0 0 JANET MATHIS 1.00 X X 0 0 0 ROBERT LANZONE 1.00 X 0 0 0 LAWRENCE TECHARA 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 DAVID BUCKMASTER 1.00 X 0 0 0 FRED MARCUSSEN 1.00 X 0 0 0 WAYNE BUNKER 40.00 X 521103 0 155998 LINDA BRUZZONE 40.00 X 212644 0 24453 JIM ERNEST 40.00 X 281959 0 30204 FRED GOMES 40.00 X 229212 0 33746 PATRICIA DOWD 40.00 X 209492 0 24375 DAVID HERRERA 40.00 X 204161 0 9384 CONNIE FINCH 40.00 X 233903 0 17123 HEIDI PARKS 40.00 X 218541 0 18325 CELIA TANAKA 40.00 X 224505 0 8801 SHU-YI KONG 40.00 X 241380 0 7541 ANDREA ZUEFEN BULOW 40.00 X 215986 0 5957 MOHAMAD SANGABI 40.00 X 193359 0 7564 FATEMEH SANGABI 40.00 X 163149 0 5977 GREG MCCURDY 40.00 X 158721 0 8389 3308115 0 357837 28 0 1 0 ONLINE RESOURCES CORPORATION PO BOX 630139 BALTIMORE MD 21263 ON-LINE BANKING PROVIDER 469564 FISERV SOLUTIONS INC 75 REMITTANCE DR STE 6969 CHICAGO IL 60675 CORE SYSTEM 457781 INFOR IMAGE 141 JEFFERSON DR MENLO PARK CA 94025 MAIL HOUSE 414638 DIEBOLD INCORPORATED 6181 CHIP AVENUE CYPRESS CA 90630 SECURITIES SERVICES 367290 ABM JANITORIAL SERVICES 600 HARRISON ST STE 600 SAN FRANCISCO CA 94107 JANITORIAL SERVICES 205919 17 INCOME FROM LOANS 900099 57270977 57270977 FEE INCOME 900099 11053358 10297530 755828 OTHER OPERATING INCOME 900099 9428349 9428349 77752684 7153223 7153223 2571693 101478 2470215 2470215 2470215 5929959 6068110 -138151 -138151 -138151 87237971 84011928 755828 2470215 17000 3308115 15505794 931205 3048632 1409529 210915 153327 1213505 1730727 5181215 3776546 362076 23500053 3111208 4246148 PROVISION FOR LOAN LOSS 9830049 LOAN SERVICING EXPENSE 2613269 MISCELLANEOUS EXPENSE 984406 OPERATING FEES 289214 81422933 4590258 4633867 65957086 168206843 6708605 5054160 1646779 1963436 63407467 30819037 34551791 32588430 68765954 108201714 1479632158 1287835819 12985717 18015629 1674838348 1626499898 11425211 9655624 1482311728 1428775752 1493736939 1438431376 X 0 0 0 0 181101409 188068522 181101409 188068522 1674838348 1626499898 X 5815038 1152075 X X 0 1 1 X 0 14200 14200 14200 1 CCUL-PAC PO BOX 51476 ONTARIO CA 91761 743032874 12000 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 IRA RUSKIN'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. IRA RUSKIN AMOUNT OF CONTRIBUTION: $2,200 807 MONTGOMERY STREET SAN FRANCISCO, CA 94133 7452892 7452892 31081342 10398485 20682857 7719202 5340226 2378976 17154031 15080326 2073705 32588430 NCUA SHARE INSURANCE DEPOSITS 11355433 C OTHER INVESTMENTS IN CORPORATE CREDIT UNIONS 228351139 C DEPOSITS IN COMMERCIAL BANKS, S&L, SAVINGS BANKS 11329111 C ALL OTHER INVESTMENTS 16282600 C NET LOANS AND LEASES 1020517536 C 1287835819 MEMBER SHARE DEPOSITS 1218775752 FHLB ADVANCE 210000000 1428775752 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: FOR THE YEAR ENDED DECEMBER 31, 2010, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. THE CREDIT UNION IS NOT SUBJECT TO EXAMINATION BY U.S. FEDERAL AND STATE TAX AUTHORITIES FOR TAX YEARS BEFORE 2006. FOR THE YEAR ENDED DECEMBER 31, 2010, THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS, AND ACCORDINGLY, HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. 1 COLLEGE SCHOLARSHIPS 11 17000 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 371116 0 126236 0 23751 0 122431 0 33567 0 677101 0 0 0 LINDA BRUZZONE 152699 0 58392 0 1553 0 0 0 24453 0 237097 0 0 0 JIM ERNEST 223769 0 56325 0 1865 0 0 0 30204 0 312163 0 0 0 FRED GOMES 156771 0 70863 0 1578 0 0 0 33746 0 262958 0 0 0 PATRICIA DOWD 143954 0 64042 0 1496 0 0 0 24375 0 233867 0 0 0 DAVID HERRERA 164317 0 38358 0 1486 0 0 0 9384 0 213545 0 0 0 CONNIE FINCH 170977 0 61443 0 1483 0 0 0 17123 0 251026 0 0 0 HEIDI PARKS 163385 0 53728 0 1428 0 0 0 18325 0 236866 0 0 0 CELIA TANAKA 163449 0 53144 0 7912 0 0 0 8801 0 233306 0 0 0 SHU-YI KONG 0 0 241380 0 0 0 0 0 7541 0 248921 0 0 0 ANDREA ZUEFEN BULOW 0 0 215986 0 0 0 0 0 5957 0 221943 0 0 0 MOHAMAD SANGABI 43191 0 147003 0 3165 0 0 0 7564 0 200923 0 0 0 FATEMEH SANGABI 41157 0 121649 0 343 0 0 0 5977 0 169126 0 0 0 GREG MCCURDY 150231 0 7245 0 1245 0 0 0 8389 0 167110 0 0 0 WAYNE BUNKER REAL ESTATE LOAN X 927486 897957 0 1 1 LINDA BRUZZONE REAL ESTATE LOAN X 628000 504366 0 1 1 JIM ERNEST REAL ESTATE LOAN X 709000 654247 0 1 1 FRED GOMES REAL ESTATE LOAN X 245000 206807 0 1 1 HEIDI PARKS REAL ESTATE LOAN X 615000 539699 0 1 1 CELIA TANAKA REAL ESTATE LOAN X 335000 335000 0 1 1 PATRICIA DOWD 2 REAL ESTATE LOANS X 825000 716188 0 1 1 MOHAMAD SANGABI REAL ESTATE LOAN X 606682 606682 0 1 1 CONNIE FINCH REAL ESTATE LOAN X 275000 241614 0 1 1 FATEMEH SANGABI REAL ESTATE LOAN X 400000 351600 0 1 1 5054160 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBER OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. 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: 1,152,075. 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 1092619 8698469 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 1224755