2011-10-27T15:52:11-05:00 2010-12-31 RSM MCGLADREY INC 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2010-01-01 951209332 UNIVERSITY & STATE EMPLOYEES CREDIT UNION UNIV 8587956100 10120 PACIFIC HEIGHTS BLVD NO 100 SAN DIEGO CA 92121 JAMES HARRIS 8587956100 2011-10-26 1 COLLIN F BUZZELL 6125738750 2010 2016-03-07 17:11:31Z JAMES HARRIS 10120 PACIFIC HEIGHTS BLVD NO 100 SAN DIEGO CA 92121 186657037 0 1526 X WWW.USECU.ORG X 1936 CA TO LEAD IN SERVICE, QUALITY AND MEMBER-VALUE AS YOUR TRUSTED FINANCIAL PARTNER. 11 11 238 14 271581 -193204 0 0 44663199 35686896 4623994 3641027 0 -3094 49287193 39324829 0 0 10569386 4719781 11587670 11756355 0 0 0 32975751 26934985 55132807 43411121 -5845614 -4086292 711637586 704021113 663949914 660471738 47687672 43549375 X TO PROVIDE FINANCIAL SERVICES TO ALL WHO ARE ELIGIBLE FOR USE CREDIT UNION MEMBERSHIP. 0 0 MEMBERSHIP IN USE CREDIT UNION PROVIDES ACCESS TO A ROBUST ARRAY OF QUALITY FINANCIAL SERVICES AND PRODUCTS INCLUDING CHECKING AND SAVINGS ACCOUNTS. UNLIKE BANKS, WHICH RETURN THEIR PROFITS TO SHAREHOLDERS, USE CREDIT UNION RETURNS ITS PROFITS TO MEMBERS IN THE FORM OF HIGHER RATES ON DEPOSITS AND A HOST OF FREE AND LOW-COST SERVICES. AS OF DECEMBER 31, 2010, USE CREDIT UNION MEMBERS HELD 108,837 DEPOSIT ACCOUNTS TOTALING OVER $644 MILLION. THESE ACCOUNTS INCLUDED FREE CHECKING, LOW-BALANCE SAVINGS, IRA'S, AND HIGH-YIELD MONEY MARKET AND TERM INVESTMENT ACCOUNTS. AS A MEMBER-OWNED, NOT-FOR-PROFIT COOPERATIVE, USE CREDIT UNION IS DEDICATED TO PROVIDING THE FINANCIAL PRODUCTS AND SERVICES MEMBERS NEED AT EVERY STAGE OF LIFE. WHETHER IT'S BUYING A FIRST CAR, FINANCING A NEW HOME, OR SEEKING A HIGHER EDUCATION, USE CREDIT UNION OFFERS MEMBERS LOW-COST HOME, VEHICLE, AND PERSONAL LOANS, AS WELL AS, FREE FINANCIAL SEMINARS TO ASSIST THEM IN MAKING SOUND FINANCIAL CHOICES. AS OF DECEMBER 31, 2010, USE CREDIT UNION MEMBERS HAD 33,331 MORTGAGE, HOME EQUITY, VEHICLE, CREDIT CARD AND VARIOUS OTHER PERSONAL LOANS TOTALING OVER $481 MILLION. SINCE 1936, USE CREDIT UNION HAS BEEN HELPING PEOPLE ACHIEVE THEIR MOST IMPORTANT FINANCIAL GOALS. AS ONE OF CALIFORNIA'S LARGEST CREDIT UNIONS, USE OFFERS FULL-SERVICE BANKING INCLUDING FREE AND LOW-COST E-SERVICES. MEMBERS CAN MANAGE THEIR PERSONAL FINANCES ANYTIME, ANYWHERE WITH TELEPHONE, ONLINE AND WIRELESS INTERNET BANKING. AS AN ADDITIONAL CONVENIENCE, USE'S OFFERS BILLPAY SERVICES TO MEMBERS WITH QUALIFYING CHECKING ACCOUNTS AT NO COST. APPROXIMATELY, 5,800 MEMBERS UTILIZE THIS SERVICE EACH MONTH. IN ADDITION, USE CREDIT UNION HAS PARTNERED WITH OTHER CREDIT UNIONS TO FORM THE CO-OP ATM NETWORK. THIS NETWORK PROVIDES MEMBERS ACCESS TO 4,100 NO-FEE ATM'S IN CALIFORNIA AND 28,000 NO-FEE ATM'S THROUGHOUT THE UNITED STATES AND CANADA. ADDITIONAL USE CREDIT UNION MEMBERSHIP BENEFITS INCLUDE: 1) PROFESSIONAL BROKERAGE AND INVESTMENT SERVICES, 2) PROFESSIONAL TAX PREPARATION SERVICES, 3) MONEY-SAVING AUTO, HOME, HEALTH AND LIFE INSURANCE PROGRAMS, 4) FREE FINANCIAL EDUCATION SEMINARS, 5) MERCHANT, RECREATION AND TRAVEL DISCOUNTS. 0 0 1 0 0 0 1 0 1 1 0 1 1 1 0 1 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 27873 0 1 238 1 1 1 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X ADELE SANDBERG VPCONTROLLER 8587956111 10120 PACIFIC HEIGHTS BLVD NO 100 SAN DIEGO CA 92121 YVONNE MARSH 3.00 X X 0 0 0 DAVID ELY 3.00 X X 0 0 0 MATT ADAMS 3.00 X 0 0 0 TONY CHERIN 3.00 X 0 0 0 STEPHEN COHEN 3.00 X 0 0 0 IOLA HARRIS-BAKER 3.00 X 0 0 0 SHIRLEY HUMPHREY 3.00 X 0 0 0 JOSHUA LAWRENCE 3.00 X 0 0 0 STEVE ST MARIE 3.00 X 0 0 0 ARUN SEN 3.00 X 0 0 0 JOHN RICHARD CHANTENGCO 3.00 X 0 0 0 JAMES HARRIS 40.00 X 307345 0 13393 BRADLEY MILLER 40.00 X 216232 0 18067 KAREN HARRISON 40.00 X 177356 0 11176 JEANNIE DECARLO 40.00 X 160517 0 18067 GARY AHLGREN 40.00 X 177590 0 14974 KAREN SMITH 40.00 X 130859 0 4078 LYNETTE STEEL 40.00 X 130667 0 99 NATE FRICHTEL 40.00 X 115743 0 5171 DONALD COLEMAN 40.00 X 109615 0 5171 SHELLEY DUCKART 40.00 X 108449 0 4317 1634373 0 94513 15 0 1 0 INTUIT FINANCIAL SERVICES 21215 BURBANK BLVD SUITE 100 WOODLAND HILLS CA 91367 ONLINE BANKING / WEB-SITE HOSTING SERVIC 626954 ADVANCED NETWORK INC 8940 ACTIVITY ROAD SUITE F SAN DIEGO CA 92126 ATM SERVICES 317577 FISERV 405 SCIENCE DRIVE MOORPARK CA 93021 SOFTWARE PROVIDER 291080 BUSINESS DATA INC 321 N OAK STREET INGLEWOOD CA 90302 STATEMENT PROCESSOR 284257 ENFORCEMENT SUPPORT SERVICES INC 10120 PACIFIC HEIGHTS BLVD SUITE SAN DIEGO CA 92121 SECURITY GUARDS 207090 9 LOAN INTEREST INCOME 522100 28784293 28784293 SERVICE CHARGES AND FE 522100 4821869 4550288 271581 INTERCHANGE INCOME 522100 2080734 2080734 35686896 1889921 1889921 113350 116444 -3094 -3094 -3094 14778168 134188702 14475260 132740504 302908 1448198 1751106 1751106 39324829 35415315 271581 3637933 4719781 1114717 8898008 12445 879101 852084 40384 139931 766334 1373630 1884980 2042222 2332580 204940 2332 635910 1161347 1826101 PROVISION FOR LOAN LOSS 11301145 VISA PROGRAM COSTS 1067563 LOAN PROGRAM/SERVICING 992044 ATM EXPENSES 574793 CHECKING & OTHER LOSSES 406213 182536 43411121 20917265 42545801 536447862 463300994 18616524 14035724 5174653 4580800 106215863 132101362 42881943 61492156 711637586 704021113 714768 2180761 12500000 12500000 650735146 645790977 663949914 660471738 X 0 0 0 0 47687672 43549375 47687672 43549375 711637586 704021113 X -4086292 -52005 X 0 1 1 X 0 7250 7250 7250 1 CALIFORNIA CREDIT UNION LEAGUE PAC 1201 K STREET SUITE 1050 SACRAMENTO CA 95814 942329967 6000 SAN DIEGO CREDIT UNIONS' PAC 9201 SPECTRUM CENTER BLVD SAN DIEGO CA 92123 743032876 1250 ORGANIZATIONS DIRECT AND INDIRECT POLITICAL CAMPAIGN ACTIVITIES: PART I-A, LINE 1: USE'S POLITICAL CAMPAIGN ACTIVITIES ARE PRIMARILY CENTERED AROUND SPECIFIC LEGISLATIVE BILLS OF SPECIFIC INTEREST TO USE AND/OR THE CREDIT UNION INDUSTRY. USE PARTICIPATES WITH THE CALIFORNIA/NEVADA CREDIT UNION LEAGUE AND CUNA BY SENDING LETTERS IN SUPPORT OR OPPOSITION TO PROPOSED LEGISLATION. USE ALSO, ON AN INDIVIDUAL BASIS, ATTENDS FUNDRAISERS TO SUPPORT CREDIT UNION FRIENDLY LEGISLATORS. FINANCIAL CONTRIBUTIONS ARE MADE BY EITHER PERSONAL FUNDS OR THRU PAC CONTRIBUTIONS. 0 1 160057 160057 1204787 602476 602311 4933140 2900849 2032291 12318540 10532399 1786141 4580800 OTHER INVESTMENTS 4124700 F AVAILABLE FOR SALE SECURITIES 127976662 F 132101362 ACCRUED INTEREST RECEIVABLE 3866604 NCUA SHARE INSURANCE DEPOSITS 6325829 OTHER ASSETS 33406468 INSURANCE CONTRACTS 9224571 LOANS HELD FOR SALE 8668684 61492156 MEMBER SHARES 643723269 DIVIDENDS PAYABLE 613473 OTHER LIABILITIES 1454235 645790977 PART IV, LINE 2B: THE CREDIT UNION HOLDS FUNDS IN ESCROW TO PAY TAX AND INSURANCE ON BEHALF OF ITS MORTGAGE LOANS. THE ESCROW BALANCE AT 12/31/2010 WAS $598,322. AT 12/31/2010 THE VALUE OF ASSETS FOR WHICH THE CREDIT UNION SERVES AS CUSTODIAN WAS $1,582,439. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: FOR THE YEARS ENDED DECEMBER 31, 2010 AND DECEMBER 31, 2009, MANAGEMENT DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. X 1 1 X X X X 0 0 0 JAMES HARRIS 286175 0 0 0 21170 0 0 0 13393 0 320738 0 0 0 BRADLEY MILLER 199500 0 0 0 16732 0 0 0 18067 0 234299 0 0 0 KAREN HARRISON 160799 0 0 0 16557 0 0 0 11176 0 188532 0 0 0 JEANNIE DECARLO 148082 0 0 0 12435 0 0 0 18067 0 178584 0 0 0 GARY AHLGREN 169477 0 0 0 8113 0 0 0 14974 0 192564 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS - WITHIN BUDGET LIMITS, USE CREDIT UNION WILL PAY FOR BUSINESS RELATED TRAVEL FOR SPOUSES OF VOLUNTEERS. IF REPORTING THRESHOLDS ARE MET THE CREDIT UNION ISSUES A 1099 FOR COMPANION TRAVEL. 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 OR EXCESS DUES 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 MEMBERS 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 THE FORM 990 WAS REVIEWED BY THE CREDIT UNION'S CEO AND MEMBERS OF THE BOARD AND SUPERVISORY COMMITTEE PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS, SUPERVISORY COMMITEE MEMBERS, AND MANAGEMENT SIGN ANNUAL CONFLICT OF INTEREST STATEMENTS. EMPLOYEES ARE REQUIRED TO SIGN AN ACKNOWLEDGMENT AND AGREEMENT STATEMENT WHEN PROVIDED WITH A COPY OF THE CREDIT UNION'S EMPLOYEE HANDBOOK, AT THE TIME OF HIRE. THIS COMPREHENSIVE MANUAL INCLUDES SPECIFIC GUIDANCE REGARDING APPROPRIATE BUSINESS ACTIVITIES AND CONDUCT. IN ADDITION, MANAGERS AT ALL LEVELS MEET WITH THEIR DIRECT REPORTS ON A REGULAR BASIS. THESE MEETINGS PROVIDE AN ONGOING FORUM TO REAFFIRM THE POLICIES OF THE CREDIT UNION AND ADDRESS ANY AREAS OF CONCERN. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION UTILIZES COMPEASE, A SOFTWARE APPLICATION LINKED TO CURRENT SALARY SURVEY DATA, TO ESTABLISH COMPENSATION LEVELS FOR EACH CREDIT UNION POSITION. COMPENSATION FOR OFFICERS AND KEY EMPLOYEES IS BASED UPON COMPEASE EVALUATIONS, A CANDIDATE'S SALARY HISTORY, AND THE SALARY JUDGED NECESSARY TO ATTRACT QUALIFIED CANDIDATES BASED UPON THEIR SKILLS AND EXPERIENCE. FORM 990, PART VI, SECTION C, LINE 19 AUDITED FINANCIAL STATEMENTS ARE PROVIDED TO THE MEMBERSHIP AT EACH ANNUAL MEETING. UNAUDITED FINANCIAL STATEMENTS ARE ALSO POSTED MONTHLY AT EACH BRANCH LOCATION FOR PUBLIC VIEWING. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: ADJUSTMENT FOR SALE OF AFS WITH UNREALIZED GAINS -179,302. CAHNGE IN UNREALIZED HOLDING GAINS 127,297. TOTAL TO FORM 990, PART XI, LINE 5: -52,005.