2011-05-13T14:50:19-05:00 2010-12-31 RSM MCGLADREY INC 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2010-01-01 941439553 VALLEY FIRST CREDIT UNION VALL 2095498500 PO BOX 1411 MODESTO CA 953531411 DENNIS BARTA 2095498500 2011-05-13 1 COLLIN F BUZZELL 6125738750 2010 2016-02-24 21:20:13Z HANK BARRETT PO BOX 1411 MODESTO CA 953531411 23353066 0 X WWW.VALLEYFIRSTCU.ORG X 1956 CA NON-PROFIT, STATE CHARTERED, NATURAL PERSON CREDIT UNION 7 7 128 4 218297 -362844 0 0 17419571 18100605 4384027 4456643 2094727 795818 23898325 23353066 0 0 4479560 2761380 5698379 6953345 0 0 0 15326798 11099639 25504737 20814364 -1606412 2538702 323503077 363955207 290036820 327507263 33466257 36447944 VALLEY FIRST CREDIT UNION IS A STATE CHARTERED CREDIT UNION THAT PROVIDES LOW COST FINANCIAL SERVICES TO ITS COMMUNITIES. 0 0 AS A STATE CHARTERED CREDIT UNION, VALLEY FIRST PROVIDES LOANS TO MEMBERS AT REDUCED INTEREST RATES COMPARED TO COMPETITORS. IN GENERAL, THE CREDIT CRITERIA IS LESS STRINGENT, LOAN RATES ARE LOWER, AND A HIGHER LEVEL OF LOAN COVERAGE IS PROVIDED. VALLEY FIRST PROVIDES SAVINGS ACCOUNT PRODUCTS THAT ARE OF GREATER BENEFIT TO MEMEBERS AS COMPARED TO COMPETITORS. VALLEY FIRST PAYS HIGHER DIVIDEND RATES FOR COMPARABLE SAVINGS PRODUCTS. VALLEY FIRST PROVIDES CHECKING ACCOUNT PRODUCTS THAT ARE OF GREATER BENFIT TO MEMBERS, AS COMPARED TO COMPETITORS. SEVERAL TYPES OF CHECKING ACCOUNTS ARE OFFERED, FROM FREE CHECKING TO SPECIALITY CHECKING ACCOUNTS THAT PAY MEMBERS DIVIDENDS FOR BALANCES KEPT IN THEIR ACCOUNT. AGAIN THE FEE FOR A CHECKING ACCOUNT AND THE DIVIDEND RATES FOR COMPARABLE CHECKING PRODUCTS ARE BETTER THAN COMPETITORS. 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 9627 0 1 128 1 1 1 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X VALLEY FIRST CREDIT UNION 2095498500 1005 W ORANGEBURG AVENUE MODESTO CA 95350 FRED CRUZ 5.00 X X 0 0 0 KEN KARN 2.00 X X 0 0 0 JUDY JENSEN 2.00 X X 0 0 0 GARY HALL 2.00 X X 0 0 0 MATT SINCLAIR 2.00 X 0 0 0 PATTI GILLIHAN 2.00 X 0 0 0 MARLENE JACKSON 2.00 X 0 0 0 HANK BARRETT 40.00 X 243355 0 24497 DENNIS BARTA 40.00 X 146078 0 30065 PAM GROVER 40.00 X 140050 0 28644 TERRI HOLVECK 40.00 X 198013 0 36008 PAUL EMANUELS 40.00 X 112968 0 10036 ANITA MORPHEW 40.00 X 108441 0 21255 948905 0 150505 6 0 1 0 HANLEY CONSTRUCTION PO BOX 808 STOCKTON CA 95201 CONSTRUCTION 1177254 DIEBOLD INC PO BOX 643543 PITTSBURGH PA 15264 ATM SUPPORT 1149359 AETNA PO BOX 6040 ARTESIA CA 90702 MEDICAL INSURANCE 527755 FERLMANN LAW PO BOX 579375 MODESTO CA 95357 COLLECTION ATTORNEY 314097 JACK HENRY & ASSOCIATES PO BOX 503378 ST LOUIS MO 63150 COMPUTER SUPPORT 249553 11 INTEREST FROM LOANS 522100 13744274 13744274 FEES & CHARGES 522100 4080880 3933779 147101 MISC OPERATING INCOME 522100 275451 275451 18100605 3732668 3732668 50275 50275 50275 50275 367101 356874 367101 356874 723975 723975 MISC INCOME 522100 745543 674347 71196 745543 23353066 18627851 218297 4506918 2761380 267852 4501170 169908 1614148 400267 772121 3307754 724202 173432 866085 69562 OPERATIONAL & LOAN LOSS 3359974 LOAN SERVICING EXPENSES 1077921 NON OPERATING EXPENSES 517213 PROFESSIONAL SERVICES 231375 20814364 3272066 5173672 26523840 26520479 2055690 2838220 129237 113856 180330649 196354362 843461 982344 20323629 10089987 6740424 10233642 92889132 109308934 10718578 12429698 323503077 363955207 3055991 4253382 286980829 323253881 290036820 327507263 X 0 0 0 0 33466257 36447944 33466257 36447944 323503077 363955207 X 2538702 442985 X 0 1 1 X 0 1394626 1394626 7780724 1633553 6147171 2769927 2051815 718112 8378352 6404619 1973733 10233642 MEMBER SHARES 323253881 323253881 23353066 20814364 2538702 442985 442985 2981687 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: FOR THE YEARS ENDED SEPTEMBER 30, 2010 AND 2009, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. X 1 1 X X X X 0 1 0 HANK BARRETT 223800 0 1000 0 18555 0 11317 0 13180 0 267852 0 0 0 DENNIS BARTA 128180 0 250 0 17648 0 16885 0 13180 0 176143 0 0 0 PAM GROVER 120747 0 0 0 19303 0 19375 0 9269 0 168694 0 0 0 TERRI HOLVECK 108997 0 1000 0 88016 0 26739 0 9269 0 234021 0 0 0 PART I, LINE 1A GOLF CLUB DUES ARE PAID BY THE CREDIT UNION AND IS USED PRIMARILY FOR TREATING MEMBERS, VENDORS, EMPLOYEES, AND OTHER CLIENTS TO A DAY OF GOLF TO DISCUSS LOCAL AND CREDIT UNION BUSINESS. PART I, LINE 4A PART I, LINE 4B: HANK BARRETT DENNIS BARTA - $10,000 PAM GROVER - $13,000 TERRI HOLBECK - $21,000 ANITA MORPHEW - $16,000 PAUL EMANUELS - $4,000 HANK BARRETT AUTO LOAN X 17500 13741 0 1 1 DENNIS BARTA AUTO LOAN X 9903 8058 0 1 1 DENNIS BARTA AUTO LOAN X 25597 13576 0 1 1 PAM GROVER AUTO LOAN X 34000 18084 0 1 1 TERRI HOLVECK AUTO LOAN X 11000 6570 0 1 1 GARY HALL AUTO LOAN X 43740 14509 0 1 1 JAMES KELLY AUTO LOAN X 21381 18597 0 1 1 FRED CRUZ AUTO LOAN X 7354 3149 0 1 1 ANNITA MORPHEW AUTO LOAN X 22314 17572 0 1 1 113856 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 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 FORM 990 IS COMPLETED BY THE ACCOUNTING DEPARTMENT AND REVIEWED BY THE CEO AND CFO. A COPY WILL ALSO BE PROVIDED TO THE EXECUTIVE MEMBERS OF THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C AN ANNUAL REVIEW PROCESS IS COMPLETED AND EACH EMPLOYEE IS REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST AND SIGN THE FORM. FORM 990, PART VI, SECTION B, LINE 15 THE HUMAN RESOURCES DEPARTMENT AND THE EXECUTIVE COMMITTEE VIEW INDUSTRY SALRAY DATA AND APPROVE SALARY ADJUSTMENTS BASED ON THAT DATA. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS ARE AVAILALBE UPON REQUEST AND MONTHLY FINANCIAL STATEMENTS ARE PUBLISHED IN EACH BRANCH LOBBY AS REQUIRED BY NCUA. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 442,985.