2024-05-14T14:22:24-05:00 2023-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2023-01-01 940760540 PACIFIC POSTAL CREDIT UNION PACI 4082758595 1040 LEIGH AVENUE SAN JOSE CA 951264152 PAUL LINDSLEY CHIEF FINANCIAL OFFICER 4082758595 2024-05-14 1 PAUL LINDSLEY 999009999 0 JENIFER L CHASE P01306883 5638884000 2024-05-14 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z FARDAD KHOSRAVI 1040 LEIGH AVENUE SAN JOSE CA 951264152 10516194 0 X WWW.PPCU.ORG X 1931 CA PACIFIC POSTAL CREDIT UNION BUILDS FINANCIAL PARTNERSHIPS AND PROVIDES COMPETITIVE SERVICES. 7 7 40 10 36876 0 0 0 5563409 6278499 2070487 4237695 0 0 7633896 10516194 0 0 0 0 3294754 3551821 0 0 0 3501925 5466302 6796679 9018123 837217 1498071 239600553 236503849 209790314 203997888 29810239 32505961 PACIFIC POSTAL CREDIT UNION IS COMMITTED TO CREATING A BETTER LIFE FOR OUR MEMBER OWNERS BY BUILDING FINANCIAL PARTNERSHIPS AND PROVIDING COMPETITIVE SERVICES. 0 0 PACIFIC POSTAL CREDIT UNION PROVIDES CONSUMER FINANCIAL SERVICES TO INDIVIDUALS THAT RESIDE IN SANTA CLARA COUNTY, CALIFORNIA. THE CREDIT UNION PROVIDES A VAST ARRAY OF LOAN PRODUCTS TO MEMBERS AT COMPETITIVE MARKET RATES AND LOWER THAN MARKET FEES. DURING 2023 THE CREDIT UNION PROVIDED A TOTAL OF $41 MILLION IN MEMBER AND PARTICIPATION LOAN DOLLARS. PACIFIC POSTAL CREDIT UNION PROVIDES DEPOSITORY SERVICES TO ITS MEMBERS. DURING 2023, MEMBERS HAD A TOTAL OF $202 MILLION MEMBER SHARE DEPOSITS AT DECEMBER 31, 2023. PACIFIC POSTAL CREDIT UNION'S CAPITAL PERCENTAGE AT DECEMBER 31, 2023 WAS 16.88%. THIS IS GREATER THAN TWO TIMES THE INDUSTRY REQUIREMENT. 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 0 0 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 1 17157 0 1 40 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 1 1 0 0 1 1 0 0 1 1 1 1 0 CA X FARDAD KHOSRAVI 4082758595 1040 LEIGH AVENUE SAN JOSE CA 951264152 CAROL CROTEAU VICE CHAIR 0.50 X X 0 0 0 MARIE FURTADO DIRECTOR 0.50 X 0 0 0 MICHAEL MEDLIN SECRETARY, TREASURER 0.50 X X 0 0 0 JOHANNA ROCHA DIRECTOR 0.50 X 0 0 0 ROBERT SCALETTA DIRECTOR 0.50 X 0 0 0 RICHARD SILVERIA DIRECTOR 0.50 X 0 0 0 ROGER SOMER CHAIR 0.50 X X 0 0 0 FARDAD KHOSRAVI PRESIDENT & CEO 40.00 X 332884 0 101506 PAUL LINDSLEY CFO 40.00 X 160272 0 22196 KAROLE MORIKAWA MARKETING MANAGER 40.00 X 132810 0 21802 DAVID CLARK IT MANAGER 40.00 X 140664 0 21195 CYNDEE LEMON OPERATIONS MANAGER 40.00 X 129675 0 24068 ELSA PHAM MARKETING MANAGER 0.00 X 128530 0 23736 1024835 0 214503 6 0 1 0 FINASTRA PO BOX 535120 ATLANTA GA 30353 DATA PROCESSING 399367 FIS 7805 HUDSON RD WOODBURY MN 55125 VISA PROCESSING 196890 TPX 208 S AKARD ST DALLAS TX 75202 COMMUNICATIONS 104171 3 INTEREST FROM LOANS 522100 5108964 5108964 FEE & CHARGES INCOME 522100 523113 486237 36876 MASTERCARD INTERCHANGE INCOME 522100 295526 295526 OTHER INCOME 522100 196372 196372 VISA INTERCHANGE INCOME 522100 154524 154524 6278499 4237695 4237695 10516194 6241623 36876 4237695 616858 2218702 58505 456748 201008 67130 1500 217651 176087 95715 575506 330490 81681 77 38043 83385 PROVISION FOR LOAN LOSS 1548300 DIVIDENDS PAID TO MEMBE 1487855 LOAN/VISA EXPENSES 308717 ATM EXPENSES 234879 219286 9018123 5147889 6646483 1990840 1425043 3093483 3264779 96312554 102691197 478147 546340 395047 213886 218671 181161 119259046 108388314 75521 37760 13024402 13322772 239600553 236503849 1313009 1276933 208477305 202720955 209790314 203997888 X 0 0 0 0 29810239 32505961 29810239 32505961 239600553 236503849 X 1498071 1209792 -12141 X X 0 0 0 1500 1500 1500 1 CALIFORNIA CREDIT UNION LEAGUE 1201 K STREET SUITE 1050 SACRAMENTO CA 95814 940357265 1500 PART I-A, LINE 1: PACIFIC POSTAL CREDIT UNION MADE A $1,500 POLITICAL ACTION COMMITTEE CONTRIBUTION TO THE CALIFORNIA CREDIT UNION LEAGUE IN AUGUST 2023 TO SUPPORT CREDIT UNION ISSUES. 67017 67017 177927 128748 49179 150103 85138 64965 181161 DEPOSITS IN CORPORATE CREDIT UNIONS 6318021 C PREPAID INVESTMENT PREMIUMS 5052647 C AVAILABLE FOR SALE INVESTMENTS 97017646 F 108388314 ACCRUED INCOME 1160013 NCUSIF DEPOSIT 1875915 OTHER ASSETS 10286844 13322772 MEMBER SHARE DEPOSITS 202720955 202720955 X X X 0 1 0 FARDAD KHOSRAVI PRESIDENT & CEO 332884 0 0 0 0 0 83830 0 17676 0 434390 0 0 0 PAUL LINDSLEY CFO 160272 0 0 0 0 0 10952 0 11244 0 182468 0 0 0 DAVID CLARK IT MANAGER 140664 0 0 0 0 0 9951 0 11244 0 161859 0 0 0 KAROLE MORIKAWA MARKETING MANAGER 132810 0 0 0 0 0 5951 0 15851 0 154612 0 0 0 CYNDEE LEMON OPERATIONS MANAGER 129675 0 0 0 0 0 9102 0 14966 0 153743 0 0 0 ELSA PHAM MARKETING MANAGER 128530 0 0 0 0 0 9252 0 14484 0 152266 0 0 0 PART I, LINE 4B PACIFIC POSTAL CREDIT UNION HAS A NONQUALIFIED DEFERRED COMPENSATION PLAN IN PLACE FOR FARDAD KHOSRAVI, PRESIDENT & CHIEF EXECUTIVE OFFICER, AS DESCRIBED IN SECTION 457(F). THE TOTAL 2023 EMPLOYER CONTRIBUTIONS INTO THE PLAN ON BEHALF OF THE INDIVIDUAL IN THE AMOUNT OF $60,900 IS REPORTED AS DEFERRED COMPENSATION ON FORM 990, PART VII AND SCHEDULE J, PART II. THERE WERE NO DISTRIBUTIONS FROM THE PLAN IN 2023. FARDAD KHOSRAVI OFFICER COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 3000000 3264779 0 1 1 3264779 FORM 990, PART VI, SECTION A, LINE 6 PACIFIC POSTAL CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A PACIFIC POSTAL CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE PRESIDENT/CHIEF EXECUTIVE OFFICER FOR ACCURACY BEFORE FILING WITH THE INTERNAL REVENUE SERVICE. THE BOARD OF DIRECTORS IS PROVIDED A COPY OF THE FORM 990 PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 15 THE CHIEF EXECUTIVE OFFICER'S COMPENSATION IS EVALUATED BY A COMPENSATION COMMITTEE THAT EVALUATES THE ACHIEVEMENT OF PREVIOUSLY SET ANNUAL GOALS AND QUESTIONNAIRES THAT WERE APPROVED AND FILED BY THE BOARD OF DIRECTORS. THE CREDIT UNION CONDUCTS AN ANNUAL SURVEY OF COMPARABLE CHIEF EXECUTIVE OFFICER SALARIES OF SIMILARLY SITUATED CREDIT UNIONS AND IS REVIEWED BEFORE THE FINAL RECOMMENDATION OF SALARY TO THE BOARD OF DIRECTORS. THE CHIEF EXECUTIVE OFFICER SETS SALARIES FOR MANAGEMENT BASED ON A PERFORMANCE APPRAISAL. SALARY RANGES FOR THE POSITIONS ARE SET YEARLY BASED ON A THIRD-PARTY SURVEY. THIS PROCESS LAST OCCURRED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 PACIFIC POSTAL CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE SECTION 6104(D). FORM 990, PART XI, LINE 9: CURRENT EXPECTED CREDIT LOSS IMPLEMENTATION ADJUSTMENT -12,141. FORM 990, PART IV, LINE 12A & PART XII, LINE 2B PACIFIC POSTAL CREDIT UNION'S (THE CREDIT UNION) FINANCIAL STATEMENTS ARE AUDITED ON A SEPARATE BASIS BY AN INDEPENDENT ACCOUNTANT. HOWEVER, THE FINANCIAL STATEMENTS ARE AUDITED ON A FISCAL YEAR-END BASIS OF SEPTEMBER 30TH, WHILE THE CREDIT UNION'S TAX YEAR-END IS DECEMBER 31ST.