2024-11-15T19:17:54-06:00 2023-12-31 910189318 MOSS ADAMS LLP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2023-01-01 910219005 VERITY CREDIT UNION VERI 8004444589 11027 MERIDIAN AVENUE NORTH SEATTLE WA 98133 BRAD TANBERG CFO 8004444589 2024-11-15 1 1 EMINA O CRESSWELL CPA P01217304 4252597227 2024-11-15 2023 2024-10-15 13:58:12Z BRAD TANBERG 11027 MERIDIAN AVENUE NORTH SEATTLE WA 98133 45316233 0 X WWW.VERITYCU.COM X CREDIT UNION 1933 WA A COOPERATION ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 10 10 188 11 3306 0 0 0 36566319 43266126 1395970 1663524 381657 374968 38343946 45304618 99988 190829 0 0 13424157 16398460 0 0 0 17098902 28429565 30623047 45018854 7720899 285764 865179017 840507603 793586208 761932770 71592809 78574833 X SEE SCH O 0 0 VERITY CREDIT UNION IS A WASHINGTON STATE CHARTERED CREDIT UNION THAT SERVES 37,837 MEMBER OWNERS. VERITY'S PRIMARY FIELD OF MEMBERSHIP INCLUDES ALL INDIVIDUALS THAT RESIDE, WORK, WORSHIP, OR ATTEND SCHOOL IN ANY WASHINGTON STATE SCHOOL DISTRICT. VERITY OFFERS A FULL RANGE OF DEPOSIT, LOAN, AND INVESTMENT PRODUCTS AND SERVICES THROUGH SIX FULL BRANCHES, A CALL CENTER, AND ONLINE ACCOUNT SERVICES. VERITY CREDIT UNION OFFERS A FULL-SERVICE INVESTMENT PROGRAM WITH TWO REGISTERED INVESTMENT REPRESENTATIVES AND A SUPPORT REPRESENTATIVE. AS OF DECEMBER 31, 2023, VERITY'S INVESTMENT SERVICES PROGRAM HAD 1,069 MEMBERS WHO HAVE 2,178 ACCOUNTS, AND $223,076,823 IN ASSETS UNDER MANAGEMENT. VERITY CREDIT UNION OFFERS FREE FINANCIAL COUNSELING TO ITS MEMBERS. SPECIFIC SERVICES INCLUDE FINANCIAL PLANNING, DEBT MODIFICATION ON LOANS FROM VERITY AND OTHER CREDITORS, AND DIRECT ASSISTANCE IN UTILIZING THE GOVERNMENT SPONSORED MORTGAGE RELIEF PROGRAMS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 13462 0 1 188 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X TONITA WEBB 8004445304 11027 MERIDIAN AVENUE NORTH SEATTLE WA 98133 WILL COLLINS BOARD MEMBER 5.00 X X 0 0 0 MICHELLE PHAM VICE CHAIRPERSON 5.00 X X 0 0 0 NICHOLAS ETSCHEID BOARD SECRETARY 5.00 X X 0 0 0 VIKASH CHHAGAN BOARD MEMBER 5.00 X 0 0 0 CHAD KLEMME BOARD MEMBER 5.00 X 0 0 0 PELIN MUHARREMOGLU BOARD MEMBER (THRU 12/23) 5.00 X 0 0 0 DARIUS CHEHRZAD BOARD MEMBER 5.00 X 0 0 0 TOM HOLZ BOARD MEMBER 5.00 X 0 0 0 ALEX JOHNSON BOARD MEMBER 5.00 X 0 0 0 WELEY NGUYEN BOARD MEMBER 5.00 X 0 0 0 NANCY WOODLAND BOARD MEMBER 5.00 X 0 0 0 TONITA WEBB PRESIDENT - CEO 40.00 X 585855 0 29793 BRAD TANBERG CHIEF FINANCIAL OFFICER 40.00 X 330565 0 26241 TINA NARRON CHIEF LENDING OFFICER 40.00 X 249419 0 21608 JASON HIRL CHIEF TECHNOLOGY OFFICER 40.00 X 243382 0 21403 ANGELA LOWE CHIEF HUMAN RESOURCE (THRU 1/23) 40.00 X 161826 0 5464 JOSH SIDELL CHIEF EXPERIENCE OFFICER 40.00 X 213073 0 10638 ALMA GRANIC CHIEF RISK OFFICER 40.00 X 232846 0 23631 ZIQUORA BANKS CHIEF IMPACT STRATEGY OFFICER 40.00 X 213072 0 17811 JOHN BENNER DIRECTOR OF SMALL BUSINESS 40.00 X 187000 0 18020 KEN BUTLER DIRECTOR OF INVESTMENT SERVICES 40.00 X 232076 0 20228 GREG VERMILION DIRECTOR OF IT 40.00 X 175302 0 22123 PAUL MCJANNET DIRECTOR OF E-COMMERCE 40.00 X 158252 0 15130 JAVIER DAGUSTINI CONTROLLER 40.00 X 164114 0 19507 3146782 0 251597 30 0 1 0 Q2 SOFTWARE INC 10355 PECAN PARK BLVD AUSTIN TX 78729 SOFTWARE-DIGITAL BANKING 1128127 FISERV INC PO BOX 208457 DALLAS TX 75320 CORE SYSTEM 987796 CATALYSIS 1601 EAST JOHN STREET SEATTLE WA 98112 MARKETING 506622 CO-CREATING INCLUSION LLC 1000 DEAN STREET SUITE 101 BROOKLYN NY 11238 DEI EMPLOYEE TRAINING 505400 SHI INTERNATIONAL CORP 3828 PECANA TRAIL AUSTIN TX 78749 IT RELATED SERVICES 440974 39 INTEREST ON LOANS 522100 37108826 37107997 829 INTERCHANGE INCOME 522100 3465169 3465169 FEES AND CHARGES 522100 2780395 2653082 127313 SUBSIDIARY INCOME 522100 -88264 39268 -127532 43266126 1663524 1663524 386583 11615 374968 374968 2696 372272 45304618 43265516 3306 2035796 X 190829 2386628 10793894 569712 1453940 1194286 373986 235035 4687286 602431 2006918 3735826 1348249 40397 181244 7603475 750761 146868 PROVISION FOR LOAN LOSS 3914611 LOAN SERVICING 1017076 MEMBER EXPENSES 418625 ASSOCIATION DUES 231258 1135519 45018854 9944788 12821788 32593641 49850164 2095148 10888353 7426508 7100309 756796789 711580334 2033652 2222960 26929564 19996896 7598833 6932668 29161011 23742055 7968246 6694901 9560401 8674071 865179017 840507603 9913231 33665036 17776453 15669935 62500000 37500000 703396524 675097799 793586208 761932770 X 0 0 0 0 71592809 78574833 71592809 78574833 865179017 840507603 X 285764 707341 5988919 X 0 0 0 7947 7947 7947 1 CREDIT UNION LEGISLATIVE ACTION FUND 18000 INTERNATIONAL BLVD SUITE 350 SEATAC WA 98188 800043051 7947 PART I-A, LINE 1: THE CREDIT UNIONS ONLY INDIRECT POLITICAL CAMPAIGN ACTIVITY IS A CONTRIBUTION TO THE CREDIT UNION LEGISLATIVE ACTION COMMITTEE A POLITICAL ACTION COMMITTEE. 949524 949524 9133927 5793838 3340089 5254594 4070874 1183720 11591519 10132184 1459335 6932668 MEMBER SHARE AND DEPOSITS 673513061 LEASE LIABILITY 1584738 675097799 0 GSBA SCHOLARSHIP FUND 400 E PINE ST STE 322 SEATTLE WA 98122 943138514 501(C)3 15000 0 ECONOMIC AND EDUCATIONAL EQUITY FOR DISADVANTAGED SMALL BUSINESSES AND NONPROFITS. HOUSING DEVELOPMENT CONSORTIUM 1326 FIFTH AVE SEATTLE WA 98101 943073588 501(C)3 6360 0 SUPPORTING AFFORDABLE HOUSING COLLABORATION & DEVELOPMENT. FRIENDS OF SEATTLE WATERFRONT PO BOX 21272 SEATTLE WA 98111 800867356 501(C)3 13000 0 COMMUNITY EQUITY INITIATIVE & SUMMER PROGRAMMING FOR NON-PROFIT CAPACITY BUILDING. ACTS ON STAGE 10806 12TH AVE SW SEATTLE WA 98146 850694752 501(C)3 20000 0 FINANCIAL EDUCATION FOR YOUTH SUMMER PROGRAM. NATIONAL CREDIT UNION FOUNDATION 4703 MADISON YARDS WAY MADISON WI 53705 391383650 501(C)3 25000 0 FINANCIAL HEALTH COLLABORATION AND SUPPORT. DELRIDGE NEIGHBORHOOD DEVELOPMENT ASSOCIATION 4408 DELRIDGE WAY SW STE 109 SEATTLE WA 98106 911741016 501(C)3 6000 0 SUPPORTING AFFORDABLE HOUSING FOR 2022 (MISSED DONATION) AND 2023. AMERICAN HEART ASSOCIATION 601 UNION STREET STE 2420 SEATTLE WA 98101 135613797 501(C)3 10000 0 SUPPORTING THE 100TH YEAR OF COMBATTING HYPERTENSION IN COMMUNITIES AND HEART HEALTH. GOWEST FOUNDATION 18000 INTERNATIONAL BLVD SEATAC WA 98188 911649328 501(C)3 8000 0 WILDFIRE RELIEF IN SPOKANE, WA. 8 0 X 1 1 X X 0 1 0 TONITA WEBB PRESIDENT - CEO 464167 0 109688 0 12000 0 16431 0 13362 0 615648 0 0 0 BRAD TANBERG CHIEF FINANCIAL OFFICER 293607 0 36708 0 250 0 16581 0 9660 0 356806 0 0 0 TINA NARRON CHIEF LENDING OFFICER 218079 0 31340 0 0 0 14808 0 6800 0 271027 0 0 0 JASON HIRL CHIEF TECHNOLOGY OFFICER 214298 0 29084 0 0 0 14603 0 6800 0 264785 0 0 0 ALMA GRANIC CHIEF RISK OFFICER 220200 0 12396 0 250 0 13971 0 9660 0 256477 0 0 0 KEN BUTLER DIRECTOR OF INVESTMENT SERVICES 66350 0 165726 0 0 0 13075 0 7153 0 252304 0 0 0 ZIQUORA BANKS CHIEF IMPACT STRATEGY OFFICER 185634 0 27438 0 0 0 11011 0 6800 0 230883 0 0 0 JOSH SIDELL CHIEF EXPERIENCE OFFICER 185635 0 27438 0 0 0 10638 0 0 0 223711 0 0 0 JOHN BENNER DIRECTOR OF SMALL BUSINESS 127159 0 59841 0 0 0 11220 0 6800 0 205020 0 0 0 GREG VERMILION DIRECTOR OF IT 157056 0 18246 0 0 0 9823 0 12300 0 197425 0 0 0 JAVIER DAGUSTINI CONTROLLER 155766 0 8348 0 0 0 9847 0 9660 0 183621 0 0 0 PAUL MCJANNET DIRECTOR OF E-COMMERCE 142972 0 15280 0 0 0 9495 0 5635 0 173382 0 0 0 ANGELA LOWE CHIEF HUMAN RESOURCE (THRU 1/23) 133475 0 28351 0 0 0 4679 0 785 0 167290 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS IS PROVIDED TO BOARD MEMBERS WHEN THEY TRAVEL FOR CREDIT UNION BUSINESS. ANY PAYMENTS ARE INCLUDED IS TAXABLE TO THE BOARD MEMBER. PART I, LINE 4B TONITA WEBB PARTICIPATES IN A SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15. TONITA WEBB CHIEF EXECUTIVE OFFICER SPLIT DOLLAR ARRANGEMENT X 5316421 5555802 0 1 1 JASON HIRL CHIEF TECHNOLOGY OFFICER HOME MORTGAGE X 374000 296952 0 1 1 ANGELA LOWE CHIEF HR OFFICER HOME MORTGAGE X 423700 365608 0 1 1 TINA NARRON CHIEF LENDING OFFICER HOME MORTGAGE X 440000 370939 0 1 1 JOSH SIDELL CHIEF EXPERIENCE OFFICER HOME MORTGAGE X 548000 511008 0 1 1 7100309 SCHEDULE L, PART II, LINE (C) ADDITIONAL EXPLANATION: SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.782-15. FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: 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, VERITY 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. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT 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 THE GOVERNING BOARD OF VERITY CREDIT UNION IS COMPRISED OF VOLUNTEER MEMBERS WHO ARE DIRECTLY ELECTED BY ITS MEMBERS. EACH MEMBER OF THE GOVERNING BOARD SERVES FOR A PERIOD AS PRESCRIBED IN OUR BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7B AT THE END OF EACH TERM OF THE BOARD MEMBERS, ELECTIONS ARE HELD AND BOARD MEMBERS ARE VOTED BY THE MEMBERS OF THE CREDIT UNION PURSUANT TO OUR BY-LAWS. MEMBER VOTES ARE ALSO REQUIRED TO RATIFY DECISIONS DEALING WITH REORGANIZATIONS AS IN THE CASE OF MERGER OR DISSOLUTION. FORM 990, PART VI, SECTION B, LINE 11B THE CFO REVIEWS THE REPORTS FOR ACCURACY, COMPARING TO INTERNAL FINANCIAL STATEMENTS AND OTHER INTERNAL REPORTS. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD AND COMMITTEE MEMBERS WILL REVIEW AND SIGN THE STATEMENT OF RECEIPT & UNDERSTANDING BEFORE CONSIDERATION FOR OFFICE. ANNUALLY THEY WILL SIGN THE STATEMENT OF RECEIPTS & UNDERSTANDING AT THE MAY BOARD MEETING. CREDIT UNION BOARD AND COMMITTEE MEMBERS MUST IMMEDIATELY DISCLOSE THE EXISTENCE OF ANY KNOWN CONFLICT OF INTEREST EITHER WITH THE CREDIT UNION OR ITS MEMBERS. THEY MUST THEN RECUSE THEMSELVES FROM CONSIDERATION OF ANY CONTRACT, TRANSACTION OR RELATIONSHIP IN WHICH THEY OR THEIR FAMILY MEMBERS HAVE AN INTEREST. COMPLAINTS RELATING TO ALLEGED VIOLATIONS ARE TO BE PUT IN WRITING AND SUBMITTED TO ANY OFFICER, BOARD OR SUPERVISORY COMMITTEE MEMBER. COMPLAINTS WILL THEN BE FORWARDED TO THE HIGHEST RANKING INDIVIDUAL ON THE BOARD OR SUPERVISORY COMMITTEE WHO WAS NOT NAMED IN THE COMPLAINT TO BE RESOLVED. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION IS SET BY THE BOARD OF DIRECTORS ANNUALLY UTILIZING COMPENSATION SURVEYS AND STUDIES. SENIOR MANAGEMENT'S COMPENSATION IS DETERMINED BY THE CEO, WHO REVIEWS SALARY SURVEY DATA ANNUALLY USING TWO DATA SETS FOR ALL SENIOR MANAGEMENT POSITIONS. THESE DATA SETS ARE THE ENTIRE CREDIT UNION INDUSTRY AND THE PUGET SOUND FINANCIAL INDUSTRY. FOR ALL REMAINING MANAGERS AND STAFF, EACH POSITION IS SLOTTED INTO 1 OF 6 SALARY RANGES. THE SALARY RANGES ARE REVIEWED ANNUALLY BY THE HUMAN RESOURCES DEPARTMENT TO ENSURE THAT THE JOB TITLE IS IN THE CORRECT RANGE. THE SALARY RANGES ARE ADJUSTED EVERY 2-3 YEARS FOR INFLATION. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICIES ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G CONSULTING 2,366,539. PURCHASED SERVICES 2,320,747. FORM 990, PART XI, LINE 9: CUHMS SMLLC TRANSFER 6,752,112. CUHMS M1 ADJUSTMENTS 89,244. CECL ADJUSTMENT -852,437. CU HOME MORTGAGE SOLUTIONS LLC 11027 MERIDIAN AVENUE N 102 SEATTLE WA 98133 912081649 MORTGAGE PROCESSING AND SERVICING WA -517029 8150759 VERITY CREDIT UNION CU HOME MORTGAGE SOLUTIONS LLC 11027 MERIDIAN AVENUE N 102 SEATTLE WA 98133 912081649 MORTGAGE PROCESSING AND SERVICING WA VERITY CREDIT UNION RELATED -674053 0 -653960 1 0.50000 CHARITABLE LEAD TRUST WA N/A T 0 1 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 0 0 1 CU HOME MORTGAGE SOLUTIONS LLC A 102096 ACCRUED BALANCE CU HOME MORTGAGE SOLUTIONS LLC L 156254 ACCRUED BALANCE CU HOME MORTGAGE SOLUTIONS LLC M 399509 ACCRUED BALANCE