2023-11-06T13:31:24-06:00 2022-12-31 910189318 MOSS ADAMS LLP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2022-01-01 910176215 SEATTLE METROPOLITAN CREDIT UNION SEAT 2063985561 1521 FIRST AVE SOUTH 500 SEATTLE WA 98134 FOREST HAYES INTERIM CFO 2063985552 2023-11-02 1 FOREST HAYES XXX-XX-XXXX 0 COLLEEN RAMIRES P01251320 4252597227 2023-11-02 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z SEATTLE CREDIT UNION FOREST HAYES 1521 FIRST AVE SOUTH 500 SEATTLE WA 98134 48414512 0 X WWW.SEATTLECU.COM X 1933 WA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 242 10 93912 0 0 1723990 40428060 43663608 1454364 3026914 0 0 41882424 48414512 64702 128005 0 0 16507265 18044077 0 0 0 25780190 24925168 42352157 43097250 -469733 5317262 1060154632 1075826706 982303289 1005027752 77851343 70798954 X TO PROMOTE THRIFT AMONG ITS MEMBERS, SERVE THE UNDERSERVED IN THE SEATTLE METROPOLITAN AREA, AND TO PROVIDE FINANCIAL SERVICES AND TO CREATE A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST FOR PROVIDENT, PRODUCTIVE AND EDUCATIONAL PURPOSES. 0 0 SEATTLE METROPOLITAN CREDIT UNION (SMCU) HAS BEEN PROVIDING SERVICES TO ITS MEMBERS SINCE 1933. SINCE ITS INCEPTION, SMCU HAS CONSIDERED ITSELF AN ADVOCATE FOR ITS MEMBERS BY PROVIDING MEMBER-CENTRIC FINANCIAL SERVICES AND FINANCIAL LITERACY EDUCATION AT LOW OR NO COST. AS OF DECEMBER 31, 2022, SMCU HAD 54,612 MEMBERS. THESE MEMBERS PARTICIPATED IN 32,892 LOAN AND 104,671 DEPOSIT PRODUCTS. SMCU'S LOAN OFFERINGS INCLUDE A WIDE RANGE OF OPTIONS FROM STANDARD AUTO LOANS, MORTGAGES AND LINES OF CREDIT, TO MORE SEGMENTED PRODUCTS INCLUDING MOTORCYCLES, CLASSIC CARDS, BOATS, RECREATIONAL VEHICLES, AND AIRCRAFT LOANS. SMCU HAS ALSO RECENTLY EXTENDED ITS LOAN PRODUCTS TO INCLUDE BUSINESS LOANS TO QUALIFIED MEMBERS. ALL LOAN PRODUCTS COME IN A VARIETY OF TERMS TO PROVIDE PAYMENT OPTIONS THAT BEST SUIT THE MEMBERSHIP'S NEEDS. MEMBERS HAVE THE SAME VARIETY OF SELECTION ON THE DEPOSIT SIDE OF THE PRODUCT LINE WITH OFFERINGS RANGING FROM BASIC CHECKING AND SAVINGS ACCOUNTS TO IRAS, CERTIFICATES, MONEY MARKETS AND HIGH-YIELD ACCOUNTS. SMCU ALSO OFFERS BUSINESS ACCOUNTS AND INVESTMENT SERVICES THAT ARE DESIGNED TO MAINTAIN THE MEMBER'S BEST INTEREST. AS AN ADVOCATE FOR ITS MEMBERSHIP, SMCU PLACES A HIGH PRIORITY ON EDUCATIONAL RESOURCES. AS A RESULT, SMCU HAS INVESTED IN ONLINE APPLICATIONS TO HELP MEMBERS MAKE DECISIONS RELATED TO PLANNING, BORROWING, BUDGETING AND PROTECTING THEIR CREDIT. LIFE VISION AND MORTGAGE ADVISOR ARE TWO TOOLS OFFERED ON PERSONAL FINANCES AND RESPECTIVES FROM HOME AND FAMILY FINANCE ON CAR BUYING, CREDIT PROTECTION AND BUDGETING. FOR THOSE MEMBERS WHO PREFER TO SPEAK TO SOMEONE IN PERSON, SMCU PROVIDES FREE CREDIT COUNSELING THROUGH "BALANCE," A FINANCIAL FITNESS PROGRAM THAT FOCUSES ON MONEY MANAGEMENT IN ADDITION TO IDENTITY THEFT PREVENTION AND ASSISTANCE. 0 1 0 0 0 0 0 0 0 1 0 0 0 1 1 1 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 0 0 1 28784 0 1 242 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X FOREST HAYES 2063985552 1521 FIRST AVE SOUTH SEATTLE WA 98134 RICHARD ROMERO PRESIDENT AND CEO 40.00 X 665858 0 175820 WALLACE HO SVP COMMERCIAL LENDING 40.00 X 384317 0 94162 PAMELA FUENTES VP LOAN DOCUMENTATION AND OPERATIONS MANAGER 40.00 X 279599 0 66713 LEE PIERCE CHIEF LENDING OFFICER 40.00 X 282937 0 56430 BRENT RICHINS SVP SERVICE OPERATIONS (THRU 8/22) 40.00 X 303954 0 19776 MELE MILLER CHIEF OPERATING OFFICER 40.00 X 299684 0 29804 DACHELLE PAND VP SENIOR CREDIT OFFICER A 40.00 X 266380 0 55845 KELLY EARNEST CHIEF PEOPLE OFFICER 40.00 X 260294 0 18496 DONNA RANSIER VP INFORMATION TECHNOLOGY 40.00 X 224570 0 47938 FRANCISCO ELIZONDO-ALCALA EXTERNAL MORTGAGE LOAN OFFICER 40.00 X 230420 0 12160 KHAMSAY VONGCHANTHA VP OF RISK MANAGEMENT 40.00 X 153977 0 82361 DAVID MEANS CHIEF INFORMATION OFFICER 40.00 X 190750 0 22168 JENEFENESS TUCKER VP COMMUNITY RELATIONS (THRU 10/22) 40.00 X 175894 0 17492 MAHLON MCCALEB CHIEF FINANCIAL OFFICER 40.00 X 114837 0 1276 CARLOS RUIZ BOARD CHAIR 4.00 X X 0 0 0 ROBIN SHULER VICE CHAIR 4.00 X X 0 0 0 REBECCA KERR BOARD SECRETARY 4.00 X X 0 0 0 SHAHZAD QADRI BOARD TREASURER 4.00 X X 0 0 0 DEANNA CLARK BOARD MEMBER 4.00 X 0 0 0 JONELLE JOHNSON BOARD MEMBER 4.00 X 0 0 0 JORDAN GRANT BOARD MEMBER 4.00 X 0 0 0 JOE DAVILA BOARD MEMBER 4.00 X 0 0 0 NELSON REYNERI BOARD MEMBER 4.00 X 0 0 0 ROBIN HARMON BOARD MEMBER (THRU 3/22) 4.00 X 0 0 0 3833471 0 700441 34 0 1 0 FISERV INC PO BOX 208457 DALLAS TX 75320 CORE SYSTEM PROVIDER SERVICES 4339257 RATEGENIUS LOAN SERVICES INC 9300 UNITED DRIVE SUITE 180 AUSTIN TX 78758 LOAN SERVICES 683780 VISA USA INC PO BOX 8999 SAN FRANCISCO CA 94128 CREDIT CARD SERVICES 639077 WILDHORSE FINANCIAL SERVICES LLC 3432 GREYSTONE DR SUITE 200 AUSTIN TX 78731 FINANCIAL SERVICES 544936 DP INCORPORATED 19936 BALLINGER WAY NE SEATTLE WA 98155 CONSTRUCTION SERVICES 540330 43 1723990 1723990 LOAN INTEREST INCOME 522100 32743494 32743494 INTERCHANGE INCOME 522100 4694071 4694071 FEES AND CHARGES 522100 3876490 3876490 OTHER REVENUE 522100 1982515 1888603 93912 NET GAIN ON LOANS 522100 367038 367038 43663608 3008985 3008985 17929 0 17929 17929 17929 48414512 43569696 93912 3026914 X 128005 3193070 10997442 344111 2252938 1256516 161413 323116 4991060 446326 1252582 3267956 1544684 67831 148191 2146312 1228439 164624 PROVISION FOR LOAN LOSS 4947675 MEMBER AWARDS 465121 DUES & SUBSCRIPTIONS 422519 SHARED BRANCHING EXPENS 193608 3153711 43097250 3161714 978924 146648049 70673049 2339748 2794051 4422680 2704026 717588179 836927289 1437329 1570874 21039694 17526640 3276374 3513054 135581819 107522071 1156700 1277200 44542040 47866168 1060154632 1075826706 13999428 11644930 1826265 389775 0 46094000 966477596 946899047 982303289 1005027752 X 0 0 0 0 77851343 70798954 77851343 70798954 1060154632 1075826706 5317262 -12369651 0 X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 5740350 4020321 1720029 15271489 13506319 1765170 27855 27855 3513054 MEMBERS' SHARE ACCOUNTS 943808894 LEASE LIABILITY 3090153 946899047 X 48962297 547785 547785 48414512 0 48414512 43097250 0 43097250 0 43097250 PART X, LINE 2: THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. THE INTERNAL REVENUE SERVICE (IRS) ISSUED A SERIES OF TECHNICAL ADVICE MEMORANDA (TAM) IN 2007 IDENTIFYING CERTAIN PRODUCTS AND SERVICES CONSIDERED TO BE UNRELATED TO THE SPECIFIC ENTITY'S EXEMPT PURPOSE. AS PRESENTED IN THE TAM, THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES IS SUBJECT TO INCOME TAXES UNDER THE UNRELATED BUSINESS INCOME TAX REGULATIONS. IN LIGHT OF THE TAMS, THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. IN THE OPINION OF MANAGEMENT, ANY POTENTIAL ADDITIONAL LIABILITY RESULTING FROM THE TAX AUTHORITIES IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. 1 UKRAINIAN COMMUNITY CENTER 17701 108TH AVE SE ROOM 336 RENTON WA 98055 911923155 501(C)(3) 10000 0 ASSISTANCE TO THE NEWLY ARRIVED REFUGEES FROM UKRAINE UNITED NEGRO COLLEGE FUND 1805 7TH STREET NW WASHINGTON DC 20001 131624241 501(C)(3) 20000 0 UNCF SPONSORSHIP EDMONDS COLLEGE 20000 68TH AVENUE WEST LYNNWOOD WA 98036 911186554 COMMUNITY COLLEGE 8919 0 FEEL GOOD CHECKING DONATIONS 3 0 PART I, LINE 2: SEATTLE CREDIT UNION HAS A GRANT ADMINISTRATION POLICY THAT IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS ON A PERIODIC BASIS. PER THE POLICY, THE BOARD OF DIRECTORS HAS THE ULTIMATE OVERSIGHT OVER THE ADMINISTRATION AND SPENDING OF GRANT FUNDS. MANAGEMENT IS RESPONSIBLE TO PROVIDE THE BOARD OF DIRECTORS WITH SUFFICIENT PERIODIC REPORTING TO SUPPORT THE BOARD IN FULFILLMENT OF THIS RESPONSIBILITY. X 1 1 X X X 1 1 0 RICHARD ROMERO PRESIDENT AND CEO 561389 0 92457 0 12012 0 83715 0 92105 0 841678 0 0 0 WALLACE HO SVP COMMERCIAL LENDING 185483 0 19105 0 179729 0 62633 0 31529 0 478479 0 177794 0 PAMELA FUENTES VP LOAN DOCUMENTATION AND OPERATIONS 135430 0 8167 0 136002 0 44316 0 22397 0 346312 0 135052 0 LEE PIERCE CHIEF LENDING OFFICER 261988 0 19914 0 1035 0 42678 0 13752 0 339367 0 0 0 BRENT RICHINS SVP SERVICE OPERATIONS (THRU 8/22) 109917 0 18941 0 175096 0 3395 0 16381 0 323730 0 98964 0 MELE MILLER CHIEF OPERATING OFFICER 260734 0 38500 0 450 0 5924 0 23880 0 329488 0 0 0 DACHELLE PAND VP SENIOR CREDIT OFFICER A 128710 0 7770 0 129900 0 41881 0 13964 0 322225 0 128228 0 KELLY EARNEST CHIEF PEOPLE OFFICER 223619 0 36000 0 675 0 4149 0 14347 0 278790 0 0 0 DONNA RANSIER VP INFORMATION TECHNOLOGY 211312 0 11323 0 1935 0 33180 0 14758 0 272508 0 0 0 FRANCISCO ELIZONDO-ALCALA EXTERNAL MORTGAGE LOAN OFFICER 230420 0 0 0 0 0 0 0 12160 0 242580 0 0 0 KHAMSAY VONGCHANTHA VP OF RISK MANAGEMENT 141068 0 11946 0 963 0 50419 0 31942 0 236338 0 0 0 DAVID MEANS CHIEF INFORMATION OFFICER 190130 0 0 0 620 0 6344 0 15824 0 212918 0 0 0 JENEFENESS TUCKER VP COMMUNITY RELATIONS (THRU 10/22) 137019 0 125 0 38750 0 0 0 17492 0 193386 0 0 0 PART I, LINE 1A TRAVEL OF COMPANIONS IS PROVIDED TO BOARD MEMBERS AND OTHER VOLUNTEERS WHEN ATTENDING APPROVED EDUCATIONAL FORUMS AND CONFERENCES. AMOUNTS REIMBURSED FOR COMPANION TRAVEL ARE TREATED AS TAXABLE. PART I, LINES 4A-B THE FOLLOWING INDIVIDUALS RECEIVED A SEVERANCE PAYMENT IN 2022: - BRENT RICHINS $61,990 - JENEFENESS TUCKER $38,750 THE FOLLOWING INDIVIDUALS RECEIVED A 457(F) PAYOUT IN 2022: - WALLACE HO $177,794 - PAM FUENTES $136,363 - DACHELLE PAND $129,473 - BRENT RICHINS $112,349 EFFECTIVE SEPTEMBER 2016, THE CREDIT UNION ENTERED INTO A DEFERRED COMPENSATION AGREEMENT WITH CERTAIN EXECUTIVES THAT PROVIDES BENEFITS PAYABLE TO THESE EMPLOYEES IF THEY REMAIN EMPLOYED BY THE CREDIT UNION BASED ON A CLIFF VESTING SCHEDULE. IF THESE EMPLOYEES BECOME DISABLED, OR AT THE TIME OF DEATH OR CHANGE IN CONTROL OF EMPLOYER, ACCRUED BENEFITS ARE IMMEDIATELY PAYABLE; HOWEVER, THE BENEFITS ARE SUBJECT TO FORFEITURE IF EMPLOYMENT IS TERMINATED FOR CAUSE. THE 2022 ACCRUED DEFERRED COMPENSATION RELATED TO THIS AGREEMENT FOR EMPLOYEES LISTED ON THIS RETURN IS $332,341. THE FOLLOWING PARTICIPATE: - RICHARD ROMERO - WALLACE HO - PAM FUENTES - LEE PIERCE - BRENT RICHINS - DACHELLE PAND - DONNA RANSIER - KHAMSAY VONGCHANTHA THE CEO PARTICIPATES IN A SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15. RICHARD ROMERO PRESIDENT/CEO EXECUTIVE COMPENSATION X 2400000 2704026 0 1 1 2704026 SCHEDULE L, PART II, LINE (C) ADDITIONAL EXPLANATION: EXECUTIVE COMPENSATION UNDER A SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.782-15. FORM 990, PART VI, SECTION A, LINE 1A THE GOVERNING BODY (THE BOARD) DELEGATES SOME AUTHORITY TO SUB-COMMITTEES ALSO COMPRISED OF ELECTED DIRECTORS. WITHIN THE AUTHORITY DELEGATION, THERE IS A COMPENSATION COMMITTEE, A FICOM (FINANCIAL & BUDGET COMMITTEE.) FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IS OPEN TO ANYONE WHO LIVES OR WORKS IN THE STATE OF WASHINGTON INCLUDING: CITY OF SEATTLE EMPLOYEES, EMPLOYEES OF PARTNER SELECT EMPLOYER GROUPS AND ANY PERSON RELATED TO A CURRENT MEMBER BY BLOOD, MARRIAGE (INCLUDING DOMESTIC PARTNERS), OR ADOPTION, REGARDLESS OF WHERE THAT PERSON LIVES. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF SEATTLE 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 BY 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 ITS 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 MANAGEMENT WILL REVIEW THE 990 BASED ON THE INFORMATION PROVIDED TO OUR CPA. A COPY OF THE 990 WILL BE PRESENTED TO THE BOARD OF DIRECTORS FOR THEIR FINAL APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C EMPLOYEES SIGN ANNUALLY THAT THEY HAVE REVIEWED THE CONFLICT OF INTEREST POLICY. THE INTERNAL AUDIT DEPARTMENT AND MANAGERS MONITOR TO ENSURE ANY CONFLICTS OF INTEREST ARE IDENTIFIED. DIRECTORS AND MEMBERS OF COMMITTEES ARE REQUIRED TO DISCLOSE CONFLICTS OF INTEREST AND POTENTIAL CONFLICTS OF INTEREST, INCLUDING THOSE IN SITUATIONS IN WHICH THEY MAY BE INADVERTENTLY PLACED, AS A RESULT OF BUSINESS OR PERSONAL RELATIONSHIPS WITH MEMBERS, SUPPLIERS, BUSINESS ASSOCIATES, OR COMPETITORS OF THE CREDIT UNION. DIRECTORS AND MEMBERS OF COMMITTEES WILL AVOID ANY INTEREST OR ACTIVITY THAT IS IN CONFLICT WITH THE CONDUCT OF THEIR OFFICIAL DUTIES. DIRECTORS AND MEMBERS OF COMMITTEES WILL RECUSE THEMSELVES FROM CONSIDERATION OF ANY CONTRACT, TRANSACTION OR RELATIONSHIP IN WHICH THEY OR THEIR FAMILY MEMBERS HAVE AN INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE HUMAN RESOURCES DEPARTMENT CONTRACTS AN OUTSIDE FIRM TO REVIEW SALARY, BENEFITS AND PERKS FOR VPS AND ABOVE. THEY DO A MARKET ANALYSIS AT LOCAL AREA AND INDUSTRY LEVEL. THE BOARD CONDUCTS A REVIEW OF THE CEO'S SALARY AND ADJUSTS THEIR SALARY BASED UPON PERFORMANCE. THIS REVIEW PROCESS WAS LAST UNDERTAKEN IN 2021. FORM 990, PART VI, SECTION C, LINE 19 THE UNAUDITED INTERNAL FINANCIAL STATEMENTS ARE POSTED AT EVERY BRANCH MONTHLY, AND THE AUDITED FINANCIAL STATEMENTS ARE PROVIDED TO THE MEMBERS AT THE ANNUAL MEETING AND ARE POSTED ON OUR WEBSITE. THE GOVERNING DOCUMENTS AND THE CONFLICTS OF INTEREST POLICIES ARE GENERALLY NOT PROVIDED TO THE GENERAL PUBLIC, UNLESS A SPECIFIC INQUIRY IS MADE. FORM 990, PART IX, LINE 11G CONSULTING FEES 616,876. PROCESSING & SERVICE FEES 4,374,184. SEATTLECU FOUNDATION 1910 1ST AVENUE S SEATTLE WA 98134 861238767 FINANCIAL EDUCATION WA 501(C)(3) LINE 7 N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0