2021-10-27T13:01:42-05:00 2020-12-31 910189318 MOSS ADAMS LLP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2020-01-01 910593941 SALAL CREDIT UNION SALA 2062989394 9706 4TH AVENUE NE NO 400 SEATTLE WA 98115 RUSSELL E ROSENDAL PRESIDENT/CEO 2608267603 2021-10-27 1 RUSSELL ROSENDAL 999009999 COLLEEN RAMIRES P01251320 4252597227 2021-10-26 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z RUSSELL E ROSENDAL 9706 4TH AVENUE NE NO 400 SEATTLE WA 98115 55595816 0 X WWW.SALALCU.ORG X 1948 WA THE MISSION OF SALAL CREDIT UNION IS TO MAKE MONEY MANAGEMENT EASIER FOR MEMBERS. 14 14 257 14 162443 0 0 0 43413476 51937913 2480766 1502121 -380278 -464492 45513964 52975542 501532 486181 0 0 17624501 23699576 0 0 0 17951095 19579744 36077128 43765501 9436836 9210041 737187544 992751176 669252967 914091514 67934577 78659662 THE MISSION OF SALAL CREDIT UNION IS TO MAKE MONEY MANAGEMENT EASIER FOR MEMBERS. 0 0 SALAL CREDIT UNION IS A STATE CHARTERED NON-PROFIT COOPERATIVE CREDIT UNION OFFERING ITS MEMBERS A VARIETY OF FINANCIAL SERVICES DESIGNED TO PROMOTE SAVING AND PROVIDE CREDIT AT FAIR AND REASONABLE RATES OF INTEREST. SALAL CREDIT UNION CURRENTLY SERVES 47,404 MEMBERS; HOWEVER THERE ARE APPROXIMATELY 6,700,000 POTENTIAL MEMBERS IN THE GREATER PUGET SOUND COMMUNITY. SALAL CREDIT UNION OFFERS FINANCIAL LITERACY/EDUCATION PROGRAMS THROUGH BALANCE FINANCIAL FITNESS PROGRAM TO MEMBERS AND EMPLOYEES. THESE EDUCATIONAL PROGRAMS ARE DESIGNED TO HELP INDIVIDUALS IN BUDGETING, SAVING FOR MAJOR PURCHASES, COLLEGE, AND RETIREMENT AND OVERALL FINANCIAL MANAGEMENT. SALAL CREDIT UNION IS ACTIVE IN THE COMMUNITY BY CONTRIBUTING TO THE FUNDRAISING EFFORTS OF SEVERAL WORTHWHILE ORGANIZATIONS SUCH AS HEALTHPOINT, INTERNATIONAL COMMUNITY HEALTH SERVICES (ICHS), NORTHWEST CREDIT UNION FOUNDATION, NORTHWEST HARVEST, AND KING COUNTY NURSES ASSOCIATION. SALAL CREDIT UNION ALSO PROVIDES MATCHING CONTRIBUTIONS FOR EMPLOYEES AND DIRECTORS TO APPROVED 501(C)(3) ORGANIZATIONS UP TO $500 PER YEAR. 0 0 1 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 1 1 0 0 1 9352 0 1 257 1 1 1 0 0 0 0 0 0 0 X 14 14 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 CA X RANDY CLOES 2068267807 9706 4TH AVENUE NE NO 400 SEATTLE WA 98115 ANNETTE MURPHY BOARD CHAIRMAN 0.80 X X 0 0 0 BRIAN LUONG BOARD VICE CHAIRMAN 0.90 X X 0 0 0 BEN STEINER BOARD SECRETARY 0.90 X X 0 0 0 ALI SEALS BOARD MEMBER 0.40 X 0 0 0 DICK WOO BOARD MEMBER 0.50 X 0 0 0 ALAN LEDERMAN BOARD MEMBER 0.70 X 0 0 0 JOE LEPLA BOARD MEMBER 0.50 X 0 0 0 CATHERINE BAILEY BOARD MEMBER 0.70 X 0 0 0 SOPHIE BROUGHAM BOARD MEMBER 0.50 X 0 0 0 NISHAT AKHTER BOARD MEMBER 0.80 X 0 0 0 LISA YOHALEM BOARD MEMBER 0.10 X 0 0 0 CHAD CHENEY BOARD MEMBER 0.30 X 0 0 0 ERIK OLINER BOARD MEMBER 0.30 X 0 0 0 QUYNH NGUYEN BOARD MEMBER 0.30 X 0 0 0 RUSSELL ROSENDAL PRESIDENT/CEO 40.00 X 1036954 0 439887 RANDY CLOES SVP - CFO 40.00 X 302342 0 35180 ROBERT SCHWEIGERT SVP - CHIEF LENDING OFFICER 40.00 X 308480 0 22850 TROY-SKOTT POPE SVP - CHIEF DIGITAL & STRATEGY OFFICER 40.00 X 299885 0 17742 TARA SEEVER SVP - CHIEF HUMAN RESOURCES OFFICER 40.00 X 248054 0 26589 BRETT BALLMAN VP - DIRECTOR OF BUSINESS BANKING 40.00 X 214881 0 26454 CHRISTIAN GRUNERT VP - IT 40.00 X 180835 0 22118 EILEEN MAGNUSSON VP - DIRECTOR OF HUMAN RESOURCES 40.00 X 172873 0 28372 VINCENT PUNTENEY VP - CONSUMER LENDING 40.00 X 178805 0 19537 MICHAEL BISHOP VP - RETAIL 40.00 X 173773 0 18200 SAMANTHA HARBERT VP - MORTGAGE LENDING 40.00 X 166555 0 17080 SANDORA TIBURCIO SENIOR MORTGAGE ADVISOR 40.00 X 458814 0 16212 JENNY LYN FERNANDEZ TRAN SENIOR MORTGAGE ADVISOR 40.00 X 367369 0 18061 SYLVIA SEE SENIOR BUSINESS OFFICER 40.00 X 187367 0 25317 JAMES MILLSAP DEALER ACCOUNT MANAGER 40.00 X 186460 0 19585 ROBERT STARKEY BUSINESS BANKING SALES MANAGER 40.00 X 180053 0 13331 4663500 0 766515 57 0 1 0 FOUSHEE & ASSOCIATES INC PO BOX 3767 BELLEVUE WA 98009 CONSTRUCTION 2662201 EMPYREAL ENTERPRISES MA LLC 2000 OXFORD DR STE 440 BETHEL PARK PA 15102 SECURITY 983842 AXIOM ARMORED TRANSPORT 2420 CINNABAR LOOP ANCHORAGE AK 99507 SECURITY 808976 GARDA CL NORTHWEST INC LOCKBOX 233209 3209 MOMENTUM PLAC CHICAGO IL 606895332 SECURITY 801418 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 DATA PROCESSING 695992 35 INTEREST ON MEMBER LOANS 522291 30904352 30904352 SERVICE CHARGES & FEE INCOME 522200 10905057 10869668 35389 NET GAINS ON SALES OF LOANS 523000 9223416 9223416 OTHER NON-INTEREST INCOME 522299 905088 853712 51376 51937913 1509266 1509266 1614941 2117247 -502306 -502306 37864 -540170 495882 503027 -7145 -7145 -7145 SUBSIDIARY INVESTMENT 900099 37814 37814 37814 52975542 51851148 162443 961951 486181 4109036 15108800 450698 2600405 1430637 276040 154147 258143 1996617 780084 929100 1562859 1043288 179780 3050904 2369028 88112 PROVISION FOR LOAN LOSS 2258310 TRANSACTION EXPENSES 1437433 DATA PROCESSING 1200576 ARMORED CAR 723620 1271703 43765501 9422508 15744384 39303633 182005050 1753071 11879998 577052356 648167631 2008101 2531754 48574945 13167285 34724766 35407660 61295818 83218436 2755194 3364323 8872097 10431940 737187544 992751176 18302929 28738215 12359140 14419036 638590898 870934263 669252967 914091514 X 0 0 0 0 67934577 78659662 67934577 78659662 737187544 992751176 X 9210041 1539184 -24140 X 0 1 X 1 0 6641 6641 6641 1 CREDIT UNION LEGISLATIVE ACTION FUND 18000 INTERNATIONAL BLVD SUITE 350 SEATAC WA 98188 800043051 6641 PART I-A, LINE 1: THE CREDIT UNIONS ONLY INDIRECT POLITICAL CAMPAIGN ACTIVITY IS A CONTRIBUTION TO THE CREDIT UNION LEGISLATIVE ACTION COMMITTEE. 0 0 8008645 8008645 19367943 1775612 17592331 11067703 3827256 7240447 10130654 7564417 2566237 35407660 MEMBER SHARES 870934263 870934263 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT BY STATUTE FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF SECTION 501 OF THE INTERNAL REVENUE CODE (IRC) OF 1954; HOWEVER, THE CREDIT UNION'S UNRELATED BUSINESS INCOME IS SUBJECT TO FEDERAL INCOME TAXES. THERE WERE NO SIGNIFICANT INCOME TAXES FOR THE YEARS ENDED DECEMBER 31, 2020 OR 2019. ACCOUNTING PRINCIPLES PRESCRIBE A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE CREDIT UNION ADOPTED THE PROVISIONS OUTLINED IN THIS GUIDANCE ON JANUARY 1, 2009. THE CREDIT UNION HAD NO UNRECOGNIZED TAX POSITIONS THAT REQUIRED ADJUSTMENT TO THE JANUARY 1, 2009, BEGINNING BALANCE OF UNDIVIDED EARNINGS. THE CREDIT UNION HAD NO UNRECOGNIZED TAX POSITIONS AT DECEMBER 31, 2020 OR 2019. IT IS THE CREDIT UNION'S POLICY TO RECORD ANY PENALTIES OR INTEREST ARISING FROM FEDERAL OR STATE TAXES AS A COMPONENT OF NONINTEREST EXPENSE. THE CREDIT UNION FILES EXEMPT ORGANIZATION AND UNRELATED BUSINESS INCOME TAX RETURNS WITHIN THE FEDERAL JURISDICTION. 1 HEALTHPOINT 955 POWELL AVENUE SW RENTON WA 98057 910884412 501(C)(3) 29000 SCHOLARSHIPS AND SPONSORSHIP OF FUNDRAISING EVENT PMA EDUCATION FUND 2011 1ST AVE N SEATTLE WA 98019 680621888 501(C)(3) 6000 SPONSORSHIP OF FUNDRAISING EVENT KING COUNTY NURSES ASSOCIATION 4649 SUNNYSIDE AVE N SEATTLE WA 98103 910282054 501(C)(3) 27000 NURSING SCHOLARSHIP FUND MARY MAHONEY PROFESSIONAL NURSES ORGANIZATION PO BOX 22003 SEATTLE WA 98122 911653833 501(C)(3) 9000 NURSING SCHOLARSHIP FUND WASHINGTON STATE NURSES ASSOCIATION 575 ANDOVER PARK W 101 SEATTLE WA 98188 910462188 501(C)(5) 15000 NURSES EMERGENCY RELIEF GRANTS NORTHWEST HARVEST PO BOX 12272 SEATTLE WA 98102 911048245 501(C)(3) 15000 GENERAL SUPPORT AMERICAN CIVIL LIBERTIES UNION OF WASHINGTON PO BOX 2728 SEATTLE WA 98111 910683589 501(C)(4) 17000 GENERAL SUPPORT SALAL FOUNDATION PO BOX 75029 SEATTLE WA 98175 463476338 501(C)(3) 50000 GENERAL SUPPORT NOT THIS TIME 4547 RAINIER AVE S STE 925 SEATTLE WA 98118 812886863 501(C)(3) 17000 GENERAL SUPPORT NORTHWEST CREDIT UNION FOUNDATION 18000 INTERNATIONAL BLVD 350 SEATAC WA 98188 911649328 501(C)(3) 40000 COVID RELIEF FUND 8 2 PART I, LINE 2: THE ORGANIZATION OFFERS SCHOLARSHIP OPPORTUNITIES TO THE MEMBERS OF THE KING COUNTY NURSES ASSOCIATION AND THE MARY MAHONEY NURSES ASSOCIATION. GRANTS ARE ALSO PROVIDED TO THE KING COUNTY NURSES ASSOCIATION TO SUPPORT NURSES WHO APPLY FOR COMMUNITY SUPPORT ACTIVITIES. THE NURSES WHO RECEIVE THE FUNDS ARE VETTED BY THE ASSOCIATION. THE ORGANIZATION OFFERS ONGOING SUPPORT TO VARIOUS ANNUAL FUNDRAISING CAMPAIGNS. THE ORGANIZATION HAS AN ONGOING RELATIONSHIP WITH EACH DONEE ORGANIZATION, ATTENDS THE FUNDRAISING EVENTS, AND THE BUSINESS DEVELOPMENT OFFICER MAINTAINS CONTACT WITH DONEE ORGANIZATION OFFICERS THROUGHOUT THE YEAR. X X 1 1 X X X X 0 1 0 RUSSELL ROSENDAL PRESIDENT/CEO 415304 0 104530 0 517120 0 406972 0 32915 0 1476841 0 465544 0 RANDY CLOES SVP - CFO 226504 0 71300 0 4538 0 11122 0 24058 0 337522 0 0 0 ROBERT SCHWEIGERT SVP - CHIEF LENDING OFFICER 230780 0 73500 0 4200 0 11265 0 11585 0 331330 0 0 0 TROY-SKOTT POPE SVP - CHIEF DIGITAL & STRATEGY OFFIC 226300 0 70100 0 3485 0 6925 0 10817 0 317627 0 0 0 TARA SEEVER SVP - CHIEF HUMAN RESOURCES OFFICER 195446 0 49400 0 3208 0 7449 0 19140 0 274643 0 0 0 BRETT BALLMAN VP - DIRECTOR OF BUSINESS BANKING 177947 0 35228 0 1706 0 8581 0 17873 0 241335 0 0 0 CHRISTIAN GRUNERT VP - IT 151588 0 27782 0 1465 0 6108 0 16010 0 202953 0 0 0 EILEEN MAGNUSSON VP - DIRECTOR OF HUMAN RESOURCES 143926 0 27785 0 1162 0 6901 0 21471 0 201245 0 0 0 VINCENT PUNTENEY VP - CONSUMER LENDING 145573 0 25268 0 7964 0 7075 0 12462 0 198342 0 0 0 MICHAEL BISHOP VP - RETAIL 145748 0 26808 0 1217 0 6937 0 11263 0 191973 0 0 0 SAMANTHA HARBERT VP - MORTGAGE LENDING 136362 0 25699 0 4494 0 5817 0 11263 0 183635 0 0 0 SANDORA TIBURCIO SENIOR MORTGAGE ADVISOR 19915 0 434535 0 4364 0 3750 0 12462 0 475026 0 0 0 JENNY LYN FERNANDEZ TRAN SENIOR MORTGAGE ADVISOR 119 0 363276 0 3974 0 6798 0 11263 0 385430 0 0 0 SYLVIA SEE SENIOR BUSINESS OFFICER 97277 0 89689 0 401 0 6177 0 19140 0 212684 0 0 0 JAMES MILLSAP DEALER ACCOUNT MANAGER 53413 0 126330 0 6717 0 7445 0 12140 0 206045 0 0 0 ROBERT STARKEY BUSINESS BANKING SALES MANAGER 123155 0 56240 0 658 0 3297 0 10034 0 193384 0 0 0 PART I, LINE 1A THE ORGANIZATION PAYS FOR TRAVEL OF COMPANIONS OF THE BOARD OF DIRECTORS AND CEO. THE ORGANIZATION PAYS HEALTH CLUB DUES FOR THE CEO AND COO ATHLETIC CLUB MEMBERSHIP. THESE ITEMS ARE TREATED AS TAXABLE INCOME TO THE INDIVIDUALS AS APPROPRIATE. PART I, LINE 4B THE CREDIT UNION HAS A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN FOR THE CHIEF EXECUTIVE OFFICER WHEREBY THE CREDIT UNION MAKES SCHEDULED MONTHLY CONTRIBUTIONS TO INVESTMENT ACCOUNTS AND THE CHIEF EXECUTIVE OFFICER WILL BE ENTITLED TO THE BALANCE OF THE INVESTMENT ACCOUNTS UPON HIS 65TH BIRTHDAY (DECEMBER 2023), SUBJECT TO CERTAIN CONDITIONS IN THE AGREEMENT. FOR THE YEAR ENDING DECEMBER 31, 2020 THE CEO RECEIVED A PAYOUT OF $465,554 AND $396,354 WAS ACCRUED ON THE PLAN. CERTAIN OFFICERS AND KEY EMPLOYEES PARTICIPATE IN THE SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15. BRETT BALLMAN KEY EMPLOYEE 2019 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 68064 71553 0 1 1 TROY-SKOTT POPE OFFICER 2019 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 709906 746078 0 1 1 RANDY CLOES OFFICER 2019 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 709236 744964 0 1 1 CHRISTIAN GRUNERT KEY EMPLOYEE 2019 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 115871 121775 0 1 1 MICHAEL BISHOP KEY EMPLOYEE 2019 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 104120 109425 0 1 1 BRETT BALLMAN KEY EMPLOYEE 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 625000 626070 0 1 1 TROY-SKOTT POPE OFFICER 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 1650000 1652826 0 1 1 RANDY CLOES OFFICER 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 3000000 3003532 0 1 1 CHRISTIAN GRUNERT KEY EMPLOYEE 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 850000 851456 0 1 1 MICHAEL BISHOP KEY EMPLOYEE 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 650000 651113 0 1 1 SAMANTHA HARBERT KEY EMPLOYEE 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 250000 250428 0 1 1 EILEEN MAGNUSSON KEY EMPLOYEE 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 475000 475813 0 1 1 ROBERT SCHWEIGERT OFFICER 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 2571937 2574965 0 1 1 11879998 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, 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. 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 B, LINE 11B FORM 990 IS DRAFTED BY AN EXTERNAL ACCOUNTING FIRM AND COMPANY CONTROLLER AND IS THEN REVIEWED AND APPROVED BY THE CFO. FORM 990, PART VI, SECTION B, LINE 12C EACH EMPLOYEE IS REQUIRED TO ANNUALLY SIGN AN ETHICS STATEMENT ACKNOWLEDGING THEY HAVE NOT ACCEPTED ITEMS OF VALUE GREATER THAN $50. FURTHERMORE, EXECUTIVE MANAGEMENT AND THE BOARD OF DIRECTORS SIGN AN ADDITIONAL STATEMENT ACKNOWLEDGING THEIR HIGHER STANDARDS. DEPARTMENT MANAGERS ARE RESPONSIBLE FOR MONITORING AND REPORTING ANY VIOLATIONS OF THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION'S HUMAN RESOURCES DEPARTMENT SUBSCRIBES TO TWO ANNUAL FINANCIAL INSTITUTIONS COMPENSATION SURVEYS. COMPENSATION FOR EXECUTIVE OFFICERS IS APPROVED BY THE CEO IN CONSULTATION WITH THE INDEPENDENT EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS. COMPENSATION FOR THE CEO IS RECOMMENDED BY THE EXECUTIVE COMMITTEE AFTER REVIEWING MATERIAL PREPARED BY A CONSULTANT HIRED BY THE COMMITTEE OR ANALYSIS COMPLETED BY HEAD OF HUMAN RESOURCES. FINAL APPROVAL IS SUBJECT TO FULL BOARD APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE AT THE ANNUAL MEETING. BALANCE SHEETS ARE POSTED AT EACH BRANCH AND UPDATED MONTHLY. MEMBERS ARE DIRECTED TO THE NCUA WEBSITE FOR ADDITIONAL FINANCIAL INFORMATION. FORM 990, PART XI, LINE 9: SUBSIDIARY INCOME BOOK/TAX DIFFERENCE -24,140. LENDING SOLUTIONS NORTHWEST LLC 9706 4TH AVENUE NE NO 400 SEATTLE WA 98115 461812634 AUTO LENDING WA 0 131270 SALAL CREDIT UNION SCU HOLDINGS LLC 9706 4TH AVENUE NE NO 400 SEATTLE WA 98115 814624261 HOLD REAL ESTATE WA 2685143 27485201 SALAL CREDIT UNION SALAL FOUNDATION 9706 4TH AVENUE NE NO 400 SEATTLE WA 98115 463476338 SUPPORTS PHILANTHROPIC ACTIVITIES WA 501(C)(3) LINE 7 SALAL CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0