2021-10-20T13:02:38-05:00 2020-12-31 910189318 MOSS ADAMS LLP 805 SW BROADWAY STE 1200 PORTLAND OR 97205 990 2020-01-01 910683062 WASHINGTON STATE EMPLOYEES CREDIT UNION WASH 3609437911 PO BOX WSECU OLYMPIA WA 985070099 GARY SWINDLER PRESIDENT/CEO 3609437911 2021-10-19 1 GARY SWINDLER XXX-XX-XXXX WENDY CAMPOS P00448102 5032421447 2021-10-13 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z GARY SWINDLER PO BOX WSECU OLYMPIA WA 985070099 258482609 0 X WWW.WSECU.ORG X 1957 WA TO PROVIDE SERVICES TO MEMBERS WHICH ARE MANDATED IN THE CREDIT UNION ACT TO CHARTERS AND TO PROVIDE A MEANS WHEREBY MEMBERS CAN PROVIDE EACH OTHER WITH NEEDED FINANCIAL SERVICES. 9 9 792 39 1395348 0 0 0 182601359 183696241 9074093 7437019 653255 612304 192328707 191745564 64500 98000 0 0 69491155 72170685 0 0 0 90990653 97870159 160546308 170138844 31782399 21606720 3338765767 4076563130 2977915672 3686478176 360850095 390084954 TO PROVIDE SERVICES TO MEMBERS WHICH ARE MANDATED IN THE CREDIT UNION ACT TO CHARTERS AND TO PROVIDE A MEANS WHEREBY MEMBERS CAN PROVIDE EACH OTHER WITH NEEDED FINANCIAL SERVICES. 0 0 SAVINGS AND CHECKING: WE KNOW DIFFERENT MEMBERS HAVE DIFFERENT NEEDS FROM THEIR CHECKING AND SAVINGS ACCOUNTS. THAT'S WHY WE OFFER VARIETY. WSECU CAN HELP MEMBERS MAKE MANAGING THEIR BUDGETS SIMPLER AS THEY WORK TOWARD THEIR FINANCIAL GOALS. WE OFFER DIFFERENT CHECKING OPTIONS TO OUR MEMBERS. MEMBERS CAN ACCESS THEIR ACCOUNTS ANY TIME OF THE DAY OR NIGHT WITH THEIR DEBIT OR ATM CARD. WSECU IS A PROUD PARTNER OF THE CO-OP NETWORK, OFFERING MEMBERS FREE ACCESS TO 25,000 ATMS ACROSS THE UNITED STATES. LOANS: FROM THE CARS MEMBERS DRIVE TO THE UNTAPPED EQUITY IN THEIR HOMES, WSECU LOANS ARE DESIGNED TO GIVE MEMBERS THE UTMOST BUYING POWER AND PAYMENT FLEXIBILITY. BACKED WITH OUR OUTSTANDING SERVICE, THERE IS SIMPLY NO BETTER PLACE TO GO FOR MEMBERS' LENDING NEEDS. CREDIT CARDS: WSECU PROVIDES A VARIETY OF CREDIT CARD OPTIONS TO MEET THE VARIED LIFESTYLES OF OUR MEMBERS. EACH OPTION INCLUDES THE VALUE OF A VARIABLE INTEREST RATE, NO ANNUAL FEE, PLUS THE COST-SAVINGS BENEFIT OF A 25-DAY GRACE PERIOD ON NEW PURCHASES - AND THE PURCHASING POWER OF THE MOST RECOGNIZED CREDIT CARD IN THE WORLD. EACH OF OUR CREDIT CARD OPTIONS PROVIDES UNIQUE FEATURES AND BENEFITS. FROM HIGHER SPENDING LIMITS TO REWARDS PROGRAMS TO FIRST-TIME CARDHOLDERS ESTABLISHING CREDIT, WSECU MEMBERS HAVE AN EXCITING RANGE OF CREDIT CARD OPTIONS FROM WHICH TO CHOOSE. 0 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 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 65155 0 1 792 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 GARY SWINDLER PRESIDENTCEO 3609437911 PO BOX WSECU OLYMPIA WA 98507 MARCUS GLASPAR BOARD CHAIR 1.00 X X 0 0 0 TRACY GUERIN BOARD VICE CHAIR 1.00 X X 741 0 0 SUSAN POCH BOARD SECRETARY 1.00 X X 0 0 0 DOUG MAH BOARD MEMBER/PAST CHAIR 1.00 X X 0 0 0 TRUDY SOUCOUP BOARD MEMBER 1.00 X 1405 0 0 CAROLE WASHBURN BOARD MEMBER 1.00 X 0 0 0 MICHAEL STEVENSON BOARD MEMBER 1.00 X 0 0 0 VERONICA BRONKEMA BOARD MEMBER 1.00 X 0 0 0 TRAVIS MATHESON BOARD MEMBER 1.00 X 0 0 0 GARY SWINDLER PRESIDENT/CEO 40.00 X 795475 0 179459 RANDY GUNDERSON CHIEF FINANCIAL OFFICER 40.00 X 814643 0 104932 KEVIN FOSTER-KEDDIE ADVISOR TO THE CEO 40.00 X 863762 0 30076 SHARON WHITEHEAD CHIEF ADMINISTRATIVE OFFICER 40.00 X 795864 0 89658 BENJAMIN MORALES CHIEF TECH & OPS OFFICER/CEO QCF 40.00 X 745214 0 118455 JENNIFER STATHAM CHIEF MARKETING & ANALYTICS OFFICER 40.00 X 770926 0 80978 PAUL KIRKBRIDE CHIEF OPERATING OFFICER 40.00 X 731948 0 94618 JEFF AMIRA LOAN OFFICER 40.00 X 722820 0 46359 TANYA HILL LOAN OFFICER 40.00 X 497894 0 38823 CAMERON BROOKSHIRE LOAN OFFICER 40.00 X 428437 0 46343 CINDY SCHAUMBURG LOAN OFFICER 40.00 X 429452 0 42519 CHRIS WISE LOAN OFFICER 40.00 X 330254 0 30637 7928835 0 902857 136 0 1 0 KAYE SMITH PO BOX 956 RENTON WA 98057 STATEMENTS & FORMS 2008481 AEQUILIBRIUM SOFTWARE INC 1300 409 GRANVILLE ST VANCOUVER BC CA V6C1T2 MOBILE DEVELOPMENT 1835166 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 SOFTWARE 1170827 APPRAISAL VALET 10260 SW GREENBURG ROAD STE 400 PORTLAND OR 97729 MORTGAGE RELATED 1119740 IVOXY CONSULTING LLC PO BOX 101264 PASADENA CA 911890005 IT RELATED 1018417 94 MEMBER LOAN INTEREST 522100 131262443 131257736 4707 SERVICE FEES/CHARGES 522100 43817560 42706924 1110636 GAIN ON SALE OF LOANS 522100 7668111 7668111 OTHER INCOME 522100 948127 705936 242191 183696241 6994836 37814 6957022 612304 0 612304 612304 612304 66640605 538623 66146496 590549 494109 -51926 442183 30926 411257 191745564 182369633 1395348 7980583 98000 6218152 46410232 4245842 11130130 4166329 259598 118488 9198907 3210102 5893729 5286776 6166379 138824 335337 16363213 10653602 478200 LOAN LOSS PROVISION 22061069 VISA AND ATM 9387467 CARD AND TERMINAL 1469562 TRAINING 360859 6488047 170138844 188758956 753772027 18420987 19827601 12973075 14908660 2652194809 2737210541 11109246 21378451 185400090 80788731 111019775 104611359 294839656 379494046 11511138 10141521 37938125 35218924 3338765767 4076563130 57318586 68532950 70000000 70000000 2850597086 3547945226 2977915672 3686478176 X 0 0 0 0 360850095 390084954 360850095 390084954 3338765767 4076563130 X 21606720 7837742 -209603 X 0 1 X 1 0 0 14110766 14110766 108413795 33575716 74838079 12155947 9364192 2791755 13950854 11894911 2055943 36768728 25953912 10814816 104611359 MEMBER SHARE AND SAVINGS ACCOUNTS 3547945226 3547945226 X PART X, LINE 2: ASC 740 FINANCIAL STATEMENT FOOTNOTE: THE CREDIT UNION IS STATE-CHARTERED AND FEDERALLY TAX-EXEMPT UNDER INTERNAL REVENUE CODE SECTION 501(C)(14), EXCEPT TO THE EXTENT OF UNRELATED BUSINESS INCOME. A TAX-EXEMPT ORGANIZATION INFORMATION RETURN AND UNRELATED BUSINESS INCOME TAX RETURN ARE FILED ANNUALLY WITH THE APPLICABLE TAX JURISDICTIONS. WSC, OWF, AND QCF ARE DISREGARDED ENTITIES FOR TAX PURPOSES AND ARE THEREFORE NOT SUBJECT TO FEDERAL INCOME TAX. THE CREDIT UNION RECOGNIZES THE TAX BENEFIT FROM UNCERTAIN TAX POSITIONS, IF ANY, ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITIONS WILL BE SUSTAINED ON EXAMINATION BY THE TAX AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFIT IS MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE CREDIT UNION RECOGNIZES INTEREST ACCRUED AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AS AN ADMINISTRATIVE EXPENSE. THE CREDIT UNION HAD NO UNRECOGNIZED TAX BENEFITS AT DECEMBER 31, 2020 OR 2019. DURING THE YEARS ENDED DECEMBER 31, 2020 AND 2019, THE CREDIT UNION RECOGNIZED NO INTEREST AND PENALTIES. 1 SCHOLARSHIPS TO 2-YR COLLEGE/VOCATIONAL SCHOOLS 10 20000 SCHOLARSHIPS TO 4-YR UNDERGRAD/GRADUATE PROGRAMS 26 78000 PART I, LINE 2: THE WSECU SCHOLARSHIP COMMITTEE IS MADE UP OF ONE APPOINTED BOARD MEMBER AS CHAIR AND UP TO TWO ADDITIONAL BOARD MEMBERS. REMAINING COMMITTEE MEMBERS WILL BE MADE UP OF MEMBER VOLUNTEERS. WSECU PARTNERS WITH AN OUTSIDE VENDOR TO MANAGE THE ONLINE APPLICATION PROCESS. SCORING OF APPLICANTS IS BASED EQUALLY ON THE INDIVIDUAL'S ACADEMIC RECORD, FINANCIAL NEED, COMMUNITY SERVICE/SCHOOL ACTIVITIES, AND ESSAYS/LETTERS OF RECOMMENDATION. X X 1 1 X X X X 0 1 0 GARY SWINDLER PRESIDENT/CEO 560852 0 213166 0 21457 0 162320 0 17139 0 974934 0 0 0 RANDY GUNDERSON CHIEF FINANCIAL OFFICER 351233 0 449448 0 13962 0 82499 0 22433 0 919575 0 0 0 KEVIN FOSTER-KEDDIE ADVISOR TO THE CEO 277790 0 578995 0 6977 0 24225 0 5851 0 893838 0 0 0 SHARON WHITEHEAD CHIEF ADMINISTRATIVE OFFICER 340101 0 433639 0 22124 0 79184 0 10474 0 885522 0 0 0 BENJAMIN MORALES CHIEF TECH & OPS OFFICER/CEO QCF 320739 0 411991 0 12484 0 95995 0 22460 0 863669 0 0 0 JENNIFER STATHAM CHIEF MARKETING & ANALYTICS OFFICER 331441 0 425740 0 13745 0 62642 0 18336 0 851904 0 0 0 PAUL KIRKBRIDE CHIEF OPERATING OFFICER 319259 0 412387 0 302 0 72477 0 22141 0 826566 0 0 0 JEFF AMIRA LOAN OFFICER 39908 0 682671 0 241 0 24225 0 22134 0 769179 0 0 0 TANYA HILL LOAN OFFICER 43240 0 454374 0 280 0 24225 0 14598 0 536717 0 0 0 CAMERON BROOKSHIRE LOAN OFFICER 44109 0 384057 0 271 0 24225 0 22118 0 474780 0 0 0 CINDY SCHAUMBURG LOAN OFFICER 43842 0 384129 0 1481 0 24225 0 18294 0 471971 0 0 0 CHRIS WISE LOAN OFFICER 40186 0 289933 0 135 0 24225 0 6412 0 360891 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS IS AVAILABLE TO BOARD MEMBERS, CEO AND SENIOR VPS. ONLY THE CEO HAS A DISCRETIONARY SPENDING ACCOUNT. ALL OF THESE ITEMS ARE TREATED AS TAXABLE COMPENSATION TO THE DIRECTOR, OFFICER OR KEY EMPLOYEE. PART I, LINE 4B THE FOLLOWING OFFICERS AND KEY EMPLOYEES PARTICIPATED IN A 457(F) SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN, INCLUDING THESE CONTRIBUTIONS AND DISTRIBUTIONS FOR THE YEAR: GARY SWINDLER, PRESIDENT/CEO - CONTRIBUTIONS $138,095 RANDY GUNDERSON, CHIEF FINANCIAL OFFICER - CONTRIBUTIONS $42,339 SHARON WHITEHEAD, CHIEF ADMINISTRATIVE OFFICER - CONTRIBUTIONS $40,556 BENJAMIN MORALES, CHIEF TECHNOLOGY & OPS OFFICER - CONTRIBUTIONS $39,965 JENNIFER STATHAM, CHIEF MARKETING & ANALYTICS OFFICER - CONTRIBUTIONS $24,779 PAUL KIRKBRIDE, CHIEF OPERATING OFFICER- CONTRIBUTIONS $36,658 FORM 990, PART VI, SECTION A, LINE 6 CREDIT UNION MEMBERS HAVE THE RIGHT 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 CREDIT UNION MEMBERS 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 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 11B ACCOUNTING PERSONNEL REVIEW FORM 990 FOR ACCURACY COMPARED TO INTERNAL REPORTS AND MAKE ADJUSTMENTS AS NECESSARY UNDER THE GUIDANCE OF OUR TAX ACCOUNTANTS. THE FORM IS REVIEWED BY THE CEO PRIOR TO SIGNING OF THE FINAL DRAFT. THE RETURN IS AVAILABLE TO ALL MEMBERS OF THE BOARD OF DIRECTORS FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION SENDS OUT AN ANNUAL HR POLICIES ACKNOWLEDGMENT TO ALL STAFF AND REQUIRES ACKNOWLEDGMENT FROM EACH PERSON EACH YEAR, AS WELL AS UPON HIRE. THIS POLICIES ACKNOWLEDGMENT INCLUDES THE WSECU CODE OF CONDUCT, WHICH COVERS THE CONFLICT OF INTEREST POLICY. THE CONFLICT OF INTEREST POLICY IS ENFORCED IN VARIOUS WAYS. DEPENDING ON THE PARTICULAR CONFLICT FOR EMPLOYMENT CONFLICTS, THE CREDIT UNION REQUIRES A NOTIFICATION TO HR OF ANY SECOND JOBS AND APPROVAL BY THE EMPLOYEE'S LEADER. FOR POTENTIAL CONFLICTS OF EMPLOYEES WORKING WITH RELATIVES, THE CREDIT UNION REQUIRES A SENIOR MANAGEMENT APPROVAL BEFORE THEY HIRE, PROMOTE, OR TRANSFER ANYONE WHO MIGHT BE WORKING WITH A RELATIVE OF A WSECU EMPLOYEE. IF THE ORGANIZATION IS NOTIFIED OF OTHER TYPES OF CONFLICTS, THEY DEAL WITH THEM AS THEY ARISE, INVOLVING COMPANY LEADERSHIP. CONFLICT QUESTIONNAIRES ARE SIGNED ANNUALLY BY THE BOARD OF DIRECTORS. IF A POTENTIAL CONFLICT IS IDENTIFIED, IT IS REPORTED TO THE BOARD, WHICH THEN REVIEWS ALL INFORMATION AND DETERMINES IF AN ACTUAL CONFLICT EXISTS. DIRECTORS WITH THE POTENTIAL CONFLICT RECUSE THEMSELVES FROM VOTING ON ANY RELATED ISSUES. THE ORGANIZATION'S POLICY HAS ASSISTED THE CREDIT UNION IN PROHIBITING CONFLICTS BEFORE THEY IMPACT THE COMPANY. FORM 990, PART VI, SECTION B, LINE 15 WSECU USES A THIRD-PARTY, OUTSIDE CONSULTANT TO EVALUATE EXECUTIVE COMPENSATION. THE REVIEW THAT THE CONSULTANT COMPLETES INCLUDES A REASONABLENESS TEST, MARKET (COMPARABLE) DATA FOR THE FINANCIAL SERVICES/CREDIT UNION INDUSTRY AND THE GEOGRAPHIC AREA, AND INCLUDES THE ENTIRE SALARY AND BENEFITS PACKAGE. PERIODICALLY, HUMAN RESOURCES USES INDUSTRY AND REGIONAL EXECUTIVE SALARY SURVEYS TO VERIFY EXECUTIVE COMPENSATION. THE CEO CONTRACT, INCLUDING COMPENSATION, IS REVIEWED BY THE WSECU BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: PASSTHROUGH BOOK/TAX DIFFERENCE -209,603. WSECU SERVICE COMPANY LLC PO BOX WSECU OLYMPIA WA 98507 473383761 HOLDING COMPANY WA 4387593 13625388 WASHINGTON STATE EMPLOYEES CREDIT UNION ONE WASHINGTON FINANCIAL LLC PO BOX WSECU OLYMPIA WA 98507 753134955 LOAN SERVICING WA WSECU SERVICE COMPANY LLC QCASH FINANCIAL LLC PO BOX 1727 OLYMPIA WA 98507 473396087 SOFTWARE AS A SERVICE (SAAS) WA WSECU SERVICE COMPANY LLC