2021-11-09T07:46:38-06:00 2020-12-31 910189318 MOSS ADAMS LLP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2020-01-01 910176215 SEATTLE METROPOLITAN CREDIT UNION SEAT 2063985561 1521 FIRST AVE SOUTH NO 500 SEATTLE WA 98134 JAVIER D'AGUSTINI INTERIM CFO 2063985552 2021-11-08 1 JAVIER DAGUSTINI XXX-XX-XXXX COLLEEN RAMIRES P01251320 4252597227 2021-11-04 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z SEATTLE CREDIT UNION JAVIER D'AGUSTINI 1521 FIRST AVE SOUTH NO 500 SEATTLE WA 98134 43119344 0 X WWW.SEATTLECU.COM X 1933 WA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 10 10 200 14 94241 0 0 0 40613030 41868032 2875719 1251312 0 0 43488749 43119344 110361 87895 0 0 15118047 15245105 0 0 0 25949032 25328754 41177440 40661754 2311309 2457590 831539595 959707663 755100656 879448655 76438939 80259008 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, 2020, SMCU HAD 52,088 MEMBERS. THESE MEMBERS PARTICIPATED IN 25,722 LOAN AND 98,240 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 0 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 0 0 0 1 34748 0 1 200 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X JAVIER D'AGUSTINI 2063985552 1521 FIRST AVE SOUTH SEATTLE WA 98134 CARLOS RUIZ BOARD CHAIR 4.00 X X 0 0 0 ROBIN SHULER VICE CHAIR 4.00 X X 0 0 0 DEANNA CLARK BOARD SECRETARY 4.00 X X 0 0 0 STEPHEN EJIDE BOARD MEMBER 4.00 X 0 0 0 SEUJAN BERTRAM BOARD MEMBER 4.00 X 0 0 0 ARACELY GODINEZ BOARD MEMBER 4.00 X 0 0 0 ROBIN HARMON BOARD MEMBER 4.00 X 0 0 0 SHAHZAD QADRI BOARD MEMBER 4.00 X 0 0 0 JONELLE JOHNSON BOARD MEMBER 4.00 X 0 0 0 REBECCA KERR BOARD MEMBER 4.00 X 0 0 0 RICHARD ROMERO PRESIDENT AND CEO 40.00 X 511193 0 180694 TONITA WEBB EVP AND COO 40.00 X 331716 0 139679 JAVIER D'AGUSTINI INTERIM CFO 40.00 X 188157 0 105072 MIKE QUAMMA SVP/CFO (THRU 2/20) 40.00 X 72661 0 8360 BRENT RICCHINS SVP/SERVICE OPERATIONS 40.00 X 184843 0 84148 LEE PIERCE SVP OF LENDING 40.00 X 214025 0 84869 WALLACE HO SVP COMMERCIAL LENDING 40.00 X 174640 0 89272 DONNA RANSIER VP INFORMATION TECHNOLOGY 40.00 X 190309 0 79966 BRANDON ELY VP OF INTERNAL AUDIT 40.00 X 143225 0 76383 BARNEY HERRERA VP STRATEGIC PARTNERSHIPS 40.00 X 146299 0 67623 CHELISE NEWBOLD MORTGAGE LOAN OFFICER 40.00 X 187195 0 14614 PENNY STAFFORD MORTGAGE LOAN OFFICER 40.00 X 194878 0 11073 PAM MUELLER VP/LOAN DOCUMENTATION AND OPERATIONS MANAGER 40.00 X 131096 0 69572 JILL VICENTE FORMER OFFICER 40.00 X 570219 0 250 3240456 0 1011575 23 1 1 0 FISERV INC PO BOX 208457 DALLAS TX 75320 CORE SYSTEM PROVIDER SERVICES 2400720 HPC RP LLC 11400 SE 8TH ST SUITE 230 BELLEVUE WA 98004 CONSTRUCTION SERVICES 2299433 TWENTY FOUR 7 425 NE 9TH AVENUE PORTLAND OR 97232 MARKETING & ADVERTISING SERVICES 1418083 RATEGENIUS LOAN SERVICES INC 9300 UNITED DRIVE SUITE 180 AUSTIN TX 78758 AUTO LOAN FINANCIAL SERVICES 604881 Q2 SOFTWARE INC PO BOX 205970 DALLAS TX 75230 ONLINE BANKING SERVICES 545953 35 LOAN INTEREST INCOME 522100 28192824 28192824 NET GAIN ON LOANS 522100 4269033 4269033 INTERCHANGE INCOME 522100 4046102 4046102 FEES AND CHARGES 522100 3072536 3070664 1872 OTHER REVENUE 522100 2287537 2195168 92369 41868032 1251312 1251312 43119344 41773791 94241 1251312 X 87895 2639604 9459648 407013 1721126 1017714 148483 138000 6362540 221673 943629 2751446 3616932 17390 96831 2603720 1741598 140667 PROVISION FOR LOAN LOSS 3819795 MEMBER AWARDS 395447 DUES & SUBSCRIPTIONS 346548 SHARED BRANCHING EXPENS 195451 1788604 40661754 6235601 8366705 77097926 141959271 2187707 2375472 8675712 8859250 642671465 659702590 1549721 1477243 23222863 16726031 7579237 6496832 50519451 94049066 1026600 997900 33996175 35423334 831539595 959707663 14334084 15588365 740766572 863860290 755100656 879448655 X 0 0 0 0 76438939 80259008 76438939 80259008 831539595 959707663 2457590 1362479 0 X 0 1 X 1 0 7272411 4357845 2914566 15950452 12368186 3582266 6496832 MEMBERS' SHARE ACCOUNTS 863860290 863860290 X 43669178 549834 549834 43119344 0 43119344 40661754 0 40661754 0 40661754 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 ECDLR COMMUNITY DEVELOPMENT 2524 16TH AVE S SEATTLE WA 98144 910899927 501(C)(3) 15000 EL CENTRO DE LA RAZA BUILDING THE BELOVED COMMUNITY EVENT 2020 TABOR 100 INC 7100 FORT DENT WAY STE 100 SEATTLE WA 98188 912012635 501(C)(3) 10000 HUB SPONSORSHIP TABOR 100 BLACK BUSINESS EQUITY FUND DONATION 2 0 PART I, LINE 2: SEATTLE CREDIT UNION MAKES CONTRIBUTIONS TO MANY CHARITIES WITHIN ITS COMMUNITY. X 1 1 X X X 1 1 0 RICHARD ROMERO PRESIDENT AND CEO 455899 0 55294 0 0 0 150923 0 29771 0 691887 0 0 0 TONITA WEBB EVP AND COO 304343 0 27373 0 0 0 115522 0 24157 0 471395 0 0 0 JAVIER D'AGUSTINI INTERIM CFO 178932 0 9225 0 0 0 75301 0 29771 0 293229 0 0 0 BRENT RICCHINS SVP/SERVICE OPERATIONS 171667 0 13176 0 0 0 58347 0 25801 0 268991 0 0 0 LEE PIERCE SVP OF LENDING 201033 0 12992 0 0 0 73809 0 11060 0 298894 0 0 0 WALLACE HO SVP COMMERCIAL LENDING 162228 0 12412 0 0 0 60408 0 28864 0 263912 0 0 0 DONNA RANSIER VP INFORMATION TECHNOLOGY 179985 0 10324 0 0 0 67868 0 12098 0 270275 0 0 0 BRANDON ELY VP OF INTERNAL AUDIT 135191 0 8034 0 0 0 46612 0 29771 0 219608 0 0 0 BARNEY HERRERA VP STRATEGIC PARTNERSHIPS 138312 0 7987 0 0 0 47950 0 19673 0 213922 0 0 0 CHELISE NEWBOLD MORTGAGE LOAN OFFICER 187195 0 0 0 0 0 2819 0 11795 0 201809 0 0 0 PENNY STAFFORD MORTGAGE LOAN OFFICER 194878 0 0 0 0 0 0 0 11073 0 205951 0 0 0 PAM MUELLER VP/LOAN DOCUMENTATION AND OPERATIONS 123608 0 7488 0 0 0 49122 0 20450 0 200668 0 0 0 JILL VICENTE FORMER OFFICER 6244 0 16158 0 547817 0 250 0 0 0 570469 0 244847 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 IN JANUARY 2020 THE CMO WAS PAID SEVERANCE OF $302,970. 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 2020 ACCRUED DEFERRED COMPENSATION RELATED TO THIS AGREEMENT FOR EMPLOYEES LISTED ON THIS RETURN IS $682,402. THE CEO, COO, AND CFO PARTICIPATE IN THE 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 2604129 0 1 1 TONITA WEBB EVP/COO EXECUTIVE COMPENSATION X 1600000 1736086 0 1 1 JILL VICENTE SVP/CHIEF MARKETING OFFICER EXECUTIVE COMPENSATION X 1300000 1410570 0 1 1 MICHAEL QUAMMA SVP/CHIEF FINANCIAL OFFICER EXECUTIVE COMPENSATION X 3000000 3108465 0 1 1 8859250 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 1 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 METROPOLITAN 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 2020. 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 2,013,651. PROCESSING & SERVICE FEES 4,348,889.