2020-11-12T18:36:59-06:00 2019-12-31 910189318 MOSS ADAMS LLP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2019-01-01 910176215 SEATTLE METROPOLITAN CREDIT UNION SEATTLE CREDIT UNION SEAT 2063985561 1521 FIRST AVE SOUTH NO 500 SEATTLE WA 98134 JAVIER D'AGUSTINI INTERIM CFO 2063985552 2020-11-12 1 COLLEEN RAMIRES P01251320 4252597227 2020-11-12 50.35.113.33 2020-11-12 12:58:52 PS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 C6EDF24ACDF01F1BE2FDCB25E70854792FCE1D1F 2019 2021-04-22 16:20:28Z SEATTLE CREDIT UNION JAVIER D'AGUSTINI 1521 FIRST AVE SOUTH NO 500 SEATTLE WA 98134 43488749 0 X WWW.SEATTLECU.COM X 1933 WA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 8 8 209 12 119188 -116370 0 0 38878565 40613030 2485857 2875719 0 0 41364422 43488749 117299 110361 0 0 14295191 15118047 0 0 0 24784680 25949032 39197170 41177440 2167252 2311309 855470364 831539595 783232156 755100656 72238208 76438939 X THE PURPOSE OF THIS CREDIT UNION IS TO PROMOTE THRIFT AMONG ITS MEMBERS, 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, 2019, SMCU HAD 50,683 MEMBERS. THESE MEMBERS PARTICIPATED IN 26,422 LOAN AND 99,422 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 35451 0 1 209 1 1 1 0 0 0 0 0 0 0 X 8 8 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 LAWRENCE METZ BOARD CHAIR (THROUGH 3/19) 4.00 X X 0 0 0 CARLOS RUIZ BOARD CHAIR 4.00 X X 0 0 0 ANDREA ZACHARY VICE CHAIR (THROUGH 11/19) 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 JAMES TREFRY BOARD MEMBER (THROUGH 4/19) 4.00 X 0 0 0 RICHARD ROMERO PRESIDENT AND CEO 40.00 X 435136 0 197339 TONITA WEBB EVP AND COO 40.00 X 307751 0 131025 MICHAEL QUAMMA SVP/CHIEF FINANCIAL OFFICER 40.00 X 267855 0 113807 JILL VICENTE SVP/CHIEF MARKETING OFFICER 40.00 X 244846 0 100755 BRENT RICCHINS SVP/SERVICE OPERATIONS 40.00 X 177803 0 97412 DONNA RANSIER VP INFORMATION TECHNOLOGY 40.00 X 186396 0 85647 LEE PIERCE SVP OF LENDING 40.00 X 178816 0 76558 WALLACE HO SVP COMMERCIAL LENDING 40.00 X 164304 0 80187 BRANDON ELY VP OF INTERNAL AUDIT 40.00 X 143628 0 60316 BARNEY HERRERA VP STRATEGIC PARTNERSHIPS 40.00 X 142759 0 60404 JAVIER D'AGUSTINI VP CONTROLLER 40.00 X 166758 0 35969 PAMELA MUELLER VP/LOAN DOC. AND OP. MANAGER 40.00 X 131865 0 67300 PENNY STAFFORD MORTGAGE LOAN OFFICE 40.00 X 182755 0 11123 2730672 0 1117842 23 0 1 0 FISERV PO BOX 99924 GRAPEVINE TX 76099 CORE SYSTEM PROVIDER SERVICES 2922716 TWENTY FOUR 7 425 NE 9TH AVENUE PORTLAND OR 97232 MARKETING & ADVERTISING SERVICES 1036633 Q2 PO BOX 205970 DALLAS TX 75320 ONLINE BANKING SERVICES 940943 STN 1249 QUARRY LANE SUITE 130 PLESANTON CA 94566 IT SOLUTIONS SERVICES - SECURITY 753376 DIEBOLD PO BOX 643543 PITTSBURGH PA 75264 ATM SERVICES 350512 28 LOAN INTEREST INCOME 522100 29431991 29431991 INTERCHANGE INCOME 522100 3998502 3998502 FEES AND CHARGES 522100 3767233 3759586 7647 NET GAIN ON LOANS 522100 1711838 1711838 OTHER REVENUE 522100 1703466 1591925 111541 40613030 2875719 2875719 43488749 40493842 119188 2875719 X 110361 2845637 9119569 387140 1782909 982792 194430 153232 5280186 581274 1057002 2803129 3429177 37385 145778 3497966 2089036 138176 PROVISION FOR LOAN LOSS 3365088 MEMBER AWARDS 494121 SHARED BRANCHING EXPENS 332159 DUES & SUBSCRIPTIONS 330303 2020590 41177440 8387570 6235601 84699732 77097926 2231065 2187707 5538044 8675712 653962097 642671465 1484375 1549721 22592607 15013370 8510540 7579237 55001791 50519451 1710100 1026600 33945050 33996175 855470364 831539595 11370828 14334084 16900000 0 754961328 740766572 783232156 755100656 X 0 0 0 0 72238208 76438939 72238208 76438939 855470364 831539595 2311309 1889422 0 X 0 1 X 1 0 7272411 3777645 3494766 15114310 11235725 3878585 205886 205886 7579237 MEMBERS' SHARE ACCOUNTS 740766572 740766572 X 44024885 536136 536136 43488749 0 43488749 41177440 0 41177440 0 41177440 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 21 PROGRESS 409 MAYNARD AVENUE S NO 202 SEATTLE WA 98104 911049157 501(C)(3) 25000 21 PROGRESS WASHINGTON PROVIDES HIGH QUALITY LEADERSHIP DEVELOPMENT TRAINING/EDUCATION PROGRAMS THAT UNITE, DEVELOP AND EMPOWER EMERGING LEADERS- INCLUDING YOUNT ADULTS, IMMIGRANTS, REFUGEES, AND PEOPLE OF COLOR- TO BUILD THRIVING COMMUNITIES. ADA DEVELOPER ACADEMY 1215 4TH AVENUE NO 1050 SEATTLE WA 98161 042261109 501(C)(3) 5420 ADA DEVELOPERS ACADEMY'S MISSION IS TO DIVERSIFY TECH BY PROVIDING WOMEN AND GENDER DIVERSE PEOPLE THE SKILLS, EXPERIENCE, AND COMMUNITY SUPPORT TO BECOME PROFESSIONAL SOFTWARE DEVELOPERS WHO CONTRIBUTE TO CHANGING THE WORLD WITH SOFTWARE. ALPFA SEATTLE 1717 W 6TH ST AUSTIN TX 78703 320178401 501(C)(3) 12000 AS THE SEATTLE CHAPTER, ALPFA STRIVES TO EMPOWER AND DEVELOP LATINO AS LEADERS FOR THE NATION IN EVERY SECTOR OF THE ECONOMY. YWCA SEATTLE KING COUNTY 1118 5TH AVENUE SEATTLE WA 98101 910482890 501(C)(3) 6000 AN INCLUSIVE AND THRIVING COMMUNITY TRANSFORMED BY RACIAL AND GENDER EQUITY, WITH PEACE, JUSTICE, FREEDOM, AND DIGNITY FOR ALL PEOPLE. 4 0 PART I, LINE 2: SEATTLE CREDIT UNION MAKES CONTRIBUTIONS TO MANY CHARITIES WITHIN ITS COMMUNITY. X 1 1 X X X 0 1 0 RICHARD ROMERO PRESIDENT AND CEO 395827 0 39309 0 0 0 167509 0 29830 0 632475 0 0 0 TONITA WEBB EVP AND COO 275883 0 31868 0 0 0 110836 0 20189 0 438776 0 0 0 MICHAEL QUAMMA SVP/CHIEF FINANCIAL OFFICER 242535 0 25320 0 0 0 83977 0 29830 0 381662 0 0 0 JILL VICENTE SVP/CHIEF MARKETING OFFICER 224352 0 20494 0 0 0 88944 0 11811 0 345601 0 0 0 BRENT RICCHINS SVP/SERVICE OPERATIONS 162056 0 15747 0 0 0 68349 0 29063 0 275215 0 0 0 DONNA RANSIER VP INFORMATION TECHNOLOGY 173267 0 13129 0 0 0 73512 0 12135 0 272043 0 0 0 LEE PIERCE SVP OF LENDING 163736 0 15080 0 0 0 65463 0 11095 0 255374 0 0 0 WALLACE HO SVP COMMERCIAL LENDING 149006 0 15298 0 0 0 51124 0 29063 0 244491 0 0 0 BRANDON ELY VP OF INTERNAL AUDIT 133358 0 10270 0 0 0 30486 0 29830 0 203944 0 0 0 BARNEY HERRERA VP STRATEGIC PARTNERSHIPS 131687 0 11072 0 0 0 40601 0 19803 0 203163 0 0 0 JAVIER D'AGUSTINI VP CONTROLLER 154908 0 11850 0 0 0 6139 0 29830 0 202727 0 0 0 PAMELA MUELLER VP/LOAN DOC. AND OP. MANAGER 121485 0 10380 0 0 0 44848 0 22452 0 199165 0 0 0 PENNY STAFFORD MORTGAGE LOAN OFFICE 182755 0 0 0 0 0 0 0 11123 0 193878 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, LINE 4B 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 2019 ACCRUED DEFERRED COMPENSATION RELATED TO THIS AGREEMENT FOR EMPLOYEES LISTED ON THIS RETURN IS $757,574. THE CEO, COO, CFO AND CMO PARTICIPATE IN THE SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15. FOR ANY APPLICABLE SPLIT DOLLAR LOAN PAYMENTS IN THIS CALENDAR YEAR A PAPER COPY OF THE REPRESENTATION STATEMENT HAS BEEN ATTACHED TO THE 990T RETURN. RICHARD ROMERO PRESIDENT/CEO EXECUTIVE COMPENSATION X 2400000 2555442 0 1 1 TONITA WEBB EVP/COO EXECUTIVE COMPENSATION X 1600000 1703628 0 1 1 JILL VICENTE SVP/CHIEF MARKETING OFFICER EXECUTIVE COMPENSATION X 1300000 1384198 0 1 1 MICHAEL QUAMMA SVP/CHIEF FINANCIAL OFFICER EXECUTIVE COMPENSATION X 3000000 3032444 0 1 1 8675712 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. FOR ANY APPLICABLE SPLIT DOLLAR LOAN PAYMENTS IN THIS CALENDAR YEAR A PAPER COPY OF THE REPRESENTATION STATEMENT HAS BEEN ATTACHED TO THE 990T RETURN. 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 2019. 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 1,657,220. PROCESSING & SERVICE FEES 3,622,966.