2019-05-13T15:53:19-05:00 2018-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2018-01-01 930444581 OREGON STATE CREDIT UNION OREG 5417144000 1980 NW 9TH STREET CORVALLIS OR 973390306 RICHARD HEIN PRESIDENT/CEO 5417144000 2019-05-13 1 DOUGLAS J ORTH P01076394 3052328272 104.11.88.150 2019-05-13 00:57:04 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 A7DB26C3BB201601930FCFA0C4651552B54C26A2 2018 2019-02-21 02:37:17Z RICHARD HEIN 1980 NW 9TH STREET CORVALLIS OR 973390306 67232349 0 X WWW.OREGONSTATECU.COM X 1954 OR PROVIDES FINANCIAL SERVICES TO MEMBERSHIP. 9 9 331 0 468849 0 0 0 36820512 46354204 4362919 3313734 9138724 10198467 50322155 59866405 153030 217659 0 0 20588912 21347032 0 0 0 19083242 24384785 39825184 45949476 10496971 13916929 1188850394 1316827425 1061668099 1176957576 127182295 139869849 PROVIDES FINANCIAL SERVICES TO MEMBERSHIP. 0 0 THE CREDIT UNION CONTINUED TO FULFILL ITS EXEMPT PURPOSE BY PROVIDING CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, OFFERING COMPETITIVE SHARE DEPOSIT PRODUCTS, AND PROVIDING MEMBERS WITH THE OPPORTUNITY TO IMPROVE THEIR ECONOMIC CONDITION. AS OF DECEMBER 31, 2018 THE CREDIT UNION HAD APPROXIMATELY 113,184 MEMBERS, OF WHICH 56,680 MEMBERS HAVE ACTIVE LOANS. THE TOTAL NUMBER OF DEPOSIT AND SHARE ACCOUNTS WAS 228,123 AND THE TOTAL NUMBER OF LOANS OUTSTANDING WAS 76,192. 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 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 13682 0 1 331 1 1 1 0 0 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 BONNIE HUMPHREY-ANDERSON 5417144000 4800 SW RESEARCH WAY CORVALLIS OR 97333 NADINE DAVISON DIRECTOR 1.00 X 10500 0 0 TIM ROCAK DIRECTOR 1.00 X 12000 0 0 JAY CONROY DIRECTOR 1.00 X 12000 0 0 MIKE GREEN DIRECTOR 1.00 X 10500 0 0 THOMAS ELZINGA DIRECTOR 1.00 X 10500 0 0 SHANNON CRUZ CHAIRMAN 1.00 X 15000 0 0 ANA LUCIA FONSECA TAPIA DIRECTOR 1.00 X 2333 0 0 JIM PATTERSON DIRECTOR 1.00 X 10500 0 0 KELLEY KAISER DIRECTOR 1.00 X 10500 0 0 RICHARD HEIN PRESIDENT/CEO 40.00 X 1034719 0 201194 BONNIE HUMPHREY-ANDERSON EXECUTIVE VP/CFO 40.00 X 354552 0 157199 RHONDA HEILE-BROWN EXECUTIVE VP/COO 40.00 X 274145 0 106471 CRAIG COLE EVP/CIO 40.00 X 220564 0 126469 DEBRA RIGGLE VP FINANCIAL SERVICES 40.00 X 188051 0 34439 JIM GIBSON VP BRANCH SERVICES 40.00 X 176062 0 57345 JAIMY HERBERT EXT MORG LN OFFICER 40.00 X 172997 0 27589 JENNIFER HUMCKE ASSISTANT VP OF FINANCE 40.00 X 161637 0 31229 MIKE CORWIN AVP BUSINESS DEVELOPMENT 40.00 X 154334 0 29591 LAURIE ROE AVP EMPLOYEE DEVELOPMENT 40.00 X 161226 0 31142 CARRIE CHAFFEE AVP HUMAN RESOURCES 40.00 X 151980 0 29794 3144100 0 832462 28 0 1 0 VISA USA PO BOX 742233 LOS ANGELES CA 90074 CARD PROCESSING 1432774 INFOIMAGE 141 JEFFERSON DRIVE MENLO PARK CA 94025 STATEMENT AND FORMS PRINTING 1149366 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 90074 ONLINE BANKING 842333 AUGEO 1620 BOND ST NAPERIVLLE IL 60563 MARKETING 680298 COOP 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 ATM SERVICES 647370 33 INCOME ON LOANS 522100 41330110 41330110 FEES AND CHARGES 522100 4555245 4555245 UNRELATED BUSINESS INCOME 525990 216537 216537 UNRELATED BUSINESS INCOME 524298 129117 129117 UNRELATED BUSINESS INCOME 525990 118148 118148 5047 5047 46354204 3337903 3337903 6663079 678696 6698754 667190 -35675 11506 -24169 -24169 INTERCHANGE INCOME 522100 6940651 6940651 OTHER INCOME 522100 2261575 2261575 MORTGAGE SERVICING RIGHTS 522100 996241 996241 10198467 59866405 56059653 468849 3337903 X 197659 20000 3025043 11700229 1753461 3602030 1266269 33566 153995 20470 2597908 1007366 2846068 986305 2434475 63864 171226 2290595 2051831 128160 PROVISION FOR LOAN LOSS 6817306 OTHER LOAN EXP 2535265 ATM EXPENSES 161552 OPERATING FEES 118269 -33436 45949476 16058824 14354417 35308737 52392755 483813 293701 883769437 1049729733 1504778 1303722 54562222 16501150 39209594 38061072 174256915 120426966 1915700 3527268 36342596 36737791 1188850394 1316827425 19944957 14924239 2366407 1647162 37502740 1039356735 1122883435 1061668099 1176957576 X 0 0 0 0 127182295 139869849 127182295 139869849 1188850394 1316827425 X 13916929 -1546880 317505 X X 0 1 X 1 0 10000 10000 0 10000 1 NORTHWEST CU ASSOC - CREDIT UNION LEGISLATIVE ACTION FUND 18000 INTERNATIONAL BLVD SUITE 35 SEATAC OR 98188 930953556 10000 0 1 X 7369343 7369343 33248210 7282534 25965676 714579 441482 273097 13230090 8777134 4452956 38061072 SHARE DRAFTS 293207551 SHARES 238560995 MONEY MARKET ACCOUNTS 494702308 IRA/HEALTH SAVINGS ACCOUNTS 21701079 SHARE AND IRA CERTIFICATES 74711502 1122883435 X PART IV, LINE 2B: THE CREDIT UNION COLLECTS (ON A MONTHLY BASIS) PAYMENT FROM THEIR MEMBERS WITH MORTGAGE LOANS OUTSTANDING. AS STIPULATED BY THE AGREEMENT SIGNED BY BOTH PARTIES, THE MONTHLY PAYMENT FOR EACH MEMBER INLCUDES PRINCIPAL, INTEREST, AND ESCROWS. ESCROWS ARE USED TO PAY TAXES AND INSURANCE ON THE PROPERTY. PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL TAXES UNDER THE PROVISION OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. THE INCOME TAXES TOPIC OF THE FINANCIAL ACCOUNT STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC) CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE CONSOLIDATED FINANCIAL STATEMENTS. THE INTERPRETATION PROVIDES CRITERIA FOR ASSESSMENT OF INDIVIDUAL TAX POSITIONS AND A PROCESS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. TAX POSITIONS ARE EVALUATED ON WHETHER THEY MEET THE "MORE LIKELY THAN NOT" STANDARD FOR SUSTAINABILITY UPON EXAMINATION BY TAX AUTHORITIES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFINED IN IRC SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES DIRECTLY RELATED TO ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (UBI) DERIVED BY STATE-CHARTERED CREDIT UNIONS. BEGINNING IN MARCH 2008, THE INTERNAL REVENUE SERVICE (IRS) RELEASED TECHNICAL ADVICE MEMORANDUMS (TAMS) TO SPECIFIC STATE-CHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). UBI MAY ALSO BE SUBJECT TO TAX IN CERTAIN STATES. MANAGEMENT HAS ASSESSED THE CREDIT UNION'S ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2017, 2016, AND 2015 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE EQUAL TO, GREATER THAN OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. 1 WESTERN OREGON UNIVERSITY FOUNDATION 345 MONMOUTH AVE N MONMOUTH OR 97361 936033807 501(C)(3) 11000 DONATION FOR GENERAL SUPPORT AND FOR SCHOLARSHIPS CHILDREN'S MIRACLE NETWORK 205 WEST 700 SOUTH SALT LAKE CITY UT 84101 870387205 501(C)(3) 32000 DONATION TO LOCAL CHILDRENS HOSPITAL VIA NATIONAL CHARITY LINN-BENTON COMMUNITY COLLEGE 6500 PACIFIC BLVD SW ALBANY OR 97321 237212073 501(C)(3) 7400 SCHOLARSHIP SUPPORT OREGON STATE UNIVERSITY FOUNDATION 850 SW 35 STREET CORVALLIS OR 97333 936022772 501(C)(3) 17000 DONATION TO BUILDING CAMPAIGN AND SCHOLARSHIP SUPPORT BOY & GIRLS CLUB OF CORVALLIS 1112 NW CIRCLE BLVD CORVALLIS OR 97330 237153987 501(C)(3) 5000 DONATION TO BUILDING CAMPAIGN ABC HOUSE INC PO BOX 68 ALBANY OR 97321 931163555 501(C)(3) 5000 DONATION TO A CAPITAL BUILDING CAMPAIGN GOOD SAMARITAN FOUNDATION 345 MONMOUTH AVE N MONMOUTH OR 97361 936033807 501(C)(3) 5000 DONATION TO CAPITAL BUILDING CAMPAIGN, OPERATIONAL SUPPORT OREGON CASCADE WEST COUNCIL OF GOVERNMENT 1400 QUEEN AVE SE SUITE 201 ALBANY OR 97322 930584306 501(C)(3) 5000 OPERATIONAL SUPPORT 8 0 SCHOLARSHIPS 10 20000 BOOK PART I, LINE 2: EACH SCHOLARSHIP RECIPIENT MUST PROVIDE PROOF OF FALL ENROLLMENT AT COLLEGE OR UNIVERSITY. THE SELECTION AND AWARD PROCESS IS DOCUMENTED IN CREDIT UNION'S POLICIES/PROCEDURES. RECORDS OF SELECTION IS MAINTAINED FOR A MINIMUM OF THREE YEARS. X X X X 0 1 0 RICHARD HEIN PRESIDENT/CEO 533041 0 105600 0 396078 0 193111 0 8083 0 1235913 0 388500 0 BONNIE HUMPHREY-ANDERSON EXECUTIVE VP/CFO 302063 0 44975 0 7514 0 149216 0 7983 0 511751 0 0 0 RHONDA HEILE-BROWN EXECUTIVE VP/COO 234844 0 35150 0 4151 0 98513 0 7958 0 380616 0 0 0 CRAIG COLE EVP/CIO 189964 0 30600 0 0 0 118451 0 8018 0 347033 0 0 0 DEBRA RIGGLE VP FINANCIAL SERVICES 166408 0 21083 0 560 0 26542 0 7897 0 222490 0 560 0 JIM GIBSON VP BRANCH SERVICES 155638 0 20424 0 0 0 49454 0 7891 0 233407 0 0 0 JAIMY HERBERT EXT MORG LN OFFICER 170485 0 2512 0 0 0 19500 0 8089 0 200586 0 0 0 JENNIFER HUMCKE ASSISTANT VP OF FINANCE 148573 0 13064 0 0 0 23369 0 7860 0 192866 0 0 0 MIKE CORWIN AVP BUSINESS DEVELOPMENT 142470 0 11864 0 0 0 21767 0 7824 0 183925 0 0 0 LAURIE ROE AVP EMPLOYEE DEVELOPMENT 148659 0 12567 0 0 0 23292 0 7850 0 192368 0 0 0 CARRIE CHAFFEE AVP HUMAN RESOURCES 139615 0 12365 0 0 0 22060 0 7734 0 181774 0 0 0 PART I, LINE 4B SOME MEMBERS OF THE EXECUTIVE LEADERSHIP PARTICIPATE IN NON-QUALIFIED RETIREMENT PLANS. THE FOLLOWING REPRESENT THE AMOUNTS ACCRUED FOR EACH PARTICIPANT DURING THE YEAR ENDED DECEMBER 31, 2018: R. HEIN, 457F SERP $151,861 B. HUMPHREY-ANDERSON, 457F SERP $108,472 R. HEILE-BROWN, 457F SERP $62,719 C. COLE, 457F SERP $88,063 J. GIBSON, 457F SERP $24,024 R. HEIN, MEMBER OF THE EXECUTIVE LEADERSHIP, BECAME PARTIALLY VESTED IN HIS NON-QUALIFIED RETIREMENT PLAN (457F SERP) DURING THE YEAR ENDED DECEMBER 31, 2018. THE AMOUNT VESTED WAS $388,500. THE FOLLOWING MEMBERS OF THE EXECUTIVE LEADERSHIP RECEIVED PAYOUTS RELATED TO THEIR NON-QUALIFIED RETIREMENT PLANS DURING THE YEAR ENDED DECEMBER 31, 2018: R. HEIN, TAXES PAID ON VESTED PORTION OF 457F SERP $185,618** D. RIGGLE, 457F SERP $560 **PAID OUT OF CURRENT EXPENSE FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN THE ELECTION OF OFFICIALS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION 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 MANAGEMENT REVIEWS THE FORM 990 IN DETAIL BEFORE FILING. ADDITIONALLY, THE FORM 990 IS PROVIDED TO THE MEMBERS OF THE BOARD OF DIRECTORS PRIOR TO FILING. THE MEMBERS OF THE BOARD OF DIRECTORS ARE GIVEN SUFFICIENT TIME TO SUBMIT ANY QUESTIONS REGARDING THE RETURN AS WELL AS RECEIVE ANSWERS TO THEIR QUESTIONS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION'S CONFLICT OF INTEREST POLICY IS ENFORCED IN TWO WAYS - 1) UPON HIRING, EMPLOYEES ARE REQUIRED TO READ AND CERTIFY THEIR ACCEPTANCE OF THE POLICY, AND 2) ANNUALLY EXPECTATIONS INCLUDING CONFLICT OF INTEREST ARE REVIEWED WITH ALL STAFF INCLUDING A REMINDER TO UPDATE DISCLOSURE OF CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS REVIEWS THIRD PARTY SALARY FOR THE CEO POSITION AND WORKS WITH THIRD PARTY TO PREPARE A PERFORMANCE REVIEW AND COMPENSATION PLAN. THIRD PARTY SALARY INFORMATION IS USED TO CREATE SALARY RANGES AND PERFORMANCE INCREASES ARE DETERMINED WITHOUT THIRD PARTY ASSISTANCE. FOR OTHER KEY POSITIONS, THIRD PARTY SALARY INFORMATION IS USED TO CREATE SALARY RANGES. PERFORMANCE INCREASES ARE DETERMINED WITHOUT THIRD PARTY ASSISTANCE. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC VIEWING ON WWW.NCUA.GOV VIA THE QUARTERLY 5300 FILING. FORM 990, PART IX, LINE 24E NON OPERATING EXPENSES -33,436. FORM 990, PART XI, LINE 9: UNREALIZED HOLDING GAINS ON POST RETIREMENT BENEFIT ASSETS 153,248. RECLASSIFICATION ADJUSTMENT FOR NET INVESTMENT LOSSES INLCUDED IN NET INCOM 35,675. EQUITY ACQUIRED THROUGH MERGER 128,582. PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND THE SELECTION OF THE INDEPENDENT AUDITORS. OSU FINANCIAL SERVICES LLC 1980 NW 9TH STREET CORVALLIS OR 97339 931101064 INSURANCE PRODUCTS OR 129117 166853 OREGON STATE CREDIT UNION