2025-11-17T09:12:59-06:00 2024-12-31 390859910 BAKER TILLY ADVISORY GROUP LP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2024-01-01 910219005 VERITY CREDIT UNION VERI 8004444589 11027 MERIDIAN AVENUE NORTH SEATTLE WA 98133 JAVIER D'AGUSTINI CONTROLLER 8004444589 2025-11-16 1 1 EMINA O CRESSWELL P01217304 4252597227 2025-11-16 2024 2025-03-06 01:10:19Z TONITA WEBB 11027 MERIDIAN AVENUE NORTH SEATTLE WA 98133 48325423 0 X WWW.VERITYCU.COM X CREDIT UNION 1933 WA A COOPERATION ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 176 11 328539 0 627000 0 43266126 40359347 1663524 7597599 374968 275940 45931618 48232886 190829 185486 0 0 16398460 13935650 0 0 0 29056565 33078966 45645854 47200102 285764 1032784 829447323 771402594 758958588 699545795 70488735 71856799 X SEE SCHEDULE OA COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR THEM AT RATES OF INTEREST SET BY THE BOARD OF DIRECTORS, AND PROVIDING AN OPPORTUNITY FOR THEM TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, VERITY CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. 0 0 VERITY CREDIT UNION IS A WASHINGTON STATE CHARTERED CREDIT UNION THAT SERVES 36,530 MEMBER OWNERS. VERITY'S PRIMARY FIELD OF MEMBERSHIP INCLUDES ALL INDIVIDUALS THAT RESIDE, WORK, WORSHIP, OR ATTEND SCHOOL IN ANY WASHINGTON STATE SCHOOL DISTRICT. VERITY OFFERS A FULL RANGE OF DEPOSIT, LOAN, AND INVESTMENT PRODUCTS AND SERVICES THROUGH SIX FULL BRANCHES, A CALL CENTER, AND ONLINE ACCOUNT SERVICES. VERITY CREDIT UNION OFFERS A FULL-SERVICE INVESTMENT PROGRAM WITH THREE REGISTERED INVESTMENT REPRESENTATIVES AND A SUPPORT REPRESENTATIVE. AS OF DECEMBER 31, 2024, VERITY'S INVESTMENT SERVICES PROGRAM HAD 1,071 MEMBERS WHO HAVE 2,203 ACCOUNTS, AND $257,296,828 IN ASSETS UNDER MANAGEMENT. VERITY CREDIT UNION OFFERS FREE FINANCIAL COUNSELING TO ITS MEMBERS. SPECIFIC SERVICES INCLUDE FINANCIAL PLANNING, DEBT MODIFICATION ON LOANS FROM VERITY AND OTHER CREDITORS, AND DIRECT ASSISTANCE IN UTILIZING THE GOVERNMENT SPONSORED MORTGAGE RELIEF PROGRAMS. 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 1 0 1 0 1 0 0 0 0 0 0 0 0 1 1 0 0 1 8638 0 1 176 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X TONITA WEBB 8004445304 11027 MERIDIAN AVENUE NORTH SEATTLE WA 98133 TONITA WEBB PRESIDENT - CEO 40.00 X 579850 0 34074 BRAD TANBERG CHIEF FINANCIAL OFFICER (THRU 12/24) 40.00 X 316281 0 28444 KEN BUTLER DIRECTOR OF INVESTMENT SERVICES 40.00 X 274167 0 23193 ALMA GRANIC CHIEF RISK OFFICER 40.00 X 267774 0 26889 TINA NARRON CHIEF LENDING OFFICER (THRU 9/24) 40.00 X 264612 0 18178 ZIQUORA BANKS CHIEF IMPACT STRATEGY OFFICER 40.00 X 225684 0 19579 JOSH SIDELL CHIEF EXPERIENCE OFFICER 40.00 X 224765 0 11383 BRENT RICHINS VICE PRESIDENT OF OPERATIONS 40.00 X 192121 0 23136 JAVIER D'AGUSTINI CONTROLLER 40.00 X 182498 0 22550 DALE MORRIS VICE PRESIDENT OF RETAIL OPERATIONS 40.00 X 179150 0 15274 PIERJEA LYON DIRECTOR OF HR 40.00 X 170777 0 23581 WILL COLLINS CHAIR PERSON 5.00 X X 0 0 0 MICHELLE PHAM VICE CHAIRPERSON 5.00 X X 0 0 0 NICHOLAS ETSCHEID BOARD SECRETARY 5.00 X X 0 0 0 DARIUS CHEHRZAD BOARD MEMBER 5.00 X 0 0 0 VIKASH CHHAGAN BOARD MEMBER 5.00 X 0 0 0 TOM HOLZ BOARD MEMBER 5.00 X 0 0 0 ALEX JOHNSON BOARD MEMBER 5.00 X 0 0 0 CHAD KLEMME BOARD MEMBER 5.00 X 0 0 0 WELEY NGUYEN BOARD MEMBER 5.00 X 0 0 0 NANCY WOODLAND BOARD MEMBER (THRU 2/24) 5.00 X 0 0 0 2877679 0 246281 43 0 1 0 Q2 SOFTWARE INC 10355 PECAN PARK BLVD AUSTIN TX 78729 SOFTWARE - DIGITAL BANKING 975623 CO-CREATING INCLUSION LLC 1000 DEAN STREET SUITE 101 BROOKLYN NY 11238 DEI CONSULTING SERVICES 800000 FISERV INC PO BOX 208457 DALLAS TX 75320 CORE SYSTEM 470601 MOSS ADAMS LLP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 ACCOUNTING SERVICES 433290 SHI INTERNATIONA CORP 3828 PECANA TRAIL AUSTIN TX 78749 IT RELATED SERVICE 396457 37 INTEREST ON LOANS 522100 34393839 34393839 INTERCHANGE INCOME 522100 3271556 3271556 FEES AND CHARGES 522100 2492235 2365413 126822 SUBSIDIARY INCOME 522100 201717 201717 40359347 3332154 3332154 284777 8837 275940 275940 275940 4349145 0 83700 4349145 -83700 4265445 4265445 48232886 40030808 328539 7873539 185486 2017515 9666453 508222 1205135 538325 436929 344615 4631815 1092970 1978028 4500444 1386018 50662 200896 8320151 745618 241659 PROVISION FOR LOAN LOSS 6590863 LOAN SERVICING 692608 MEMBER REWARDS 427860 ASSOCIATION DUES 53284 1384546 47200102 10215248 7286760 49698454 105321739 6634418 7813573 7100309 6221653 710907269 612680856 2222960 2258952 26420400 21084271 6932668 5336129 23742055 15181373 3318971 1652197 8674971 7649362 829447323 771402594 14935235 11979143 15669935 14124869 58500000 0 669853418 673441783 758958588 699545795 X 0 0 0 0 70488735 71856799 70488735 71856799 829447323 771402594 X 1032784 536997 -201717 X 0 1 X 1 0 8570 8570 8570 1 CREDIT UNION LEGISLATIVE ACTION FUND 18000 INTERNATIONAL BLVD SUITE 350 SEATAC WA 98188 800043051 8570 PART I-A, LINE 1: THE CREDIT UNIONS ONLY INDIRECT POLITICAL CAMPAIGN ACTIVITY IS A CONTRIBUTION TO THE CREDIT UNION LEGISLATIVE ACTION COMMITTEE A POLITICAL ACTION COMMITTEE. 949524 949524 9181351 6072473 3108878 5254596 4454300 800296 11034929 10557498 477431 5336129 MEMBER SHARE AND DEPOSITS 672452851 LEASE LIABILITY 988932 673441783 X PART X, LINE 2: THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14) AND, AS SUCH, IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, 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 SPECIFIC APPLICATION OF SECTION 512 TO THE VARIOUS ACTIVITIES CONDUCTED BY STATECHARTERED CREDIT UNIONS HAS BEEN AT ISSUE FOR MANY YEARS. DURING 2007, THE IRS ISSUED A SERIES OF TECHNICAL ADVICE MEMORANDA (TAMS) TO A NUMBER OF STATE-CHARTERED CREDIT UNIONS LOCATED THROUGHOUT THE COUNTRY. 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 LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSES IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. 1 GOWEST FOUNDATION 18000 INTERNATIONAL BLVD SEATAC WA 98188 911649328 501(C)(3) 20000 0 CHARITABLE DONATION THE HOUSING DEVELOPMENT CONSORTIUM 1326 FIFTH AVE SUITE 230 SEATTLE WA 98101 943073588 501(C)(3) 9750 0 SPONSORSHIP FOR VARIOUS INITIATIVES ACTS ON STAGE THEATER INC 10806 12TH AVE SW SEATTLE WA 98146 850694752 501(C)(3) 30000 0 TSM EXECUTIVE SPONSORSHIP THIRD STONE 415 1ST AVE N SEATTLE WA 98109 881217817 501(C)(3) 7500 0 BUMBERSHOOT MUSIC FESTIVAL PEACE PELOTON PO BOX 28284 SEATTLE WA 98118 851859425 501(C)(3) 7500 0 PEACE PELOTON HARMONY HUSTLE SPONSHORSHIP 5 0 PART I, LINE 2: EXECUTIVES DECIDE HOW THE FUNDS WILL BE USED AND ACCOUNTING KEEPS TRACKS OF UNUSED GRANT FUNDS. X X 1 1 X X X 1 1 0 TONITA WEBB PRESIDENT - CEO 501566 0 72691 0 5593 0 16904 0 17170 0 613924 0 0 0 BRAD TANBERG CHIEF FINANCIAL OFFICER (THRU 12/24) 283238 0 32527 0 516 0 16812 0 11632 0 344725 0 0 0 KEN BUTLER DIRECTOR OF INVESTMENT SERVICES 73456 0 19911 0 180800 0 14536 0 8657 0 297360 0 0 0 ALMA GRANIC CHIEF RISK OFFICER 240005 0 27563 0 206 0 14986 0 11903 0 294663 0 0 0 TINA NARRON CHIEF LENDING OFFICER (THRU 9/24) 184572 0 27326 0 52714 0 12716 0 5462 0 282790 0 0 0 ZIQUORA BANKS CHIEF IMPACT STRATEGY OFFICER 202313 0 23234 0 137 0 11387 0 8192 0 245263 0 0 0 JOSH SIDELL CHIEF EXPERIENCE OFFICER 201384 0 23234 0 147 0 10790 0 593 0 236148 0 0 0 BRENT RICHINS VICE PRESIDENT OF OPERATIONS 178422 0 13265 0 434 0 11504 0 11632 0 215257 0 0 0 JAVIER D'AGUSTINI CONTROLLER 166922 0 15000 0 576 0 10918 0 11632 0 205048 0 0 0 DALE MORRIS VICE PRESIDENT OF RETAIL OPERATIONS 163817 0 14766 0 567 0 7082 0 8192 0 194424 0 0 0 PIERJEA LYON DIRECTOR OF HR 156309 0 14111 0 357 0 10127 0 13454 0 194358 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS IS PROVIDED TO BOARD MEMBERS WHEN THEY TRAVEL FOR CREDIT UNION BUSINESS. ANY PAYMENTS ARE INCLUDED IS TAXABLE TO THE BOARD MEMBER. THE BOARD OF DIRECTORS APPROVED TO COVER THE MEMBERSHIP FEES TO A PRIVATE SOCIAL CLUB IN THE SEATTLE AREA CALLED RAINIER CLUB FOR THE CEO, TONITA WEBB. IN ADDITION TO ACCESS TO A PRIVATE SOCIAL CLUB, THE CEO UTILIZES HER ACCESS TO THE CLUB TO HOLD MEETINGS WITH EXECUTIVES AND COMPANY MANAGERS. PART I, LINES 4A-B THE FOLLOWING PERSONS RECEIVED SEVERANCE IN 2024: TINA NARRON- $52,465.32 TONITA WEBB PARTICIPATES IN A SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15. TONITA WEBB CHIEF EXECUTIVE OFFICER SPLIT DOLLAR ARRANGEMENT X 5316421 5724641 0 1 1 JOSH SIDELL CHIEF EXPERIENCE OFFICER HOME MORTGAGE X 548000 497012 0 1 1 6221653 SCHEDULE L, PART II, LINE (C) ADDITIONAL EXPLANATION: SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.782-15. FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR THEM AT RATES OF INTEREST SET BY THE BOARD OF DIRECTORS, AND PROVIDING AN OPPORTUNITY FOR THEM TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, VERITY CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT 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 THE GOVERNING BOARD OF VERITY 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 IN 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 OUR 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 THE CFO OR CONTROLLER REVIEWS THE REPORTS FOR ACCURACY, COMPARING TO INTERNAL FINANCIAL STATEMENTS AND OTHER INTERNAL REPORTS. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD AND COMMITTEE MEMBERS WILL REVIEW AND SIGN THE STATEMENT OF RECEIPT & UNDERSTANDING BEFORE CONSIDERATION FOR OFFICE. ANNUALLY THEY WILL SIGN THE STATEMENT OF RECEIPTS & UNDERSTANDING AT THE MAY BOARD MEETING. CREDIT UNION BOARD AND COMMITTEE MEMBERS MUST IMMEDIATELY DISCLOSE THE EXISTENCE OF ANY KNOWN CONFLICT OF INTEREST EITHER WITH THE CREDIT UNION OR ITS MEMBERS. THEY MUST THEN RECUSE THEMSELVES FROM CONSIDERATION OF ANY CONTRACT, TRANSACTION OR RELATIONSHIP IN WHICH THEY OR THEIR FAMILY MEMBERS HAVE AN INTEREST. COMPLAINTS RELATING TO ALLEGED VIOLATIONS ARE TO BE PUT IN WRITING AND SUBMITTED TO ANY OFFICER, BOARD OR SUPERVISORY COMMITTEE MEMBER. COMPLAINTS WILL THEN BE FORWARDED TO THE HIGHEST RANKING INDIVIDUAL ON THE BOARD OR SUPERVISORY COMMITTEE WHO WAS NOT NAMED IN THE COMPLAINT TO BE RESOLVED. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION IS SET BY THE BOARD OF DIRECTORS ANNUALLY UTILIZING COMPENSATION SURVEYS AND STUDIES. SENIOR MANAGEMENT'S COMPENSATION IS DETERMINED BY THE CEO, WHO REVIEWS SALARY SURVEY DATA ANNUALLY USING TWO DATA SETS FOR ALL SENIOR MANAGEMENT POSITIONS. THESE DATA SETS ARE THE ENTIRE CREDIT UNION INDUSTRY AND THE PUGET SOUND FINANCIAL INDUSTRY. FOR ALL REMAINING MANAGERS AND STAFF, EACH POSITION IS SLOTTED INTO 1 OF 6 SALARY RANGES. THE SALARY RANGES ARE REVIEWED ANNUALLY BY THE HUMAN RESOURCES DEPARTMENT TO ENSURE THAT THE JOB TITLE IS IN THE CORRECT RANGE. THE SALARY RANGES ARE ADJUSTED EVERY 2-3 YEARS FOR INFLATION. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICIES ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: PARTNERSHIP INCOME BOOK/TAX ADJUSTMENTS -201,717. CU HOME MORTGAGE SOLUTIONS LLC 11027 MERIDIAN AVENUE N 102 SEATTLE WA 98133 912081649 MORTGAGE PROCESSING AND SERVICING WA -16839 8061490 VERITY CREDIT UNION CHARITABLE LEAD TRUST WA N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0