2025-11-14T08:54:17-06:00 2024-12-31 390859910 BAKER TILLY ADVISORY GROUP LP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2024-01-01 910176215 SEATTLE METROPOLITAN CREDIT UNION SEAT 2063985561 1910 1ST AVE S SEATTLE WA 98134 MICHAEL CRUZ CHIEF FINANCIAL OFFICER 2062572942 2025-11-12 1 1 EMINA O CRESSWELL P01217304 4252597227 2025-11-12 2024 2025-03-06 01:10:19Z SEATTLE CREDIT UNION RICHARD ROMERO 1910 1ST AVE S SEATTLE WA 98134 126457511 0 X WWW.SEATTLECU.COM X 1933 WA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 249 1 173484 0 457626 290647 53929795 66728604 3347986 3958045 0 0 57735407 70977296 86826 326488 0 0 21274595 22813191 0 0 0 35982687 46941988 57344108 70081667 391299 895629 1114328070 1101909336 1042675771 1026385885 71652299 75523451 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, 2024, SMCU HAD 55,060 MEMBERS. THESE MEMBERS PARTICIPATED IN 29,271 LOAN AND 105,521 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 1 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 1 0 0 1 35005 0 1 249 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 MICHAEL CRUZ 2062572942 1910 1ST AVE S SEATTLE WA 98134 RICHARD ROMERO PRESIDENT/CEO/TREASURER 40.00 1.00 X X 828016 0 313793 JORDAN GRANT BOARD MEMBER 4.00 X 4500 0 0 JOSHUA CANADY SECRETARY 4.00 X X 9000 0 0 LAZARO CARRION ESTRADA BOARD MEMBER 4.00 X 9000 0 0 MARI HORITA BOARD MEMBER 4.00 X 9000 0 0 NELSON REYNERI VICE CHAIR 4.00 X X 9000 0 0 ROBIN HARMON CHAIR 4.00 X X 12000 0 0 ROBIN SHULER TREASURER 4.00 X X 9000 0 0 SHAHZAD QADRI BOARD MEMBER 4.00 X 14000 0 0 CARLOS RUIZ BOARD CHAIR (THRU 2/24) 4.00 X X 0 0 0 PAUL HIGGINBOTHAM BOARD MEMBER 4.00 X 0 0 0 KELLY EARNEST CHIEF PEOPLE OFFICER 40.00 X 346768 0 96369 DAVID MEANS CHIEF INFORMATION OFFICER 40.00 X 380862 0 111234 LEE PIERCE CHIEF LENDING OFFICER 40.00 1.00 X 361532 0 138244 MICHAEL CRUZ CHIEF FINANCIAL OFFICER 40.00 1.00 X 150034 0 13304 JACQUELINE MARTINEZ-VASQUEZ CHIEF IMPACT OFFICER 40.00 8.00 X 217896 0 18524 TERRI GIANNETTI CHIEF EXPERIENCE OFFICER 40.00 X 376971 0 62208 KHAMSAY VONGCHANTHA SVP OF RISK MANAGEMENT 40.00 X 204282 0 72164 SARAH LA-NGUYEN SVP TALENT MANAGEMENT 40.00 X 287805 0 62516 LEIF HATLEN SVP OF MEMBER BUSINESS LENDING 40.00 X 241945 0 45300 NATALIE CROSBY SVP OF MEMBER EXPERIENCE 40.00 X 242033 0 49942 CHERIDYN FLYNN VP OF ACCOUNTING 40.00 X 195961 0 24292 CLAUDIA DUBRULE VP OF PEOPLE OPERATIONS 40.00 X 192550 0 21780 4102155 0 1029670 47 0 1 0 FISERV INC PO BOX 208457 DALLAS TX 75320 CORE SYSTEM PROVIDER SERVICES 4822968 VISA USA INC PO BOX 8999 SAN FRANCISCO CA 94128 CREDIT CARD SERVICES 779957 INTERSTATE NATIONAL PO BOX 830637 BIRMINGHAM AL 35223 FINANCIAL SERVICES 586803 STN INC 4464 WILLOW ROAD SUITE 102 PLEASANTON CA 94588 SOFTWARE SERVICES 581677 SYNERGY ADMINISTRATORS LLC 6010 ATLANTIC BLVD NORCROSS GA 30071 BUSINESS CONSULTING 534311 48 290647 290647 LOAN INTEREST INCOME 522100 52937744 52937744 OTHER REVENUE 522100 5528004 5354520 173484 INTERCHANGE INCOME 522100 4161069 4161069 FEES AND CHARGES 522100 3922889 3922889 NET GAIN ON LOANS 522100 178898 178898 66728604 5085173 5085173 54353087 55435907 44308 -1082820 -44308 -1127128 -1127128 70977296 66555120 173484 3958045 326488 3767701 14391297 458319 2660258 1535616 134429 368250 5557988 1040188 922836 3638288 1155902 54815 240138 16438870 1313121 165319 PROVISION FOR LOAN LOSS 9216494 DUES & SUBSCRIPTIONS 648149 MEMBER AWARDS 571591 SHARED BRANCHING EXPENS 207652 5267958 70081667 4086831 2231914 71705193 69370195 3091146 3722064 11077306 11232838 864704298 926860903 1921090 1799405 17823433 14597262 3929664 3226171 101353262 50432730 4470300 4943600 47988980 28089516 1114328070 1101909336 11697857 11051093 85000000 95000000 46094000 46094000 899883914 874240792 1042675771 1026385885 X 0 0 0 0 71652299 75523451 71652299 75523451 1114328070 1101909336 X 895629 2271636 703887 X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 5239534 3002865 2236669 12526138 11594397 931741 57761 57761 3226171 MEMBERS' SHARE ACCOUNTS 871691557 LEASE LIABILITY 2549235 874240792 X 71475491 453887 44308 498195 70977296 0 70977296 69875975 44308 44308 69831667 250000 250000 70081667 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. PART XI, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF FIXED ASSETS 44,308. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF FIXED ASSETS 44,308. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS INCLUDED IN CASH SURRENDER VALUE OF LIFE INSUARNCE 250,000. 1 COLUMBIA TOWER CLUB 701 5TH AVE 75TH FLOOR SEATTLE WA 98104 752014780 5150 0 CINCO DE MAYO SPONSORSHIP TACOMA COMMUNITY HOUSE 1314 SOUTH L STREET TACOMA WA 98405 910570872 501(C)(3) 26060 0 PRIDE SPONSORSHIP LATINO EDUCATIONAL TRAINING INSTITUTE 6605 202ND ST SW 300 LYNNWOOD WA 98036 753252857 501(C)(3) 10000 0 DONATIONS & SPONSORSHIP SEATTLECU FOUNDATION 1910 1ST AVENUE S SEATTLE WA 98134 861238767 501(C)(3) 250000 0 GENERAL SUPPORT 3 1 PART I, LINE 2: SEATTLE CREDIT UNION HAS A GRANT ADMINISTRATION POLICY THAT IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS ON A PERIODIC BASIS. PER THE POLICY, THE BOARD OF DIRECTORS HAS THE ULTIMATE OVERSIGHT OVER THE ADMINISTRATION AND SPENDING OF GRANT FUNDS. MANAGEMENT IS RESPONSIBLE TO PROVIDE THE BOARD OF DIRECTORS WITH SUFFICIENT PERIODIC REPORTING TO SUPPORT THE BOARD IN FULFILLMENT OF THIS RESPONSIBILITY. X 1 1 X X X 0 1 0 RICHARD ROMERO PRESIDENT/CEO/TREASURER 661546 0 149840 0 16630 0 259108 0 54685 0 1141809 0 0 0 LEE PIERCE CHIEF LENDING OFFICER 300462 0 59912 0 1158 0 123185 0 15059 0 499776 0 0 0 DAVID MEANS CHIEF INFORMATION OFFICER 320111 0 59838 0 913 0 85447 0 25787 0 492096 0 0 0 KELLY EARNEST CHIEF PEOPLE OFFICER 291778 0 53832 0 1158 0 81361 0 15008 0 443137 0 0 0 TERRI GIANNETTI CHIEF EXPERIENCE OFFICER 320655 0 54150 0 2166 0 46600 0 15608 0 439179 0 0 0 SARAH LA-NGUYEN SVP TALENT MANAGEMENT 233616 0 54000 0 189 0 61659 0 857 0 350321 0 0 0 NATALIE CROSBY SVP OF MEMBER EXPERIENCE 230878 0 10862 0 293 0 34425 0 15517 0 291975 0 0 0 LEIF HATLEN SVP OF MEMBER BUSINESS LENDING 224769 0 16870 0 306 0 30819 0 14481 0 287245 0 0 0 KHAMSAY VONGCHANTHA SVP OF RISK MANAGEMENT 170920 0 32212 0 1150 0 35000 0 37164 0 276446 0 0 0 JACQUELINE MARTINEZ-VASQUEZ CHIEF IMPACT OFFICER 202513 0 15000 0 383 0 0 0 18524 0 236420 0 0 0 CHERIDYN FLYNN VP OF ACCOUNTING 178740 0 17000 0 221 0 9906 0 14386 0 220253 0 0 0 CLAUDIA DUBRULE VP OF PEOPLE OPERATIONS 168606 0 23632 0 312 0 7348 0 14432 0 214330 0 0 0 MICHAEL CRUZ CHIEF FINANCIAL OFFICER 149741 0 0 0 293 0 6875 0 6429 0 163338 0 0 0 PART I, LINE 1A TRAVEL OF COMPANIONS IS PROVIDED TO EXECUTIVES OF THE ORGANIZATION WHEN ATTENDING APPROVED EDUCATIONAL FORUMS AND CONFERENCES. AMOUNTS REIMBURSED FOR COMPANION TRAVEL ARE TREATED AS TAXABLE. THIS POLICY CHANGED IN 2024, AND TRAVEL OF COMPANIONS IS NO LONGER PROVIDED. FIRST CLASS CHARTER IS PROVIDED TO THE ORGANIZATION'S EXECUTIVES AS OUTLINED IN THE EMPLOYEE HANDBOOK. 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 2024 ACCRUED DEFERRED COMPENSATION RELATED TO THIS AGREEMENT FOR EMPLOYEES LISTED ON THIS RETURN IS $630,316. THE CEO, CHIEF LENDING OFFICER, CHIEF PEOPLE OFFICER, AND CHIEF INFORMATION OFFICER PARTICIPATE IN A SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15. RICHARD ROMERO PRESIDENT/CEO/TREASURER EXECUTIVE COMPENSATION X 2400000 2707392 0 1 1 DAVID MEANS CHIEF INFORMATION OFFICER EXECUTIVE COMPENSATION X 2000000 2066547 0 1 1 LEE PIERCE CHIEF LENDING OFFICER EXECUTIVE COMPENSATION X 2300000 2376528 0 1 1 KELLY EARNEST CHIEF PEOPLE OFFICER EXECUTIVE COMPENSATION X 2500000 2441811 0 1 1 PAUL HIGGINBOTHAM BOARD SECRETARY MORTGAGE X 624000 564377 0 0 1 ROBIN SHULER BOARD MEMBER MORTGAGE X 90000 86742 0 0 1 ROMERO TRUST PRESIDENT/CEO/TREASURER MORTGAGE X 1081500 968116 0 0 1 SARAH LA-NGUYEN SVP TALENT MANAGEMENT AUTO X 50000 21325 0 0 1 11232838 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 1A 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 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 2024. 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 XI, LINE 9: CHANGE IN CASH VALUE OF LIFE INSURANCE 703,887. SEATTLECU FOUNDATION 1910 1ST AVENUE S SEATTLE WA 98134 861238767 FINANCIAL EDUCATION WA 501(C)(3) LINE 7 SEATTLE CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 SEATTLECU FOUNDATION B 250000 FMV