2016-05-26T14:59:17-05:00 2015-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2015-01-01 930444581 OREGON STATE CREDIT UNION OREG 5417144000 1980 NW 9TH STREET CORVALLIS OR 973302179 RICHARD HEIN PRESIDENT/CEO 5417144000 2016-05-26 1 DOUGLAS J ORTH P01076394 3052328272 2015 2016-09-27 15:27:22Z X RICHARD HEIN 1980 NW 9TH STREET CORVALLIS OR 973302179 94517231 0 X WWW.OREGONSTATECU.COM X 1954 OR PROVIDES FINANCIAL SERVICES TO MEMBERSHIP. 9 9 263 12 356161 -35189 0 29245002 26861376 4022765 4018938 3005075 8565614 36272842 39445928 142421 0 14990730 16444075 0 0 13416617 13863907 28407347 30450403 7865495 8995525 894548767 979339218 794204306 870726187 100344461 108613031 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, 2015 THE CREDIT UNION HAD APPROXIMATELY 87,715 MEMBERS, OF WHICH 37,600 MEMBERS HAVE ACTIVE LOANS. THE TOTAL NUMBER OF DEPOSIT AND SHARE ACCOUNTS WAS 174,739 AND THE TOTAL NUMBER OF LOANS OUTSTANDING WAS 49,943. 0 0 0 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 9712 0 1 263 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 BONNIE HUMPHREY-ANDERSON 5417144000 1980 NW 9TH STREET CORVALLIS OR 973302179 NADINE DAVISON BOD CHAIRMAN 1.00 1.00 X 0 0 0 TIM ROCAK DIRECTOR 1.00 1.00 X 0 0 0 JAY CONROY DIRECTOR 1.00 1.00 X 0 0 0 MIKE GREEN DIRECTOR 1.00 1.00 X 0 0 0 RON STEVENS DIRECTOR 1.00 1.00 X 0 0 0 SHANNON CRUZ DIRECTOR 1.00 1.00 X 0 0 0 PAUL DICKEY DIRECTOR 1.00 1.00 X 0 0 0 JIM SWINYARD DIRECTOR 1.00 1.00 X 0 0 0 DAVE WILDMAN DIRECTOR 1.00 1.00 X 0 0 0 RICHARD HEIN PRESIDENT/CEO 40.00 40.00 X 493427 0 49326 BONNIE HUMPHREY-ANDERSON EXECUTIVE VP/CFO 40.00 40.00 X 258557 0 42785 RHONDA HEILE-BROWN EXECUTIVE VP/COO 40.00 40.00 X 209424 0 36873 CRAIG COLE EVP/CIO 40.00 40.00 X 194928 0 36288 DEBRA RIGGLE VP FINANCIAL SERVICES 40.00 40.00 X 161686 0 31898 BARB KOONTZ INVESTMENT ADVISOR 30.00 30.00 X 245171 0 23943 JIM GIBSON VP BRANCH SERVICES 40.00 40.00 X 149302 0 30828 JENNIFER HUMCKE ASSISTANT VP OF FINANCE 40.00 40.00 X 148944 0 29753 MIKE CORWIN AVP PR AND BUSINESS DEVELOPMENT 40.00 40.00 X 140547 0 28155 LAURIE ROE AVP EMPLOYEE DEVELOPMENT 40.00 40.00 X 139335 0 28452 2141321 0 338301 22 0 1 0 MOMENTUM INC 1520 4TH AVENUE SUITE 300 SEATTLE WA 98101 DESIGN AND BUILD OF HQ 8314169 GERDING BUILDERS LLC PO BOX 1082 CORVALLIS OR 97339 DESIGN AND BUILD FOR BRANCHES 1260733 VISA USA PO BOX 742233 LOS ANGELES CA 90074 CARD PROCESSING 1040321 INFOIMAGE 141 JEFFERSON DRIVE MENLO PARK CA 94025 STATEMENT AND FORMS PRINTING 804252 DIEBOLD INC PO BOX 643543 PITTSBURGH PA 15264 BANK EQUIPMENT PROVIDER 766937 36 INCOME ON LOANS 522100 23214102 23214102 FEES AND CHARGES 522100 3291156 3291156 UNRELATED BUSINESS INCOME 525990 314098 314098 UNRELATED BUSINESS INCOME 524298 38543 38543 UNRELATED BUSINESS INCOME 524298 3477 3477 26861376 3798131 3798088 43 54547237 744873 54415590 655713 131647 89160 220807 220807 INTERCHANGE INCOME 522100 5059351 5059351 MORTGAGE SERVICING RIGHTS 522100 1891666 1891666 OTHER INCOME 522100 1614597 1614597 8565614 39445928 39089767 356161 0 122421 20000 1515192 10003115 1340403 2530527 1054838 40142 91765 38500 1811412 1166162 2125311 786253 1682729 48409 148652 1082991 1144514 118643 LOAN SERVICING EXPENSE 2244740 PROVISION FOR LOAN LOSS 1005412 MAINTENANCE ATM 128556 OPERATING FEES 114181 85535 30450403 10303985 12350382 34013160 40274028 586784 698386 505937525 592305337 751278 1204573 42525112 13291852 17915713 29233260 288341746 266857620 2237300 1673600 34461276 34742032 894548767 979339218 8094881 10776144 3782142 4335777 782327283 855614266 794204306 870726187 X 0 0 0 0 100344461 108613031 100344461 108613031 894548767 979339218 X 8995525 -436739 -290216 X 0 1 X 1 0 0 1 X 7633260 7633260 25512672 5668834 19843838 284456 284455 1 9094724 7338563 1756161 29233260 SHARE DRAFTS 199291884 SHARES 146807001 MONEY MARKET ACCOUNTS 415502282 IRA/HEALTH SAVINGS ACCOUNTS 14778487 SHARE AND IRA CERTIFICATES 79234612 855614266 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 PROVISIONS OF THE INTERNAL REVENUE CODE AND STATE TAX LAWS. THE INCOME TAXES TOPIC OF THE FASB 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 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 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 2014, 2013, AND 2012 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 BOYS AND GIRLS CLUB OF ALBANY PO BOX 691 ALBANY OR 97321 930549842 501(C)(3) 6600 DONATION FOR CAPITAL BUILDING CAMPAIGN, OPERATIONAL SUPPORTDONATION FOR CAPITAL BUILDING CAMPAIGN, OPERATIONAL SUPPORT ALBANY PUBLIC SCHOOLS FOUNDATION PO BOX 1772 ALBANY OR 97321 930881300 501(C)(3) 5000 DONATION TO SUPPORT STUDENT ACTIVITIES AFTER FIRE CHILDREN'S MIRACLE NETWORK 205 WEST 700 SOUTH SALT LAKE CITY UT 84101 870387205 501(C)(3) 24000 DONATION TO LOCAL CHILDRENS HOSPITAL LINN-BENTON COMMUNITY COLLEGE 6500 PACIFIC BLVD SW ALBANY OR 97321 237212073 501(C)(3) 6500 SCHOLARSHIP SUPPORTSCHOLARSHIP SUPPORT OREGON STATE UNIVERSITY FOUNDATION 850 SW 35 STREET CORVALLIS OR 97333 936022772 501(C)(3) 18000 DONATION TO CAPITAL BUILDING CAMPAIGN, SCHOLARSHIP SUPPORT GOOD SAMARITAN HOSPITAL FOUNDATION 3600 NW SAMARITAN DRIVE CORVALLIS OR 97333 237252406 501(C)(3) 5000 DONATION WESTERN OREGON UNIVERSITY DEVELOPMENT FOUNDATION 345 MONMOUTH AVE N MONMOUTH OR 97361 936033807 501(C)(3) 10575 SCHOLARSHIP SUPPORT, DONATIONSCHOLARSHIP SUPPORT, DONATION 7 SCHOLARSHIPS 10 20000 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 411153 0 75000 0 7274 0 39750 0 9576 0 542753 0 0 0 BONNIE HUMPHREY-ANDERSON EXECUTIVE VP/CFO 221076 0 33820 0 3661 0 33320 0 9465 0 301342 0 0 0 RHONDA HEILE-BROWN EXECUTIVE VP/COO 173265 0 28555 0 7604 0 27059 0 9814 0 246297 0 0 0 CRAIG COLE EVP/CIO 167516 0 27412 0 0 0 26912 0 9376 0 231216 0 0 0 DEBRA RIGGLE VP FINANCIAL SERVICES 141461 0 19665 0 560 0 22706 0 9192 0 193584 0 0 0 BARB KOONTZ INVESTMENT ADVISOR 244671 0 500 0 0 0 15000 0 8943 0 269114 0 0 0 JIM GIBSON VP BRANCH SERVICES 131474 0 17828 0 0 0 21660 0 9168 0 180130 0 0 0 JENNIFER HUMCKE ASSISTANT VP OF FINANCE 137427 0 11517 0 0 0 20628 0 9125 0 178697 0 0 0 MIKE CORWIN AVP PR AND BUSINESS DEVELOPMENT 129584 0 10963 0 0 0 19062 0 9093 0 168702 0 0 0 LAURIE ROE AVP EMPLOYEE DEVELOPMENT 128509 0 10826 0 0 0 19361 0 9091 0 167787 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, 2015: R. HEIN, 457F SERP $113,240 B. HUMPHREY-ANDERSON, 457F SERP $80,887 R. HEILE-BROWN, 457F SERP $46,595 C. COLE, 457F SERP $64,887 J. GIBSON, 457F SERP $17,656 D. RIGGLE, 457F -$11,140 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION 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. MEMBERSHIP VOTED ON THE CHARTER CHANGE FROM FEDERAL TO STATE IN NOVEMBER OF 2014. FORM 990, PART VI, SECTION B, LINE 11 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 XI, LINE 9: RECLASSIFICATION ADJUSTMENTS FOR INVESTMENT GAINS INCLUDED IN NET INCOME -131,646. UNREALIZED HOLDING LOSSES ON POST RETIREMENT BENEFIT ASSETS -158,570. OSU FINANCIAL SERVICES LLC 1980 NW 9TH STREET CORVALLIS OR 97339 930444581 INSURANCE PRODUCTS OR 38587 171286