2015-08-13T18:05:03-05:00 2014-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2014-01-01 910176215 SEATTLE METROPOLITAN CREDIT UNION SEAT 2063985561 P O BOX 780 SEATTLE WA 981110780 JASON ELLIOTT SVP/CFO 2063985561 2015-08-10 1 VALENTINO CREUS CPA P01054153 8189549700 2014 2016-03-07 17:11:31Z RICHARD ROMERO P O BOX 780 SEATTLE WA 981110780 73422034 0 X WWW.SMCU.COM X CREDIT UNION 1933 WA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 5 5 192 8 89899 -480158 0 0 25540369 24382993 1737701 9181705 549281 197842 27827351 33762540 42358 46123 0 0 10555578 11104859 0 0 0 12208388 12846965 22806324 23997947 5021027 9764593 595299352 616992910 543433224 553255661 51866128 63737249 X NONE 0 0 SEATTLE METROPOLITAN CREDIT UNION (SMCU) HAS BEEN PROVIDING SERVICES TO IT'S 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, 2014, SMCU HAD 42,196 MEMBERS. THESE MEMBERS PARTICIPATED IN 21,972 LOAN AND 84,344 DEPOSIT PRODUCTS. SMCU'SLOAN OFFERINGS INCLUDE A WIDE RANGE OF OPTIONS FROM STANDARD AUTOLOANS, MORTGAGES AND LINES OF CREDIT, TO MORE SEGMENTED PRODUCTS INCLUDING MOTORCYCLES, CLASSIC CARS, 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 INA VARIETY OF TERMS TO PROVIDE PAYMENT OPTIONS THAT BEST SUIT THEMEMBERSHIP'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 A 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 FINANCIAL GOALS INPUTTED BY THE MEMBER. ADDITIONALLY SMCU.COM AND SMCU BRANCHES OFFER BOTH ELECTRONIC AND PRINTED INFORMATION 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 1 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 27248 0 1 192 1 1 1 0 0 0 0 0 X 5 5 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 0 1 1 0 X JASON ELLIOTT SVPCFO 2063985525 PO BOX 780 SEATTLE WA 981110780 JIM YEARBY CHAIRPERSON 1.00 X 0 0 0 JACK MCGOLDRICK BOARD SECRETARY 1.00 X 1505 0 0 JAMES FOSSOS BOARD MEMBER 1.00 X 0 0 0 TODD BOZE BOARD MEMBER 1.00 X 0 0 0 ROBERT LEIGHTON BOARD MEMBER/SUPV CMTE MEM 1.00 X 0 0 0 BEN WAKEFIELD SUPV CMTE CHAIRPERSON 1.00 X 0 0 0 GARY SKINNER SUPV CMTE SECRETARY 1.00 X 0 0 0 SANDRA PHILBROOK SUPV CMTE MEMBER 1.00 X 0 0 0 RICHARD ROMERO PRESIDENT / CEO 40.00 X 348817 0 35063 LARRY GRAGER SVP/CFO (FORMER) 40.00 X 172538 0 22743 JASON ELLIOTT SVP/CFO 40.00 X 57861 0 9536 TONITA WEBB SVP/CAO 40.00 X 210162 0 19180 JILL VICENTE SVP/CSO 40.00 X 210019 0 20741 BRENT RICHINS VP OF MEMBER SERVICES 40.00 X 147187 0 20892 CHAD MEADOWS VP OF RETAIL SALES 40.00 X 131006 0 4438 JANE BRUNTON VP OF INTERNAL AUDIT 40.00 X 126488 0 0 LEE PIERCE VP OF LENDING 40.00 X 119615 0 21180 MARGUERITE LAUDERDALE AVP OF REAL ESTATE 40.00 X 110885 0 0 1636083 0 153773 10 0 1 0 DIGITAL INSIGHT PO BOX 515306 LOS ANGELES CA 900516606 ONLINE BANKING SERVICES 774221 FISERV PO BOX 99924 GRAPEVINE TX 76099 FINANCIAL SERVICES TECHNOLOGY 363897 INFOIMAGE 141 JEFFERSON DRIVE WEST MENLO PARK CA 94025 ONLINE DATA PROCESSING 298243 XO COMMUNICATIONS 14239 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 IT SERVICE 271004 THRIVE 22625 262ND AVE SE MAPLE VALLEY WA 98038 ADVERTISING 257249 18 INTEREST ON LOANS 522100 17091741 17091741 OTHER OPERATING INCOME 522100 4781764 4691865 89899 FEE INCOME 522100 2509488 2509488 24382993 2589575 2589575 32583770 13667854 32572307 7087187 11463 6580667 6592130 6592130 OTHER NON-OPERATING INCOME 522100 197842 197842 197842 33762540 33672641 89899 0 24123 22000 1636083 6698324 504649 1440674 825129 161336 171977 2104408 692636 1756100 1218398 1033252 442416 1250577 1421491 LOAN SERVICING EXPENSE 1554454 MISC OPERATING EXPENSE 627009 PROVISION FOR LOAN & LE 344154 OPERATING FEES 68757 23997947 4026775 3917399 27724205 57949832 300546 540576 801974 692652 11059266 7664588 11418861 3394678 149885569 138550069 396821824 407605611 4319598 4342093 595299352 616992910 5568339 6266651 537864885 546989010 543433224 553255661 X 0 0 0 0 51866128 63737249 51866128 63737249 595299352 616992910 9764593 2106528 0 X X 0 1 X 1 0 6123 6123 6123 1 BOMA OF WASHINGTON PAC 1420 FIFTH AVE 1250 SEATTLE WA 98101 910158840 100 NWCUA - PAC 18000 INTERNATIONAL BLVD STE 350 SEATAC WA 98188 600250504 6023 2194213 1459227 734986 8656598 6205361 2451237 208455 208455 3394678 ALL OTHER INVESTMENTS 1627700 F NET LOANS AND LEASES 375346576 F NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 5046646 C DEPOSITS IN COMMERCIAL BANKS 22049000 C LOANS TO AND INVESTMENTS IN NATURAL PERSON CU 248000 C LOANS HELD FOR SALE 3287689 F 407605611 TOTAL SHARE AND DEPOSITS 546988330 ACCRUED DIVIDENDS AND INTEREST PAYABLE 680 546989010 X 33762540 0 33762540 0 33762540 23997947 0 23997947 0 23997947 PART X, LINE 2: ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE FINANCIAL STATEMENTS. THIS REQUIRES THE EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE CREDIT UNION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE LIKELY THAN NOT" TO BE SUSTAINED "WHEN CHALLENGED" OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS DEEMED TO NOT MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. THE CREDIT UNION IS GENERALLY NO LONGER SUBJECT TO EXAMINATION BY FEDERAL TAX AUTHORITIES FOR YEARS BEFORE 2011 AND BY STATE TAX AUTHORITIES FOR YEARS BEFORE 2010. FOR THE YEAR ENDED DECEMBER 31, 2014, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS, AND ACCORDINGLY, THE CREDIT UNION HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. 1 SCHOLARSHIPS 11 22000 FMV PART III, LINE 1: SEATTLE METROPOLITAN CREDIT UNION AWARDED SCHOLARSHIPS TO MEMBER-APPLICANTS SEEKING HIGHER EDUCATION. THE SCHOLARSHIP PROGRAM HONORS THE CREDIT UNION'S FOUNDER, TONY MARINO, AND HIS COMMITMENT TO THE CREDIT UNION AND COMMUNITY. X 0 0 X X 1 0 0 RICHARD ROMERO PRESIDENT / CEO 348817 0 0 0 0 0 22130 0 12933 0 383880 0 0 0 LARRY GRAGER SVP/CFO (FORMER) 142278 0 0 0 30260 0 9810 0 12933 0 195281 0 0 0 TONITA WEBB SVP/CAO 210162 0 0 0 0 0 9801 0 9379 0 229342 0 0 0 JILL VICENTE SVP/CSO 210019 0 0 0 0 0 14722 0 6019 0 230760 0 0 0 BRENT RICHINS VP OF MEMBER SERVICES 147187 0 0 0 0 0 7959 0 12933 0 168079 0 0 0 PART I, LINE 4A A SEVERANCE PAYMENT IN THE AMOUNT OF $30,260 WAS PAID TO LARRY GRAGER IN JUNE. JILL VICENTE KEY EMPLOYEE MORTGAGE X 318000 294129 0 1 1 LEE PIERCE HCE MORTGAGE X 240000 224189 0 1 1 CHAD MEADOWS HCE CONSUMER LOAN X 26006 22258 0 1 1 540576 FORM 990, PART VI, SECTION A, LINE 6 SEATTLE METROPOLITAN CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION THAT IS OWNED AND CONTROLLED BY ITS MEMBERS, AND OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS TO ITS MEMBERS. SEATTLE METROPOLITAN CREDIT UNION DOES NOT HAVE STOCKHOLDERS. 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 11 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 WE HAVE EMPLOYEES SIGN THAT THEY REVIEWED THE POLICY ANNUALLY, AND OUR INTERNAL AUDIT DEPARTMENT AND MANAGERS MONITOR TO ENSURE WE IDENTIFY ANY CONFLICTS OF INTERESTS. FORM 990, PART VI, SECTION B, LINE 15 THE HUMAN RESOURCES DEPARTMENT PERFORMS AN ANNUAL SALARY MARKET ANALYSIS AND THE BOARD CONDUCTS A REVIEW OF THE CEO'S SALARY AND ADJUSTS THEIR SALARY BASED UPON PERFORMANCE. FORM 990, PART VI, SECTION C, LINE 19 WE POST THE UNAUDITED INTERNAL FINANCIAL STATEMENTS AT EVERY BRANCH MONTHLY, AND WE PROVIDE THE AUDITED FINANCIAL STATEMENTS TO THE MEMBERS AT THE ANNUAL MEETING AND ARE POSTED ON OUR WEBSITE. THE GOVERNING DOCUMENTS AND THE CONFLICTS OF INTEREST POLICIES ARE NOT PROVIDED TO THE GENERAL PUBLIC. HOWEVER, IF SOMEONE FROM THE GENERAL PUBLIC INQUIRED ABOUT THIS WE WOULD PROVIDE THEM THE INFORMATION. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. FORM 990 SEE ATTACHED FORM 3115 FOR SEATTLE METROPOLITAN CREDIT UNION (91-0176215). SECTION 1.263(A)-1(F) DE MINIMIS SAFE HARBOR ELECTION SEATTLE METROPOLITAN CREDIT UNION P O BOX 780 SEATTLE, WA 98111-0780 TAXPAYER IDENTIFICATION NUMBER: 91-0176215 FOR THE YEAR ENDING DECEMBER 31, 2014 SEATTLE METROPOLITAN CREDIT UNION IS MAKING THE DE MINIMIS SAFE HARBOR ELECTION UNDER REG. SEC. 1.263(A)-1(F).