2014-05-09T07:24:43-00:00 2013-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2013-01-01 910683062 WASHINGTON STATE EMPLOYEES CREDIT UNION WASH 3609437911 PO BOX WSECU OLYMPIA WA 985070099 KEVIN S FOSTER-KEDDIE PRESIDENTCEO 2014-05-09 true DOUGLAS ORTH 3052328272 2014-05-09 2013 2015-11-30 17:44:51Z KEVIN FOSTER-KEDDIE PO BOX WSECU OLYMPIA WA 985070099 158976468 false 1269 X WWW.WSECU.ORG X CREDIT UNION 1957 WA TO PROVIDE SERVICES TO MEMBERS WHICH ARE MANDATED IN THE CREDIT UNION ACT TO CHARTERS AND TO PROVIDE A MEANS WHEREBY MEMBERS CAN PROVIDE EACH OTHER WITH NEEDED FINANCIAL SERVICES. 9 9 619 36 899619 -779509 0 101863860 106788430 6056922 5646647 3555394 2020430 111476176 114455507 0 0 39763056 42765810 0 0 53691387 51871490 93454443 94637300 18021733 19818207 1806158758 1922282964 1615844753 1719276556 190314005 203006408 TO PROVIDE SERVICES TO MEMBERS WHICH ARE MANDATED IN THE CREDIT UNION ACT TO CHARTERS AND TO PROVIDE A MEANS WHEREBY MEMBERS CAN PROVIDE EACH OTHER WITH NEEDED FINANCIAL SERVICES. false false SAVINGS AND CHECKING WE KNOW DIFFERENT MEMBERS HAVE DIFFERENT NEEDS FROM THEIR CHECKING AND SAVINGS ACCOUNTS. THATS WHY WE OFFER VARIETY. WSECU CAN HELP YOU MAKE MANAGING YOUR BUDGET SIMPLER AS YOU WORK TOWARD YOUR FINANCIAL GOALS. CHOOSE FROM OUR DIFFERENT CHECKING OPTIONS, ALL OF WHICH COME WITH NO MAINTENANCE FEES AND NO PER-CHECK CHARGES. ACCESS YOUR ACCOUNTS ANYTIME OF THE DAY OR NIGHT WITH YOUR DEBIT OR ATM CARD. WSECU IS A PROUD PARTNER OF THE CO-OP NETWORK, OFFERING YOU FREE ACCESS TO 25,000 ATMS ACROSS THE UNITED STATES. COMPLETE DETAILS AND CURRENT RATES ARE AVAILABLE ON OUR WEBSITE. false false false false false false false false false true false false false true true false true false false false false false false false false false false false true false false false false false false false false false false true false true false false true 44016 0 true 619 true true true false false false false false false X 9 9 false false false false true true true true true false true true false true true true true true true true false X WASHINGTON STATE EMPLOYEES CREDIT U 3609437911 PO BOX WSECU OLYMPIA WA 98507 X FRED OLSON BOD/DIRECTOR 001.00 001.00 X 1798 0 0 GINNY DALE BOD/V. CHAIR 001.00 001.00 X 450 0 0 CAROLE WASHBURN BOD/DIRECTOR 001.00 001.00 X 1580 0 0 RITA KOONTZ BOD/CHAIR 001.00 001.00 X 2312 0 0 MARCUS GLASPER BOD/DIRECTOR 001.00 001.00 X 1515 0 0 DOUG MAH BOD/SECRETARY 001.00 001.00 X 1583 0 0 MIKE STEVENSON BOD/DIRECTOR 001.00 001.00 X 838 0 0 TRACY GUERIN BOD/DIRECTOR 001.00 001.00 X 1010 0 0 JERRY HENDRICKS BOD/DIRECTOR 001.00 001.00 X 522 0 0 TOM WIELAND SUPERVISORY COMM./CHAIR 001.00 001.00 X 4525 0 0 JEFF DOYLE SUPERVISORY COMM./CHAIR 001.00 001.00 X 1590 0 0 SCOTT HENDERSON SUPERVISORY COMM./MEMBER 001.00 001.00 X 1998 0 0 YOLANDA WILSON SUPERVISORY COMM./MEMBER 001.00 001.00 X 1824 0 0 WENDY WEEKS SUPERVISORY COMM./MEMBER 001.00 001.00 X 366 0 0 KEVIN S FOSTER-KEDDIE PRESIDENT/CEO 040.00 040.00 X 766422 0 34184 RANDY GUNDERSON CFO 040.00 040.00 X 289081 0 57518 MARK ALLEN CHIEF CREDIT OFFICER/CEO OWF 040.00 040.00 X 286211 0 56292 LINDA HOLLEN CHIEF BRAND OFFICER 040.00 040.00 X 323242 0 286889 BENJAMIN MORALES CHIEF TECHNOLOGY OPERATIONS OFFICER 040.00 040.00 X 289636 0 57526 GARY R SWINDLER CHIEF MEMBER OFFICER 040.00 040.00 X 242099 0 47070 SHARON L WHITEHEAD CHIEF ADMINISTRATIVE OFFICER 040.00 040.00 X 263738 0 46254 WALTER CUNNINGHAM SVP DIGITAL SERVICES 040.00 040.00 X 155792 0 32424 RICHARD LADD VP COMMERCIAL LENDING 040.00 040.00 X 169851 0 33417 CYNTHIA E SCHAUMBURG HOME LOAN CONSULTANT 040.00 040.00 X 162599 0 30174 SID SCHROADER FINANCIAL INVESTMENT REPRESENTATIVE 040.00 040.00 X 215189 0 27986 KEITH TROUP VP CHIEF LENDING OFFICER 040.00 040.00 X 173287 0 21888 DAVID SCHOUTEN VP BUSINESS TECHNOLOGY 040.00 040.00 X 158137 0 30801 3517195 762423 44 false true false KIDDER MATHEWS FUNDING INV ONLY 330 UNION AVE SE OLYMPIA WA 98501 PROPERTY MANAGEMENT 2026525 CHARLES SCHWAB TRUST ACCOUNT PO BOX 202770 AUSTIN TX 78720 EMPLOYEE BENEFITS- 401K 3836752 FIRST AMERICAN TITLE 5775 SOUNDVIEW DR SUITE 201A GIG HARBOR WA 98335 PURCHASE OF TUMWATER BRANCH 1267766 KAYE SMITH PO BOX 956 RENTON WA 980570956 STATEMENTS/FORMS PRINTER AND MAILER 2033777 BRIGHTLIGHT CONSULTING INC 18300 REDMOND WAY SUITE 250 REDMOND WA 98052 BUSINESS INTELLIGENCE 1208914 74 INTEREST ON LOANS TO MEMBERS 522100 64026305 64015026 11279 SERVICE FEES/CHARGES 522100 36036954 35436512 600442 MORTGAGE LENDING 522100 6725171 6437273 287898 106788430 5680832 5680832 483848 483848 483848 483848 42986029 1500747 43020699 1500262 -34670 485 -34185 -34185 OTHER INCOME 522100 27182 27182 LOAN SERVICING INCOME 522100 1509400 1509400 1536582 114455507 113555888 899619 0 0 0 0 3256289 3256289 0 27932561 27932561 2665104 2665104 6397766 6397766 2514090 2514090 0 293954 293954 101029 101029 0 0 4665877 4665877 1563533 1563533 4942324 4942324 2363014 2363014 0 3883040 3883040 257726 257726 0 369802 369802 4926274 4926274 0 6595388 6595388 407373 407373 SEE SCHEDULE ATTACHED 21502156 21502156 0 94637300 94637300 16729164 16131953 22476499 16951675 5232112 5648148 1043516711 1255942768 32695621 34222981 121632396 40197769 79731784 81434627 394064632 407759909 186311690 86635388 25400545 17555515 1806158758 1922282964 25841234 32042266 1590003519 1687234290 1615844753 1719276556 X 190314005 203006408 190314005 203006408 1806158758 1922282964 X 19818207 -7160474 34670 X false true X true false false 14097226 14097226 68440402 13577184 54863218 6343871 4811357 1532514 32366530 21511281 10855249 384367 297947 86420 81434627 Financial derivatives and other financial products Closely-held equity interests Federal income taxes SHARE DRAFT ACCOUNTS 338495387 SHARE ACCOUNTS 735653210 MONEY MARKET ACCOUNTS 250067509 IRA SHARE ACCOUNTS 30310781 SHARE AND IRA CERTIFICATES 332707403 1687234290 X X 2 THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE AND STATE 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 THE INTERNAL REVENUE CODE IRC SECTION 504C14. 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 UNRELATED BUSINESS INCOME UBI DERIVED BY STATE-CHARTERED CREDIT UNIONS. BEGINNING IN MARCH 2008, THE INTERNAL REVENUE SERVICE IRS RELEASED TECHNNICAL 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 UNIONS 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 RECOGNITON 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 2012, 2011, AND 2010 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. X X X true true X X X X false false false KEVIN S FOSTER-KEDDIE PRESIDENT/CEO 526507 178200 61715 21675 12509 800606 RANDY GUNDERSON CFO 216169 72039 873 38497 19021 346599 MARK ALLEN CHIEF CREDIT OFFICER/CEO OWF 213926 71005 1280 38271 18021 342503 LINDA HOLLEN CHIEF BRAND OFFICER 238284 81340 3618 271675 15214 610131 BENJAMIN MORALES CHIEF TECHNOLOGY OPERATIONS OFFICER 217575 70584 1477 38456 19070 347162 GARY R SWINDLER CHIEF MEMBER OFFICER 177049 64107 943 34766 12304 289169 SHARON L WHITEHEAD CHIEF ADMINISTRATIVE OFFICER 194895 67219 1624 36875 9379 309992 RICHARD LADD VP COMMERCIAL LENDING 134868 23714 11269 14400 19017 203268 CYNTHIA E SCHAUMBURG HOME LOAN CONSULTANT 22380 140219 13939 16235 192773 SID SCHROADER FINANCIAL INVESTMENT REPRESENTATIVE 22282 192907 18347 9639 243175 KEITH TROUP VP CHIEF LENDING OFFICER 146676 26433 178 14828 7060 195175 WALTER CUNNINGHAM SVP DIGITAL SERVICES 21486 139084 13330 18510 192410 DAVID SCHOUTEN VP BUSINESS TECHNOLOGY 115670 33711 8756 13442 17359 188938 Form 990, Part VI, Section A, Line 6 THE CREDIT UNIONS MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNIONS MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATIONS PROFITS IN THE FORM OF CASH DIVIDENDS. Form 990, Part VI, Section A, Line 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATIONS GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. Form 990, Part VI, Section A, Line 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODYS ELECTION AND REMOVAL 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 WSECU ACTIVELY MONITORS OUR TAX POSITION THROUGHOUT THE YEAR. UPON 990 FILING, WSECU REVIEWS THE FORMS FOR ACCURACY TO OUR INTERNAL REPORTS AND MAKES ADJUSTMENTS AS NECESSARY UNDER THE GUIDANCE OF OUR TAX ACCOUNTANTS. THE TAX FORMS ARE REVIEWED BY OUR CEO PRIOR TO SIGNING OF THE FINAL DRAFT. THE RETURN IS AVAILABLE TO ALL MEMBERS OF THE BOARD OF DIRECTORS FOR REVIEW. Form 990, Part VI, Section B, Line 12C WE SEND OUT AN ANNUAL HR POLICIES ACKNOWLEDGMENT TO ALL STAFF AND REQUIRE ACKNOWLEDGMENT FROM EACH PERSON EACH YEAR AS WELL AS UPON HIRE. THIS POLICIES ACKNOWLEDGMENT INCLUDES THE WSECU CODE OF CONDUCT, WHICH COVERS OUR CONFLICT OF INTEREST POLICY. WE ENFORCE THE CONFLICT OF INTEREST POLICY IN VARIOUS WAYS, DEPENDING ON THE PARTICULAR CONFLICT. FOR EMPLOYMENT CONFLICTS, WE REQUIRE A NOTIFICATION TO HR OF ANY SECOND JOBS AND APPROVAL BY THE EMPLOYEES LEADER. FOR POTENTIAL CONFLICTS OF EMPLOYEES WORKING WITH RELATIVES, WE REQUIRE A SENIOR MANAGEMENT APPROVAL BEFORE WE HIRE, PROMOTE, OR TRANSFER ANYONE WHO MIGHT BE WORKING WITH A RELATIVE OF WSECU EMPLOYEE. IF WE ARE NOTIFIED OF OTHER TYPES OF CONFLICTS, WE DEAL WITH THEM AS THEY ARISE, INVOLVING COMPANY LEADERSHIP. OUR POLICY HAS ASSISTED US TO PROHIBIT CONFLICTS BEFORE THEY IMPACT THE COMPANY. Form 990, Part VII, Section B, Line 15B WSECU USES A THIRD PARTY, OUTSIDE CONSULTANT TO EVALUATE EXECUTIVE COMPENSATION. THE REVIEW THAT THE CONSULTANT COMPLETES INCLUDES A REASONABLENESS TEST, MARKET COMPARABLE DATA FOR THE FINANCIAL SERVICES/CREDIT UNION INDUSTRY AND THE GEOGRAPHIC AREA, AND INCLUDES THE ENTIRE SALARY AND BENEFITS PACKAGE. PERIODICALLY, HUMAN RESOURCES USES INDUSTRY AND REGIONAL EXECUTIVE SALARY SURVEYS TO VERIFY EXECUTIVE COMPENSATION. THE CEO CONTRACT, INCLUDING COMPENSATION, IS REVIEWED BY THE WSECU BOARD OF DIRECTORS. Form 990, Part VI, Section C, Line 19 GOVERNING DOCUMENTS AND CONFLICTS OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC ON THE NCUA WEBSITE VIA THE 5300 FILING. Form 990, Part XI, Line 9 34,670 RECLASSIFICATION ADJUSTMENT FOR NET LOSSES ON SALE OF AVAILABLE-FOR-SALE INVESTMENTS INCLUDED IN NET INCOME. ONE WASHINGTON FINANCIAL LLC PO BOX WSECU OLYMPIA WA 98507 753134955 LOAN SERVICING WA 2979383 9834538 WASHINGTON STATE EMPLOYEES CREDIT UNION