2013-08-14T18:38:29-05:00 2012-12-31 910189318 MOSS ADAMS LLP 2707 COLBY AVE SUITE 801 EVERETT WA 982013510 990 2012-01-01 910684272 NORTHWEST PLUS CREDIT UNION NORT 4252971000 2821 HEWITT AVENUE EVERETT WA 982013890 STEVE DIKLICH 4252971000 2013-08-14 1 KRISTINE HOEFLIN P00786821 4252597227 2012 2016-02-24 21:20:13Z DOUGLAS BENNET 2821 HEWITT AVENUE EVERETT WA 982013890 29077708 0 X WWW.NWPLUSCU.COM X 1938 WA PROVIDE FINANCIAL SERVICES: REAL ESTATE AND OTHER SECURED/UNSECURED CONSUMER LOANS, CHECKING AND SAVINGS PROGRAMS AND CREDIT CARD SERVICES. 9 9 57 12 51683 -17259 0 0 8541449 8143821 1028610 364832 45432 24003 9615491 8532656 0 0 0 0 2637218 2685523 0 0 0 5943032 4724226 8580250 7409749 1035241 1122907 147970386 155559959 133563541 139552590 14406845 16007369 PROVIDE FINANCIAL SERVICES: REAL ESTATE AND OTHER SECURED/UNSECURED CONSUMER LOANS, CHECKING AND SAVINGS PROGRAMS AND CREDIT CARD SERVICES. 0 0 PROVIDE FINANCIAL SERVICES TO 17,251 MEMBERS. THESE SERVICES INCLUDE BUT ARE NOT LIMITED TO: PROVIDING REAL ESTATE AND OTHER SECURED/UNSECURED CONSUMER LOANS, CHECKING AND SAVINGS PROGRAMS, AND CREDIT CARD SERVICES. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 14 0 1 57 1 1 1 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X STEVE DIKLICH 4252971000 2821 HEWITT AVE EVERETT WA 98201 JOHN CONDERMAN 2.00 X X 0 0 0 BRAD JONES 2.00 X X 0 0 0 MARY BALLARD 2.00 X X 0 0 0 GARY HEILMAN 2.00 X X 0 0 0 WARREN KUWAHATA 2.00 X 0 0 0 JASON GAMBLE 2.00 X 0 0 0 JAMES DREIER 2.00 X 0 0 0 KIM STONE 2.00 X 0 0 0 DEBORAH HOHEISEL 2.00 X 0 0 0 DOUGLAS BENNETT 40.00 X 175975 0 11406 DENNIS GROTE 40.00 X 109292 0 8365 TORRIE RAMOS 40.00 X 92865 0 7745 STEVE DIKLICH 40.00 X 69820 0 5797 JOSE LOUAZO JR 40.00 X 28768 0 4303 476720 0 37616 2 0 1 0 FISERV-EFT 4550 SW MACADAM AVE PORTLAND OR 97239 CARD TRANSACTION SERVICES 281168 FISERV-GALAXY 75 REMITTANCE DR STE 6942 CHICAGO IL 60675 CORE DATA PROCESSING SERVICES 184011 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD TRANSACTION SERVICES 103654 3 LOAN INTEREST INCOME 522100 4810170 4810170 FEE INCOME 522100 3333651 3298248 35403 8143821 642574 642574 16280 0 16280 16280 16280 9026460 11240850 8868404 11676648 158056 -435798 -277742 -277742 INCOME FROM SUBSIDIARY 522100 7723 7723 7723 8532656 8116141 51683 364832 514335 1631597 163846 164572 211173 4819 72150 408303 193866 941063 218826 406777 14143 42943 918440 467941 40145 UBI TAXES PAID 2499 PROVISION FOR LOAN LOSS 346255 LOAN SERVICING EXPENSE 265512 NCUA STABILIZATION ASSE 128150 252394 7409749 2903750 12414430 17132509 11150733 84030774 90734880 332805 360456 11025585 4033280 6883274 6992305 27754395 26616645 8932879 7290510 147970386 155559959 937876 1008712 132625665 138543878 133563541 139552590 X 0 0 0 0 14406845 16007369 14406845 16007369 147970386 155559959 X 1122907 39374 438243 X 0 0 0 2233860 2233860 6028295 2070924 3957371 304681 38013 266668 1734188 1269685 464503 724561 654658 69903 6992305 59227 F AVAILABLE FOR SALE SECURITIES 26557418 F 26616645 MEMBERS SHARES AND DEPOSITS 138543878 138543878 X X X X 0 1 0 DOUGLAS BENNETT 159145 0 16830 0 0 0 6854 0 4552 0 187381 0 0 0 PART I, LINE 4B THE CREDIT UNION ENTERED INTO A DEFERRED COMPENSATION AGREEMENT UNDER IRC SECTION 457(F) WITH A SENIOR OFFICER ON OCTOBER 17, 2001. THE AGREEMENT REQUIRED THE CREDIT UNION TO MAKE AN INITIAL CONTRIBUTION OF $1,000,000 TO A DEFERRED COMPENSATION ACCOUNT, WHICH IS INCLUDED IN AVAILABLE-FOR-SALE SECURITIES. THIS PLAN WAS TERMINATED DURING THE YEAR ENDED DECEMBER 31, 2012. THE DEFERRED COMPENSATION AGREEMENT WAS AMENDED IN 2010. UPON SATISFACTION OF THE TERMS AND CONDITIONS SET FORTH IN THE AMENDED AGREEMENT, THE OFFICER OR A DESIGNATED BENEFICIARY IS ENTITLED TO RECEIVE THE NET INVESTMENT GAINS IN EXCESS OF $700,000 EARNED IN THE DEFERRED COMPENSATION ACCOUNT. THE CREDIT UNION RECOGNIZED DEFERRED COMPENSATION INCOME AMOUNTING TO $59,826 AND EXPENSE AMOUNTING TO $131,714 FOR THE YEAR ENDED DECEMBER 31, 2012. THE DEFERRED COMPENSATION LIABILITY WAS $0 AT DECEMBER 31, 2012. THE PRINCIPAL CONTRIBUTION TO THIS ACCOUNT REMAINS THE PROPERTY OF THE CREDIT UNION AND IS SUBJECT TO RISK OF INVESTMENT LOSS AS WELL AS THE CLAIMS OF GENERAL CREDITORS. THE AGREEMENT WAS AGAIN AMENDED IN NOVEMBER 2011. UNDER THE AMENDED PLAN, IF THE OFFICER IS EMPLOYED BY THE CREDIT UNION ON HIS 68TH BIRTHDAY, HE WILL RECEIVE A LUMP-SUM BENEFIT DISTRIBUTION OF $1,148,114. IF THE OFFICER WAS TO BECOME DISABLED, INVOLUNTARILY TERMINATED WITHOUT CAUSE, OR VOLUNTARILY SEPARATED FOR GOOD REASON PRIOR TO ALL OF THE PROMISED PLAN DISTRIBUTIONS BEING MADE, THE CREDIT UNION WILL PAY THE OFFICER A BENEFIT EQUAL TO THE ACCRUED LIABILITY BALANCE OF THE OFFICER 457(F) ACCOUNT AT THE TIME OF TERMINATION. THE PAYMENT OF THE ACCRUED BALANCE WILL BE MADE IN A LUMP SUM AND THE PLAN SHALL TERMINATE. THE RELATED LIABILITY WAS $131,714 AT DECEMBER 31, 2012. IF THE OFFICER WERE TO DIE WHILE ACTIVELY EMPLOYED WITH THE CREDIT UNION AND PRIOR TO THE PROMISED PLAN DISTRIBUTION BEING MADE, THE OFFICERS BENEFICIARY WOULD RECEIVE A LUMP-SUM DISTRIBUTION EQUAL TO THE TARGET RETIREMENT AGE DISTRIBUTION. IF THE OFFICER LEAVES THE CREDIT UNION VOLUNTARILY, OR IS TERMINATED FOR CAUSE PRIOR TO REACHING THE DISTRIBUTION DATE, ALL REMAINING BENEFITS WILL BE FORFEITED. THIS PLAN IS FUNDED WITH CREDIT UNION-OWNED LIFE INSURANCE. THE CASH SURRENDER VALUE OF THE UNDERLYING POLICIES WAS $4,698,069 AS OF DECEMBER 31, 2012. FORM 990, PART VI, SECTION A, LINE 6 CREDIT UNION MEMBERS ARE MEMBERS OF A FINANCIAL COOPERATIVE. EACH DEPOSITOR IS REQUIRED TO BE A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A CREDIT UNION MEMBERS ELECT MEMBERS TO THE BOARD OF DIRECTORS AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 11 FORM 990 IS INITIALLY REVIEWED BY THE CEO AND CFO BEFORE BEING PRESENTED TO THE BOARD OF DIRECTORS FOR FINAL REVIEW. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS SIGN AN ANNUAL CONFLICT OF INTEREST STATEMENT, WHICH DEFINES FIDUCIARY DUTY. MANAGEMENT REVIEWS ALL VENDORS FOR POTENTIAL OWNERSHIP INTEREST BY BOARD MEMBERS OR RELATED PARTIES AS PART OF THE VENDOR APPROVAL PROCESS. FORM 990, PART VI, SECTION B, LINE 15 INDUSTRY BENCHMARK STANDARDS AS PROVIDED BY THRID PARTY COMPENSATION CONSULTANTS ARE USED IN DETERMINING SENIOR MANAGEMENT COMPENSATION LEVELS. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO MEMBERS AND OTHER INTERESTED PARTIES OF THE PUBLIC UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: UNREALIZED LOSS ON SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN: 240,174. CHANGE IN CASH SURRENDER VALUE OF LIFE INSURANCE 198,069. NORTHWEST PLUS MORTGAGE INC 2821 HEWITT AVE EVERETT WA 98201 911520725 MORTGAGE SERVICING WA NORTHWEST PLUS CREDIT UNION C 7722 221016 1.00000 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 NORTHWEST PLUS MORTGAGE INC A 16280 EXP ALLOCATION NORTHWEST PLUS MORTGAGE INC N 197228 EXP ALLOCATION