2013-11-04T16:28:40-06:00 2012-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2012-01-01 910219005 VERITY CREDIT UNION VERI 8004444589 11027 MERIDIAN AVENUE NORTH SEATTLE WA 98133 GREG BRUNS 2063615388 2013-10-28 1 VALENTINO CREUS CPA P01054153 8189549700 2012 2016-03-07 17:11:31Z WILLIAM R HAYES 11027 MERIDIAN AVENUE NORTH SEATTLE WA 98133 31078609 0 X WWW.VERITYCU.COM X CREDIT UNION 1933 WA A COOPERATIVE ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 153 15 3409103 0 0 0 20720569 21960302 1742715 1487737 1655578 3959431 24118862 27407470 0 0 0 0 7085615 8446750 0 0 0 19629386 14365037 26715001 22811787 -2596139 4595683 383448460 396732179 355631042 362738225 27817418 33993954 X A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR THEM AT RATES OF INTEREST SET BY THE BOARD OF DIRECTORS, AND PROVIDING AN OPPORTUNITY FOR THEM TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, VERITY CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. 0 0 VERITY CREDIT UNION IS A WASHINGTON STATE CHARTERED CREDIT UNION THAT SERVES 26,020 MEMBER-OWNERS. VERITY'S PRIMARY FIELD OF MEMBERSHIP INCLUDES ALL INDIVIDUALS THAT RESIDE, WORK, WORSHIP OR ATTEND SCHOOL IN ANY WASHINGTON STATE SCHOOL DISTRICT. VERITY OFFERS A FULL RANGE OF DEPOSIT, LOAN AND INVESTMENT PRODUCTS AND SERVICES AND OPERATES SIX FULL SERVICE BRANCHES, A CALL CENTER AND ONLINE ACCOUNT SERVICES. VERITY CREDIT UNION OFFERS A FULL-SERVICE INVESTMENT PROGRAM WITH TWO REGISTERED INVESTMENT REPRESENTATIVES AND A LICENSED SUPPORT REPRESENTATIVE. AS OF DECEMBER 31, 2012, VERITY'S INVESTMENT SERVICES PROGRAM HAD 872 MEMBERS WHO HAVE 1,868 ACCOUNTS AND $67,220,336 IN ASSETS UNDER MANAGEMENT. VERITY CREDIT UNION OFFERS FREE FINANCIAL COUNSELING TO ITS MEMBERS. SPECIFIC SERVICES OFFERED INCLUDE FINANCIAL PLANNING, DEBT MODIFICATION ON VERITY LOANS AND OTHER CREDITORS AND DIRECT ASSISTANCE IN UTILIZING THE GOVERNMENT SPONSORED MORTGAGE RELIEF PROGRAMS. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 14686 0 1 153 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X GREG BRUNS VPCFO 8004444589 11027 MERIDIAN AVENUE NORTH SEATTLE WA 98133 DAN STRANDY 2.00 X 0 0 0 RODOLFO HURTADO 2.00 X 0 0 0 STEVE ANDERSON 2.00 X 0 0 0 JOHN CARPENTER 2.00 X 0 0 0 DAN YOUNG 2.00 X 0 0 0 ERIN HAAS 2.00 X 0 0 0 KAREN HUNT 2.00 X 0 0 0 ANTHONY KUSSKE 2.00 X 0 0 0 E LAIRD HANSEN 2.00 X 0 0 0 MARY SEVILLA 2.00 X 0 0 0 SCOTT LARSON 2.00 X 0 0 0 MARJEAN MCCRAW 2.00 X 0 0 0 BENJAMIN LUNDELL 2.00 X 0 0 0 TIM WILLIAMS 2.00 X 0 0 0 WILLIAM R HAYES 40.00 X 238285 0 13057 GREG BRUNS 40.00 X 128990 0 8625 JOHN ZMOLEK 40.00 X 203906 0 27827 SHERRY STECKLY 40.00 X 171395 0 13142 TERRY SHOFNER 40.00 X 181739 0 27845 WENDY HOVEY 40.00 X 173958 0 8791 SHARI STORM 40.00 X 128955 0 29091 THOMAS STEINER 40.00 X 115561 0 8098 JUSTIN MARTIN 40.00 X 107203 0 19062 1449992 0 155538 10 0 1 0 NORTHWEST TRUSTEE SERVICES 13555 SE 36TH ST STE 100 BELLEVUE WA 98006 FORECLOSURE SERVICES 374497 SOFTCHOICE CORPORATION 16609 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 SOFTWARE/HARDWARE SERVICES 276438 OPEN SOLUTIONS INC PO BOX 416564 BOSTON MA 02241 CORE OPERATING SYSTEM SUPPORT 203154 KAYE-SMITH PO BOX 956 RENTON WA 98057 MAILING SERVICES 185552 AMERICAN REPORTING COMPANY LLC 1909 214TH ST SE SUITE 102 BOTHELL WA 98021 APPRAISAL SERVICES 159625 8 INTEREST ON LOANS 522100 15265325 15265325 FEE INCOME 522100 4168558 4168558 OTHER 522100 2526419 853459 1672960 21960302 1546637 1546637 416983 66324 350659 350659 350659 3545915 3604815 -58900 -58900 -58900 SALE OF LOANS 522100 3608772 1872629 1736143 3608772 27407470 23647708 3409103 350659 1499992 4961912 324180 1092100 568566 17194 66783 2331125 737025 2407520 904206 702025 100670 2801921 855821 531253 PROV. LOAN/LEASE LOSS 2604782 NCUSIF STABIL. EXP 304712 22811787 1830912 1885996 20118591 14980741 463254 606091 19845776 11168005 9111604 8677771 57077101 80421116 287713102 283682580 7133896 6477884 383448460 396732179 6398920 5700637 349232122 357037588 355631042 362738225 X 0 0 0 0 27817418 33993954 27817418 33993954 383448460 396732179 X 4595683 1580853 X X 0 1 X 1 0 1620348 1620348 7558182 2803242 4754940 3272649 1809143 1463506 7314234 6555620 758614 80363 80363 8677771 INVESTMENTS - OTHER 4370673 F LOANS TO MEMBERS 276104415 F SHARE INSURANCE DEPOSITS 3207492 F 283682580 MEMBER SHARE AND DEPOSITS 340999888 BORROWED FUNDS 16037700 357037588 X DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: FASB ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE CONSOLIDATED 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" OF BEING 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. FOR THE YEAR ENDED DECEMBER 31, 2012, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. THE CREDIT UNION IS GENERALLY NOT SUBJECT TO EXAMINATION BY U.S. FEDERAL AUTHORITIES FOR TAX YEARS BEFORE 2008 AND BY STATE TAX AUTHORITIES BEFORE 2007. X X 1 1 X X 0 0 0 WILLIAM R HAYES 207116 0 4500 0 26669 0 7469 0 5588 0 251342 0 0 0 JOHN ZMOLEK 179105 0 23362 0 1439 0 6356 0 21471 0 231733 0 0 0 SHERRY STECKLY 151939 0 19456 0 0 0 4538 0 8604 0 184537 0 0 0 TERRY SHOFNER 24740 0 156999 0 0 0 5690 0 22155 0 209584 0 0 0 WENDY HOVEY 123310 0 50648 0 0 0 3203 0 5588 0 182749 0 0 0 SHARI STORM 113264 0 15691 0 0 0 1424 0 27667 0 158046 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 VERITY 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. VERITY CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF VERITY 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 THE FINANCE COMMITTEE REVIEWS FORM 990 PRIOR TO SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EVERY MANAGER IS REQUIRED TO REVIEW THE CONFLICT OF INTEREST POLICY WITH THEIR STAFF ON AN ANNUAL BASIS. EVERY EMPLOYEE IS REQUIRED TO REVIEW AND SIGN VERITY'S CONFLICT OF INTEREST POLICY ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION IS SET BY THE BOARD OF DIRECTORS. SENIOR MANAGEMENT'S COMPENSATION IS DETERMINED BY THE CEO, WHO REVIEWS SALARY SURVEY DATA ANNUALLY FOR TWO DATA SETS FOR ALL SENIOR MANAGEMENT POSITIONS. THESE DATA SETS ARE THE ENTIRE CREDIT UNION INDUSTRY AND THE PUGET SOUND FINANCIAL INDUSTRY. FOR ALL REMAINING MANAGERS AND STAFF, EACH POSITION IS SLOTTED INTO 1 OF 6 SALARY RANGES. THE SALARY RANGES ARE REVIEWED ANNUALLY BY THE HUMAN RESOURCES DEPARTMENT TO ENSURE THAT THE JOB TITLE IS IN THE CORRECT RANGE. THE SALARY RANGES ARE ADJUSTED EVERY 2-3 YEARS FOR INFLATION. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN ALL BRANCHES AND ON THE WEBSITE. GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICIES ARE MADE AVAILABLE UPON REQUEST. OTHER FEES FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES: TOTAL EXPENSES 2,331,125. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: CHANGE IN OTHER COMPREHENSIVE INCOME 1,580,853. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. CU HOME MORTGAGE SOLUTIONS LLC 11027 MERIDIAN AVENUE NORTH SEATTLE WA 98133 912081649 MORTGAGE PROCESSING AND SERVICING WA 6070318 5648228 VERITY CREDIT UNION BUSINESS LENDING GROUP LLC 6019 LAKE GROVE ST SW LAKEWOOD WA 98499 451149959 MORTGAGE SERVICING WA VERITY CREDIT UNION UNRELATED 39184 0 1 0.50000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0