2013-11-13T17:48:42-06:00 2012-12-31 910189318 MOSS ADAMS LLP 2707 COLBY AVE SUITE 801 EVERETT WA 982013510 990 2012-01-01 910593941 SALAL CREDIT UNION SALA 2062989394 1515 DEXTER AVENUE NORTH SEATTLE WA 98109 RUSSELL E ROSENDAL 2608267603 2013-11-12 1 KRISTINE HOEFLIN P00786821 4252597227 2012 2016-02-25 16:41:14Z RUSSELL E ROSENDAL 1515 DEXTER AVENUE SEATTLE WA 98109 29668660 0 X WWW.SALALCU.ORG X 1948 WA THE MISSION OF SALAL CREDIT UNION IS TO MAKE MONEY MANAGEMENT EASIER FOR MEMBERS. 8 8 152 10 253626 -149789 0 0 16952973 17604156 1683520 1601565 -9211 -2471 18627282 19203250 38092 61193 0 0 6297963 7178542 0 0 0 10777099 9685919 17113154 16925654 1514128 2277596 345576575 356857145 313996223 322951396 31580352 33905749 THE MISSION FOR SALAL CREDIT UNION IS TO MAKE MONEY MANAGEMENT EASIER FOR MEMBERS. 0 0 SALAL CREDIT UNION IS A STATE CHARTERED NON-PROFIT COOPERATIVE CREDIT UNION OFFERING ITS MEMBERS A VARIETY OF FINANCIAL SERVICES DESIGNED TO PROMOTE SAVING AND PROVIDE CREDIT AT FAIR AND REASONABLE RATES OF INTEREST. SALAL CREDIT UNION CURRENTLY SERVES 33,050 MEMBERS; HOWEVER THERE ARE APPROXIMATELY 250,000 POTENTIAL MEMBERS IN THE GREATER PUGET SOUND COMMUNITY. SALAL CREDIT UNION OFFERS FINANCIAL LITERACY/EDUCATION PROGRAMS TO BOTH MEMBERS AND NON-MEMBERS. THESE EDUCATIONAL PROGRAMS ARE DESIGNED TO HELP INDIVIDUALS IN BUDGETING, SAVING FOR MAJOR PURCHASES, COLLEGE, AND RETIREMENT AND OVERALL FINANCIAL MANAGEMENT. SALAL CREDIT UNION ALSO SPONSORS FINANCIAL COUNSELING PROGRAMS TO HELP MEMBERS BETTER MANAGE THEIR CREDIT. FINALLY, SALAL CREDIT UNION IS A SPONSORING MEMBER OF THE SEATTLE AREA "CREDIT UNIVERSITY", A PROGRAM DESIGNED TO EDUCATE HIGH SCHOOL STUDENTS ABOUT MONEY MANGEMENT. SALAL CREDIT UNION IS ACTIVE IN THE COMMUNITY BY SPONSORING COMMUNITY ORIENTED PROJECTS SUCH AS WASHINGTON BUSINESS WEEK, (A WEEK LONG TRAINING/DEVELOPMENT PROGRAM FOR 15-18 YEAR OLDS), SCHOLARSHIPS FOR HIGH SCHOOL STUDENTS LOOKING TO FURTHER THEIR STUDIES IN THE HEALTHCARE FIELD, CONTINUING EDUCATION SCHOLARSHIPS FOR NURSING STUDENTS, AND CONTRIBUTING TO THE FUNDRAISING EFFORTS OF SEVERAL WORTHWHILE ORGANIZATIONS SUCH AS HEALTHPOINT AND INTERNATIONAL COMMUNITY HEALTH SERVICES (ICHS). 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4943 0 1 152 1 1 1 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X GEOFF SWARTS 2068267600 1515 DEXTER AVENUE NORTH SEATTLE WA 98109 ALAN LEDERMAN 2.00 X X 0 0 0 DR DAVID SHERER 2.00 X X 0 0 0 LAURA MCMILLAN 2.00 X X 0 0 0 DENNIS HIGHTOWER 2.00 X 0 0 0 HELEN HARTE 2.00 X 0 0 0 DICK WOO 2.00 X 0 0 0 SHARON DOOLEY 2.00 X 0 0 0 JAMIE LEE 2.00 X 0 0 0 RUSSELL E ROSENDAL 40.00 X 245144 0 29800 CAROL E BELLAND 40.00 X 200711 0 13262 GEOFFREY T SWARTS 40.00 X 66702 0 6111 ROBERT W SCHWEIGERT 40.00 X 157960 0 11838 SHERYL A KIRCHMEIER 40.00 X 157113 0 4330 CARMELLA M HOUSTON 40.00 X 123071 0 11668 OWEN L WILLIAMS 40.00 X 107078 0 8108 1057779 0 85117 6 0 1 0 JACK HENRY & ASSOCIATES INC 663 W HIGHWAY 60 MONETT MO 657088215 DATA PROCESSING 350603 NETWORK COMPUTING ARCHITECTS INC 330 120TH AVE NE 210 BELLEVUE WA 98005 TELECOMMUNICATION SERVICES 322486 INTEGRA TELECOM 2939 COLBY AVE EVERETT WA 98201 COMMUNICATION AND NETWORKING SERVICES 187020 BUSINESS DATA INC 321 NORTH OAK STREET INGLEWOOD CA 90302 DOCUMENT SERVICES 159988 ACCOUNTEMPS 601 UNION ST 4300 SEATTLE WA 98101 TEMPORARY ACCOUNTING STAFFING SERVICES 126352 6 INTEREST ON MEMBER LOANS 900099 12657992 12657992 SERVICE CHARGES & FEE INCOME 900099 2646927 2584052 62875 NET GAINS ON SALES OF LOANS 900099 2039866 2039866 OTHER NON-INTEREST INCOME 900099 259371 68620 190751 17604156 1477491 1477491 34063 36534 -2471 -2471 -2471 10552950 10428876 124074 124074 124074 19203250 17350530 253626 1599094 61193 561730 5110098 83103 915734 507877 93979 63246 75629 44790 636761 611652 57102 600437 155867 1405157 996853 373563 PROVISION FOR LOAN LOSS 2023880 TRANSACTION EXPENSE 1306450 MISCELLANEOUS EXPENSE 231461 DATA PROCESSING 114972 894120 16925654 14443619 7926116 1146524 232916289 238451965 387803 340313 11143935 6334376 4796566 4809559 86211590 99350871 5674184 5978321 345576575 356857145 5692507 7059531 11000000 5000000 297303716 310891865 313996223 322951396 X 0 0 0 0 31580352 33905749 31580352 33905749 345576575 356857145 2277596 47801 0 X X 0 1 X 1 0 0 0 501673 501673 4547894 2337784 2210110 1025012 894410 130602 5069356 3102182 1967174 4809559 AVAILABLE FOR SALE SECURITIES 75999709 F OTHER INVESTMENTS IN RESTRICTED STOCK 992900 C CERTIFICATE OF DEPOSIT 22358262 C 99350871 MEMBER SHARES 310891865 310891865 X 19287585 47801 36534 84335 19203250 0 19203250 16962188 36534 36534 16925654 0 16925654 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE CREDIT UNION IS EXEMPT BY STATUTE FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF SECTION 501 OF THE INTERNAL REVENUE CODE (IRC) OF 1954; HOWEVER, THE CREDIT UNION'S UNRELATED BUSINESS INCOME IS SUBJECT TO FEDERAL INCOME TAXES. THERE WERE NO SIGNIFICANT INCOME TAXES FOR THE YEARS ENDED DECEMBER 31, 2012 OR 2011. ACCOUNTING PRINCIPLES PRESCRIBE A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE CREDIT UNION ADOPTED THE PROVISIONS OUTLINED IN THIS GUIDANCE ON JANUARY 1, 2009. THE CREDIT UNION HAD NO UNRECOGNIZED TAX POSITIONS THAT REQUIRED ADJUSTMENT TO THE JANUARY 1, 2009, BEGINNING BALANCE OF UNDIVIDED EARNINGS. THE CREDIT UNION HAD NO UNRECOGNIZED TAX POSITIONS AT DECEMBER 31, 2012 OR 2011. IT IS THE CREDIT UNION'S POLICY TO RECORD ANY PENALTIES OR INTEREST ARISING FROM FEDERAL OR STATE TAXES AS A COMPONENT OF NONINTEREST EXPENSE. THE CREDIT UNION FILES EXEMPT ORGANIZATION AND UNRELATED BUSINESS INCOME TAX RETURNS WITH THE FEDERAL JURISDICTION. THE CREDIT UNION IS NO LONGER SUBJECT TO UNITED STATES FEDERAL INCOME TAX EXAMINATION BY TAX AUTHORITIES FOR THE YEARS ENDED ON OR BEFORE DECEMBER 31, 2009. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL BUILDING EXPENSES 36,534. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL BUILDING EXPENSES 36,534. 1 FOUNDATION FOR PRIVATE ENTERPRISE EDUCATION 33305 1ST WAY S STE B-212 FEDERAL WAY WA 98003 911048245 501(C)(3) 7500 WASHINGTON BUSINESS WEEK HEALTH CARE PROGRAM 1 0 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE ORGANIZATION OFFERS A SCHOLARSHIP OPPORTUNITY TO PARTICIPANTS IN THE WASHINGTON BUSINESS WEEK HEALTHCARE PATHWAY HELD ANNUALLY IN WESTERN WASHINGTON. APPLICANTS AND ESSAYS ARE REVIEWED BY SALAL EMPLOYEES AS PART OF THE SELECTION PROCESS. X 1 1 X X X 0 0 0 RUSSELL E ROSENDAL 204626 0 33361 0 7157 0 4746 0 25054 0 274944 0 0 0 CAROL E BELLAND 156152 0 36675 0 7884 0 5705 0 7557 0 213973 0 0 0 ROBERT W SCHWEIGERT 130968 0 26420 0 572 0 4281 0 7557 0 169798 0 0 0 SHERYL A KIRCHMEIER 127890 0 28142 0 1081 0 4330 0 0 0 161443 0 0 0 PART I, LINE 1A HEALTH CLUB DUES - CEO AND COO ATHLETIC CLUB MEMBERSHIP FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S 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 ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, 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 BODY'S 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 11 FORM 990 IS DRAFTED BY AN EXTERNAL AUDIT FIRM AND COMPANY CONTROLLER AND IS THEN REVIEWED AND APPROVED BY THE CFO. FORM 990, PART VI, SECTION B, LINE 12C EACH EMPLOYEE IS REQUIRED TO ANNUALLY SIGN AN ETHICS STATEMENT ACKNOWLEDGING THEY HAVE NOT ACCEPTED ITEMS OF VALUE GREATER THAN $20. ADDITIONALLY EXECUTIVE MANAGEMENT AND THE BOARD OF DIRECTORS SIGN AN ADDITIONAL STATEMENT ACKNOWLEDGING THEIR HIGHER STANDARDS. DEPARTMENT MANAGERS ARE RESPONSIBLE FOR MONITORING AND REPORTING ANY VIOLATIONS OF THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION'S HUMAN RESOURCES DEPARTMENT SUBSCRIBES TO TWO ANNUAL FINANCIAL INSTITUTIONS COMPENSATION SURVEYS. COMPENSATION FOR EXECUTIVE OFFICERS IS APPROVED BY THE CEO IN CONSULTATION WITH THE INDEPENDENT EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS. COMPENSATION FOR THE CEO IS RECOMMENDED BY THE EXECUTIVE COMMITTEE AFTER REVIEWING MATERIAL PREPARED BY A CONSULTANT HIRED BY THE COMMITTEE. FINAL APPROVAL IS SUBJECT TO FULL BOARD APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE AT THE ANNUAL MEETING. BALANCE SHEETS ARE POSTED AT EACH BRANCH AND UPDATED MONTHLY. MEMBERS ARE DIRECTED TO THE NCUA WEBSITE FOR ADDITIONAL FINANCIAL INFORMATION. FORM 990, PART XI, LINE 2C: THE PROCESS FOR OVERSEEING THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED SINCE THE PREVIOUS YEAR.