2012-05-14T15:45:32-00:00 2011-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2011-01-01 910683062 WASHINGTON STATE EMPLOYEES CREDIT UNION WASH 3609437911 PO BOX WSECU OLYMPIA WA 985070099 KEVIN S FOSTER-KEDDIE 3609437911 2012-05-14 true AUBREY CLEGG 3052328272 2012-05-14 2011 2016-02-24 21:20:13Z KEVIN FOSTER-KEDDIE PO BOX WSECU OLYMPIA WA 985070099 150436985 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 9 594 12 891009 -630708 0 100468820 95110508 4586300 5878475 149821 146059 105204941 101135042 0 0 35037116 35896809 0 0 58478843 54419104 93515959 90315913 11688982 10819129 1546329476 1657596502 1387771995 1486810241 158557481 170786261 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 ACCROSS THE UNITED STATES. COMPLETE DETAILS AND CURRENT RATES ARE AVAILABLE ON OUR WEBSITE. false false false false false false false false true true 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 false false false true 52250 0 true 594 true true true 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 FRED OLSON 001.00 X 0 0 0 GINNY DALE 001.00 X 0 0 0 CAROLE WASHBURN 001.00 X 0 0 0 RITA KOONTZ 001.00 X 0 0 0 JOHN PITTMAN 001.00 X 0 0 0 DOUG MAH 001.00 X 0 0 0 MIKE STEVENSON 001.00 X 0 0 0 TRACY GUERIN 001.00 X 0 0 0 JERRY HENDRICKS 001.00 X 0 0 0 TOM WIELAND 001.00 X 0 0 0 JEFF DOYLE 001.00 X 0 0 0 SCOTT HENDERSON 001.00 X 0 0 0 KEVIN S FOSTER-KEDDIE 040.00 X 637083 0 36186 RANDY GUNDERSON 040.00 X 235389 0 38416 MARK ALLEN 040.00 X 259797 0 39168 LINDA HOLLEN 040.00 X 309077 0 33226 BENJAMIN MORALES 040.00 X 272608 0 39147 GARY R SWINDLER 040.00 X 210863 0 30998 SHARON L WHITEHEAD 040.00 X 230261 0 29401 RICHARD LADD 040.00 X 147116 0 30816 CYNTHIA E SCHAUMBURG 040.00 X 147551 0 28430 SID SCHROADER 040.00 X 150922 0 21752 KEITH TROUP 040.00 X 153365 0 20407 WALTER CUNNINGHAM 040.00 X 144763 0 30589 2898795 378536 12 false true false THURSTON COUNTY TREASURER 2000 LAKE RIDGE DRIVE SW OLYMPIA WA 98502 MORTGAGE LOAN RELATED 6512301 NATIONAL CREDIT UNION ADMINISTRATION PO BOX 979069 ST LOUIS MO 63197 INSURANCE 4035379 REGENCE WASHINGTON HEALTH PO BOX 21267 SEATTLE WA 981113267 EMPLOYEE BENEFITS 2865170 CONSUMER BENEFIT SERVICES 1620 BOND STREET NAPERVILLE IL 60563 VISA REWARDS PROGRAM 2315027 KAYE SMITH PO BOX 956 RENTON WA 980570956 STATEMENT/FORMS-PRINTER AND MAILER 2120249 92 INTEREST ON LOANS TO MEMBERS 522100 58815418 58815418 SERVICE FEES/CHARGES 522100 30771225 29880216 891009 MORTGAGE LENDING 522100 5523865 5523865 95110508 5689157 5689157 234685 103985 130700 130700 130700 46618857 2768419 46045755 3152203 573102 -383784 189318 189318 OTHER INCOME 522100 15359 15359 15359 101135042 100244033 891009 0 0 0 0 3277331 3277331 0 22547721 22547721 2064176 2064176 5770188 5770188 2237393 2237393 0 133230 133230 103343 103343 0 0 2436174 2436174 1273399 1273399 5057389 5057389 1865159 1865159 0 3633028 3633028 222929 222929 0 339394 339394 7400338 7400338 0 5350990 5350990 379547 379547 SEE SCHEDULE ATTACHED 26224184 26224184 0 90315913 90315913 16098601 17640527 7431444 15614108 4655412 4906489 902620217 951614709 12112832 12580819 111535884 36203996 76879166 75331888 226382817 332716476 284862298 230218337 15286689 16973149 1546329476 1657596502 16962108 30836459 1370809887 1455973782 1387771995 1486810241 X 158557481 170786261 158557481 170786261 1546329476 1657596502 X 10819129 1409651 X false true true X false false 10175142 10175142 68202703 11027759 57174944 6298339 4903935 1394404 26565617 19978219 6587398 294083 294083 75331888 HELD TO MATURITY SECURITIES 100000 F OTHER 230118337 F 230218337 SHARE DRAFT ACCOUNTS 273683842 SHARE ACCOUNTS 576647330 MONEY MARKET ACCOUNTS 195977822 IRA SHARE ACCOUNTS 22244396 SHARE AND IRA CERTIFICATES 387420392 1455973782 101135042 90315913 10819129 1206247 203404 1409651 12228780 101253754 -188677 -188677 101442431 -307389 -307389 101135042 90231221 103985 103985 90127236 188677 188677 90315913 X 2 FASB ASC 740-10-25 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. MANAGEMENT HAS ASSESSED THE CREDIT UNIONS ACTIVITIES AND ANY POTENTIAL FEDERAL X 2 continued... 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 2010, 2009, AND 2008 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. XI 8 203,405 LOSS ON TRADING SECURITIES XII 2D 188,677 LOSSES DUE TO DISPOSITION NON-SALE OF PROPERTY AND EQUIPMENT AND OREO WRITE DOWNS. XII 4B 307,389 203,404 GAIN ON TRADING SECURITIES 103,985 RENTAL EXPENSES XIII 2D 103,985 RENTAL EXPENSES XIII 4B 188,677 LOSSES DUE TO DISPOSITION NON-SALE OF PROPERTY AND EQUIPMENT AND OREO WRITE DOWNS X X X true true X X X X false false false KEVIN S FOSTER-KEDDIE 469764 113674 53645 20825 15361 673269 RANDY GUNDERSON 184184 50608 597 20093 18323 273805 MARK ALLEN 192624 66048 1125 20825 18343 298965 LINDA HOLLEN 226189 79024 3864 20825 12401 342303 BENJAMIN MORALES 199764 72107 737 20825 18322 311755 GARY R SWINDLER 155221 54874 768 17973 13025 241861 SHARON L WHITEHEAD 170188 59505 568 19988 9413 259662 RICHARD LADD 124884 21630 602 12474 18342 177932 CYNTHIA E SCHAUMBURG 29982 117569 12567 15863 175981 SID SCHROADER 23102 127820 12840 8912 172674 KEITH TROUP 129315 23904 146 13106 7301 173772 WALTER CUNNINGHAM 116136 21235 7392 12299 18290 175352 I 1a Included in the CEOs taxable income is a stipend intended to pay health club dues however, he is not required to use the stipend for its intended purpose. I 1a The Credit Unions CEO, Kevin Foster-Keddie, is extremely tall. Certain airlines dont provide enough leg room for Mr. Foster-Keddie to sit comfortably. Therefore, the Credit Union will occassionally, depending on the airline, purchase a first class ticket for him. Form 990 Part VI 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 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 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 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 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 VI 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 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 5 1,616,607 UNREALIZED HOLDING GAINS ON AVAILABLE-FOR-SALE INVESTMENTS 410,360 RECLASSIFICATION ADJUSTMENTS FOR GAINS INCLUDED IN NET INCOME ON SALE OF AVAILABLE-FOR-SALE SECURITIES 203,404 MARKET VALUE ADJUSTMENT ON TRADING SECURITIES. 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 VI 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 5 1,616,607 UNREALIZED HOLDING GAINS ON AVAILABLE-FOR-SALE INVESTMENTS 410,360 RECLASSIFICATION ADJUSTMENTS FOR GAINS INCLUDED IN NET INCOME ON SALE OF AVAILABLE-FOR-SALE SECURITIES 203,404 MARKET VALUE ADJUSTMENT ON TRADING SECURITIES. ONE WASHINGTON FINANCIAL LLC PO BOX WSECU OLYMPIA WA 98507 753134955 LOAN SERVICING WA 2626520 7630747 N/A