2012-11-01T16:30:27-05:00 2011-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2011-01-01 910219005 VERITY CREDIT UNION VERI 8004444589 11027 MERIDIAN AVENUE NORTH SEATTLE WA 98133 GREG BRUNS 2063615388 2012-10-22 1 VALENTINO CREUS P01054143 8189549700 2011 2016-02-24 21:20:13Z WILLIAM R HAYES 11027 MERIDIAN AVENUE NORTH SEATTLE WA 98133 27317261 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 9 196 12 583851 -800387 0 0 21980639 20720569 1983785 1742715 2198162 1655578 26162586 24118862 0 0 0 0 6892845 7085615 0 0 0 17365889 19629386 24258734 26715001 1903852 -2596139 366726691 383448460 336606099 355631042 30120592 27817418 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 26,592 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, 2011, VERITY'S INVESTMENT SERVICES PROGRAM HAD 867 MEMBERS WHO HAVE 1,878 ACCOUNTS AND $58,512,264 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 0 1 15885 0 1 196 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 E LAIRD HANSEN 2.00 X 0 0 0 ERIN HAAS 2.00 X 0 0 0 KAREN HUNT 2.00 X 0 0 0 ZULEMA HINOJOS-FALL 2.00 X 0 0 0 DAN YOUNG 2.00 X 0 0 0 MARY SEVILLA 2.00 X 0 0 0 SCOTT LARSON 2.00 X 0 0 0 ANTHONY KUSSKE 2.00 X 0 0 0 WILLIAM HAYES 40.00 X 238285 0 12037 GREG BRUNS 40.00 X 119096 0 3573 JOHN ZMOLEK 40.00 X 196060 0 26097 SHERRY STECKLY 40.00 X 158213 0 14391 WENDY HOVEY 40.00 X 185931 0 7759 BRIAN MOORE 40.00 X 118467 0 22430 TERRY SHOFNER 40.00 X 117886 0 23279 SHARI STORM 40.00 X 117849 0 26614 SUMMER JOHNSON 40.00 X 116683 0 18306 1368470 0 154486 9 0 1 0 NORTHWEST TRUSTEE SERVICES 13555 SE 36TH ST STE 100 BELLEVUE WA 98006 FORECLOSURE SERVICES 407533 OPEN SOLUTIONS INC 455 WINDING BROOK DRIVE GLASTONBERRY CT 06033 CORE OPERATING SYSTEM MAINTENANCE 220198 DIEBOLD INC PO BOX 643543 PITTSBURGH PA 15264 ATM SERVICES 207093 KAYE-SMITH 4101 OAKESDALE AVE RENTON WA 98057 STATEMENT DOCUMENT CREATION 183507 CJ CLEANUP CREW 19313 45TH DRIVE NE ARLINGTON WA 98223 REAL ESTATE SERVICES 125550 10 INTEREST ON LOANS 522100 16025359 16025359 FEE INCOME 522100 3589333 3589333 OTHER 522100 1105877 522026 583851 20720569 1797418 1797418 420619 72782 347837 347837 347837 3070914 3125617 -54703 -54703 -54703 SALE OF LOANS 522100 1307741 1307741 1307741 24118862 23187174 583851 347837 1368470 4154926 233342 769283 559594 9172 45148 2584258 1068174 2139815 875477 590508 57375 3594219 843746 603480 PROV. LOAN/LEASE LOSS 6439165 NCUSIF STABIL. EXP 778849 26715001 1945493 1830912 7659581 20118591 294090 463254 19384609 10273005 9609321 9111604 60115688 57077101 281473281 287713102 5629237 7133896 366726691 383448460 5924444 6398920 330681655 349232122 336606099 355631042 X 0 0 0 0 30120592 27817418 30120592 27817418 366726691 383448460 X -2596139 292965 X X 0 1 1 X 0 1620348 1620348 7558182 2632004 4926178 3247782 1622316 1625466 6957229 6018685 938544 1068 1068 9111604 INVESTMENTS - OTHER 4378506 F LOANS TO MEMBERS 280219201 F SHARE INSURANCE DEPOSITS 3115395 F 287713102 MEMBER SHARE AND DEPOSITS 333194422 BORROWED FUNDS 16037700 349232122 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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, 2011, 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 0 0 WILLIAM HAYES 217996 0 0 0 20289 0 7070 0 4967 0 250322 0 0 0 JOHN ZMOLEK 174272 0 15267 0 6521 0 6100 0 19997 0 222157 0 0 0 SHERRY STECKLY 145498 0 12715 0 0 0 4424 0 9967 0 172604 0 0 0 WENDY HOVEY 98625 0 77776 0 9530 0 2792 0 4967 0 193690 0 0 0 PART I, LINE 4A BRIAN MOORE RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $18,700 IN 2011. 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: CHANGE IN OTHER COMPREHENSIVE INCOME 292,965. TOTAL TO FORM 990, PART XI, LINE 5: 292,965. 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 981490 2668745 VERITY CREDIT UNION