2026-03-31T14:31:28-05:00 2023-12-31 390859910 BAKER TILLY ADVISORY GROUP LP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2023-01-01 910219005 VERITY CREDIT UNION VERI 8004444589 11027 MERIDIAN AVENUE NORTH SEATTLE WA 98133 JAVIER D'AGUSTINI CONTROLLER 8004444589 2026-03-27 1 1 EMINA O CRESSWELL P01217304 4252597227 2026-03-27 2023 2025-03-06 01:10:19Z X BRAD TANBERG 11027 MERIDIAN AVENUE NORTH SEATTLE WA 98133 45943233 0 X WWW.VERITYCU.COM X CREDIT UNION 1933 WA A COOPERATION ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 10 10 188 11 8722 0 0 627000 36566319 43266126 1395970 1663524 381657 374968 38343946 45931618 99988 190829 0 0 13424157 16398460 0 0 0 17098902 29056565 30623047 45645854 7720899 285764 865179017 829447323 793586208 758958588 71592809 70488735 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 37,837 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 THROUGH SIX FULL BRANCHES, A CALL CENTER, AND ONLINE ACCOUNT SERVICES. VERITY CREDIT UNION OFFERS A FULL-SERVICE INVESTMENT PROGRAM WITH TWO REGISTERED INVESTMENT REPRESENTATIVES AND A SUPPORT REPRESENTATIVE. AS OF DECEMBER 31, 2023, VERITY'S INVESTMENT SERVICES PROGRAM HAD 1,069 MEMBERS WHO HAVE 2,178 ACCOUNTS, AND $223,076,823 IN ASSETS UNDER MANAGEMENT. VERITY CREDIT UNION OFFERS FREE FINANCIAL COUNSELING TO ITS MEMBERS. SPECIFIC SERVICES INCLUDE FINANCIAL PLANNING, DEBT MODIFICATION ON LOANS FROM VERITY AND OTHER CREDITORS, AND DIRECT ASSISTANCE IN UTILIZING THE GOVERNMENT SPONSORED MORTGAGE RELIEF PROGRAMS. 0 1 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 1 1 0 0 1 13462 0 1 188 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X TONITA WEBB 8004445304 11027 MERIDIAN AVENUE NORTH SEATTLE WA 98133 WILL COLLINS CHAIRPERSON 5.00 X X 0 0 0 MICHELLE PHAM VICE CHAIRPERSON 5.00 X X 0 0 0 NICHOLAS ETSCHEID BOARD SECRETARY 5.00 X X 0 0 0 VIKASH CHHAGAN BOARD MEMBER 5.00 X 0 0 0 CHAD KLEMME BOARD MEMBER 5.00 X 0 0 0 PELIN MUHARREMOGLU BOARD MEMBER (THRU 12/23) 5.00 X 0 0 0 DARIUS CHEHRZAD BOARD MEMBER 5.00 X 0 0 0 TOM HOLZ BOARD MEMBER 5.00 X 0 0 0 ALEX JOHNSON BOARD MEMBER 5.00 X 0 0 0 WELEY NGUYEN BOARD MEMBER 5.00 X 0 0 0 NANCY WOODLAND BOARD MEMBER 5.00 X 0 0 0 TONITA WEBB PRESIDENT - CEO 40.00 X 585855 0 29793 BRAD TANBERG CHIEF FINANCIAL OFFICER 40.00 X 330565 0 26241 TINA NARRON CHIEF LENDING OFFICER 40.00 X 249419 0 21608 JASON HIRL CHIEF TECHNOLOGY OFFICER 40.00 X 243382 0 21403 ANGELA LOWE CHIEF HUMAN RESOURCE (THRU 1/23) 40.00 X 161826 0 5464 JOSH SIDELL CHIEF EXPERIENCE OFFICER 40.00 X 213073 0 10638 ALMA GRANIC CHIEF RISK OFFICER 40.00 X 232846 0 23631 ZIQUORA BANKS CHIEF IMPACT STRATEGY OFFICER 40.00 X 213072 0 17811 JOHN BENNER DIRECTOR OF SMALL BUSINESS 40.00 X 187000 0 18020 KEN BUTLER DIRECTOR OF INVESTMENT SERVICES 40.00 X 232076 0 20228 GREG VERMILION DIRECTOR OF IT 40.00 X 175302 0 22123 PAUL MCJANNET DIRECTOR OF E-COMMERCE 40.00 X 158252 0 15130 JAVIER D'AGUSTINI CONTROLLER 40.00 X 164114 0 19507 3146782 0 251597 30 0 1 0 Q2 SOFTWARE INC 10355 PECAN PARK BLVD AUSTIN TX 78729 SOFTWARE-DIGITAL BANKING 1128127 FISERV INC PO BOX 208457 DALLAS TX 75320 CORE SYSTEM 987796 CATALYSIS 1601 EAST JOHN STREET SEATTLE WA 98112 MARKETING 506622 CO-CREATING INCLUSION LLC 1000 DEAN STREET SUITE 101 BROOKLYN NY 11238 DEI EMPLOYEE TRAINING 505400 SHI INTERNATIONAL CORP 3828 PECANA TRAIL AUSTIN TX 78749 IT RELATED SERVICES 440974 39 627000 627000 INTEREST ON LOANS 522100 37108826 37108824 2 INTERCHANGE INCOME 522100 3465169 3465169 FEES AND CHARGES 522100 2780395 2653082 127313 SUBSIDIARY INCOME 522100 -88264 39268 -127532 43266126 1663524 1663524 386583 11615 374968 374968 8939 366029 45931618 43266343 8722 2029553 X 190829 2386628 10793894 569712 1453940 1194286 373986 235035 4687286 602431 2006918 3735826 1348249 40397 181244 7603475 750761 146868 PROVISION FOR LOAN LOSS 4541611 LOAN SERVICING 1017076 MEMBER EXPENSES 418625 ASSOCIATION DUES 231258 1135519 45645854 9944788 10215248 32593641 49698454 2095148 6634418 7426508 7100309 756796789 710907269 2033652 2222960 26929564 19996896 7598833 6932668 29161011 23742055 7968246 3318971 9560401 8674971 865179017 829447323 9913231 14935235 17776453 15669935 62500000 58500000 703396524 669853418 793586208 758958588 X 0 0 0 0 71592809 70488735 71592809 70488735 865179017 829447323 X 285764 707341 905 -2098084 X 0 1 X 0 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 7947 7947 7947 1 CREDIT UNION LEGISLATIVE ACTION FUND 18000 INTERNATIONAL BLVD SUITE 350 SEATAC WA 98188 800043051 7947 PART I-A, LINE 1: THE CREDIT UNIONS ONLY INDIRECT POLITICAL CAMPAIGN ACTIVITY IS A CONTRIBUTION TO THE CREDIT UNION LEGISLATIVE ACTION COMMITTEE A POLITICAL ACTION COMMITTEE. 949524 949524 9133926 5793838 3340088 5254596 4070874 1183722 11591518 10132184 1459334 6932668 MEMBER SHARE AND DEPOSITS 668268680 LEASE LIABILITY 1584738 669853418 X PART X, LINE 2: THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14) AND, AS SUCH, IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. THE SPECIFIC APPLICATION OF SECTION 512 TO THE VARIOUS ACTIVITIES CONDUCTED BY STATE-CHARTERED CREDIT UNIONS HAS BEEN AT ISSUE FOR MANY YEARS. DURING 2007, THE IRS ISSUED A SERIES OF TECHNICAL ADVICE MEMORANDA (TAMS) TO A NUMBER OF STATE-CHARTERED CREDIT UNIONS LOCATED THROUGHOUT THE COUNTRY. IN LIGHT OF THE TAMS, THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSES IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. 0 GSBA SCHOLARSHIP FUND 400 E PINE ST STE 322 SEATTLE WA 98122 943138514 501(C)3 15000 0 ECONOMIC AND EDUCATIONAL EQUITY FOR DISADVANTAGED SMALL BUSINESSES AND NONPROFITS. HOUSING DEVELOPMENT CONSORTIUM 1326 FIFTH AVE SEATTLE WA 98101 943073588 501(C)3 6360 0 SUPPORTING AFFORDABLE HOUSING COLLABORATION & DEVELOPMENT. FRIENDS OF SEATTLE WATERFRONT PO BOX 21272 SEATTLE WA 98111 800867356 501(C)3 13000 0 COMMUNITY EQUITY INITIATIVE & SUMMER PROGRAMMING FOR NON-PROFIT CAPACITY BUILDING. ACTS ON STAGE 10806 12TH AVE SW SEATTLE WA 98146 850694752 501(C)3 20000 0 FINANCIAL EDUCATION FOR YOUTH SUMMER PROGRAM. NATIONAL CREDIT UNION FOUNDATION 4703 MADISON YARDS WAY MADISON WI 53705 391383650 501(C)3 25000 0 FINANCIAL HEALTH COLLABORATION AND SUPPORT. DELRIDGE NEIGHBORHOOD DEVELOPMENT ASSOCIATION 4408 DELRIDGE WAY SW STE 109 SEATTLE WA 98106 911741016 501(C)3 6000 0 SUPPORTING AFFORDABLE HOUSING FOR 2022 (MISSED DONATION) AND 2023. AMERICAN HEART ASSOCIATION 601 UNION STREET STE 2420 SEATTLE WA 98101 135613797 501(C)3 10000 0 SUPPORTING THE 100TH YEAR OF COMBATTING HYPERTENSION IN COMMUNITIES AND HEART HEALTH. GOWEST FOUNDATION 18000 INTERNATIONAL BLVD SEATAC WA 98188 911649328 501(C)3 8000 0 WILDFIRE RELIEF IN SPOKANE, WA. 8 0 X 1 1 X X 0 1 0 TONITA WEBB PRESIDENT - CEO 464167 0 109688 0 12000 0 16431 0 13362 0 615648 0 0 0 BRAD TANBERG CHIEF FINANCIAL OFFICER 293607 0 36708 0 250 0 16581 0 9660 0 356806 0 0 0 TINA NARRON CHIEF LENDING OFFICER 218079 0 31340 0 0 0 14808 0 6800 0 271027 0 0 0 JASON HIRL CHIEF TECHNOLOGY OFFICER 214298 0 29084 0 0 0 14603 0 6800 0 264785 0 0 0 ALMA GRANIC CHIEF RISK OFFICER 220200 0 12396 0 250 0 13971 0 9660 0 256477 0 0 0 KEN BUTLER DIRECTOR OF INVESTMENT SERVICES 66350 0 165726 0 0 0 13075 0 7153 0 252304 0 0 0 ZIQUORA BANKS CHIEF IMPACT STRATEGY OFFICER 185634 0 27438 0 0 0 11011 0 6800 0 230883 0 0 0 JOSH SIDELL CHIEF EXPERIENCE OFFICER 185635 0 27438 0 0 0 10638 0 0 0 223711 0 0 0 JOHN BENNER DIRECTOR OF SMALL BUSINESS 127159 0 59841 0 0 0 11220 0 6800 0 205020 0 0 0 GREG VERMILION DIRECTOR OF IT 157056 0 18246 0 0 0 9823 0 12300 0 197425 0 0 0 JAVIER D'AGUSTINI CONTROLLER 155766 0 8348 0 0 0 9847 0 9660 0 183621 0 0 0 PAUL MCJANNET DIRECTOR OF E-COMMERCE 142972 0 15280 0 0 0 9495 0 5635 0 173382 0 0 0 ANGELA LOWE CHIEF HUMAN RESOURCE (THRU 1/23) 133475 0 28351 0 0 0 4679 0 785 0 167290 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS IS PROVIDED TO BOARD MEMBERS WHEN THEY TRAVEL FOR CREDIT UNION BUSINESS. ANY PAYMENTS ARE INCLUDED IS TAXABLE TO THE BOARD MEMBER. PART I, LINE 4B TONITA WEBB PARTICIPATES IN A SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15. TONITA WEBB CHIEF EXECUTIVE OFFICER SPLIT DOLLAR ARRANGEMENT X 5316421 5555802 0 1 1 JASON HIRL CHIEF TECHNOLOGY OFFICER HOME MORTGAGE X 374000 296952 0 1 1 ANGELA LOWE CHIEF HR OFFICER HOME MORTGAGE X 423700 365608 0 1 1 TINA NARRON CHIEF LENDING OFFICER HOME MORTGAGE X 440000 370939 0 1 1 JOSH SIDELL CHIEF EXPERIENCE OFFICER HOME MORTGAGE X 548000 511008 0 1 1 7100309 SCHEDULE L, PART II, LINE (C) ADDITIONAL EXPLANATION: SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.782-15. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT 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 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 IN 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 OUR 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 11B THE CFO REVIEWS THE REPORTS FOR ACCURACY, COMPARING TO INTERNAL FINANCIAL STATEMENTS AND OTHER INTERNAL REPORTS. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD AND COMMITTEE MEMBERS WILL REVIEW AND SIGN THE STATEMENT OF RECEIPT & UNDERSTANDING BEFORE CONSIDERATION FOR OFFICE. ANNUALLY THEY WILL SIGN THE STATEMENT OF RECEIPTS & UNDERSTANDING AT THE MAY BOARD MEETING. CREDIT UNION BOARD AND COMMITTEE MEMBERS MUST IMMEDIATELY DISCLOSE THE EXISTENCE OF ANY KNOWN CONFLICT OF INTEREST EITHER WITH THE CREDIT UNION OR ITS MEMBERS. THEY MUST THEN RECUSE THEMSELVES FROM CONSIDERATION OF ANY CONTRACT, TRANSACTION OR RELATIONSHIP IN WHICH THEY OR THEIR FAMILY MEMBERS HAVE AN INTEREST. COMPLAINTS RELATING TO ALLEGED VIOLATIONS ARE TO BE PUT IN WRITING AND SUBMITTED TO ANY OFFICER, BOARD OR SUPERVISORY COMMITTEE MEMBER. COMPLAINTS WILL THEN BE FORWARDED TO THE HIGHEST RANKING INDIVIDUAL ON THE BOARD OR SUPERVISORY COMMITTEE WHO WAS NOT NAMED IN THE COMPLAINT TO BE RESOLVED. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION IS SET BY THE BOARD OF DIRECTORS ANNUALLY UTILIZING COMPENSATION SURVEYS AND STUDIES. SENIOR MANAGEMENT'S COMPENSATION IS DETERMINED BY THE CEO, WHO REVIEWS SALARY SURVEY DATA ANNUALLY USING 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, GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICIES ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G CONSULTING 2,366,539. PURCHASED SERVICES 2,320,747. FORM 990, PART XI, LINE 9: CUHMS SMLLC TRANSFER -1,334,886. CUHMS M1 ADJUSTMENTS 89,244. CECL ADJUSTMENT -852,442. FORM 990, BOX B - AMENDED RETURN STATEMENT THE ORGANIZATION'S 2023 AUDITED FINANCIAL STATEMENTS WERE NOT PREPARED ON TIME. THE 2023 TAX RETURN WAS FILED LATE IN NOVEMBER 2024. THE AUDIT HAS NOW BEEN COMPLETED AND THE FORM 990 IS BEING AMENDED TO ACCURATELY REPORT THE CHANGES FROM THE AUDIT. THE FOLLOWING CHANGED DUE TO THE ISSUANCE OF THE AUDITED FINANCIAL STATEMENTS: -PART I, LINES 7A, 8, 12, 17, 18, 20, 21, 22 -PART IV, LINES 11F, 12B, 33 -PART VIII, LINES 1E, 1H, 2A, 6D, 12 -PART IX, LINES 24, 25 -PART X, LINES 1, 2, 4, 7, 12, 16, 17, 23, 25, 26, 31, 32, 33 -PART XI, LINE 1, 2, 8, 9, 10 -PART XII, LINES 2B, 2C -SCHEDULE B, PART I IS INCLUDED FOR THE GRANTS RECEIVED IN 2023. -SCHEDULE D, PART VI LINES 1B, 1C, 1D -SCHEDULE D, PART X LINE 1B -SCHEDULE R, PART I COLUMN D AND E -SCHEDULE R, PART V, LINE 2 COLUMN C CU HOME MORTGAGE SOLUTIONS LLC 11027 MERIDIAN AVENUE N 102 SEATTLE WA 98133 912081649 MORTGAGE PROCESSING AND SERVICING WA 296579 8203361 VERITY CREDIT UNION CU HOME MORTGAGE SOLUTIONS LLC 11027 MERIDIAN AVENUE N 102 SEATTLE WA 98133 912081649 MORTGAGE PROCESSING AND SERVICING WA VERITY CREDIT UNION RELATED -674053 0 -653960 1 0.50000 CHARITABLE LEAD TRUST WA N/A T 0 1 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 0 0 1 CU HOME MORTGAGE SOLUTIONS LLC A 111794 ACCRUED BALANCE CU HOME MORTGAGE SOLUTIONS LLC L 120302 ACCRUED BALANCE CU HOME MORTGAGE SOLUTIONS LLC M 275083 ACCRUED BALANCE