2024-11-08T17:38:58-06:00 2023-12-31 910189318 MOSS ADAMS LLP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2023-01-01 910593941 SALAL CREDIT UNION SALA 2062989394 9706 4TH AVENUE NE 400 SEATTLE WA 98115 RUSSELL E ROSENDAL PRESIDENT/CEO 2608267603 2024-11-07 1 0 EMINA O CRESSWELL CPA P01217304 4252597227 2024-11-07 2023 2024-10-15 13:58:12Z RUSSELL E ROSENDAL 9706 4TH AVENUE NE 400 SEATTLE WA 98115 76453036 0 X WWW.SALALCU.ORG X 1948 WA WE ELIMINATE FINANCIAL OBSTACLES TO HELP EVERYDAY VISIONARIES REALIZE THEIR FULL POTENTIAL. 6 6 307 6 231906 0 0 0 58120658 68887854 4893136 5660850 347800 417244 63361594 74965948 321271 253944 0 0 28179098 30552263 0 0 0 28613649 37400556 57114018 68206763 6247576 6759185 1278954143 1217780482 1200065836 1129375823 78888307 88404659 WE ELIMINATE FINANCIAL OBSTACLES TO HELP EVERYDAY VISIONARIES REALIZE THEIR FULL POTENTIAL. 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 58,000 MEMBERS; HOWEVER THERE ARE APPROXIMATELY 4,000,000 POTENTIAL MEMBERS IN THE GREATER PUGET SOUND COMMUNITY. SALAL CREDIT UNION OFFERS FINANCIAL LITERACY/EDUCATION PROGRAMS THROUGH BALANCE FINANCIAL FITNESS PROGRAM TO MEMBERS AND EMPLOYEES. THESE EDUCATIONAL PROGRAMS ARE DESIGNED TO HELP INDIVIDUALS IN BUDGETING, SAVING FOR MAJOR PURCHASES, COLLEGE, AND RETIREMENT AND OVERALL FINANCIAL MANAGEMENT. SALAL CREDIT UNION IS ACTIVE IN THE COMMUNITY BY CONTRIBUTING TO THE FUNDRAISING EFFORTS OF SEVERAL WORTHWHILE ORGANIZATIONS SUCH AS HEALTHPOINT, INTERNATIONAL COMMUNITY HEALTH SERVICES (ICHS), NORTHWEST CREDIT UNION FOUNDATION, NORTHWEST HARVEST, AND KING COUNTY NURSES ASSOCIATION. SALAL CREDIT UNION ALSO PROVIDES MATCHING CONTRIBUTIONS FOR EMPLOYEES AND DIRECTORS TO APPROVED 501(C)(3) ORGANIZATIONS UP TO $500 PER YEAR. 0 0 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 1 0 1 8413 0 1 307 1 1 1 0 0 0 0 0 1 0 X 6 6 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 CA X RANDY CLOES 2068267807 9706 4TH AVENUE NE NO 400 SEATTLE WA 98115 BRIAN LUONG BOARD CHAIR 1.38 X X 0 0 0 ALAN LEDERMAN VICE CHAIR 1.38 X X 0 0 0 CATHERINE BAILEY BOARD SECRETARY 1.38 X X 0 0 0 DICK WOO BOARD MEMBER 0.75 X 0 0 0 SOPHIE BROUGHAM BOARD MEMBER 1.00 X 0 0 0 NISHAT AKHTER BOARD MEMBER 1.00 X 0 0 0 QUYNH NGUYEN BOARD MEMBER 1.00 X 0 0 0 ALI SEALS BOARD MEMBER (THRU 12/23) 1.00 X 0 0 0 JOHN ZIELONKA BOARD MEMBER (THRU 12/23) 1.00 X 0 0 0 RUSSELL E ROSENDAL PRESIDENT/CEO 40.00 X 1381803 0 42177 ROBERT W SCHWEIGERT SVP - CHIEF LENDING OFFICER 40.00 X 288023 0 29448 RANDY WILLIAM CLOES SVP - CFO 40.00 X 282860 0 30080 TROY-SKOTT POPE SVP - CHIEF DIGITAL & STRATGEY OFFICER 40.00 X 286569 0 16967 JUDY LOVELESS-MORRIS SVP - CHIEF DIVERSITY & PEOPLE 40.00 X 270721 0 26602 BRETT BALLMAN VP - DIRECTOR OF BUSINESS BANKING 40.00 X 210679 0 6606 KARI STENSLIE VP - CONTROLLER 40.00 X 187672 0 17419 CHRISTIAN GRUNERT FVP - INFORMATION TECHNOLOGY 40.00 X 172248 0 29286 SAMANTHA HARBERT FVP - HOME LENDING & RETAIL BANKING 40.00 X 189532 0 18922 MATTHEW W VANCE VP - MARKETING & PROD. DEVELOPMENT 40.00 X 157371 0 39096 EILEEN MAGNUSSON VP - DIRECTOR HUMAN RESOURCES 40.00 X 154103 0 32337 MUNZER J SUKHUN VP - BUSINESS SERVICES 40.00 X 159169 0 25064 SYLVIA POPE VP - PROGRAM MANAGEMENT 40.00 X 152058 0 16931 JAMES A MILLSAP DEALER DIRECT ACCOUNT MANAGER 40.00 X 202172 0 18759 MEGAN DESILVA DEALER DIRECT SALES MANAGER 40.00 X 150012 0 38649 KEITH PRICE SENIOR MANAGER OF DATA STRATEGY & ANALYTICS 40.00 X 162206 0 16326 MATTHEW HEITLAND IT STRATEGY & INNOVATION SVP - APPLICATION DEVELOP 40.00 X 158341 0 18349 KEVIN KNOWLES VP - CREDIT ADMINISTRATION 40.00 X 147538 0 33668 4713077 0 456686 72 0 1 0 EMPYREAL ENTERPRISES MA LLC 2000 OXFORD DR STE 440 BETHEL PARK PA 15102 CASH COURIER 2137219 JACK HENRY & ASSOCIATES INC PO BOX 609 MONET MO 65708 DATA PROCESSING 927933 SOFTCHOICE CORPORATION 16609 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 SOFTWARE & IT 816824 ALKAMI TECHNOLOGY INC 5601 GRANITE PARKWAY STE 120 PLANO TX 75024 DATA PROCESSING 803234 SECURETRANS INC DBA AXIOM ARMORED TRANSP 2420 CINNABAR LOOP ANCHORAGE AK 99507 SECURITY 494441 34 INTEREST ON MEMBER LOANS 522291 53408146 53408146 SERVICE CHARGES & FEE INCOME 522200 14608843 14608843 NET GAINS ON SALES OF LOANS 523000 494843 494843 OTHER NON-INTEREST INCOME 522299 376022 137642 238380 68887854 5654975 5654975 1953071 1487088 465983 465983 42265 423718 5875 0 5875 5875 5875 SUBSIDIARY INVESTMENT 900001 -48739 -48739 -48739 74965948 68649474 231906 6084568 253944 4223745 19420558 1296931 3613637 1997392 190490 343157 216375 3719872 916780 933067 2451181 1696536 232722 19520189 2218168 164241 DATA PROCESSING 1738623 TRANSACTION EXPENSES 1702253 CREDIT UNION OPERATING 1290745 PROVISION FOR LOAN LOSS 12844 53313 68206763 21679498 20755376 6411670 6177579 15165425 15231864 1038045119 990658841 2453146 2709654 44719013 16640082 30130748 28078931 143391370 134097535 8019311 4440123 13657856 15630579 1278954143 1217780482 23235173 23636064 146619262 63825187 1030211401 1041914572 1200065836 1129375823 X 0 0 0 0 78888307 88404659 78888307 88404659 1278954143 1217780482 X 6759185 2198352 558815 X 0 1 X 1 0 0 0 8008645 8008645 19420811 4138510 15282301 10498728 6488172 4010556 6790829 6013400 777429 28078931 MEMBER SHARES 1039655571 LEASE LIABILITIES 2259001 1041914572 X 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, 2023 OR 2022. 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, 2023 OR 2022. 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 WITHIN THE FEDERAL JURISDICTION. 1 UNIVERSITY OF WASHINGTON FOUNDATION PO BOX 19340 SEATTLE WA 98109 943079432 501(C)(3) 12000 0 FUNDING SUPPORT FOR SUMMER NURSING CAMP GOWEST FOUNDATION 18000 INTERNATIONAL BLVD SUITE 110 SEATAC WA 98188 911649328 501(C)(3) 12180 0 EVENT AND GENERAL SUPPORT HEALTHPOINT 955 POWELL AVENUE SW RENTON WA 98057 910884412 501(C)(3) 39000 0 COMMUNITY CARES PROGRAM SUPPORT AND EMPLOYEE SCHOLARSHIPS KING COUNTY NURSES ASSOCIATION 4649 SUNNYSIDE AVE N SEATTLE WA 98103 910282054 501(C)(3) 37000 0 NURSING SCHOLARSHIPS, PROGRAM SUPPORT, AND GRANT FUNDING MARY MAHONEY PROFESSIONAL NURSES ORGANIZATION PO BOX 22003 SEATTLE WA 98122 911653833 501(C)(3) 9000 0 NURSING SCHOLARSHIPS WORLDWIDE FOUNDATION FOR CREDIT UNIONS 1010 E WASHINGTON AVE 306 MADISON WI 53703 396093210 501(C)(3) 20000 0 MAUI FIRE RELIEF GENERAL SUPPORT SALAL FOUNDATION PO BOX 75029 SEATTLE WA 98175 463476338 501(C)(3) 75000 0 GENERAL SUPPORT ST ANNE HOSPITAL 16251 SYLVESTER RD SW BURIEN WA 98166 910575644 501(C)(3) 7500 0 HEALTHY MEAL SUPPORT FOR HEALTHCARE WORKERS REBUILDING TOGETHER SEATTLE 500 AURORA AVE N 305 SEATTLE WA 98109 911606330 501(C)(3) 6500 0 EVENT SUPPORT 9 0 PART I, LINE 2: THE ORGANIZATION OFFERS SCHOLARSHIP OPPORTUNITIES TO THE MEMBERS OF THE KING COUNTY NURSES ASSOCIATION AND THE MARY MAHONEY NURSES ASSOCIATION. GRANTS ARE ALSO PROVIDED TO THE KING COUNTY NURSES ASSOCIATION TO SUPPORT NURSES WHO APPLY FOR COMMUNITY SUPPORT ACTIVITIES. THE NURSES WHO RECEIVE THE FUNDS ARE VETTED BY THE ASSOCIATION. THE ORGANIZATION OFFERS ONGOING SUPPORT TO VARIOUS ANNUAL FUNDRAISING CAMPAIGNS. THE ORGANIZATION HAS AN ONGOING RELATIONSHIP WITH EACH DONEE ORGANIZATION, ATTENDS THE FUNDRAISING EVENTS, AND THE BUSINESS DEVELOPMENT OFFICER MAINTAINS CONTACT WITH DONEE ORGANIZATION OFFICERS THROUGHOUT THE YEAR. X X 1 1 X X X X 1 1 0 RUSSELL E ROSENDAL PRESIDENT/CEO 492482 0 42088 0 847233 0 9809 0 32368 0 1423980 0 782829 0 ROBERT W SCHWEIGERT SVP - CHIEF LENDING OFFICER 254817 0 25871 0 7335 0 6807 0 22641 0 317471 0 0 0 RANDY WILLIAM CLOES SVP - CFO 249775 0 25434 0 7651 0 6613 0 23467 0 312940 0 0 0 TROY-SKOTT POPE SVP - CHIEF DIGITAL & STRATGEY OFFIC 253066 0 27119 0 6384 0 6181 0 10786 0 303536 0 0 0 JUDY LOVELESS-MORRIS SVP - CHIEF DIVERSITY & PEOPLE 241435 0 27069 0 2217 0 4936 0 21666 0 297323 0 0 0 JAMES A MILLSAP DEALER DIRECT ACCOUNT MANAGER 50794 0 144018 0 7360 0 6787 0 11972 0 220931 0 0 0 BRETT BALLMAN VP - DIRECTOR OF BUSINESS BANKING 205915 0 1012 0 3752 0 6606 0 0 0 217285 0 0 0 SAMANTHA HARBERT FVP - HOME LENDING & RETAIL BANKING 182215 0 940 0 6377 0 5851 0 13071 0 208454 0 0 0 KARI STENSLIE VP - CONTROLLER 183169 0 0 0 4503 0 6633 0 10786 0 205091 0 0 0 CHRISTIAN GRUNERT FVP - INFORMATION TECHNOLOGY 167603 0 864 0 3781 0 6645 0 22641 0 201534 0 0 0 MATTHEW W VANCE VP - MARKETING & PROD. DEVELOPMENT 152619 0 1560 0 3192 0 6728 0 32368 0 196467 0 0 0 MEGAN DESILVA DEALER DIRECT SALES MANAGER 113178 0 29829 0 7005 0 6281 0 32368 0 188661 0 0 0 EILEEN MAGNUSSON VP - DIRECTOR HUMAN RESOURCES 148969 0 1616 0 3518 0 6626 0 25711 0 186440 0 0 0 MUNZER J SUKHUN VP - BUSINESS SERVICES 158158 0 100 0 911 0 4566 0 20498 0 184233 0 0 0 KEVIN KNOWLES VP - CREDIT ADMINISTRATION 144519 0 0 0 3019 0 1300 0 32368 0 181206 0 0 0 KEITH PRICE SENIOR MANAGER OF DATA STRATEGY & AN 160301 0 0 0 1905 0 5540 0 10786 0 178532 0 0 0 MATTHEW HEITLAND IT STRATEGY & INNOVATION SVP - APPLI 156427 0 100 0 1814 0 6377 0 11972 0 176690 0 0 0 SYLVIA POPE VP - PROGRAM MANAGEMENT 146041 0 752 0 5265 0 6145 0 10786 0 168989 0 0 0 PART I, LINE 1A THE ORGANIZATION PAYS FOR TRAVEL OF COMPANIONS OF THE BOARD OF DIRECTORS AND CEO. THE ORGANIZATION PAYS HEALTH CLUB DUES FOR THE CEO - ATHLETIC CLUB MEMBERSHIP. THIS IS TREATED AS TAXABLE INCOME TO THE INDIVIDUAL, AS APPROPRIATE. PART I, LINES 4A-B THE CREDIT UNION HAS A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN FOR THE CHIEF EXECUTIVE OFFICER WHEREBY THE CREDIT UNION MAKES SCHEDULED MONTHLY CONTRIBUTIONS TO INVESTMENT ACCOUNTS AND THE CHIEF EXECUTIVE OFFICER WILL BE ENTITLED TO THE BALANCE OF THE INVESTMENT ACCOUNTS UPON HIS 65TH BIRTHDAY (DECEMBER 2023), SUBJECT TO CERTAIN CONDITIONS IN THE AGREEMENT. FOR THE YEAR ENDING DECEMBER 31, 2023 THE CEO BECAME VESTED IN $782,829 AND $641,831 WAS ACCRUED ON THE PLAN. CERTAIN OFFICERS AND KEY EMPLOYEES PARTICIPATE IN THE SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15. THE CREDIT UNION ALSO HAS A DEFERRED COMPENSATION PLAN WITH THE VICE PRESIDENT OF CREDIT ADMINISTRATION AND IT STRATEGY & INNOVATION SENIOR MANAGER. ANNUAL ACCRUALS ARE MADE AND THE PARTICIPANTS WILL BE ENTITLED TO THE ACCRUED AMOUNTS AFTER FIVE YEARS. FOR THE YEAR ENDING DECEMBER 31, 2023, $6,431 AND $9,534, RESPECTIVELY, WERE ACCRUED. BRETT BALLMAN KEY EMPLOYEE 2019 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 68064 75376 0 1 1 TROY-SKOTT POPE OFFICER 2019 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 709906 785936 0 1 1 RANDY CLOES OFFICER 2019 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 709236 772106 0 1 1 CHRISTIAN GRUNERT KEY EMPLOYEE 2019 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 115871 128281 0 1 1 MICHAEL BISHOP FORMER KEY EMPLOYEE 2019 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 104120 91283 0 1 1 MATTHEW VANCE KEY EMPLOYEE 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 75651 83753 0 1 1 BRETT BALLMAN KEY EMPLOYEE 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 625000 659518 0 1 1 TROY-SKOTT POPE OFFICER 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 1650000 1741126 0 1 1 RANDY CLOES OFFICER 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 3000000 3112961 0 1 1 CHRISTIAN GRUNERT KEY EMPLOYEE 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 850000 896944 0 1 1 MICHAEL BISHOP FORMER KEY EMPLOYEE 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 650000 490806 0 1 1 SAMANTHA HARBERT KEY EMPLOYEE 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 250000 263807 0 1 1 EILEEN MAGNUSSON KEY EMPLOYEE 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 475000 501233 0 1 1 ROBERT SCHWEIGERT OFFICER 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 2571937 2668780 0 1 1 JUDY LOVELESS-MORRIS OFFICER 2022 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 2425000 2510225 0 1 1 MATTHEW VANCE KEY EMPLOYEE 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 375000 395711 0 1 1 MATTHEW VANCE KEY EMPLOYEE CUSTOM FIT HOME EQUITY X 26674 25569 0 1 1 EILEEN MAGNUSSON KEY EMPLOYEE USED AUTO - CUDL X 43016 23173 0 1 1 EILEEN MAGNUSSON KEY EMPLOYEE CUSTOM FIT HOME EQUITY X 45000 2091 0 1 1 SYLVIA POPE KEY EMPLOYEE USED AUTO X 14808 3185 0 1 1 15231864 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. 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 B, LINE 11B FORM 990 IS DRAFTED BY AN EXTERNAL ACCOUNTING FIRM AND COMPANY CONTROLLER AND IS THEN REVIEWED AND APPROVED BY THE CFO. FORM 990, PART VI, SECTION B, LINE 12C IT IS MANDATORY THAT ALL EMPLOYEES ANNUALLY SIGN AN ETHICS STATEMENT ACKNOWLEDGING THAT THEY HAVE NOT RECEIVED ITEMS OR GIFTS WORTH MORE THAN $50.00. IN ADDITION, THE EXECUTIVE TEAM AND THE BOARD OF DIRECTORS SIGN AN ATTESTATION IN REGARDS TO THIS. EACH DEPARTMENT MANAGER HAS A DUTY TO REPORT ANY VIOLATIONS OF THIS POLICY IMMEDIATELY TO THE COMPLIANCE DEPARTMENT. ALL POLICY VIOLATIONS INCLUDE AN INVESTIGATION. IF THE ORGANIZATION FINDS THAT THERE WAS A VIOLATION, IT CONCLUDES THE INVESTIGATION WITH DISCIPLINARY ACTION UP TO AND INCLUDING TERMINATION. THE POLICY APPLIES TO EMPLOYEES AND BOARD MEMBERS. 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 OR ANALYSIS COMPLETED BY HEAD OF HUMAN RESOURCES. 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 9: SUBSIDIARY INCOME BOOK/TAX DIFFERENCE -41,387. PROVISION FOR CREDIT LOSSES - LOANS 600,202. LENDING SOLUTIONS NORTHWEST LLC 9706 4TH AVENUE NE NO 400 SEATTLE WA 98115 461812634 INVESTMENTS THAT FURTHER THE CREDIT UNIONS MISSION WA 0 306270 SALAL CREDIT UNION SCU HOLDINGS LLC 9706 4TH AVENUE NE NO 400 SEATTLE WA 98115 814624261 HOLD REAL ESTATE WA 3422279 26014807 SALAL CREDIT UNION SALAL FOUNDATION 9706 4TH AVENUE NE NO 400 SEATTLE WA 98115 463476338 SUPPORTS PHILANTHROPIC ACTIVITIES WA 501(C)(3) LINE 7 SALAL CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 SALAL FOUNDATION B 75000 FMV