2023-11-15T10:50:25-06:00 2022-12-31 910189318 MOSS ADAMS LLP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2022-01-01 910593941 SALAL CREDIT UNION SALA 2062989394 9706 4TH AVENUE NE 400 SEATTLE WA 98115 RUSSELL E ROSENDAL PRESIDENT/CEO 2608267603 2023-11-14 1 RUSSELL ROSENDAL 999009999 0 COLLEEN RAMIRES P01251320 4252597227 2023-11-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z RUSSELL E ROSENDAL 9706 4TH AVENUE NE 400 SEATTLE WA 98115 81457450 0 X WWW.SALALCU.ORG X 1948 WA WE ELIMINATE FINANCIAL OBSTACLES TO HELP EVERYDAY VISIONARIES REALIZE THEIR FULL POTENTIAL. 10 10 307 18 96721 0 0 0 52249948 58120658 1585974 4893136 -407163 347800 53428759 63361594 499515 321271 0 0 25567063 28179098 0 0 0 18198480 28613649 44265058 57114018 9163701 6247576 1076834962 1278954143 990917480 1200065836 85917482 78888307 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 57,052 MEMBERS; HOWEVER THERE ARE APPROXIMATELY 6,700,000 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 1 0 0 0 0 1 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 8413 0 1 307 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 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 JOE LEPLA SECRETARY 1.25 X X 0 0 0 ALI SEALS BOARD MEMBER 1.00 X 0 0 0 DICK WOO BOARD MEMBER 1.00 X 0 0 0 CATHERINE BAILEY BOARD MEMBER 1.00 X 0 0 0 SOPHIE BROUGHAM BOARD MEMBER 1.00 X 0 0 0 NISHAT AKHTER BOARD MEMBER 1.00 X 0 0 0 JOHN ZIELONKA BOARD MEMBER 1.00 X 0 0 0 QUYNH NGUYEN BOARD MEMBER 1.00 X 0 0 0 ANNETTE MURPHY BOARD MEMBER (THRU 03/22) 1.00 X 0 0 0 RUSSELL E ROSENDAL PRESIDENT/CEO 40.00 X 1014128 0 603951 ROBERT W SCHWEIGERT SVP - CHIEF LENDING OFFICE 40.00 X 324320 0 31794 RANDY WILLIAM CLOES SVP - CFO 40.00 X 312544 0 40663 TROY-SKOTT POPE SVP - CHIEF DIGITAL & STRATEGY OFFICER 40.00 X 311289 0 19545 JUDY LOVELESS-MORRIS SVP - CHIEF DIVERSITY & PEOPLE 40.00 X 283948 0 20791 JULIETTE ANDOH VP - RISK & COMPLIANCE (THRU 11/22) 40.00 X 291341 0 24714 BRETT BALLMAN VP - DIRECTOR OF BUSINESS BANKING 40.00 X 223658 0 8931 KARI STENSLIE VP - CONTROLLER 40.00 X 207508 0 21027 VINCENT N PUNTENEY VP - CONSUMER LENDING 40.00 X 208346 0 21109 CHRISTIAN GRUNERT VP - INFORMATION TECHNOLOGY 40.00 X 187740 0 29329 SAMANTHA HARBERT VP - HOME LENDING & RETAIL BANKING 40.00 X 185800 0 25988 MICHAEL C BISHOP VP - RETAIL 40.00 X 177558 0 19962 KEVIN KNOWLES VP - CREDIT ADMINISTRATION 40.00 X 164643 0 37680 MATTHEW W VANCE VP - MARKETING & PROD. DEVELOPMENT 40.00 X 164831 0 34687 EILEEN MAGNUSSON VP - DIRECTOR HUMAN RESOURCES 40.00 X 158485 0 26611 SYLVIA POPE VP - PROGRAM MANAGEMENT 40.00 X 168871 0 19568 ANDREW SCOTT HAEG VP - OPERATIONS 40.00 X 161176 0 30979 ANGELA RAHAM SENIOR MANAGER OF BUSINESS BANKING 40.00 X 146705 0 33806 JAMES A MILLSAP DEALER DIRECT ACCOUNT MANAGER 40.00 X 322298 0 22855 MEGAN DESILVA DEALER DIRECT SALES MANAGER 40.00 X 221333 0 39685 KEITH PRICE SENIOR BUSINESS INTELLIGENCE MANAGER 40.00 X 177153 0 16428 MATTHEW HEITLAND IT STRATEGY & INNOVATION SM 40.00 X 162550 0 22899 5576225 0 1153002 73 0 1 0 EMPYREAL ENTERPRISES MA LLC 2000 OXFORD DR STE 440 BETHEL PARK PA 15102 CASH COURIER 2173037 JACK HENRY & ASSOCIATES INC PO BOX 609 MONET MO 65708 DATA PROCESSING 955015 SOFTCHOICE CORPORATION 16609 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 SOFTWARE & IT 807339 ALKAMI TECHNOLOGY INC 5601 GRANITE PARKWAY STE 120 PLANO TX 75024 DATA PROCESSING 804875 SECURETRANS INC DBA AXIOM ARMORED TRANSP 2420 CINNABAR LOOP ANCHORAGE AK 99507 SECURITY 494420 40 INTEREST ON MEMBER LOANS 522291 39935146 39935146 SERVICE CHARGES & FEE INCOME 522200 14166789 14166789 NET GAINS ON SALES OF LOANS 523000 3470991 3470991 OTHER NON-INTEREST INCOME 522299 547732 382728 165004 58120658 3566206 3566206 1899214 1430124 469090 469090 53007 416083 17992662 16665732 1326930 1326930 1326930 SUBSIDIARY INVESTMENT 900001 -121290 -121290 -121290 63361594 57955654 96721 5309219 321271 5563513 17406499 529381 2740341 1939364 335528 159391 194531 3501527 899556 911546 2312791 1676911 216764 5107631 2310808 171087 PROVISION FOR LOAN LOSS 5001653 CREDIT UNION OPERATING 1721202 DATA PROCESSING 1640956 TRANSACTION EXPENSES 1480025 971742 57114018 20760615 21679498 128654312 6411670 12516232 15165425 702169955 1038045119 2342500 2453146 46606500 16475752 32392434 30130748 165438047 143391370 2598007 8019311 9962860 13657856 1076834962 1278954143 27483598 23235173 14033803 146619262 949400079 1030211401 990917480 1200065836 X 0 0 0 0 85917482 78888307 85917482 78888307 1076834962 1278954143 X 6247576 -13222976 -53775 X 0 1 X 1 0 5000 0 5000 5000 1 CREDIT UNION LEGISLATIVE ACTION FUND 18000 INTERNATIONAL BLVD SUITE 350 SEATAC WA 98188 800043051 5000 PART I-A, LINE 1: THE CREDIT UNIONS ONLY INDIRECT POLITICAL CAMPAIGN ACTIVITY IS A CONTRIBUTION TO THE CREDIT UNION LEGISLATIVE ACTION COMMITTEE. 0 0 8008645 8008645 19413423 3363191 16050232 10498728 5578818 4919910 8685704 7533743 1151961 30130748 MEMBER SHARES 1027920911 LEASE LIABILITIES 2290490 1030211401 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, 2022 OR 2021. 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, 2022 OR 2021. 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 SEATTLE INDIAN HEALTH BOARD 611 12TH AVE SOUTH SEATTLE WA 98144 910869056 501(C)(3) 8000 0 ADELINE GARCIA SPONSOR & BOARD EVENT FAMILY FIRST COMMUNITY CENTER FOUNDATION 241 WILLIAMS AVE S STE E RENTON WA 98057 831031937 501(C)(3) 15000 0 GENERAL SUPPORT HEALTHPOINT 955 POWELL AVENUE SW RENTON WA 98057 910884412 501(C)(3) 46500 0 GENERAL SUPPORT KING COUNTY NURSES ASSOCIATION 4649 SUNNYSIDE AVE N SEATTLE WA 98103 910282054 501(C)(3) 34000 0 SCHOLARSHIP PROGRAM & GENERAL SUPPORT MARY MAHONEY PROFESSIONAL NURSES ORGANIZATION PO BOX 22003 SEATTLE WA 98122 911653833 501(C)(3) 9000 0 GENERAL SUPPORT WORLDWIDE FOUNDATION FOR CREDIT UNIONS INC PO BOX 2982 MADISON WI 53701 396093210 501(C)(3) 10000 0 UKRAINE CREDIT UNION DISPLACEMENT FUND SALAL FOUNDATION PO BOX 75029 SEATTLE WA 98175 463476338 501(C)(3) 50000 0 GENERAL SUPPORT ST ANNE HOSPITAL FOUNDATION 16259 SYLVESTER RD SW 101 BURIEN WA 98166 911171170 501(C)(3) 7500 0 SUPPORT OF FARMER'S MARKET ALZHEIMER'S ASSOCIATION 19031 33RD AVE W 301 LYNNWOOD WA 98036 133039601 501(C)(3) 17500 0 ALZHEIMER'S CARE UNIVERSITY OF WASHINGTON FOUNDATION PO BOX 19340 SEATTLE WA 98109 943079432 501(C)(3) 12000 0 UW NURSES CAMP REBUILDING TOGETHER 500 AURORA AVE N 305 SEATTLE WA 98109 911606330 501(C)(3) 15000 0 2022 PARTNERSHIP SUPPORT 11 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 460715 0 92275 0 461138 0 573538 0 30413 0 1618079 0 408407 0 ROBERT W SCHWEIGERT SVP - CHIEF LENDING OFFICE 245344 0 71300 0 7676 0 10250 0 21544 0 356114 0 0 0 RANDY WILLIAM CLOES SVP - CFO 237382 0 68600 0 6562 0 10250 0 30413 0 353207 0 0 0 JAMES A MILLSAP DEALER DIRECT ACCOUNT MANAGER 50374 0 264926 0 6998 0 10250 0 12605 0 345153 0 0 0 TROY-SKOTT POPE SVP - CHIEF DIGITAL & STRATEGY OFFIC 236355 0 69000 0 5934 0 10250 0 9295 0 330834 0 0 0 JULIETTE ANDOH VP - RISK & COMPLIANCE (THRU 11/22) 165842 0 29495 0 96004 0 4702 0 20012 0 316055 0 0 0 JUDY LOVELESS-MORRIS SVP - CHIEF DIVERSITY & PEOPLE 213670 0 53400 0 16878 0 7656 0 13135 0 304739 0 0 0 MEGAN DESILVA DEALER DIRECT SALES MANAGER 93125 0 121155 0 7053 0 9272 0 30413 0 261018 0 0 0 BRETT BALLMAN VP - DIRECTOR OF BUSINESS BANKING 190661 0 29887 0 3110 0 8931 0 0 0 232589 0 0 0 VINCENT N PUNTENEY VP - CONSUMER LENDING 172235 0 27076 0 9035 0 8218 0 12891 0 229455 0 0 0 KARI STENSLIE VP - CONTROLLER 176120 0 27462 0 3926 0 8238 0 12789 0 228535 0 0 0 CHRISTIAN GRUNERT VP - INFORMATION TECHNOLOGY 158593 0 26023 0 3124 0 7785 0 21544 0 217069 0 0 0 SAMANTHA HARBERT VP - HOME LENDING & RETAIL BANKING 124050 0 24770 0 36980 0 6653 0 19335 0 211788 0 0 0 KEVIN KNOWLES VP - CREDIT ADMINISTRATION 138413 0 23325 0 2905 0 9256 0 28424 0 202323 0 0 0 MATTHEW W VANCE VP - MARKETING & PROD. DEVELOPMENT 138124 0 24072 0 2635 0 7019 0 27668 0 199518 0 0 0 MICHAEL C BISHOP VP - RETAIL 150534 0 24593 0 2431 0 7173 0 12789 0 197520 0 0 0 KEITH PRICE SENIOR BUSINESS INTELLIGENCE MANAGER 154248 0 21371 0 1534 0 7133 0 9295 0 193581 0 0 0 ANDREW SCOTT HAEG VP - OPERATIONS 127886 0 23117 0 10173 0 2555 0 28424 0 192155 0 0 0 SYLVIA POPE VP - PROGRAM MANAGEMENT 142241 0 23039 0 3591 0 6779 0 12789 0 188439 0 0 0 MATTHEW HEITLAND IT STRATEGY & INNOVATION SM 141872 0 19226 0 1452 0 10294 0 12605 0 185449 0 0 0 EILEEN MAGNUSSON VP - DIRECTOR HUMAN RESOURCES 118024 0 24882 0 15579 0 6878 0 19733 0 185096 0 0 0 ANGELA RAHAM SENIOR MANAGER OF BUSINESS BANKING 122260 0 23209 0 1236 0 3345 0 30461 0 180511 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, 2022 THE CEO BECAME VESTED IN $408,407 AND $563,288 WAS ACCRUED ON THE PLAN. 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, 2022, $4,368 AND $3,725, RESPECTIVELY, WERE ACCRUED. THE VICE PRESIDENT OF RISK AND COMPLIANCE RECEIVED A SEVERANCE PAYMENT OF $93,945 DURING THE YEAR ENDED DECEMBER 31, 2022. 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. BRETT BALLMAN KEY EMPLOYEE 2019 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 68064 74079 0 1 1 TROY-SKOTT POPE OFFICER 2019 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 709906 772419 0 1 1 RANDY CLOES OFFICER 2019 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 709236 762951 0 1 1 CHRISTIAN GRUNERT KEY EMPLOYEE 2019 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 115871 126074 0 1 1 MICHAEL BISHOP KEY EMPLOYEE 2019 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 104120 113289 0 1 1 MATTHEW VANCE KEY EMPLOYEE 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 75651 82313 0 1 1 BRETT BALLMAN KEY EMPLOYEE 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 625000 648174 0 1 1 TROY-SKOTT POPE OFFICER 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 1650000 1711181 0 1 1 RANDY CLOES OFFICER 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 3000000 3076049 0 1 1 CHRISTIAN GRUNERT KEY EMPLOYEE 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 850000 881517 0 1 1 MICHAEL BISHOP KEY EMPLOYEE 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 650000 674101 0 1 1 SAMANTHA HARBERT KEY EMPLOYEE 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 250000 259270 0 1 1 EILEEN MAGNUSSON KEY EMPLOYEE 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 475000 492613 0 1 1 ROBERT SCHWEIGERT OFFICER 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 2571937 2637135 0 1 1 JUDY LOVELESS-MORRIS OFFICER 2022 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 2425000 2465355 0 1 1 MATTHEW VANCE KEY EMPLOYEE 2020 COLLATERAL-ASSIGNMENT SPLIT-DOLLAR ARRANGEMENT X 375000 388905 0 1 1 15165425 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. 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 -53,775. 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 3395284 24882394 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