2019-11-14T18:45:23-06:00 2018-12-31 910189318 MOSS ADAMS LLP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2018-01-01 910176215 SEATTLE METROPOLITAN CREDIT UNION SEATTLE CREDIT UNION SEAT 2063985561 1521 FIRST AVE SOUTH NO 500 SEATTLE WA 98134 MICHAEL QUAMMA SVP CHIEF FINANCIAL OFFICER 2063985857 2019-11-13 1 COLLEEN RAMIRES P01251320 4252597227 2019-11-13 12.129.4.211 2019-11-13 16:01:15 PS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 C07EA3D2EFE7589B691C7C6F5A7C1991A329BAB3 2018 2020-04-17 16:48:07Z SEATTLE CREDIT UNION MICHAEL QUAMMA 1521 FIRST AVE SOUTH NO 500 SEATTLE WA 98134 49206187 0 X WWW.SEATTLECU.COM X 1933 WA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 216 9 122683 0 0 0 37125108 38878565 1733376 2485857 0 0 38858484 41364422 142221 117299 0 0 15616394 14295191 0 0 0 22471037 24784680 38229652 39197170 628832 2167252 861701864 855470364 791821186 783232156 69880678 72238208 X THE PURPOSE OF THIS CREDIT UNION IS TO PROMOTE THRIFT AMONG ITS MEMBERS, TO PROVIDE FINANCIAL SERVICES AND TO CREATE A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST FOR PROVIDENT, PRODUCTIVE AND EDUCATIONAL PURPOSES. 0 0 SEATTLE METROPOLITAN CREDIT UNION (SMCU) HAS BEEN PROVIDING SERVICES TO ITS MEMBERS SINCE 1933. SINCE ITS INCEPTION, SMCU HAS CONSIDERED ITSELF AN ADVOCATE FOR ITS MEMBERS BY PROVIDING MEMBER-CENTRIC FINANCIAL SERVICES AND FINANCIAL LITERACY EDUCATION AT LOW OR NO COST. AS OF DECEMBER 31, 2018, SMCU HAD 48,934 MEMBERS. THESE MEMBERS PARTICIPATED IN 26,680 LOAN AND 97,525 DEPOSIT PRODUCTS. SMCU'S LOAN OFFERINGS INCLUDE A WIDE RANGE OF OPTIONS FROM STANDARD AUTO LOANS, MORTGAGES AND LINES OF CREDIT, TO MORE SEGMENTED PRODUCTS INCLUDING MOTORCYCLES, CLASSIC CARDS, BOATS, RECREATIONAL VEHICLES, AND AIRCRAFT LOANS. SMCU HAS ALSO RECENTLY EXTENDED ITS LOAN PRODUCTS TO INCLUDE BUSINESS LOANS TO QUALIFIED MEMBERS. ALL LOAN PRODUCTS COME IN A VARIETY OF TERMS TO PROVIDE PAYMENT OPTIONS THAT BEST SUIT THE MEMBERSHIP'S NEEDS. MEMBERS HAVE THE SAME VARIETY OF SELECTION ON THE DEPOSIT SIDE OF THE PRODUCT LINE WITH OFFERINGS RANGING FROM BASIC CHECKING AND SAVINGS ACCOUNTS TO IRAS, CERTIFICATES, MONEY MARKETS AND HIGH-YIELD ACCOUNTS. SMCU ALSO OFFERS BUSINESS ACCOUNTS AND INVESTMENT SERVICES THAT ARE DESIGNED TO MAINTAIN THE MEMBER'S BEST INTEREST. AS AN ADVOCATE FOR ITS MEMBERSHIP, SMCU PLACES A HIGH PRIORITY ON EDUCATIONAL RESOURCES. AS A RESULT, SMCU HAS INVESTED IN ONLINE APPLICATIONS TO HELP MEMBERS MAKE DECISIONS RELATED TO PLANNING, BORROWING, BUDGETING AND PROTECTING THEIR CREDIT. LIFE VISION AND MORTGAGE ADVISOR ARE TWO TOOLS OFFERED ON PERSONAL FINANCES AND RESPECTIVES FROM HOME AND FAMILY FINANCE ON CAR BUYING, CREDIT PROTECTION AND BUDGETING. FOR THOSE MEMBERS WHO PREFER TO SPEAK TO SOMEONE IN PERSON, SMCU PROVIDES FREE CREDIT COUNSELING THROUGH "BALANCE," A FINANCIAL FITNESS PROGRAM THAT FOCUSES ON MONEY MANAGEMENT IN ADDITION TO IDENTITY THEFT PREVENTION AND ASSISTANCE. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 33098 0 1 216 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X MICHAEL QUAMMA 2063985857 1521 FIRST AVE SOUTH SEATTLE WA 98134 LAWRENCE METZ BOARD CHAIR 3.00 X X 0 0 0 ANDREA FALL ZACHARY VICE CHAIR 3.00 X X 0 0 0 ROBIN SHULER BOARD SECRETARY 3.00 X X 0 0 0 STEPHEN EJIDE BOARD MEMBER 3.00 X 0 0 0 CARLOS RUIZ BOARD MEMBER 3.00 X 0 0 0 HELEN BELLO BOARD MEMBER (THROUGH 9/18) 3.00 X 0 0 0 BRUCE STEDMAN BOARD MEMBER (THROUGH 8/18) 3.00 X 0 0 0 JAMES TREFRY BOARD MEMBER 3.00 X 0 0 0 DEANNA CLARK BOARD MEMBER 3.00 X 0 0 0 BERTRAM SAUJAN BOARD MEMBER 3.00 X 0 0 0 ARACELY GODINEZ BOARD MEMBER 3.00 X 0 0 0 RICHARD ROMERO PRESIDENT/CEO 40.00 X 396029 0 179007 MICHAEL QUAMMA SVP/CHIEF FINANCIAL OFFICER 40.00 X 272046 0 41957 TONITA WEBB EVP/COO 40.00 X 252898 0 117254 JILL VICENTE SVP/CHIEF MARKETING OFFICER 40.00 X 198353 0 92553 LEE PIERCE VP LENDING 40.00 X 158143 0 70440 DONNA RANSIER VP INFORMATION TECHNOLOGY 40.00 X 165827 0 77719 BRENT RICHINS SVP/SERVICE OPERATIONS 40.00 X 159560 0 92957 WALLACE HO VP COMMERCIAL LENDING 40.00 X 149611 0 74724 KEITH HILE COMMISSIONED MLO 40.00 X 133838 0 16903 JAVIER D'AGUSTINI VP CONTROLLER 40.00 X 145138 0 34341 BRANDON ELY VP AUDIT 40.00 X 127729 0 52353 BARNEY HERRERA VP STRATEGIC PARTNERSHIPS 40.00 X 128566 0 34617 2287738 0 884825 20 0 1 0 FISERV PO BOX 99924 GRAPEVINE TX 76099 CORE SYSTEM PROVIDER SERVICES 1842716 Q2 PO BOX 205970 DALLAS TX 75320 ONLINE BANKING SERVICES 800528 DIEBOLD PO BOX 643543 PITTSBURGH PA 75264 ATM MAINTENANCE SERVICES 526197 THRIVE 22625 262ND AVE SE MAPLE VALLEY WA 98038 ADVERTISING SERVICES 388961 CENTURYLINK 100 CENTURYLINK DR MONROE LA 71203 COMMUNICATION SERVICES 350905 25 LOAN INTEREST INCOME 522100 28833695 28833695 INTERCHANGE INCOME 522100 3830437 3830437 FEES AND CHARGES 522100 3601004 3597786 3218 OTHER REVENUE 522100 1994721 1875256 119465 NET GAIN ON LOANS 522100 618708 618708 38878565 2497746 2497746 7829876 7829876 11889 0 -11889 -11889 -11889 41364422 38755882 122683 2485857 X 117299 2274744 8800450 410346 1850519 959132 126225 129432 4160956 1257365 1040813 2654108 3309658 86734 142707 3484073 2310313 125692 PROVISION FOR LOAN LOSS 3445920 MEMBER AWARDS 505001 DUES & SUBSCRIPTIONS 305537 SHARED BRANCHING EXPENS 196445 1503701 39197170 5556620 8387570 77650883 84699732 2284233 2231065 5241392 5538044 675191982 653962097 1434669 1484375 21415928 12905388 10275250 8510540 47616630 55001791 2420800 1710100 34029405 33945050 861701864 855470364 13484851 11370828 38050000 16900000 740286335 754961328 791821186 783232156 X 0 0 0 0 69880678 72238208 69880678 72238208 861701864 855470364 2167252 190278 0 X 0 1 X 1 0 7256348 3121236 4135112 14119847 9784152 4335695 39733 39733 8510540 MEMBERS' SHARE ACCOUNTS 754961328 754961328 X 41857071 492649 492649 41364422 0 41364422 39197170 0 39197170 0 39197170 PART X, LINE 2: THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. 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 INTERNAL REVENUE SERVICE (IRS) ISSUED A SERIES OF TECHNICAL ADVICE MEMORANDA (TAM) IN 2007 IDENTIFYING CERTAIN PRODUCTS AND SERVICES CONSIDERED TO BE UNRELATED TO THE SPECIFIC ENTITY'S EXEMPT PURPOSE. AS PRESENTED IN THE TAM, THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES IS SUBJECT TO INCOME TAXES UNDER THE UNRELATED BUSINESS INCOME TAX REGULATIONS. 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 POTENTIAL ADDITIONAL LIABILITY RESULTING FROM THE TAX AUTHORITIES IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. 1 EL CENTRO DE LA RAZA 2524 16TH AVENUE SOUTH SEATTLE WA 98144 910899927 501(C)(3) 25000 0 TO PROVIDE PRODUCTS, SERVICES, EDUCATION, AND SUPPORT TO ADDRESS THE NEEDS OF EL CENTRO'S UNDERSERVED COMMUNITY. SEA MAR HEALTH 1040 S HENDERSON ST SEATTLE WA 98108 911020139 501(C)(3) 7500 0 TO PROVIDE QUALITY, COMPREHENSIVE HEALTH, HUMAN, HOUSING, EDUCATIONAL AND CULTURAL SERVICES TO DIVERSE COMMUNITIES, SPECIALIZING IN SERVICE TO LATINOS. PROVIDING LEADERSHIP AND ADVOCACY TO EMPOWER OUR COMMUNITIES. UNITED WAY 720 SECOND AVENUE SEATTLE WA 98104 910565555 501(C)(3) 14500 0 UNITED WAY OF KING COUNTY IS BUILDING A COMMUNITY WHERE PEOPLE HAVE HOMES, STUDENTS GRADUATE AND FAMILIES ARE FINANCIALLY STABLE. 21 PROGRESS 409 MAYNARD AVE S 202 SEATTLE WA 98104 911049157 501(C)(3) 10000 0 21 PROGRESS FUND FUNCTIONS AS A SUPPORT ORGANIZATION FOR 21 PROGRESS WASHINGTON. 21 PROGRESS WASHINGTON PROVIDES HIGH QUALITY LEADERSHIP DEVELOPMENT TRAINING/EDUCATION PROGRAMS THAT UNITE, DEVELOP AND EMPOWER EMERGING LEADERS - INCLUDING YOUNG ADULTS, IMMIGRANTS, REFUGEES, AND PEOPLE OF COLOR - TO BUILD THRIVING COMMUNITIES. WE ARE COMMITTED TO INVESTING IN LEADERS AS WHOLE PEOPLE AND DELIVERING SERVICES THAT ADDRESS COMMUNITIES MOST IMPACTED. NEW SCHOLARSHIPS - ADA DEVELOPERS ACADEMY 1215 4TH AVENUE SUITE 1050 SEATTLE WA 98161 042261109 501(C)(3) 6500 0 A TUITION-FREE PROGRAM THAT COMBINES CLASSROOM TRAINING AND A PAID, LEARNING INTERNSHIP TO TEACH OUR STUDENTS BOTH HOW TO WRITE CODE (PRACTICAL TOOLS AND COMPUTER SCIENCE FUNDAMENTALS) AND HOW TO BE A SOFTWARE DEVELOPER (LEADERSHIP, INCLUSIVITY, AND CAREER). THEIR CORE VALUES ARE BUILDING AND CONTRIBUTING TO A SUPPORTIVE COMMUNITY; CREATING AND ADVOCATING FOR INCLUSIVITY; AND TEACHING AND PRACTICING LIFELONG LEARNING, ALL WITHIN THE TECH INDUSTRY. 5 0 PART I, LINE 2: SEATTLE CREDIT UNION AWARDED SCHOLARSHIPS TO MEMBER-APPLICANTS SEEKING HIGHER EDUCATION. GRANTS ARE PROVIDED TO THE EDUCATIONAL INSTITUTIONS FOR THE BENEFIT OF THE INTENDED RECIPIENTS. THE SCHOLARSHIP PROGRAM HONORS THE CREDIT UNION'S FOUNDER, TONY MARINO, AND HIS COMMITMENT TO THE CREDIT UNION AND COMMUNITY. ALL SMCU MEMBERS OR DEPENDENT CHILDREN OF MEMBERS ARE ELIGIBLE FOR THE SCHOLARSHIP PROGRAM WITH THE EXCEPTION OF BOARD DIRECTORS, CHILDREN OF EITHER BOARD DIRECTORS OR SCHOLARSHIP COMMITTEE MEMBERS, AND PREVIOUS SCHOLARSHIP WINNERS. SCHOLARSHIPS ARE AWARDED BASED ON ACADEMIC STANDING, FINANCIAL NEED, AND EXTRACURRICULAR ACTIVITIES AND/OR EMPLOYMENT. SEATTLE CREDIT UNION ALSO MAKES CONTRIBUTIONS TO MANY CHARITIES WITHIN ITS COMMUNITY. X 1 1 X X X 0 1 0 RICHARD ROMERO PRESIDENT/CEO 396029 0 0 0 0 0 150435 0 28572 0 575036 0 0 0 MICHAEL QUAMMA SVP/CHIEF FINANCIAL OFFICER 236046 0 36000 0 0 0 13385 0 28572 0 314003 0 0 0 TONITA WEBB EVP/COO 252898 0 0 0 0 0 97862 0 19392 0 370152 0 0 0 JILL VICENTE SVP/CHIEF MARKETING OFFICER 198353 0 0 0 0 0 81201 0 11352 0 290906 0 0 0 LEE PIERCE VP LENDING 156143 0 2000 0 0 0 59653 0 10787 0 228583 0 0 0 DONNA RANSIER VP INFORMATION TECHNOLOGY 163827 0 2000 0 0 0 65977 0 11742 0 243546 0 0 0 BRENT RICHINS SVP/SERVICE OPERATIONS 157560 0 2000 0 0 0 64782 0 28175 0 252517 0 0 0 WALLACE HO VP COMMERCIAL LENDING 147611 0 2000 0 0 0 46549 0 28175 0 224335 0 0 0 KEITH HILE COMMISSIONED MLO 133838 0 0 0 0 0 4877 0 12026 0 150741 0 0 0 JAVIER D'AGUSTINI VP CONTROLLER 145138 0 0 0 0 0 5769 0 28572 0 179479 0 0 0 BRANDON ELY VP AUDIT 126229 0 1500 0 0 0 23781 0 28572 0 180082 0 0 0 BARNEY HERRERA VP STRATEGIC PARTNERSHIPS 128566 0 0 0 0 0 15376 0 19241 0 163183 0 0 0 PART I, LINE 1A TRAVEL OF COMPANIONS IS PROVIDED TO BOARD MEMBERS AND OTHER VOLUNTEERS WHEN ATTENDING APPROVED EDUCATIONAL FORUMS AND CONFERENCES. AMOUNTS REIMBURSED FOR COMPANION TRAVEL ARE TREATED AS TAXABLE. PART I, LINE 4B EFFECTIVE SEPTEMBER 2016, THE CREDIT UNION ENTERED INTO A DEFERRED COMPENSATION AGREEMENT WITH CERTAIN EXECUTIVES THAT PROVIDES BENEFITS PAYABLE TO THESE EMPLOYEES IF THEY REMAIN EMPLOYED BY THE CREDIT UNION BASED ON A CLIFF VESTING SCHEDULE. IF THESE EMPLOYEES BECOME DISABLED, OR AT THE TIME OF DEATH OR CHANGE IN CONTROL OF EMPLOYER, ACCRUED BENEFITS ARE IMMEDIATELY PAYABLE; HOWEVER, THE BENEFITS ARE SUBJECT TO FORFEITURE IF EMPLOYMENT IS TERMINATED FOR CAUSE. THE 2018 ACCRUED DEFERRED COMPENSATION RELATED TO THIS AGREEMENT FOR EMPLOYEES LISTED ON THIS RETURN IS $571,245. RICHARD ROMERO PRESIDENT/CEO EXECUTIVE COMPENSATION X 2400000 2507794 0 1 1 TONITA WEBB EVP/COO EXECUTIVE COMPENSATION X 1600000 1671862 0 1 1 JILL VICENTE SVP/CHIEF MARKETING OFFICER EXECUTIVE COMPENSATION X 1300000 1358388 0 1 1 5538044 SCHEDULE L, PART II, LINE (C) ADDITIONAL EXPLANATION: EXECUTIVE COMPENSATION UNDER A SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONSSECTION 1.782-15. FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IS OPEN TO ANYONE WHO LIVES OR WORKS IN THE STATE OF WASHINGTON INCLUDING: CITY OF SEATTLE EMPLOYEES, EMPLOYEES OF PARTNER SELECT EMPLOYER GROUPS AND ANY PERSON RELATED TO A CURRENT MEMBER BY BLOOD, MARRIAGE (INCLUDING DOMESTIC PARTNERS), OR ADOPTION, REGARDLESS OF WHERE THAT PERSON LIVES. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF SEATTLE METROPOLITAN 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 11B MANAGEMENT WILL REVIEW THE 990 BASED ON THE INFORMATION PROVIDED TO OUR CPA. A COPY OF THE 990 WILL BE PRESENTED TO THE BOARD OF DIRECTORS FOR THEIR FINAL APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C EMPLOYEES SIGN ANNUALLY THAT THEY HAVE REVIEWED THE CONFLICT OF INTEREST POLICY. THE INTERNAL AUDIT DEPARTMENT AND MANAGERS MONITOR TO ENSURE ANY CONFLICTS OF INTEREST ARE IDENTIFIED. DIRECTORS AND MEMBERS OF COMMITTEES ARE REQUIRED TO DISCLOSE CONFLICTS OF INTEREST AND POTENTIAL CONFLICTS OF INTEREST, INCLUDING THOSE IN SITUATIONS IN WHICH THEY MAY BE INADVERTENTLY PLACED, AS A RESULT OF BUSINESS OR PERSONAL RELATIONSHIPS WITH MEMBERS, SUPPLIERS, BUSINESS ASSOCIATES, OR COMPETITORS OF THE CREDIT UNION. DIRECTORS AND MEMBERS OF COMMITTEES WILL AVOID ANY INTEREST OR ACTIVITY THAT IS IN CONFLICT WITH THE CONDUCT OF THEIR OFFICIAL DUTIES. DIRECTORS AND MEMBERS OF COMMITTEES WILL RECUSE THEMSELVES FROM CONSIDERATION OF ANY CONTRACT, TRANSACTION OR RELATIONSHIP IN WHICH THEY OR THEIR FAMILY MEMBERS HAVE AN INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE HUMAN RESOURCES DEPARTMENT CONTRACTS AN OUTSIDE FIRM TO REVIEW SALARY, BENEFITS AND PERKS FOR VPS AND ABOVE. THEY DO A MARKET ANALYSIS AT LOCAL AREA AND INDUSTRY LEVEL. THE BOARD CONDUCTS A REVIEW OF THE CEO'S SALARY AND ADJUSTS THEIR SALARY BASED UPON PERFORMANCE. THIS REVIEW PROCESS WAS LAST UNDERTAKEN IN 2018. FORM 990, PART VI, SECTION C, LINE 19 THE UNAUDITED INTERNAL FINANCIAL STATEMENTS ARE POSTED AT EVERY BRANCH MONTHLY, AND THE AUDITED FINANCIAL STATEMENTS ARE PROVIDED TO THE MEMBERS AT THE ANNUAL MEETING AND ARE POSTED ON OUR WEBSITE. THE GOVERNING DOCUMENTS AND THE CONFLICTS OF INTEREST POLICIES ARE GENERALLY NOT PROVIDED TO THE GENERAL PUBLIC, UNLESS A SPECIFIC INQUIRY IS MADE. FORM 990, PART IX, LINE 11G CONSULTING FEES 418,751. PROCESSING & SERVICE FEES 3,742,205.