2016-11-14T11:17:39-07:00 2015-12-31 990 2015-01-01 910565128 SPOKANE TEACHERS CREDIT UNION SPOK 5093261954 1620 N Signal Drive Liberty Lake WA 99019 Lindsey Myhre Vice President - Finance 5093442143 2016-11-14 2015 2017-02-10 21:41:12Z Spokane Teachers Credit Union 1620 N Signal Dr Liberty Lake WA 99019 302183295 0 1269 X www.stcu.org X Credit Union 1934 WA STCU is committed to maximizing the value of every financial relationship through cost-effective financial services consistent with cooperative principles, applicable legislation, and prudent management. STCU serves 192,723 members as of 12/31/15. 10 10 673 19 163473 0 63820 74638 90995910 98404101 3854080 3372414 59052 119390 94972862 101970543 0 0 8685395 9682567 35440045 38506334 0 0 0 32027093 30164284 76152533 78353185 18820329 23617358 2018708573 2217961422 1798742877 1974799636 219965696 243161786 STCU is committed to maximizing the value of every financial relationship through cost-effective financial services consistent with cooperative principles, applicable legislation, and prudent management. STCU serves 192,723 members as of 12/31/15. 0 0 0 0 0 STCU has outstanding loans of $1,910,155,169 at December 31, 2015, representing 106,967 individual loans. STCU offers credit cards; auto, RV, and boat loans; 1st mortgage real estate loans, other real estate loans and lines of credit; and commercial loans. Revenues from loan activities include interest income earned, as well as loan origination and servicing fees. 0 0 0 STCU provides share and deposit products, including checking, savings, money market, certificates, and IRA/Keogh accounts. At December 31, 2015, STCU had total share and deposit balances of $1,593,174,682 representing 239,237 individual accounts. STCU paid members dividends on their share and deposit accounts $9,682,567 in 2015. STCU earns various fees on transactions, balances or other financial products as outlined in the membership agreement or published fee schedules. 0 0 0 0 0 0 1 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 160432 0 1 673 1 1 1 0 0 0 0 0 X 10 10 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X Spokane Teachers Credit Union 5093261954 1620 N Signal Drive Liberty Lake WA 99019 Dolores Humiston Director 2 0 X 1776 0 0 Catherine Brazil Director 2 0 X 0 0 0 Kathryn Dobson Supervisory Com 2 0 X 0 0 0 Kevin Spohr Supervisory Com 2 0 X 0 0 0 Mike Rennaker Director 2 0 X 0 0 0 Terri Alvarado Director 2 0 X 0 0 0 Ron Vierra Director 2 0 X 1354 0 0 Wally Stanley Director 2 0 X 535 0 0 Jay Walter Chairman 3 0 X 2059 0 0 Nick Leute Director 2 0 X 657 0 0 Chris Stevens Chairman 2 0 X 0 0 0 Robert Loomis Director 2 0 X 934 0 0 Chris Morlan Director 2 0 X 3564 0 0 Margaret Patterson Director 2 0 X 0 0 0 Tammy Fleiger Vice President 40 0 X 201980 0 52243 Evelyn Hopkins Vice President 40 0 X 242379 0 79545 Lindsey Myhre Vice President 40 0 X 199620 0 44286 David Flood Vice President 40 0 X 184888 0 43205 Barb Richey Vice President 40 0 X 171650 0 38415 Laura Wood Vice President 40 0 X 116388 0 40028 Thomas Johnson President and CEO 40 0 X 815637 0 228520 Belinda Caillouet Vice President 40 0 X 272468 0 90680 Patricia Kelly Director of IS 40 0 X 160559 0 35383 Greg Swanson Director Comml Lending 40 0 X 139341 0 40478 Dale Davaz Director R&D 40 0 X 118546 0 40590 Scott Rabe Director Software Dev 40 0 X 121093 0 34661 Daniel Jones Director Remote Svcs 40 0 X 134447 0 30236 Keith Connolly Vice President 40 0 X 176647 0 2653 3066522 0 800923 14 1 1 0 Scott Serdahl 2028 S Stateline Rd Post Falls ID 83854 Paint and Construction 242210 Paine Hamblen LLP 717 W Sprague Suite 1200 Spokane WA 99201 Legal 303072 Corner Booth Media 114 W Pacific Suite 200 Spokane WA 99201 Advertising 106060 Argus Janitorial PO Box 13202 Spokane WA 99213 Janitorial 125582 Michael A Smith PO Box 10803 Spokane WA 99209 Appraisal Services 138095 5 0 74638 0 0 0 0 0 74638 Loan Interest Income 522100 78521983 78521983 0 0 Fees and Service Charges 522100 18130116 17966643 163473 0 Loan Svc and Origination 522100 1752002 1752002 0 0 0 0 0 0 98404101 3158818 0 0 3158818 0 0 0 0 0 0 0 0 600423 0 481033 0 119390 0 119390 0 0 119390 0 199945315 0 199731719 0 213596 213596 213596 0 0 0 0 101970543 98454224 163473 3278208 0 0 0 9682567 2832811 0 25555958 2255370 5469720 2392475 0 81718 111764 0 0 0 1432747 2292745 1217025 1715290 0 2595091 0 0 911654 2646414 0 3600526 0 Processing Expense 8156933 Provision for Loan Loss 3182478 Loan Servicing Expense 1590857 Postage and Shipping 903790 -274748 78353185 0 0 0 1689600 608653 38056034 73835843 0 0 0 0 0 0 0 0 1704184010 1899576661 0 0 5560070 1725260 87465730 35631427 44202186 51834303 183296179 146555515 8260900 8599600 0 0 0 0 33459594 35225587 2018708573 2217961422 12548565 16837979 0 0 0 0 0 0 3200864 3430120 0 0 171269265 152785309 0 0 1611724183 1801746228 1798742877 1974799636 X 0 0 0 0 219965696 243161786 219965696 243161786 2018708573 2217961422 X 23617358 -220133 0 0 0 -201135 X 1 X 1 X 1 0 38622 0 38622 0 38622 1 Credit Union Legislative Action Fund 33301 9th Ave SE STE 200 Federal Way WA 98003 800043051 32622 0 Greater Spokane Inc 801 W Riverside Suite 100 Spokane WA 99201 910418800 5000 0 Jay Inslee for Washington 603 Stewart St STE 819 Seattle WA 98101 452533952 1000 0 Schedule C, Part I-A, Line 1 STCU has a political action policy and may provide financial support on a non-partisan basis to individuals who support the credit union movement in Washington State legislative offices, Washington State elected executive positions, or Washington State Supreme Court Justices. 0 1 X 0 11150968 11150968 0 39621267 12375014 27246253 0 966442 732877 233565 0 34577888 22004250 12573638 0 1149165 519286 629879 51834303 0 Deposit Accounts - Certificates 411016991 Deposit Accounts - Checking 326948317 Deposit Accounts - IRA Certificates 39942505 Deposit Accounts - IRA Shares 80795149 Deposit Accounts - Money Market Acct 666788121 Deposit Accounts - Savings 276255145 1801746228 X 101359377 -220133 0 0 0 -220133 101579510 0 391033 391033 101970543 77962152 0 0 0 0 0 77962152 0 391033 391033 78353185 Schedule D, Part IV, Line 2b STCU manages escrow accounts for property tax and insurance payments as a service for members who have 1st mortgage real estate loans. Schedule D, Part X, Line 2 Part X Line 2: FIN 48 From audited Financial Statements, Footnote Disclosure on Income Taxes: The Credit Union is exempt, under IRC 501(c) 14, from federal and state income taxes. Certain products and services provided by select state chartered credit unions have been deemed by the Internal Revenue Service (IRS), in technical advice memorandums (TAMs) released in 2007, to be unrelated to the specific entity's exempt purpose. As presented in the technical advice memorandums the net taxable income from these products and services would be subject to income taxes. Credit Unions have litigated against the IRS positions noted in the TAMs and have been successful in having courts declare in 2009 and 2010 that revenue from insurance and investment products sold to members, helping them protect their financial wellbeing, qualifies as exempt purpose income, contrary to the IRS position in the TAM's. The Credit Union has filed tax returns for the tax years 2006 through 2013 for activities they have deemed taxable. The Credit Union adopted the income tax standard for uncertain tax positions on January 1, 2009. As a result of implementation, the Credit Union evaluated its tax positions and determined no uncertain tax positions exist as of December 31, 2013. The Credit Union's 2007 through 2015 tax years are open for examination by federal and state taxing authorities. Schedule D, Part XI, Line 4b Rental Expense $481,033 less Rental Income - Recovery of CAM expense $90,000 = Total $391,033 Schedule D, Part XII, Line 4b Rental Expense $481,033 less Rental Income - Recovery of CAM expense $90,000 = Total $391,033 X 1 1 X X X X X 1 1 0 Tammy Fleiger Vice President 175938 0 22570 0 3472 0 37323 0 14920 0 254223 0 11511 0 Evelyn Hopkins Vice President 210410 0 27752 0 4217 0 64625 0 14920 0 321924 0 14389 0 Lindsey Myhre Vice President 177595 0 16332 0 5693 0 36714 0 7572 0 243906 0 6275 0 David Flood Vice President 169944 0 14583 0 361 0 35633 0 7572 0 228093 0 6352 0 Barb Richey Vice President 148580 0 18283 0 4787 0 30843 0 7572 0 210065 0 9354 0 Laura Wood Vice President 103108 0 11034 0 2246 0 19321 0 20707 0 156416 0 6465 0 Thomas Johnson President and CEO 667616 0 130880 0 17141 0 211050 0 17470 0 1044157 0 72509 0 Belinda Caillouet Vice President 238778 0 30221 0 3469 0 75760 0 14920 0 363148 0 15839 0 Patricia Kelly Director of IS 145485 0 13794 0 1280 0 25261 0 10122 0 195942 0 7792 0 Greg Swanson Director Comml Lending 126920 0 12276 0 145 0 23009 0 17469 0 179819 0 6889 0 Daniel Jones Director Remote Svcs 122138 0 11286 0 1023 0 21464 0 8772 0 164683 0 6417 0 Dale Davaz Director R&D 106986 0 11317 0 243 0 19884 0 20706 0 159136 0 6594 0 Scott Rabe Director Software Dev 109567 0 10869 0 657 0 19802 0 14859 0 155754 0 6197 0 Keith Connolly Vice President 156363 0 16593 0 3691 0 2141 0 512 0 179300 0 7405 0 Schedule J, Part I, Line 1a STCU Board and Supervisory Committee members will not be compensated for services rendered to STCU in the capacity as volunteers. However, Board and Supervisory Committee members may be reimbursed for reasonable expenses incurred on behalf of themselves and their spouse during the performance of their duties in accordance with a policy established by the board. Schedule J, Part I, Line 4 The Credit Union has deferred compensation agreements with select members of the executive management team that provide benefits payable to these employees if they remain employed by the Credit Union for specified years of service. The benefits are subject to forfeiture if employment is terminated for cause as defined in the agreements. The Credit Union is accruing the estimated liability under the agreements on a present value basis over the remaining years until the eligible employees attain the specified number of years of service. Thomas Johnson, participant in the 457f deferred compensation contract, amount accrued in 2015 = $102,927. Belinda Caillouet, participant in the 457f deferred compensation contract, amount accrued in 2015 = $25,185. Evelyn Hopkins, participant in the 457f deferred compensation contract, amount accrued in 2015 = $19,825. Form 990, Part VI, Section A, Line 6 STCU is a state chartered credit union organized under the provisions of the Washington Credit Union Act. The membership base of STCU consists of people who live, work, worship, or attend school in the state of Washington or Counties in Northern Idaho. STCU members elect the board of directors and the supervisory committee members. Form 990, Part VI, Section A, Line 7a STCU members elect directors and the supervisory committee. Directors and supervisory committee members are volunteers. Each serves a three year term. The ten members of the board of directors set direction and policy for STCU and hire, evaluate and set compensation for the president of STCU. The Supervisory Committee consists of three members who are responsible for ensuring the completion of required audits and member account verification. Elections for both directors and supervisory committee positions are held each February. Form 990, Part VI, Section B, Line 11b The Form 990 is prepared by the Accounting Manager. It is reviewed by the Director of Finance, Vice President of Finance, and by the Chief Executive Officer; the Form 990 is reviewed with the Board of Directors prior to filing. Form 990, Part VI, Section B, Line 12c Volunteer members of the Board of Directors, Supervisory Committee, and any affiliate members will be required to review the Volunteer Code of Ethics and Personal Conduct Policy and sign the acknowledgement and agreement on the Conflict of Interest Disclosure Form on an annual basis. These will be reviewed by the Board chair and vice chair. Any conflict of interest concerns will be reviewed by the Board Executive Committee. In the event a conflict exists in the judgment of the Board Executive Committee, the Board chair or vice chair and the volunteer will take appropriate steps to eliminate the conflict. Members of executive management are required to complete on an annual basis a Conflict of Interest Disclosure Form. The chair and vice chair of the Board of Directors and the president/CEO are responsible to review the forms for any potential conflict of interest. In the event a conflict exists, the chair, vice chair, president/CEO and the employee will take appropriate steps to resolve the conflict. Form 990, Part VI, Section B, Line 15 The Board of Directors is responsible for determining the compensation of the president/CEO. The Executive Compensation Committee of the Board of Directors engages an outside compensation consultant to review the compensation of the president/CEO, provide data of comparable compensation for other similarly qualified positions in the credit union or financial services industry, and to assist in the review and/or development of the compensation philosophy. The Executive Compensation Committee recommends the total compensation package for the president/CEO to the Board of Directors for approval. In order to attract and retain quality employees, STCU is committed to paying salaries which are nondiscriminatory, equitable, and competitive with the salaries paid by other companies in our industry and surrounding area. The Human Resource department staff participates in a variety of annual salary surveys for other executive management positions, key employees and all other staff positions and submits recommendations for any compensation adjustments to the president/CEO or the Executive Management team for approval and effective date of changes. Positions are evaluated to determine relevant job titles, job descriptions, and salary ranges. Form 990, Part VI, Section C, Line 19 Governing documents, policies and financial statements may be requested by writing to Thomas Johnson, President/CEO, STCU, 1620 N. Signal Drive, Liberty Lake, WA 99019. Form 990, Part XI, Line 9 Total change in available for sale market allowance, $-201,135.