2016-04-30T11:14:37-07:00 2015-12-31 990 2015-01-01 910333066 KITSAP CREDIT UNION KITS 3606622000 PO Box 990 Bremerton WA 98337 Scott Henderson SVP/CFO 3606622162 2016-04-18 2015 2016-09-27 15:27:22Z Scott Henderson PO Box 990 Bremerton WA 98337 121179317 0 X www.kitsapcu.org X 1934 WA A not-for-profit financial cooperative, offering checking and savings programs, lending and related services to members who live, work, or worship in the State of Washington. Kitsap Credit Union (KCU) also provides financial literacy programs and is actively involved in community outreach programs. 9 9 331 15 750110 750110 0 0 40286673 43737854 3974692 4158735 0 0 44261365 47896589 0 0 0 0 16571398 16884736 0 0 0 17580759 21532963 34152157 38417699 10109208 9478890 987759193 1039856088 891136858 935643356 96622335 104212732 To offer checking, savings, and lending programs to members who live, work, and worship in the State of Washington. KCU also provides financial literacy programs and is actively involved in community outreach programs. 0 0 Secured and unsecured loans issued to credit union members, as related to the exempt purpose of KCU. The types of loans issued include direct and indirect vehicle loans, VISA's, home equity loans, and mortgage loans. Savings programs that are provided to credit union members, as related to the exempt purpose of KCU. The types of accounts offered are checking, money market accounts, IRA accounts, regular savings, and certificates. Community involvement including donation of staff time in the community. KCU also offers many financial literacy classes for children and adults. 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 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 16248 0 1 331 1 1 1 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 1 0 0 0 1 1 1 1 1 1 1 0 WA X Scott Henderson 3606622162 PO Box 990 Bremerton WA 98337 Jim Rowson Chair 8 X 0 0 0 Pete Schlicher Vice Chair 8 X 0 0 0 Doug Lupton Treasurer 5 X 0 0 0 Vicki Gambrell Secretary 5 X 0 0 0 Susan Baker Director 5 X 0 0 0 Tony Bolander Director 5 X 0 0 0 Wendie Johnson Director 5 X 0 0 0 Carolyn Maxon Director 5 X 0 0 0 Bob Podrat Director 5 X 0 0 0 Shane McGraw Associate Director 5 X 0 0 0 Lanny Ross Associate Director 5 X 0 0 0 Ralph Strickland Director Emeritus 1 X 0 0 0 Elliot Gregg President/CEO 40 X 858923 0 20277 Kellie LeTexier SVP, COO 40 X 240929 0 19627 Scott Henderson SVP, CFO 40 X 248764 0 18173 Colin Morrison SVP, CIO 40 X 201686 0 17604 Anthony Bulleri SVP, CLO 40 X 174456 0 14093 Carolyn Young VP of Branch Operations 40 X 139526 0 14396 Renee Martin Commercial Lending Market Manager 40 X 126251 0 13432 Jon Schultz Investment Services Registered Representative 40 X 116507 0 13843 Melinda Anthony VP Lending 40 X 116326 0 14330 Leah Olson VP Marketing 40 X 113273 0 13346 2336641 0 159121 15 0 1 0 Digital Insight-Intuit PO Box 515306 Los Angeles CA 90051 Bill Pay Service 1610036 VISA DPS PO Box 742233 Los Angeles CA 90074 Plastic Card Data Processing 933301 GIBSON MEDIA INC 108 S Washington Seattle WA 98104 Advertising 562139 JACK HENRY & ASSOCIATES PO Box 609 Monett MO 65708 Consulting/Implementation 528905 ARROW CLEANING INC 3407 126th NW Gig Harbor WA 98332 Janitorial Services 400120 18 0 Interest on Loans 522130 30452853 30452853 0 0 Fee Income 522130 5690084 5690084 0 0 Other Income 522130 2529796 1779686 750110 0 Debit Card Interchange 522130 5065121 5065121 0 0 0 0 0 0 43737854 3477423 0 0 3477423 0 0 0 0 0 0 0 0 0 0 70511084 3452956 70190657 3092071 320427 360885 681312 360885 0 320427 0 47896589 43348629 750110 3797850 0 0 0 0 1814533 0 11182885 420757 2379667 1086894 8354 216304 113527 0 0 0 886126 1322194 3841869 4440774 0 2731512 237364 0 0 1878168 0 1004731 250138 Total Provision 1664339 Loan Expenses 1455413 Miscellaneous 1482150 0 38417699 0 0 0 19775820 18891162 34380996 18631010 652988305 701447335 5649180 5613425 51792312 19357580 35409001 32434732 233839029 258203973 645082 554830 5071780 4079621 987759193 1039856088 7781384 8115533 297978 302175 883057496 927225648 891136858 935643356 X 0 0 0 0 96622335 104212732 96622335 104212732 987759193 1039856088 9478890 -1888493 0 0 0 0 X X 0 0 0 0 7124805 7124805 0 30106864 6888871 23217993 0 4524984 4468383 56601 0 9929204 7940217 1988987 0 106455 60109 46346 32434732 0 0 NCUA Share Insurance Deposit 8769790 F FHLB Stock 1185500 F Overnight Investments 47597727 F Other Investments 200650956 F 258203973 0 Shares 346675533 Checking 226382616 Money Market 160756968 Escrow Shares 567233 IRA Shares 28148196 Share Certificates 144829204 IRA Share Certificates 19865898 927225648 Schedule D, Part XI, Line 1 Financial Statements are audited by an independent CPA for the period of October 2014 through September 2015. X 1 1 X X X 0 0 0 Elliot Gregg President/CEO 447683 0 139677 0 271563 0 10600 0 9677 0 879200 0 0 0 Kellie LeTexier SVP, COO 240348 0 0 0 582 0 9614 0 10013 0 260557 0 0 0 Scott Henderson SVP, CFO 227236 0 0 0 21529 0 8497 0 9677 0 266939 0 0 0 Colin Morrison SVP, CIO 198191 0 0 0 3496 0 7928 0 9677 0 219292 0 0 0 Anthony Bulleri SVP, CLO 173761 0 0 0 695 0 6951 0 7142 0 188549 0 0 0 Schedule J, Part I, Line 1a Part I 1a Approved paid travel expense for Elliot Gregg's guest to NASCUS Summit on October 20 - October 25, 2015 per written policy. Form 990, Part VI, Section A, Line 6 Form 990, Part VI, Section A, Line 6: Kitsap Credit Union had 92,860 members as of December 31, 2015. Form 990, Part VI, Section A, Line 7a Form 990, Part VI, Section A, Line 7A: Members elect all directors for a 3-year term. They can run for re-election. Ballots are mailed to all members during the 1st quarter each year. Form 990, Part VI, Section A, Line 8a orm 990, Part VI, Section A, Line 8A: KCU records meeting minutes for all committee meetings. Form 990, Part VI, Section B, Line 11b Form 990, Part VI, Section B, 11B: The Accounting Manager, Accounting Lead, and SVP/CFO review the return for accuracy. Form 990, Part VI, Section B, Line 12c Form 990, Part VI, Section B, Line 12C: The code of conduct/conflict interest policy is required to be reviewed and signed (with or without disclosures) or acknowledged (by electronic signature) upon hire for new employees and annually thereafter for all staff, officials, and directors. Acknowledgements received from individuals who disclose a potential conflict are forwarded to the CEO or CFO for review and approval. Form 990, Part VI, Section B, Line 15 Form 990, Part VI, Section B, Line 15A/Line 15B: Kitsap Credit Union uses an outside compensation consultant (one for staff and another for executive compensation) to determine market ranges for pay for all positions. The Human Resources Dept. works with the consultants to ensure pay ranges are competitive and within the market. Actual individual pay for the CEO is determined by the Board of Directors. Pay for officers is determined by the CEO. Form 990, Part VI, Section C, Line 19 Form 990, Part VI, Section C, Line 19: Kitsap Credit Union makes the monthly financial statements available to the public by posting them in each branch. Governing documents, such as articles of incorporation, are available upon request. Conflict of interest policies are not made public. Form 990, Part XII, Line 2a Form 990, Part XII, Line 2A/2C: KCU has a Supervisory Committee that oversees the audit of the financial statements. This committee also selects the auditing firm. The financial statements were audited by Moss Adams with the audit term of October 2014 to September 2015.