2015-09-21T11:14:57-05:00 2014-12-31 910189318 MOSS ADAMS LLP 805 SW BROADWAY STE 1200 PORTLAND OR 97205 990 2014-01-01 930163693 SELCO COMMUNITY CREDIT UNION SELC 5416868000 PO BOX 7487 SPRINGFIELD OR 97475 TIFFANY WASHINGTON SENIOR VP OF FINANCE 5416868000 2015-09-08 1 REBECCA GRIFFITH P01207510 5032421447 2014 2016-02-25 16:41:14Z J ROBERT NEWCOMB PO BOX 7487 SPRINGFIELD OR 97475 65737789 0 X WWW.SELCO.ORG X 1936 OR SELCO STRIVES TO PROVIDE FINANCIAL SERVICES THAT IMPROVE OUR MEMBERS' SOCIAL AND ECONOMIC CONDITION. 7 7 375 11 289136 -44516 0 0 51022802 46098409 1764088 2722325 4928414 6060942 57715304 54881676 55249 57653 0 0 18655206 19631730 0 0 0 22159931 21924290 40870386 41613673 16844918 13268003 1144773594 1206692937 1034871982 1082069594 109901612 124623343 SELCO STRIVES TO PROVIDE FINANCIAL SERVICES THAT IMPROVE OUR MEMBERS' SOCIAL AND ECONOMIC CONDITION. 0 0 THE CREDIT UNION PAID OVER $4 MILLION IN DIVIDENDS TO MEMBERS. DEPOSIT ACCOUNTS INCLUDE SAVINGS, CHECKING, MONEY MARKET ACCOUNTS AND CERTIFICATES OF DEPOSIT. AS OF DECEMBER 31, 2014, DEPOSITS TOTALED $1.07 BILLION. THE CREDIT UNION DISBURSED OVER $362 MILLION IN NEW LOANS TO MEMBERS. LOANS INCLUDE AUTO, HOME MORTGAGE, HOME EQUITY, CREDIT CARD, AND BUSINESS LOANS. AT DECEMBER 31, 2014, LOANS OUTSTANDING TOTALED $905 MILLION. DURING 2014, THE CREDIT UNION PROVIDED FINANCIAL PLANNING SERVICES TO APPROXIMATELY 3,450 MEMBERS WITH ASSETS UNDER MANAGEMENT OF $260 MILLION. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 27440 0 1 375 1 1 1 0 0 0 0 0 X 7 7 0 0 1 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 0 1 0 X TIFFANY WASHINGTON 5416868000 1050 HIGH STREET EUGENE OR 97401 KAYE LEFRANCQ PRESIDENT/CHAIRPERSON 3.00 X X 0 0 0 HAROLD WELBORN VICE PRESIDENT 2.00 X X 1664 0 0 DICK METZLER DIRECTOR 2.00 X 1317 0 0 CAROL BECKLEY DIRECTOR 2.00 X 1459 0 0 CURT HEIMULLER DIRECTOR 2.00 X 1156 0 0 JEANNE STATON DIRECTOR 2.00 X 1197 0 0 JIM LINDLY DIRECTOR 2.00 X 0 0 0 J ROBERT NEWCOMB CEO/SECRETARY 60.00 5.00 X 951946 1073 839742 TIFFANY WASHINGTON SVP FINANCE/TREASURER 50.00 X 213335 0 25589 CRAIG CARPENTER SVP LENDING/BUSINESS SOLUTIONS 50.00 X 212806 0 17685 EDWARD RUBIN INVESTMENT SERVICES MANAGER 50.00 X 371626 0 26902 STEVEN BUEL-MCINTIRE VP ADMIN/GENERAL COUNSEL 50.00 X 209040 0 23274 KIRK LATOURNEAU VP INFORMATION SERVICES 50.00 X 169454 0 20058 MARCIA ROBESON FINANCIAL CONSULTANT 50.00 X 152565 0 19795 DAVID HAUSAM FINANCIAL CONSULTANT 50.00 X 140223 0 19463 2427788 1073 992508 19 0 1 0 PREVEDELLO HETTICK 701 HIGH STREET EUGENE OR 97401 WEB MARKETING 1190419 MCKENZIE COMMERCIAL CONTRACTORS INC 865 W 2ND AVENUE H EUGENE OR 97402 CONSTRUCTION CONTRACTOR 408757 INFOIMAGE 141 JEFFERSON DRIVE MENLO PARK CA 94025 STATEMENT PRINTING 384545 SHELTON-TURNBULL PRINTERS PO BOX 6989 PORTLAND OR 97228 PRINTING 279752 STRATEGIC RESOURCE MANAGEMENT 5100 POPLAR AVENUE SUITE 2500 MEMPHIS TN 38137 MANAGEMENT CONSULTING 265286 24 INTEREST ON LOANS 522100 36585721 36585721 SERVICE CHARGES AND FEES 522100 9512688 9318461 194227 46098409 2175055 94909 2080146 132289 33200 99089 99089 99089 10459449 910734 10107099 715814 352350 194920 547270 195538 351732 INTERCHANGE INCOME 900099 5942260 5942260 OTHER REVENUE 900099 19593 19593 5961853 54881676 52061573 289136 2530967 35153 22500 2261104 13022031 518906 2309313 1520376 41803 88472 222234 1861388 3249747 1461456 2378648 242641 4320656 235157 LOAN SERVICING 2480517 PROVISION FOR LOAN LOSS 2304408 ASSOCIATION DUES 113056 TAXES ON UBI 160 2923947 41613673 9716114 11802993 164538830 125761356 2498827 2967155 807338544 895620754 24626 922828 34918918 12589583 23153338 22329335 105963095 124152984 9521584 4011898 12239132 1269352 1012393 7587324 19034069 1144773594 1206692937 4512943 4742011 238931 68205 76050 5918890 5290815 1024133013 1071960718 1034871982 1082069594 X 0 0 0 0 109901612 124623343 109901612 124623343 1144773594 1206692937 X 13268003 681139 805174 -32585 X 0 1 X 1 0 0 1 X 5429172 5429172 21555704 7646698 13909006 1456634 1271181 185453 6477408 3671704 2805704 22329335 MEMBERS' SHARE AND SAVINGS ACCOUNTS 1070435790 DEFERRED COMPENSATION LIABILITY 1524928 1071960718 X PART IV, LINE 2B: THE CREDIT UNION MAINTAINED MORTGAGE ESCROW ACCOUNTS TOTALING $76,050. PART X, LINE 2: FIN 48 (ASC 740) FINANCIAL STATEMENT FOOTNOTE - THE CREDIT UNION HAD NO UNRECOGNIZED TAX BENEFITS AT DECEMBER 31, 2014 AND 2013, RESPECTIVELY. THE CREDIT UNION RECOGNIZES THE ACCRUAL OF INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AS A TAX EXPENSE. DURING THE YEARS ENDED DECEMBER 31, 2014 AND 2013, IT RECOGNIZED NO MATERIAL INTEREST OR PENALTIES. WITH FEW EXCEPTIONS, THE CREDIT UNION AND ITS SUBSIDIARY ARE NO LONGER SUBJECT TO FEDERAL OR STATE INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2011. 1 EUGENE 4J SCHOOL DISTRICT 200 N MONROE AVE EUGENE OR 97402 936000566 EUGENE SCHOOL DIST 7181 CLASSROOM SUPPORT SPRINGFIELD SCHOOL DISTRICT 525 MILL ST SPRINGFIELD OR 97477 936000575 SPRINGFIELD PUBLIC S 6315 CLASSROOM SUPPORT 2 0 STUDENT SCHOLARSHIPS 15 22500 PART I, LINE 2: NO MONITORING OF CLASSROOM GRANTS OR STUDENT SCHOLARSHIPS IS PERFORMED. X X 1 1 X X X 0 1 0 J ROBERT NEWCOMB CEO/SECRETARY 611841 0 267520 0 72585 1073 818309 0 21433 0 1791688 1073 0 0 TIFFANY WASHINGTON SVP FINANCE/TREASURER 186011 0 22413 0 4911 0 18187 0 7402 0 238924 0 0 0 CRAIG CARPENTER SVP LENDING/BUSINESS SOLUTIONS 188225 0 22161 0 2420 0 17685 0 0 0 230491 0 0 0 EDWARD RUBIN INVESTMENT SERVICES MANAGER 364660 0 6696 0 270 0 19500 0 7402 0 398528 0 0 0 STEVEN BUEL-MCINTIRE VP ADMIN/GENERAL COUNSEL 188165 0 20290 0 585 0 16053 0 7221 0 232314 0 0 0 KIRK LATOURNEAU VP INFORMATION SERVICES 154062 0 14786 0 606 0 12837 0 7221 0 189512 0 0 0 MARCIA ROBESON FINANCIAL CONSULTANT 151127 0 0 0 1438 0 12393 0 7402 0 172360 0 0 0 DAVID HAUSAM FINANCIAL CONSULTANT 139287 0 0 0 936 0 12242 0 7221 0 159686 0 0 0 PART I, LINE 1A THE CREDIT UNION WILL PROVIDE AIRFARE FOR A TRAVEL PARTNER FOR EACH BOARD MEMBER TO ONE NATIONAL CONFERENCE WITHIN THE UNITED STATES PER YEAR. THE CREDIT UNION PROVIDES TAX GROSS-UP PAYMENTS TO ITS CEO. THESE BENEFITS ARE REPORTED AS TAXABLE INCOME FOR EACH INDIVIDUAL RECEIVING A BENEFIT. PART I, LINE 4B J ROBERT NEWCOMB PARTICIPATES IN A 457(F) DEFERRED COMPENSATION AGREEMENT - SUBJECT TO CONTINUOUS EMPLOYMENT CONTRACT, THE PLAN BENEFIT WILL BE PAID ON SEPTEMBER 19, 2017. PLAN EARNINGS IN 2014 EQUAL $798,809. J ROBERT NEWCOMB CEO SPLIT-DOLLAR LIFE INSURANCE X 813420 2523092 0 1 1 J ROBERT NEWCOMB CEO HOME MORTGAGE X 725000 444063 0 1 1 2967155 FORM 990, PART VI, SECTION A, LINE 4 THE CREDIT UNION'S BYLAWS WERE AMENDED DURING THE YEAR. SIGNIFICANT CHANGES INCLUDE PROCESSES FOR ANNUAL AND SPECIAL MEETINGS, NUMBER AND MAKE-UP OF BOARD, APPOINTMENT OF SUPERVISORY COMMITTEE, APPROVAL FOR LOANS TO CREDIT UNION OFFICIALS, AND INVESTMENT AND FIXED ASSET GUIDELINES. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS MEMBER OWNED. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED BY A VOTE OF THE CREDIT UNION'S MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B REMOVAL OF DIRECTORS MUST BE RATIFIED BY A VOTE OF THE CREDIT UNION'S MEMBERS. FORM 990, PART VI, SECTION B, LINE 11 FORM 990 IS REVIEWED BY SENIOR MANAGEMENT. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS FILE AN ANNUAL CONFLICT OF INTEREST STATEMENT. THE CREDIT UNION REPORTS RELATED PARTY LOANS ON THE NCUA CALL REPORT BUT OTHERWISE RELIES ON SELF-REPORTING TO MONITOR ONGOING TRANSACTIONS. POTENTIAL CONFLICTS WOULD BE REVIEWED BY THE CREDIT UNION'S LEGAL COUNSEL. RESTRICTIONS IMPOSED AS THE RESULT OF AN ACTUAL CONFLICT OF INTEREST DEPEND ON THE NATURE OF THE CONFLICT. THERE ARE NO KNOWN CONFLICTS AND NO RESTRICIONS ARE CURRENTLY IN EFFECT. FORM 990, PART VI, SECTION B, LINE 15A THE SELCO COMMUNITY CREDIT UNION SALARY ADMINISTRATION PROGRAM METHODOLOGY IS DESIGNED TO ATTRACT AND RETAIN TOP TALENT WITHIN THE INDUSTRY. ONE COMPONENT OF THE PROGRAM IS THE UTILIZATION OF SALARY SURVEY DATA WHICH PROVIDES GUIDANCE IN ESTABLISHING APPROPRIATE SALARY RANGES AND IN DETERMINING ANNUAL BASE PAY CHANGES. HISTORICALLY, THE CREDIT UNION EXECUTIVE SOCIETY (CUES) SURVEY WAS USED AS A BASELINE FOR SALARY AND COMPENSATION GUIDANCE FOR THE CHIEF EXECUTIVE OFFICER (CEO) AND THE EXECUTIVE TEAM. THE NUMBER OF PARTICIPANTS REPORTING CEO SALARIES HAS DECLINED TO A LEVEL THAT THIS SURVEY NO LONGER PROVIDES MEANINGFUL DATA. IN LIEU OF RELEVANT SURVEY INFORMATION, HUMAN RESOURCES COMPILES PUBLICALLY AVAILABLE FORM 990 DATA TO USE FOR BENCHMARKING. THIS DATA INCLUDES ONLY STATE-CHARTERED CREDIT UNIONS SINCE FEDERALLY-CHARTERED CREDIT UNIONS ARE EXCLUDED FROM THE REQUIREMENT TO FILE AN INDIVIDUAL FORM 990. THE BENCHMARK DATA IS PROVIDED TO THE BOARD OF DIRECTORS EACH JANUARY TO BE USED AS A GENERAL COMPARISON AND GUIDANCE. PERIODICALLY, THE BOARD MAY COMMISSION AN EXTERNAL FIRM TO PROVIDE BENCHMARK DATA. DURING THE CEO PERFORMANCE EVALUATION PROCESS, THE BOARD MEETS IN EXECUTIVE SESSION TO DISCUSS CEO PERFORMANCE, REVIEW COMPENSATION BENCHMARK DATA, AND ESTABLISH THE APPROPRIATE COMPENSATION LEVEL. COMPENSATION CHANGES ARE DOCUMENTED IN A MEMO TO THE PAYROLL AND PERSONNEL FILE, WHICH SUMMARIZES THE MEETING DISCUSSION AND MEMORIALIZES ACTIONS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY MAY BE MADE AVAILABLE UPON REQUEST. ANNUAL FINANCIAL STATEMENTS ARE POSTED ON THE CREDIT UNION'S WEBSITE AND MONTHLY STATEMENTS ARE POSTED IN EACH BRANCH LOCATION. FORM 990, PART XI, LINE 9: PASSTHROUGH BOOK/TAX DIFFERENCES -32,585. WHISTLER PROPERTY GROUP 925 HARLOW ROAD SPRINGFIELD OR 97477 364687978 REAL ESTATE HOLDING CO OR N/A EXCLUDED -1330 120111 0 1 0.10730 INOVA LLC PO BOX 7847 SPRINGFIELD OR 97475 272430222 CONSULTING OR N/A UNRELATED -50732 72878 0 -50733 0 0.50000 SELCO GROUP INCORPORATED 925 HARLOW ROAD SPRINGFIELD OR 97477 930829603 INSURANCE AGENCY OR SELCO COMMUNITY CREDIT UNION C 458 953359 1.00000 1 1 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 SELCO GROUP INCORPORATED A 56658 FMV SELCO GROUP INCORPORATED J 56658 FMV SELCO GROUP INCORPORATED L 156792 COST