2015-05-15T12:59:57-05:00 2014-12-31 910189318 MOSS ADAMS LLP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2014-01-01 910593941 SALAL CREDIT UNION SALA 2062989394 1515 DEXTER AVENUE NORTH SEATTLE WA 98109 RUSSELL E ROSENDAL PRESIDENT/CEO 2608267603 2015-05-14 1 KRISTINE HOEFLIN P00786821 4252597227 2014 2016-04-25 22:37:26Z RUSSELL E ROSENDAL 1515 DEXTER AVENUE NORTH SEATTLE WA 98109 23916028 0 X WWW.SALALCU.ORG X 1948 WA THE MISSION OF SALAL CREDIT UNION IS TO MAKE MONEY MANAGEMENT EASIER FOR MEMBERS. 9 9 166 15 260035 -354546 0 0 16857697 18537421 1298382 1242881 7790 19707 18163869 19800009 113535 32183 0 0 8186373 8549673 0 0 0 9427368 9917418 17727276 18499274 436593 1300735 364010055 377673961 331669001 343185548 32341054 34488413 THE MISSION OF SALAL CREDIT UNION IS TO MAKE MONEY MANAGEMENT EASIER FOR MEMBERS. 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 33,829 MEMBERS; HOWEVER THERE ARE APPROXIMATELY 3,500,000 POTENTIAL MEMBERS IN THE GREATER PUGET SOUND COMMUNITY. SALAL CREDIT UNION OFFERS FINANCIAL LITERACY/EDUCATION PROGRAMS TO BOTH MEMBERS AND NON-MEMBERS. THESE EDUCATIONAL PROGRAMS ARE DESIGNED TO HELP INDIVIDUALS IN BUDGETING, SAVING FOR MAJOR PURCHASES, COLLEGE, AND RETIREMENT AND OVERALL FINANCIAL MANAGEMENT. SALAL CREDIT UNION ALSO SPONSORS FINANCIAL COUNSELING PROGRAMS TO HELP MEMBERS BETTER MANAGE THEIR CREDIT. FINALLY, SALAL CREDIT UNION IS A SPONSORING MEMBER OF THE SEATTLE AREA "CREDIT UNIVERSITY", A PROGRAM DESIGNED TO EDUCATE HIGH SCHOOL STUDENTS ABOUT MONEY MANGEMENT. SALAL CREDIT UNION IS ACTIVE IN THE COMMUNITY BY SPONSORING COMMUNITY ORIENTED PROJECTS SUCH AS WASHINGTON BUSINESS WEEK, (A WEEK LONG TRAINING/DEVELOPMENT PROGRAM FOR 15-18 YEAR OLDS), SCHOLARSHIPS FOR HIGH SCHOOL STUDENTS LOOKING TO FURTHER THEIR STUDIES IN THE HEALTHCARE FIELD, CONTINUING EDUCATION SCHOLARSHIPS FOR NURSING STUDENTS, AND CONTRIBUTING TO THE FUNDRAISING EFFORTS OF SEVERAL WORTHWHILE ORGANIZATIONS SUCH AS HEALTHPOINT AND INTERNATIONAL COMMUNITY HEALTH SERVICES (ICHS). 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 5597 0 1 166 1 1 1 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X GEOFF SWARTS 2068267600 1515 DEXTER AVENUE NORTH SEATTLE WA 98109 DICK WOO BOARD CHAIRMAN 2.00 X X 0 0 0 LAURA MCMILLIAN BOARD VICE CHAIR 2.00 X X 0 0 0 LISA JOHNSON BOARD SECRETARY 2.00 X X 0 0 0 SHARON DOOLEY BOARD MEMBER 2.00 X 0 0 0 JAMIE LEE BOARD MEMBER 2.00 X 0 0 0 ANNETTE MURPHY BOARD MEMBER 2.00 X 0 0 0 JOEL LEPLA BOARD MEMBER 2.00 X 0 0 0 HELEN HARTE BOARD MEMBER 2.00 X 0 0 0 DENNIS HIGHTOWER BOARD MEMBER 2.00 X 0 0 0 RUSSELL E ROSENDAL PRESIDENT/CEO 40.00 X 281201 0 81490 CAROL E BELLAND EVP COO (1/14 - 9/14), BRANCH PROJECT MNGR 40.00 X 171866 0 11611 GEOFFREY T SWARTS SVP CHIEF FINANCIAL OFFICE 40.00 X 158357 0 15484 ROBERT W SCHWEIGERT SVP CHIEF LENDING OFFICER 40.00 X 161599 0 11871 SHERYL A KIRCHMEIER SVP CHIEF MARKETING OFFICE 40.00 X 157938 0 4725 CARMELLA M HOUSTON VP BUSINESS SERVICES 40.00 X 123179 0 11975 TROY-SKOTT POPE SVP RETAIL FINANCIAL SERVI 40.00 X 159297 0 11813 DEBBIE DELISLE SENIOR MORTGAGE LOAN OFFICER 40.00 X 120522 0 8793 JENNIFER EVANS THOMPSON VP LENDING 40.00 X 108640 0 10284 1442599 0 168046 9 0 1 0 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 DATA PROCESSING 267271 INTEGRA TELECOM PO BOX 2966 MILWAUKEE WI 53201 COMMUNICATION AND NETWORKING SERVICES 211195 NETWORK COMPUTING ARCHITECTS INC 330 120TH AVE NE 210 BELLEVUE WA 98005 TECHNOLOGY CONSULTING 199564 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 90312 DOCUMENTATION & ARCHIVAL SERVICES 163737 DIEBOLD INCORPORATED PO BOX 643543 PITTSBURGH PA 15264 ATM SERVICING 143308 6 INTEREST ON MEMBER LOANS 900099 14505229 14505229 SERVICE CHARGES & FEE INCOME 900099 3057868 2946434 111434 NET GAINS ON SALES OF LOANS 900099 808229 808229 OTHER NON-INTEREST INCOME 900099 166095 17494 148601 18537421 1170882 1170882 4187742 276 4116019 0 71723 276 71999 71999 SUBSIDIARY INVESTMENT INCOME 900099 19707 19707 19707 19800009 18297093 260035 1242881 29683 2500 893481 5891677 162713 1010302 591500 310693 47250 47600 47357 362791 649489 358600 696132 116467 952611 1180611 106519 PROVISION FOR LOAN LOSS 2754125 TRANSACTION EXPENSE 1128902 OTHER OPERATING EXPENSE 792181 DATA PROCESSING 97939 268151 18499274 6863211 7334129 726774 254653082 283063201 457805 334799 11792427 8066428 4423502 3725999 91048866 77119545 5836815 6096288 364010055 377673961 6408352 6257121 9000000 9000000 316260649 327928427 331669001 343185548 X 0 0 0 0 32341054 34488413 32341054 34488413 364010055 377673961 1300735 846624 0 X 0 1 X 1 0 0 0 501673 501673 4778258 2955952 1822306 818511 814542 3969 5693985 4295934 1398051 3725999 269707 C AVAILABLE FOR SALE SECURITIES 73198920 F OTHER INVESTMENTS IN RESTRICTED STOCK 945400 C CERTIFICATE OF DEPOSIT 2705518 C 77119545 MEMBER SHARES 327928427 327928427 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, 2014 OR 2013. 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, 2014 OR 2013. 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 WITH THE FEDERAL JURISDICTION. THE CREDIT UNION IS NO LONGER SUBJECT TO UNITED STATES FEDERAL INCOME TAX EXAMINATION BY TAX AUTHORITIES FOR THE YEARS ENDED ON OR BEFORE DECEMBER 31, 2011. 1 FOUNDATION FOR PRIVATE ENTERPRISE EDUCATION 33305 1ST WAY S STE B-212 FEDERAL WAY WA 98003 911048245 501(C)(3) 8500 SPONSORSHIP OF FUNDRAISING EVENT AND DONATION TO HELP FUND SCHOLARSHIPS FOR STUDENTS TO ATTEND WEEK-LONG HEALTHCARE- FOCUSED CAMP. HEALTHPOINT 955 POWELL AVENUE SW RENTON WA 98057 910884412 501(C)(3) 6500 SPONSORSHIP OF ANNUAL FUNDRAISING EVENT INTERNATIONAL COMMUNITY HEALTH SERVICES FOUNDATION PO BOX 3007 SEATTLE WA 98114 260493856 501(C)(3) 5000 SPONSORSHIP OF ANNUAL FUNDRAISING EVENT SEATTLE BIOMEDICAL RESEARCH INSTITUTE 307 WESTLAKE AVE N SUITE 500 SEATTLE WA 98109 910961784 501(C)(3) 5000 SPONSORSHIP OF ANNUAL FUNDRAISING EVENT 4 0 PART I, LINE 2: THE ORGANIZATION OFFERS A SCHOLARSHIP OPPORTUNITY TO PARTICIPANTS IN THE WASHINGTON BUSINESS WEEK HEALTHCARE PATHWAY HELD ANNUALLY IN WESTERN WASHINGTON. APPLICANTS AND ESSAYS ARE REVIEWED BY SALAL EMPLOYEES AS PART OF THE SELECTION PROCESS. X X 1 1 X X X 0 0 0 RUSSELL E ROSENDAL PRESIDENT/CEO 229839 0 21514 0 29848 0 55700 0 25790 0 362691 0 0 0 CAROL E BELLAND EVP COO (1/14 - 9/14), BRANCH PROJEC 152276 0 14000 0 5590 0 4568 0 7043 0 183477 0 0 0 GEOFFREY T SWARTS SVP CHIEF FINANCIAL OFFICE 141621 0 15000 0 1736 0 4831 0 10653 0 173841 0 0 0 ROBERT W SCHWEIGERT SVP CHIEF LENDING OFFICER 146946 0 14000 0 653 0 4828 0 7043 0 173470 0 0 0 SHERYL A KIRCHMEIER SVP CHIEF MARKETING OFFICE 142748 0 14000 0 1190 0 4702 0 23 0 162663 0 0 0 TROY-SKOTT POPE SVP RETAIL FINANCIAL SERVI 140345 0 15000 0 3952 0 4770 0 7043 0 171110 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 AND COO ATHLETIC CLUB MEMBERSHIP. THESE ITEMS ARE TREATED AS TAXABLE INCOME TO THE INDIVIDUALS AS APPROPRIATE. 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. FORM 990, PART VI, SECTION B, LINE 11 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 EACH EMPLOYEE IS REQUIRED TO ANNUALLY SIGN AN ETHICS STATEMENT ACKNOWLEDGING THEY HAVE NOT ACCEPTED ITEMS OF VALUE GREATER THAN $20. ADDITIONALLY EXECUTIVE MANAGEMENT AND THE BOARD OF DIRECTORS SIGN AN ADDITIONAL STATEMENT ACKNOWLEDGING THEIR HIGHER STANDARDS. DEPARTMENT MANAGERS ARE RESPONSIBLE FOR MONITORING AND REPORTING ANY VIOLATIONS OF THE CONFLICT OF INTEREST POLICY. 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. 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. LENDING SOLUTIONS NORTHWEST LLC 1515 DEXTER AVENUE NORTH SEATTLE WA 98109 461812634 AUTO LENDING WA -11176 134380 SALAL CREDIT UNION SALAL FOUNDATION 1515 DEXTER AVE NORTH SEATTLE WA 98109 463476338 SUPPORTS PHILANTHROPIC ACTIVITIES WA 501(C)(3) LINE 9 SALAL CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0