2014-05-14T16:01:24-05:00 2013-12-31 910189318 MOSS ADAMS LLP 2707 COLBY AVE SUITE 801 EVERETT WA 982013510 990 2013-01-01 910593941 SALAL CREDIT UNION SALA 2062989394 1515 DEXTER AVENUE NORTH SEATTLE WA 98109 RUSSELL E ROSENDAL PRESIDENT/CEO 2608267603 2014-05-14 1 KRISTINE HOEFLIN P00786821 4252597227 2013 2015-11-30 17:44:51Z RUSSELL E ROSENDAL 1515 DEXTER AVENUE NORTH SEATTLE WA 98109 25967587 0 X WWW.SALALCU.ORG X 1948 WA THE MISSION OF SALAL CREDIT UNION IS TO MAKE MONEY MANAGEMENT EASIER FOR MEMBERS. 8 8 154 14 229170 -246110 0 0 17604156 16857697 1601565 1298382 -2471 7790 19203250 18163869 61193 113535 0 0 7178542 8186373 0 0 0 9685919 9427368 16925654 17727276 2277596 436593 356857145 364010055 322951396 331669001 33905749 32341054 THE MISSION FOR 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 33,650 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 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 1 1 0 0 1 6090 0 1 154 1 1 1 0 0 0 0 0 X 8 8 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 ALAN LEDERMAN BOARD CHAIRMAN 2.00 X X 0 0 0 LAURA MCMILLAN BOARD SECRETARY 2.00 X X 0 0 0 DENNIS HIGHTOWER BOARD MEMBER 2.00 X 0 0 0 HELEN HARTE BOARD MEMBER 2.00 X 0 0 0 SHARON DOOLEY BOARD MEMBER 2.00 X 0 0 0 JAMIE LEE BOARD MEMBER 2.00 X 0 0 0 LISA JOHNSON BOARD MEMBER 2.00 X 0 0 0 ANNETTE MURPHY BOARD MEMBER 2.00 X 0 0 0 RUSSELL E ROSENDAL PRESIDENT/CEO 40.00 X 320010 0 125264 ROBERT W SCHWEIGERT SVP CHIEF LENDING OFFICER 40.00 X 174197 0 12742 CAROL E BELLAND EVP CHIEF OPERATIONS OFFICER 40.00 X 196673 0 13805 SHERYL A KIRCHMEIER SVP CHIEF MARKETING OFFICER 40.00 X 163915 0 4681 GEOFFREY T SWARTS SVP CHIEF FINANCIAL OFFICER 40.00 X 146906 0 14566 TROY-SKOTT POPE SVP RETAIL FINANCIAL SERVICES 40.00 X 148644 0 8020 CARMELLA M HOUSTON VP BUSINESS SERVICES 40.00 X 123070 0 15163 OWEN L WILLIAMS SR MORTGAGE LOAN OFFICER 40.00 X 111046 0 9576 TARA S SEEVER VP HUMAN RESOURCES 40.00 X 105826 0 10905 1490287 0 214722 9 0 1 0 WEBER MARKETING 225 TERRY AVE N SUITE 400 SEATTLE WA 98109 MARKETING CONSULTING 215580 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 DATA PROCESSING 172573 NETWORK COMPUTING ARCHITECTS INC 330 120TH AVE NE 210 BELLEVUE WA 98005 TELECOMMUNICATION SERVICES 154789 DIEBOLD INCORPORATED PO BOX 643543 PITTSBURGH PA 15264 ATM SERVICING 146891 INTEGRA TELECOM PO BOX 2966 MILWAUKEE WI 53201 COMMUNICATION AND NETWORKING SERVICES 137078 7 INTEREST ON MEMBER LOANS 900099 12852946 12852946 SERVICE CHARGES & FEE INCOME 900099 2857636 2793892 63744 NET GAINS ON SALES OF LOANS 900099 907383 907383 OTHER NON-INTEREST INCOME 900099 239732 74306 165426 16857697 1238883 1238883 8590 800 7790 7790 7790 7862417 7802918 59499 59499 59499 18163869 16628527 229170 1306172 113535 1329423 5049231 149681 1081257 576781 194548 121964 63169 60389 560431 643592 185825 683253 174840 1042623 1103620 335357 PROVISION FOR LOAN LOSS 1806377 TRANSACTION EXPENSE 1133152 MISCELLANEOUS EXPENSE 390147 DATA PROCESSING 96851 831230 17727276 7926116 6863211 0 726774 238451965 254653082 340313 457805 11861056 7437554 4809559 4423502 99350871 91048866 5978321 5836815 356857145 364010055 7059531 6408352 5000000 9000000 310891865 316260649 322951396 331669001 X 0 0 0 0 33905749 32341054 33905749 32341054 356857145 364010055 436593 -2001288 0 X X 0 1 X 1 0 0 0 501673 501673 4724094 2658005 2066089 1025012 980420 44592 5610277 3799129 1811148 4423502 AVAILABLE FOR SALE SECURITIES 73592283 F OTHER INVESTMENTS IN RESTRICTED STOCK 1092800 C CERTIFICATE OF DEPOSIT 16363783 C 91048866 MEMBER SHARES 316260649 316260649 X 18164669 800 800 18163869 0 18163869 17728076 800 800 17727276 0 17727276 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, 2013 OR 2012. 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, 2013 OR 2012. 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, 2010. LENDING SOLUTIONS NORTHWEST, LLC IS A SINGLE-MEMBER LLC AND IS DISREGARDED FOR FEDERAL INCOME TAX PURPOSES. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL BUILDING EXPENSES 800. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL BUILDING EXPENSES 800. 1 FOUNDATION FOR PRIVATE ENTERPRISE EDUCATION 33305 1ST WAY S STE B-212 FEDERAL WAY WA 98003 911048245 501(C)(3) 8500 WASHINGTON BUSINESS WEEK HEALTH CARE PROGRAM AND SCHOLARSHIP FUNDING. HEALTHPOINT 955 POWELL AVENUE SW RENTON WA 98057 910884412 501(C)(3) 6500 SPONSORSHIP OF ANNUAL FUNDRAISING EVENT 2 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 232785 0 57240 0 29985 0 98645 0 26619 0 445274 0 0 0 ROBERT W SCHWEIGERT SVP CHIEF LENDING OFFICER 138487 0 35125 0 585 0 4722 0 8020 0 186939 0 0 0 CAROL E BELLAND EVP CHIEF OPERATIONS OFFICER 155387 0 32000 0 9286 0 5785 0 8020 0 210478 0 0 0 SHERYL A KIRCHMEIER SVP CHIEF MARKETING OFFICER 134702 0 28125 0 1088 0 4681 0 0 0 168596 0 0 0 GEOFFREY T SWARTS SVP CHIEF FINANCIAL OFFICER 128640 0 16675 0 1591 0 0 0 14566 0 161472 0 0 0 TROY-SKOTT POPE SVP RETAIL FINANCIAL SERVICES 128787 0 14675 0 5182 0 0 0 8020 0 156664 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. ALAN LEDERMAN BOARD MEMBER HOME MORTGAGE X 622000 581063 0 0 1 CAROL BELLAND OFFICER HOME MORTGAGE X 140000 126012 0 0 1 RUSS ROSENDAL OFFICER NEW AUTO LOAN X 36011 19699 0 0 1 726774 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. FORM 990, PART XI, LINE 2C: THE PROCESS FOR OVERSEEING THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED SINCE THE PREVIOUS YEAR. LENDING SOLUTIONS NORTHWEST LLC 1515 DEXTER AVENUE NORTH SEATTLE WA 98109 461812634 AUTO LENDING WA -154444 146306 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