2013-11-11T15:41:55-06:00 2012-12-31 SHANNON & ASSOCIATES LLP 1851 CENTRAL PLACE SOUTH SUITE 225 KENT WA 980307507 990 2012-01-01 910557925 SOUND CREDIT UNION SOUN 2535977603 PO BOX 1595 TACOMA WA 98401 RUSSELL GOWRYLOW 2535977603 2013-11-08 true ROGER JONES 2538528500 2013-11-11 2012 2016-02-24 21:20:13Z RICHARD BRANDSMA PO BOX 1595 TACOMA WA 98401 79160515 false X WWW.SOUNDCU.COM X 1940 WA A MEMBER OWNED COOPERATIVE PROVIDING FINANCIAL SERVICES, INCLUDING LOANS AND SHARE DEPOSITS TO ITS MEMBERS. 8 8 319 10 548488 -74649 0 36859182 54803388 3921623 3428544 806486 1302429 41587291 59534361 10000 3498275 3696589 11199175 15893857 0 0 18470249 21251629 33167699 40852075 8419592 18682286 1038302758 1070060077 962097465 975095418 76205293 94964659 A MEMBER OWNED COOPERATIVE PROVIDING FINANCIAL SERVICES, INCLUDING LOANS AND SHARE DEPOSITS TO ITS MEMBERS. false false ON THE LIABILITY/EQUITY SIDE OF THE BALANCE SHEET OUR MEMBERS HOLD 169,871 SAVINGS, CHECKING AND MONEY MARKET DEPOSIT ACCOUNTS WITH COMBINED BALANCES OF 669,597,251. MEMBERS HOLD 1,916 IRA SAVINGS ACCOUNTS WITH COMBINED BALANCES OF 21,035,193. THESE FUNDS ARE POOLED AND USED PRIMARILY TO FUND CONSUMER AND REAL ESTATE SECURED LOANS TO OUR MEMBERSHIP. ALSO ON THE LIABILITY/EQUITY SIDE OF THE BALANCE SHEET, 7,671 OF OUR MEMBERS HOLD CERTIFICATE ACCOUNTS WITH TOTAL BALANCES OF 173,863,654 AND 3,641 HOLD IRA SAVINGS CERTIFICATES WITH A TOTAL OF 72,221,529 ON THE ASSET SIDE, 47,088 OF OUR MEMBERS HOLD CONSUMER LOANS THAT INCLUDE VEHICLE, STUDENT, MORTGAGE AND VISA LOANS. CONSUMER LOANS THAT INCLUDE VEHICLE SECURED LOANS TOTALS 286,278,105. REAL ESTATE SECURED LOANS TOTAL 311,053,038. THE LOAN PORTFOLIO TOTALS 597,331,143. false false false false false false false false false true false false false true true false false false false false false false false false false false true false true false false false false false false false false false false false true false false true 21328 0 true 319 true true true false false false false false X 8 8 false false false false true true true true true false true true true true true true true true true true false X X RUSSELL GOWRYLOW 2535977603 1331 BROADWAY PLAZA TACOMA WA 98401 KEITH MOCK 1.00 X X 0 0 0 BRENDA HEINEMAN 1.00 X 0 0 0 DAVE WASSON 1.00 X X 0 0 0 NORM PARSONS 1.00 X 0 0 0 GARY EMMONS 1.00 X X 0 0 0 RICHARD BRENTIN 1.00 X 0 0 0 DENNIS OKAMOTO 1.00 X 0 0 0 CAROLYN IBLINGS 1.00 X 0 0 0 SHELLEY COLEMAN 1.00 X 0 0 0 RICK BRANDSMA 40.00 X 1601164 0 91839 RUSSELL GOWRYLOW 40.00 X 251048 0 86262 DENISE REAGAN 40.00 X 702036 0 81339 CARL ROER 40.00 X 220549 0 54283 CHRIS SHENKEL 40.00 X 205838 0 48988 DAN FIORINO 40.00 X 117849 0 34265 3098484 396976 8 false true false HHJ INC 1409 ALEXANDER AVENUE E FIFE WA 98424 RENOVATION 2021639 FRANK UNLIMITED 2819 ELLIOTT AVE SUITE 204 SEATTLE WA 98121 MARKETING 475096 KAYE-SMITH PO BOX 956 RENTON WA 98057 PRINTING/MAIL 449912 CLEAR CHANNEL OUTDOOR PO BOX 742025 LOS ANGELES CA 900742025 ADVERTISING 309502 AUGEO 1620 BOND STREET NAPERVILLE IL 60563 VISA/DEBIT CARD 278813 5 TOTAL LOAN INCOME 522291 35293177 35293177 FEES AND CHARGES 522100 11252491 11252491 INTERCHANGE 522298 6613801 6613801 MISCELLANEOUS INCOME 518210 1095431 1095431 FINANCIAL SERVICES 522100 229721 229721 318767 318767 54803388 3308283 3308283 19746415 19626154 120261 120261 120261 NON-OPERATING INCOME 900099 1302429 1302429 1302429 59534361 55677590 548488 3308283 10000 3696589 3370246 7304546 1797789 2389780 1031496 194540 33307 184850 271487 1751900 4774799 602413 2190432 211507 61560 892709 1855867 868384 PROVISION FOR LOAN LOSS 3280801 LOAN SERVICING 2142129 MP AMORTIZATION OF CDI 972190 MISCELLANEOUS 515501 447253 40852075 0 0 0 88177455 95103952 20890964 11462794 11399564 9832830 571098448 589747143 2078030 2590215 48630517 13536136 42286820 35094381 275625772 299947657 12526628 12678704 8123548 7151357 6095529 6451044 1038302758 1070060077 9999105 9599025 136123 643292 25000000 21000000 926962237 943853101 962097465 975095418 X 76205293 94964659 76205293 94964659 1038302758 1070060077 18682286 77080 X X false false false 10205579 10205579 20378850 4199922 16178928 8650853 3290687 5360166 9395235 6045527 3349708 35094381 MEMBER SHARE ACCOUNTS 936083265 CLEARING ACCOUNTS 2914094 CONTINGENT LIABILITIES 2815742 DEFERRED COMP PLAN 2040000 943853101 X LIABILITY UNDER FIN 48 FOOTNOTE SCHEDULE D, PAGE 3, PART X THE CREDIT UNION HAD NO UNRECOGNIZED TAX BENEFITS OR LIABILITIES AND NO ADJUSTMENTS TO ITS FINANCIAL POSITION, RESULTS OF OPERATIONS OR CASH FLOWS RELATED TO UNCERTAIN TAX POSITIONS TAKEN FOR THE YEARS ENDED MARCH 31, 2013 AND 2012. THE CREDIT UNION IS NO LONGER SUBJECT TO FEDERAL, STATE OR LOCAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS PRIOR TO MARCH 31, 2009. IF ASSESSED, THE CREDIT UNION RECOGNIZES PENALTIES AND INTEREST ASSOCIATED WITH TAX MATTERS AS PART OF OPERATING EXPENSES. false FIRCREST GOLF CLUB 1500 REGENTS BLVD FIRCREST WA 98466 910221060 501(C) 10000 1 PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS INSIDE THE UNITED STATES SCHEDULE I, PAGE 1, PART I, LINE 2 NO MONITORING PROCESS WAS IN PLACE FOR THESE FUNDS AS THE AMOUNT IS INSIGNIFICANT TO THE CREDIT UNION. X X true false X X X X false false false RICK BRANDSMA 695258 105762 800144 78000 13839 1693003 RUSSELL GOWRYLOW 154250 54688 42110 67500 18762 337310 DENISE REAGAN 311074 162180 228782 67500 13839 783375 CARL ROER 155625 54469 10455 42339 11944 274832 CHRIS SHENKEL 134910 59000 11928 35349 13639 254826 DAN FIORINO 117849 15580 18685 152114 EXPLANATION ON VOLUNTEERS AND TYPES OF SERVICES OR BENEFITS FORM 990, PAGE 1, PART I, LINE 6 THE CREDIT UNION'S VOLUNTEERS CONSIST OF THE ORGANIZATION'S BOARD MEMBERS AND SUPERVISORY COMMITTEE MEMBERS. CLASSES OF MEMBERS OR STOCKHOLDERS FORM 990, PAGE 6, PART VI, LINE 6 THE CREDIT UNION HAS 96,226 MEMBERS AS OF DECEMBER 31, 2012. ELECTION OF MEMBERS AND THEIR RIGHTS FORM 990, PAGE 6, PART VI, LINE 7A THE CREDIT UNION'S MEMBERS HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. DECISIONS SUBJECT TO APPROVAL OF MEMBERS FORM 990, PAGE 6, PART VI, 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. ORGANIZATION'S PROCESS USED TO REVIEW FORM 990 FORM 990, PAGE 6, PART VI, LINE 11B THE FORM 990 IS PROVIDED TO THE BOARD OF DIRECTORS WHO REVIEW THE FORM PRIOR TO THE RETURN'S FILING. THE BOARD COMPARES THE RETURN TO THE PRIOR YEAR RETURN FOR MATERIAL DIFFERENCES AND SEEKS EXPLANATIONS FOR THOSE DIFFERENCES. TOTALS ARE COMPARED FOR REVENUE, EXPENSES, AND TOTAL ASSETS. EACH STATEMENT IS REVIEWED FOR ACCURACY INCLUDING A REVIEW OF THE EXPLANATIONS DOCUMENTED IN THE RETURN. ENFORCEMENT OF CONFLICTS POLICY FORM 990, PAGE 6, PART VI, LINE 12C EMPLOYEES SIGN A STATEMENT REQUIRING THAT THEY MUST DISCLOSE TO THE PRESIDENT & CEO ANY ACTUAL, POTENTIAL, OR PERCEIVED CONFLICTS OF INTEREST BEFORE BEING HIRED. DIRECTORS AND VOLUNTEERS SIGN A "CODE OF ETHICS ACKNOWLEDGEMENT" THAT STATES THEY WILL NOT BE INVOLVED IN SITUATIONS THAT RESULT IN OR COULD BE PERCEIVED TO BE A CONFLICT OF INTEREST. THEY MUST ALSO RECUES THEMSELVES FROM ANY DISCUSSIONS OR PARTICIPATION IN DECISIONS INVOLVING INSTANCES IN WHICH A CONFLICT OF INTEREST EXISTS OR MAY EXIST. THE POLICY MANUAL HAS THREE SECTIONS IN WHICH CONFLICTS OF INTEREST ARE STATED AND THE BOARD APPROVES THE POLICY MANUAL ON AN ANNUAL BASIS. BOTH THE CEO & EVP MONITOR ALL STAFF AND VOLUNTEER ACCOUNTS. IN ADDITION, DURING OUR CERTIFIED AUDIT, ALL STAFF AND VOLUNTEER ACCOUNTS, OR A SAMPLING, ARE REVIEWED FOR POTENTIAL CONFLICTS OF INTEREST. COMPENSATION PROCESS FOR TOP OFFICIAL FORM 990, PAGE 6, PART VI, LINE 15A THE EMPLOYEE BENEFITS COMMITTEE, WHICH IS COMPRISED OF 3 BOARD MEMBERS REVIEWS LOCAL SURVEYS, INCLUDING THE ANNUAL MILLIMAN NORTHWEST FINANCIAL INDUSTRY SALARY SURVEY TO DEVELOP A RECOMMENDATION FOR THE BOARD. THE BOARD REVIEWS THE COMMITTEE'S RECOMMENDATION AND APPROVES THE CEO'S COMPENSATION. COMPENSATION PROCESS FOR OFFICERS FORM 990, PAGE 6, PART VI, LINE 15B OTHER OFFICER AND KEY EMPLOYEE COMPENSATION IS DETERMINED BY THE CEO AND BECOMES A PART OF THE COMPENSATION RECOMMENDATION DURING THE BUDGET PROCESS. GOVERNING DOCUMENTS DISCLOSURE EXPLANATION FORM 990, PAGE 6, PART VI, LINE 19 THE CREDIT UNION'S BYLAWS AND LEGAL DOCUMENTS, FINANCIAL STATEMENTS, AND ANNUAL REPORT, THAT MEMBERS HAVE THE RIGHT TO VIEW, ARE AVAILABLE UPON REQUEST. THE REQUEST MUST BE IN WRITTEN FORM. OTHER CHANGES IN NET ASSETS EXPLANATION FORM 990, PART XI, LINE 9 UNREALIZED GAIN ON AFS SECURITIES 77,080 ADDITIONAL INFORMATION FORM 990, PART XII THE CREDIT UNION RECEIVED AN AUDIT FOR THE PERIOD ENDED 3/31/13 WHILE THE TAX RETURN PERIOD ENDED 12/31/12. SOUND FINANCIAL GROUP INC PO BOX 1595 TACOMA WA 98401 911263213 INSURANCE WA SOUND CU C CORP -90 227 1.00000 false false false false false false false false false false false false false false false false false false false false