2013-11-14T18:03:31-06:00 2012-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2012-01-01 910176215 SEATTLE METROPOLITAN CREDIT UNION SEAT 2063985561 P O BOX 780 SEATTLE WA 981110780 RICHARD ROMERO 2063985561 2013-11-11 1 VALENTINO CREUS CPA P01054153 8189549700 2012 2016-02-24 21:20:13Z RICHARD ROMERO P O BOX 780 SEATTLE WA 981110780 28765690 0 X WWW.SMCU.COM X CREDIT UNION 1997 WA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 186 14 225039 -322751 0 0 27474784 27607350 1687322 1017464 0 27836 29162106 28652650 24419 37468 0 0 9717091 10351216 0 0 0 18496925 14601760 28238435 24990444 923671 3662206 567023666 582453641 521212360 532950220 45811306 49503421 X NONE 0 0 SEATTLE METROPOLITAN CREDIT UNION (SMCU) HAS BEEN PROVIDING SERVICES TO ITS MEMBERS SINCE 1933. SINCE ITS INCEPTION, SMCU HAS CONSIDERED ITSELF AN ADVOCATE FOR ITS MEMBERS BY PROVIDING MEMBER-CENTRIC FINANCIAL SERVICES AND FINANCIAL LITERACY EDUCATION AT LOW OR NO COST. AS OF DECEMBER 31, 2012, SMCU HAD 41,262 MEMBERS. THESE MEMBERS PARTICIPATED IN 23,398 OF LOANS AND 83,373 OF DEPOSIT PRODUCTS. SMCU'S LOAN OFFERINGS INCLUDE A WIDE RANGE OF OPTIONS FROM STANDARD AUTO LOANS, MORTGAGES AND LINES OF CREDIT, TO MORE SEGMENTED PRODUCTS INCLUDING MOTORCYCLES, CLASSIC CARS, BOATS, RECREATIONAL VEHICLES, AND AIRCRAFT LOANS. SMCU HAS ALSO RECENTLY EXTENDED ITS LOAN PRODUCTS TO INCLUDE BUSINESS LOANS TO QUALIFIED MEMBERS. ALL LOAN PRODUCTS COME IN A VARIETY OF TERMS TO PROVIDE PAYMENT OPTIONS THAT BEST SUIT THE MEMBERSHIP'S NEEDS. MEMBERS HAVE THE SAME VARIETY OF SELECTION ON THE DEPOSIT SIDE OF THE PRODUCT LINE WITH OFFERINGS RANGING FROM BASIC CHECKING AND SAVINGS ACCOUNTS TO IRAS, CERTIFICATES, MONEY MARKETS AND HIGH YIELD ACCOUNTS. SMCU ALSO OFFERS BUSINESS ACCOUNTS AND INVESTMENT SERVICES THAT ARE DESIGNED TO MAINTAIN THE MEMBER'S BEST INTEREST. AS AN ADVOCATE FOR ITS MEMBERSHIP, SMCU PLACES A HIGH PRIORITY ON EDUCATIONAL RESOURCES. AS A RESULT, SMCU HAS INVESTED IN ONLINE APPLICATIONS TO HELP MEMBERS MAKE DECISIONS RELATED TO PLANNING, BORROWING, BUDGETING AND PROTECTING THEIR CREDIT. LIFE VISION AND MORTGAGE ADVISOR ARE TWO TOOLS OFFERED ON PERSONAL FINANCES AND FINANCIAL GOALS INPUTTED BY THE MEMBER. ADDITIONALLY SMCU.COM AND SMCU BRANCHES OFFER BOTH ELECTRONIC AND PRINTED INFORMATION RESPECTIVES FROM HOME AND FAMILY FINANCE ON CAR BUYING, CREDIT PROTECTION AND BUDGETING. FOR THOSE MEMBERS WHO PREFER TO SPEAK TO SOMEONE IN PERSON, SMCU PROVIDES FREE CREDIT COUNSELING THROUGH "BALANCE," A FINANCIAL FITNESS PROGRAM THAT FOCUSES ON MONEY MANAGEMENT IN ADDITION TO IDENTITY THEFT PREVENTION AND ASSISTANCE. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 11698 0 1 186 1 1 1 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 0 1 1 0 X LARRY GRAGER 2063985525 PO BOX 780 SEATTLE WA 981110780 JIM YEARBY 1.00 X 0 0 0 RODNEY ENG 1.00 X 0 0 0 CAMILLA BISHOP 1.00 X 0 0 0 JAMES FOSSOS 1.00 X 0 0 0 KEN HARER 1.00 X 0 0 0 RAY HILL 1.00 X 0 0 0 ROBERT LEIGHTON 1.00 X 0 0 0 FRANK MATHEWS 1.00 X 0 0 0 BEN WAKEFIELD 1.00 X 0 0 0 GARY SKINNER 1.00 X 0 0 0 JACK MCGOLDRICK 1.00 X 0 0 0 RICHARD ROMERO 40.00 X X 241301 0 23186 RUTH KOROTZER 40.00 X 232209 0 6482 MIKE MITCHELL 40.00 X 21610 0 583 LARRY GRAGER 40.00 X 36113 0 3911 TONITA WEBB 40.00 X 142196 0 13437 ERIC WELCH 40.00 X 141690 0 11072 JILL VICENTE 40.00 X 139606 0 16843 MICHELLE PURNELL-HEPBURN 40.00 X 150000 0 0 1104725 0 75514 6 1 1 0 DIEBOLD INCORPORATED PO BOX 643543 PITTSBURGH PA 152643543 ATM SERVICE PROVIDER 790575 INTUIT FINANCIAL SERVICES PO BOX 515306 LOS ANGELES CA 900516606 ONLINE BANKING SERVICES 528007 OPEN SOLUTIONS INC PO BOX 416564 BOSTON MA 022416564 CORE SYSTEM PROVIDER 521381 PACIFIC RAINIER ROOFING INC 21020 63RD AVE WEST LYNNWOOD WA 98036 ROOFING SERVICES 344767 THE WILLIAM CRAIG COMPANY INC PO BOX 190 AUBURN WA 98071 APPRAISALS 330040 17 INTEREST ON LOANS 522100 20481574 20481574 OTHER OPERATING INCOME 522100 5086911 4861872 225039 FEE INCOME 522100 2038865 2038865 27607350 1056265 1056265 74239 113040 -38801 -38801 -38801 OTHER NON-OPERATING INCOME 522100 27836 27836 27836 28652650 28427611 225039 0 37468 1104725 7260182 164000 1199832 622477 165857 192424 2035944 563562 1347260 844181 1296700 160169 2071826 962455 469388 PROV. FOR LOAN LOSSES 3095141 LOAN SERVICING EXPENSE 783350 MISC OPERATING EXPENSE 525639 OPERATING FEES 87864 24990444 3425850 4793516 46316918 75787247 342043 306719 506825 437035 25848577 15003741 9678368 10844836 118385225 77530867 382237295 407822229 6131142 4931192 567023666 582453641 6550961 6338625 514661399 526611595 521212360 532950220 X 0 0 0 0 45811306 49503421 45811306 49503421 567023666 582453641 3662206 29909 0 X X 0 1 X 1 0 3330000 3330000 4951350 2058048 2893302 6074304 4401486 1672818 11285854 8544207 2741647 207069 207069 10844836 ALL OTHER INVESTMENTS IN CORPORATE CREDIT UNIONS 496000 F ALL OTHER INVESTMENTS 1567700 F NET LOANS AND LEASES 365043603 F NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 4940926 F DEPOSITS IN COMMERCIAL BANKS 32713000 F LOANS HELD FOR SALE 3061000 F 407822229 TOTAL SHARE AND DEPOSITS 526611595 526611595 X 28275528 -377122 -377122 28652650 0 28652650 24613322 -377122 -377122 24990444 0 24990444 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE FINANCIAL STATEMENTS. THIS REQUIRES THE EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE CREDIT UNION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE LIKELY THAN NOT" OF BEING SUSTAINED "WHEN CHALLENGED" OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS DEEMED TO NOT MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. THE CREDIT UNION IS GENERALLY NO LONGER SUBJECT TO EXAMINATION BY FEDERAL TAX AUTHORITIES FOR YEARS BEFORE 2009 AND BY STATE TAX AUTHORITIES BEFORE 2008. FOR THE YEAR ENDED DECEMBER 31, 2012, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS, AND ACCORDINGLY, THE CREDIT UNION HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: RECLASSIFICATION OF REVENUE & EXPENSE ITEMS -377,122. PART XII, LINE 2D - OTHER ADJUSTMENTS: RECLASSIFICATION OF REVENUE & EXPENSE ITEMS -377,122. 1 FOOD LIFELINE 1702 NE 150TH STREET SHORELINE WA 981557226 911090450 501 (C) (3) 7380 FMV PROVIDES FOOD FOR NEEDY FAMILIES 19 1 SCHOLARSHIPS 10 20000 FMW SEATTLE METROPOLITAN CREDIT UNION AWARDED SCHOLARSHIPS TO MEMBER-APPLICANTS SEEKING HIGHER EDUCATION. THE SCHOLARSHIP PROGRAM HONORS THE CREDIT UNION'S FOUNDER, TONY MARINO, AND HIS COMMITMENT TO THE CREDIT UNION AND COMMUNITY. X X 1 0 0 RICHARD ROMERO 241301 0 0 0 0 0 17501 0 5685 0 264487 0 0 0 RUTH KOROTZER 24209 0 0 0 208000 0 4038 0 2444 0 238691 0 0 0 TONITA WEBB 142196 0 0 0 0 0 6439 0 6998 0 155633 0 0 0 ERIC WELCH 141690 0 0 0 0 0 5263 0 5809 0 152762 0 0 0 JILL VICENTE 139606 0 0 0 0 0 11034 0 5809 0 156449 0 0 0 MICHELLE PURNELL-HEPBURN 0 0 0 0 150000 0 0 0 0 0 150000 0 0 0 PART I, LINE 4A RUTH KOROTZER RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $208,000 IN 2012. MICHELLE PURNELL-HEPBURN RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $150,000 IN 2012. VICENTE JILL N HCE FIRST MORTGAGE X 318000 306719 0 1 1 306719 FORM 990, PART VI, SECTION A, LINE 6 SEATTLE METROPOLITAN CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION THAT IS OWNED AND CONTROLLED BY ITS MEMBERS, AND OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS TO ITS MEMBERS. SEATTLE METROPOLITAN CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF SEATTLE METROPOLITAN CREDIT UNION IS COMPRISED OF VOLUNTEER MEMBERS WHO ARE DIRECTLY ELECTED BY ITS MEMBERS. EACH MEMBER OF THE GOVERNING BOARD SERVES FOR A PERIOD AS PRESCRIBED BY OUR BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7B AT THE END OF EACH TERM OF THE BOARD MEMBERS, ELECTIONS ARE HELD AND BOARD MEMBERS ARE VOTED BY THE MEMBERS OF THE CREDIT UNION PURSUANT TO ITS BY-LAWS. MEMBER VOTES ARE ALSO REQUIRED TO RATIFY DECISIONS DEALING WITH REORGANIZATIONS AS IN THE CASE OF MERGER OR DISSOLUTION. FORM 990, PART VI, SECTION B, LINE 11 MANAGEMENT WILL REVIEW THE 990 BASED ON THE INFORMATION PROVIDED TO OUR CPA. A COPY OF THE 990 WILL BE PRESENTED TO THE BOARD OF DIRECTORS FOR THEIR FINAL APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C WE HAVE EMPLOYEES SIGN THAT THEY REVIEWED THE POLICY ANNUALLY, AND OUR INTERNAL AUDIT DEPARTMENT AND MANAGERS MONITOR TO ENSURE WE IDENTIFY ANY CONFLICTS OF INTERESTS. FORM 990, PART VI, SECTION B, LINE 15 THE HUMAN RESOURCES DEPARTMENT PERFORMS AN ANNUAL SALARY MARKET ANALYSIS AND THE BOARD CONDUCTS A REVIEW OF THE CEO'S SALARY AND ADJUSTS THEIR SALARY BASED UPON PERFORMANCE. FORM 990, PART VI, SECTION C, LINE 19 WE POST THE UNAUDITED INTERNAL FINANCIAL STATEMENTS AT EVERY BRANCH MONTHLY, AND WE PROVIDE THE AUDITED FINANCIAL STATEMENTS TO THE MEMBERS AT THE ANNUAL MEETING AND ARE POSTED ON OUR WEBSITE. THE GOVERNING DOCUMENTS AND THE CONFLICTS OF INTEREST POLICIES ARE NOT PROVIDED TO THE GENERAL PUBLIC. HOWEVER, IF SOMEONE FROM THE GENERAL PUBLIC INQUIRED ABOUT THIS WE WOULD PROVIDE THEM THE INFORMATION. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.