2013-05-01T03:10:43-00:00 2012-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2012-01-01 910683062 WASHINGTON STATE EMPLOYEES CREDIT UNION WASH 3609437911 PO BOX WSECU OLYMPIA WA 985070099 KEVIN S FOSTER-KEDDIE 2013-04-29 true DOUGLAS ORTH 3052328272 2013-05-01 2012 2016-03-07 17:11:31Z KEVIN FOSTER-KEDDIE PO BOX WSECU OLYMPIA WA 985070099 135392891 false 1269 X WWW.WSECU.ORG X CREDIT UNION 1957 WA TO PROVIDE SERVICES TO MEMBERS WHICH ARE MANDATED IN THE CREDIT UNION ACT TO CHARTERS AND TO PROVIDE A MEANS WHEREBY MEMBERS CAN PROVIDE EACH OTHER WITH NEEDED FINANCIAL SERVICES. 9 9 639 13 1112418 -554371 0 95110508 101863860 5878475 6056922 146059 3555394 101135042 111476176 0 0 35896809 39763056 0 0 54419104 53691387 90315913 93454443 10819129 18021733 1657596502 1806158758 1486810241 1615844753 170786261 190314005 TO PROVIDE SERVICES TO MEMBERS WHICH ARE MANDATED IN THE CREDIT UNION ACT TO CHARTERS AND TO PROVIDE A MEANS WHEREBY MEMBERS CAN PROVIDE EACH OTHER WITH NEEDED FINANCIAL SERVICES. false false SAVINGS AND CHECKING WE KNOW DIFFERENT MEMBERS HAVE DIFFERENT NEEDS FROM THEIR CHECKING AND SAVINGS ACCOUNTS. THATS WHY WE OFFER VARIETY. WSECU CAN HELP YOU MAKE MANAGING YOUR BUDGET SIMPLER AS YOU WORK TOWARD YOUR FINANCIAL GOALS. CHOOSE FROM OUR DIFFERENT CHECKING OPTIONS, ALL OF WHICH COME WITH NO MAINTENANCE FEES AND NO PER-CHECK CHARGES. ACCESS YOUR ACCOUNTS ANYTIME OF THE DAY OR NIGHT WITH YOUR DEBIT OR ATM CARD. WSECU IS A PROUD PARTNER OF THE CO-OP NETWORK, OFFERING YOU FREE ACCESS TO 25,000 ATMS ACROSS THE UNITED STATES. COMPLETE DETAILS AND CURRENT RATES ARE AVAILABLE ON OUR WEBSITE. false false false false false false false false true true false false true true false true false false false false false false false false false false false true false false false false false false false false false false true false false false false true 46172 0 true 639 true true true false false false false false X 9 9 false false false false true true true true true false true true false true true true true true true true false X WASHINGTON STATE EMPLOYEES CREDIT U 3609437911 PO BOX WSECU OLYMPIA WA 98507 X FRED OLSON 001.00 X 1433 0 0 GINNY DALE 001.00 X 193 0 0 CAROLE WASHBURN 001.00 X 1620 0 0 RITA KOONTZ 001.00 X 233 0 0 MARCUS GLASPER 001.00 X 256 0 0 DOUG MAH 001.00 X 545 0 0 MIKE STEVENSON 001.00 X 764 0 0 TRACY GUERIN 001.00 X 0 0 0 JERRY HENDRICKS 001.00 X 279 0 0 TOM WIELAND 001.00 X 604 0 0 JEFF DOYLE 001.00 X 848 0 0 SCOTT HENDERSON 001.00 X 155 0 0 YOLANDA WILSON 001.00 X 360 0 0 JOHN PITTMAN 001.00 X 8400 0 0 KEVIN S FOSTER-KEDDIE 040.00 X 849492 0 37208 RANDY GUNDERSON 040.00 X 221421 0 99718 MARK ALLEN 040.00 X 229503 0 100645 LINDA HOLLEN 040.00 X 463955 0 136772 BENJAMIN MORALES 040.00 X 232227 0 101146 GARY R SWINDLER 040.00 X 228539 0 90924 SHARON L WHITEHEAD 040.00 X 201553 0 87850 KEITH TROUP 040.00 X 154884 0 20479 TANYA HILL 040.00 X 188982 0 32011 CYNTHIA E SCHAUMBURG 040.00 X 235484 0 36622 SID SCHROADER 040.00 X 161289 0 23567 KRISTA OLSEN 040.00 X 237740 0 40014 KARL WIESNER 040.00 X 168706 0 5511 3589465 812467 38 false true false 45TH STREET INVESTMENTS LLC 5809 153RD PLACE SW EDMONDS WA 98026 BUILDING PURCHASE- NEW UW BRANCH 3589488 CHARLES SCHWAB TRUST ACCOUNT PO BOX 202770 AUSTIN TX 78720 EMPLOYEE BENEFITS- 401K 3252325 THURSTON COUNTY TREASURER 2000 LAKE RIDGE DRIVE SW OLYMPIA WA 98502 MORTGAGE LOAN RELATED 3202125 KAYE SMITH PO BOX 956 RENTON WA 980570956 STATEMENTS/FORMS PRINTER AND MAILER 2234606 RIGHT SYSTEMS PO BOX 11626 TACOMA WA 98411 SOFTWARE/HARDWARE 1709975 91 INTEREST ON LOANS TO MEMBERS 522100 59144360 59130138 14222 SERVICE FEES/CHARGES 522100 32504903 31848331 656572 MORTGAGE LENDING 522100 10214597 9772973 441624 101863860 6066501 6066501 467512 68367 399145 399145 399145 20251424 3587345 20191157 3657191 60267 -69846 -9579 -9579 OTHER INCOME 522100 18938 18938 GAIN ON CALLED SECURITY 522100 26186 26186 LOAN SERVICING INCOME 522100 3111125 3111125 3156249 111476176 110363758 1112418 0 0 0 0 3272006 3272006 0 26237402 26237402 2622459 2622459 5328282 5328282 2302907 2302907 0 187734 187734 120870 120870 0 0 3777522 3777522 1403421 1403421 4765823 4765823 1972882 1972882 0 3705520 3705520 237668 237668 0 369146 369146 5471278 5471278 0 5591287 5591287 431463 431463 SEE SCHEDULE ATTACHED 25656773 25656773 0 93454443 93454443 17640527 16729164 15614108 22476499 4906489 5232112 951614709 1043516711 12580819 32695621 119268457 39536673 75331888 79731784 332716476 394064632 230218337 186311690 16973149 25400545 1657596502 1806158758 30836459 25841234 1455973782 1590003519 1486810241 1615844753 X 170786261 190314005 170786261 190314005 1657596502 1806158758 X 18021733 1191158 314853 X false true X true false false 14097226 14097226 68166082 13024489 55141593 6182355 4839859 1342496 30528711 21378242 9150469 294083 294083 79731784 Financial derivatives and other financial products Closely-held equity interests HELD TO MATURITY SECURITIES 100199 F OTHER 186211491 F 186311690 Federal income taxes SHARE DRAFT ACCOUNTS 323462073 SHARE ACCOUNTS 682466069 MONEY MARKET ACCOUNTS 214694267 IRA SHARE ACCOUNTS 27992219 SHARE AND IRA CERTIFICATES 341388891 1590003519 X X 2 THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE AND STATE LAWS. THE INCOME TAXES TOPIC OF THE FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE CONSOLIDATED FINANCIAL STATEMENTS. THE INTERPRETATION PROVIDES CRITERIA FOR ASSESSMENT OF INDIVIDUAL TAX POSITIONS AND A PROCESS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. TAX POSITIONS ARE EVALUATED ON WHETHER THEY MEET THE MORE LIKELY THAN NOT STANDARD FOR SUSTAINABILITY UPON EXAMINATION BY TAX AUTHORITIES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFINED IN THE INTERNAL REVENUE CODE IRC SECTION 504C14. AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES DIRECTLY RELATED TO ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON UNRELATED BUSINESS INCOME UBI DERIVED BY STATE-CHARTERED CREDIT UNIONS. BEGINNING IN MARCH 2008, THE INTERNAL REVENUE SERVICE IRS RELEASED TECHNNICAL ADVICE MEMORANDUMS TAMs TO SPECIFIC STATE-CHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX UBIT. UBI MAY ALSO BE SUBJECT TO TAX IN CERTAIN STATES. MANAGEMENT HAS ASSESSED THE CREDIT UNIONS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITON OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2011, 2010, AND 2009 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE EQUAL TO, GREATER THAN OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. X X X true true X X X X false false false KEVIN S FOSTER-KEDDIE 499764 286495 63233 21250 15958 886700 RANDY GUNDERSON 193452 27202 767 80587 19131 321139 MARK ALLEN 200340 28293 870 81497 19148 330148 LINDA HOLLEN 232079 30339 201537 121250 15522 600727 BENJAMIN MORALES 203760 27541 926 81976 19170 333373 GARY R SWINDLER 164951 22885 40703 79469 11455 319463 SHARON L WHITEHEAD 175456 25735 362 78388 9462 289403 TANYA HILL 21971 167011 16230 15781 220993 CYNTHIA E SCHAUMBURG 22785 212699 20100 16522 272106 SID SCHROADER 22545 138744 13791 9776 184856 KEITH TROUP 136004 18722 158 13263 7216 175363 KRISTA OLSEN 21406 216334 20070 19944 277754 KARL WIESNER 25645 30 143031 5511 174217 II 4 COMPENSTAION INCLUDES A CASH-OUT OF ACCRUED LEAVE IN THE AMOUNT APPROXIMATING 197,114. II 6 COMPENSTAION INCLUDES A CASH-OUT OF ACCRUED LEAVE IN THE AMOUNT APPROXIMATING 39,924. Form 990 Part VI A 6 THE CREDIT UNIONS MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNIONS MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATIONS PROFITS IN THE FORM OF CASH DIVIDENDS. Form 990 Part VI A 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATIONS GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. Form 990 Part VI A 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODYS 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 B 11B WSECU ACTIVELY MONITORS OUR TAX POSITION THROUGHOUT THE YEAR. UPON 990 FILING, WSECU REVIEWS THE FORMS FOR ACCURACY TO OUR INTERNAL REPORTS AND MAKES ADJUSTMENTS AS NECESSARY UNDER THE GUIDANCE OF OUR TAX ACCOUNTANTS. THE TAX FORMS ARE REVIEWED BY OUR CEO PRIOR TO SIGNING OF THE FINAL DRAFT. THE RETURN IS AVAILABLE TO ALL MEMBERS OF THE BOARD OF DIRECTORS FOR REVIEW. Form 990 Part VI B 12C WE SEND OUT AN ANNUAL HR POLICIES ACKNOWLEDGMENT TO ALL STAFF AND REQUIRE ACKNOWLEDGMENT FROM EACH PERSON EACH YEAR AS WELL AS UPON HIRE. THIS POLICIES ACKNOWLEDGMENT INCLUDES THE WSECU CODE OF CONDUCT, WHICH COVERS OUR CONFLICT OF INTEREST POLICY. WE ENFORCE THE CONFLICT OF INTEREST POLICY IN VARIOUS WAYS, DEPENDING ON THE PARTICULAR CONFLICT. FOR EMPLOYMENT CONFLICTS, WE REQUIRE A NOTIFICATION TO HR OF ANY SECOND JOBS AND APPROVAL BY THE EMPLOYEES LEADER. FOR POTENTIAL CONFLICTS OF EMPLOYEES WORKING WITH RELATIVES, WE REQUIRE A SENIOR MANAGEMENT APPROVAL BEFORE WE HIRE, PROMOTE, OR TRANSFER ANYONE WHO MIGHT BE WORKING WITH A RELATIVE OF WSECU EMPLOYEE. IF WE ARE NOTIFIED OF OTHER TYPES OF CONFLICTS, WE DEAL WITH THEM AS THEY ARISE, INVOLVING COMPANY LEADERSHIP. OUR POLICY HAS ASSISTED US TO PROHIBIT CONFLICTS BEFORE THEY IMPACT THE COMPANY. Form 990 Part VII B 15B WSECU USES A THIRD PARTY, OUTSIDE CONSULTANT TO EVALUATE EXECUTIVE COMPENSATION. THE REVIEW THAT THE CONSULTANT COMPLETES INCLUDES A REASONABLENESS TEST, MARKET COMPARABLE DATA FOR THE FINANCIAL SERVICES/CREDIT UNION INDUSTRY AND THE GEOGRAPHIC AREA, AND INCLUDES THE ENTIRE SALARY AND BENEFITS PACKAGE. PERIODICALLY, HUMAN RESOURCES USES INDUSTRY AND REGIONAL EXECUTIVE SALARY SURVEYS TO VERIFY EXECUTIVE COMPENSATION. THE CEO CONTRACT, INCLUDING COMPENSATION, IS REVIEWED BY THE WSECU BOARD OF DIRECTORS. Form 990 Part VI C 19 GOVERNING DOCUMENTS AND CONFLICTS OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC ON THE NCUA WEBSITE VIA THE 5300 FILING. Form 990 Part XI 5 1,281,755 UNREALIZED HOLDING GAINS ON AVAILABLE-FOR-SALE INVESTMENTS 90,597 RECLASSIFICATION ADJUSTMENTS FOR GAINS INCLUDED IN NET INCOME ON SALE OF AVAILABLE-FOR-SALE SECURITIES Form 990 Part XI 9 314,853 UNREALIZED GAIN ON TRADING SECURITIES ONE WASHINGTON FINANCIAL LLC PO BOX WSECU OLYMPIA WA 98507 753134955 LOAN SERVICING WA 3083696 8724286 N/A