2012-11-13T16:59:44-06:00 2011-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2011-01-01 910176215 SEATTLE METROPOLITAN CREDIT UNION SEAT 2063985561 P O BOX 780 SEATTLE WA 981110780 RICHARD ROMERO 2063985561 2012-11-12 1 P01054153 8189549700 2011 2016-02-24 21:20:13Z RICHARD ROMERO P O BOX 780 SEATTLE WA 981110780 29297860 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 9 169 17 25798 -147585 0 0 33075990 27474784 1166087 1687322 -592065 0 33650012 29162106 18000 24419 0 0 9652225 9717091 0 0 0 19036933 18496925 28707158 28238435 4942854 923671 560956750 567023666 516508376 521212360 44448374 45811306 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, 2011, SMCU HAD 40,786 MEMBERS. THESE MEMBERS PARTICIPATED IN 22,391 OF LOANS AND 82,230 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 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 54312 0 1 169 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 RUTH KOROTZER 2063985530 PO BOX 780 SEATTLE WA 981110780 JIM YEARBY 1.00 X 0 0 0 ROGER HOWEILER 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 FRANK MATHEWS 1.00 X 0 0 0 ROBERT LEIGHTON 1.00 X 0 0 0 RODNEY ENG 1.00 X 0 0 0 CAMILLA BISHOP 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 SEPHANIE WEAVER 1.00 X 0 0 0 ROBERT H HARVEY JR 40.00 X 336323 0 44479 RUTH KOROTZER 40.00 X 290841 0 38840 MICHELLE PURNELL-HEPBURN 40.00 X 182769 0 22359 DON RUDOLPH 40.00 X 159315 0 22359 JUDY ELROD 40.00 X 155091 0 22359 JILL VICENTE 40.00 X 139164 0 16746 TONITA WEBB 40.00 X 132149 0 11319 ERIK WELCH 40.00 X 137312 0 5859 1532964 0 184320 11 0 1 0 DIGITAL INSIGHT CORP PO BOX 515306 LOS ANGELES CA 900516606 ONLINE BANKING PROVIDER 444062 OPEN SOLUTIONS INC PO BOX 416564 BOSTON MA 022416564 CORE OPERATION PROVIDER 342307 INFOIMAGE 141 JEFFERSON DRIVE MENLO PARK CA 94025 MEMBER ACCOUNT STATEMENT PRINTING & MAIL 308221 FREDERICK WIGGEXECUNET SERVICES PO BOX 15729 SEATTLE WA 98115 JANITORIAL SERVICE 229123 THE WILLIAM CRAIG COMPANY INC 13311 SE 290TH STREET AUBURN WA 98092 RE APPRAISALS 164865 9 INTEREST ON LOANS 522100 21579179 21579179 OTHER OPERATING INCOME 522100 3761382 3735584 25798 FEE INCOME 522100 2134223 2134223 27474784 1682713 1682713 102000 38363 102000 33754 0 4609 4609 4609 29162106 29136308 25798 0 2419 22000 1532964 6096400 352236 1117917 617574 106209 78980 1603937 397021 1144816 1139649 1176825 258530 3390409 992144 1204402 PROV. FOR LOAN LOSSES 5171408 LOAN SERVICING EXPENSE 864065 MISC OPERATING EXPENSE 652818 NON-OPERATING EXPENSES 227712 88000 28238435 4052844 3425850 45544048 46316918 2149 342043 24527694 14849326 10273264 9678368 83047939 118385225 407998223 382237295 10038283 6637967 560956750 567023666 7071437 6550961 509436939 514661399 516508376 521212360 X 0 0 0 0 44448374 45811306 44448374 45811306 560956750 567023666 X 923671 439261 X X 0 1 1 X 0 3330000 3330000 4951350 1978999 2972351 5605081 4566975 1038106 10641263 8303352 2337911 9678368 ALL OTHER INVESTMENTS IN CORPORATE CREDIT UNIONS 5184000 F ALL OTHER INVESTMENTS 1596100 F NET LOANS AND LEASES 370639588 F NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 4817607 F 382237295 TOTAL SHARE AND DEPOSITS 514661399 514661399 29162106 28238435 923671 439261 439261 1362932 29625393 463287 463287 29162106 0 29162106 28701721 463286 463286 28238435 0 28238435 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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 NOT DEEMED TO 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 2008 AND BY STATE TAX AUTHORITIES BEFORE 2007. FOR THE YEAR ENDED DECEMBER 31, 2011, 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. 1 EDUCATIONAL SCHOLARSHIPS FOR STUDENTS ATTENDING SCHOOL. 12 22000 X X 0 0 0 ROBERT H HARVEY JR 282030 0 54293 0 0 0 34000 0 10479 0 380802 0 0 0 RUTH KOROTZER 278127 0 12714 0 0 0 22000 0 16840 0 329681 0 0 0 MICHELLE PURNELL-HEPBURN 171345 0 11424 0 0 0 16500 0 5859 0 205128 0 0 0 DON RUDOLPH 149090 0 10225 0 0 0 16500 0 5859 0 181674 0 0 0 JUDY ELROD 145306 0 9785 0 0 0 16500 0 5859 0 177450 0 0 0 JILL VICENTE 139164 0 0 0 0 0 10887 0 5859 0 155910 0 0 0 RUDOLPH DONALD W AUTO USED X 27049 24265 0 1 1 VICENTE JILL N FIRST MORTGAGE X 318000 312658 0 1 1 RUDOLPH DONALD W CREDIT CARD X 10000 5120 0 1 1 342043 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 439,261. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.