2012-11-14T17:27:42-06:00 2011-12-31 SHANNON & ASSOCIATES LLP 1851 CENTRAL PLACE SOUTH SUITE 225 KENT WA 980307507 990 2011-01-01 910557925 SOUND CREDIT UNION SOUN 2535977603 PO BOX 1595 TACOMA WA 98401 RUSSELL GOWRYLOW 2535977603 2012-11-13 true ANDREW RAYMOND 2538528500 2012-11-14 2011 2016-02-24 21:20:13Z RICHARD BRANDSMA PO BOX 1595 TACOMA WA 98401 58080966 false X WWW.SOUNDCU.COM X 1940 WA A MEMBER OWNED COOPERATIVE PROVIDING FINANCIAL SERVICES, INCLUDING LOANS AND SHARE DEPOSITS TO ITS MEMBERS. 12 12 275 15 267253 -13836 0 28855579 36859182 5094192 3921623 806486 33949771 41587291 0 5286868 3498275 8684029 11199175 0 0 14389382 18470249 28360279 33167699 5589492 8419592 544191702 1038302758 490356444 962097465 53835258 76205293 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 177,079 SAVINGS, CHECKING AND MONEY MARKET DEPOSIT ACCOUNTS WITH COMBINED BALANCES OF 606,695,631. MEMBERS HOLD 2,015 IRA SAVINGS ACCOUNTS WITH COMBINED BALANCES OF 21,088,056. 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, 9,294 OF OUR MEMBERS HOLD CERTIFICATE ACCOUNTS WITH TOTAL BALANCES OF 208,647,243 AND 4,024 HOLD IRA SAVINGS CERTIFICATES WITH A TOTAL OF 82,025,962 ON THE ASSET SIDE, 47,920 OF OUR MEMBERS HOLD CONSUMER LOANS THAT INCLUDE VEHICLE, STUDENT, MORTGAGE AND VISA LOANS. CONSUMER LOANS THAT INCLUDE VEHICLE SECURED LOANS TOTALS 271,585,654. REAL ESTATE SECURED LOANS TOTAL 307,026,600. THE LOAN PORTFOLIO TOTALS 578,612,254. false false false false false false false false false true false false false true false false false false false false false false false false false false false false true false false false false false false false false false false false true false false false true 10069 0 true 275 true true true false false false false false X 12 12 false false false false false 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 ROBYN LACHANCE 40.00 X 123126 0 15385 DAN FIORINO 40.00 X 114385 0 27890 KEITH MOCK 1.00 X 0 0 0 BRENDA HEINEMAN 1.00 X X 0 0 0 DAVE WASSON 1.00 X X 0 0 0 DURANT HEHR 1.00 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 JOANNE ENGLE 1.00 X 0 0 0 CAROLYN IBLINGS 1.00 X 0 0 0 ROY MCINTOSH 1.00 X 0 0 0 MARK POGUE 1.00 X 0 0 0 ROBERT VALENTINE 1.00 X 0 0 0 KEVIN BANNON 1.00 X 0 0 0 KENNETH KOBES 1.00 X 0 0 0 RICK BRANDSMA 40.00 X 2160411 0 79653 RUSSELL GOWRYLOW 40.00 X 250313 0 61476 DENISE REAGAN 40.00 X 853122 0 57489 CARL ROER 40.00 X 170714 0 26492 CHRIS SHENKEL 40.00 X 154118 0 26949 3826189 295334 7 false true false CHICAGO TITLE COMPANY 701 5TH AVENUE SUITE 2300 SEATTLE WA 98104 APPRAISALS 858850 HHJ INC 1409 ALEXANDER AVENUE E FIFE WA 98424 REMODELS 660585 KAYE-SMITH PO BOX 956 RENTON WA 98057 PRINTING/MAIL 265497 INUIT FINANCIAL SERVICES PO BOX 515306 LOS ANGELES CA 900516606 ELECTRONIC BANK 245747 CLEAR CHANNEL OUTDOOR PO BOX 742025 LOS ANGELES CA 900742025 ADVERTISING 179504 7 TOTAL LOAN INCOME 24005803 24005803 FEES AND CHARGES 7831938 7831938 INTERCHANGE 4022075 4022075 MISCELLANEOUS INCOME 732113 732113 ATM FEE INCOME 522100 114738 114738 152515 152515 36859182 3811089 3811089 16604209 16493675 110534 110534 110534 NON-OPERATING INCOME 806486 806486 806486 41587291 37508949 267253 3811089 3498275 3501357 3495531 1117432 2404088 680767 298738 14467 91560 891651 3364293 1019435 180858 41507 1024991 1172696 PROVISION FOR LOAN LOSS 6882658 LOAN SERVICING 1325952 MEMBER INSURANCE 1021252 MP AMORTIZATION OF CDI 540384 599807 33167699 0 0 0 30634626 88177455 5335708 20890964 3851816 11399564 274862751 571098448 1350083 2078030 54455833 12169013 22811215 42286820 194706679 275567703 5780200 12584697 7648468 4858624 6570609 544191702 1038302758 4542883 9999105 533080 136123 25000000 25000000 460280481 926962237 490356444 962097465 X 53835258 76205293 53835258 76205293 544191702 1038302758 X 8419592 13950443 X X false false false false false false false false false false false false false 13036233 13036233 27246676 3822622 23424054 6409959 2870374 3539585 7762965 5476017 2286948 42286820 MEMBER SHARE ACCOUNTS 918074562 CONTINGENT LIABILITIES 4040469 CLEARING ACCOUNTS 2994306 DEFERRED COMP PLAN 1852900 926962237 X X true false X X X X false false false RICK BRANDSMA 432432 189000 1538979 66700 12953 2240064 RUSSELL GOWRYLOW 146331 36308 67674 44050 17426 311789 DENISE REAGAN 697508 138950 16664 44050 13439 910611 CARL ROER 138012 32702 15364 11128 197206 CHRIS SHENKEL 112730 32038 9350 12653 14296 181067 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. 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 5 THE INCREASE IN NET ASSET BALANCES RESULTED FROM UNREALIZED GAINS ON AVAILABLE FOR SALE SECURITIES OF 641,827, EQUITY ACQUIRED IN A MERGER TOTALING 13,000,000, AND A PRIOR PERIOD ACCOUNTING ADJUSTMENT OF 308,616. ADDITIONAL INFORMATION FORM 990, PART XII THE CREDIT UNION RECEIVED AN AUDIT FOR THE PERIOD ENDED 3/31/12 WHILE THE TAX RETURN PERIOD ENDED 12/31/11. SOUND FINANCIAL GROUP INC PO BOX 1595 TACOMA WA 98401 911263213 INSURANCE WA SOUND CU C CORP 149 317 1.00000 false false false false false false false false false false false false false false false false false false