2012-07-24T18:16:22-00:00 2011-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2011-01-01 910556703 PREVAIL CREDIT UNION PREV 2063821888 801 SECOND AVENUE Room No 100 SEATTLE WA 981041510 Tom Graves 2063821888 2012-07-24 true DOUGLAS ORTH 3052328272 2012-07-24 2011 2016-02-24 21:20:13Z TOM GRAVES 801 2ND AVENUE SUITE 100 SEATTLE WA 98104 63422824 false 1269 X www.prevailcu.com X CREDIT UNION 1940 WA TO ENHANCE THE QUALITY OF OUR MEMBERS LIVES WITH OUTSTANDING SERVICE. 7 7 68 9 29018 -55174 0 12026492 10925428 2197612 1422557 0 14224104 12347985 0 0 4175951 4014620 0 0 9737839 7382357 13913790 11396977 310314 951008 233522431 235345548 215522648 215908624 17999783 19436924 X TO ENHANCE THE QUALITY OF OUR MEMBERS LIVES WITH OUTSTANDING SERVICE. true false PREVAIL CREDIT UNION SERVICES KING COUNTY GOVERNMENT EMPLOYEES, A WIDE ARRAY OF SEGS AS WELL AS COMMUNITIES WITHIN THE STATE OF WASHINGTON, AND OFFERS A WIDE ARRAY OF PRODUCTS AND SERVICES INCLUDING DEPOSITARY, LOAN PRODUCTS, AND AN ATM/DEBIT PROGRAM. WE ENDED THE YEAR WITH 19,280 MEMBERS, WITH 19,280 SHARE ACCOUNTS AND 11,073 IN OUTSTANDING LOAN ACCOUNTS. false false false false false false false false true false false false true true true false false false false false false false false false false false false true false false false false false false false false false false false false false false false true 4071 0 true 68 true true true false false false false false X 7 7 false false false false true true false true true false false false true true false false true true false false X TOM GRAVES 8002486928 801 SECOND AVENUE SUITE 100 SEATTLE WA 98104 THOMAS GRAVES 040.00 X 213373 0 70822 LAURIE LENO 040.00 X 71714 0 14266 ROXANNE LAW 040.00 X 106023 0 23048 PHIL POEHLER 040.00 X 119328 0 32533 JAMES BUCK 001.00 X 0 0 0 LINDA NELSEN 001.00 X 0 0 0 DENNIS BARNES 001.00 X 0 0 0 LUDMILA FABER 001.00 X 0 0 0 NIGEL LEWIS 001.00 X 0 0 0 MICHAEL GEDEON 001.00 X 0 0 0 THOMAS DEMPSEY 001.00 X 0 0 0 FOREST HAYES 040.00 X 44827 0 3445 555265 144114 3 false true false KPS PO BOX 339 BREMERTON WA 98337 MEDICAL PREMIUMS 258621 NW BUILDING LLC 801 2ND AVENUE SUITE 1300 SEATTLE WA 98104 MANAGEMENT COMPANY 310481 PSCUFS 2411 W PEORIA AVE SUITE 300 PHOENIX AZ 85029 VISA CREDIT CARD PROCESSOR 287548 CIGNA 900 COTTAGE GROVE BLOOMFIELD CT 06002 MEDICAL/VISION COVERAGE 284820 NCUSIF 1775 DUKE STREET ALEXANDRIA VA 22314 PREMIUM ASSESSMENT 520930 6 INCOME ON LOANS 522100 7997867 7997867 FEES AND CHARGES 522100 2898543 2898543 UNRELATED BUSINESS INCOME 900099 29018 29018 10925428 1266954 1266954 35982582 15247860 35923888 15150951 58694 96909 155603 155603 12347985 12318967 29018 0 0 0 0 418447 418447 0 2459404 2459404 61301 61301 837741 837741 237727 237727 0 20322 20322 84808 84808 0 0 356253 356253 362373 362373 611836 611836 283278 283278 0 537915 537915 0 0 79168 79168 1419765 1419765 38487 38487 248755 248755 63075 63075 SEE ATTACHED SCHEDULE 3276322 3276322 0 11396977 11396977 5017868 19621797 19005009 678058 1265391 807918 130001581 131567467 263010 305055 9508323 3826588 5643488 5681735 68003400 72948854 77136 44340 4245548 3690324 233522431 235345548 1318486 1331102 214204162 214577522 215522648 215908624 X 17999783 19436924 17999783 19436924 233522431 235345548 X 951008 486133 X false true true X false false 2347261 2347261 4562023 1638064 2923959 2599039 2188524 410515 5681735 SHARE DRAFTS ACCOUNTS 29365215 SHARE ACCOUNTS 39113812 MONEY MARKET ACCOUNTS 68574988 SHARE AND IRA CERTIFICATES 77523507 214577522 12347985 11396977 951008 529180 -43047 486133 1437141 12452985 -9666 -9666 12462651 -114666 -114666 12347985 11501977 114666 114666 11387311 9666 9666 11396977 X 2 FASB ASC 740-10-25 CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE 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. AS A RESULT OF ADOPTING ASC 740-10-25, THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND X 2 continued... ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2010, 2009, AND 2008 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. X 2 continued... 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. XI 8 RECLASSIFICATION ADJUSTMENTS FOR GAINS INCLUDED IN NET INCOME. XII 2d THIS IS THE DIFFERENCE BETWEEN HOW THE CREDIT UNION CALCULATED GAINS/LOSSES ON SALE OF INVESTMENTS AND THE REPORTS FROM MORGAN KEEGAN. THE DIFFERENCE IS DEEMED IMMATERIAL AND NO ADJUSTMENT WAS POSTED TO THE AUDITED FINANCIAL STATEMENTS. HOWEVER, FOR THE PURPOSES OF THE FORM 990, THE MORGAN KEEGAN REPORT WAS UTILIZED. XII 4b LOSS ON SALE OF OTHER REAL ESTATE OWNED. XIII 2d THIS IS THE DIFFERENCE BETWEEN HOW THE CREDIT UNION CALCULATED GAINS/LOSSES ON SALE OF INVESTMENTS AND THE REPORTS FROM MORGAN KEEGAN. THE DIFFERENCE IS DEEMED IMMATERIAL AND NO ADJUSTMENT WAS POSTED TO THE AUDITED FINANCIAL STATEMENTS. HOWEVER, FOR THE PURPOSES OF THE FORM 990, THE MORGAN KEEGAN REPORT WAS UTILIZED. XIII 4b LOSS ON SALE OF OTHER REAL ESTATE OWNED. X X false false false THOMAS GRAVES 199873 7500 6000 52974 17848 284195 PHIL POEHLER 119128 200 18943 13590 151861 Form 990 Part VI 6 THE ORGANIZATION HAS MEMBERS. Form 990 Part VI 7A THE CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN THE ELECTION OF OFFICIALS. Form 990 Part VI 11A THE CFO IS RESPONSIBLE FOR THE PREPARATION OF THE RETURN. THE RETURN IS REVIEWED BY THE CREDIT UNIONS CEO AND CFO. ONCE ALL PARTIES HAVE COMPLETED THEIR REVIEWS AND THE NECESSARY CORRECTIONS ARE COMPLETED THE RETURN IS FILED. Form 990 Part VI 15 THE REVIEW OF THE CEOS COMPENSATION IS A FUNCTION OF THE BOARD OF DIRECTORS. ANNUALLY, THE BOARD USES AN EXECUTIVE COMPENSATION SURVEY FROM AN INDEPENDENT THIRD PARTY TO DETERMINE THE CEOS COMPENSATION AND CONSIDERS GOAL ATTAINMENT AND CREDIT UNION PROFITABILITY. FOR ALL OTHER POSITIONS IN THE ORGANIZATION, PAY RANGES ARE REVIEWED AND APPROVED ON AN ANNUAL BASIS BY THE SENIOR MANAGERS OF THE ORGANIZATION UTILIZING DATA FROM AN INDEPENDENT COMPENSATION STUDY. BOARD REVIEW IS ATTAINED THROUGH APPROVAL OF THE ANNUAL BUDGET. Form 990 Part VI 19 THE CREDIT UNIONS GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNIONS CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNIONS FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC VIEWING ON NCUA.GOV VIA THE QUARTERLY 5300 FILING. Form 990 Part III 2 THE CREDIT UNION LAUNCHED A REWARDS CHECKING PROGRAM ON SEPTEMBER 26, 2011. THIS CHECKING ACCOUNT PROVIDES A PREMIUM DIVIDEND WHEN MEMBERS FULFILL ALL THREE OF THE FOLLOWING CONDITIONS PER MONTHLY CYCLE A DIRECT DEPOSIT OF ACH TRANSACTION B TEN DEBIT CARD TRANSACTIONS THAT POST AND CLEAR C SIGN UP FOR E-STATEMENTS Form 990 Part XI 5 CHANGE IN UNREALIZED GAINS ON INVESTMENTS CLASSIFIED AS AVAILABLE FOR SALE OF 529,180 LESS RECLASSIFICATION ADJUSTMENTS FOR GAINS INCLUDED IN NET INCOME OF 43,047 IS EQUAL TO 486,133. Form 990 Part VI Section A Line 6 THE ORGANIZATION HAS MEMBERS. Form 990 Part VI Section A Line 7A THE CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN THE ELECTION OF OFFICIALS. Form 990 Part VI Section B Line 11A THE CFO IS RESPONSIBLE FOR THE PREPARATION OF THE RETURN. THE RETURN IS REVIEWED BY THE CREDIT UNIONS CEO AND CFO. ONCE ALL PARTIES HAVE COMPLETED THEIR REVIEWS AND THE NECESSARY CORRECTIONS ARE COMPLETED THE RETURN IS FILED. Form 990 Part VI Section B Line 15 THE REVIEW OF THE CEOS COMPENSATION IS A FUNCTION OF THE BOARD OF DIRECTORS. ANNUALLY, THE BOARD USES AN EXECUTIVE COMPENSATION SURVEY FROM AN INDEPENDENT THIRD PARTY TO DETERMINE THE CEOS COMPENSATION AND CONSIDERS GOAL ATTAINMENT AND CREDIT UNION PROFITABILITY. FOR ALL OTHER POSITIONS IN THE ORGANIZATION, PAY RANGES ARE REVIEWED AND APPROVED ON AN ANNUAL BASIS BY THE SENIOR MANAGERS OF THE ORGANIZATION UTILIZING DATA FROM AN INDEPENDENT COMPENSATION STUDY. BOARD REVIEW IS ATTAINED THROUGH APPROVAL OF THE ANNUAL BUDGET. Form 990 Part VI Section B Line 19 THE CREDIT UNIONS GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNIONS CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNIONS FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC VIEWING ON NCUA.GOV VIA THE QUARTERLY 5300 FILING. Form 990 Part III Line 2 THE CREDIT UNION LAUNCHED A REWARDS CHECKING PROGRAM ON SEPTEMBER 26, 2011. THIS CHECKING ACCOUNT PROVIDES A PREMIUM DIVIDEND WHEN MEMBERS FULFILL ALL THREE OF THE FOLLOWING CONDITIONS PER MONTHLY CYCLE A DIRECT DEPOSIT OF ACH TRANSACTION B TEN DEBIT CARD TRANSACTIONS THAT POST AND CLEAR C SIGN UP FOR E-STATEMENTS Form 990 Part XI Line 5 CHANGE IN UNREALIZED GAINS ON INVESTMENTS CLASSIFIED AS AVAILABLE FOR SALE OF 529,180 LESS RECLASSIFICATION ADJUSTMENTS FOR GAINS INCLUDED IN NET INCOME OF 43,047 IS EQUAL TO 486,133.