2011-10-31T16:35:28-05:00 2010-12-31 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2010-01-01 910219005 VERITY CREDIT UNION VERI 8004444589 11027 MERIDIAN AVENUE NORTH SEATTLE WA 98133 GREG BRUNS 2063615388 2011-10-20 1 VALENTINO CREUS 8189549700 2010 2016-03-07 17:11:31Z WILLIAM R HAYES 11027 MERIDIAN AVENUE NORTH SEATTLE WA 98133 28380225 0 X WWW.VERITYCU.COM X CREDIT UNION 1933 WA A COOPERATIVE ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 151 13 575327 -286834 0 0 24028995 21980639 2651732 1983785 7197985 2198162 33878712 26162586 0 0 0 0 6687218 6892845 0 0 0 26049729 17365889 32736947 24258734 1141765 1903852 383030691 366726691 354846109 336606099 28184582 30120592 X A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR THEM AT RATES OF INTEREST SET BY THE BOARD OF DIRECTORS, AND PROVIDING AN OPPORTUNITY FOR THEM TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, VERITY CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. 0 0 VERITY CREDIT UNION IS A WASHINGTON STATE CHARTERED CREDIT UNION THAT SERVES 25,655 MEMBER-OWNERS. VERITY'S PRIMARY FIELD OF MEMBERSHIP INCLUDES ALL INDIVIDUALS THAT RESIDE, WORK, WORSHIP OR ATTEND SCHOOL IN ANY WASHINGTON STATE SCHOOL DISTRICT. VERITY OFFERS A FULL RANGE OF DEPOSIT, LOAN AND INVESTMENT PRODUCTS AND SERVICES AND OPERATES SIX FULL SERVICE BRANCHES, A CALL CENTER AND ONLINE ACCOUNT SERVICES. VERITY CREDIT UNION OFFERS A FULL-SERVICE INVESTMENT PROGRAM WITH THREE REGISTERED INVESTMENT REPRESENTATIVES AND A LICENSED SUPPORT REPRESENTATIVE. AS OF DECEMBER 31, 2010, VERITY'S INVESTMENT SERVICES PROGRAM HAD 840 MEMBERS WHO HAVE 2,520 ACCOUNTS AND $57,023,293 IN ASSETS UNDER MANAGEMENT. VERITY CREDIT UNION OFFERS FREE FINANCIAL COUNSELING TO ITS MEMBERS. SPECIFIC SERVICES OFFERED INCLUDE FINANCIAL PLANNING, DEBT MODIFICATION ON VERITY LOANS AND OTHER CREDITORS AND DIRECT ASSISTANCE IN UTILIZING THE GOVERNMENT SPONSORED MORTGAGE RELIEF PROGRAMS. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 15915 0 1 151 1 1 1 0 0 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 1 1 1 0 X GREG BRUNS VPCFO 8004444589 11027 MERIDIAN AVENUE NORTH SEATTLE WA 98133 DAN STRANDY 2.00 X 0 0 0 RODOLFO HURTADO 2.00 X 0 0 0 E LAIRD HANSEN 2.00 X 0 0 0 ERIN HAAS 2.00 X 0 0 0 KAREN HUNT 2.00 X 0 0 0 ZULEMA HINOJOS-FALL 2.00 X 0 0 0 DAN YOUNG 2.00 X 0 0 0 STEVE ANDERSON 2.00 X 0 0 0 JOHN CARPENTER 2.00 X 0 0 0 MARY SEVILLA 2.00 X 0 0 0 SCOTT LARSON 2.00 X 0 0 0 WILLIAM R HAYES 40.00 X 235603 0 11108 GREG BRUNS 40.00 X 112309 0 3409 JOHN ZMOLEK 40.00 X 181000 0 20024 SHERRY STECKLY 40.00 X 153230 0 12987 SHARI STORM 40.00 X 111249 0 27077 WENDY HOVEY 40.00 X 195170 0 7224 BRIAN MOORE 40.00 X 106110 0 22905 TERRY SHOFNER 40.00 X 123587 0 23484 TINA HALL 40.00 X 103269 0 15894 1321527 0 144112 9 0 1 0 OPEN SOLUTIONS INC 455 WINDING BROOK DRIVE GLASTONBERRY CT 06033 CORE OPERATING SYSTEM MAINTENANCE 300905 KAYE-SMITH 4101 OAKESDALE AVE RENTON WA 98057 STATEMENT DOCUMENT CREATION 274122 BANCVUE 4516 SETON CENTER PARKWAY AUSTIN TX 78759 CHECKING ACCOUNT PRODUCT MAINTENANCE/CON 151020 XO COMMUNICATIONS 13865 SUNRISE VALLEY DRIVE HERNDON VA 20171 TELECOMMUNICATION SERVICES 123034 MEMBER ACCESS PACIFIC 6004 CAPITOL BLVD SE TUMWATER WA 98501 CARD PROCESSING SERVICES 122866 9 INTEREST ON LOANS 522100 17257998 17257998 FEE INCOME 522100 3869125 3869125 OTHER 522100 853516 599059 254457 21980639 2056380 2056380 425552 67545 358007 358007 358007 2077499 2150094 -72595 -72595 -72595 SALE OF LOANS 522100 1840155 1840155 1840155 26162586 25550122 254457 358007 1321528 3933870 253320 840722 543405 8893 51037 2544810 751551 2278702 804045 542529 41453 4937074 919713 62629 PROV. LOAN/LEASE LOSS 3617670 NCUSIF STABIL. EXP 805783 24258734 1785545 1945493 27521441 7659581 471482 294090 18999971 9390650 10229642 9609321 35601801 60115688 300989636 281473281 6431144 5629237 383030691 366726691 5877220 5924444 348968889 330681655 354846109 336606099 X 0 0 0 0 28184582 30120592 28184582 30120592 383030691 366726691 X 1903852 32158 X X 0 1 1 X 0 1620348 1620348 7558182 2459638 5098544 3240588 1436562 1804026 6535716 5494450 1041266 45137 45137 9609321 INVESTMENTS - OTHER 4308961 F LOANS TO MEMBERS 273984727 F SHARE INSURANCE DEPOSITS 3179593 F 281473281 MEMBER SHARE AND DEPOSITS 323181655 BORROWED FUNDS 7500000 330681655 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSES IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. X X 0 0 0 WILLIAM R HAYES 210178 0 0 0 25425 0 6869 0 4239 0 246711 0 0 0 JOHN ZMOLEK 166514 0 14486 0 0 0 5747 0 14277 0 201024 0 0 0 SHERRY STECKLY 141403 0 11827 0 0 0 4520 0 8467 0 166217 0 0 0 WENDY HOVEY 94949 0 92135 0 8086 0 2985 0 4239 0 202394 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATIONS'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, 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. FORM 990, PART VI, SECTION B, LINE 11 THE FINANCE COMMITTEE REVIEWS FORM 990 PRIOR TO SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EVERY MANAGER IS REQUIRED TO REVIEW THE CONFLICT OF INTEREST POLICY WITH THEIR STAFF ON AN ANNUAL BASIS. EVERY EMPLOYEE IS REQUIRED TO REVIEW AND SIGN VERITY'S CONFLICT OF INTEREST POLICY ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION IS SET BY THE BOARD OF DIRECTORS. SENIOR MANAGEMENT'S COMPENSATION IS DETERMINED BY THE CEO, WHO REVIEWS SALARY SURVEY DATA ANNUALLY FOR TWO DATA SETS FOR ALL SENIOR MANAGEMENT POSITIONS. THESE DATA SETS ARE THE ENTIRE CREDIT UNION INDUSTRY AND THE PUGET SOUND FINANCIAL INDUSTRY. FOR ALL REMAINING MANAGERS AND STAFF, EACH POSITION IS SLOTTED INTO 1 OF 6 SALARY RANGES. THE SALARY RANGES ARE REVIEWED ANNUALLY BY THE HUMAN RESOURCES DEPARTMENT TO ENSURE THAT THE JOB TITLE IS IN THE CORRECT RANGE. THE SALARY RANGES ARE ADJUSTED EVERY 2-3 YEARS FOR INFLATION. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN ALL BRANCHES AND ON THE WEBSITE. GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICIES ARE MADE AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 32,158. FORM 990, PART XI, LINE 2C: THE PROCESS FOR OVERSEEING THE AUDIT AND SELECTING AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED SINCE THE PREVIOUS YEAR. CU HOME MORTGAGE SOLUTIONS LLC 11027 MERIDIAN AVENUE NORTH SEATTLE WA 98133 912081649 MORTGAGE PROCESSING AND SERVICING WA 720159 2655406 VERITY CREDIT UNION MEMBER ACCESS PACIFIC LLC 6004 CAPITOL BLVD SE TUMWATER WA 98501 200969671 DEBIT AND CREDIT PROCESSING SERVICE PLATFORM WA 0 915032 0 45390 0