2011-08-12T19:42:45-00:00 2010-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2010-01-01 910556703 PREVAIL CREDIT UNION PREV 2063821888 801 SECOND AVENUE Room No 100 SEATTLE WA 981041510 TOM GRAVES 2063821888 2011-08-12 true DOUGLAS ORTH 3052328272 2011-08-12 2010 2016-02-24 21:20:13Z TOM GRAVES 801 2ND AVENUE SUITE 100 SEATTLE WA 98104 74368877 false 1269 X www.prevailcu.com X CREDIT UNION 1940 WA TO ENHANCE THE QUALITY OF OUR MEMBERS' LIVES WITH OUTSTANDING SERVICE. TO ENHANCE THE QUALITY OF OUR MEMBERS LIVES WITH OUTSTANDING SERVICE. 7 7 80 9 32178 -59966 0 12261455 12026492 2479702 2197612 1273289 0 16014446 14224104 0 0 4053406 4175951 0 0 12904601 9737839 16958007 13913790 -943561 310314 221888364 233522431 203639312 215522648 18249052 17999783 TO ENHANCE THE QUALITY OF OUR MEMBERS LIVES WITH OUTSTANDING SERVICE. false 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 19,398 MEMBERS, WITH 19,398 SHARE ACCOUNTS AND 10,878 IN OUTSTANDING LOAN ACCOUNTS. false false false false false false false false true false false false true false 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 5419 0 80 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 196200 0 32124 LAURIE LENO 040.00 X 119628 0 24650 ROXANNE LAW 040.00 X 106203 0 17112 PHIL POEHLER 040.00 X 119061 0 24855 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 541092 98741 4 false true false KPS PO BOX 339 BREMERTON WA 98337 MEDICAL PREMIUMS 511587 NW BUILDING LLC 801 2ND AVENUE SUITE 1300 SEATTLE WA 98104 MANAGEMENT COMPANY 306228 PSCUFS 2411 W PEORIA AVE SUITE 300 PHOENIX AZ 85029 VISA CREDIT CARD PROCESSOR 276736 FISERV EFT 4550 SW MACADAM AVENUE PORTLAND OR 97239 ATM DEBIT CARD PROCESSOR 299563 NCUSIF 1775 DUKE STREET ALEXANDRIA VA 22314 PREMIUM ASSESSMENT 532972 7 INCOME ON LOANS 522100 8657045 8657045 FEES AND CHARGES 522100 3337269 3337269 UNRELATED BUSINESS INCOME 900099 32178 32178 12026492 1511650 1511650 45152255 15678480 44903804 15240969 248451 437511 685962 685962 -38410 14224104 14153516 32178 0 0 0 0 639833 639833 0 2353620 2353620 58079 58079 868068 868068 256351 256351 0 17393 17393 95817 95817 0 0 419523 419523 451289 451289 742603 742603 235282 235282 0 543358 543358 0 0 75560 75560 2272238 2272238 0 281221 281221 72309 72309 SEE ATTACHED SCHEDULE 4531246 4531246 0 13913790 13913790 3009929 5017868 24256182 19005009 943931 1265391 135309468 130001581 258525 263010 9352161 3708673 5704655 5643488 48075203 68003400 77136 4330471 4245548 221888364 233522431 1429029 1318486 202210283 214204162 203639312 215522648 X 18249052 17999783 18249052 17999783 221888364 233522431 310314 -559583 X X false true true X false false 2347261 2347261 4529901 1530317 2999584 2474999 2178356 296643 5643488 SHARE DRAFTS ACCOUNTS 22519781 SHARE ACCOUNTS 36826416 MONEY MARKET ACCOUNTS 68530048 SHARE AND IRA CERTIFICATES 86327917 214204162 14224104 13913790 310314 -372616 -186967 -559583 -249269 13976446 -250734 -250734 14227180 -3076 -3076 14224104 13666132 -250734 -250734 13916866 -3076 -3076 13913790 XII 2d 212,324 WRITE DOWN OF SRP INCLUDED IN NET GAIN ON SALE OF LOANS PER AUDITED FINANCIAL STATEMENTS, BUT INCLUDED IN EXPENSES ON THE 990 38,410 OREO WRITE DOWN NETTED AGAINST GAIN ON SALE OF LOANS, BUT INCLUDED IN EXPENSES ON THE 990. XII 4b 3,076 LOSSES ON SALE OF OREO INCLUDED IN EXPENSES IN THE AUDITED FINANCIAL STATEMENTS, BUT INCLUDED IN TOTAL REVENUE ON 990 SINCE LOSSES RESULTED FROM SALES OF ASSETS. XIII 2d 212,324 WRITE DOWN OF SRP INCLUDED IN NET GAIN ON SALE OF LOANS PER AUDITED FINANCIAL STATEMENTS, BUT INCLUDED IN EXPENSES ON THE 990 38,410 OREO WRITE DOWN NETTED AGAINST GAIN ON SALE OF LOANS, BUT INCLUDED IN EXPENSES ON THE 990. XIII 4b 3,076 LOSSES ON SALE OF OREO INCLUDED IN EXPENSES IN THE AUDITED FINANCIAL STATEMENTS, BUT INCLUDED IN TOTAL REVENUE ON 990 SINCE LOSSES RESULTED FROM SALES OF ASSETS. X 2 FIN 48 IS NOT APPLICABLE. XI 8 248,451 RECLASSIFICATION ADJUSTMENTS FOR GAINS INCLUDED IN NET INCOME 61,484 EQUITY ACQUIRED IN MERGER. X false false false THOMAS GRAVES 190000 200 6000 13801 18323 228324 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 COMPENSTION 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 XII 5 248,451 RECLASSIFICATION ADJUSTMENTS FOR GAINS INCLUDED IN NET INCOME 61,484 EQUITY ACQUIRED IN MERGER 372,616 CHANGE IN UNREALIZED LOSSES ON INVESTMENTS CLASSIFIED AS AVAILABLE-FOR-SALE.