2011-11-15T15:21:17-00:00 2010-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2010-01-01 930412056 FIRST TECHNOLOGY CREDIT UNION FIRS 5036444034 3555 SW 153 DRIVE BEAVERTON OR 97006 HANK SIGMON 2011-11-15 true DOUGLAS ORTH 3052328272 2011-11-15 2010 2016-02-24 21:20:13Z BROOKE VAN VLEET 3555 SW 153 DRIVE BEAVERTON OR 97006 117377445 false X www.firsttechcu.com X CREDIT UNION 1952 OR TO PROMOTE THRIFT AMONG CREDIT UNION MEMBERS BY AFFORDING THEM THE OPPORTUNITY TO ACCUMULATE THEIR SAVINGS, TO CREATE A SOURCE OF CREDIT AT FAIR AND REASONABLE INTEREST RATES, AND TO PROVIDE THE OPPORTUNITY FOR MEMBERS TO USE AND CONTROL THEIR MONEY IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION. TO PROMOTE THRIFT AMONG CREDIT UNION MEMBERS BY AFFORDING THEM THE OPPORTUNITY TO ACCUMULATE THEIR SAVINGS, TO CREATE A SOURCE OF CREDIT AT FAIR AND REASONABLE INTEREST RATES, AND TO PROVIDE THE OPPORTUNITY FOR MEMBERS TO USE AND CONTROL THEIR MONEY IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION. 9 8 521 16 2326651 -14199 0 85088162 82370701 34224125 26569016 9691924 0 129004211 108939717 0 0 26417772 26445683 0 0 79231660 74992615 105649432 101438298 23354779 7501419 2187039339 2324325316 2005903680 2134061460 181135659 190263856 THE PURPOSE OF THIS CREDIT UNION IS TO PROMOTE THRIFT AMONG CREDIT UNION MEMBERS BY AFFORDING THEM THE OPPORTUNITY TO ACCUMULATE THEIR SAVINGS, TO CREATE A SOURCE OF CREDIT AT FAIR AND REASONABLE INTEREST RATES, AND TO PROVIDE THE OPPORTUNITY FOR THE MEMBERS TO USE AND CONTROL THEIR MONEY IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION. false false TOTAL MEMBERSHIP DURING 2010 REACHED 170,851 MEMBERS. FIRST TECH CREDIT UNION PROVIDES MEMBERS WITH DEPOSIT SERVICES AT COMPETATIVE RATES WHICH FUNDED 19,169 NEW LOANS TO MEMBERS IN 2010. false false false false false false true false true false false false true false false false false false false false false false false false false false false true false true false true true false false false false false false true true true false true 60080 0 true 521 true true true false false false false false false X 9 8 false false false false true true true true true false false false true true true true true true true false OR X HANK SIGMON VP CFO 5033504601 3555 SW 153 DRIVE BEAVERTON OR 97006 X CAROLYN STRONG 001.00 X 0 0 0 WILLIAM PETERS 001.00 X 0 0 0 SHOLA ALUKO 001.00 X 0 0 0 ROB GLOECKNER 001.00 X 0 0 0 GREG LEFEVER 001.00 X 0 0 0 TOM GIFFORD 001.00 X 0 0 0 TONY BACKES 001.00 X 0 0 0 STEVEN BANG 001.00 X 0 0 0 THOMAS SARGENT 040.00 X X 7701127 0 94766 BROOKE VAN VLEET 040.00 X X 360520 0 42301 HENRY SIGMON 040.00 X X 214404 0 49019 JOEY RUDISILL 040.00 X 188120 0 15644 KELLY CORAH 040.00 X X 199031 0 35360 DEIDRA MINER 040.00 X 193960 0 24407 MONIQUE LITTLE 040.00 X 201111 0 20926 DEBORAH COLBY 040.00 X 166399 0 16415 PAMELA BOWERSOX 040.00 X 129670 0 79837 GRETCHEN WAKEM 040.00 X 143874 0 48595 KENNETH DARLING 040.00 X X 200180 0 15419 STEVEN SCHNEIDER 040.00 X 201128 0 71342 WAYNE RICHARDS 040.00 X 251573 0 78685 TOM ARGITES 040.00 X 210935 0 57809 KIMBERLEE BOUSKA 040.00 X 164251 0 10673 SIMON YU 040.00 X 213671 0 9374 10739954 670572 25 false true false WORK FLOW ONE 4517 W 1730 SOUTH SALT LAKE CITY UT 84104 POSTAGE 612158 RWEST 1430 SE 3RD THIRD FLOOR PORTLAND OR 97214 MARKETING SERVICES 962221 WORK FLOW ONE PO BOX 644039 PITTSBURGH PA 15264 ACCOUNT STATEMENTS 789108 MICROSOFT ONE MICROSOFT WAY BLDG 125/129 REDMOND WA 98052 BRANCH CONSTRUCTION 559407 PENDUM PO BOX 712142 CINCINNATI OH 45271 ATM MAINTENANCE 654952 40 INTEREST AND FEES ON LOANS 522100 61490862 61490862 SERVICE FEES 523000 18553188 18553188 UNRELATED BUSINESS INCOME 523000 2326651 2326651 82370701 19997744 19997744 15009000 15000000 -6562272 9000 6562272 6571272 108939717 100041794 2326651 0 0 0 0 10141885 10141885 0 9528766 9528766 1977896 1977896 2829126 2829126 1968010 1968010 4027868 4027868 79677 79677 478575 478575 0 130150 130150 0 2227628 2227628 2521256 2521256 5747077 5747077 0 5990631 5990631 285209 285209 0 340685 340685 21865260 21865260 134865 134865 2946501 2946501 308894 308894 LOAN SERVICING 8639679 8639679 PROVISION FOR LOAN LOSSES 9465000 9465000 ADMINISTRATIVE PENSION COSTS FREEZE 2467266 2467266 MISCELLANEOUS 7336394 7336394 0 101438298 101438298 17019296 18808274 391159773 62465678 2902130 2953121 1608735 1756029 1135157986 1254981577 2509880 1759679 39304613 29456230 10767786 9848383 556425174 892873501 13971930 12902505 200000 55316649 65976569 2187039339 2324325316 23253787 23309490 818604 1427101 210147702 160317916 1771683587 1949006953 2005903680 2134061460 X 181135659 190263856 181135659 190263856 2187039339 2324325316 X 7501419 1626778 X false true true X false false true 1170998 1170998 4881409 1689981 3191428 10268753 7179855 3088898 22983453 20586394 2397059 9848383 MEMBER DEPOSITS- CERTIFICATES 137261216 MEMBER DEPOSITS- INSTANT ACCESS 1077038165 MEMBER DEPOSITS- IRA ACCOUNTS 105147179 MEMBER DEPOSITS- SHARES 207218197 MEMBER DEPOSITS- CHECKING 422269193 MISCELLANEOUS 73003 1949006953 X 2 FIN 48 IS NOT APPLICABLE. V 3 AMOUNTS ARE ESCROWS HELD ON MORTGAGES SERVICED ON BEHALF OF FNMA AND FHLMC. X X true true X X X X X false false false THOMAS SARGENT 235000 2974680 4491447 85192 9574 7795893 BROOKE VAN VLEET 308520 52000 33208 9093 402821 HENRY SIGMON 180404 34000 36967 12052 263423 JOEY RUDISILL 188120 11330 4314 203764 KELLY CORAH 125235 73796 26152 9208 234391 DEIDRA MINER 153760 40200 17941 6466 218367 MONIQUE LITTLE 141652 59459 8404 12522 222037 DEBORAH COLBY 116399 50000 7451 8964 182814 PAMELA BOWERSOX 105214 24456 70185 9652 209507 GRETCHEN WAKEM 116874 27000 42219 6376 192469 KENNETH DARLING 166180 34000 5845 9574 215599 STEVEN SCHNEIDER 34188 166940 61412 9930 272470 WAYNE RICHARDS 31188 220385 72080 6605 330258 TOM ARGITES 30774 180161 45108 12701 268744 KIMBERLEE BOUSKA 27286 136965 4659 6014 174924 SIMON YU 41887 171784 3355 6019 223045 I 4b TOM SARGENT, THE CEO OF FIRST TECH CREDIT UNION, RETIRED IN 2010. AS PART OF AN EMPLOYMENT AGREEMENT DATED JUNE 1, 2004 THE CREDIT UNION WILL PROVIDE POST RETIREMENT AND MEDICAL BENEFITS TO MR. SARGENT. IN THE YEAR OF RETIREMENT MR. SARGENT AND THE CREDIT UNION ARE OBLIGATED TO REPORT THE NET PRESENT VALUE OF FUTURE RETIREMENT AND MEDICAL BENEFITS AS TAXABLE COMPENSATION ALTHOUGH NO CASH COMPENSATION FOR THESE BENEFITS OCCURRED IN 2010. THE AMOUNTS REPORTED AS BONUS AND INCENTIVE AND OTHER REPORTABLE COMPENSATION FOR MR. SARGENT REFLECT THE ACCOUNTING AND TAX TREATMENT SURROUNDING THE NET PRESENT VALUE OF ALL FUTURE POST RETIREMENT BENEFITS DESCRIBED ABOVE. THE 4,491,447 REPORTED AS OTHER REPORTABLE COMPENSATION IS THE NET PRESENT VALUE OF THE MEDICAL AND RETIREMENT BENEFITS AND THE 2,974,680 IN BONUS AND INCENTIVE COMPENSATION IS RELATED TO THE TAX OBLIGATION RELATED TO THOSE BENEFITS. ACTUAL BASE COMPENSATION FOR MR. SARGENT FOR 2010 WAS 235,000. THESE AMOUNTS ARE INCLUDED IN THE TOTAL COMPENSATION REPORTED IN PART VII OF THE CORE FORM 990 AND SCHEDULE J. THOMAS SARGENT UNSECURED X 67 false true true THOMAS SARGENT UNSECURED X 804 false true true HENRY SIGMON HOME X 187000 127141 false true true HENRY SIGMON UNSECURED X 1756 false true true BROOKE VAN VLEET HOME X 137000 125457 false true true BROOKE VAN VLEET HOME X 21813 false true true BROOKE VAN VLEET UNSEUCRED X 1675 false true true DEBORAH COLBY AUTO X 37885 35534 false true true DEIDRA MINER UNSECURED X 1823 false true true KELLY CORAH UNSECURED X 9 false true true GRETCHEN WAKEM UNSECURED X 242 false true true MONIQUE LITTLE HOME X 309000 303538 false true true CAROLYN STRONG UNSECURED X 193 false true true WILLIAM PETERS UNSECURED X 10 false true true GREGORY LEFEVER INDIRECT AUTO X 6955 1942 false true true GREGORY LEFEVER HOME X 256000 252721 false true true STEVEN BANG UNSECURED X 7627 false true true TOM GIFFORD HOME X 95624 false true true TOM GIFFORD UNSECURED X false true true SHOLA ALUKO HOME X 20108 false true true SHOLA ALUKA UNSECURED X false true true ROBERT GLOECKNER UNSECURED X 12764 false true true KIMBERLEE BOUSKA HOME X 2232 false true true KIMBERLEE BOUSKA HOME X 33614 5618 false true true STEVEN SCHNEIDER HOME X 100000 95861 false true true STEVEN SCHEIDNER HOME X 212000 206918 false true true TOM ARGITES HOME X 41872 false true true TOM ARGITES HOME X 35000 23776 false true true TOM ARGITES HOME X 380000 368903 false true true 1756028 SARAH BANG SPOUSE OF DIRECTOR SHARED BRANCH NETWORK false BROOKE VAN VLEET FIRST TECH CREDIT UNION EVP/CAO GATEWAYS BOARD MEMBER false BROOKE VAN VLEET FIRST TECH CREDIT UNION EVP/CAO CREDIT UNION ASSOCIATION OF OREGON false FIELDS APPRAISAL OWNED BY A RELATIVE OF OFFICER APPRAISAL BUSINESS false HANK SIGMON FIRST TECH CREDIT UNION CFO PROCURRA BOARD MEMBER false Form 990 Part VI 6 THE ORGANIZATION HAS MEMBERS. FIRST TECH CREDIT UNION IS A FINANCIAL COOPERATIVE WITH 170,851 MEMBERS AS OF DECEMBER 31, 2010. Form 990 Part VI 7A THE CREDIT UNION MEMBERSHIP ELECTS THE BOARD OF DIRECTORS. Form 990 Part VI 7B DECISIONS REGARDING ACQUISITION VIA MERGER MUST BE APPROVED BY THE MEMBERSHIP AS WELL AS THE ELECTION OF DIRECTORS. Form 990 Part VI 11A THE FORM 990 IS PREPARED BY THE ACCOUNTING DEPARTMENT AND REVIEWED BY THE CFO AND CEO. THE FORM 990 AND ALL SUPPORTING SCHEDULES ARE THEN DISTRIBUTED TO THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS FOR REVIEW AFTER IT HAS BEEN TRANSMITTED TO THE IRS. Form 990 Part VI 12C THE CODE OF ETHICS AGREEMENT CONTAINS BOTH A DISCLOSURE AND A REQUIREMENT THAT THESE INDIVIDUALS REPORT NEW INFORMATION THAT ARISES DURING THE YEAR. THE CREDIT UNION ALSO MAINTAINS A THIRD PARTY WHISTLE-BLOWER LINE AND MONTHLY REPORTS ARE SENT TO INTERNAL AUDIT AND REPORTED TO THE BOARD OF DIRECTORS. IN ADDITION, A VENDOR MANAGEMENT FUNCTION WAS CREATED AND IS CHARGED WITH ENSURING THAT VENDOR RELATIONSHIPS ARE MONITORED AND EVALUATED ANNUALLY. Form 990 Part VI 15A THE CREDIT UNION HAS ENGAGED CLARK CONSULTING, 3600 WEST 80th ST., STE 110, MINNEAPOLIS, MN 55431, TO CONDUCT AN INDEPENDENT STUDY AND PROVIDE RECOMMENDATIONS TO THE BOARD OF DIRECTORS. Form 990 Part VI 15B HUMAN RESOURCES SUBSCRIBES TO MULTIPLE SURVEYS CUES EXECUTIVE, MILLIMAN TO VALIDATE ALL EXECUTIVE/KEY EMPLOYEE ROLES WITH THE EXCEPTION OF THE CEO. THIS ANALYSIS IS SENT TO THE CEO FOR COMPENSATION RECOMMENDATIONS. Form 990 Part VI 19 THE CREDIT UNION HAS ITS ANNUAL REPORT AVAILABLE ONLINE AND MONTHLY REGULATORY FINANCIALS ARE DISPLAYED IN ALL BRANCHES. OUR CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST. Form 990 Part XI 5 UNREALIZED INVESTMENT LOSSES OF 7,232,383 PLUS NET PENSION GAIN OF 8,859,161 1,626,778 NET INCREASE IN ACCUMULATED OTHER COMPREHENSIVE INCOME. Form 990 EFFECTIVE JANUARY 1, 2011 FIRST TECHNOLOGY CREDIT UNION MERGED WITH A FEDERALLY CHARTERED CREDIT UNION. AS A RESULT OF THE MERGER, FIRST TECHNOLOGY CREDIT UNION ADOPTED THE MERGED CREDIT UNIONS FEDERAL CHARTER BECOMING FIRST TECHNOLOGY FEDERAL CREDIT UNION. SINCE FEDERALLY CHARTERED CREDIT UNIONS ARE NOT REQUIRED TO FILE FORM 990, THIS IS THE FINAL FORM 990 FILING FOR FIRST TECHNOLOGY CREDIT UNION. Form 990 Part VII 1a-9 TOM SARGENT, THE CEO OF FIRST TECH CREDIT UNION, RETIRED IN 2010. AS PART OF AN EMPLOYMENT AGREEMENT DATED JUNE 1, 2004 THE CREDIT UNION WILL PROVIDE POST RETIREMENT AND MEDICAL BENEFITS TO MR. SARGENT. IN THE YEAR OF RETIREMENT MR. SARGENT AND THE CREDIT UNION ARE OBLIGATED TO REPORT THE NET PRESENT VALUE OF FUTURE RETIREMENT AND MEDICAL BENEFITS AS TAXABLE COMPENSATION ALTHOUGH NO CASH COMPENSATION FOR THESE BENEFITS OCCURRED IN 2010. THE AMOUNTS REPORTED AS BONUS AND INCENTIVE AND OTHER REPORTABLE COMPENSATION FOR MR. SARGENT REFLECT THE ACCOUNTING AND TAX TREATMENT SURROUNDING THE NET PRESENT VALUE OF ALL FUTURE POST RETIREMENT BENEFITS DESCRIBED ABOVE. THE 4,491,447 REPORTED AS OTHER REPORTABLE COMPENSATION IS THE NET PRESENT VALUE OF THE MEDICAL AND RETIREMENT BENEFITS AND THE 2,974,680 IN BONUS AND INCENTIVE COMPENSATION IS RELATED TO THE TAX OBLIGATION RELATED TO THOSE BENEFITS. ACTUAL BASE COMPENSATION FOR MR. SARGENT FOR 2010 WAS 235,000. THESE AMOUNTS ARE INCLUDED IN THE TOTAL COMPENSATION REPORTED IN PART VII OF THE CORE FORM 990 AND SCHEDULE J. TCU GROUP SERVICES INC 3555 SW 153 DRIVE BEAVERTON OR 97006 930875688 INSURANCE OR FIRST TECHNOLOGY CREDIT UNION C Corp 1648867 699021 1.00000 true false false false false false false false false false false false false false false true false false TCU GROUP SERVICES INC a 180000 ACTUAL TCU GROUP SERVICES INC p 1478671 ACTUAL