2011-05-10T12:25:20-05:00 2010-12-31 RSM MCGLADREY INC 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2010-01-01 910659059 CREDIT UNIONS IN THE STATE OF WASHINGTON HARBORSTONE CREDIT UNION CRED 2535842260 PO BOX 4207 TACOMA WA 984380207 DOUG RICHARDSON 2535842260 2011-05-10 1 COLLIN F BUZZELL 6125738750 2010 2016-02-24 21:20:13Z PHIL JONES PO BOX 4207 TACOMA WA 984380207 39767349 0 1269 X WWW.HARBORSTONE.COM X 1955 WA THE CREDIT UNION IS A MEMBER OWNED, NOT FOR PROFIT COOPERATIVE, OPERATED FOR THE PURPOSE OF CREATING A MEANS WHEREBY MEMBERS CAN PROVIDE EACH OTHER WITH NEEDED FINANCIAL SERVICES. 7 7 226 9 0 0 0 0 33720240 31662349 6218141 7119139 3256035 386724 43194416 39168212 0 0 9445941 6079057 14253023 15106654 0 0 0 19976822 20406006 43675786 41591717 -481370 -2423505 711043968 742247902 626301462 658637380 84742506 83610522 X HARBORSTONE CREDIT UNION HELPS TO MAKE MEMBERS' FINANCIAL DREAMS COME TRUE. 0 0 PROVIDING CONSUMER AND MORTGAGE LOANS FOR 11,200 MEMBERS TOTALING $279,736,442. PROVIDING BUSINESS LOANS TO 237 MEMBERS TOTALING $84,401,808. MAINTAINING DEPOSITS ON 100,028 MEMBER AND BUSINESS ACCOUNTS TOTALING $640,103,761. THE CREDIT UNION OPERATES FOR MUTUAL PURPOSES. 0 0 0 0 0 0 1 0 1 1 0 0 1 1 0 0 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 X 19101 0 1 226 1 1 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X HARBORSTONE CREDIT UNION 2535842260 9611 GRAVELLY LAKE DRIVE SW LAKEWOOD WA 984992761 JOE PENNINGTON 2.00 X X 0 0 334 WALT FROST 2.00 X X 0 0 334 BONNIE KERN 2.00 X X 0 0 334 RICHARD EVANS 2.00 X 0 0 334 BOB NELSON 2.00 X 0 0 334 ANN ANDERSON 2.00 X 0 0 334 RAY ORLOWSKI 1.00 X 0 0 334 PHIL JONES 40.00 X 268146 0 226237 DOUG RICHARDSON 40.00 X 157372 0 32382 ROGER JOHANSEN 40.00 X 158253 0 42819 JOHN RENFORTH 40.00 X 166358 0 37507 STEVE CROSBY 40.00 X 130241 0 48061 PAUL WINER 40.00 X 0 0 0 MICHAEL POWELL 40.00 X 114960 0 18464 MICHAEL DECIUS 40.00 X 119714 0 17005 1115044 0 424813 7 0 1 0 DIGITAL INSIGHT CORPORATION 7535 TORREY SANTA FE RD SAN DIEGO CA 92129 WEB SITE HOSTING AND ONLINE BANKING 879014 FISERV CNS PO BOX 5037 PORTLAND OR 97208 ATM AND DEBIT CARD PROCESSING 226038 LOOMIS FARGO & CO 2500 CITYWEST BLVD HOUSTON TX 77042 ATM SERVICING 186465 FIDELITY NATIONAL INFORMATION SERVICES PO BOX 18012 ASHBURN VA 20146 HARDWARE MAINTENANCE 161382 AMERICAL CUSTODIAL 1111 PUGET SOUND AVE S TACOMA WA 98405 BUILDING MAINTENANCE 148540 10 INTEREST FROM LOANS 522100 20519327 20519327 MISCELLANEOUS OPERATIN 522100 6361035 6361035 FEE INCOME 522100 4781987 4781987 31662349 7518066 7518066 200210 599137 200210 -599137 -398927 -398927 OTHER NON-OPERATING IN 522100 386724 386724 386724 39168212 32049073 0 7119139 6079057 1091412 9930842 816589 2273963 993848 123252 40878 62850 84600 3489392 1235994 992992 795016 2211016 196056 343355 615301 1365965 378037 PROVISIONS FOR LOAN LOS 6199121 NCUSIF STABILIZATION EX 1494838 SUPPLIES 434556 OPERATIONAL ERRORS/CASH 117883 PROFESSIONAL DUES 108500 116404 41591717 6356010 5722369 49197874 32606841 366453709 356051904 47539033 19209883 28812397 28329150 244113261 304649030 16110717 14888608 711043968 742247902 5576007 6407274 480343 483528 18639032 12126344 601606080 639620234 626301462 658637380 X 0 0 0 0 84742506 83610522 84742506 83610522 711043968 742247902 X -2423505 1291522 X 0 1 1 X 0 0 1 8073792 8073792 23303078 5276688 18026390 2657214 1727465 929749 13504949 12205730 1299219 28329150 AVAILABLE FOR SALE SECURITIES 289450334 F HELD TO MATURITY SECURITIES 276091 F OTHER INVESTMENTS 14922605 F 304649030 MEMBER SHARES 639620234 639620234 PART IV, LINE 2B: THE ESCROW ACCOUNTS HOLD AMOUNTS COLLECTED WITH THE MEMBERS' MORTGAGE PAYMENTS THAT ARE TO BE USED TO PAY THOSE MEMBERS' HOMEOWNERS' INSURANCE PREMIUMS AND PROPERTY TAXES WHEN DUE. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: FOR THE AUDIT YEAR ENDED MARCH 31, 2010 MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. X X 1 1 X X X X X 0 0 0 PHIL JONES 268146 0 0 0 0 0 214731 0 11506 0 494383 0 0 0 DOUG RICHARDSON 155776 0 1596 0 0 0 24047 0 8335 0 189754 0 0 0 ROGER JOHANSEN 156648 0 1605 0 0 0 34516 0 8303 0 201072 0 0 0 JOHN RENFORTH 164670 0 1688 0 0 0 30934 0 6573 0 203865 0 0 0 STEVE CROSBY 128920 0 1321 0 0 0 40359 0 7702 0 178302 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS - SPOUSES/COMPANIONS ARE ALLOWED TO TRAVEL WITH EXECUTIVE MANAGEMENT AND BOARD. THIS IS LIMITED TO TWO TRIPS PER YEAR. THE DISCRETIONARY SPENDING ACCOUNT IS ONLY AVAILABLE TO THE CEO, AND IS FOR AN AMOUNT UP TO $150 PER MONTH TO BE USED FOR REIMBURSEMENT OF OUT OF POCKET EXPENSES PRIMARILY RELATED TO CHARITABLE DONATIONS. EXPLANATION FOR NOT FILING FORM 990-T FORM 990, PART V, LINE 3B CREDIT UNION PROVIDES PRODUCTS AND SERVICES TO ITS MEMBERS CURRENTLY TREATED AS UNRELATED BUSINESS REVENUE BY THE IRS. THE ORGANIZATION MAINTAINS THE POSITION THAT THESE PRODUCTS AND SERVICES ARE SUBSTANTIALLY RELATED TO ITS EXEMPT PURPOSE AND SHOULD NOT BE DEEMED UNRELATED. FURTHERMORE, AN INTERNAL ANALYSIS HAS BEEN DONE THAT INDICATES THAT THERE IS NO TAX LIABILITY AT THIS TIME. 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 ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, 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 BOTH THE VP OF ACCOUNTING SERVICES AND CFO REIVEW THE FORM 990 PRIOR TO FILING. A COPY OF FORM 990 WILL ALSO BE PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, ALL EMPLOYEES ARE REQUIRED TO REVIEW THE CONFLICT OF INTEREST POLICY (2-7). WE OBTAIN SIGNATURES FROM EACH EMPLOYEE, VERIFYING THAT THEY ATTEST TO HAVING READ THE POLICY. ADDITIONALLY, EACH NEW EMPLOYEE HIRED BY THE CREDIT UNION REVIEWS THE CONFLICT OF INTEREST POLICY ON THEIR FIRST DAY OF EMPLOYMENT. FORM 990, PART VI, SECTION B, LINE 15 WE UTILIZE VARIOUS REPUTABLE, THIRD-PARTY MARKET DATA SOURCES (MILLIMAN, CUES, ETC.) TO AID IN SETTING THE COMPENSATION OF OUR OFFICERS AND KEY EMPLOYEES. GENERALLY, FINAL COMPENSATION DECISIONS ARE MADE BY THE SENIOR VICE PRESIDENT/CHIEF OPERATIONS OFFICER. COMPENSATION DECISIONS FOR THE PRESIDENT/CEO ARE MADE BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC IN THE ANNUAL REPORT AND ANNUAL MEETING, WHICH IS HELD IN MARCH OF EACH YEAR. THE CONFLICTS OF INTEREST POLICY IS NOT MADE PUBLIC. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: CHANGE IN UNREALIZED GAIN/LOSS ON INVESTMENT 1,291,522. TOTAL TO FORM 990, PART XI, LINE 5: 1,291,522. THE MARKETING TEAM LLC 9611 GRAVELLY LAKE DR SW LAKEWOOD WA 98499 200689466 ADVERTISING SERVICES WA 17753 7499 HARBORSTONE CREDIT UNION CU SERVICES GROUP LLC 9611 GRAVELLY LAKE DR SW LAKEWOOD WA 98499 262064794 BUSINESS LENDING WA 85289 1189070 HARBORSTONE CREDIT UNION