2011-08-15T19:31:06-05:00 2010-12-31 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2010-01-01 910176215 SEATTLE METROPOLITAN CREDIT UNION SEAT 2063985561 P O BOX 780 SEATTLE WA 981110780 MICHELLE PURNELL-HEPBURN 2063985561 2011-08-08 1 8189549700 2010 2016-02-24 21:20:13Z MICHELLE PURNELL-HEPBURN P O BOX 780 SEATTLE WA 981110780 33650858 0 X WWW.SMCU.COM X CREDIT UNION 1997 WA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 167 13 35541 -474508 0 0 35012840 33075990 1254231 1166087 3157359 -592065 39424430 33650012 22000 18000 0 0 9687689 9652225 0 0 0 27881068 19036933 37590757 28707158 1833673 4942854 544250769 560956750 504854293 516508376 39396476 44448374 X NONE 0 0 SEATTLE METROPOLITAN CREDIT UNION (SMCU) HAS BEEN PROVIDING SERVICES TO ITS MEMBERS SINCE 1933. SINCE ITS INCEPTION, SMCU HAS CONSIDERED ITSELF AN ADVOCATE FOR ITS MEMBERS BY PROVIDING MEMBER-CENTRIC FINANCIAL SERVICES AND FINANCIAL LITERACY EDUCATION AT LOW OR NO COST. AS OF DECEMBER 31, 2010, SMCU HAD 41,626 MEMBERS. THESE MEMBERS PARTICIPATED IN 20,953 OF LOANS AND 81,935 OF DEPOSIT PRODUCTS. SMCU'S LOAN OFFERINGS INCLUDE A WIDE RANGE OF OPTIONS FROM STANDARD AUTO LOANS, MORTGAGES AND LINES OF CREDIT, TO MORE SEGMENTED PRODUCTS INCLUDING MOTORCYCLES, CLASSIC CARS, BOATS, RECREATIONAL VEHICLES, AND AIRCRAFT LOANS. SMCU HAS ALSO RECENTLY EXTENDED ITS LOAN PRODUCTS TO INCLUDE BUSINESS LOANS TO QUALIFIED MEMBERS. ALL LOAN PRODUCTS COME IN A VARIETY OF TERMS TO PROVIDE PAYMENT OPTIONS THAT BEST SUIT THE MEMBERSHIP'S NEEDS. MEMBERS HAVE THE SAME VARIETY OF SELECTION ON THE DEPOSIT SIDE OF THE PRODUCT LINE WITH OFFERINGS RANGING FROM BASIC CHECKING AND SAVINGS ACCOUNTS TO IRAS, CERTIFICATES, MONEY MARKETS AND HIGH YIELD ACCOUNTS. SMCU ALSO OFFERS BUSINESS ACCOUNTS AND INVESTMENT SERVICES THAT ARE DESIGNED TO MAINTAIN THE MEMBER'S BEST INTEREST. AS AN ADVOCATE FOR ITS MEMBERSHIP, SMCU PLACES A HIGH PRIORITY ON EDUCATIONAL RESOURCES. AS A RESULT, SMCU HAS INVESTED IN ONLINE APPLICATIONS TO HELP MEMBERS MAKE DECISIONS RELATED TO PLANNING, BORROWING, BUDGETING AND PROTECTING THEIR CREDIT. LIFE VISION AND MORTGAGE ADVISOR ARE TWO TOOLS OFFERED ON PERSONAL FINANCES AND FINANCIAL GOALS INPUTTED BY THE MEMBER. ADDITIONALLY SMCU.COM AND SMCU BRANCHES OFFER BOTH ELECTRONIC AND PRINTED INFORMATION RESPECTIVES FROM HOME AND FAMILY FINANCE ON CAR BUYING, CREDIT PROTECTION AND BUDGETING. FOR THOSE MEMBERS WHO PREFER TO SPEAK TO SOMEONE IN PERSON, SMCU PROVIDES FREE CREDIT COUNSELING THROUGH "BALANCE," A FINANCIAL FITNESS PROGRAM THAT FOCUSES ON MONEY MANAGEMENT IN ADDITION TO IDENTITY THEFT PREVENTION AND ASSISTANCE. 0 0 0 0 0 0 0 1 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 36201 0 1 167 1 1 1 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 0 1 1 0 X MICHELLE PURNELL-HEPBURN 2063985561 PO BOX 780 SEATTLE WA 981110780 JIM YEARBY 1.00 X 0 0 0 ROGER HOWEILER 1.00 X 0 0 0 JAMES FOSSOS 1.00 X 0 0 0 KEN HARER 1.00 X 0 0 0 RAY HILL 1.00 X 0 0 0 FRANK MATHEWS 1.00 X 0 0 0 ROBERT LEIGHTON 1.00 X 0 0 0 RODNEY ENG 1.00 X 0 0 0 CAMILLA BISHOP 1.00 X 0 0 0 ROBERT H HARVEY JR 40.00 X X 413912 0 41351 RUTH KOROTZER 40.00 X 201087 0 27397 MICHELLE PURNELL-HEPBURN 40.00 X 174350 0 15534 DON RUDOLPH 40.00 X 155918 0 14555 JUDY ELROD 40.00 X 148547 0 13733 JILL VICENTE 40.00 X 124013 0 12345 TONITA WEBB 40.00 X 123512 0 17251 RICHARD STANSBURY 40.00 X 108101 0 9383 1449440 0 151549 8 0 1 0 DIGITAL INSIGHT CORP PO BOX 515306 LOS ANGELES CA 900516606 ONLINE BANKING WEBSITE PROVIDER 422939 INFOIMAGE 141 JEFFERSON DRIVE MENLO PARK CA 94025 MEMBER ACCOUNT STATEMENT PRINTING & MAIL 340357 FREDERICK WIGGEXECUNET SERVICES PO BOX 15729 SEATTLE WA 98115 JANITORIAL SERVICE 248497 DW CLOSE COMPANY INC 4304 S 131ST PL SEATTLE WA 98168 ELECTRICAL CONTRACTOR 150804 OPEN SOLUTIONS INC PO BOX 416564 BOSTON MA 022416564 ONLINE BANKING WEBSITE PROVIDER 142949 6 INTEREST ON LOANS 522100 25686946 25686946 OTHER OPERATING INCOME 522100 4769125 4733584 35541 FEE INCOME 522100 2619919 2619919 33075990 1163933 1163933 3000 846 2154 2154 2154 OTHER NON-OPERATING IN 522100 14595 14595 SW CORP MCA ACCOUNT IM 522100 -606660 -606660 -592065 33650012 33614471 35541 0 18000 1449440 6272145 484241 768338 678061 190121 118500 1554764 594563 2301996 1184052 278339 4975519 1118687 1306393 PROV. FOR LOAN & LEASE 3809847 LOAN SERVICING EXPENSE 1081627 MISCELLANEOUS OPERATING 444525 OPERATING FEES 78000 28707158 3421305 4052844 45575542 45544048 24279628 14006364 10931776 10273264 28881849 83047939 446876962 408000372 8563335 10038283 544250769 560956750 6825866 7071437 632422 979744 497396005 508457195 504854293 516508376 X 0 0 0 0 39396476 44448374 39396476 44448374 544250769 560956750 X 4942854 109044 X X 0 1 1 X 0 0 1 3330000 3330000 4951350 1899951 3051399 5386862 4314725 1072137 10611416 7791688 2819728 10273264 ALL OTHER INVESTMENTS IN CORPORATE CREDIT UNIONS 18194000 C ALL OTHER INVESTMENTS 1596100 C NET LOANS AND LEASES 382866670 C NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 4658231 C LOANS HELD FOR SALE 685371 C 408000372 TOTAL SHARE AND DEPOSITS 508457195 508457195 33650012 28707158 4942854 109044 109044 5051898 33650012 0 33650012 0 33650012 28707158 0 28707158 0 28707158 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: FIN 48 FOOTNOTE. IN OPINION OF MANAGEMENT, ANY POTENTIAL ADDITIONAL LIABILITY RESULTING FROM TAXING AUTHORITIES IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. 1 EDUCATIONAL SCHOLARSHIPS FOR STUDENTS ATTENDING SCHOOL. 10 18000 X X 0 0 0 ROBERT H HARVEY JR 359619 0 54293 0 0 0 32219 0 9132 0 455263 0 0 0 RUTH KOROTZER 188373 0 12714 0 0 0 12250 0 15147 0 228484 0 0 0 MICHELLE PURNELL-HEPBURN 162926 0 11424 0 0 0 10308 0 5226 0 189884 0 0 0 DON RUDOLPH 145693 0 10225 0 0 0 9329 0 5226 0 170473 0 0 0 JUDY ELROD 138762 0 9785 0 0 0 8507 0 5226 0 162280 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 SEATTLE METROPOLITAN CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION THAT IS OWNED AND CONTROLLED BY ITS MEMBERS, AND OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS TO ITS MEMBERS. SEATTLE METROPOLITAN CREDIT UNION DOES NOT HAVE STOCKHOLDERS. 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 MANAGEMENT WILL REVIEW THE 990 BASED ON THE INFORMATION PROVIDED TO OUR CPA. A COPY OF THE 990 WILL BE PRESENTED TO THE BOARD OF DIRECTORS FOR THEIR FINAL APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C WE HAVE EMPLOYEES SIGN THAT THEY REVIEWED THE POLICY ANNUALLY, AND OUR INTERNAL AUDIT DEPARTMENT AND MANAGERS MONITOR TO ENSURE WE IDENTIFY ANY CONFLICTS OF INTERESTS. FORM 990, PART VI, SECTION B, LINE 15 THE HUMAN RESOURCES DEPARTMENT PERFORMS AN ANNUAL SALARY MARKET ANALYSIS AND THE BOARD CONDUCTS A REVIEW OF THE CEO'S SALARY AND ADJUSTS THEIR SALARY BASED UPON PERFORMANCE. FORM 990, PART VI, SECTION C, LINE 19 WE POST THE UNAUDITED INTERNAL FINANCIAL STATEMENTS AT EVERY BRANCH MONTHLY, AND WE PROVIDE THE AUDITED FINANCIAL STATEMENTS TO THE MEMBERS AT THE ANNUAL MEETING AND ARE POSTED ON OUR WEBSITE. THE GOVERNING DOCUMENTS AND THE CONFLICTS OF INTEREST POLICIES ARE NOT PROVIDED TO THE GENERAL PUBLIC. HOWEVER, IF SOMEONE FROM THE GENERAL PUBLIC INQUIRED ABOUT THIS WE WOULD PROVIDE THEM THE INFORMATION. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 109,044. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.