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Nonprofiteer
← WESTMARK CREDIT UNION

Form 990 for tax year 2023

Filed by WESTMARK CREDIT UNION.

Totals

Total revenue
$71,501,183
Total expenses
$67,586,359
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$66,723,508
Investment income
$4,653,417
Other revenue
$124,258
Total assets, end of year
$1,379,746,743
Total liabilities, end of year
$1,266,931,399
Net assets or fund balances, end of year
$112,815,344
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$67,586,359

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: Interest Charged for Member Loans

    total $55,067,502 · related or exempt $55,067,502 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Fees Charged for Banking Services

    total $10,252,039 · related or exempt $10,252,039 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: Investment Services Income

    total $1,127,856 · related or exempt $0 · unrelated business $1,127,856 · excluded $0

  • 2d · Program service revenue: ATM Fees Charged to Non-members

    total $46,635 · related or exempt $0 · unrelated business $46,635 · excluded $0

  • 2e · Program service revenue: Insurance Products Sold

    total $229,476 · related or exempt $229,476 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $4,653,417 · related or exempt $4,653,417 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11a · Other revenue: Gain or loss on sale of assets

    total $12,854 · related or exempt $12,854 · unrelated business $0 · excluded $0

  • 11b · Other revenue: Non Operating Income

    total $111,404 · related or exempt $111,404 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $124,258

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $28,493,566

  • 5 · Compensation of officers, directors and key employees

    total $3,477,906

  • 7 · Other salaries and wages

    total $12,948,223

  • 8 · Pension plan contributions

    total $680,290

  • 9 · Other employee benefits

    total $3,627,575

  • 10 · Payroll taxes

    total $1,412,647

  • 11c · Fees: accounting

    total $60,500

  • 11g · Fees: other

    total $3,637,686

  • 12 · Advertising and promotion

    total $2,880,461

  • 13 · Office expenses

    total $216,735

  • 14 · Information technology

    total $459,952

  • 16 · Occupancy

    total $2,277,193

  • 17 · Travel

    total $250,906

  • 19 · Conferences, conventions and meetings

    total $496,907

  • 20 · Interest

    total $3,641,911

  • 22 · Depreciation, depletion and amortization

    total $1,669,099

  • 23 · Insurance

    total $303,256

  • 24a · Other expenses: Postage

    total $589,401

  • 24b · Other expenses: Dues/Publications

    total $106,228

  • 24e · All other expenses

    total $355,917

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $25,070,816 · end of year $68,639,388

  • 4 · Accounts receivable

    beginning of year $1,204,245,217 · end of year $1,195,832,524

  • 7 · Other notes and loans receivable

    beginning of year $866,112 · end of year $880,523

  • 8 · Inventories for sale or use

    beginning of year $169,742 · end of year $274,012

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,966,119 · end of year $5,997,154

  • 10a · Land, buildings and equipment: cost or other basis

    $47,135,827

  • 10b · Land, buildings and equipment: accumulated depreciation

    $16,333,061

  • 10c · Land, buildings and equipment, net

    beginning of year $30,199,981 · end of year $30,802,766

  • 12 · Investments: other securities

    beginning of year $67,344,483 · end of year $66,528,362

  • 15 · Other assets

    beginning of year $13,152,340 · end of year $10,792,014

  • 17 · Accounts payable and accrued expenses

    beginning of year $16,496,177 · end of year $19,458,910

  • 23 · Secured mortgages and notes payable

    beginning of year $120,259,185 · end of year $36,200,000

  • 25 · Other liabilities

    beginning of year $1,098,343,567 · end of year $1,211,272,489

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $109,915,881 · end of year $112,815,344

Mission and programs · 2023

Mission

Provide traditional banking services to more than 74,000 members including consumer loans, real estate loans, commercial loans, checking, savings, deposit accounts and electronic services.

Activities or mission (Part I)

Provide traditional banking services to more than 72,000 members including consumer loans, real estate loans, commercial loans, checking, savings, deposit accounts and electronic services.

  • Granted $279 million in consumer and commercial loans to credit union members.

    Expenses $23,469,630 · Revenue $44,371,693

  • Granted $37 million in first mortgage and other real estate loans to credit union members

    Expenses $4,461,579 · Revenue $12,754,253

  • Provided checking, savings and other traditional banking services to credit members

    Expenses $37,889,440 · Revenue $8,365,424

  • Unrelated Business programs of Financial services and ATM usage fees by non-members

    Expenses $1,765,710 · Revenue $1,174,491

As filed on the 2023 return.

Listed in Part VII

  • Richard Leonardson

    President/CEO

    Total calculated
    $557,585
    From this org
    $557,585
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $441,589
    Bonus
    $108,087
    Other
    $7,909
    Deferred
    $36,756
    Nontaxable benefits
    $0
    Filer's total
    $594,341

  • Gilbert Birdsong

    Chief Operating Officer

    Total calculated
    $385,356
    From this org
    $385,356
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $306,500
    Bonus
    $70,825
    Other
    $8,031
    Deferred
    $22,401
    Nontaxable benefits
    $0
    Filer's total
    $407,757

  • Mike Schenck

    Chief Lending Officer

    Total calculated
    $263,818
    From this org
    $263,818
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $234,000
    Bonus
    $28,127
    Other
    $1,691
    Deferred
    $27,916
    Nontaxable benefits
    $0
    Filer's total
    $291,734

  • Polly Simpson

    Chief Marketing Officer

    Total calculated
    $246,069
    From this org
    $246,069
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $208,000
    Bonus
    $36,203
    Other
    $1,866
    Deferred
    $25,998
    Nontaxable benefits
    $0
    Filer's total
    $272,067

  • Tammy Ridgwell

    Chief Human Resource Officer

    Total calculated
    $240,293
    From this org
    $240,293
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $195,000
    Bonus
    $44,061
    Other
    $1,232
    Deferred
    $24,716
    Nontaxable benefits
    $0
    Filer's total
    $265,009

  • Jayme O'Rullian

    VP of WIS Administration

    Total calculated
    $238,746
    From this org
    $238,746
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $82,043
    Bonus
    $156,389
    Other
    $315
    Deferred
    $15,716
    Nontaxable benefits
    $0
    Filer's total
    $254,463

  • Don West

    Chief Information Officer

    Total calculated
    $228,920
    From this org
    $228,920
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $195,000
    Bonus
    $31,228
    Other
    $2,693
    Deferred
    $20,843
    Nontaxable benefits
    $0
    Filer's total
    $249,764

  • Craig Simpson

    Legal Counsel

    Total calculated
    $228,214
    From this org
    $228,214
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $210,000
    Bonus
    $12,069
    Other
    $6,145
    Deferred
    $15,867
    Nontaxable benefits
    $0
    Filer's total
    $244,081

  • Davin Garlick

    Chief Financial Officer

    Total calculated
    $209,480
    From this org
    $209,480
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,895
    Bonus
    $18,212
    Other
    $372
    Deferred
    $24,204
    Nontaxable benefits
    $0
    Filer's total
    $233,683

  • Paula Stone

    Sr. VP of Operations Administration

    Total calculated
    $204,034
    From this org
    $204,034
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,252
    Bonus
    $20,278
    Other
    $3,504
    Deferred
    $14,157
    Nontaxable benefits
    $0
    Filer's total
    $218,191

  • John Beal

    Sr. VP of Real Estate Administration

    Total calculated
    $191,966
    From this org
    $191,966
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $164,403
    Bonus
    $23,314
    Other
    $4,249
    Deferred
    $13,126
    Nontaxable benefits
    $0
    Filer's total
    $205,092

  • Jonathan Galusha

    Sr. VP of Branch Administration

    Total calculated
    $169,463
    From this org
    $169,463
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,443
    Bonus
    $17,215
    Other
    $2,805
    Deferred
    $11,749
    Nontaxable benefits
    $0
    Filer's total
    $181,212

  • Colene Magera

    Sr. VP of Branch Administration

    Total calculated
    $164,777
    From this org
    $164,777
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,997
    Bonus
    $19,001
    Other
    $779
    Deferred
    $11,502
    Nontaxable benefits
    $0
    Filer's total
    $176,279

  • Trevor Hansen

    VP of Commercial Lending

    Total calculated
    $149,185
    From this org
    $149,185
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Denise Teuscher

    Board Chairman

    Total calculated
    $0
    Hours/week
    2

  • Steve Hammon

    Secretary

    Total calculated
    $0
    Hours/week
    2

  • Derik Nielsen

    Treasurer

    Total calculated
    $0
    Hours/week
    2

  • Mike Ehlers

    Director

    Total calculated
    $0
    Hours/week
    2

  • Rebecca Adams

    Director

    Total calculated
    $0
    Hours/week
    2

  • Nathan Stevens

    Director

    Total calculated
    $0
    Hours/week
    2

  • Will Jenson

    Director

    Total calculated
    $0
    Hours/week
    2

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Travel for companions
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 1a
Companion airfare is provided for travel to some credit union conferences. Health club membership dues are paid for senior and mid-management employees. The cost is less than $600 a year.
Schedule J, Part I, Line 4
Senior management and other managers participate in a 457(b) deferred compensation plan.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
21 August 2024
IRS schema version
2023v5.0
Source object
202432439349300143

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