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← CREDIT UNIONS IN THE STATE OF WASHINGTON

Form 990 for tax year 2024

Filed by CREDIT UNIONS IN THE STATE OF WASHINGTON.

Totals

Total revenue
$335,996,713
Total expenses
$331,443,360
Contributions and grants received
$0
Grants paid
$986,000
Program service revenue
$306,327,975
Investment income
$28,832,852
Other revenue
$835,886
Total assets, end of year
$5,165,066,329
Total liabilities, end of year
$4,771,120,080
Net assets or fund balances, end of year
$393,946,249
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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: MEMBER LOAN INTEREST

    total $249,567,066 · related or exempt $249,567,066

  • 2b · Program service revenue: FEES & OTHER INCOME

    total $56,268,911 · related or exempt $56,268,911

  • 2c · Program service revenue: GAIN ON SALE OF LOANS

    total $286,439 · related or exempt $286,439

  • 2d · Program service revenue: FINANCE & INSURANCE

    total $189,013 · unrelated business $189,013

  • 2e · Program service revenue: MANAGEMENT CONSULTING

    total $16,546 · unrelated business $16,546

  • 3 · Investment income

    total $28,832,852 · excluded $28,832,852

  • 6a · Gross rents

    real property $835,886

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $835,886

  • 6d · Net rental income or loss

    total $835,886 · related or exempt $835,886

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $881,000

  • 2 · Grants to domestic individuals

    total $105,000

  • 5 · Compensation of officers, directors and key employees

    total $4,960,405

  • 7 · Other salaries and wages

    total $67,033,219

  • 8 · Pension plan contributions

    total $6,461,775

  • 9 · Other employee benefits

    total $14,997,880

  • 10 · Payroll taxes

    total $6,015,438

  • 11b · Fees: legal

    total $276,956

  • 11c · Fees: accounting

    total $119,949

  • 11g · Fees: other

    total $12,587,305

  • 12 · Advertising and promotion

    total $5,763,203

  • 13 · Office expenses

    total $4,336,002

  • 14 · Information technology

    total $11,188,653

  • 16 · Occupancy

    total $7,941,308

  • 17 · Travel

    total $410,020

  • 19 · Conferences, conventions and meetings

    total $445,291

  • 20 · Interest

    total $92,546,304

  • 22 · Depreciation, depletion and amortization

    total $7,795,312

  • 23 · Insurance

    total $700,571

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $65,755,030

  • 24b · Other expenses: MISCELLANEOUS

    total $8,904,258

  • 24c · Other expenses: VISA EXPENSE

    total $5,464,490

  • 24d · Other expenses: CARD SERVICES

    total $2,968,302

  • 24e · All other expenses

    total $3,785,689

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $50,434,875 · end of year $49,826,669

  • 2 · Savings and temporary cash investments

    beginning of year $26,225,096 · end of year $27,300,527

  • 4 · Accounts receivable

    beginning of year $1,527,458 · end of year $1,167,998

  • 7 · Other notes and loans receivable

    beginning of year $4,267,817,820 · end of year $4,143,343,827

  • 9 · Prepaid expenses and deferred charges

    beginning of year $8,912,840 · end of year $10,245,795

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

    $210,261,404

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

    $109,485,525

  • 10c · Land, buildings and equipment, net

    beginning of year $91,894,097 · end of year $100,775,879

  • 11 · Investments: publicly traded securities

    beginning of year $738,560,556 · end of year $667,153,797

  • 12 · Investments: other securities

    beginning of year $16,760,424 · end of year $45,516,181

  • 15 · Other assets

    beginning of year $155,131,381 · end of year $119,735,656

  • 17 · Accounts payable and accrued expenses

    beginning of year $114,300,792 · end of year $87,132,101

  • 23 · Secured mortgages and notes payable

    beginning of year $544,000,000 · end of year $275,000,000

  • 25 · Other liabilities

    beginning of year $4,314,415,515 · end of year $4,408,987,979

  • 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 $384,548,240 · end of year $393,946,249

Mission and programs · 2024

Mission

TO PROVIDE SERVICES TO MEMBERS WHICH ARE MANDATED IN THE CREDIT UNION ACT TO CHARTERS AND TO PROVIDE A MEANS WHEREBY MEMBERS CAN PROVIDE EACH OTHER WITH NEEDED FINANCIAL SERVICES.

  • SAVINGS AND CHECKING: WE KNOW DIFFERENT MEMBERS HAVE DIFFERENT NEEDS AND THAT'S WHY WE OFFER A VARIETY OF CHECKING AND SAVINGS ACCOUNTS. WSECU CAN HELP MEMBERS MAKE MANAGING THEIR BUDGETS SIMPLE AS THEY WORK TOWARDS THEIR FINANCIAL GOALS. MEMBERS CAN ACCESS THEIR ACCOUNTS ANY TIME OF THE DAY OR NIGHT WITH THEIR DEBIT OR ATM CARD. WSECU IS A PROUD PARTNER OF THE CO-OP NETWORK, OFFERING MEMBERS FREE ACCESS TO 25,000 ATMS ACROSS THE UNITED STATES.

  • LOANS: FROM THE CARS MEMBERS DRIVE TO THE UNTAPPED EQUITY IN THEIR HOMES, WSECU LOANS ARE DESIGNED TO GIVE MEMBERS THE UTMOST BUYING POWER AND PAYMENT FLEXIBILITY. BACKED WITH OUR OUTSTANDING SERVICE, THERE IS SIMPLY NO BETTER PLACE TO GO FOR MEMBERS' LENDING NEEDS.

  • CREDIT CARDS: WSECU PROVIDES A VARIETY OF CREDIT CARD OPTIONS TO MEET THE VARIED LIFESTYLES OF OUR MEMBERS. EACH OPTION INCLUDES THE VALUE OF A VARIABLE INTEREST RATE, NO ANNUAL FEE, PLUS THE COST-SAVINGS BENEFIT OF A 25-DAY GRACE PERIOD ON NEW PURCHASES, AND THE PURCHASING POWER OF THE MOST RECOGNIZED CREDIT CARD IN THE WORLD. EACH OF OUR CREDIT CARD OPTIONS PROVIDES UNIQUE FEATURES AND BENEFITS. FROM HIGHER SPENDING LIMITS TO REWARDS PROGRAMS TO FIRST-TIME CARDHOLDERS ESTABLISHING CREDIT, WSECU MEMBERS HAVE AN EXCITING RANGE OF CREDIT CARD OPTIONS FROM WHICH TO CHOOSE.

As filed on the 2024 return.

Listed in Part VII

  • Veronica Bronkema

    BOARD CHAIR

    Total calculated
    $736
    From this org
    $736
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Marcus Glaspar

    BOARD VICE CHAIR

    Total calculated
    $1,750
    From this org
    $1,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Vikki Smith

    BOARD SECRETARY

    Total calculated
    $1,867
    From this org
    $1,867
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Doug Mah

    BOARD MEMBER

    Total calculated
    $707
    From this org
    $707
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Tracy Guerin

    BOARD MEMBER

    Total calculated
    $2,279
    From this org
    $2,279
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Stacia Hollar

    BOARD MEMBER

    Total calculated
    $1,128
    From this org
    $1,128
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Steve Lerch

    BOARD MEMBER

    Total calculated
    $1,594
    From this org
    $1,594
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Joseph Pearson

    BOARD MEMBER

    Total calculated
    $1,172
    From this org
    $1,172
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Carole Washburn

    BOARD MEMBER

    Total calculated
    $2,123
    From this org
    $2,123
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Gary Swindler

    PRESIDENT/CEO

    Total calculated
    $2,436,254
    From this org
    $2,170,133
    From related orgs
    $0
    Other
    $266,121
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $907,442
    Bonus
    $306,865
    Other
    $955,826
    Deferred
    $259,141
    Nontaxable benefits
    $6,980
    Filer's total
    $2,436,254

  • Randy Gunderson

    CHIEF FINANCIAL OFFICER

    Total calculated
    $685,965
    From this org
    $609,789
    From related orgs
    $0
    Other
    $76,176
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $458,953
    Bonus
    $150,836
    Other
    $0
    Deferred
    $75,388
    Nontaxable benefits
    $788
    Filer's total
    $685,965

  • Jamila Thomas

    CHIEF ADMINISTRATIVE OFFICER

    Total calculated
    $288,165
    From this org
    $287,346
    From related orgs
    $0
    Other
    $819
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $287,346
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $819
    Filer's total
    $288,165

  • Paul Kirkbride

    CHIEF OPERATING OFFICER

    Total calculated
    $714,330
    From this org
    $635,866
    From related orgs
    $0
    Other
    $78,464
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $479,672
    Bonus
    $156,194
    Other
    $0
    Deferred
    $77,668
    Nontaxable benefits
    $796
    Filer's total
    $714,330

  • Emily Friesen

    CHIEF MARKETING & ANALYTICS OFFICER

    Total calculated
    $504,993
    From this org
    $440,784
    From related orgs
    $0
    Other
    $64,209
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $329,337
    Bonus
    $111,447
    Other
    $0
    Deferred
    $63,497
    Nontaxable benefits
    $712
    Filer's total
    $504,993

  • Judith Henderson

    CHIEF TECHNOLOGY OFFICER

    Total calculated
    $464,836
    From this org
    $404,880
    From related orgs
    $0
    Other
    $59,956
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $324,182
    Bonus
    $80,698
    Other
    $0
    Deferred
    $59,156
    Nontaxable benefits
    $800
    Filer's total
    $464,836

  • Julie Lind

    CHIEF LENDING OFFICER

    Total calculated
    $489,495
    From this org
    $426,039
    From related orgs
    $0
    Other
    $63,456
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $365,539
    Bonus
    $60,500
    Other
    $0
    Deferred
    $62,733
    Nontaxable benefits
    $723
    Filer's total
    $489,495

  • Ryan Brooks

    CHIEF DIGITAL OFFICER

    Total calculated
    $318,837
    From this org
    $272,464
    From related orgs
    $0
    Other
    $46,373
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $229,137
    Bonus
    $43,327
    Other
    $0
    Deferred
    $45,792
    Nontaxable benefits
    $581
    Filer's total
    $318,837

  • Kimberly Duffy

    VP PEOPLE & CULTURE SERVICES

    Total calculated
    $318,320
    From this org
    $296,224
    From related orgs
    $0
    Other
    $22,096
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $249,856
    Bonus
    $46,368
    Other
    $0
    Deferred
    $21,462
    Nontaxable benefits
    $634
    Filer's total
    $318,320

  • Jeff Reese

    FINANCIAL ADVISOR

    Total calculated
    $319,982
    From this org
    $294,974
    From related orgs
    $0
    Other
    $25,008
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $287,974
    Bonus
    $7,000
    Other
    $0
    Deferred
    $24,355
    Nontaxable benefits
    $653
    Filer's total
    $319,982

  • Ann Flannigan

    VP PUBLIC RELATIONS

    Total calculated
    $304,049
    From this org
    $283,040
    From related orgs
    $0
    Other
    $21,009
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $241,959
    Bonus
    $41,081
    Other
    $0
    Deferred
    $20,491
    Nontaxable benefits
    $518
    Filer's total
    $304,049

  • Petar Jelinic

    VP BUSINESS LENDING

    Total calculated
    $302,636
    From this org
    $281,907
    From related orgs
    $0
    Other
    $20,729
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $238,158
    Bonus
    $43,749
    Other
    $0
    Deferred
    $20,118
    Nontaxable benefits
    $611
    Filer's total
    $302,636

  • Aaron Robel

    VP INFORMATION SECURITY AND FRAUD

    Total calculated
    $298,059
    From this org
    $277,191
    From related orgs
    $0
    Other
    $20,868
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $236,210
    Bonus
    $40,981
    Other
    $0
    Deferred
    $20,322
    Nontaxable benefits
    $546
    Filer's total
    $298,059

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 · Discretionary spending account
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 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)

PART I, LINE 1A
TRAVEL FOR COMPANIONS IS AVAILABLE TO BOARD MEMBERS, CEO AND SENIOR VP'S. ONLY THE CEO HAS A DISCRETIONARY SPENDING ACCOUNT. ALL OF THESE ITEMS ARE TREATED AS TAXABLE COMPENSATION TO THE DIRECTOR, OFFICER, OR KEY EMPLOYEE.
PART I LINE 4B
OFFICERS AND KEY EMPLOYEES PARTICIPATE IN A 457F SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN. GARY SWINDLER, PRESIDENT/CEO, RECEIVED A DISTRIBUTION OF $955,826 DURING 2024. THE CREDIT UNION CONTRIBUTED THE FOLLOWING AMOUNTS TOWARD THE DEFERRED COMPENSATION PLAN DURING 2024: GARY SWINDLER, CEO- $240,786 RANDY GUNDERSON, CFO- $58,884 PAUL KIRKBRIDE, COO- $61,619 EMILY FRIESEN, CMAO- $43,645 JUDITH HENDERSON, CTO- $36,690 JULIE LIND, CLO- $38,550 RYAN BROOKS, CDO- $26,333
PART I LINE 1A
TRAVEL FOR COMPANIONS IS AVAILABLE TO BOARD MEMBERS, CEO AND SENIOR VICE PRESIDENTS. ONLY THE CEO HAS A DISCRETIONARY SPENDING ACCOUNT. ALL OF THESE ITEMS ARE TREATED AS TAXABLE COMPENSATION TO THE DIRECTOR, OFFICER OR KEY EMPLOYEE.

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

The 10 largest by cash amount. The API serves every itemized grant.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • ONE WASHINGTON FINANCIAL LLC

    CUSO HOLDING COMPANY · WA · income $43,099 · assets $27,557,007

    Directly controlled by WASHINGTON STATE EMPLOYEES CREDIT UNION

Provenance

Return type
form_990
Tax year
2024
Filed
2 November 2025
IRS schema version
2024v5.2
Source object
202513099349303921

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