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Nonprofiteer
← SOLARITY CREDIT UNION

Form 990 for tax year 2024

Filed by SOLARITY CREDIT UNION.

Totals

Total revenue
$45,897,339
Total expenses
$42,140,734
Contributions and grants received
$0
Grants paid
$289,152
Program service revenue
$40,939,094
Investment income
$4,935,887
Other revenue
$22,358
Total assets, end of year
$813,766,927
Total liabilities, end of year
$685,842,302
Net assets or fund balances, end of year
$127,924,625
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: INTEREST ON LOANS

    total $30,496,298 · related or exempt $30,496,298

  • 2b · Program service revenue: FEES AND CHARGES

    total $5,927,942 · related or exempt $5,867,372 · unrelated business $60,570

  • 2c · Program service revenue: INTERCHANGE INCOME

    total $4,514,854 · related or exempt $4,514,854

  • 3 · Investment income

    total $4,935,887 · excluded $4,935,887

  • 6a · Gross rents

    real property $26,133

  • 6b · Less rental expenses

    real property $3,775

  • 6c · Rental income or loss

    real property $22,358

  • 6d · Net rental income or loss

    total $22,358 · excluded $22,358

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $289,152

  • 4 · Benefits paid to or for members

    total $9,299,761

  • 5 · Compensation of officers, directors and key employees

    total $2,998,036

  • 7 · Other salaries and wages

    total $8,650,475

  • 8 · Pension plan contributions

    total $458,282

  • 9 · Other employee benefits

    total $2,457,263

  • 10 · Payroll taxes

    total $1,027,837

  • 11b · Fees: legal

    total $170,500

  • 11c · Fees: accounting

    total $91,072

  • 11d · Fees: lobbying

    total $8,423

  • 11f · Fees: investment management

    total $2,740

  • 11g · Fees: other

    total $2,813,776

  • 12 · Advertising and promotion

    total $900,655

  • 13 · Office expenses

    total $4,472,433

  • 16 · Occupancy

    total $726,165

  • 17 · Travel

    total $332,755

  • 20 · Interest

    total $2,193,904

  • 22 · Depreciation, depletion and amortization

    total $1,317,104

  • 23 · Insurance

    total $107,033

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $1,201,000

  • 24b · Other expenses: MISCELLANEOUS EXPENSES

    total $976,469

  • 24c · Other expenses: LOAN SERVICING

    total $939,954

  • 24d · Other expenses: ATM EXPENSES

    total $705,945

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $13,373,991 · end of year $17,562,445

  • 2 · Savings and temporary cash investments

    beginning of year $93,525,201 · end of year $21,360,385

  • 4 · Accounts receivable

    beginning of year $5,096,494 · end of year $6,898,310

  • 7 · Other notes and loans receivable

    beginning of year $660,800,313 · end of year $677,964,992

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,985,862 · end of year $1,936,898

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

    $33,663,923

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

    $21,246,463

  • 10c · Land, buildings and equipment, net

    beginning of year $12,560,427 · end of year $12,417,460

  • 11 · Investments: publicly traded securities

    beginning of year $56,047,525 · end of year $53,785,574

  • 12 · Investments: other securities

    beginning of year $3,846,300 · end of year $2,909,000

  • 15 · Other assets

    beginning of year $19,335,550 · end of year $18,931,863

  • 17 · Accounts payable and accrued expenses

    beginning of year $17,345,901 · end of year $13,443,778

  • 21 · Escrow or custodial account liability

    beginning of year $1,457,373 · end of year $1,278,519

  • 23 · Secured mortgages and notes payable

    beginning of year $90,300,000 · end of year $45,000,000

  • 25 · Other liabilities

    beginning of year $633,621,012 · end of year $626,120,005

  • 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 $123,847,377 · end of year $127,924,625

Mission and programs · 2024

Mission

A RELATIONSHIP WITH SOLARITY PROVIDES THE BEST POSSIBLE VALUE FOR ENGAGED MEMBERS.

Activities or mission (Part I)

WE INNOVATE TO MAKE MEMBERS LIVES BETTER.

  • WE PROVIDE FINANCIAL SERVICES TO OVER 55,000 CONSUMER AND BUSINESS MEMBERS. OUR OFFERINGS ENCOMPASS REAL ESTATE LOANS, BOTH SECURED AND UNSECURED CONSUMER LAONS, CHECKING AND SAVINGS ACCOUNTS, AND CREDIT CARD SERVICES. ADDITIONALLY, THROUGH COMMUNITY BUSINESS BANKING, WE OFFER SECURED AND UNSECURED BUSINESS LOANS, AS WELL AS CHECKING, SAVINGS, AND MERCHANT SERVICES DESIGNED TO HELP BUSINESSES THRIVE.

As filed on the 2024 return.

Listed in Part VII

  • Terry Morgan

    CHAIRMAN

    Total calculated
    $18,500
    From this org
    $18,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Merrilou Harrison

    VICE CHAIR

    Total calculated
    $19,500
    From this org
    $19,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Regan Myers

    SECRETARY

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • James Hurley

    DIRECTOR

    Total calculated
    $16,500
    From this org
    $16,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Michael Meyer

    DIRECTOR

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Doug Nicholson

    DIRECTOR

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Vicki Larios

    DIRECTOR

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Angie Von Essen

    DIRECTOR

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Angela Gonzalez

    DIRECTOR

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Ryan Smith

    DIRECTOR

    Total calculated
    $17,500
    From this org
    $17,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Mina Worthington

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $823,144
    From this org
    $768,049
    From related orgs
    $0
    Other
    $55,095
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $696,102
    Bonus
    $48,720
    Other
    $23,227
    Deferred
    $43,700
    Nontaxable benefits
    $11,395
    Filer's total
    $823,144

  • Ralph Cumbee

    CHIEF COMMUNICATIONS OFFIC

    Total calculated
    $337,120
    From this org
    $295,532
    From related orgs
    $0
    Other
    $41,588
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $274,035
    Bonus
    $11,077
    Other
    $10,420
    Deferred
    $28,065
    Nontaxable benefits
    $13,523
    Filer's total
    $337,120

  • Carrie Moore

    CHIEF OPERATING OFFICER

    Total calculated
    $381,729
    From this org
    $328,918
    From related orgs
    $0
    Other
    $52,811
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $275,042
    Bonus
    $30,648
    Other
    $23,228
    Deferred
    $41,416
    Nontaxable benefits
    $11,395
    Filer's total
    $381,729

  • Lisa Adamiak

    CHIEF FINANCIAL OFFICER

    Total calculated
    $305,995
    From this org
    $269,715
    From related orgs
    $0
    Other
    $36,280
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $233,608
    Bonus
    $25,879
    Other
    $10,228
    Deferred
    $24,885
    Nontaxable benefits
    $11,395
    Filer's total
    $305,995

  • David Eldred

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $351,778
    From this org
    $312,618
    From related orgs
    $0
    Other
    $39,160
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $271,550
    Bonus
    $30,648
    Other
    $10,420
    Deferred
    $27,765
    Nontaxable benefits
    $11,395
    Filer's total
    $351,778

  • Steven Brown

    CHIEF LENDING OFFICER

    Total calculated
    $366,099
    From this org
    $323,603
    From related orgs
    $0
    Other
    $42,496
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $269,727
    Bonus
    $30,648
    Other
    $23,228
    Deferred
    $40,765
    Nontaxable benefits
    $1,731
    Filer's total
    $366,099

  • Steve Shead

    CHIEF INFORMATION OFFICER (RESIGNED 06/27/24)

    Total calculated
    $264,174
    From this org
    $243,194
    From related orgs
    $0
    Other
    $20,980
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,820
    Bonus
    $11,077
    Other
    $87,297
    Deferred
    $15,436
    Nontaxable benefits
    $5,544
    Filer's total
    $264,174

  • Sara Wallbaum

    VP MEMBER SERVICES

    Total calculated
    $219,256
    From this org
    $204,462
    From related orgs
    $0
    Other
    $14,794
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,300
    Bonus
    $20,894
    Other
    $3,268
    Deferred
    $13,791
    Nontaxable benefits
    $1,003
    Filer's total
    $219,256

  • Mandy Olson

    VP CUSTOMER EXPERIENCE

    Total calculated
    $155,298
    From this org
    $142,516
    From related orgs
    $0
    Other
    $12,782
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,004
    Bonus
    $6,092
    Other
    $3,420
    Deferred
    $11,334
    Nontaxable benefits
    $1,448
    Filer's total
    $155,298

  • Michelle Hatton

    VP BUSINESS SOLUTIONS

    Total calculated
    $233,431
    From this org
    $207,711
    From related orgs
    $0
    Other
    $25,720
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,589
    Bonus
    $20,894
    Other
    $3,228
    Deferred
    $14,386
    Nontaxable benefits
    $11,334
    Filer's total
    $233,431

  • Tina Torres

    VP RISK MANAGEMENT

    Total calculated
    $200,871
    From this org
    $186,057
    From related orgs
    $0
    Other
    $14,814
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,935
    Bonus
    $20,894
    Other
    $3,228
    Deferred
    $13,072
    Nontaxable benefits
    $1,742
    Filer's total
    $200,871

  • James Wise

    BUSINESS SOLUTIONS MANAGER

    Total calculated
    $155,081
    From this org
    $145,584
    From related orgs
    $0
    Other
    $9,497
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,114
    Bonus
    $1,050
    Other
    $420
    Deferred
    $8,667
    Nontaxable benefits
    $830
    Filer's total
    $155,081

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 · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
HEALTH CLUB DUES ARE REIMBURSED UP TO $15 PER MONTH PER EMPLOYEE. ANY AMOUNT REIMBURSED IS INCLUDED IN TAXABLE COMPENSATION TO THE EMPLOYEE.
PART I, LINES 4A-B
STEVE SHEAD RECEIVED A SEVERANCE PAYMENT DURING CALENDAR 2024 IN THE AMOUNT OF $69,231. THE CREDIT UNION PROVIDES DEFERRED 457(F) COMPENSATION PLANS COVERING CERTAIN EMPLOYEES, WHICH WILL BE PAYABLE IN ACCORDANCE WITH THE TERMS OF THE UNDERLYING AGREEMENTS. THERE WERE NO CONTRIBUTIONS TO THE 457F PLAN DURING 2024. THE FOLLOWING WERE DISTRIBUTIONS FROM THE 457(F) PLAN DURING 2024: MINA WORTHINGTON - $28,782 CARRIE MOORE - $19,572 DAVID ELDRED - $19,572 STEVE BROWN - $19,572 LISA ADAMIAK - $14,802 SARA WALLBAUM - $14,802 TINA TORRED - $14,802 MICHELLE HATTON - $14,802

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

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CUS UNITE LLC

    C · BUSINESS DEVLOPMENT · WA · 10.15% owned · share of assets $20,000

    Directly controlled by CONNECTIONS CREDIT UNION

Provenance

Return type
form_990
Tax year
2024
Filed
8 October 2025
IRS schema version
2024v5.2
Source object
202502839349302100

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