Form 990 for tax year 2022
Filed by CREDIT UNIONS IN THE STATE OF WASHINGTON.
Totals
- Total revenue
- $38,343,946
- Total expenses
- $30,623,047
- Contributions and grants received
- $0
- Grants paid
- $99,988
- Program service revenue
- $36,566,319
- Investment income
- $1,395,970
- Other revenue
- $381,657
- Total assets, end of year
- $865,179,017
- Total liabilities, end of year
- $793,586,208
- Net assets or fund balances, end of year
- $71,592,809
- 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 $30,383,464 · related or exempt $30,374,652 · unrelated business $8,812
-
2b · Program service revenue: INTERCHANGE INCOME
total $3,631,442 · related or exempt $3,631,442
-
2c · Program service revenue: FEES AND CHARGES
total $3,385,770 · related or exempt $3,252,069 · unrelated business $133,701
-
2d · Program service revenue: SUBSIDIARY INCOME
total -$834,357 · related or exempt -$407,211 · unrelated business -$427,146
-
3 · Investment income
total $1,395,970 · excluded $1,395,970
-
6a · Gross rents
real property $395,829
-
6b · Less rental expenses
real property $14,172
-
6c · Rental income or loss
real property $381,657
-
6d · Net rental income or loss
total $381,657 · unrelated business $26,627 · excluded $355,030
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $99,988
-
5 · Compensation of officers, directors and key employees
total $1,937,102
-
7 · Other salaries and wages
total $9,131,823
-
8 · Pension plan contributions
total $310,729
-
9 · Other employee benefits
total $1,095,508
-
10 · Payroll taxes
total $948,995
-
11b · Fees: legal
total $147,618
-
11c · Fees: accounting
total $200,020
-
11g · Fees: other
total $3,468,663
-
12 · Advertising and promotion
total $822,919
-
13 · Office expenses
total $2,309,837
-
14 · Information technology
total $3,461,372
-
16 · Occupancy
total $1,271,278
-
17 · Travel
total $31,208
-
19 · Conferences, conventions and meetings
total $57,760
-
20 · Interest
total $1,657,598
-
22 · Depreciation, depletion and amortization
total $820,726
-
23 · Insurance
total $156,266
-
24a · Other expenses: LOAN SERVICING
total $1,298,561
-
24b · Other expenses: MEMBER EXPENSES
total $412,322
-
24c · Other expenses: RECRUITMENT EXPENSES
total $214,841
-
24d · Other expenses: ASSOCIATION DUES
total $118,495
-
24e · All other expenses
total $649,418
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $6,126,129 · end of year $9,944,788
-
2 · Savings and temporary cash investments
beginning of year $125,600,452 · end of year $32,593,641
-
4 · Accounts receivable
beginning of year $4,843,619 · end of year $2,095,148
-
5 · Loans and receivables from officers and key people
beginning of year $4,633,257 · end of year $7,426,508
-
7 · Other notes and loans receivable
beginning of year $589,226,811 · end of year $756,796,789
-
9 · Prepaid expenses and deferred charges
beginning of year $2,138,219 · end of year $2,033,652
-
10a · Land, buildings and equipment: cost or other basis
$25,361,613
-
10b · Land, buildings and equipment: accumulated depreciation
$17,762,780
-
10c · Land, buildings and equipment, net
beginning of year $8,585,157 · end of year $7,598,833
-
11 · Investments: publicly traded securities
beginning of year $36,338,341 · end of year $29,161,011
-
12 · Investments: other securities
beginning of year $6,102,303 · end of year $7,968,246
-
13 · Investments: program-related
beginning of year $581,150 · end of year $0
-
15 · Other assets
beginning of year $2,090,003 · end of year $9,560,401
-
17 · Accounts payable and accrued expenses
beginning of year $7,615,221 · end of year $9,913,231
-
19 · Deferred revenue
beginning of year $4,321,476 · end of year $17,776,453
-
23 · Secured mortgages and notes payable
beginning of year $0 · end of year $62,500,000
-
25 · Other liabilities
beginning of year $708,100,507 · end of year $703,396,524
-
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 $66,228,237 · end of year $71,592,809
Mission and programs · 2022
Mission
SEE SCH O
Activities or mission (Part I)
A COOPERATION ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS.
-
VERITY CREDIT UNION IS A WASHINGTON STATE CHARTERED CREDIT UNION THAT SERVES 40,205 MEMBER OWNERS. VERITY'S PRIMARY FIELD OF MEMBERSHIP INCLUDES ALL INDIVIDUALS THAT RESIDE, WORK, WORSHIP, OR ATTEND SCHOOL IN ANY WASHINGTON STATE SCHOOL DISTRICT. VERITY OFFERS A FULL RANGE OF DEPOSIT, LOAN, AND INVESTMENT PRODUCTS AND SERVICES THROUGH SIX FULL BRANCHES, A CALL CENTER, AND ONLINE ACCOUNT SERVICES.
-
VERITY CREDIT UNION OFFERS A FULL-SERVICE INVESTMENT PROGRAM WITH TWO REGISTERED INVESTMENT REPRESENTATIVES AND A SUPPORT REPRESENTATIVE. AS OF DECEMBER 31, 2022, VERITY'S INVESTMENT SERVICES PROGRAM HAD 1,068 MEMBERS WHO HAVE 1,966 ACCOUNTS, AND $191,546,841 IN ASSETS UNDER MANAGEMENT.
-
VERITY CREDIT UNION OFFERS FREE FINANCIAL COUNSELING TO ITS MEMBERS. SPECIFIC SERVICES INCLUDE FINANCIAL PLANNING, DEBT MODIFICATION ON LOANS FROM VERITY AND OTHER CREDITORS, AND DIRECT ASSISTANCE IN UTILIZING THE GOVERNMENT SPONSORED MORTGAGE RELIEF PROGRAMS.
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Nancy WoodlandNANCY WOODLAND
CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 5
-
Michelle PhamMICHELLE PHAM
VICE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 5
-
Nicholas EtscheidNICHOLAS ETSCHEID
BOARD SECRETARY
- Total calculated
- $0
- Hours/week
- 5
-
Vikash ChhaganVIKASH CHHAGAN
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 5
-
Michael GrenetzMICHAEL GRENETZ
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 5
-
Chad KlemmeCHAD KLEMME
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 5
-
Pelin MuharremogluPELIN MUHARREMOGLU
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 5
-
Webb TonitaWEBB TONITA
PRESIDENT - CEO
- Total calculated
- $572,805
- From this org
- $551,167
- From related orgs
- $0
- Other
- $21,638
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $437,604
- Bonus
- $101,563
- Other
- $12,000
- Deferred
- $12,200
- Nontaxable benefits
- $9,438
- Filer's total
- $572,805
-
Tanberg BradTANBERG BRAD
CHIEF FINANCIAL OFFICER
- Total calculated
- $292,771
- From this org
- $273,440
- From related orgs
- $0
- Other
- $19,331
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $230,423
- Bonus
- $42,767
- Other
- $250
- Deferred
- $9,893
- Nontaxable benefits
- $9,438
- Filer's total
- $292,771
-
Martin Justin WMARTIN JUSTIN W
EXECUTIVE VICE PRESIDENT (THRU 1/22)
- Total calculated
- $103,963
- From this org
- $99,368
- From related orgs
- $0
- Other
- $4,595
- Hours/week
- 40
-
Narron TinaNARRON TINA
CHIEF LENDING OFFICER
- Total calculated
- $273,297
- From this org
- $256,125
- From related orgs
- $0
- Other
- $17,172
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $216,017
- Bonus
- $40,108
- Other
- $0
- Deferred
- $10,245
- Nontaxable benefits
- $6,927
- Filer's total
- $273,297
-
Hirl JasonHIRL JASON
CHIEF TECHNOLOGY OFFICER
- Total calculated
- $247,978
- From this org
- $231,700
- From related orgs
- $0
- Other
- $16,278
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $194,619
- Bonus
- $37,081
- Other
- $0
- Deferred
- $9,268
- Nontaxable benefits
- $7,010
- Filer's total
- $247,978
-
Lowe AngelaLOWE ANGELA
CHIEF HUMAN RESOURCE OFFICER
- Total calculated
- $237,598
- From this org
- $222,036
- From related orgs
- $0
- Other
- $15,562
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $190,333
- Bonus
- $31,703
- Other
- $0
- Deferred
- $8,259
- Nontaxable benefits
- $7,303
- Filer's total
- $237,598
-
Sidell JoshSIDELL JOSH
CHIEF EXPERIENCE OFFICER
- Total calculated
- $208,691
- From this org
- $202,513
- From related orgs
- $0
- Other
- $6,178
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $178,184
- Bonus
- $24,329
- Other
- $0
- Deferred
- $5,560
- Nontaxable benefits
- $618
- Filer's total
- $208,691
-
Benner JohnBENNER JOHN
DIRECTOR OF SMALL BUSINESS
- Total calculated
- $248,079
- From this org
- $232,752
- From related orgs
- $0
- Other
- $15,327
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $115,669
- Bonus
- $117,083
- Other
- $0
- Deferred
- $8,400
- Nontaxable benefits
- $6,927
- Filer's total
- $248,079
-
Butler KenBUTLER KEN
DIRECTOR OF INVESTMENT SERVICES
- Total calculated
- $233,545
- From this org
- $217,664
- From related orgs
- $0
- Other
- $15,881
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $58,546
- Bonus
- $159,118
- Other
- $0
- Deferred
- $8,578
- Nontaxable benefits
- $7,303
- Filer's total
- $233,545
-
Vermilion GregVERMILION GREG
DIRECTOR OF IT
- Total calculated
- $195,254
- From this org
- $176,240
- From related orgs
- $0
- Other
- $19,014
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $152,757
- Bonus
- $23,483
- Other
- $0
- Deferred
- $7,050
- Nontaxable benefits
- $11,964
- Filer's total
- $195,254
-
McJannet PaulMCJANNET PAUL
DIRECTOR OF E-COMMERCE
- Total calculated
- $178,947
- From this org
- $157,146
- From related orgs
- $0
- Other
- $21,801
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $137,335
- Bonus
- $19,811
- Other
- $0
- Deferred
- $6,286
- Nontaxable benefits
- $15,515
- Filer's total
- $178,947
-
Lee Jae HoLEE JAE HO
DIRECTOR OF RESEARCH (THRU 10/22)
- Total calculated
- $166,093
- From this org
- $149,535
- From related orgs
- $0
- Other
- $16,558
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $129,328
- Bonus
- $20,207
- Other
- $0
- Deferred
- $5,981
- Nontaxable benefits
- $10,577
- Filer's total
- $166,093
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
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- PART I, LINE 1A
- TRAVEL FOR COMPANIONS IS PROVIDED TO BOARD MEMBERS WHEN THEY TRAVEL FOR CREDIT UNION BUSINESS.
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
-
$15,000
LEADERSHIP MATCHING FUND, READY FOR BUSINESS ADMINISTRATION SUPPORT, AND READY FOR BUSINESS CAMPAIGN INVESTING
-
$10,000
FUNDING FOR CITY'S WATERFRONT SEATTLE PROJECT: CREATION OF A PARK ALONG THE CENTRAL SHORELINE TO BENEFIT THE PUBLIC
-
$10,000
FUNDING TO SUPPORT THE ARTS IN THE PACIFIC NORTHWEST
-
POLICY ADVOCACY ON AFFORDABLE HOUSING WEEK, RACIAL EQUITY INITIATIVE TRAININGS, AND HDC ANNUAL CELEBRATION OF AFFORDABLE HOUSING
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 partnerships
Part III: related organizations taxable as a partnership, with the filer's share.
-
CU HOME MORTGAGE SOLUTIONS LLC
RELATED · MORTGAGE PROCESSING AND SERVICING · WA · 50% owned · share of income -$686,431 · share of assets $2,972,508 · general or managing partner
Directly controlled by VERITY CREDIT UNION
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
CHARITABLE LEAD TRUST
T · WA
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 15 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202343199349318494
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