← CREDIT UNIONS IN THE STATE OF WASHINGTON

Form 990 for tax year 2025

Filed by CREDIT UNIONS IN THE STATE OF WASHINGTON.

Totals

Total revenue: $42,381,586
Total expenses: $35,150,569
Contributions and grants received: $0
Grants paid: $25,000
Program service revenue: $38,804,639
Investment income: $3,545,672
Other revenue: $31,275
Total assets, end of year: $697,602,234
Total liabilities, end of year: $632,201,118
Net assets or fund balances, end of year: $65,401,116
Program services expenses (Part IX): $10,453,367
Management and general expenses: $0
Fundraising expenses: $0
Program service expenses (Part III): $10,453,367

Program services were 29.7% 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.

1a · Federated campaigns

$0
1b · Membership dues

$0
1c · Fundraising events

$0
1d · Related organizations

$0
1e · Government grants (contributions)

$0
1f · All other contributions, gifts and grants

$0
1g · Noncash contributions included above

$0
2a · Program service revenue: Interest on Loans to Members

total $31,553,377 · related or exempt $31,553,377 · unrelated business $0 · excluded $0
2b · Program service revenue: Fee Income

total $1,875,914 · related or exempt $1,875,914 · unrelated business $0 · excluded $0
2c · Program service revenue: Other Non-interest Income

total $3,162,450 · related or exempt $3,052,203 · unrelated business $110,247 · excluded $0
2d · Program service revenue: Other Miscellaneous Income

total $2,212,898 · related or exempt $2,212,898 · unrelated business $0 · excluded $0
2e · Program service revenue

total $0 · related or exempt $0 · 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 $3,618,017 · related or exempt $0 · unrelated business $0 · excluded $3,618,017
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
6a · Gross rents

real property $178,458 · personal property $0
6b · Less rental expenses

real property $147,183 · personal property $0
6c · Rental income or loss

real property $31,275 · personal property $0
6d · Net rental income or loss

total $31,275 · related or exempt $0 · unrelated business $0 · excluded $31,275
7a · Gross sales of assets other than inventory

securities $0 · other assets $0
7b · Less cost or other basis and sales expenses

securities $72,345 · other assets $0
7c · Gain or loss

securities -$72,345 · other assets $0
7d · Net gain or loss

total -$72,345 · related or exempt -$72,345 · unrelated business $0 · excluded $0
8a · Fundraising events: gross income

$0
8a · Fundraising events: contributions included on line 1c

$0
8b · Fundraising events: direct expenses

$0
8c · Net income from fundraising events

total $0 · unrelated business $0 · excluded $0
9a · Gaming: gross income

$0
9b · Gaming: direct expenses

$0
9c · Net income from gaming

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
10a · Gross sales of inventory

$0
10b · Cost of goods sold

$0
10c · Net income from sales of inventory

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11a · Other revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11b · Other revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11c · Other revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11d · All other revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11e · Other revenue, total

$0

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $0 · program services $0
2 · Grants to domestic individuals

total $25,000 · program services $0
3 · Grants to foreign organizations and individuals

total $0 · program services $0
4 · Benefits paid to or for members

total $10,453,367 · program services $10,453,367
5 · Compensation of officers, directors and key employees

total $1,885,362 · program services $0 · management and general $0 · fundraising $0
6 · Compensation of disqualified persons

total $0 · program services $0 · management and general $0 · fundraising $0
7 · Other salaries and wages

total $7,400,233 · program services $0 · management and general $0 · fundraising $0
8 · Pension plan contributions

total $491,883 · program services $0 · management and general $0 · fundraising $0
9 · Other employee benefits

total $1,698,240 · program services $0 · management and general $0 · fundraising $0
10 · Payroll taxes

total $747,274 · program services $0 · management and general $0 · fundraising $0
11a · Fees: management

total $0 · program services $0 · management and general $0 · fundraising $0
11b · Fees: legal

total $33,015 · program services $0 · management and general $0 · fundraising $0
11c · Fees: accounting

total $0 · program services $0 · management and general $0 · fundraising $0
11d · Fees: lobbying

total $0 · program services $0 · management and general $0 · fundraising $0
11e · Fees: professional fundraising services

total $0 · fundraising $0
11f · Fees: investment management

total $0 · program services $0 · management and general $0 · fundraising $0
11g · Fees: other

total $702,600 · program services $0 · management and general $0 · fundraising $0
12 · Advertising and promotion

total $437,246 · program services $0 · management and general $0 · fundraising $0
13 · Office expenses

total $5,436,073 · program services $0 · management and general $0 · fundraising $0
14 · Information technology

total $0 · program services $0 · management and general $0 · fundraising $0
15 · Royalties

total $0 · program services $0 · management and general $0 · fundraising $0
16 · Occupancy

total $596,716 · program services $0 · management and general $0 · fundraising $0
17 · Travel

total $217,815 · program services $0 · management and general $0 · fundraising $0
18 · Travel or entertainment for public officials

total $163,135 · program services $0 · management and general $0 · fundraising $0
19 · Conferences, conventions and meetings

total $0 · program services $0 · management and general $0 · fundraising $0
20 · Interest

total $81,842 · program services $0 · management and general $0 · fundraising $0
21 · Payments to affiliates

total $0 · program services $0 · management and general $0 · fundraising $0
22 · Depreciation, depletion and amortization

total $863,698 · program services $0 · management and general $0 · fundraising $0
23 · Insurance

total $0 · program services $0 · management and general $0 · fundraising $0
24a · Other expenses: LOAN SERVICING EXPENSE

total $1,702,960 · program services $0 · management and general $0 · fundraising $0
24b · Other expenses: LOAN PROVISION EXPENSE

total $2,111,685 · program services $0 · management and general $0 · fundraising $0
24c · Other expenses: ASSOCIATION FEES

total $98,752 · program services $0 · management and general $0 · fundraising $0
24d · Other expenses: MISCELLANEOUS OPERATIONS

total $3,673 · program services $0 · management and general $0 · fundraising $0
24e · All other expenses

total $0 · program services $0 · management and general $0 · fundraising $0
26 · Joint costs (an allocation of the lines above)

total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $2,644,589 · end of year $3,343,359
2 · Savings and temporary cash investments

beginning of year $58,231,483 · end of year $54,113,218
3 · Pledges and grants receivable

beginning of year $0 · end of year $0
4 · Accounts receivable

beginning of year $0 · end of year $0
5 · Loans and receivables from officers and key people

beginning of year $7,246,743 · end of year $7,078,421
6 · Loans and receivables from disqualified persons

beginning of year $0 · end of year $0
7 · Other notes and loans receivable

beginning of year $514,915,271 · end of year $540,144,068
8 · Inventories for sale or use

beginning of year $0 · end of year $0
9 · Prepaid expenses and deferred charges

beginning of year $4,341,371 · end of year $4,920,494
10a · Land, buildings and equipment: cost or other basis

$24,925,080
10b · Land, buildings and equipment: accumulated depreciation

$8,223,153
10c · Land, buildings and equipment, net

beginning of year $13,468,429 · end of year $16,701,927
11 · Investments: publicly traded securities

beginning of year $25,688,143 · end of year $8,676,735
12 · Investments: other securities

beginning of year $19,875,000 · end of year $43,557,000
13 · Investments: program-related

beginning of year $0 · end of year $0
14 · Intangible assets

beginning of year $0 · end of year $0
15 · Other assets

beginning of year $12,319,200 · end of year $19,067,012
17 · Accounts payable and accrued expenses

beginning of year $2,828,602 · end of year $2,863,115
18 · Grants payable

beginning of year $0 · end of year $0
19 · Deferred revenue

beginning of year $0 · end of year $0
20 · Tax-exempt bond liabilities

beginning of year $0 · end of year $0
21 · Escrow or custodial account liability

beginning of year $0 · end of year $0
22 · Loans and payables to officers and key people

beginning of year $0 · end of year $0
23 · Secured mortgages and notes payable

beginning of year $0 · end of year $0
24 · Unsecured notes and loans payable

beginning of year $1,666,818 · end of year -$2,942,918
25 · Other liabilities

beginning of year $596,758,528 · end of year $632,280,921
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 $57,476,281 · end of year $65,401,116

Mission and programs · 2025

Mission

WE ARE A FINANCIAL COOPERATIVE COMMITTED TO IMPROVING LIVES BY PARTNERING WITH FAMILIES TO REACH THEIR GOALS AND IMPACTING OUR COMMUNITY BY HELPING INDIVIDUALS REALIZE THEIR FULL POTENTIAL. WE VALUE TRUST AND UNDERSTANDING AND RESPECT FOR OURSELVES AND OTHERS.

Provides financial products and services to over 31,599 members including more than 21,400 consumer real estate and business loans and over 59,000 deposit accounts. Services offered include online and mobile banking with bill pay and remote deposit branches ATMs safe deposit boxes shared branching ACH and wires.

Expenses $10,453,367 · Revenue $7,251,262
TAPCO has been a part of the Tacoma-Pierce County community for 92 years. We continue to focus on our tagline Rooted in South Sound, which embodies our vision mission and values emphasizing our commitment to the credit union philosophy of people helping people. In 2025 our staff board supervisory committee members and membership dedicated their time and money to support local community programs and events. Through these events over 133,737 was donated and 25,000 was granted in scholarships.
We continued to increase member loans significantly. TAPCOs loan portfolio is distributed across many loan types including over 176 million in mortgages and equity loans over 249 million in auto loans and over 102 million in commercial loans. TAPCO Peak Member Rewards Program recognizes members financial relationship with TAPCO and offers better rates and free services. Reward benefits may apply to all family members living in the same household by linking family memberships your high school and college student or other family. We continued to look for ways to better serve our members near where they live and work.

Revenue $31,553,377

As filed on the 2025 return.

Listed in Part VII

Justin Martin

CEO

Total calculated

$689,359

From this org

$658,164

From related orgs

$0

Other

$31,195

Hours/week

40

Schedule J breakdown matched by us

Base

$482,916

Bonus

$144,240

Other

$31,008

Deferred

$17,599

Nontaxable benefits

$13,596

Filer's total

$689,359
William Peters

CXO

Total calculated

$333,721

From this org

$320,844

From related orgs

$0

Other

$12,877

Hours/week

40

Schedule J breakdown matched by us

Base

$281,751

Bonus

$18,041

Other

$9,052

Deferred

$24,877

Nontaxable benefits

$0

Filer's total

$333,721
Sarah Gray

CPIO

Total calculated

$290,347

From this org

$273,808

From related orgs

$0

Other

$16,539

Hours/week

40

Schedule J breakdown matched by us

Base

$241,727

Bonus

$13,590

Other

$14,891

Deferred

$20,139

Nontaxable benefits

$0

Filer's total

$290,347
Kathleen Scholes

CFO

Total calculated

$282,639

From this org

$265,261

From related orgs

$0

Other

$17,378

Hours/week

40

Schedule J breakdown matched by us

Base

$223,444

Bonus

$14,297

Other

$15,395

Deferred

$29,503

Nontaxable benefits

$0

Filer's total

$282,639
Jason Allen

CIO

Total calculated

$272,309

From this org

$252,426

From related orgs

$0

Other

$19,883

Hours/week

40

Schedule J breakdown matched by us

Base

$221,022

Bonus

$16,711

Other

$14,693

Deferred

$16,711

Nontaxable benefits

$3,172

Filer's total

$272,309
Jeremy Mandery

CRLO

Total calculated

$258,996

From this org

$242,316

From related orgs

$0

Other

$16,680

Hours/week

40

Schedule J breakdown matched by us

Base

$222,944

Bonus

$4,679

Other

$14,693

Deferred

$16,558

Nontaxable benefits

$122

Filer's total

$258,996
Mitch Jackson

VPCL

Total calculated

$162,888

From this org

$155,811

From related orgs

$0

Other

$7,077

Hours/week

40
Richard Stirgus

VPCR

Total calculated

$155,669

From this org

$136,351

From related orgs

$0

Other

$19,318

Hours/week

40
Dawn Foutz

BODGL

Total calculated

$134,144

From this org

$123,242

From related orgs

$0

Other

$10,902

Hours/week

40
Terri LaCoy

DOF

Total calculated

$130,333

From this org

$122,074

From related orgs

$0

Other

$8,259

Hours/week

40
John Gaythorpe

DIRITOI

Total calculated

$129,441

From this org

$121,276

From related orgs

$0

Other

$8,165

Hours/week

40
Heather Fate

VPME

Total calculated

$121,669

From this org

$116,780

From related orgs

$0

Other

$4,889

Hours/week

40
Bruce Baurichter

Board V-Chair

Total calculated

$3,481

From this org

$3,481

From related orgs

$0

Other

$0

Hours/week

2
Pat McElligot

Board Secretary

Total calculated

$2,396

From this org

$2,396

From related orgs

$0

Other

$0

Hours/week

2
John O'Laughlin

Supervisory Committee

Total calculated

$1,437

From this org

$1,437

From related orgs

$0

Other

$0

Hours/week

1
Brent Bomkamp

Supervisory Committee

Total calculated

$1,274

From this org

$1,274

From related orgs

$0

Other

$0

Hours/week

1
Julie Williams

Supervisory Committee

Total calculated

$1,243

From this org

$1,243

From related orgs

$0

Other

$0

Hours/week

1
John Sinclair

Supervisory Committee

Total calculated

$1,148

From this org

$1,148

From related orgs

$0

Other

$0

Hours/week

1
Lindsey Wade

Board Member

Total calculated

$992

From this org

$992

From related orgs

$0

Other

$0

Hours/week

1
Gene Miller

Board Member

Total calculated

$797

From this org

$797

From related orgs

$0

Other

$0

Hours/week

1
Alex Wilsie

Board Member

Total calculated

$460

From this org

$460

From related orgs

$0

Other

$0

Hours/week

1
Dawn Masko

Board Member

Total calculated

$0

Hours/week

1
Clara Nelson

Board Chair

Total calculated

$0

Hours/week

2
Patricia Bosmans

Board Member

Total calculated

$0

Hours/week

1
Louis Cooper Jr

Board Member

Total calculated

$0

Hours/week

1
John Cheeseman

Supervisory Committee

Total calculated

$0

Hours/week

1

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

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 & Part II: | PartandLinenumber:,Explanation:| Part I Line 3,The Board of Directors reviews the CEO and utilizes the compease pay data as a guideline for compensation.|

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: 2025
Filed: 15 May 2026
IRS schema version: 2025v4.0
Source object: 202601359349300625

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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