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Nonprofiteer
← CREDIT UNIONS IN THE STATE OF WASHINGTON

Form 990 for tax year 2023

Filed by CREDIT UNIONS IN THE STATE OF WASHINGTON.

This return was superseded by a later amendment. matched by us It is kept because history is preserved rather than replaced.

What the amendment changed

Compared with the latest return for 2023 , filed 27 March 2026. matched by us Only the Part I totals and the names listed in Part VII are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Total revenue
$45,304,618 changed to $45,931,618
Total expenses
$45,018,854 changed to $45,645,854
Contributions and grants received
$0 changed to $627,000
Total assets, end of year
$840,507,603 changed to $829,447,323
Total liabilities, end of year
$761,932,770 changed to $758,958,588
Net assets or fund balances, end of year
$78,574,833 changed to $70,488,735

Listed only on the earlier return

  • JAVIER DAGUSTINI

Listed only on the later return

  • JAVIER D'AGUSTINI

Listed under a different title

  • WILL COLLINS: BOARD MEMBER then CHAIRPERSON

Totals

Total revenue
$45,304,618
Total expenses
$45,018,854
Contributions and grants received
$0
Grants paid
$190,829
Program service revenue
$43,266,126
Investment income
$1,663,524
Other revenue
$374,968
Total assets, end of year
$840,507,603
Total liabilities, end of year
$761,932,770
Net assets or fund balances, end of year
$78,574,833
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 $37,108,826 · related or exempt $37,107,997 · unrelated business $829

  • 2b · Program service revenue: INTERCHANGE INCOME

    total $3,465,169 · related or exempt $3,465,169

  • 2c · Program service revenue: FEES AND CHARGES

    total $2,780,395 · related or exempt $2,653,082 · unrelated business $127,313

  • 2d · Program service revenue: SUBSIDIARY INCOME

    total -$88,264 · related or exempt $39,268 · unrelated business -$127,532

  • 3 · Investment income

    total $1,663,524 · excluded $1,663,524

  • 6a · Gross rents

    real property $386,583

  • 6b · Less rental expenses

    real property $11,615

  • 6c · Rental income or loss

    real property $374,968

  • 6d · Net rental income or loss

    total $374,968 · unrelated business $2,696 · excluded $372,272

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $190,829

  • 5 · Compensation of officers, directors and key employees

    total $2,386,628

  • 7 · Other salaries and wages

    total $10,793,894

  • 8 · Pension plan contributions

    total $569,712

  • 9 · Other employee benefits

    total $1,453,940

  • 10 · Payroll taxes

    total $1,194,286

  • 11b · Fees: legal

    total $373,986

  • 11c · Fees: accounting

    total $235,035

  • 11g · Fees: other

    total $4,687,286

  • 12 · Advertising and promotion

    total $602,431

  • 13 · Office expenses

    total $2,006,918

  • 14 · Information technology

    total $3,735,826

  • 16 · Occupancy

    total $1,348,249

  • 17 · Travel

    total $40,397

  • 19 · Conferences, conventions and meetings

    total $181,244

  • 20 · Interest

    total $7,603,475

  • 22 · Depreciation, depletion and amortization

    total $750,761

  • 23 · Insurance

    total $146,868

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $3,914,611

  • 24b · Other expenses: LOAN SERVICING

    total $1,017,076

  • 24c · Other expenses: MEMBER EXPENSES

    total $418,625

  • 24d · Other expenses: ASSOCIATION DUES

    total $231,258

  • 24e · All other expenses

    total $1,135,519

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,944,788 · end of year $12,821,788

  • 2 · Savings and temporary cash investments

    beginning of year $32,593,641 · end of year $49,850,164

  • 4 · Accounts receivable

    beginning of year $2,095,148 · end of year $10,888,353

  • 5 · Loans and receivables from officers and key people

    beginning of year $7,426,508 · end of year $7,100,309

  • 7 · Other notes and loans receivable

    beginning of year $756,796,789 · end of year $711,580,334

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,033,652 · end of year $2,222,960

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

    $26,929,564

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

    $19,996,896

  • 10c · Land, buildings and equipment, net

    beginning of year $7,598,833 · end of year $6,932,668

  • 11 · Investments: publicly traded securities

    beginning of year $29,161,011 · end of year $23,742,055

  • 12 · Investments: other securities

    beginning of year $7,968,246 · end of year $6,694,901

  • 15 · Other assets

    beginning of year $9,560,401 · end of year $8,674,071

  • 17 · Accounts payable and accrued expenses

    beginning of year $9,913,231 · end of year $33,665,036

  • 19 · Deferred revenue

    beginning of year $17,776,453 · end of year $15,669,935

  • 23 · Secured mortgages and notes payable

    beginning of year $62,500,000 · end of year $37,500,000

  • 25 · Other liabilities

    beginning of year $703,396,524 · end of year $675,097,799

  • 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 $71,592,809 · end of year $78,574,833

Mission and programs · 2023

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 37,837 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, 2023, VERITY'S INVESTMENT SERVICES PROGRAM HAD 1,069 MEMBERS WHO HAVE 2,178 ACCOUNTS, AND $223,076,823 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 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • WILL COLLINS

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • MICHELLE PHAM

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    5

  • NICHOLAS ETSCHEID

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • VIKASH CHHAGAN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • CHAD KLEMME

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • PELIN MUHARREMOGLU

    BOARD MEMBER (THRU 12/23)

    Total calculated
    $0
    Hours/week
    5

  • DARIUS CHEHRZAD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • TOM HOLZ

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • ALEX JOHNSON

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • WELEY NGUYEN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • NANCY WOODLAND

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • TONITA WEBB

    PRESIDENT - CEO

    Total calculated
    $615,648
    From this org
    $585,855
    From related orgs
    $0
    Other
    $29,793
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $464,167
    Bonus
    $109,688
    Other
    $12,000
    Deferred
    $16,431
    Nontaxable benefits
    $13,362
    Filer's total
    $615,648

  • BRAD TANBERG

    CHIEF FINANCIAL OFFICER

    Total calculated
    $356,806
    From this org
    $330,565
    From related orgs
    $0
    Other
    $26,241
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $293,607
    Bonus
    $36,708
    Other
    $250
    Deferred
    $16,581
    Nontaxable benefits
    $9,660
    Filer's total
    $356,806

  • TINA NARRON

    CHIEF LENDING OFFICER

    Total calculated
    $271,027
    From this org
    $249,419
    From related orgs
    $0
    Other
    $21,608
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $218,079
    Bonus
    $31,340
    Other
    $0
    Deferred
    $14,808
    Nontaxable benefits
    $6,800
    Filer's total
    $271,027

  • JASON HIRL

    CHIEF TECHNOLOGY OFFICER

    Total calculated
    $264,785
    From this org
    $243,382
    From related orgs
    $0
    Other
    $21,403
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $214,298
    Bonus
    $29,084
    Other
    $0
    Deferred
    $14,603
    Nontaxable benefits
    $6,800
    Filer's total
    $264,785

  • ANGELA LOWE

    CHIEF HUMAN RESOURCE (THRU 1/23)

    Total calculated
    $167,290
    From this org
    $161,826
    From related orgs
    $0
    Other
    $5,464
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,475
    Bonus
    $28,351
    Other
    $0
    Deferred
    $4,679
    Nontaxable benefits
    $785
    Filer's total
    $167,290

  • JOSH SIDELL

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $223,711
    From this org
    $213,073
    From related orgs
    $0
    Other
    $10,638
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,635
    Bonus
    $27,438
    Other
    $0
    Deferred
    $10,638
    Nontaxable benefits
    $0
    Filer's total
    $223,711

  • ALMA GRANIC

    CHIEF RISK OFFICER

    Total calculated
    $256,477
    From this org
    $232,846
    From related orgs
    $0
    Other
    $23,631
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $220,200
    Bonus
    $12,396
    Other
    $250
    Deferred
    $13,971
    Nontaxable benefits
    $9,660
    Filer's total
    $256,477

  • ZIQUORA BANKS

    CHIEF IMPACT STRATEGY OFFICER

    Total calculated
    $230,883
    From this org
    $213,072
    From related orgs
    $0
    Other
    $17,811
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,634
    Bonus
    $27,438
    Other
    $0
    Deferred
    $11,011
    Nontaxable benefits
    $6,800
    Filer's total
    $230,883

  • JOHN BENNER

    DIRECTOR OF SMALL BUSINESS

    Total calculated
    $205,020
    From this org
    $187,000
    From related orgs
    $0
    Other
    $18,020
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $127,159
    Bonus
    $59,841
    Other
    $0
    Deferred
    $11,220
    Nontaxable benefits
    $6,800
    Filer's total
    $205,020

  • KEN BUTLER

    DIRECTOR OF INVESTMENT SERVICES

    Total calculated
    $252,304
    From this org
    $232,076
    From related orgs
    $0
    Other
    $20,228
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $66,350
    Bonus
    $165,726
    Other
    $0
    Deferred
    $13,075
    Nontaxable benefits
    $7,153
    Filer's total
    $252,304

  • GREG VERMILION

    DIRECTOR OF IT

    Total calculated
    $197,425
    From this org
    $175,302
    From related orgs
    $0
    Other
    $22,123
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $157,056
    Bonus
    $18,246
    Other
    $0
    Deferred
    $9,823
    Nontaxable benefits
    $12,300
    Filer's total
    $197,425

  • PAUL MCJANNET

    DIRECTOR OF E-COMMERCE

    Total calculated
    $173,382
    From this org
    $158,252
    From related orgs
    $0
    Other
    $15,130
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,972
    Bonus
    $15,280
    Other
    $0
    Deferred
    $9,495
    Nontaxable benefits
    $5,635
    Filer's total
    $173,382

  • JAVIER DAGUSTINI

    CONTROLLER

    Total calculated
    $183,621
    From this org
    $164,114
    From related orgs
    $0
    Other
    $19,507
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,766
    Bonus
    $8,348
    Other
    $0
    Deferred
    $9,847
    Nontaxable benefits
    $9,660
    Filer's total
    $183,621

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
  • 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 PROVIDED TO BOARD MEMBERS WHEN THEY TRAVEL FOR CREDIT UNION BUSINESS. ANY PAYMENTS ARE INCLUDED IS TAXABLE TO THE BOARD MEMBER.
PART I, LINE 4B
TONITA WEBB PARTICIPATES IN A SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15.

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.

Disregarded entities

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

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 -$674,053 · 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
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202403209349327605

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