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Nonprofiteer
← SALAL CREDIT UNION

Form 990 for tax year 2024

Filed by SALAL CREDIT UNION.

Totals

Total revenue
$76,210,438
Total expenses
$74,738,083
Contributions and grants received
$0
Grants paid
$60,000
Program service revenue
$68,946,767
Investment income
$6,637,232
Other revenue
$626,439
Total assets, end of year
$1,177,190,511
Total liabilities, end of year
$1,086,382,445
Net assets or fund balances, end of year
$90,808,066
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Listed in Part VII

  • BRIAN LUONG

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • ALAN LEDERMAN

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • CATHERINE BAILEY

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • SOPHIE BROUGHAM

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • NISHAT AKHTER

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • QUYNH NGUYEN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • LAURA MCMILLAN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • KAREN SCHARTMAN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • MAGNUS ANDERSSON

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • RUSSELL E ROSENDAL

    PRESIDENT/CEO

    Total calculated
    $1,586,632
    From this org
    $1,541,011
    From related orgs
    $0
    Other
    $45,621
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $540,629
    Bonus
    $134,259
    Other
    $866,123
    Deferred
    $6,411
    Nontaxable benefits
    $39,210
    Filer's total
    $1,586,632

  • ROBERT W SCHWEIGERT

    SVP - CHIEF LENDING OFFICER

    Total calculated
    $359,882
    From this org
    $324,344
    From related orgs
    $0
    Other
    $35,538
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $268,804
    Bonus
    $49,400
    Other
    $6,140
    Deferred
    $8,733
    Nontaxable benefits
    $26,805
    Filer's total
    $359,882

  • RANDY WILLIAM CLOES

    SVP - CFO

    Total calculated
    $357,236
    From this org
    $319,358
    From related orgs
    $0
    Other
    $37,878
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $265,672
    Bonus
    $47,300
    Other
    $6,386
    Deferred
    $11,076
    Nontaxable benefits
    $26,802
    Filer's total
    $357,236

  • TROY-SKOTT POPE

    SVP - CHIEF DIGITAL/STRATEGY OFFICER

    Total calculated
    $342,017
    From this org
    $321,322
    From related orgs
    $0
    Other
    $20,695
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $266,377
    Bonus
    $47,500
    Other
    $7,445
    Deferred
    $6,155
    Nontaxable benefits
    $14,540
    Filer's total
    $342,017

  • JUDY LOVELESS-MORRIS

    SVP - CHIEF DIVERSITY & PEOPLE

    Total calculated
    $330,043
    From this org
    $310,103
    From related orgs
    $0
    Other
    $19,940
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $260,374
    Bonus
    $46,500
    Other
    $3,229
    Deferred
    $8,264
    Nontaxable benefits
    $11,676
    Filer's total
    $330,043

  • BRETT BALLMAN

    VP - DIRECTOR OF BUSINESS

    Total calculated
    $248,593
    From this org
    $238,103
    From related orgs
    $0
    Other
    $10,490
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $213,623
    Bonus
    $20,551
    Other
    $3,929
    Deferred
    $8,515
    Nontaxable benefits
    $1,975
    Filer's total
    $248,593

  • KARI STENSLIE

    VP - CONTROLLER

    Total calculated
    $230,037
    From this org
    $208,569
    From related orgs
    $0
    Other
    $21,468
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,411
    Bonus
    $12,658
    Other
    $5,500
    Deferred
    $8,203
    Nontaxable benefits
    $13,265
    Filer's total
    $230,037

  • CHRISTIAN GRUNERT

    FVP - INFORMATION TECHNOLOGY

    Total calculated
    $237,440
    From this org
    $216,238
    From related orgs
    $0
    Other
    $21,202
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $191,650
    Bonus
    $19,246
    Other
    $5,342
    Deferred
    $8,057
    Nontaxable benefits
    $13,145
    Filer's total
    $237,440

  • SAMANTHA HARBERT

    FVP - HOME LENDING & RETAIL

    Total calculated
    $242,053
    From this org
    $224,118
    From related orgs
    $0
    Other
    $17,935
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,412
    Bonus
    $21,836
    Other
    $9,870
    Deferred
    $4,803
    Nontaxable benefits
    $13,132
    Filer's total
    $242,053

  • MATTHEW W VANCE

    VP - MARKETING & PROD. DEVELOPMENT

    Total calculated
    $229,670
    From this org
    $188,204
    From related orgs
    $0
    Other
    $41,466
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,588
    Bonus
    $17,300
    Other
    $4,316
    Deferred
    $7,896
    Nontaxable benefits
    $33,570
    Filer's total
    $229,670

  • MUNZER J SUKHUN

    VP - BUSINESS SERVICES

    Total calculated
    $213,995
    From this org
    $185,521
    From related orgs
    $0
    Other
    $28,474
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $171,547
    Bonus
    $11,290
    Other
    $2,684
    Deferred
    $6,834
    Nontaxable benefits
    $21,640
    Filer's total
    $213,995

  • SYLVIA POPE

    VP - PROGRAM MANAGEMENT

    Total calculated
    $196,777
    From this org
    $169,514
    From related orgs
    $0
    Other
    $27,263
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,561
    Bonus
    $10,503
    Other
    $4,450
    Deferred
    $6,761
    Nontaxable benefits
    $20,502
    Filer's total
    $196,777

  • KEVIN KNOWLES

    VP - CREDIT ADMINISTRATION

    Total calculated
    $196,979
    From this org
    $174,648
    From related orgs
    $0
    Other
    $22,331
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,211
    Bonus
    $10,700
    Other
    $3,737
    Deferred
    $1,100
    Nontaxable benefits
    $21,231
    Filer's total
    $196,979

  • NANETTE COURTNEY SENIOR

    MGR FINANCIAL CRIMES & BSA OFFICE

    Total calculated
    $186,386
    From this org
    $162,113
    From related orgs
    $0
    Other
    $24,273
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,833
    Bonus
    $6,770
    Other
    $1,510
    Deferred
    $0
    Nontaxable benefits
    $24,273
    Filer's total
    $186,386

  • ANGELA RAHAM

    SENIOR MANAGER OF BUSINESS BANKING

    Total calculated
    $191,309
    From this org
    $152,908
    From related orgs
    $0
    Other
    $38,401
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,786
    Bonus
    $12,417
    Other
    $1,705
    Deferred
    $3,250
    Nontaxable benefits
    $35,151
    Filer's total
    $191,309

  • JAMES A MILLSAP

    DEALER DIRECT ACCOUNT MANAGER

    Total calculated
    $191,797
    From this org
    $173,121
    From related orgs
    $0
    Other
    $18,676
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $58,356
    Bonus
    $107,205
    Other
    $7,560
    Deferred
    $7,000
    Nontaxable benefits
    $11,676
    Filer's total
    $191,797

  • MEGAN DESILVA

    DEALER DIRECT SALES MANAGER

    Total calculated
    $182,535
    From this org
    $144,692
    From related orgs
    $0
    Other
    $37,843
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $115,646
    Bonus
    $21,558
    Other
    $7,488
    Deferred
    $6,171
    Nontaxable benefits
    $31,672
    Filer's total
    $182,535

  • KEITH PRICE

    SENIOR MANAGER OF DATA STRATEGY

    Total calculated
    $198,514
    From this org
    $188,165
    From related orgs
    $0
    Other
    $10,349
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,426
    Bonus
    $7,270
    Other
    $2,469
    Deferred
    $0
    Nontaxable benefits
    $10,349
    Filer's total
    $198,514

  • MATTHEW HEITLAND

    VP - APPLICATION DEVELOPMENT

    Total calculated
    $207,903
    From this org
    $187,878
    From related orgs
    $0
    Other
    $20,025
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $172,815
    Bonus
    $11,246
    Other
    $3,817
    Deferred
    $7,102
    Nontaxable benefits
    $12,923
    Filer's total
    $207,903

  • PHILLIP FALCK

    SENIOR PROJECT MANAGER

    Total calculated
    $164,703
    From this org
    $143,951
    From related orgs
    $0
    Other
    $20,752
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $124,596
    Bonus
    $10,405
    Other
    $8,950
    Deferred
    $4,913
    Nontaxable benefits
    $15,839
    Filer's total
    $164,703

  • EILEEN MAGNUSSON VP DIR OF

    HUMAN RESOURCES (THRU 07/24)

    Total calculated
    $121,039
    From this org
    $103,359
    From related orgs
    $0
    Other
    $17,680
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $89,616
    Bonus
    $11,100
    Other
    $2,643
    Deferred
    $4,392
    Nontaxable benefits
    $13,288
    Filer's total
    $121,039

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 · 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 · Independent compensation consultant
  • 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
THE ORGANIZATION PAYS FOR TRAVEL OF COMPANIONS OF THE BOARD OF DIRECTORS AND CEO. THE ORGANIZATION PAYS HEALTH CLUB DUES FOR THE CEO - ATHLETIC CLUB MEMBERSHIP. THIS IS TREATED AS TAXABLE INCOME TO THE INDIVIDUAL, AS APPROPRIATE.
PART I, LINES 4A-B
THE CREDIT UNION HAS A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN FOR THE CHIEF EXECUTIVE OFFICER WHEREBY THE CREDIT UNION MAKES SCHEDULED MONTHLY CONTRIBUTIONS TO INVESTMENT ACCOUNTS AND THE CHIEF EXECUTIVE OFFICER WILL BE ENTITLED TO THE BALANCE OF THE INVESTMENT ACCOUNTS UPON HIS 65TH BIRTHDAY (DECEMBER 2024), SUBJECT TO CERTAIN CONDITIONS IN THE AGREEMENT. FOR THE YEAR ENDING DECEMBER 31, 2024 THE CEO BECAME VESTED IN $813,894. CERTAIN OFFICERS AND KEY EMPLOYEES PARTICIPATE IN THE SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15. THE CREDIT UNION ALSO HAS A DEFERRED COMPENSATION PLAN WITH THE VICE PRESIDENT OF CREDIT ADMINISTRATION AND IT STRATEGY & INNOVATION SENIOR MANAGER. ANNUAL ACCRUALS ARE MADE AND THE PARTICIPANTS WILL BE ENTITLED TO THE ACCRUED AMOUNTS AFTER FIVE YEARS. FOR THE YEAR ENDING DECEMBER 31, 2024, $2,802 AND $2,925, RESPECTIVELY, WERE ACCRUED.

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • SALAL FOUNDATION

    501(C)(3) · SUPPORTS PHILANTHROPIC ACTIVITIES · WA · controlled entity

    Directly controlled by SALAL CREDIT UNION

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.

  • LENDING SOLUTIONS NORTHWEST LLC

    INVESTMENTS THAT FURTHER THE CREDIT UNIONS MISSION · WA · income $0 · assets $306,270

    Directly controlled by SALAL CREDIT UNION

  • SCU HOLDINGS LLC

    HOLD REAL ESTATE · WA · income $3,379,335 · assets $27,028,060

    Directly controlled by SALAL CREDIT UNION

Provenance

Return type
form_990
Tax year
2024
Filed
6 November 2025
IRS schema version
2024v5.2
Source object
202523119349301882

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