Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $239,505,942 · related or exempt $239,505,942

• 2b · Program service revenue: SERVICE CHARGES AND FEES

  total $29,213,666 · related or exempt $29,207,682 · unrelated business $5,984

• 2c · Program service revenue: VISA/INTERCHANGE INCOME

  total $25,348,164 · related or exempt $25,101,967 · unrelated business $246,197

• 2d · Program service revenue: OTHER NONINTEREST INCOME

  total $1,931,692 · related or exempt $1,698,655 · unrelated business $233,037

• 2e · Program service revenue: LOAN SALES AND SERVICING INCOME

  total $1,206,302 · related or exempt $1,206,302

• 3 · Investment income

  total $21,299,113 · excluded $21,299,113

• 6a · Gross rents

  real property $197,431

• 6b · Less rental expenses

  real property $12,331

• 6c · Rental income or loss

  real property $185,100

• 6d · Net rental income or loss

  total $185,100 · excluded $185,100

• 7a · Gross sales of assets other than inventory

  other assets $10,770

• 7b · Less cost or other basis and sales expenses

  other assets $63,749

• 7c · Gain or loss

  other assets -$52,979

• 7d · Net gain or loss

  total -$52,979 · excluded -$52,979

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $1,579,867

• 2 · Grants to domestic individuals

  total $77,600

• 4 · Benefits paid to or for members

  total $59,677,766

• 5 · Compensation of officers, directors and key employees

  total $17,465,827

• 7 · Other salaries and wages

  total $65,709,865

• 8 · Pension plan contributions

  total $4,752,050

• 9 · Other employee benefits

  total $11,737,947

• 10 · Payroll taxes

  total $6,624,164

• 11b · Fees: legal

  total $388,731

• 11c · Fees: accounting

  total $336,654

• 11g · Fees: other

  total $7,060,317

• 12 · Advertising and promotion

  total $1,051,352

• 13 · Office expenses

  total $4,337,102

• 14 · Information technology

  total $12,204,763

• 16 · Occupancy

  total $5,487,025

• 17 · Travel

  total $1,619,799

• 19 · Conferences, conventions and meetings

  total $807,535

• 20 · Interest

  total $13,241,330

• 21 · Payments to affiliates

  total $2,642,723

• 22 · Depreciation, depletion and amortization

  total $6,880,215

• 23 · Insurance

  total $761,270

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $36,654,875

• 24b · Other expenses: MEMBER SERVICES

  total $21,052,343

• 24c · Other expenses: LOAN SERVICING EXPENSES

  total $5,535,825

• 24d · Other expenses: OTHER EXPENSES

  total $4,502,257

• 24e · All other expenses

  total $180,336

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $146,100,369 · end of year $40,332,309

• 2 · Savings and temporary cash investments

  beginning of year $94,692,598 · end of year $156,725,151

• 4 · Accounts receivable

  beginning of year $4,678,190 · end of year $1,154,627

• 7 · Other notes and loans receivable

  beginning of year $3,218,683,505 · end of year $3,246,158,352

• 9 · Prepaid expenses and deferred charges

  beginning of year $9,313,819 · end of year $13,000,261

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

  $130,542,404

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

  $58,125,870

• 10c · Land, buildings and equipment, net

  beginning of year $74,885,790 · end of year $72,416,534

• 11 · Investments: publicly traded securities

  beginning of year $385,604,937 · end of year $349,985,694

• 12 · Investments: other securities

  beginning of year $23,594,189 · end of year $44,931,588

• 14 · Intangible assets

  beginning of year $131,420,142 · end of year $128,219,299

• 15 · Other assets

  beginning of year $111,915,489 · end of year $216,859,177

• 17 · Accounts payable and accrued expenses

  beginning of year $48,039,358 · end of year $38,492,901

• 21 · Escrow or custodial account liability

  beginning of year $3,906,464 · end of year $4,383,465

• 23 · Secured mortgages and notes payable

  beginning of year $305,000,000 · end of year $185,187,615

• 25 · Other liabilities

  beginning of year $3,457,543,243 · end of year $3,627,915,983

• 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 $386,399,963 · end of year $413,803,028

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL EXPENSES FOR GUESTS OF OFFICERS, DIRECTORS AND KEY EMPLOYEES WILL BE PAID BY THE CREDIT UNION AND ARE INCLUDED IN THE BUDGET. A 1099-MISC FORM IS ISSUED TO ELECTED OFFICIALS (BOARD MEMBERS AND SUPERVISORY COMMITTEE MEMBERS) PROVIDED THE REPORTING THRESHOLD IS MET.

PART I, LINES 4A-B

THE FOLLOWING EMPLOYEES RECEIVED A SEVERANCE PAYMENT FROM THE CREDIT UNION UPON RESIGNATION IN 2024: JOHN IGLESIAS $1,743,750 DEFERRED COMPENSATION PLAN [SECTION 457(F)] - THE CREDIT UNION HAS ENTERED INTO 457(F) DEFERRED COMPENSATION AGREEMENTS WITH CERTAIN SENIOR EXECUTIVES. THE FOLLOWING PARTICIPATED IN THE 457(F) NON-QUALIFIED RETIREMENT PLAN: JOHN IGLESIAS - NO 457F CONTRIBUTION FOR 2024, $1,000,000 457F DISTRIBUTION JEFF KENNEDY - NO 457F CONTRIBUTION FOR 2024, $4,805,205 457F DISTRIBUTION AARON PALMER - NO 457F CONTRIBUTION FOR 2024, $450,000 457F DISTRIBUTION KIM STEEPY - $94,973 457F CONTRIBUTION FOR 2024, NO DISTRIBUTION ALAN PITCHER - $143,078 457F CONTRIBUTION FOR 2024, NO DISTRIBUTION CHERYL CROW - $117,529 457F CONTRIBUTION FOR 2024, NO DISTRIBUTION

Disregarded entities

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

• THE PARAGON CONSULTING GROUP FKA FULCRUM CONSULTING LLC

  CONSULTING · WA · income $163,629 · assets $1,912,689

  Directly controlled by PEAK CREDIT UNION