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Nonprofiteer
← POTLATCH NO 1 FEDERAL CREDIT UNION

Form 990 for tax year 2023

Filed by POTLATCH NO 1 FEDERAL CREDIT UNION.

Totals

Total revenue
$137,633,569
Total expenses
$130,703,773
Contributions and grants received
$4,840,204
Grants paid
$1,269,178
Program service revenue
$111,051,727
Investment income
$21,867,429
Other revenue
-$125,791
Total assets, end of year
$2,198,335,162
Total liabilities, end of year
$2,068,494,968
Net assets or fund balances, end of year
$129,840,194
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.

  • 1e · Government grants (contributions)

    $4,840,204

  • 2a · Program service revenue: LOAN INTEREST

    total $84,394,071 · related or exempt $84,394,071

  • 2b · Program service revenue: INTERCHANGE INCOME

    total $9,397,452 · related or exempt $9,397,452

  • 2c · Program service revenue: DEPOSIT SERVICE CHARGES AND FEES

    total $6,836,220 · related or exempt $6,747,317 · unrelated business $88,903

  • 2d · Program service revenue: OTHER NONOPERATING

    total $4,721,606 · related or exempt $4,721,606

  • 2e · Program service revenue: LOAN SERVICING INCOME

    total $4,241,725 · related or exempt $4,241,725

  • 2f · All other program service revenue

    total $1,460,653 · related or exempt $1,460,653

  • 3 · Investment income

    total $21,868,188 · excluded $21,868,188

  • 6a · Gross rents

    real property $44,910

  • 6b · Less rental expenses

    real property $170,701

  • 6c · Rental income or loss

    real property -$125,791

  • 6d · Net rental income or loss

    total -$125,791 · excluded -$125,791

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

    other assets $759

  • 7c · Gain or loss

    other assets -$759

  • 7d · Net gain or loss

    total -$759 · excluded -$759

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,254,178

  • 2 · Grants to domestic individuals

    total $15,000

  • 4 · Benefits paid to or for members

    total $26,979,886

  • 5 · Compensation of officers, directors and key employees

    total $6,970,056

  • 7 · Other salaries and wages

    total $26,330,691

  • 8 · Pension plan contributions

    total $5,483,159

  • 9 · Other employee benefits

    total $3,042,930

  • 10 · Payroll taxes

    total $2,341,473

  • 11b · Fees: legal

    total $14,413

  • 11c · Fees: accounting

    total $664,097

  • 11g · Fees: other

    total $2,505,583

  • 12 · Advertising and promotion

    total $2,259,136

  • 13 · Office expenses

    total $2,026,918

  • 14 · Information technology

    total $7,264,424

  • 16 · Occupancy

    total $2,306,538

  • 17 · Travel

    total $274,598

  • 19 · Conferences, conventions and meetings

    total $178,592

  • 20 · Interest

    total $23,153,764

  • 22 · Depreciation, depletion and amortization

    total $2,323,400

  • 23 · Insurance

    total $267,597

  • 24a · Other expenses: DEBIT CARD EXPENSES

    total $4,062,345

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $3,714,694

  • 24c · Other expenses: OTHER EXPENSES

    total $3,257,117

  • 24d · Other expenses: LOAN SERVICING

    total $2,641,426

  • 24e · All other expenses

    total $1,371,758

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $24,653,130 · end of year $22,189,054

  • 2 · Savings and temporary cash investments

    beginning of year $40,103,775 · end of year $73,527,299

  • 4 · Accounts receivable

    beginning of year $1,000,000

  • 5 · Loans and receivables from officers and key people

    beginning of year $50,762,617 · end of year $65,396,143

  • 7 · Other notes and loans receivable

    beginning of year $1,687,571,357 · end of year $1,804,774,640

  • 9 · Prepaid expenses and deferred charges

    beginning of year $19,054,149 · end of year $19,645,367

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

    $60,939,101

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

    $18,695,483

  • 10c · Land, buildings and equipment, net

    beginning of year $37,533,194 · end of year $42,243,618

  • 11 · Investments: publicly traded securities

    beginning of year $83,178,763 · end of year $76,759,750

  • 12 · Investments: other securities

    beginning of year $6,789,397 · end of year $8,633,470

  • 15 · Other assets

    beginning of year $74,843,983 · end of year $85,165,821

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,138,133 · end of year $20,457,930

  • 23 · Secured mortgages and notes payable

    beginning of year $19,000,000 · end of year $157,333,742

  • 25 · Other liabilities

    beginning of year $1,872,180,886 · end of year $1,890,703,296

  • 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 $120,171,346 · end of year $129,840,194

Mission and programs · 2023

Mission

WE PLEDGE TO SERVE EVERY MEMBER WITH THE HIGHEST LEVELS OF SINCERITY, FAIRNESS, COURTESY, RESPECT, AND GRATITUDE, DELIVERED WITH UNPARALLELED RESPONSIVENESS, EXPERTISE, EFFICIENCY AND ACCURACY. WE ARE IN BUSINESS TO CREATE LASTING RELATIONSHIPS, AND WE WILL TREAT OUR MEMBERS LIKE WE WANT TO BE TREATED. WE WILL OFFER THE FINEST PERSONAL SERVICE AND PRODUCTS DELIVERED BY CARING TEAM MEMBERS WHO TAKE 100 PERCENT RESPONSIBILITY FOR MEETING THE NEEDS OF EACH MEMBER.

Activities or mission (Part I)

WE PLEDGE TO SERVE EVERY MEMBER WITH THE HIGHEST LEVELS OF SINCERITY, FAIRNESS, COURTESY, RESPECT, AND GRATITUDE, DELIVERED WITH UNPARALLELED RESPONSIVENESS, EXPERTISE, EFFICIENCY AND ACCURACY.

  • PROVIDE FINANCIAL SERVICES TO 127,211 MEMBERS. THESE SERVICES INCLUDE, BUT ARE NOT LIMITED TO, CONSUMER AUTO LENDING, CONSUMER MORTGAGE LENDING, COMMERCIAL LENDING, DEPOSIT ACCOUNTS, SAVINGS, CHECKING, MONEY MARKETS AND CD'S.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • TOD DICKESON

    CHAIR

    Total calculated
    $0
    Hours/week
    5

  • KYLE MORSCHECK

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    5

  • TARA LEER

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • MICHELLE BLY

    SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • KYM CLIFT

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • WANDA KEEFER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • TOM PFLIGER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • BRETT KINZER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • DOUGLAS MUSHLITZ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • JERRY CUMMINS

    DIRECTOR (THRU 3/2023)

    Total calculated
    $0
    Hours/week
    5

  • CHRISTOPHER LOSETH

    PRESIDENT/CEO

    Total calculated
    $2,569,004
    From this org
    $2,178,950
    From related orgs
    $0
    Other
    $390,054
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $1,532,196
    Bonus
    $0
    Other
    $646,754
    Deferred
    $352,540
    Nontaxable benefits
    $37,514
    Filer's total
    $2,569,004

  • CRAIG EMERSON

    CHIEF FINANCIAL OFFICER

    Total calculated
    $1,349,839
    From this org
    $996,166
    From related orgs
    $0
    Other
    $353,673
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $571,923
    Bonus
    $0
    Other
    $424,243
    Deferred
    $339,040
    Nontaxable benefits
    $14,633
    Filer's total
    $1,349,839

  • TROY SANDVICK

    CHIEF DATA OFFICER

    Total calculated
    $535,460
    From this org
    $444,260
    From related orgs
    $0
    Other
    $91,200
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $444,260
    Bonus
    $0
    Other
    $0
    Deferred
    $75,757
    Nontaxable benefits
    $15,443
    Filer's total
    $535,460

  • RICHARD PAGE

    CHIEF ADMINISTRATIVE OFFICER

    Total calculated
    $418,232
    From this org
    $379,569
    From related orgs
    $0
    Other
    $38,663
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $379,569
    Bonus
    $0
    Other
    $0
    Deferred
    $31,171
    Nontaxable benefits
    $7,492
    Filer's total
    $418,232

  • MICHAEL VOGELER

    CHIEF OPERATIONS OFFICER

    Total calculated
    $444,278
    From this org
    $369,969
    From related orgs
    $0
    Other
    $74,309
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $369,969
    Bonus
    $0
    Other
    $0
    Deferred
    $66,817
    Nontaxable benefits
    $7,492
    Filer's total
    $444,278

  • BRENT GIFFORD

    CHIEF INFORMATION OFFICER

    Total calculated
    $409,522
    From this org
    $364,525
    From related orgs
    $0
    Other
    $44,997
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $364,525
    Bonus
    $0
    Other
    $0
    Deferred
    $31,828
    Nontaxable benefits
    $13,169
    Filer's total
    $409,522

  • PAUL MCCALL

    SENIOR VP OF FINANCE

    Total calculated
    $293,785
    From this org
    $185,450
    From related orgs
    $0
    Other
    $108,335
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $185,450
    Bonus
    $0
    Other
    $0
    Deferred
    $95,150
    Nontaxable benefits
    $13,185
    Filer's total
    $293,785

  • DENNIS JANIKOWSKI

    SENIOR VP OF LENDING

    Total calculated
    $317,264
    From this org
    $277,793
    From related orgs
    $0
    Other
    $39,471
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $277,793
    Bonus
    $0
    Other
    $0
    Deferred
    $26,302
    Nontaxable benefits
    $13,169
    Filer's total
    $317,264

  • ELIZABETH BARNES

    CHIEF CREDIT ADMINISTRATION OFFICER

    Total calculated
    $632,672
    From this org
    $262,272
    From related orgs
    $0
    Other
    $370,400
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $262,272
    Bonus
    $0
    Other
    $0
    Deferred
    $358,432
    Nontaxable benefits
    $11,968
    Filer's total
    $632,672

  • CLINTON JOHNSON

    VP OF DATA & ANALYTICS

    Total calculated
    $394,101
    From this org
    $253,340
    From related orgs
    $0
    Other
    $140,761
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $253,340
    Bonus
    $0
    Other
    $0
    Deferred
    $127,592
    Nontaxable benefits
    $13,169
    Filer's total
    $394,101

  • NATE NORMAN

    VP OF INFORMATION TECHNOLOGY

    Total calculated
    $317,020
    From this org
    $209,196
    From related orgs
    $0
    Other
    $107,824
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $209,196
    Bonus
    $0
    Other
    $0
    Deferred
    $94,639
    Nontaxable benefits
    $13,185
    Filer's total
    $317,020

  • DAVID LUMLEY

    BUSINESS SALES REPRESENTATIVE

    Total calculated
    $227,407
    From this org
    $182,901
    From related orgs
    $0
    Other
    $44,506
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $182,901
    Bonus
    $0
    Other
    $0
    Deferred
    $34,165
    Nontaxable benefits
    $10,341
    Filer's total
    $227,407

  • JENIFER PIPER

    VICE PRESIDENT OF MEMBER ENGAGEMENT

    Total calculated
    $204,532
    From this org
    $185,639
    From related orgs
    $0
    Other
    $18,893
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,639
    Bonus
    $0
    Other
    $0
    Deferred
    $9,934
    Nontaxable benefits
    $8,959
    Filer's total
    $204,532

  • KARI MURILLO

    VICE PRESIDENT OF PRODUCT MANAGEMENT

    Total calculated
    $314,688
    From this org
    $182,630
    From related orgs
    $0
    Other
    $132,058
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $182,630
    Bonus
    $0
    Other
    $0
    Deferred
    $123,098
    Nontaxable benefits
    $8,960
    Filer's total
    $314,688

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 · Compensation committee
  • 3 · Independent compensation consultant
  • 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 4B
SPLIT DOLLAR LIFE INSURANCE: THE CREDIT UNION HAS MADE LOANS FOR LIFE INSURANCE PREMIUM PAYMENTS TO MEMBERS OF MANAGEMENT. THE LOANS ARE COLLATERALIZED BY THE ASSIGNMENT OF THE POLICY DEATH BENEFITS AND CASH VALUES, OF EACH RESPECTIVE LIFE INSURANCE POLICY. THE POLICIES ARE OWNED BY THE EXECUTIVES AND THE EXECUTIVES HAVE THE RIGHT TO NAME THE BENEFICIARIES FOR AMOUNTS NOT SECURED BY THE ASSIGNMENTS. THE LOAN ARRANGEMENTS INCLUDE A RECOURSE PROVISION WHEREBY THE CREDIT UNION HAS THE INTENT TO SEEK COLLECTION OUTSIDE THE LIFE INSURANCE POLICY IF THE EXECUTIVE WERE TO BE TERMINATED WITH OR WITHOUT CAUSE AND THE EXECUTIVES HAVE THE ABILITY TO REPAY THE LOAN. 457(F) PLAN: THE CREDIT UNION HAS A NONQUALIFIED DEFERRED COMPENSATION PLAN (457(F) PLAN) FOR SELECT MEMBERS OF MANAGEMENT. UNDER THE TERMS OF THE PLANS, THE PARTICIPANTS ARE ENTITLED PRE-DETERMINED AMOUNTS BASED ON YEARS OF SERVICE ACHIEVEMENTS. THE FOLLOWING EMPLOYEES RECEIVED CONTRIBUTIONS TO THE 457(F) PLAN DURING 2023: CHRISTOPHER LOSETH - $291,040 CRAIG EMERSON - $184,507 CLINTON JOHNSON - $68,810 NATHANAEL NORMAN - $54,802 ELIZABETH BARNES - $61,321 PAUL MCCALL - $49,672 KARI MURILLO - $56,089 THE FOLLOWING EMPLOYEES RECEIVED DISTRIBUTIONS FROM THE 457(F) PLAN DURING 2023: CHRISTOPHER LOSETH - $646,754 CRAIG EMERSON - $424,243

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

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2023
Filed
22 October 2024
IRS schema version
2023v5.1
Source object
202442969349302059

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

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