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← CREDIT UNIONS IN THE STATE OF WASHINGTON

Form 990 for tax year 2022

Filed by CREDIT UNIONS IN THE STATE OF WASHINGTON.

Totals

Total revenue
$218,232,879
Total expenses
$200,999,720
Contributions and grants received
$0
Grants paid
$100,000
Program service revenue
$200,879,924
Investment income
$16,402,549
Other revenue
$950,406
Total assets, end of year
$4,932,136,053
Total liabilities, end of year
$4,588,792,197
Net assets or fund balances, end of year
$343,343,856
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: MEMBER LOAN INTEREST

    total $145,140,533 · related or exempt $145,136,057 · unrelated business $4,476

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

    total $55,884,719 · related or exempt $53,453,063 · unrelated business $2,431,656

  • 2c · Program service revenue: OTHER INCOME

    total $71,112 · related or exempt -$614,083 · unrelated business $685,195

  • 2d · Program service revenue: GAIN ON SALE OF LOANS

    total -$216,440 · related or exempt -$216,440

  • 3 · Investment income

    total $17,474,763 · unrelated business -$121,289 · excluded $17,596,052

  • 6a · Gross rents

    real property $950,406

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $950,406

  • 6d · Net rental income or loss

    total $950,406 · excluded $950,406

  • 7a · Gross sales of assets other than inventory

    securities $117,006,467

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

    securities $118,036,067 · other assets $42,614

  • 7c · Gain or loss

    securities -$1,029,600 · other assets -$42,614

  • 7d · Net gain or loss

    total -$1,072,214 · excluded -$1,072,214

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $100,000

  • 5 · Compensation of officers, directors and key employees

    total $4,848,943

  • 7 · Other salaries and wages

    total $59,203,461

  • 8 · Pension plan contributions

    total $4,911,985

  • 9 · Other employee benefits

    total $13,444,915

  • 10 · Payroll taxes

    total $5,055,003

  • 11b · Fees: legal

    total $341,434

  • 11c · Fees: accounting

    total $123,034

  • 11g · Fees: other

    total $15,160,256

  • 12 · Advertising and promotion

    total $6,926,654

  • 13 · Office expenses

    total $8,985,594

  • 14 · Information technology

    total $8,583,081

  • 16 · Occupancy

    total $6,763,166

  • 17 · Travel

    total $425,390

  • 19 · Conferences, conventions and meetings

    total $701,059

  • 20 · Interest

    total $13,302,268

  • 22 · Depreciation, depletion and amortization

    total $8,177,511

  • 23 · Insurance

    total $720,929

  • 24a · Other expenses: LOAN LOSS PROVISION

    total $21,974,705

  • 24b · Other expenses: VISA AND ATM

    total $13,742,202

  • 24c · Other expenses: CARD AND TERMINAL

    total $2,205,623

  • 24e · All other expenses

    total $5,302,507

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $491,434,966 · end of year $82,879,815

  • 4 · Accounts receivable

    beginning of year $16,639,438 · end of year $19,586,440

  • 7 · Other notes and loans receivable

    beginning of year $3,057,827,473 · end of year $3,818,116,474

  • 9 · Prepaid expenses and deferred charges

    beginning of year $21,497,395 · end of year $23,948,344

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

    $199,073,712

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

    $96,538,199

  • 10c · Land, buildings and equipment, net

    beginning of year $102,293,790 · end of year $102,535,513

  • 11 · Investments: publicly traded securities

    beginning of year $898,059,508 · end of year $816,763,433

  • 12 · Investments: other securities

    beginning of year $6,654,727 · end of year $16,399,713

  • 15 · Other assets

    beginning of year $41,720,067 · end of year $51,906,321

  • 17 · Accounts payable and accrued expenses

    beginning of year $72,222,339 · end of year $91,228,872

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $225,000,000

  • 25 · Other liabilities

    beginning of year $4,139,805,415 · end of year $4,272,563,325

  • 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 $424,099,610 · end of year $343,343,856

Mission and programs · 2022

Mission

TO PROVIDE SERVICES TO MEMBERS WHICH ARE MANDATED IN THE CREDIT UNION ACT TO CHARTERS AND TO PROVIDE A MEANS WHEREBY MEMBERS CAN PROVIDE EACH OTHER WITH NEEDED FINANCIAL SERVICES.

  • SAVINGS AND CHECKING: WE KNOW DIFFERENT MEMBERS HAVE DIFFERENT NEEDS FROM THEIR CHECKING AND SAVINGS ACCOUNTS. THAT'S WHY WE OFFER VARIETY. WSECU CAN HELP MEMBERS MAKE MANAGING THEIR BUDGETS SIMPLER AS THEY WORK TOWARD THEIR FINANCIAL GOALS. WE OFFER DIFFERENT CHECKING OPTIONS TO OUR MEMBERS. MEMBERS CAN ACCESS THEIR ACCOUNTS ANY TIME OF THE DAY OR NIGHT WITH THEIR DEBIT OR ATM CARD. WSECU IS A PROUD PARTNER OF THE CO-OP NETWORK, OFFERING MEMBERS FREE ACCESS TO 25,000 ATMS ACROSS THE UNITED STATES.

  • LOANS: FROM THE CARS MEMBERS DRIVE TO THE UNTAPPED EQUITY IN THEIR HOMES, WSECU LOANS ARE DESIGNED TO GIVE MEMBERS THE UTMOST BUYING POWER AND PAYMENT FLEXIBILITY. BACKED WITH OUR OUTSTANDING SERVICE, THERE IS SIMPLY NO BETTER PLACE TO GO FOR MEMBERS' LENDING NEEDS.

  • CREDIT CARDS: WSECU PROVIDES A VARIETY OF CREDIT CARD OPTIONS TO MEET THE VARIED LIFESTYLES OF OUR MEMBERS. EACH OPTION INCLUDES THE VALUE OF A VARIABLE INTEREST RATE, NO ANNUAL FEE, PLUS THE COST-SAVINGS BENEFIT OF A 25-DAY GRACE PERIOD ON NEW PURCHASES - AND THE PURCHASING POWER OF THE MOST RECOGNIZED CREDIT CARD IN THE WORLD. EACH OF OUR CREDIT CARD OPTIONS PROVIDES UNIQUE FEATURES AND BENEFITS. FROM HIGHER SPENDING LIMITS TO REWARDS PROGRAMS TO FIRST-TIME CARDHOLDERS ESTABLISHING CREDIT, WSECU MEMBERS HAVE AN EXCITING RANGE OF CREDIT CARD OPTIONS FROM WHICH TO CHOOSE.

As filed on the 2022 return.

Listed in Part VII

  • CAROLE WASHBURN

    BOARD CHAIR

    Total calculated
    $1,828
    From this org
    $1,828
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • TRUDY SOUCOUP

    BOARD VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • DOUG MAH

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • TRACY GUERIN

    BOARD PAST CHAIR

    Total calculated
    $1,297
    From this org
    $1,297
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • VERONICA BRONKEMA

    BOARD MEMBER

    Total calculated
    $3,311
    From this org
    $3,311
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • MARCUS GLASPAR

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • STACIA HOLLAR

    BOARD MEMBER

    Total calculated
    $1,026
    From this org
    $1,026
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • VIKKI SMITH

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MIKE VANDERLINDE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • TRAVIS MATHESON

    BOARD MEMBER

    Total calculated
    $2,400
    From this org
    $2,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • RANDY GUNDERSON

    CHIEF FINANCIAL OFFICER

    Total calculated
    $874,899
    From this org
    $748,366
    From related orgs
    $0
    Other
    $126,533
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $410,398
    Bonus
    $115,480
    Other
    $222,488
    Deferred
    $100,034
    Nontaxable benefits
    $26,499
    Filer's total
    $874,899

  • GARY SWINDLER

    PRESIDENT - CEO

    Total calculated
    $1,384,303
    From this org
    $1,128,000
    From related orgs
    $0
    Other
    $256,303
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $711,627
    Bonus
    $243,451
    Other
    $172,922
    Deferred
    $233,787
    Nontaxable benefits
    $22,516
    Filer's total
    $1,384,303

  • BEN MORALES

    CHIEF TECH & OPS OFFICER/CEO QCF

    Total calculated
    $852,914
    From this org
    $720,752
    From related orgs
    $0
    Other
    $132,162
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $350,624
    Bonus
    $100,642
    Other
    $269,486
    Deferred
    $105,649
    Nontaxable benefits
    $26,513
    Filer's total
    $852,914

  • SHARON WHITEHEAD

    CHIEF ADMINISTRATIVE OFFICER

    Total calculated
    $873,842
    From this org
    $760,735
    From related orgs
    $0
    Other
    $113,107
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $409,285
    Bonus
    $115,504
    Other
    $235,946
    Deferred
    $99,842
    Nontaxable benefits
    $13,265
    Filer's total
    $873,842

  • PAUL KIRKBRIDE

    CHIEF OPERATING OFFICER

    Total calculated
    $666,475
    From this org
    $540,773
    From related orgs
    $0
    Other
    $125,702
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $409,365
    Bonus
    $114,514
    Other
    $16,894
    Deferred
    $99,647
    Nontaxable benefits
    $26,055
    Filer's total
    $666,475

  • EMILY FRIESEN

    CHIEF MARKETING & ANALYTICS OFFICER

    Total calculated
    $186,648
    From this org
    $182,343
    From related orgs
    $0
    Other
    $4,305
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $157,218
    Bonus
    $25,000
    Other
    $125
    Deferred
    $0
    Nontaxable benefits
    $4,305
    Filer's total
    $186,648

  • JEFF REESE

    FINANCIAL ADVISOR

    Total calculated
    $296,812
    From this org
    $261,763
    From related orgs
    $0
    Other
    $35,049
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $52,704
    Bonus
    $206,569
    Other
    $2,490
    Deferred
    $22,215
    Nontaxable benefits
    $12,834
    Filer's total
    $296,812

  • TANYA HILL

    LOAN OFFICER

    Total calculated
    $360,714
    From this org
    $317,166
    From related orgs
    $0
    Other
    $43,548
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $38,089
    Bonus
    $277,101
    Other
    $1,976
    Deferred
    $25,925
    Nontaxable benefits
    $17,623
    Filer's total
    $360,714

  • MARY EVANS

    LOAN OFFICER

    Total calculated
    $301,699
    From this org
    $253,943
    From related orgs
    $0
    Other
    $47,756
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $45,322
    Bonus
    $206,683
    Other
    $1,938
    Deferred
    $21,556
    Nontaxable benefits
    $26,200
    Filer's total
    $301,699

  • CAMERON BROOKSHIRE

    LOAN OFFICER

    Total calculated
    $361,407
    From this org
    $309,441
    From related orgs
    $0
    Other
    $51,966
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $40,344
    Bonus
    $268,403
    Other
    $694
    Deferred
    $25,925
    Nontaxable benefits
    $26,041
    Filer's total
    $361,407

  • JEFF AMIRA

    LOAN OFFICER

    Total calculated
    $360,227
    From this org
    $308,174
    From related orgs
    $0
    Other
    $52,053
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $39,803
    Bonus
    $267,702
    Other
    $669
    Deferred
    $25,925
    Nontaxable benefits
    $26,128
    Filer's total
    $360,227

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 · Discretionary spending account
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 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 AVAILABLE TO BOARD MEMBERS, CEO AND SENIOR VP'S. ONLY THE CEO HAS A DISCRETIONARY SPENDING ACCOUNT. ALL OF THESE ITEMS ARE TREATED AS TAXABLE COMPENSATION TO THE DIRECTOR, OFFICER OR KEY EMPLOYEE.
PART I, LINE 4B
OFFICERS AND KEY EMPLOYEES PARTICIPATED IN A 457(F) SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN. THERE WERE NO DISTRIBUTIONS DURING THE YEAR. CONTRIBUTIONS DURING THE YEAR WERE AS FOLLOWS: GARY SWINDLER, PRESIDENT/CEO - $207,862 RANDY GUNDERSON, CHIEF FINANCIAL OFFICER - $52,648 SHARON WHITEHEAD, CHIEF ADMINISTRATIVE OFFICER - $52,550 BENJAMIN MORALES, CHIEF TECH & OPS OFFICER - $45,164 PAUL KIRKBRIDE, CHIEF OPERATING OFFICER - $52,451

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.

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.

  • WSECU SERVICE COMPANY LLC

    HOLDING COMPANY · WA · income $5,766,954 · assets $11,686,687

    Directly controlled by WASHINGTON STATE EMPLOYEES CREDIT UNION

  • ONE WASHINGTON FINANCIAL LLC

    LOAN SERVICING · WA · income $0 · assets $0

    Directly controlled by WSECU SERVICE COMPANY LLC

  • QCASH FINANCIAL LLC

    SOFTWARE AS A SERVICE (SAAS) · WA · income $0 · assets $0

    Directly controlled by WSECU SERVICE COMPANY LLC

Provenance

Return type
form_990
Tax year
2022
Filed
26 October 2023
IRS schema version
2022v5.0
Source object
202323049349302922

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