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← CREDIT UNIONS IN THE STATE OF WASHINGTON

Form 990 for tax year 2024

Filed by CREDIT UNIONS IN THE STATE OF WASHINGTON.

Totals

Total revenue
$63,974,100
Total expenses
$56,382,406
Contributions and grants received
$0
Grants paid
$114,696
Program service revenue
$58,377,488
Investment income
$3,780,447
Other revenue
$1,816,165
Total assets, end of year
$1,144,405,802
Total liabilities, end of year
$1,012,013,111
Net assets or fund balances, end of year
$132,392,691
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: Interest on Loans

    total $47,518,735 · related or exempt $47,518,735 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Fee Income

    total $10,858,753 · related or exempt $10,858,753 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $3,780,447 · related or exempt $3,780,447 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $0 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $0

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

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 7d · Net gain or loss

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 8a · Fundraising events: gross income

    $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0 · unrelated business $0 · excluded $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11a · Other revenue: MISC INCOME

    total $1,816,165 · related or exempt $1,816,165 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $1,816,165

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $82,029

  • 2 · Grants to domestic individuals

    total $32,667

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $2,782,923

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $16,544,881

  • 8 · Pension plan contributions

    total $1,749,590

  • 9 · Other employee benefits

    total $241,919

  • 10 · Payroll taxes

    total $1,517,973

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $26,315

  • 11c · Fees: accounting

    total $2,551,312

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $795,241

  • 12 · Advertising and promotion

    total $755,676

  • 13 · Office expenses

    total $1,467,279

  • 14 · Information technology

    total $3,421,920

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $1,538,051

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $478,975

  • 20 · Interest

    total $11,966,989

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $1,968,070

  • 23 · Insurance

    total $290,327

  • 24a · Other expenses: Dues

    total $655,040

  • 24b · Other expenses: Loan Servicing

    total $4,627,729

  • 24e · All other expenses

    total $2,887,500

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,389,433 · end of year $17,345,925

  • 2 · Savings and temporary cash investments

    beginning of year $42,897,022 · end of year $48,252,450

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $839,616,534 · end of year $889,447,683

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,779,796 · end of year $6,524,162

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

    $80,800,151

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

    $37,760,269

  • 10c · Land, buildings and equipment, net

    beginning of year $42,857,326 · end of year $43,039,882

  • 11 · Investments: publicly traded securities

    beginning of year $207,523,288 · end of year $126,381,344

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $13,802,391 · end of year $13,414,356

  • 17 · Accounts payable and accrued expenses

    beginning of year $16,247,842 · end of year $17,410,666

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $25,000,000 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $999,125,665 · end of year $994,602,445

  • 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 $120,492,283 · end of year $132,392,691

Mission and programs · 2024

Mission

The purpose of this Credit Union is to cooperatively provide service and benefits to our members through the principle of mutual self-help.

Activities or mission (Part I)

STATE CHARTERED CREDIT UNION

  • State chartered credit union

As filed on the 2024 return.

Listed in Part VII

  • David Spaulding

    President/CEO

    Total calculated
    $1,177,935
    From this org
    $1,113,585
    From related orgs
    $0
    Other
    $64,350
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $666,329
    Bonus
    $103,486
    Other
    $390,838
    Deferred
    $0
    Nontaxable benefits
    $17,283
    Filer's total
    $1,177,936

  • Deidra Miner

    President

    Total calculated
    $479,749
    From this org
    $435,989
    From related orgs
    $0
    Other
    $43,760
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $416,877
    Bonus
    $46,369
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $16,503
    Filer's total
    $479,749

  • Rich Wilson

    CFO

    Total calculated
    $450,199
    From this org
    $380,176
    From related orgs
    $0
    Other
    $70,023
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $398,812
    Bonus
    $32,743
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $18,644
    Filer's total
    $450,199

  • Tim Amato

    CLO

    Total calculated
    $377,126
    From this org
    $318,556
    From related orgs
    $0
    Other
    $58,570
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $334,499
    Bonus
    $27,235
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $15,392
    Filer's total
    $377,126

  • Amy Davis

    Vice President Marketing

    Total calculated
    $325,710
    From this org
    $270,176
    From related orgs
    $0
    Other
    $55,534
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $283,433
    Bonus
    $22,644
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $19,633
    Filer's total
    $325,710

  • Kim Divine

    CHRO

    Total calculated
    $311,784
    From this org
    $265,463
    From related orgs
    $0
    Other
    $46,321
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $276,689
    Bonus
    $22,767
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $12,628
    Filer's total
    $312,084

  • Elkan Wollenberg

    CIO

    Total calculated
    $291,986
    From this org
    $269,153
    From related orgs
    $0
    Other
    $22,833
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $255,180
    Bonus
    $24,834
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $11,972
    Filer's total
    $291,986

  • Brett Nielsen

    Vice President of Business Lending

    Total calculated
    $249,412
    From this org
    $225,907
    From related orgs
    $0
    Other
    $23,505
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $236,365
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $13,048
    Filer's total
    $249,413

  • Rod Snyder

    Vice President of Sales & Branch Operations

    Total calculated
    $241,361
    From this org
    $211,549
    From related orgs
    $0
    Other
    $29,812
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $239,938
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $1,423
    Filer's total
    $241,361

  • Kelly Richter

    Vice President of Deposit Operations

    Total calculated
    $218,787
    From this org
    $181,210
    From related orgs
    $0
    Other
    $37,577
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $194,833
    Bonus
    $12,559
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $11,395
    Filer's total
    $218,787

  • Andrew Bellah

    Vice President of Home Lending

    Total calculated
    $212,535
    From this org
    $185,481
    From related orgs
    $0
    Other
    $27,054
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $199,014
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $13,521
    Filer's total
    $212,535

  • Mindy Tanner

    Vice President of Internal Audit

    Total calculated
    $208,605
    From this org
    $184,412
    From related orgs
    $0
    Other
    $24,193
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $193,336
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $15,269
    Filer's total
    $208,605

  • Meredith Ellis

    Vice President Information Technology

    Total calculated
    $206,681
    From this org
    $167,134
    From related orgs
    $0
    Other
    $39,547
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $179,977
    Bonus
    $11,505
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $15,199
    Filer's total
    $206,681

  • Patty Greer

    Director of Branch Operations

    Total calculated
    $183,584
    From this org
    $151,650
    From related orgs
    $0
    Other
    $31,934
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $172,455
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $11,130
    Filer's total
    $183,585

  • Jack Little

    Information Security Manager

    Total calculated
    $176,044
    From this org
    $139,647
    From related orgs
    $0
    Other
    $36,397
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $150,092
    Bonus
    $9,592
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $16,360
    Filer's total
    $176,044

  • Caroll Hope

    Executive Assistant

    Total calculated
    $170,584
    From this org
    $136,482
    From related orgs
    $0
    Other
    $34,102
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $153,347
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $17,237
    Filer's total
    $170,584

  • Amanda Erickson

    Director of Branch Operations

    Total calculated
    $167,193
    From this org
    $137,795
    From related orgs
    $0
    Other
    $29,398
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $156,596
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $10,598
    Filer's total
    $167,194

  • Kathy Miller

    Branch Manager V

    Total calculated
    $163,418
    From this org
    $128,158
    From related orgs
    $0
    Other
    $35,260
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $145,893
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $17,525
    Filer's total
    $163,418

  • James Fraley

    Vice President of Consumer Lending

    Total calculated
    $160,227
    From this org
    $138,470
    From related orgs
    $0
    Other
    $21,757
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $138,706
    Bonus
    $10,477
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $11,044
    Filer's total
    $160,227

  • Russ Peters

    B.I. Development Manager

    Total calculated
    $156,927
    From this org
    $125,583
    From related orgs
    $0
    Other
    $31,344
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $143,578
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $13,348
    Filer's total
    $156,926

  • Theresa Beisse

    Home Loan Underwriting Manager

    Total calculated
    $154,819
    From this org
    $125,503
    From related orgs
    $0
    Other
    $29,316
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $142,967
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $11,852
    Filer's total
    $154,819

  • Michelle Trekas

    Director of Employee Engagement

    Total calculated
    $149,128
    From this org
    $120,936
    From related orgs
    $0
    Other
    $28,192
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $129,997
    Bonus
    $8,464
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $10,667
    Filer's total
    $149,128

  • Kurt Sacha

    Board Chairman

    Total calculated
    $0
    Hours/week
    1

  • Erin Hart

    Board Vice Chair

    Total calculated
    $0
    Hours/week
    1

  • Tamra Ghilchrist

    Board Secretary

    Total calculated
    $0
    Hours/week
    1

  • Cindy Brado

    Board Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Vasiliy Pisarchuk

    Board Member

    Total calculated
    $0
    Hours/week
    45

  • Malia AU

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Mike Claxton

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Wendy Hall

    Board Member

    Total calculated
    $0
    Hours/week
    1

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 · First-class or charter travel
  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 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)

Schedule J, Part I, Line 1a
The Credit Union establishes a budget for travel and if the purchase of first class tickets remains in budget, first class travel is allowed. The Credit Union pays for officers', key employees', and highest compensated employees' spouses when accompanying on business trips.
Schedule J, Part I, Line 3
The CEO's compensation is determined by the Board of Directors.
Schedule J, Part I, Line 4
David Spaulding, President/CEO, received a payout of $390,838 from his 457(f).

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CU Concepts

    C · Financial Management · WA · 100% owned · controlled entity

    Directly controlled by Red Canoe Credit Union

Provenance

Return type
form_990
Tax year
2024
Filed
9 May 2025
IRS schema version
2024v5.0
Source object
202531299349303318

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