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Nonprofiteer
← SOLARITY CREDIT UNION

Form 990 for tax year 2023

Filed by SOLARITY CREDIT UNION.

Totals

Total revenue
$42,914,902
Total expenses
$37,764,818
Contributions and grants received
$0
Grants paid
$5,990
Program service revenue
$37,535,086
Investment income
$4,337,655
Other revenue
$1,042,161
Total assets, end of year
$866,571,663
Total liabilities, end of year
$742,724,286
Net assets or fund balances, end of year
$123,847,377
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: INTEREST ON LOANS

    total $28,277,935 · related or exempt $28,277,935

  • 2b · Program service revenue: FEES AND CHARGES

    total $4,858,122 · related or exempt $4,759,443 · unrelated business $98,679

  • 2c · Program service revenue: INTERCHANGE INCOME

    total $4,399,029 · related or exempt $4,399,029

  • 3 · Investment income

    total $5,452,961 · excluded $5,452,961

  • 6a · Gross rents

    real property $25,420

  • 6b · Less rental expenses

    real property $4,067

  • 6c · Rental income or loss

    real property $21,353

  • 6d · Net rental income or loss

    total $21,353 · excluded $21,353

  • 7a · Gross sales of assets other than inventory

    securities $10,521,147 · other assets $316,571

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

    securities $11,924,075 · other assets $28,949

  • 7c · Gain or loss

    securities -$1,402,928 · other assets $287,622

  • 7d · Net gain or loss

    total -$1,115,306 · excluded -$1,115,306

  • 11a · Other revenue: CARES ACT CREDIT

    total $1,020,808 · excluded $1,020,808

  • 11e · Other revenue, total

    $1,020,808

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $5,990

  • 4 · Benefits paid to or for members

    total $4,813,267

  • 5 · Compensation of officers, directors and key employees

    total $2,810,298

  • 7 · Other salaries and wages

    total $8,556,950

  • 8 · Pension plan contributions

    total $794,646

  • 9 · Other employee benefits

    total $2,276,958

  • 10 · Payroll taxes

    total $1,012,640

  • 11b · Fees: legal

    total $108,289

  • 11c · Fees: accounting

    total $162,868

  • 11d · Fees: lobbying

    total $8,233

  • 11f · Fees: investment management

    total $2,965

  • 11g · Fees: other

    total $2,715,527

  • 12 · Advertising and promotion

    total $900,028

  • 13 · Office expenses

    total $4,610,880

  • 16 · Occupancy

    total $670,002

  • 17 · Travel

    total $300,091

  • 20 · Interest

    total $3,281,751

  • 22 · Depreciation, depletion and amortization

    total $1,424,379

  • 23 · Insurance

    total $110,435

  • 24a · Other expenses: LOAN SERVICING

    total $952,370

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $838,000

  • 24c · Other expenses: ATM EXPENSES

    total $798,079

  • 24d · Other expenses: MISCELLANEOUS EXPENSES

    total $610,172

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $12,911,321 · end of year $13,373,991

  • 2 · Savings and temporary cash investments

    beginning of year $47,178,037 · end of year $93,525,201

  • 4 · Accounts receivable

    beginning of year $4,559,411 · end of year $5,096,494

  • 7 · Other notes and loans receivable

    beginning of year $661,223,619 · end of year $660,800,313

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,057,073 · end of year $1,985,862

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

    $32,309,576

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

    $19,749,149

  • 10c · Land, buildings and equipment, net

    beginning of year $12,735,830 · end of year $12,560,427

  • 11 · Investments: publicly traded securities

    beginning of year $57,437,981 · end of year $56,047,525

  • 12 · Investments: other securities

    beginning of year $3,045,400 · end of year $3,846,300

  • 15 · Other assets

    beginning of year $20,138,457 · end of year $19,335,550

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,506,017 · end of year $17,345,901

  • 21 · Escrow or custodial account liability

    beginning of year $1,438,339 · end of year $1,457,373

  • 23 · Secured mortgages and notes payable

    beginning of year $41,300,000 · end of year $90,300,000

  • 25 · Other liabilities

    beginning of year $644,982,972 · end of year $633,621,012

  • 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 $118,059,801 · end of year $123,847,377

Mission and programs · 2023

Mission

WE INNOVATE TO MAKE MEMBERS LIVE BETTER.

Activities or mission (Part I)

WE INNOVATE TO MAKE MEMBERS LIVES BETTER.

  • PROVIDE FINANCIAL SERVICES TO 55,000+ MEMBERS. THESE SERVICES INCLUDE BUT ARE NOT LIMITED TO PROVIDING REAL ESTATE AND OTHER SECURED AND UNSECURED CONSUMER LOANS, CHECKING AND SAVINGS PROGRAMS AND CREDIT CARD SERVICES.

As filed on the 2023 return.

Listed in Part VII

  • Terry Morgan

    CHAIRMAN

    Total calculated
    $20,000
    From this org
    $20,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Merrilou Harrison

    VICE CHAIR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Regan Myers

    SECRETARY

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • James Hurley

    DIRECTOR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Michael Meyer

    DIRECTOR

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Doug Nicholson

    DIRECTOR

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Vicki Larios

    DIRECTOR

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Angie Von Essen

    DIRECTOR

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Angela Gonzalez

    DIRECTOR

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Ryan Smith

    DIRECTOR

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Mina Worthington

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $721,498
    From this org
    $670,327
    From related orgs
    $0
    Other
    $51,171
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $644,808
    Bonus
    $1,564
    Other
    $23,955
    Deferred
    $42,300
    Nontaxable benefits
    $8,871
    Filer's total
    $721,498

  • Ralph Cumbee

    CHIEF COMMUNICATIONS OFFICER

    Total calculated
    $366,907
    From this org
    $328,714
    From related orgs
    $0
    Other
    $38,193
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $277,409
    Bonus
    $40,480
    Other
    $10,825
    Deferred
    $27,400
    Nontaxable benefits
    $10,793
    Filer's total
    $366,907

  • Carrie Gabbard

    CHIEF OPERATING OFFICER

    Total calculated
    $294,179
    From this org
    $247,777
    From related orgs
    $0
    Other
    $46,402
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $222,643
    Bonus
    $1,329
    Other
    $23,805
    Deferred
    $37,231
    Nontaxable benefits
    $9,171
    Filer's total
    $294,179

  • Lisa Adamiak

    CHIEF FINANCIAL OFFICER

    Total calculated
    $280,866
    From this org
    $248,414
    From related orgs
    $0
    Other
    $32,452
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $218,126
    Bonus
    $20,000
    Other
    $10,288
    Deferred
    $23,293
    Nontaxable benefits
    $9,159
    Filer's total
    $280,866

  • David Eldred

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $298,289
    From this org
    $261,471
    From related orgs
    $0
    Other
    $36,818
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $248,687
    Bonus
    $1,329
    Other
    $11,455
    Deferred
    $25,900
    Nontaxable benefits
    $10,918
    Filer's total
    $298,289

  • Steven Brown

    CHIEF LENDING OFFICER

    Total calculated
    $331,742
    From this org
    $281,824
    From related orgs
    $0
    Other
    $49,918
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $257,869
    Bonus
    $0
    Other
    $23,955
    Deferred
    $39,000
    Nontaxable benefits
    $10,918
    Filer's total
    $331,742

  • Steve Shead

    CHIEF INFORMATION OFFICER

    Total calculated
    $348,817
    From this org
    $313,079
    From related orgs
    $0
    Other
    $35,738
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $281,759
    Bonus
    $20,698
    Other
    $10,622
    Deferred
    $26,567
    Nontaxable benefits
    $9,171
    Filer's total
    $348,817

  • Sara Wallbaum

    VP MEMBER SERVICES

    Total calculated
    $183,993
    From this org
    $170,207
    From related orgs
    $0
    Other
    $13,786
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $164,887
    Bonus
    $625
    Other
    $4,695
    Deferred
    $12,877
    Nontaxable benefits
    $909
    Filer's total
    $183,993

  • Debbie Ingle

    VP HOME LOAN PRODUCTION (THRU 1/3/23)

    Total calculated
    $154,581
    From this org
    $152,064
    From related orgs
    $0
    Other
    $2,517
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,392
    Bonus
    $21,054
    Other
    $129,618
    Deferred
    $1,652
    Nontaxable benefits
    $865
    Filer's total
    $154,581

  • Michelle Hatton

    VP BUSINESS SOLUTIONS

    Total calculated
    $202,689
    From this org
    $180,070
    From related orgs
    $0
    Other
    $22,619
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,615
    Bonus
    $0
    Other
    $4,455
    Deferred
    $13,530
    Nontaxable benefits
    $9,089
    Filer's total
    $202,689

  • Tina Torres

    VP RISK MANAGEMENT

    Total calculated
    $166,604
    From this org
    $153,440
    From related orgs
    $0
    Other
    $13,164
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $148,360
    Bonus
    $625
    Other
    $4,455
    Deferred
    $11,892
    Nontaxable benefits
    $1,272
    Filer's total
    $166,604

  • Sarah Welch

    VP LOAN SERVICING (THRU 6/30/23)

    Total calculated
    $142,644
    From this org
    $131,111
    From related orgs
    $0
    Other
    $11,533
    Hours/week
    40

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 · 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 · 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
HEALTH CLUB DUES ARE REIMBURSED UP TO $15 PER MONTH PER EMPLOYEE. ANY AMOUNT REIMBURSED IS INCLUDED IN TAXABLE COMPENSATION TO THE EMPLOYEE.
PART I, LINES 4A-B
DEBBIE INGLE RECEIVED A SEVERANCE PAYMENT DURING CALENDAR 2023 IN THE AMOUNT OF $105,000 THE CREDIT UNION PROVIDES DEFERRED 457(F) COMPENSATION PLANS COVERING CERTAIN EMPLOYEES, WHICH WILL BE PAYABLE IN ACCORDANCE WITH THE TERMS OF THE UNDERLYING AGREEMENTS. THERE WERE NO CONTRIBUTIONS TO THE 457F PLAN DURING 2023. THE FOLLOWING WERE DISTRIBUTIONS FROM THE 457(F) PLAN DURING 2023: MINA WORTHINGTON - $1,564 CARRIE MOORE - $1,329 RALPH CUMBEE - $40,148 DAVID ELDRED - $1,329 SARA WALLBAUM - $625 TINA TORRES - $625 STEVE SHEAD - $20,000

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.

Provenance

Return type
form_990
Tax year
2023
Filed
29 April 2024
IRS schema version
2023v5.0
Source object
202411229349302191

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