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Nonprofiteer
← CREDIT UNIONS IN THE STATE OF WASHINGTON

Form 990 for tax year 2023

Filed by CREDIT UNIONS IN THE STATE OF WASHINGTON.

Totals

Total revenue
$151,525,047
Total expenses
$130,382,270
Contributions and grants received
$0
Grants paid
$177,933
Program service revenue
$138,558,342
Investment income
$12,587,588
Other revenue
$379,117
Total assets, end of year
$2,910,727,295
Total liabilities, end of year
$2,622,199,081
Net assets or fund balances, end of year
$288,528,214
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: LOAN INTEREST INCOME

    total $106,289,447 · related or exempt $106,289,447

  • 2b · Program service revenue: INTERCHANGE

    total $14,632,151 · related or exempt $14,632,151

  • 2c · Program service revenue: FEES AND CHARGES

    total $12,893,666 · related or exempt $12,737,121 · unrelated business $156,545

  • 2d · Program service revenue: LOAN ORIGINATION INCOM

    total $1,124,747 · related or exempt $1,124,747

  • 2e · Program service revenue: FINANCIAL SERVICES

    total $675,745 · related or exempt $514,918 · unrelated business $160,827

  • 2f · All other program service revenue

    total $2,942,586 · related or exempt $2,821,711 · unrelated business $120,875

  • 3 · Investment income

    total $12,495,220 · unrelated business -$126,445 · excluded $12,621,665

  • 6a · Gross rents

    real property $614,385

  • 6b · Less rental expenses

    real property $235,268

  • 6c · Rental income or loss

    real property $379,117

  • 6d · Net rental income or loss

    total $379,117 · excluded $379,117

  • 7a · Gross sales of assets other than inventory

    other assets $92,368

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

    other assets $0

  • 7c · Gain or loss

    other assets $92,368

  • 7d · Net gain or loss

    total $92,368 · excluded $92,368

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $145,933

  • 2 · Grants to domestic individuals

    total $32,000

  • 5 · Compensation of officers, directors and key employees

    total $7,080,841

  • 7 · Other salaries and wages

    total $24,457,023

  • 8 · Pension plan contributions

    total $2,859,303

  • 9 · Other employee benefits

    total $3,576,827

  • 10 · Payroll taxes

    total $2,914,311

  • 11a · Fees: management

    total $142,977

  • 11b · Fees: legal

    total $47,852

  • 11c · Fees: accounting

    total $513,898

  • 11g · Fees: other

    total $4,263,956

  • 12 · Advertising and promotion

    total $155,028

  • 13 · Office expenses

    total $5,995,040

  • 14 · Information technology

    total $3,383,098

  • 16 · Occupancy

    total $2,868,486

  • 17 · Travel

    total $849,408

  • 19 · Conferences, conventions and meetings

    total $497,587

  • 20 · Interest

    total $34,164,444

  • 22 · Depreciation, depletion and amortization

    total $4,165,933

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $12,133,917

  • 24b · Other expenses: LOAN SERVICING

    total $9,033,378

  • 24c · Other expenses: BANK FEES

    total $6,594,779

  • 24d · Other expenses: MP AMORTIZATION OF CDI

    total $3,034,181

  • 24e · All other expenses

    total $1,472,070

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $45,812,271 · end of year $27,200,449

  • 2 · Savings and temporary cash investments

    beginning of year $118,325,807 · end of year $237,694,130

  • 4 · Accounts receivable

    beginning of year $13,418,067 · end of year $14,010,918

  • 5 · Loans and receivables from officers and key people

    beginning of year $17,155,598 · end of year $17,074,610

  • 7 · Other notes and loans receivable

    beginning of year $2,077,223,588 · end of year $2,209,172,472

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,617,358 · end of year $2,950,879

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

    $89,005,443

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

    $33,612,196

  • 10c · Land, buildings and equipment, net

    beginning of year $56,192,207 · end of year $55,393,247

  • 11 · Investments: publicly traded securities

    beginning of year $305,887,137 · end of year $282,638,655

  • 12 · Investments: other securities

    beginning of year $10,198,804 · end of year $7,677,178

  • 14 · Intangible assets

    beginning of year $15,567,062 · end of year $12,532,884

  • 15 · Other assets

    beginning of year $37,297,959 · end of year $44,381,873

  • 17 · Accounts payable and accrued expenses

    beginning of year $34,712,925 · end of year $33,156,956

  • 21 · Escrow or custodial account liability

    beginning of year $3,220,957 · end of year $3,231,913

  • 23 · Secured mortgages and notes payable

    beginning of year $81,581,990 · end of year $141,519,490

  • 25 · Other liabilities

    beginning of year $2,311,621,062 · end of year $2,444,290,722

  • 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 $268,558,924 · end of year $288,528,214

Mission and programs · 2023

Mission

A MEMBER OWNED COOPERATIVE PROVIDING FINANCIAL SERVICES, INCLUDING LOANS AND SHARE DEPOSITS TO ITS MEMBERS.

Activities or mission (Part I)

COOPERATIVE PROVIDING FINANCIAL SERVICES, INCLUDING LOANS AND SHARE DEPOSITS TO ITS MEMBERS.

  • ON THE LIABILITY/EQUITY SIDE OF THE BALANCE SHEET OUR MEMBERS HOLD 303,881 SAVINGS, CHECKING, AND MONEY MARKET DEPOSIT ACCOUNTS WITH COMBINED BALANCES OF $1,705,717,788. MEMBERS HOLD 2,158 IRA SAVINGS ACCOUNTS WITH COMBINED BALANCES OF $18,501,053. THESE FUNDS ARE POOLED AND USED PRIMARILY TO FUND CONSUMER AND REAL ESTATE SECURED LOANS TO OUR MEMBERSHIP.

  • ALSO ON THE LIABILITY/EQUITY SIDE OF THE BALANCE SHEET, 16,964 OF OUR MEMBERS HOLD CERTIFICATE ACCOUNTS WITH TOTAL BALANCES OF $676,029,862.

  • ON THE ASSET SIDE, 82,340 OF OUR MEMBERS HOLD CONSUMER LOANS THAT INCLUDE VEHICLE, STUDENT, MORTGAGE, AND VISA LOANS. CONSUMER LOANS THAT INCLUDE VEHICLE SECURED LOANS THAT $1,102,107,271. REAL ESTATE SECURED LOANS TOTALS $445,301,877. THE LOAN PORTFOLIO TOTALS, $2,225,508,508.

As filed on the 2023 return.

Listed in Part VII

  • DONALD CLARK JR

    PRESIDENT/CEO

    Total calculated
    $4,001,853
    From this org
    $3,850,579
    From related orgs
    $0
    Other
    $151,274
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $749,558
    Bonus
    $224,867
    Other
    $2,876,154
    Deferred
    $126,500
    Nontaxable benefits
    $24,774
    Filer's total
    $4,001,853

  • TROY GARRY

    EVP/CFO (THRU 10/23)

    Total calculated
    $518,874
    From this org
    $463,754
    From related orgs
    $0
    Other
    $55,120
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $306,308
    Bonus
    $31,698
    Other
    $125,748
    Deferred
    $34,475
    Nontaxable benefits
    $20,645
    Filer's total
    $518,874

  • WENDY CLEVELAND

    EVP/CHIEF OPERATIONS OFFICER

    Total calculated
    $476,068
    From this org
    $425,743
    From related orgs
    $0
    Other
    $50,325
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $306,308
    Bonus
    $76,577
    Other
    $42,858
    Deferred
    $34,266
    Nontaxable benefits
    $16,059
    Filer's total
    $476,068

  • ROBYN LACHANCE

    EVP/CHIEF STRATEGY OFFICER

    Total calculated
    $376,141
    From this org
    $354,241
    From related orgs
    $0
    Other
    $21,900
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $255,675
    Bonus
    $63,919
    Other
    $34,647
    Deferred
    $12,528
    Nontaxable benefits
    $9,372
    Filer's total
    $376,141

  • LYMAN WILLIAMS

    SVP/CHIEF LENDING OFFICER

    Total calculated
    $365,114
    From this org
    $329,020
    From related orgs
    $0
    Other
    $36,094
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $253,926
    Bonus
    $63,482
    Other
    $11,612
    Deferred
    $11,320
    Nontaxable benefits
    $24,774
    Filer's total
    $365,114

  • NANCY STERNITZKY

    SVP/CHIEF INFORMATION OFFICER

    Total calculated
    $350,241
    From this org
    $314,679
    From related orgs
    $0
    Other
    $35,562
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $244,755
    Bonus
    $61,189
    Other
    $8,735
    Deferred
    $10,788
    Nontaxable benefits
    $24,774
    Filer's total
    $350,241

  • CHARLENE HENSON

    SVP/CHIEF RETAIL OFFICER

    Total calculated
    $324,126
    From this org
    $291,721
    From related orgs
    $0
    Other
    $32,405
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $224,079
    Bonus
    $56,020
    Other
    $11,622
    Deferred
    $11,482
    Nontaxable benefits
    $20,923
    Filer's total
    $324,126

  • KIMBERLY MAPES

    SVP/CHIEF EMPLOYEE ENGAGEMENT OFFICER

    Total calculated
    $311,428
    From this org
    $292,399
    From related orgs
    $0
    Other
    $19,029
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $231,441
    Bonus
    $57,860
    Other
    $3,098
    Deferred
    $10,137
    Nontaxable benefits
    $8,892
    Filer's total
    $311,428

  • RYAN ZILKER

    SVP/CHIEF MARKETING OFFICER

    Total calculated
    $310,294
    From this org
    $282,289
    From related orgs
    $0
    Other
    $28,005
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $221,340
    Bonus
    $55,335
    Other
    $5,614
    Deferred
    $9,383
    Nontaxable benefits
    $18,622
    Filer's total
    $310,294

  • UWE GOEKER

    VP/CHANGE MANAGEMENT & ENTERPRISE PROJECTS

    Total calculated
    $254,522
    From this org
    $220,912
    From related orgs
    $0
    Other
    $33,610
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,320
    Bonus
    $28,548
    Other
    $2,044
    Deferred
    $8,836
    Nontaxable benefits
    $24,774
    Filer's total
    $254,522

  • JASON MCDOUGAL

    VP/BUSINESS INTELLIGENCE

    Total calculated
    $242,291
    From this org
    $211,442
    From related orgs
    $0
    Other
    $30,849
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $171,580
    Bonus
    $25,737
    Other
    $14,125
    Deferred
    $6,075
    Nontaxable benefits
    $24,774
    Filer's total
    $242,291

  • CURTIS ANDERSON

    VP/BUSINESS LENDING

    Total calculated
    $241,404
    From this org
    $214,655
    From related orgs
    $0
    Other
    $26,749
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,250
    Bonus
    $27,788
    Other
    $1,617
    Deferred
    $8,308
    Nontaxable benefits
    $18,441
    Filer's total
    $241,404

  • ANDREW BLOOM

    SBA LOAN OFFICER

    Total calculated
    $228,262
    From this org
    $210,933
    From related orgs
    $0
    Other
    $17,329
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $110,343
    Bonus
    $1,000
    Other
    $99,590
    Deferred
    $8,437
    Nontaxable benefits
    $8,892
    Filer's total
    $228,262

  • SHELLEY COLEMAN

    CHAIR

    Total calculated
    $47,000
    From this org
    $47,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • JAMES GRIGGS

    DIRECTOR

    Total calculated
    $41,000
    From this org
    $41,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • JOHN BAUDER

    VICE CHAIR

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

  • BARRY WALLIS

    SECRETARY/TREASURER

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

  • HALUK DEMIRKAN

    DIRECTOR

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

  • DAVID WASSON

    DIRECTOR

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

  • TERRY PENTIMONTI

    DIRECTOR

    Total calculated
    $39,000
    From this org
    $39,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • BRENDA GOODSON-MOORE

    DIRECTOR

    Total calculated
    $35,000
    From this org
    $35,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • ALTAF MERCHANT

    DIRECTOR

    Total calculated
    $35,000
    From this org
    $35,000
    From related orgs
    $0
    Other
    $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
  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 2 · Substantiation required before reimbursing expenses
  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
FIRST CLASS TRAVEL: FIRST CLASS TRAVEL IS PROVIDED FOR BOARD OF DIRECTORS MEMBERS FOR FLIGHTS OVER A CERTAIN AMOUNT OF HOURS. TRAVEL FOR COMPANIONS: INCLUDES SPOUSAL TRAVEL FOR BOARD OF DIRECTORS MEMBERS, ALL OF WHICH IS TAXABLE COMPENSATION.
PART I, LINE 4B
THE CREDIT UNION HAS ENTERED INTO TWO 457(F) SUPPLEMENTAL RETIREMENT BENEFIT AGREEMENTS WITH DON CLARK JR. IN 2023, UNDER ONE 457(F) PLAN, DON CLARK RECEIVED A PAYOUT OF $400,000 AND NO AMOUNT WAS REPORTED AS DEFERRED COMPENSATION ON PART II, COLUMN C. IN 2023, UNDER THE SECOND 457(F) PLAN, $104,000 WAS REPORTED AS DEFERRED COMPENSATION ON PART II, COLUMN C AND $2,363,751 WAS PAID OUT.

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

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.

  • SOUND FINANCIAL GROUP INC

    C · INSURANCE · WA · 100% owned · share of income $32,823 · share of assets $689,585 · controlled entity

    Directly controlled by SOUND CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202433209349321993

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