Form 990 for tax year 2022
Filed by CREDIT UNIONS IN THE STATE OF WASHINGTON.
Totals
- Total revenue
- $27,675,853
- Total expenses
- $25,344,160
- Contributions and grants received
- $0
- Grants paid
- $21,500
- Program service revenue
- $27,786,215
- Investment income
- -$110,362
- Other revenue
- $0
- Total assets, end of year
- $560,412,089
- Total liabilities, end of year
- $521,899,357
- Net assets or fund balances, end of year
- $38,512,732
- 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
total $18,679,154 · related or exempt $18,679,154
-
2b · Program service revenue: INTERCHANGE INCOME
total $3,557,905 · related or exempt $3,557,905
-
2c · Program service revenue: FEES AND CHARGES
total $3,053,864 · related or exempt $2,991,549 · unrelated business $62,315
-
2d · Program service revenue: OTHER NON-INTEREST INCOME
total $2,495,292 · related or exempt $2,495,292
-
3 · Investment income
total $819,587 · excluded $819,587
-
7b · Less cost or other basis and sales expenses
other assets $929,949
-
7c · Gain or loss
other assets -$929,949
-
7d · Net gain or loss
total -$929,949 · excluded -$929,949
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $21,500
-
4 · Benefits paid to or for members
total $1,184,407
-
5 · Compensation of officers, directors and key employees
total $927,817
-
7 · Other salaries and wages
total $6,580,081
-
8 · Pension plan contributions
total $660,536
-
9 · Other employee benefits
total $1,949,997
-
10 · Payroll taxes
total $700,802
-
11b · Fees: legal
total $61,666
-
11c · Fees: accounting
total $89,484
-
11g · Fees: other
total $841,714
-
12 · Advertising and promotion
total $540,643
-
13 · Office expenses
total $1,031,011
-
14 · Information technology
total $705,633
-
16 · Occupancy
total $880,907
-
17 · Travel
total $86,479
-
19 · Conferences, conventions and meetings
total $29,979
-
20 · Interest
total $446,503
-
22 · Depreciation, depletion and amortization
total $688,163
-
23 · Insurance
total $71,392
-
24a · Other expenses: PROVISION FOR LOAN LOSS
total $2,512,989
-
24b · Other expenses: OPERATING EXPENSES
total $1,848,979
-
24c · Other expenses: CREDIT CARD EXPENSES
total $1,353,466
-
24d · Other expenses: LENDING EXPENSES
total $1,252,993
-
24e · All other expenses
total $877,019
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $7,679,126 · end of year $9,177,392
-
2 · Savings and temporary cash investments
beginning of year $85,704,848 · end of year $39,116,630
-
5 · Loans and receivables from officers and key people
beginning of year $277,794 · end of year $302,681
-
7 · Other notes and loans receivable
beginning of year $347,011,140 · end of year $481,331,155
-
9 · Prepaid expenses and deferred charges
beginning of year $751,999 · end of year $628,378
-
10a · Land, buildings and equipment: cost or other basis
$16,405,320
-
10b · Land, buildings and equipment: accumulated depreciation
$9,324,848
-
10c · Land, buildings and equipment, net
beginning of year $7,571,832 · end of year $7,080,472
-
12 · Investments: other securities
beginning of year $1,086,877 · end of year $2,522,880
-
15 · Other assets
beginning of year $17,053,680 · end of year $20,252,501
-
17 · Accounts payable and accrued expenses
beginning of year $6,438,824 · end of year $8,459,282
-
19 · Deferred revenue
beginning of year $362,299 · end of year $0
-
23 · Secured mortgages and notes payable
end of year $24,999,999
-
24 · Unsecured notes and loans payable
beginning of year $2,000,000 · end of year $12,000,000
-
25 · Other liabilities
beginning of year $422,548,308 · end of year $476,440,076
-
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 $35,787,865 · end of year $38,512,732
Mission and programs · 2022
Mission
THE PURPOSE OF THE CREDIT UNION IS TO OPERATE AS A COOPERATIVE, NOT-FOR-PROFIT FINANCIAL INSTITUTION, FOR THE PURPOSE OF ENCOURAGING THRIFT AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT AT A FAIR AND REASONABLE RATE OF INTEREST AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR OWN MONEY IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION.
Activities or mission (Part I)
CREDIT UNION IN THE STATE OF WASHINGTON. PROVIDES FINANCIAL PRODUCTS AND SERVICES TO MEMBERS.
-
THE CREDIT UNION PROVIDES DRAFT AND SHARE ACCOUNTS, SHARE CERTIFICATES, CONSUMER AND COMMERCIAL LOANS, AND OTHER EXEMPT FUNCTION ACTIVITIES TO ITS MEMBERS.
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
James CollinsJAMES COLLINS
CEO/TREASURER
- Total calculated
- $345,554
- From this org
- $318,665
- From related orgs
- $0
- Other
- $26,889
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $294,725
- Bonus
- $23,940
- Other
- $0
- Deferred
- $12,200
- Nontaxable benefits
- $14,689
- Filer's total
- $345,554
-
Jeremy FranklinJEREMY FRANKLIN
VP OF MORTGAGE LENDING
- Total calculated
- $288,538
- From this org
- $275,349
- From related orgs
- $0
- Other
- $13,189
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $62,815
- Bonus
- $212,534
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $13,189
- Filer's total
- $288,538
-
David EchtleDAVID ECHTLE
CHIEF LENDING OFFICER
- Total calculated
- $224,793
- From this org
- $189,761
- From related orgs
- $0
- Other
- $35,032
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $173,268
- Bonus
- $16,493
- Other
- $0
- Deferred
- $25,517
- Nontaxable benefits
- $9,515
- Filer's total
- $224,793
-
Timothy TimmerTIMOTHY TIMMER
COMMERCIAL LOAN OFFICER
- Total calculated
- $221,439
- From this org
- $208,550
- From related orgs
- $0
- Other
- $12,889
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $88,720
- Bonus
- $119,830
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $12,889
- Filer's total
- $221,439
-
Michael LindseyMICHAEL LINDSEY
MORTGAGE LOAN OFFICER (THRU 10/22)
- Total calculated
- $188,128
- From this org
- $175,319
- From related orgs
- $0
- Other
- $12,809
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $20,366
- Bonus
- $154,953
- Other
- $0
- Deferred
- $2,298
- Nontaxable benefits
- $10,511
- Filer's total
- $188,128
-
Jennifer Roberts-EchtleJENNIFER ROBERTS-ECHTLE
CHIEF OPERATIONS OFFICER
- Total calculated
- $181,226
- From this org
- $147,804
- From related orgs
- $0
- Other
- $33,422
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $132,545
- Bonus
- $15,259
- Other
- $0
- Deferred
- $23,431
- Nontaxable benefits
- $9,991
- Filer's total
- $181,226
-
Wendy AvilaWENDY AVILA
SMALL BUSINESS LOAN OFFICER
- Total calculated
- $177,599
- From this org
- $158,020
- From related orgs
- $0
- Other
- $19,579
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $103,401
- Bonus
- $54,619
- Other
- $0
- Deferred
- $6,390
- Nontaxable benefits
- $13,189
- Filer's total
- $177,599
-
Daniel HildrethDANIEL HILDRETH
SVP OF FINANCE
- Total calculated
- $176,242
- From this org
- $148,038
- From related orgs
- $0
- Other
- $28,204
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $133,924
- Bonus
- $14,114
- Other
- $0
- Deferred
- $20,581
- Nontaxable benefits
- $7,623
- Filer's total
- $176,242
-
Edwin MaganaEDWIN MAGANA
VP OF INFORMATION TECHNOLOGY
- Total calculated
- $157,499
- From this org
- $149,603
- From related orgs
- $0
- Other
- $7,896
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $141,808
- Bonus
- $7,795
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $7,896
- Filer's total
- $157,499
-
Jason GordonJASON GORDON
CHAIR
- Total calculated
- $0
- Hours/week
- 4
-
Prabakaran ManoharanPRABAKARAN MANOHARAN
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 4
-
Joy JohnstonJOY JOHNSTON
2ND VICE CHAIR
- Total calculated
- $0
- Hours/week
- 4
-
Wilford SaundersWILFORD SAUNDERS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 4
-
Steve BlankenshipSTEVE BLANKENSHIP
DIRECTOR
- Total calculated
- $0
- Hours/week
- 4
-
Diane Branson-UnwinDIANE BRANSON-UNWIN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 4
-
Judith WeeksJUDITH WEEKS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 4
-
Christy KrigsmanCHRISTY KRIGSMAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 4
-
Michele FisherMICHELE FISHER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 4
-
Myriam BauschMYRIAM BAUSCH
DIRECTOR (THRU 01/22)
- Total calculated
- $0
- Hours/week
- 4
-
Jerry MurphyJERRY MURPHY
DIRECTOR (THRU 09/22)
- Total calculated
- $0
- Hours/week
- 4
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
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 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 PAID FOR CERTAIN MEMBERS OF MANAGEMENT AND IS INCLUDED IN THE EMPLOYEE'S W-2.
- PART I, LINE 4B
- THE CREDIT UNION PARTICIPATES IN A 457(F) RETIREMENT PLAN FOR CERTAIN OFFICERS AND KEY EMPLOYEES. THE FOLLOWING EMPLOYEES RECEIVED CONTRIBUTIONS TO THIS PLAN DURING 2022: DAVID ECHTLE - $17,767 JENNIFER ROBERTS-ECHTLE- $17,767 DANIEL HILDRETH - $15,000 THE FOLLOWING EMPLOYEES RECEIVED DISTRIBUTIONS FROM THIS PLAN DURING 2022: DAVID ECHTLE - $9,296 JENNIFER ROBERTS-ECHTLE- $8,541 DANIEL HILDRETH - $8,362
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
- 2022
- Filed
- 19 October 2023
- IRS schema version
- 2022v5.0
- Source object
- 202302939349301135
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