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Nonprofiteer
← 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
$3,688,136
Total expenses
$3,633,864
Contributions and grants received
$1,887,456
Grants paid
$0
Program service revenue
$1,332,019
Investment income
$192,262
Other revenue
$276,399
Total assets, end of year
$27,245,272
Total liabilities, end of year
$23,868,917
Net assets or fund balances, end of year
$3,376,355
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.

  • 1e · Government grants (contributions)

    $292,818

  • 1f · All other contributions, gifts and grants

    $1,594,638

  • 2a · Program service revenue: LOAN INTEREST INCOME

    total $1,332,019 · related or exempt $1,332,019

  • 3 · Investment income

    total $193,316 · excluded $193,316

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

    other assets $1,054

  • 7c · Gain or loss

    other assets -$1,054

  • 7d · Net gain or loss

    total -$1,054 · related or exempt -$1,054

  • 11a · Other revenue: SERVICES CHARGES

    total $141,329 · related or exempt $141,329

  • 11b · Other revenue: INTERCHANGE SERVICE CH

    total $135,070 · related or exempt $135,070

  • 11e · Other revenue, total

    $276,399

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $368,956

  • 7 · Other salaries and wages

    total $805,774

  • 9 · Other employee benefits

    total $186,325

  • 10 · Payroll taxes

    total $101,966

  • 11a · Fees: management

    total $15,132

  • 11b · Fees: legal

    total $6,093

  • 11c · Fees: accounting

    total $67,168

  • 11f · Fees: investment management

    total $2,926

  • 11g · Fees: other

    total $84,387

  • 12 · Advertising and promotion

    total $193,066

  • 13 · Office expenses

    total $159,870

  • 14 · Information technology

    total $257,432

  • 16 · Occupancy

    total $111,004

  • 17 · Travel

    total $9,803

  • 19 · Conferences, conventions and meetings

    total $9,827

  • 20 · Interest

    total $484,826

  • 22 · Depreciation, depletion and amortization

    total $52,167

  • 23 · Insurance

    total $25,350

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $354,525

  • 24b · Other expenses: LOAN SERVICING

    total $283,270

  • 24c · Other expenses: MISCELLANEOUS OPERATING

    total $51,771

  • 24d · Other expenses: REGULATORY FEES

    total $2,226

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $135,542 · end of year $229,856

  • 2 · Savings and temporary cash investments

    beginning of year $2,321,919 · end of year $5,062,220

  • 7 · Other notes and loans receivable

    beginning of year $18,880,114 · end of year $17,476,403

  • 9 · Prepaid expenses and deferred charges

    beginning of year $286,089 · end of year $432,454

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

    $661,175

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

    $538,231

  • 10c · Land, buildings and equipment, net

    beginning of year $207,837 · end of year $122,944

  • 12 · Investments: other securities

    beginning of year $0 · end of year $3,494,423

  • 15 · Other assets

    beginning of year $292,684 · end of year $426,972

  • 17 · Accounts payable and accrued expenses

    beginning of year $174,217 · end of year $314,808

  • 19 · Deferred revenue

    beginning of year $808,437 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $250,000 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $23,554,109

  • 29 · Capital stock, trust principal or current funds

    beginning of year $17,569,447 · 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 $3,322,084 · end of year $3,376,355

Mission and programs · 2024

Mission

OUR MISSION IS TO PROVIDE AFFORDABLE CREDIT UNION FINANCIAL SERVICES TO LOW AND MODERATE INCOME PEOPLE IN WASHINGTON AND IN DOING SO, HELP THEM BUILD ASSETS AND ACHIEVE FINANCIAL STABILITY.

Activities or mission (Part I)

OUR MISSION IS TO COLLABORATE WITH COMMUNITY TO CREATE ACCESS TO FINANCIAL OPPORTUNITIES.

  • OPERATIONAL SERVICES FOR CREDIT UNION MEMBERS.

As filed on the 2024 return.

Listed in Part VII

  • Sarah Slonsky

    BOARD CHAIRMAN

    Total calculated
    $0
    Hours/week
    4

  • Aaron Bresko

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Angela Lowe

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Matthew Draper

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Joan Geraghty

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Vaughnetta Barton

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Helen Gibson

    PRESIDENT/CEO

    Total calculated
    $93,409
    From this org
    $84,683
    From related orgs
    $0
    Other
    $8,726
    Hours/week
    48

  • Elizabeth Escobar

    CHIEF BUSINESS OFFICER

    Total calculated
    $121,439
    From this org
    $109,084
    From related orgs
    $0
    Other
    $12,355
    Hours/week
    45

  • Paul Baudin

    PRESIDENT/CEO (FORMER)

    Total calculated
    $177,420
    From this org
    $175,189
    From related orgs
    $0
    Other
    $2,231
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $163,568
    Bonus
    $10,730
    Other
    $891
    Deferred
    $0
    Nontaxable benefits
    $2,231
    Filer's total
    $177,420

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

  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

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
2024
Filed
28 October 2025
IRS schema version
2024v5.2
Source object
202523029349301022

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