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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
$12,714,227
Total expenses
$10,523,455
Contributions and grants received
$0
Grants paid
$13,450
Program service revenue
$10,741,283
Investment income
$1,850,577
Other revenue
$122,367
Total assets, end of year
$298,821,651
Total liabilities, end of year
$268,696,287
Net assets or fund balances, end of year
$30,125,364
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 $8,896,598 · related or exempt $8,896,598

  • 2b · Program service revenue: FEE INCOME

    total $1,844,685 · related or exempt $1,796,551 · unrelated business $48,134

  • 3 · Investment income

    total $1,827,400 · excluded $1,827,400

  • 7a · Gross sales of assets other than inventory

    securities $3,894,100 · other assets $129,077

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

    securities $4,000,000 · other assets $0

  • 7c · Gain or loss

    securities -$105,900 · other assets $129,077

  • 7d · Net gain or loss

    total $23,177 · related or exempt $23,177

  • 11a · Other revenue: LIFE INSURANCE POLICY

    total $122,367 · related or exempt $122,367

  • 11e · Other revenue, total

    $122,367

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $13,450

  • 5 · Compensation of officers, directors and key employees

    total $697,482

  • 7 · Other salaries and wages

    total $2,845,842

  • 8 · Pension plan contributions

    total $119,000

  • 9 · Other employee benefits

    total $285,978

  • 10 · Payroll taxes

    total $307,872

  • 11a · Fees: management

    total $8,047

  • 11b · Fees: legal

    total $1,809

  • 11c · Fees: accounting

    total $101,640

  • 11g · Fees: other

    total $196,964

  • 12 · Advertising and promotion

    total $222,396

  • 13 · Office expenses

    total $734,561

  • 14 · Information technology

    total $520,318

  • 16 · Occupancy

    total $526,324

  • 17 · Travel

    total $5,111

  • 19 · Conferences, conventions and meetings

    total $20,442

  • 20 · Interest

    total $1,225,832

  • 22 · Depreciation, depletion and amortization

    total $300,749

  • 23 · Insurance

    total $59,862

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $881,000

  • 24b · Other expenses: LOAN SERVICING EXPENSES

    total $769,413

  • 24c · Other expenses: MISCELLANEOUS EXPENSES

    total $503,590

  • 24d · Other expenses: COLLECTION EXPENSES

    total $127,904

  • 24e · All other expenses

    total $47,869

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,566,334 · end of year $1,106,203

  • 2 · Savings and temporary cash investments

    beginning of year $27,984,666 · end of year $29,701,504

  • 4 · Accounts receivable

    beginning of year $874,781 · end of year $1,815,680

  • 7 · Other notes and loans receivable

    beginning of year $184,445,994 · end of year $185,274,758

  • 9 · Prepaid expenses and deferred charges

    beginning of year $150,944 · end of year $260,420

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

    $9,782,808

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

    $4,356,185

  • 10c · Land, buildings and equipment, net

    beginning of year $5,020,409 · end of year $5,426,623

  • 12 · Investments: other securities

    beginning of year $72,670,318 · end of year $65,787,509

  • 15 · Other assets

    beginning of year $9,416,263 · end of year $9,448,954

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,574,146 · end of year $13,363,277

  • 25 · Other liabilities

    beginning of year $265,216,907 · end of year $255,333,010

  • 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 $26,338,656 · end of year $30,125,364

Mission and programs · 2023

Mission

WE ARE COMMITTED TO HELP OUR MEMBERS GET AHEAD FINANCIALLY THROUGH EXCELLENT SERVICE AND QUALITY PRODUCTS.

Activities or mission (Part I)

PROVIDE FINANCIAL SERVICES, SUCH AS LOANS, TO ANYONE WHO LIVES OR WORKS IN WASHINGTON.

  • SINCE 1939, NW PLUS CREDIT UNION HAS PROVIDED FINANCIAL SERVICES TO THEEMPLOYEES AND FAMILY MEMBERS OF FRONTIER COMMUNICATIONS FORMERLY KNOWNAS GTE AND VERIZON. SINCE THEN, WE HAVE EXPANDED OUR CHARTER TO INCLUDEANYONE WHO LIVES, WORKS OR WORSHIPS IN THE STATE OF WASHINGTON. NW PLUSCREDIT UNION'S EXISTENCE REFLECTS ITS MEMBERS' COMBINED INTERESTS TOBENEFIT THE GENERAL MEMBERSHIP IN THE LOCAL COMMUNITIES WE SERVE. WEPROVIDE A FULL SPECTRUM OF FINANCIAL PRODUCTS AND SERVICES AND RETURNTHE PROFIT TO OUR MEMBERS, WITH LOWER LOAN RATES AND HIGHER SAVINGSRATES, LOW FEES, AND INNOVATIVE PRODUCTS. THIS DIRECT FINANCIAL VALUEIS GIVEN BACK TO OUR MEMBERS, INSTEAD OF BEING PAID TO A LIMITED NUMBEROF STOCKHOLDERS, OFFICERS, OR OUT-OF-STATE OWNERS, AS MANY BANKS DO. ASOF DECEMBER 31, 2023, NW PLUS CREDIT UNION HAD 16,348 MEMBERS.

As filed on the 2023 return.

Listed in Part VII

  • Brad Jones

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Gary Heilman

    CHAIR

    Total calculated
    $0
    Hours/week
    3

  • John Conderman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Kimberly Stone

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Paul Erickson

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Harlan Mayer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Linda Alvar

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Brian Walker

    CFO

    Total calculated
    $178,008
    From this org
    $167,402
    From related orgs
    $0
    Other
    $10,606
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $139,066
    Bonus
    $25,414
    Other
    $2,922
    Deferred
    $0
    Nontaxable benefits
    $10,606
    Filer's total
    $178,008

  • Debra Driscoll

    CLO

    Total calculated
    $150,030
    From this org
    $148,211
    From related orgs
    $0
    Other
    $1,819
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $124,429
    Bonus
    $21,327
    Other
    $2,455
    Deferred
    $0
    Nontaxable benefits
    $1,819
    Filer's total
    $150,030

  • Torrie Ramos

    CEO/PRESIDENT

    Total calculated
    $381,869
    From this org
    $381,869
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $220,204
    Bonus
    $25,287
    Other
    $136,378
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $381,869

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 · Tax indemnification and gross-up payments
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 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

The filer's explanations (Part III)

PART I, LINE 1A
TORRIE RAMOS, PRESIDENT AND CEO, RECEIVED A LIFE INSURANCE POLICY WHERE THE PREMIUM WAS PAID FOR BY THE CREDIT UNION. TORRIE'S WAGES WERE GROSSED-UP TO COVER FEDERAL INCOME TAXES.

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
9 July 2024
IRS schema version
2023v5.1
Source object
202401939349301515

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