Skip to content
Nonprofiteer
← SOLARITY CREDIT UNION

Form 990 for tax year 2022

Filed by SOLARITY CREDIT UNION.

Totals

Total revenue
$37,492,619
Total expenses
$31,117,103
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$35,698,880
Investment income
$1,773,426
Other revenue
$20,313
Total assets, end of year
$821,287,129
Total liabilities, end of year
$703,227,328
Net assets or fund balances, end of year
$118,059,801
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 $25,336,922 · related or exempt $25,336,922

  • 2b · Program service revenue: FEES AND CHARGES

    total $6,053,612 · related or exempt $5,943,656 · unrelated business $109,956

  • 2c · Program service revenue: INTERCHANGE INCOME

    total $4,308,346 · related or exempt $4,308,346

  • 3 · Investment income

    total $1,878,025 · excluded $1,878,025

  • 6a · Gross rents

    real property $24,680

  • 6b · Less rental expenses

    real property $4,367

  • 6c · Rental income or loss

    real property $20,313

  • 6d · Net rental income or loss

    total $20,313 · excluded $20,313

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

    other assets $104,599

  • 7c · Gain or loss

    other assets -$104,599

  • 7d · Net gain or loss

    total -$104,599 · excluded -$104,599

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $605,548

  • 5 · Compensation of officers, directors and key employees

    total $2,703,787

  • 7 · Other salaries and wages

    total $9,135,128

  • 8 · Pension plan contributions

    total $662,384

  • 9 · Other employee benefits

    total $2,642,810

  • 10 · Payroll taxes

    total $1,112,110

  • 11b · Fees: legal

    total $78,615

  • 11c · Fees: accounting

    total $171,474

  • 11d · Fees: lobbying

    total $8,324

  • 11f · Fees: investment management

    total $2,372

  • 11g · Fees: other

    total $2,190,905

  • 12 · Advertising and promotion

    total $931,209

  • 13 · Office expenses

    total $4,677,768

  • 16 · Occupancy

    total $580,392

  • 17 · Travel

    total $315,157

  • 20 · Interest

    total $717,043

  • 22 · Depreciation, depletion and amortization

    total $1,498,841

  • 23 · Insurance

    total $111,128

  • 24a · Other expenses: LOAN SERVICING

    total $1,287,200

  • 24b · Other expenses: ATM EXPENSES

    total $640,776

  • 24c · Other expenses: MISCELLANEOUS EXPENSES

    total $618,132

  • 24d · Other expenses: PROVISION FOR LOAN LOSS

    total $426,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $14,908,670 · end of year $12,911,321

  • 2 · Savings and temporary cash investments

    beginning of year $101,123,967 · end of year $47,178,037

  • 4 · Accounts receivable

    beginning of year $5,171,442 · end of year $4,559,411

  • 7 · Other notes and loans receivable

    beginning of year $544,818,500 · end of year $661,223,619

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,989,093 · end of year $2,057,073

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

    $30,976,993

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

    $18,241,163

  • 10c · Land, buildings and equipment, net

    beginning of year $14,083,142 · end of year $12,735,830

  • 11 · Investments: publicly traded securities

    beginning of year $53,653,783 · end of year $57,437,981

  • 12 · Investments: other securities

    beginning of year $1,768,300 · end of year $3,045,400

  • 15 · Other assets

    beginning of year $76,254,262 · end of year $20,138,457

  • 17 · Accounts payable and accrued expenses

    beginning of year $16,919,272 · end of year $15,506,017

  • 21 · Escrow or custodial account liability

    beginning of year $1,637,477 · end of year $1,438,339

  • 23 · Secured mortgages and notes payable

    beginning of year $10,000,000 · end of year $41,300,000

  • 25 · Other liabilities

    beginning of year $666,425,008 · end of year $644,982,972

  • 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 $118,789,402 · end of year $118,059,801

Mission and programs · 2022

Mission

PROVIDE FINANCIAL SERVICES TO MEMBERS, INCLUDING BUT NOT LIMITED TO PROVIDING REAL ESTATE AND OTHER SECURED AND UNSECURED CONSUMER LOANS, CHECKING AND SAVINGS PROGRAMS, AND CREDIT CARD SERVICES.

Activities or mission (Part I)

PROVIDE FINANCIAL SERVICES TO MEMBERS.

  • 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 2022 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

    PRESIDENT/CEO

    Total calculated
    $697,194
    From this org
    $650,611
    From related orgs
    $0
    Other
    $46,583
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $602,170
    Bonus
    $26,141
    Other
    $22,300
    Deferred
    $38,800
    Nontaxable benefits
    $7,783
    Filer's total
    $697,194

  • Ralph Cumbee

    CHIEF COMMUNICATIONS OFFICER

    Total calculated
    $341,574
    From this org
    $305,073
    From related orgs
    $0
    Other
    $36,501
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $278,864
    Bonus
    $15,249
    Other
    $10,960
    Deferred
    $27,400
    Nontaxable benefits
    $9,101
    Filer's total
    $341,574

  • Carrie Gabbard

    CHIEF OPERATING OFFICER

    Total calculated
    $354,159
    From this org
    $308,476
    From related orgs
    $0
    Other
    $45,683
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $270,927
    Bonus
    $15,249
    Other
    $22,300
    Deferred
    $37,900
    Nontaxable benefits
    $7,783
    Filer's total
    $354,159

  • Paul Garrigues

    CHIEF FINANCIAL OFFICER (UNTIL 3/22)

    Total calculated
    $255,629
    From this org
    $221,798
    From related orgs
    $0
    Other
    $33,831
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $21,645
    Bonus
    $15,249
    Other
    $184,904
    Deferred
    $25,406
    Nontaxable benefits
    $8,425
    Filer's total
    $255,629

  • David Eldred

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $281,551
    From this org
    $247,625
    From related orgs
    $0
    Other
    $33,926
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $235,825
    Bonus
    $0
    Other
    $11,800
    Deferred
    $24,700
    Nontaxable benefits
    $9,226
    Filer's total
    $281,551

  • Steven Brown

    CHIEF LENDING OFFICER

    Total calculated
    $314,988
    From this org
    $269,542
    From related orgs
    $0
    Other
    $45,446
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $247,242
    Bonus
    $0
    Other
    $22,300
    Deferred
    $36,220
    Nontaxable benefits
    $9,226
    Filer's total
    $314,988

  • Steve Shead

    CHIEF INFORMATION OFFICER

    Total calculated
    $290,692
    From this org
    $269,884
    From related orgs
    $0
    Other
    $20,808
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $268,159
    Bonus
    $0
    Other
    $1,725
    Deferred
    $15,950
    Nontaxable benefits
    $4,858
    Filer's total
    $290,692

  • Valentin Villa

    MORTGAGE LOAN OFFICER

    Total calculated
    $271,217
    From this org
    $246,683
    From related orgs
    $0
    Other
    $24,534
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $22,312
    Bonus
    $222,571
    Other
    $1,800
    Deferred
    $15,308
    Nontaxable benefits
    $9,226
    Filer's total
    $271,217

  • Debbie Ingle

    VP OF HOME LOAN PRODUCTION

    Total calculated
    $295,607
    From this org
    $251,713
    From related orgs
    $0
    Other
    $43,894
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $187,699
    Bonus
    $41,714
    Other
    $22,300
    Deferred
    $34,668
    Nontaxable benefits
    $9,226
    Filer's total
    $295,607

  • Michelle Hatton

    VP BUSINESS SERVICES

    Total calculated
    $193,981
    From this org
    $173,730
    From related orgs
    $0
    Other
    $20,251
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,430
    Bonus
    $1,500
    Other
    $4,800
    Deferred
    $13,137
    Nontaxable benefits
    $7,114
    Filer's total
    $193,981

  • Brandon Babin

    BUSINESS SERVICES RELATION MANAGER

    Total calculated
    $204,553
    From this org
    $188,147
    From related orgs
    $0
    Other
    $16,406
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $85,320
    Bonus
    $101,027
    Other
    $1,800
    Deferred
    $11,269
    Nontaxable benefits
    $5,137
    Filer's total
    $204,553

  • Lisa Adamiak

    VP FINANCE AND ADMINISTRATION

    Total calculated
    $187,775
    From this org
    $169,036
    From related orgs
    $0
    Other
    $18,739
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,736
    Bonus
    $0
    Other
    $3,300
    Deferred
    $11,620
    Nontaxable benefits
    $7,119
    Filer's total
    $187,775

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
PAUL GARRIGUES RECEIVED A SEVERANCE PAYMENT DURING CALENDAR 2022 IN THE AMOUNT OF $123,600. 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 OR DISTRIBUTIONS FROM THE 457(F) PLAN DURING 2022.

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
29 May 2023
IRS schema version
2022v5.0
Source object
202331509349300898

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.