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Nonprofiteer
← SEATTLECU FOUNDATION

Form 990 for tax year 2024

Filed by SEATTLECU FOUNDATION.

Totals

Total revenue
$250,000
Total expenses
$0
Contributions and grants received
$250,000
Grants paid
$0
Program service revenue
$0
Investment income
$0
Other revenue
$0
Total assets, end of year
$250,000
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$250,000
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
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.

  • 1d · Related organizations

    $250,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $249,995

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $5

  • 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 $0 · end of year $250,000

Mission and programs · 2024

Mission

THE FOUNDATIONS IMPACT PILLARS INCLUDE WEALTH CREATION FOR LOW-INCOME AND MARGINALIZED COMMUNITIES, SUPPORTING SMALL BUSINESSES, INVESTING IN OUR COMMUNITIES, AND PROVIDING SERVICES FOR IMMIGRANT COMMUNITIES.

Activities or mission (Part I)

THE SEATTLECU FOUNDATION'S MISSION IS TO TRANSFORM THE FINANCIAL LANDSCAPE FOR HISTORICALLY EXCLUDED COMMUNITIES ACROSS WASHINGTON STATE.

  • THE ORGANIZATION SPENT A SIGNIFICANT AMOUNT OF TIME PLANNING THE LAUNCHING OF GRANT PROGRAMS THAT WILL BE KICKED OFF IN 2025 AS OUTLINED BELOW:1. INVESTING IN OUR COMMUNITIES MICROGRANT - UP TO $1,500 TO SUPPORT COMMUNITY BUILDING PROJECTS IN WASHINGTON STATE.2. INVITATION-ONLY GRANTS TO MISSION-ALIGNED COMMUNITY ORGANIZATIONS TO SUPPORT PROJECTS ALIGNING WITH THE FOUNDATION'S IMPACT PILLARS.

As filed on the 2024 return.

Listed in Part VII

  • Richard Romero

    BOARD CHAIR

    Total calculated
    $1,141,809
    From this org
    $0
    From related orgs
    $828,016
    Other
    $313,793
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $661,546 related
    Bonus
    $0 + $149,840 related
    Other
    $0 + $16,630 related
    Deferred
    $0 + $259,108 related
    Nontaxable benefits
    $0 + $54,685 related
    Filer's total
    $0 + $1,141,809 related

  • Lee Pierce

    BOARD SECRETARY

    Total calculated
    $499,776
    From this org
    $0
    From related orgs
    $361,532
    Other
    $138,244
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $300,462 related
    Bonus
    $0 + $59,912 related
    Other
    $0 + $1,158 related
    Deferred
    $0 + $123,185 related
    Nontaxable benefits
    $0 + $15,059 related
    Filer's total
    $0 + $499,776 related

  • Michael Cruz

    BOARD VICE CHAIR

    Total calculated
    $163,338
    From this org
    $0
    From related orgs
    $150,034
    Other
    $13,304
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $149,741 related
    Bonus
    $0
    Other
    $0 + $293 related
    Deferred
    $0 + $6,875 related
    Nontaxable benefits
    $0 + $6,429 related
    Filer's total
    $0 + $163,338 related

  • Jackie Martinez-Vasquez

    EXECUTIVE DIRECTOR

    Total calculated
    $236,420
    From this org
    $0
    From related orgs
    $217,896
    Other
    $18,524
    Hours/week
    8 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $202,513 related
    Bonus
    $0 + $15,000 related
    Other
    $0 + $383 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $18,524 related
    Filer's total
    $0 + $236,420 related

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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B
THE FOUNDATIONS BOARD, OFFICERS, AND KEY EMPLOYEES ARE COMPENSATED BY THE RELATED ORGANIZATION SEATTLE CREDIT UNION. EFFECTIVE SEPTEMBER 2016, THE CREDIT UNION ENTERED INTO A DEFERRED COMPENSATION AGREEMENT WITH CERTAIN EXECUTIVES THAT PROVIDES BENEFITS PAYABLE TO THESE EMPLOYEES IF THEY REMAIN EMPLOYED BY THE CREDIT UNION BASED ON A CLIFF VESTING SCHEDULE. IF THESE EMPLOYEES BECOME DISABLED, OR AT THE TIME OF DEATH OR CHANGE IN CONTROL OF EMPLOYER, ACCRUED BENEFITS ARE IMMEDIATELY PAYABLE; HOWEVER, THE BENEFITS ARE SUBJECT TO FORFEITURE IF EMPLOYMENT IS TERMINATED FOR CAUSE. THE 2024 ACCRUED DEFERRED COMPENSATION RELATED TO THIS AGREEMENT FOR EMPLOYEES LISTED ON THIS RETURN IS $436,682. RICHARD ROMERO PARTICIPATES IN A SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15.

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2024
Filed
17 November 2025
IRS schema version
2024v5.2
Source object
202543219349322734

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