← 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: $37,771,029
Total expenses: $34,370,784
Contributions and grants received: $0
Grants paid: $25,000
Program service revenue: $35,184,857
Investment income: $2,578,100
Other revenue: $8,072
Total assets, end of year: $658,730,229
Total liabilities, end of year: $601,253,948
Net assets or fund balances, end of year: $57,476,281
Program services expenses (Part IX): $10,387,316
Management and general expenses: $0
Fundraising expenses: $0
Program service expenses (Part III): $10,387,316

Program services were 30.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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.

1a · Federated campaigns

$0
1b · Membership dues

$0
1c · Fundraising events

$0
1d · Related organizations

$0
1e · Government grants (contributions)

$0
1f · All other contributions, gifts and grants

$0
1g · Noncash contributions included above

$0
2a · Program service revenue: INTEREST ON LOANS TO MEMBERS

total $29,378,274 · related or exempt $29,378,274 · unrelated business $0 · excluded $0
2b · Program service revenue: OTHER NON-INTEREST INCOME

total $3,104,907 · related or exempt $3,057,086 · unrelated business $47,821 · excluded $0
2c · Program service revenue: FEE INCOME

total $1,847,910 · related or exempt $1,809,603 · unrelated business $38,307 · excluded $0
2d · Program service revenue: OTHER MISCELLANEOUS INCOM

total $853,766 · related or exempt $853,766 · unrelated business $0 · excluded $0
3 · Investment income

total $2,581,760 · related or exempt $0 · unrelated business $0 · excluded $2,581,760
4 · Income from investment of tax-exempt bond proceeds

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
5 · Royalties

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
6a · Gross rents

real property $144,283 · personal property $0
6b · Less rental expenses

real property $136,211 · personal property $0
6c · Rental income or loss

real property $8,072 · personal property $0
6d · Net rental income or loss

total $8,072 · related or exempt $0 · unrelated business $0 · excluded $8,072
7a · Gross sales of assets other than inventory

securities $0 · other assets $0
7b · Less cost or other basis and sales expenses

securities $3,660 · other assets $0
7c · Gain or loss

securities -$3,660 · other assets $0
7d · Net gain or loss

total -$3,660 · related or exempt -$3,660 · unrelated business $0 · excluded $0
8a · Fundraising events: gross income

$0
8a · Fundraising events: contributions included on line 1c

$0
8b · Fundraising events: direct expenses

$0
8c · Net income from fundraising events

total $0 · unrelated business $0 · excluded $0
9a · Gaming: gross income

$0
9b · Gaming: direct expenses

$0
9c · Net income from gaming

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11e · Other revenue, total

$0

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $0 · program services $0
2 · Grants to domestic individuals

total $25,000 · program services $0
3 · Grants to foreign organizations and individuals

total $0 · program services $0
4 · Benefits paid to or for members

total $10,387,316 · program services $10,387,316
5 · Compensation of officers, directors and key employees

total $1,653,190 · program services $0 · management and general $0 · fundraising $0
6 · Compensation of disqualified persons

total $0 · program services $0 · management and general $0 · fundraising $0
7 · Other salaries and wages

total $6,835,446 · program services $0 · management and general $0 · fundraising $0
8 · Pension plan contributions

total $490,572 · program services $0 · management and general $0 · fundraising $0
9 · Other employee benefits

total $1,695,556 · program services $0 · management and general $0 · fundraising $0
10 · Payroll taxes

total $673,824 · program services $0 · management and general $0 · fundraising $0
11a · Fees: management

total $0 · program services $0 · management and general $0 · fundraising $0
11b · Fees: legal

total $4,829 · program services $0 · management and general $0 · fundraising $0
11c · Fees: accounting

total $0 · program services $0 · management and general $0 · fundraising $0
11d · Fees: lobbying

total $0 · program services $0 · management and general $0 · fundraising $0
11e · Fees: professional fundraising services

total $0 · fundraising $0
11f · Fees: investment management

total $0 · program services $0 · management and general $0 · fundraising $0
11g · Fees: other

total $666,563 · program services $0 · management and general $0 · fundraising $0
12 · Advertising and promotion

total $493,827 · program services $0 · management and general $0 · fundraising $0
13 · Office expenses

total $5,354,566 · program services $0 · management and general $0 · fundraising $0
14 · Information technology

total $0 · program services $0 · management and general $0 · fundraising $0
15 · Royalties

total $0 · program services $0 · management and general $0 · fundraising $0
16 · Occupancy

total $573,941 · program services $0 · management and general $0 · fundraising $0
17 · Travel

total $186,931 · program services $0 · management and general $0 · fundraising $0
18 · Travel or entertainment for public officials

total $120,471 · program services $0 · management and general $0 · fundraising $0
19 · Conferences, conventions and meetings

total $0 · program services $0 · management and general $0 · fundraising $0
20 · Interest

total $1,168,603 · program services $0 · management and general $0 · fundraising $0
21 · Payments to affiliates

total $0 · program services $0 · management and general $0 · fundraising $0
22 · Depreciation, depletion and amortization

total $776,410 · program services $0 · management and general $0 · fundraising $0
23 · Insurance

total $0 · program services $0 · management and general $0 · fundraising $0
24a · Other expenses: LOAN SERVICING EXPENSES

total $1,608,821 · program services $0 · management and general $0 · fundraising $0
24b · Other expenses: LOANS PROVISION

total $1,550,674 · program services $0 · management and general $0 · fundraising $0
24c · Other expenses: ASSOCIATION FEES

total $99,287 · program services $0 · management and general $0 · fundraising $0
24d · Other expenses: MISCELLANEOUS OPERATING

total $4,957 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $3,201,273 · end of year $2,644,589
2 · Savings and temporary cash investments

beginning of year $27,212,334 · end of year $58,231,483
3 · Pledges and grants receivable

beginning of year $0 · end of year $0
4 · Accounts receivable

beginning of year $0 · end of year $0
5 · Loans and receivables from officers and key people

beginning of year $3,484,866 · end of year $7,246,743
6 · Loans and receivables from disqualified persons

beginning of year $0 · end of year $0
7 · Other notes and loans receivable

beginning of year $536,843,463 · end of year $514,915,271
8 · Inventories for sale or use

beginning of year $0 · end of year $0
9 · Prepaid expenses and deferred charges

beginning of year $4,896,819 · end of year $4,341,371
10a · Land, buildings and equipment: cost or other basis

$21,271,320
10b · Land, buildings and equipment: accumulated depreciation

$7,802,891
10c · Land, buildings and equipment, net

beginning of year $10,088,561 · end of year $13,468,429
11 · Investments: publicly traded securities

beginning of year $48,843,050 · end of year $25,688,143
12 · Investments: other securities

beginning of year $498,000 · end of year $19,875,000
13 · Investments: program-related

beginning of year $0 · end of year $0
14 · Intangible assets

beginning of year $0 · end of year $0
15 · Other assets

beginning of year $18,001,312 · end of year $12,319,200
17 · Accounts payable and accrued expenses

beginning of year $5,536,993 · end of year $2,828,602
18 · Grants payable

beginning of year $0 · end of year $0
19 · Deferred revenue

beginning of year $0 · end of year $0
20 · Tax-exempt bond liabilities

beginning of year $0 · end of year $0
21 · Escrow or custodial account liability

beginning of year $0 · end of year $0
22 · Loans and payables to officers and key people

beginning of year $0 · end of year $0
23 · Secured mortgages and notes payable

beginning of year $34,999,999 · end of year $0
24 · Unsecured notes and loans payable

beginning of year $1,694,805 · end of year $1,666,818
25 · Other liabilities

beginning of year $558,382,217 · end of year $596,758,528
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 $52,455,664 · end of year $57,476,281

Mission and programs · 2024

Mission

We are a financial cooperative committed to improving lives by partnering with families to reach their goals and impacting our community by helping individuals realize their full potential. We value trust and understanding and respect for ourselves and others.

Provides financial products and services to over 30,325 members including more than 20,472 consumer real estate and business loans and over 56,849 deposit accounts. Services offered include online and mobile banking with bill pay and remote deposit branches ATMs safe deposit boxes shared branching ACH and wires.

Expenses $10,387,316 · Revenue $5,806,583
TAPCO has been a part of the Tacoma-Pierce County community for 91 years. We continue to focus on our tagline "Rooted in South Sound," which embodies our vision mission and values emphasizing our commitment to the credit union philosophy of "people helping people." In 2024 our staff board supervisory committee members and membership dedicated their time and money to support local community programs and events. Through these events over $106,500 was donated and $25,000 was granted in scholarships.
We continued to increase member loans significantly. TAPCOs loan portfolio is distributed across many loan types including over $155 million in mortgages and equity loans over $245 million in auto loans and over $96 million in commercial loans. TAPCO Peak Member Rewards Program recognizes members financial relationship with TAPCO and offers better rates and free services. Reward benefits may apply to all family members living in the same household by linking family memberships your high school and college student or other family. We continued to look for ways to better serve our members near where they live and work.

Revenue $29,378,274

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

John OLoughlin

Supervisory Committee

Total calculated

$825

From this org

$825

From related orgs

$0

Other

$0

Hours/week

1
Brent Bomkamp

Supervisory Committee

Total calculated

$700

From this org

$700

From related orgs

$0

Other

$0

Hours/week

1
Lindsey Wade

Board Member

Total calculated

$0

Hours/week

1
Bruce Baurichter

Board Secretary

Total calculated

$1,954

From this org

$1,954

From related orgs

$0

Other

$0

Hours/week

2
Patricia Bosmans

Board Member

Total calculated

$0

Hours/week

1
Louis Cooper JR

Board Member

Total calculated

$0

Hours/week

1
Rob Masko

Board Chair

Total calculated

$1,041

From this org

$1,041

From related orgs

$0

Other

$0

Hours/week

2
Pat McElligot

Board Member

Total calculated

$1,179

From this org

$1,179

From related orgs

$0

Other

$0

Hours/week

1
Gene Miller

Board Member

Total calculated

$750

From this org

$750

From related orgs

$0

Other

$0

Hours/week

1
Clara Nelson

Board Vice Chair

Total calculated

$0

Hours/week

2
Alex Wilsie

Board Member

Total calculated

$587

From this org

$587

From related orgs

$0

Other

$0

Hours/week

1
John Sinclair

Supervisory Committee

Total calculated

$1,047

From this org

$1,047

From related orgs

$0

Other

$0

Hours/week

1
Julie Williams

Supervisory Committee

Total calculated

$0

Hours/week

1
Justin Martin

CEO

Total calculated

$571,520

From this org

$539,609

From related orgs

$0

Other

$31,911

Hours/week

40

Schedule J breakdown matched by us

Base

$397,743

Bonus

$100,291

Other

$41,575

Deferred

$19,075

Nontaxable benefits

$12,836

Filer's total

$571,520
William Peters

CXO

Total calculated

$340,470

From this org

$300,551

From related orgs

$0

Other

$39,919

Hours/week

40

Schedule J breakdown matched by us

Base

$250,619

Bonus

$18,538

Other

$31,394

Deferred

$30,999

Nontaxable benefits

$8,920

Filer's total

$340,470
Kathleen Scholes

CFO

Total calculated

$269,469

From this org

$244,553

From related orgs

$0

Other

$24,916

Hours/week

40

Schedule J breakdown matched by us

Base

$216,149

Bonus

$14,170

Other

$14,234

Deferred

$24,916

Nontaxable benefits

$0

Filer's total

$269,469
Jason Allen

CIO

Total calculated

$253,239

From this org

$237,565

From related orgs

$0

Other

$15,674

Hours/week

40

Schedule J breakdown matched by us

Base

$210,346

Bonus

$13,320

Other

$13,899

Deferred

$15,674

Nontaxable benefits

$0

Filer's total

$253,239
Sarah Gray

CPIO

Total calculated

$255,853

From this org

$236,675

From related orgs

$0

Other

$19,178

Hours/week

40

Schedule J breakdown matched by us

Base

$207,150

Bonus

$13,297

Other

$16,228

Deferred

$18,393

Nontaxable benefits

$785

Filer's total

$255,853
Jeremy Mandery

CLO

Total calculated

$80,306

From this org

$77,958

From related orgs

$0

Other

$2,348

Hours/week

40
Heather Fate

VPME

Total calculated

$162,484

From this org

$152,274

From related orgs

$0

Other

$10,210

Hours/week

40

Schedule J breakdown matched by us

Base

$132,139

Bonus

$6,236

Other

$13,899

Deferred

$10,210

Nontaxable benefits

$0

Filer's total

$162,484
Mitch Jackson

VPCL

Total calculated

$147,798

From this org

$138,379

From related orgs

$0

Other

$9,419

Hours/week

40
John Gaythorpe

DIRITOI

Total calculated

$125,353

From this org

$117,448

From related orgs

$0

Other

$7,905

Hours/week

40
Terri LaCoy

DOF

Total calculated

$124,236

From this org

$116,376

From related orgs

$0

Other

$7,860

Hours/week

40
Patty Jackson

DOLS

Total calculated

$124,015

From this org

$115,899

From related orgs

$0

Other

$8,116

Hours/week

40
Mike Ladoe

DCL

Total calculated

$117,630

From this org

$106,048

From related orgs

$0

Other

$11,582

Hours/week

40

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 · 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 3: THE BOARD REVIEWS THE CEO AND UTILIZES THE COMPEASE PAY DATA AS A GUIDELINE FOR COMPENSATION.

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: 14 May 2025
IRS schema version: 2024v5.1
Source object: 202521349349309162

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.