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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
$178,242,646
Total expenses
$163,923,839
Contributions and grants received
$0
Grants paid
$192,000
Program service revenue
$161,228,930
Investment income
$16,649,127
Other revenue
$364,589
Total assets, end of year
$3,072,228,160
Total liabilities, end of year
$2,768,305,024
Net assets or fund balances, end of year
$303,923,136
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 $127,063,782 · related or exempt $127,063,782

  • 2b · Program service revenue: INTERCHANGE

    total $14,409,854 · related or exempt $14,409,854

  • 2c · Program service revenue: FEES AND CHARGES

    total $13,698,699 · related or exempt $13,542,689 · unrelated business $156,010

  • 2d · Program service revenue: LOAN ORIGINATION INCOM

    total $1,730,547 · related or exempt $1,730,547

  • 2e · Program service revenue: FINANCIAL SERVICES

    total $1,270,725 · related or exempt $968,293 · unrelated business $302,432

  • 2f · All other program service revenue

    total $3,055,323 · related or exempt $3,040,532 · unrelated business $14,791

  • 3 · Investment income

    total $16,747,470 · excluded $16,747,470

  • 6a · Gross rents

    real property $651,098

  • 6b · Less rental expenses

    real property $286,509

  • 6c · Rental income or loss

    real property $364,589

  • 6d · Net rental income or loss

    total $364,589 · excluded $364,589

  • 7a · Gross sales of assets other than inventory

    other assets $21,226

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

    other assets $119,569

  • 7c · Gain or loss

    other assets -$98,343

  • 7d · Net gain or loss

    total -$98,343 · excluded -$98,343

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $170,000

  • 2 · Grants to domestic individuals

    total $22,000

  • 5 · Compensation of officers, directors and key employees

    total $5,480,603

  • 7 · Other salaries and wages

    total $30,735,600

  • 8 · Pension plan contributions

    total $4,162,835

  • 9 · Other employee benefits

    total $4,333,261

  • 10 · Payroll taxes

    total $3,339,170

  • 11a · Fees: management

    total $685,947

  • 11b · Fees: legal

    total $85,278

  • 11c · Fees: accounting

    total $747,131

  • 11g · Fees: other

    total $3,793,347

  • 12 · Advertising and promotion

    total $397,175

  • 13 · Office expenses

    total $7,359,221

  • 14 · Information technology

    total $3,775,056

  • 16 · Occupancy

    total $3,189,824

  • 17 · Travel

    total $774,771

  • 19 · Conferences, conventions and meetings

    total $527,559

  • 20 · Interest

    total $52,853,359

  • 22 · Depreciation, depletion and amortization

    total $3,803,696

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $16,000,378

  • 24b · Other expenses: BANK FEES

    total $6,712,362

  • 24c · Other expenses: VISA INTERCHANGE EXPENS

    total $5,738,072

  • 24d · Other expenses: LOAN SERVICING

    total $4,915,872

  • 24e · All other expenses

    total $4,321,322

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $27,200,449 · end of year $28,981,069

  • 2 · Savings and temporary cash investments

    beginning of year $237,694,130 · end of year $191,366,687

  • 4 · Accounts receivable

    beginning of year $14,010,918 · end of year $16,437,374

  • 5 · Loans and receivables from officers and key people

    beginning of year $17,074,610 · end of year $17,316,621

  • 7 · Other notes and loans receivable

    beginning of year $2,209,172,472 · end of year $2,449,378,685

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,950,879 · end of year $3,761,251

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

    $94,810,223

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

    $36,781,206

  • 10c · Land, buildings and equipment, net

    beginning of year $55,393,247 · end of year $58,029,017

  • 11 · Investments: publicly traded securities

    beginning of year $282,638,655 · end of year $211,241,172

  • 12 · Investments: other securities

    beginning of year $7,677,178 · end of year $12,732,249

  • 14 · Intangible assets

    beginning of year $12,532,884 · end of year $30,677,979

  • 15 · Other assets

    beginning of year $44,381,873 · end of year $52,306,056

  • 17 · Accounts payable and accrued expenses

    beginning of year $33,156,956 · end of year $27,421,703

  • 21 · Escrow or custodial account liability

    beginning of year $3,231,913 · end of year $3,336,485

  • 23 · Secured mortgages and notes payable

    beginning of year $141,519,490 · end of year $124,500,000

  • 25 · Other liabilities

    beginning of year $2,444,290,722 · end of year $2,613,046,836

  • 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 $288,528,214 · end of year $303,923,136

Mission and programs · 2024

Mission

A MEMBER OWNED COOPERATIVE PROVIDING FINANCIAL SERVICES, INCLUDING LOANS AND SHARE DEPOSITS TO ITS MEMBERS.

Activities or mission (Part I)

COOPERATIVE PROVIDING FINANCIAL SERVICES, INCLUDING LOANS AND SHARE DEPOSITS TO ITS MEMBERS.

  • ON THE LIABILITY/EQUITY SIDE OF THE BALANCE SHEET OUR MEMBERS HOLD 306,046 SAVINGS, CHECKING, AND MONEY MARKET DEPOSIT ACCOUNTS WITH COMBINED BALANCES OF $1,719,538,740. MEMBERS HOLD 2,556 IRA SAVINGS ACCOUNTS WITH COMBINED BALANCES OF $16,594,419. THESE FUNDS ARE POOLED AND USED PRIMARILY TO FUND CONSUMER AND REAL ESTATE SECURED LOANS TO OUR MEMBERSHIP.

  • ALSO ON THE LIABILITY/EQUITY SIDE OF THE BALANCE SHEET, 17,841 OF OUR MEMBERS HOLD CERTIFICATE ACCOUNTS WITH TOTAL BALANCES OF $847,332,843

  • ON THE ASSET SIDE, 85,992 OF OUR MEMBERS HOLD CONSUMER LOANS THAT INCLUDE VEHICLE, STUDENT, MORTGAGE, AND VISA LOANS. CONSUMER LOANS THAT INCLUDE VEHICLE SECURED LOANS THAT $891,229,341. REAL ESTATE SECURED LOANS TOTALS $1,390,247,083. THE LOAN PORTFOLIO TOTALS, $2,464,640,693.

As filed on the 2024 return.

Listed in Part VII

  • DONALD CLARK JR

    PRESIDENT/CEO

    Total calculated
    $2,397,268
    From this org
    $2,174,396
    From related orgs
    $0
    Other
    $222,872
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $959,563
    Bonus
    $384,197
    Other
    $830,636
    Deferred
    $199,000
    Nontaxable benefits
    $23,872
    Filer's total
    $2,397,268

  • WENDY CLEVELAND THRU 224

    EVP/CHIEF OPERATIONS OFFICER

    Total calculated
    $492,600
    From this org
    $438,818
    From related orgs
    $0
    Other
    $53,782
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $346,546
    Bonus
    $80,406
    Other
    $11,866
    Deferred
    $35,304
    Nontaxable benefits
    $18,478
    Filer's total
    $492,600

  • ROBYN LACHANCE

    EVP/CHIEF STRATEGY OFFICER

    Total calculated
    $431,544
    From this org
    $406,854
    From related orgs
    $0
    Other
    $24,690
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $292,962
    Bonus
    $67,115
    Other
    $46,777
    Deferred
    $11,108
    Nontaxable benefits
    $13,582
    Filer's total
    $431,544

  • CHARLENE HENSON

    SVP/CHIEF RETAIL OFFICER

    Total calculated
    $399,252
    From this org
    $367,445
    From related orgs
    $0
    Other
    $31,807
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $286,255
    Bonus
    $58,821
    Other
    $22,369
    Deferred
    $11,275
    Nontaxable benefits
    $20,532
    Filer's total
    $399,252

  • LYMAN WILLIAMS

    SVP/CHIEF LENDING & BUSINESS OFFICER

    Total calculated
    $396,869
    From this org
    $361,458
    From related orgs
    $0
    Other
    $35,411
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $276,462
    Bonus
    $71,906
    Other
    $13,090
    Deferred
    $11,783
    Nontaxable benefits
    $23,628
    Filer's total
    $396,869

  • NANCY STERNITZKY

    SVP/CHIEF INFORMATION OFFICER

    Total calculated
    $352,081
    From this org
    $321,678
    From related orgs
    $0
    Other
    $30,403
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $249,860
    Bonus
    $64,248
    Other
    $7,570
    Deferred
    $9,119
    Nontaxable benefits
    $21,284
    Filer's total
    $352,081

  • KIMBERLY MAPES

    SVP/CHIEF EMPLOYEE ENGAGEMENT OFFICER

    Total calculated
    $339,265
    From this org
    $313,340
    From related orgs
    $0
    Other
    $25,925
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $249,196
    Bonus
    $63,000
    Other
    $1,144
    Deferred
    $10,916
    Nontaxable benefits
    $15,009
    Filer's total
    $339,265

  • RYAN ZILKER

    SVP/CHIEF GROWTH OFFICER

    Total calculated
    $332,367
    From this org
    $305,809
    From related orgs
    $0
    Other
    $26,558
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $238,997
    Bonus
    $61,250
    Other
    $5,562
    Deferred
    $10,312
    Nontaxable benefits
    $16,246
    Filer's total
    $332,367

  • STACEY WILKERSON

    EVP/CHIEF FINANCIAL & RISK OFFICER

    Total calculated
    $314,724
    From this org
    $298,067
    From related orgs
    $0
    Other
    $16,657
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $224,851
    Bonus
    $65,104
    Other
    $8,112
    Deferred
    $5,304
    Nontaxable benefits
    $11,353
    Filer's total
    $314,724

  • ANTHONY PHILLIPS

    VP BUSINESS LOAN OFFICER

    Total calculated
    $267,952
    From this org
    $246,001
    From related orgs
    $0
    Other
    $21,951
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $110,577
    Bonus
    $134,826
    Other
    $598
    Deferred
    $9,889
    Nontaxable benefits
    $12,062
    Filer's total
    $267,952

  • CURTIS ANDERSON THRU 524

    VP/BUSINESS LENDING

    Total calculated
    $254,235
    From this org
    $225,899
    From related orgs
    $0
    Other
    $28,336
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $194,326
    Bonus
    $30,202
    Other
    $1,371
    Deferred
    $8,967
    Nontaxable benefits
    $19,369
    Filer's total
    $254,235

  • UWE GOEKER

    VP/CHANGE MANAGEMENT & ENTERPRISE PROJECTS

    Total calculated
    $248,795
    From this org
    $219,720
    From related orgs
    $0
    Other
    $29,075
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,030
    Bonus
    $29,690
    Other
    $0
    Deferred
    $9,111
    Nontaxable benefits
    $19,964
    Filer's total
    $248,795

  • BENJAMIN REED

    VP BUSINESS LOAN OFFICER

    Total calculated
    $244,306
    From this org
    $228,624
    From related orgs
    $0
    Other
    $15,682
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $115,502
    Bonus
    $112,757
    Other
    $365
    Deferred
    $4,870
    Nontaxable benefits
    $10,812
    Filer's total
    $244,306

  • SHELLEY COLEMAN

    DIRECTOR

    Total calculated
    $45,250
    From this org
    $45,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • JOHN BAUDER

    CHAIR

    Total calculated
    $41,750
    From this org
    $41,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • JAMES GRIGGS

    DIRECTOR

    Total calculated
    $41,000
    From this org
    $41,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • BARRY WALLIS

    VICE CHAIR

    Total calculated
    $40,000
    From this org
    $40,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • HALUK DEMIRKAN

    DIRECTOR

    Total calculated
    $40,000
    From this org
    $40,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • DAVID WASSON

    DIRECTOR

    Total calculated
    $40,000
    From this org
    $40,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • TERRY PENTIMONTI

    DIRECTOR

    Total calculated
    $39,000
    From this org
    $39,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • ALTAF MERCHANT

    SECRETARY/TREASURER

    Total calculated
    $35,000
    From this org
    $35,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • BRENDA GOODSON-MOORE

    DIRECTOR

    Total calculated
    $35,000
    From this org
    $35,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

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 · First-class or charter travel
  • 1a · Travel for companions
  • 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
  • 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 1A
FIRST CLASS TRAVEL: FIRST CLASS TRAVEL IS PROVIDED FOR BOARD OF DIRECTORS MEMBERS FOR FLIGHTS OVER A CERTAIN AMOUNT OF HOURS. TRAVEL FOR COMPANIONS: INCLUDES SPOUSAL TRAVEL FOR BOARD OF DIRECTORS MEMBERS, ALL OF WHICH IS TAXABLE COMPENSATION.
PART I, LINE 4B
THE CREDIT UNION HAS ENTERED INTO TWO 457(F) SUPPLEMENTAL RETIREMENT BENEFIT AGREEMENTS WITH DON CLARK JR. IN 2024, UNDER ONE 457(F) PLAN, DON CLARK RECEIVED A PAYOUT OF $200,000 AND NO AMOUNT WAS REPORTED AS DEFERRED COMPENSATION ON PART II, COLUMN C. IN 2024, UNDER THE SECOND 457(F) PLAN, $176,000 WAS REPORTED AS DEFERRED COMPENSATION ON PART II, COLUMN C AND $500,000 WAS PAID OUT. IN 2024, THE FOLLOWING EXECUTIVES PARTICIPATED IN A SPLIT DOLLAR LOAN PLAN: CHARLENE HENSON, KIM MAPES, LYMAN WILLIAMS, ROBYN LACHANCE, TROY GARRY, WENDY CLEVELAND, AND NANCY STERNITZKY.

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

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • SOUND FINANCIAL GROUP INC

    C · INSURANCE · WA · 100% owned · share of income $140,991 · share of assets $1,531,591 · controlled entity

    Directly controlled by SOUND CREDIT UNION

Provenance

Return type
form_990
Tax year
2024
Filed
30 October 2025
IRS schema version
2024v5.2
Source object
202513049349300936

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