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Nonprofiteer
← OREGON STATE CREDIT UNION

Form 990 for tax year 2023

Filed by OREGON STATE CREDIT UNION.

Totals

Total revenue
$114,120,989
Total expenses
$94,735,577
Contributions and grants received
$0
Grants paid
$283,465
Program service revenue
$85,719,117
Investment income
$12,162,646
Other revenue
$16,239,226
Total assets, end of year
$2,166,247,809
Total liabilities, end of year
$1,966,977,027
Net assets or fund balances, end of year
$199,270,782
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: INCOME ON LOANS

    total $80,256,891 · related or exempt $80,256,891

  • 2b · Program service revenue: FEES AND CHARGES

    total $5,112,887 · related or exempt $5,112,887

  • 2c · Program service revenue: UNRELATED BUSINESS INC

    total $349,339 · unrelated business $349,339

  • 3 · Investment income

    total $12,162,646 · related or exempt $12,162,646

  • 11a · Other revenue: INTERCHANGE INCOME

    total $13,160,975 · related or exempt $13,160,975

  • 11b · Other revenue: OTHER INCOME

    total $2,426,111 · related or exempt $2,426,111

  • 11c · Other revenue: MORTGAGE SERVICING RIG

    total $594,454 · related or exempt $594,454

  • 11d · All other revenue

    total $57,686 · related or exempt $57,686

  • 11e · Other revenue, total

    $16,239,226

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $258,465

  • 2 · Grants to domestic individuals

    total $25,000

  • 5 · Compensation of officers, directors and key employees

    total $4,811,371

  • 7 · Other salaries and wages

    total $18,136,946

  • 8 · Pension plan contributions

    total $2,365,188

  • 9 · Other employee benefits

    total $5,515,298

  • 10 · Payroll taxes

    total $2,067,200

  • 11b · Fees: legal

    total $65,010

  • 11c · Fees: accounting

    total $213,803

  • 11f · Fees: investment management

    total $61,711

  • 11g · Fees: other

    total $6,610,650

  • 12 · Advertising and promotion

    total $1,302,164

  • 13 · Office expenses

    total $3,137,926

  • 14 · Information technology

    total $1,922,467

  • 16 · Occupancy

    total $3,659,518

  • 17 · Travel

    total $66,003

  • 19 · Conferences, conventions and meetings

    total $199,160

  • 20 · Interest

    total $22,113,130

  • 22 · Depreciation, depletion and amortization

    total $1,887,748

  • 23 · Insurance

    total $153,939

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $16,358,227

  • 24b · Other expenses: OTHER LOAN EXPENSES

    total $3,427,281

  • 24c · Other expenses: ATM EXPENSES

    total $219,516

  • 24d · Other expenses: OPERATING FEES

    total $157,856

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $17,394,783 · end of year $17,652,897

  • 2 · Savings and temporary cash investments

    beginning of year $24,083,361 · end of year $91,025,886

  • 4 · Accounts receivable

    beginning of year $974,981 · end of year $4,914,386

  • 7 · Other notes and loans receivable

    beginning of year $1,368,367,779 · end of year $1,420,298,195

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,199,060 · end of year $2,346,934

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

    $62,552,177

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

    $22,568,348

  • 10c · Land, buildings and equipment, net

    beginning of year $40,417,131 · end of year $39,983,829

  • 11 · Investments: publicly traded securities

    beginning of year $598,569,069 · end of year $500,277,511

  • 12 · Investments: other securities

    beginning of year $11,376,366 · end of year $9,149,297

  • 15 · Other assets

    beginning of year $76,770,714 · end of year $80,598,874

  • 17 · Accounts payable and accrued expenses

    beginning of year $28,401,884 · end of year $29,194,944

  • 21 · Escrow or custodial account liability

    beginning of year $2,217,132 · end of year $2,463,579

  • 23 · Secured mortgages and notes payable

    beginning of year $43,355,967 · end of year $0

  • 25 · Other liabilities

    beginning of year $1,886,752,474 · end of year $1,935,318,504

  • 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 $0

Mission and programs · 2023

Mission

PROVIDES FINANCIAL SERVICES TO MEMBERSHIP.

  • THE CREDIT UNION CONTINUED TO FULFILL ITS EXEMPT PURPOSE BY PROVIDING CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, OFFERING COMPETITIVE SHARE DEPOSIT PRODUCTS, AND PROVIDING MEMBERS WITH THE OPPORTUNITY TO IMPROVE THEIR ECONOMIC CONDITION. AS OF DECEMBER 31, 2023, THE CREDIT UNION HAD APPROXIMATELY 142,504 MEMBERS, OF WHICH 67,309 MEMBERS HAVE ACTIVE LOANS. THE TOTAL NUMBER OF DEPOSIT AND SHARE ACCOUNTS WAS 293,663 AND THE TOTAL NUMBER OF LOANS OUTSTANDING WAS 87,770.

As filed on the 2023 return.

Listed in Part VII

  • Ana Lucia Fonseca Tapia

    DIRECTOR

    Total calculated
    $15,250
    From this org
    $15,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jamie Hughes

    DIRECTOR

    Total calculated
    $10,250
    From this org
    $10,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jay Conroy

    DIRECTOR

    Total calculated
    $14,750
    From this org
    $14,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jonathan Sassaman

    DIRECTOR

    Total calculated
    $11,500
    From this org
    $11,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Mary Beth Altmann Hughes

    DIRECTOR

    Total calculated
    $7,750
    From this org
    $7,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Mike Green

    DIRECTOR

    Total calculated
    $17,309
    From this org
    $17,309
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Nadine Davison

    DIRECTOR

    Total calculated
    $15,250
    From this org
    $15,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Rebecca Badger

    DIRECTOR

    Total calculated
    $17,309
    From this org
    $17,309
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Thomas Elzinga

    DIRECTOR

    Total calculated
    $12,418
    From this org
    $12,418
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Tim Rocak

    DIRECTOR

    Total calculated
    $15,080
    From this org
    $15,080
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Kelley Kaiser

    BOARD CHAIRPERSON

    Total calculated
    $23,656
    From this org
    $23,656
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Richard Hein

    PRESIDENT/CEO

    Total calculated
    $1,030,849
    From this org
    $950,952
    From related orgs
    $0
    Other
    $79,897
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $743,220
    Bonus
    $201,500
    Other
    $6,232
    Deferred
    $66,145
    Nontaxable benefits
    $13,752
    Filer's total
    $1,030,849

  • Rhonda Heile-Brown

    EXECUTIVE VP/COO

    Total calculated
    $834,061
    From this org
    $720,728
    From related orgs
    $0
    Other
    $113,333
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $409,284
    Bonus
    $1,500
    Other
    $309,944
    Deferred
    $102,458
    Nontaxable benefits
    $10,875
    Filer's total
    $834,061

  • Craig Cole

    EVP/CIO

    Total calculated
    $582,293
    From this org
    $539,083
    From related orgs
    $0
    Other
    $43,210
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $95,098
    Bonus
    $0
    Other
    $443,985
    Deferred
    $38,626
    Nontaxable benefits
    $4,584
    Filer's total
    $582,293

  • James Derrick Peterson

    EVP/CFO

    Total calculated
    $339,426
    From this org
    $316,996
    From related orgs
    $0
    Other
    $22,430
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $291,616
    Bonus
    $25,380
    Other
    $0
    Deferred
    $9,851
    Nontaxable benefits
    $12,579
    Filer's total
    $339,426

  • Laurie Roe

    EVP/CCXO

    Total calculated
    $395,751
    From this org
    $268,833
    From related orgs
    $0
    Other
    $126,918
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $256,234
    Bonus
    $3,000
    Other
    $9,599
    Deferred
    $113,379
    Nontaxable benefits
    $13,539
    Filer's total
    $395,751

  • Bobbie Warner

    EVP/CFO

    Total calculated
    $312,762
    From this org
    $269,758
    From related orgs
    $0
    Other
    $43,004
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $260,884
    Bonus
    $6,560
    Other
    $2,314
    Deferred
    $31,661
    Nontaxable benefits
    $11,343
    Filer's total
    $312,762

  • Kim Sather

    EVP/CIO

    Total calculated
    $211,560
    From this org
    $199,433
    From related orgs
    $0
    Other
    $12,127
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,428
    Bonus
    $16,005
    Other
    $0
    Deferred
    $5,128
    Nontaxable benefits
    $6,999
    Filer's total
    $211,560

  • James Gibson

    SR VP BRANCH SERVICES

    Total calculated
    $340,292
    From this org
    $250,866
    From related orgs
    $0
    Other
    $89,426
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $249,366
    Bonus
    $1,500
    Other
    $0
    Deferred
    $75,674
    Nontaxable benefits
    $13,752
    Filer's total
    $340,292

  • James Lee Brannen

    SR VP GENERAL COUNSEL

    Total calculated
    $297,379
    From this org
    $241,967
    From related orgs
    $0
    Other
    $55,412
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $240,467
    Bonus
    $1,500
    Other
    $0
    Deferred
    $44,072
    Nontaxable benefits
    $11,340
    Filer's total
    $297,379

  • Joshuah Whisenhunt

    SR VP FINANCIAL SERVICES

    Total calculated
    $306,476
    From this org
    $239,077
    From related orgs
    $0
    Other
    $67,399
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $226,873
    Bonus
    $1,500
    Other
    $10,704
    Deferred
    $56,678
    Nontaxable benefits
    $10,721
    Filer's total
    $306,476

  • Vicki D Stevens

    DIRECTOR OF EXECUTIVE SERVICES

    Total calculated
    $248,839
    From this org
    $213,928
    From related orgs
    $0
    Other
    $34,911
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,659
    Bonus
    $27,441
    Other
    $2,828
    Deferred
    $24,301
    Nontaxable benefits
    $10,610
    Filer's total
    $248,839

  • Paige Jackson

    VP OF HUMAN RESOURCES

    Total calculated
    $247,732
    From this org
    $211,992
    From related orgs
    $0
    Other
    $35,740
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $210,492
    Bonus
    $1,500
    Other
    $0
    Deferred
    $24,971
    Nontaxable benefits
    $10,769
    Filer's total
    $247,732

  • Tiffany Shirley

    VP OF RISK MANAGEMENT

    Total calculated
    $233,159
    From this org
    $195,276
    From related orgs
    $0
    Other
    $37,883
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $188,057
    Bonus
    $1,500
    Other
    $5,719
    Deferred
    $24,142
    Nontaxable benefits
    $13,741
    Filer's total
    $233,159

  • Peggy L Mehl

    DIRECTOR OF REGIONAL BRANCH SERVICES

    Total calculated
    $228,329
    From this org
    $194,958
    From related orgs
    $0
    Other
    $33,371
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,492
    Bonus
    $13,466
    Other
    $0
    Deferred
    $22,090
    Nontaxable benefits
    $11,281
    Filer's total
    $228,329

  • Tesker Lemoine

    DIRECTOR OF NETWORK SERVICES

    Total calculated
    $233,728
    From this org
    $208,452
    From related orgs
    $0
    Other
    $25,276
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $122,929
    Bonus
    $0
    Other
    $85,523
    Deferred
    $15,261
    Nontaxable benefits
    $10,015
    Filer's total
    $233,728

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 · Independent compensation consultant
  • 3 · Written employment contract
  • 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, LINES 4A-B
T.LEMOINE: $85,523 CERTAIN MEMBERS OF THE EXECUTIVE LEADERSHIP PARTICIPATE IN NON-QUALIFIED RETIREMENT PLANS. THE FOLLOWING REPRESENT THE AMOUNTS ACCRUED FOR EACH PARTICIPANT DURING THE YEAR ENDED DECEMBER 31, 2023: R. HEIN: 457F SERP $27,370 C. COLE: 457F SERP $26,333 R. HEILE-BROWN: 457F SERP $63,683 J. GIBSON: 457F SERP $45,091 L. ROE: 457F SERP $82,324 J. BRANNEN: 457F SERP $15,882 J. WHISENHUNT: 457F SERP $28,529

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • OSU FINANCIAL SERVICES LLC

    INSURANCE PRODUCTS · OR · income $235,244 · assets $202,315

    Directly controlled by OREGON STATE CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
9 July 2024
IRS schema version
2023v5.1
Source object
202431969349300118

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