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Nonprofiteer
← CREDIT UNIONS IN THE STATE OF WASHI NGTON

Form 990 for tax year 2024

Filed by CREDIT UNIONS IN THE STATE OF WASHI NGTON.

Totals

Total revenue
$58,863,677
Total expenses
$49,819,511
Contributions and grants received
$0
Grants paid
$25,000
Program service revenue
$48,272,707
Investment income
$9,115,084
Other revenue
$1,475,886
Total assets, end of year
$832,351,744
Total liabilities, end of year
$700,755,324
Net assets or fund balances, end of year
$131,596,420
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 $40,694,130 · related or exempt $40,694,130

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $4,104,821 · related or exempt $3,754,138 · unrelated business $350,683

  • 2c · Program service revenue: FEE INCOME

    total $3,473,756 · related or exempt $3,464,178 · unrelated business $9,578

  • 3 · Investment income

    total $9,115,084 · excluded $9,115,084

  • 6a · Gross rents

    real property $525,788

  • 6b · Less rental expenses

    real property $591,759

  • 6c · Rental income or loss

    real property -$65,971

  • 6d · Net rental income or loss

    total -$65,971 · excluded -$65,971

  • 11a · Other revenue: DEFINED BENEFIT PLAN

    total $1,541,857 · excluded $1,541,857

  • 11e · Other revenue, total

    $1,541,857

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $25,000

  • 5 · Compensation of officers, directors and key employees

    total $1,066,606

  • 7 · Other salaries and wages

    total $8,460,922

  • 8 · Pension plan contributions

    total $109,665

  • 9 · Other employee benefits

    total $1,835,249

  • 10 · Payroll taxes

    total $654,147

  • 11b · Fees: legal

    total $59,298

  • 11c · Fees: accounting

    total $276,195

  • 11g · Fees: other

    total $3,893,310

  • 12 · Advertising and promotion

    total $307,146

  • 13 · Office expenses

    total $1,087,610

  • 14 · Information technology

    total $389,031

  • 16 · Occupancy

    total $705,179

  • 19 · Conferences, conventions and meetings

    total $161,539

  • 20 · Interest

    total $19,437,426

  • 22 · Depreciation, depletion and amortization

    total $591,167

  • 23 · Insurance

    total $731,213

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $7,506,406

  • 24b · Other expenses: LOAN SERVICING

    total $1,357,431

  • 24c · Other expenses: QCU REWARDS EXPENSE

    total $1,003,394

  • 24d · Other expenses: ASSOCIATION DUES

    total $93,200

  • 24e · All other expenses

    total $68,377

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $128,075,521 · end of year $23,683,830

  • 2 · Savings and temporary cash investments

    beginning of year $45,652,782 · end of year $35,176,327

  • 4 · Accounts receivable

    beginning of year $1,067,935 · end of year $9,059,719

  • 5 · Loans and receivables from officers and key people

    beginning of year $2,134,903 · end of year $1,938,825

  • 7 · Other notes and loans receivable

    beginning of year $490,500,814 · end of year $515,844,752

  • 9 · Prepaid expenses and deferred charges

    beginning of year $10,313,178 · end of year $16,708,757

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

    $26,311,948

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

    $10,253,154

  • 10c · Land, buildings and equipment, net

    beginning of year $15,965,449 · end of year $16,058,794

  • 11 · Investments: publicly traded securities

    beginning of year $261,749,000 · end of year $169,296,333

  • 12 · Investments: other securities

    beginning of year $17,253,331 · end of year $33,155,669

  • 15 · Other assets

    beginning of year $10,872,726 · end of year $11,428,738

  • 17 · Accounts payable and accrued expenses

    beginning of year $224,206,218 · end of year $16,273,266

  • 19 · Deferred revenue

    beginning of year $417,245 · end of year $337,500

  • 21 · Escrow or custodial account liability

    beginning of year $358,995 · end of year $380,160

  • 25 · Other liabilities

    beginning of year $646,807,352 · end of year $683,764,398

  • 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 $111,795,829 · end of year $131,596,420

Mission and programs · 2024

Mission

PROVIDE FINANCIAL PRODUCTS & SERVICES TO MEMBERS.

Activities or mission (Part I)

WE ARE A CREDIT UNION PROVIDING FINANCIAL PRODUCTS & SERVICES TO MEMBERS.

  • INTEREST EXPENSE IN THE AMOUNT OF $16,652,650 WAS PAID TO MEMBERS FOR MONEY ON DEPOSIT AT THE CREDIT UNION. DEPOSIT ACCOUNTS EARNING INTEREST INCLUDE CHECKING, SAVINGS, MONEY MARKET, IRA, AND CERTIFICATE OF DEPOSIT ACCOUNTS. THE CREDIT UNION HAS ABOUT 67,000 DEPOSIT ACCOUNTS THAT CAN EARN INTEREST.

  • THE CREDIT UNION EXPENSED $7,506,406 IN PROVISION FOR LOAN LOSS COSTS FOR THE YEAR. THE EXPENSE WAS TO FUND THE ACCRUAL FOR DOUBTFUL LOANS ON THE BALANCE SHEET. THE CREDIT UNION HAS ABOUT 36,000 OPEN LOAN ACCOUNTS.

  • THE CREDIT UNION EXPENSED $1,357,431 DURING THE YEAR FOR LOAN SERVICING COSTS. THESE COSTS WERE PAID TO ORIGINATE AND SERVICE LOANS TO MEMBERS. THE CREDIT UNION HAS ABOUT 36,000 OPEN LOAN ACCOUNTS.

As filed on the 2024 return.

Listed in Part VII

  • Mitch Johnson

    BOARD CHAIRMAN

    Total calculated
    $2,857
    From this org
    $2,857
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Leanne Califano

    BOARD VICE CHAIR

    Total calculated
    $1,592
    From this org
    $1,592
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Doug Scott

    BOARD SECRETARY/TREASURER

    Total calculated
    $717
    From this org
    $717
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Ade' Ariwoola

    BOARD MEMBER

    Total calculated
    $1,906
    From this org
    $1,906
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Kim Brown

    BOARD MEMBER

    Total calculated
    $1,111
    From this org
    $1,111
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Kim Zier

    BOARD MEMBER (THRU 4/24)

    Total calculated
    $0
    Hours/week
    3

  • Noel McMurtray

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Russ De Wolfe

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Tracy Oster

    BOARD MEMBER

    Total calculated
    $1,687
    From this org
    $1,687
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Cheryl Silva

    BOARD MEMBER

    Total calculated
    $1,523
    From this org
    $1,523
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Michael G Elfstrom

    PRESIDENT

    Total calculated
    $488,951
    From this org
    $447,622
    From related orgs
    $0
    Other
    $41,329
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $386,970
    Bonus
    $59,620
    Other
    $1,032
    Deferred
    $15,267
    Nontaxable benefits
    $26,062
    Filer's total
    $488,951

  • Brook Hamilton

    CFO

    Total calculated
    $71,549
    From this org
    $68,586
    From related orgs
    $0
    Other
    $2,963
    Hours/week
    40

  • Roshalle Dearment

    SVP OF LENDING

    Total calculated
    $250,893
    From this org
    $226,608
    From related orgs
    $0
    Other
    $24,285
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $198,082
    Bonus
    $27,494
    Other
    $1,032
    Deferred
    $7,941
    Nontaxable benefits
    $16,344
    Filer's total
    $250,893

  • Michael Bishop

    SVP OF OPERATIONS

    Total calculated
    $243,819
    From this org
    $210,124
    From related orgs
    $0
    Other
    $33,695
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,425
    Bonus
    $17,459
    Other
    $240
    Deferred
    $7,633
    Nontaxable benefits
    $26,062
    Filer's total
    $243,819

  • Jason Ball

    VP OF IT

    Total calculated
    $229,784
    From this org
    $203,000
    From related orgs
    $0
    Other
    $26,784
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,182
    Bonus
    $17,458
    Other
    $360
    Deferred
    $5,409
    Nontaxable benefits
    $21,375
    Filer's total
    $229,784

  • Patience Tennis

    VP OF HR

    Total calculated
    $203,517
    From this org
    $188,073
    From related orgs
    $0
    Other
    $15,444
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $163,634
    Bonus
    $24,199
    Other
    $240
    Deferred
    $6,607
    Nontaxable benefits
    $8,837
    Filer's total
    $203,517

  • Lacinda Blanchette

    VP OF MEMBER ENGAGEMENT

    Total calculated
    $210,131
    From this org
    $186,774
    From related orgs
    $0
    Other
    $23,357
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,123
    Bonus
    $24,099
    Other
    $552
    Deferred
    $4,806
    Nontaxable benefits
    $18,551
    Filer's total
    $210,131

  • William Hanaford

    INVESTMENT ADVISOR

    Total calculated
    $156,981
    From this org
    $142,992
    From related orgs
    $0
    Other
    $13,989
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $30,727
    Bonus
    $111,950
    Other
    $315
    Deferred
    $5,156
    Nontaxable benefits
    $8,833
    Filer's total
    $156,981

  • Carla Pizarro

    DIR. BUSINESS SOLUTIONS/AUDIT

    Total calculated
    $147,309
    From this org
    $133,660
    From related orgs
    $0
    Other
    $13,649
    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 · Compensation committee
  • 3 · Independent compensation consultant
  • 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 3
MICHAEL ELFSTROM 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

  • BOYS AND GIRLS CLUB

    $25,000

    TO ENRICH LIVES OF KIDS AND THEIR FAMILIES IN THE COMMUNITY.

Provenance

Return type
form_990
Tax year
2024
Filed
16 November 2025
IRS schema version
2024v5.2
Source object
202523219349315507

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