Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON MEMBER LOANS

  total $53,408,146 · related or exempt $53,408,146

• 2b · Program service revenue: SERVICE CHARGES & FEE INCOME

  total $14,608,843 · related or exempt $14,608,843

• 2c · Program service revenue: NET GAINS ON SALES OF LOANS

  total $494,843 · related or exempt $494,843

• 2d · Program service revenue: OTHER NON-INTEREST INCOME

  total $376,022 · related or exempt $137,642 · unrelated business $238,380

• 3 · Investment income

  total $5,654,975 · excluded $5,654,975

• 6a · Gross rents

  real property $1,953,071

• 6b · Less rental expenses

  real property $1,487,088

• 6c · Rental income or loss

  real property $465,983

• 6d · Net rental income or loss

  total $465,983 · unrelated business $42,265 · excluded $423,718

• 7a · Gross sales of assets other than inventory

  other assets $5,875

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

  other assets $0

• 7c · Gain or loss

  other assets $5,875

• 7d · Net gain or loss

  total $5,875 · excluded $5,875

• 11a · Other revenue: SUBSIDIARY INVESTMENT

  total -$48,739 · unrelated business -$48,739

• 11e · Other revenue, total

  -$48,739

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $253,944

• 5 · Compensation of officers, directors and key employees

  total $4,223,745

• 7 · Other salaries and wages

  total $19,420,558

• 8 · Pension plan contributions

  total $1,296,931

• 9 · Other employee benefits

  total $3,613,637

• 10 · Payroll taxes

  total $1,997,392

• 11a · Fees: management

  total $190,490

• 11b · Fees: legal

  total $343,157

• 11c · Fees: accounting

  total $216,375

• 11g · Fees: other

  total $3,719,872

• 12 · Advertising and promotion

  total $916,780

• 13 · Office expenses

  total $933,067

• 14 · Information technology

  total $2,451,181

• 16 · Occupancy

  total $1,696,536

• 17 · Travel

  total $232,722

• 20 · Interest

  total $19,520,189

• 22 · Depreciation, depletion and amortization

  total $2,218,168

• 23 · Insurance

  total $164,241

• 24a · Other expenses: DATA PROCESSING

  total $1,738,623

• 24b · Other expenses: TRANSACTION EXPENSES

  total $1,702,253

• 24c · Other expenses: CREDIT UNION OPERATING

  total $1,290,745

• 24d · Other expenses: PROVISION FOR LOAN LOSS

  total $12,844

• 24e · All other expenses

  total $53,313

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $21,679,498 · end of year $20,755,376

• 2 · Savings and temporary cash investments

  beginning of year $6,411,670 · end of year $6,177,579

• 5 · Loans and receivables from officers and key people

  beginning of year $15,165,425 · end of year $15,231,864

• 7 · Other notes and loans receivable

  beginning of year $1,038,045,119 · end of year $990,658,841

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,453,146 · end of year $2,709,654

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

  $44,719,013

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

  $16,640,082

• 10c · Land, buildings and equipment, net

  beginning of year $30,130,748 · end of year $28,078,931

• 11 · Investments: publicly traded securities

  beginning of year $143,391,370 · end of year $134,097,535

• 12 · Investments: other securities

  beginning of year $8,019,311 · end of year $4,440,123

• 15 · Other assets

  beginning of year $13,657,856 · end of year $15,630,579

• 17 · Accounts payable and accrued expenses

  beginning of year $23,235,173 · end of year $23,636,064

• 23 · Secured mortgages and notes payable

  beginning of year $146,619,262 · end of year $63,825,187

• 25 · Other liabilities

  beginning of year $1,030,211,401 · end of year $1,041,914,572

• 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 $78,888,307 · end of year $88,404,659

The filer's explanations (Part III)

PART I, LINE 1A

THE ORGANIZATION PAYS FOR TRAVEL OF COMPANIONS OF THE BOARD OF DIRECTORS AND CEO. THE ORGANIZATION PAYS HEALTH CLUB DUES FOR THE CEO - ATHLETIC CLUB MEMBERSHIP. THIS IS TREATED AS TAXABLE INCOME TO THE INDIVIDUAL, AS APPROPRIATE.

PART I, LINES 4A-B

THE CREDIT UNION HAS A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN FOR THE CHIEF EXECUTIVE OFFICER WHEREBY THE CREDIT UNION MAKES SCHEDULED MONTHLY CONTRIBUTIONS TO INVESTMENT ACCOUNTS AND THE CHIEF EXECUTIVE OFFICER WILL BE ENTITLED TO THE BALANCE OF THE INVESTMENT ACCOUNTS UPON HIS 65TH BIRTHDAY (DECEMBER 2023), SUBJECT TO CERTAIN CONDITIONS IN THE AGREEMENT. FOR THE YEAR ENDING DECEMBER 31, 2023 THE CEO BECAME VESTED IN $782,829 AND $641,831 WAS ACCRUED ON THE PLAN. CERTAIN OFFICERS AND KEY EMPLOYEES PARTICIPATE IN THE SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15. THE CREDIT UNION ALSO HAS A DEFERRED COMPENSATION PLAN WITH THE VICE PRESIDENT OF CREDIT ADMINISTRATION AND IT STRATEGY & INNOVATION SENIOR MANAGER. ANNUAL ACCRUALS ARE MADE AND THE PARTICIPANTS WILL BE ENTITLED TO THE ACCRUED AMOUNTS AFTER FIVE YEARS. FOR THE YEAR ENDING DECEMBER 31, 2023, $6,431 AND $9,534, RESPECTIVELY, WERE ACCRUED.

Disregarded entities

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

• LENDING SOLUTIONS NORTHWEST LLC

  INVESTMENTS THAT FURTHER THE CREDIT UNIONS MISSION · WA · income $0 · assets $306,270

  Directly controlled by SALAL CREDIT UNION

• SCU HOLDINGS LLC

  HOLD REAL ESTATE · WA · income $3,422,279 · assets $26,014,807

  Directly controlled by SALAL CREDIT UNION