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Nonprofiteer
← SPOKANE TEACHERS CREDIT UNION

Form 990 for tax year 2023

Filed by SPOKANE TEACHERS CREDIT UNION.

Totals

Total revenue
$304,138,829
Total expenses
$258,870,399
Contributions and grants received
$52,265
Grants paid
$992,500
Program service revenue
$278,433,339
Investment income
$25,454,178
Other revenue
$199,047
Total assets, end of year
$5,788,274,678
Total liabilities, end of year
$5,298,148,668
Net assets or fund balances, end of year
$490,126,010
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

Program services were 0.0% 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

    $52,265

  • 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: Loan Interest Income

    total $233,942,915 · related or exempt $233,942,915 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Fees and Service Charges

    total $40,970,554 · related or exempt $40,552,298 · unrelated business $418,256 · excluded $0

  • 2c · Program service revenue: Loan Svc and Origination

    total $3,519,870 · related or exempt $3,519,870 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $24,097,249 · related or exempt $24,097,249 · unrelated business $0 · excluded $0

  • 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 $717,671 · personal property $0

  • 6b · Less rental expenses

    real property $518,624 · personal property $0

  • 6c · Rental income or loss

    real property $199,047 · personal property $0

  • 6d · Net rental income or loss

    total $199,047 · related or exempt $199,047 · unrelated business $0 · excluded $0

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $275,023,750

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

    securities $0 · other assets $273,666,821

  • 7c · Gain or loss

    securities $0 · other assets $1,356,929

  • 7d · Net gain or loss

    total $1,356,929 · related or exempt $1,356,929 · unrelated business $0 · excluded $0

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

    $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $992,500

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $48,295,144

  • 5 · Compensation of officers, directors and key employees

    total $6,482,160

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $63,287,206

  • 8 · Pension plan contributions

    total $5,017,641

  • 9 · Other employee benefits

    total $13,888,148

  • 10 · Payroll taxes

    total $5,933,300

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $162,476

  • 11c · Fees: accounting

    total $156,890

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $2,958,877

  • 12 · Advertising and promotion

    total $7,184,818

  • 13 · Office expenses

    total $2,924,470

  • 14 · Information technology

    total $10,458,826

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $6,220,609

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $1,407,750

  • 20 · Interest

    total $27,220,864

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $6,494,625

  • 23 · Insurance

    total $0

  • 24a · Other expenses: Processing Expense

    total $13,480,291

  • 24b · Other expenses: Provision for Loan Loss

    total $25,367,423

  • 24c · Other expenses: Loan Servicing Expense

    total $3,236,509

  • 24d · Other expenses: Postage and Shipping

    total $1,939,249

  • 24e · All other expenses

    total $5,760,623

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $29,795,027 · end of year $23,163,042

  • 2 · Savings and temporary cash investments

    beginning of year $212,720,335 · end of year $237,220,775

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $53,747,127 · end of year $55,789,770

  • 5 · Loans and receivables from officers and key people

    beginning of year $16,236,792 · end of year $46,152,007

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $4,616,935,385 · end of year $4,741,775,714

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $18,944,668 · end of year $14,564,609

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

    $160,564,888

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

    $67,891,565

  • 10c · Land, buildings and equipment, net

    beginning of year $88,866,131 · end of year $92,673,323

  • 11 · Investments: publicly traded securities

    beginning of year $454,761,342 · end of year $441,271,497

  • 12 · Investments: other securities

    beginning of year $26,654,200 · end of year $31,294,900

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $14,294,875 · end of year $13,216,350

  • 15 · Other assets

    beginning of year $92,869,457 · end of year $91,152,691

  • 17 · Accounts payable and accrued expenses

    beginning of year $55,729,685 · end of year $62,261,397

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $791,637 · end of year $526,918

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $6,582,603 · end of year $6,783,174

  • 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 $529,253,565 · end of year $636,012,327

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $4,591,171,521 · end of year $4,592,564,852

  • 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 $442,296,328 · end of year $490,126,010

Mission and programs · 2023

Mission

STCU is committed to maximizing the value of every financial relationship through cost-effective financial services consistent with cooperative principles, applicable legislation, and prudent management. STCU serves 275,544 members as of 12/31/23.

  • STCU has outstanding loans of $4,783,179,127 at December 31, 2023, representing 203,727 individual loans. STCU offers credit cards; auto, RV, and boat loans; 1st mortgage real estate loans, other real estate loans and lines of credit; and commercial loans. Revenues from loan activities include interest income earned, as well as loan origination and servicing fees.

  • STCU provides share and deposit products, including checking, savings, money market, certificates, and IRA/Keogh accounts. At December 31, 2023, STCU had total share and deposit balances of $4,592,564,852 representing 425,372 individual accounts. STCU paid members dividends on their share and deposit accounts $48,700,897 in 2023. STCU earns various fees on transactions, balances or other financial products as outlined in the membership agreement or published fee schedules.

As filed on the 2023 return.

Listed in Part VII

  • Ezra Eckhardt

    President and CEO

    Total calculated
    $1,422,944
    From this org
    $1,184,852
    From related orgs
    $0
    Other
    $238,092
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $871,667
    Bonus
    $300,304
    Other
    $12,880
    Deferred
    $229,241
    Nontaxable benefits
    $238,092
    Filer's total
    $1,652,184

  • Lindsey Myhre

    EVP & CFO

    Total calculated
    $673,246
    From this org
    $561,612
    From related orgs
    $0
    Other
    $111,634
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $464,458
    Bonus
    $92,597
    Other
    $4,557
    Deferred
    $102,782
    Nontaxable benefits
    $111,634
    Filer's total
    $776,028

  • Patricia Baughman

    CDO

    Total calculated
    $600,707
    From this org
    $510,347
    From related orgs
    $0
    Other
    $90,360
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $302,723
    Bonus
    $62,939
    Other
    $144,685
    Deferred
    $78,801
    Nontaxable benefits
    $90,360
    Filer's total
    $679,508

  • David Flood

    CLO

    Total calculated
    $521,850
    From this org
    $482,270
    From related orgs
    $0
    Other
    $39,580
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $267,171
    Bonus
    $61,855
    Other
    $153,244
    Deferred
    $32,941
    Nontaxable benefits
    $39,580
    Filer's total
    $554,791

  • Scott Rabe

    Senior Vice President

    Total calculated
    $391,058
    From this org
    $295,861
    From related orgs
    $0
    Other
    $95,197
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $240,704
    Bonus
    $49,577
    Other
    $5,580
    Deferred
    $68,962
    Nontaxable benefits
    $95,197
    Filer's total
    $460,020

  • Marty Dickinson

    CMO

    Total calculated
    $384,133
    From this org
    $300,165
    From related orgs
    $0
    Other
    $83,968
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $244,978
    Bonus
    $50,401
    Other
    $4,785
    Deferred
    $67,562
    Nontaxable benefits
    $83,968
    Filer's total
    $451,694

  • Patricia Kelly

    Senior Vice President

    Total calculated
    $381,867
    From this org
    $306,570
    From related orgs
    $0
    Other
    $75,297
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $249,999
    Bonus
    $51,609
    Other
    $4,962
    Deferred
    $66,445
    Nontaxable benefits
    $75,297
    Filer's total
    $448,312

  • Brian Scott

    Chief Risk Officer

    Total calculated
    $361,798
    From this org
    $287,514
    From related orgs
    $0
    Other
    $74,284
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $238,030
    Bonus
    $45,164
    Other
    $4,319
    Deferred
    $65,432
    Nontaxable benefits
    $74,284
    Filer's total
    $427,229

  • Joseph Yetter

    Senior Vice President

    Total calculated
    $356,363
    From this org
    $275,625
    From related orgs
    $0
    Other
    $80,738
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $223,516
    Bonus
    $47,489
    Other
    $4,620
    Deferred
    $62,080
    Nontaxable benefits
    $80,738
    Filer's total
    $418,443

  • Brian Read

    Chief Retail Officer

    Total calculated
    $346,030
    From this org
    $279,295
    From related orgs
    $0
    Other
    $66,735
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $257,777
    Bonus
    $17,156
    Other
    $4,362
    Deferred
    $40,500
    Nontaxable benefits
    $66,735
    Filer's total
    $386,530

  • Christopher Severin

    Senior Vice President

    Total calculated
    $337,690
    From this org
    $262,105
    From related orgs
    $0
    Other
    $75,585
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $212,798
    Bonus
    $44,450
    Other
    $4,857
    Deferred
    $59,179
    Nontaxable benefits
    $75,585
    Filer's total
    $396,869

  • Robyn Galtieri

    Senior Vice President

    Total calculated
    $320,784
    From this org
    $260,670
    From related orgs
    $0
    Other
    $60,114
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $214,285
    Bonus
    $41,362
    Other
    $5,023
    Deferred
    $58,314
    Nontaxable benefits
    $60,114
    Filer's total
    $379,098

  • Nicole Tutt

    Chief Information Security Officer

    Total calculated
    $289,567
    From this org
    $224,525
    From related orgs
    $0
    Other
    $65,042
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $188,830
    Bonus
    $30,231
    Other
    $5,464
    Deferred
    $46,036
    Nontaxable benefits
    $65,042
    Filer's total
    $335,603

  • Melanie Shanks

    Chief Internal Auditor

    Total calculated
    $285,061
    From this org
    $230,658
    From related orgs
    $0
    Other
    $54,403
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $198,639
    Bonus
    $30,909
    Other
    $1,110
    Deferred
    $45,552
    Nontaxable benefits
    $54,403
    Filer's total
    $330,613

  • Angela Swenseid

    Senior Vice President

    Total calculated
    $277,303
    From this org
    $221,140
    From related orgs
    $0
    Other
    $56,163
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $188,556
    Bonus
    $27,806
    Other
    $4,779
    Deferred
    $47,312
    Nontaxable benefits
    $56,163
    Filer's total
    $324,616

  • Curt Fuller

    Director of Commercial Business

    Total calculated
    $276,905
    From this org
    $228,757
    From related orgs
    $0
    Other
    $48,148
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $196,965
    Bonus
    $31,618
    Other
    $175
    Deferred
    $29,490
    Nontaxable benefits
    $48,148
    Filer's total
    $306,396

  • William Lusk

    Financial Advisor

    Total calculated
    $263,705
    From this org
    $224,383
    From related orgs
    $0
    Other
    $39,322
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $222,637
    Bonus
    $0
    Other
    $1,746
    Deferred
    $22,917
    Nontaxable benefits
    $39,322
    Filer's total
    $286,622

  • Douglas Kapelke

    Commercial Banking Manager

    Total calculated
    $258,548
    From this org
    $227,069
    From related orgs
    $0
    Other
    $31,479
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,147
    Bonus
    $71,772
    Other
    $1,150
    Deferred
    $21,427
    Nontaxable benefits
    $31,479
    Filer's total
    $279,975

  • Richard Lentz

    Vice President

    Total calculated
    $100,009
    From this org
    $63,913
    From related orgs
    $0
    Other
    $36,096
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $34,924
    Bonus
    $28,284
    Other
    $705
    Deferred
    $34,620
    Nontaxable benefits
    $36,096
    Filer's total
    $134,629

  • Steven Jones

    Chairman

    Total calculated
    $24,043
    From this org
    $24,043
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $24,043
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $24,043

  • Chris Morlan

    Director

    Total calculated
    $19,426
    From this org
    $19,426
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $19,426
    Bonus
    $0
    Other
    $1,513
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $20,939

  • Justin Botejue

    Director

    Total calculated
    $17,387
    From this org
    $17,387
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $17,387
    Bonus
    $0
    Other
    $835
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $18,222

  • Wally Stanley

    Director

    Total calculated
    $17,387
    From this org
    $17,387
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $17,387
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $17,387

  • Jeff Perkins

    Director

    Total calculated
    $17,387
    From this org
    $17,387
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $17,387
    Bonus
    $0
    Other
    $1,796
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $19,183

  • Adriane Hanley

    Vice Chairwoman

    Total calculated
    $17,387
    From this org
    $17,387
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $17,387
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $17,387

  • Catherine Brazil

    Director

    Total calculated
    $17,387
    From this org
    $17,387
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $17,387
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $17,387

  • Mike Rennaker

    Director

    Total calculated
    $17,387
    From this org
    $17,387
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $17,387
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $17,387

  • Kathryn Gores

    Audit Chairwoman

    Total calculated
    $14,925
    From this org
    $14,925
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $14,925
    Bonus
    $0
    Other
    $1,277
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $16,202

  • William DeReu

    Director

    Total calculated
    $13,763
    From this org
    $13,763
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $13,763
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $13,763

  • Kevin Spohr

    Supervisory Com

    Total calculated
    $9,950
    From this org
    $9,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $9,950
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $9,950

  • Lisa McCann

    Supervisory Com

    Total calculated
    $9,950
    From this org
    $9,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $9,950
    Bonus
    $0
    Other
    $659
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $10,609

  • Dolores Humiston

    Director

    Total calculated
    $4,074
    From this org
    $4,074
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $4,074
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $4,074

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 · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 1a
The Credit Union will reimburse board members for travel for companions to conferences. These reimbursements are treated as taxable events and included on the board member's year-end tax forms.

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.

  • AgWest Financial LLC

    S · Agricultural Lending · WA · 100% owned · controlled entity

    Directly controlled by Spokane Teachers Credit Union

  • Columbia Inland Financial Corp

    S · Escrow services · WA · 100% owned · controlled entity

    Directly controlled by Spokane Teachers Credit Union

Provenance

Return type
form_990
Tax year
2023
Filed
22 October 2024
IRS schema version
2023v5.0
Source object
202433139349300423

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