Form 990 for tax year 2024
Filed by CREDIT UNIONS IN THE STATE OF WASHINGTON.
Totals
- Total revenue
- $20,382,995
- Total expenses
- $16,224,301
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $16,173,954
- Investment income
- $4,134,691
- Other revenue
- $74,350
- Total assets, end of year
- $381,377,171
- Total liabilities, end of year
- $2,757,587
- Net assets or fund balances, end of year
- $378,619,584
- 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
$0
-
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 $13,882,279 · related or exempt $13,882,279 · unrelated business $0 · excluded $0
-
2b · Program service revenue: Debit & ATM Fees
total $1,083,781 · related or exempt $1,068,229 · unrelated business $15,552 · excluded $0
-
2c · Program service revenue: Service Charges and Fees
total $1,207,894 · related or exempt $1,207,894 · unrelated business $0 · excluded $0
-
2d · Program service revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
2e · Program service revenue
total $0 · related or exempt $0 · 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 $4,185,885 · related or exempt $4,185,885 · 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 $0 · personal property $0
-
6b · Less rental expenses
real property $0 · personal property $0
-
6c · Rental income or loss
real property $0 · personal property $0
-
6d · Net rental income or loss
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
7a · Gross sales of assets other than inventory
securities $7,582 · other assets $986,066
-
7b · Less cost or other basis and sales expenses
securities $7,582 · other assets $1,037,260
-
7c · Gain or loss
securities $0 · other assets -$51,194
-
7d · Net gain or loss
total -$51,194 · related or exempt $0 · unrelated business $0 · excluded $0
-
8a · Fundraising events: gross income
$0
-
8a · Fundraising events: contributions included on line 1c
$0
-
8b · Fundraising events: direct expenses
$0
-
8c · Net income from fundraising events
total $0 · unrelated business $0 · excluded $0
-
9a · Gaming: gross income
$0
-
9b · Gaming: direct expenses
$0
-
9c · Net income from gaming
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
10a · Gross sales of inventory
$0
-
10b · Cost of goods sold
$0
-
10c · Net income from sales of inventory
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
11a · Other revenue: Insurance
total $46,127 · related or exempt $37,979 · unrelated business $8,148 · excluded $0
-
11b · Other revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
11c · Other revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
11d · All other revenue
total $28,223 · related or exempt $0 · unrelated business $0 · excluded $0
-
11e · Other revenue, total
$74,350
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0 · program services $0
-
2 · Grants to domestic individuals
total $0 · program services $0
-
3 · Grants to foreign organizations and individuals
total $0 · program services $0
-
4 · Benefits paid to or for members
total $0 · program services $0
-
5 · Compensation of officers, directors and key employees
total $930,652 · program services $0 · management and general $0 · fundraising $0
-
6 · Compensation of disqualified persons
total $0 · program services $0 · management and general $0 · fundraising $0
-
7 · Other salaries and wages
total $3,828,174 · program services $0 · management and general $0 · fundraising $0
-
8 · Pension plan contributions
total $454,150 · program services $0 · management and general $0 · fundraising $0
-
9 · Other employee benefits
total $739,879 · program services $0 · management and general $0 · fundraising $0
-
10 · Payroll taxes
total $391,735 · program services $0 · management and general $0 · fundraising $0
-
11a · Fees: management
total $0 · program services $0 · management and general $0 · fundraising $0
-
11b · Fees: legal
total $74,664 · program services $0 · management and general $0 · fundraising $0
-
11c · Fees: accounting
total $50,546 · program services $0 · management and general $0 · fundraising $0
-
11d · Fees: lobbying
total $0 · program services $0 · management and general $0 · fundraising $0
-
11e · Fees: professional fundraising services
total $0 · fundraising $0
-
11f · Fees: investment management
total $0 · program services $0 · management and general $0 · fundraising $0
-
11g · Fees: other
total $23,257 · program services $0 · management and general $0 · fundraising $0
-
12 · Advertising and promotion
total $391,422 · program services $0 · management and general $0 · fundraising $0
-
13 · Office expenses
total $710,939 · program services $0 · management and general $0 · fundraising $0
-
14 · Information technology
total $1,061,542 · program services $0 · management and general $0 · fundraising $0
-
15 · Royalties
total $0 · program services $0 · management and general $0 · fundraising $0
-
16 · Occupancy
total $379,806 · program services $0 · management and general $0 · fundraising $0
-
17 · Travel
total $122,950 · program services $0 · management and general $0 · fundraising $0
-
18 · Travel or entertainment for public officials
total $0 · program services $0 · management and general $0 · fundraising $0
-
19 · Conferences, conventions and meetings
total $42,307 · program services $0 · management and general $0 · fundraising $0
-
20 · Interest
total $4 · program services $0 · management and general $0 · fundraising $0
-
21 · Payments to affiliates
total $0 · program services $0 · management and general $0 · fundraising $0
-
22 · Depreciation, depletion and amortization
total $448,094 · program services $0 · management and general $0 · fundraising $0
-
23 · Insurance
total $90,967 · program services $0 · management and general $0 · fundraising $0
-
24a · Other expenses: Member Dividends
total $3,373,586 · program services $0 · management and general $0 · fundraising $0
-
24b · Other expenses: Card Services
total $1,263,803 · program services $0 · management and general $0 · fundraising $0
-
24c · Other expenses: Provision for Loan Loss
total $1,496,559 · program services $0 · management and general $0 · fundraising $0
-
24d · Other expenses
total $0 · program services $0 · management and general $0 · fundraising $0
-
24e · All other expenses
total $349,265 · program services $0 · management and general $0 · fundraising $0
-
26 · Joint costs (an allocation of the lines above)
total $0 · program services $0 · management and general $0 · fundraising $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,860,304 · end of year $2,116,701
-
2 · Savings and temporary cash investments
beginning of year $43,222,110 · end of year $66,312,455
-
3 · Pledges and grants receivable
beginning of year $0 · end of year $0
-
4 · Accounts receivable
beginning of year $248,655,602 · end of year $250,709,452
-
5 · Loans and receivables from officers and key people
beginning of year $0 · end of year $0
-
6 · Loans and receivables from disqualified persons
beginning of year $0 · end of year $0
-
7 · Other notes and loans receivable
beginning of year $0 · end of year $0
-
8 · Inventories for sale or use
beginning of year $0 · end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $387,443 · end of year $412,624
-
10a · Land, buildings and equipment: cost or other basis
$11,473,983
-
10b · Land, buildings and equipment: accumulated depreciation
$5,351,665
-
10c · Land, buildings and equipment, net
beginning of year $6,331,038 · end of year $6,122,318
-
11 · Investments: publicly traded securities
beginning of year $49,508,244 · end of year $51,747,355
-
12 · Investments: other securities
beginning of year $660,187 · end of year $647,436
-
13 · Investments: program-related
beginning of year $0 · end of year $0
-
14 · Intangible assets
beginning of year $35,000 · end of year $15,000
-
15 · Other assets
beginning of year $3,185,963 · end of year $3,293,830
-
17 · Accounts payable and accrued expenses
beginning of year $3,136,248 · end of year $2,757,587
-
18 · Grants payable
beginning of year $0 · end of year $0
-
19 · Deferred revenue
beginning of year $0 · end of year $0
-
20 · Tax-exempt bond liabilities
beginning of year $0 · end of year $0
-
21 · Escrow or custodial account liability
beginning of year $0 · end of year $0
-
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 $0 · end of year $0
-
24 · Unsecured notes and loans payable
beginning of year $0 · end of year $0
-
25 · Other liabilities
beginning of year $0 · end of year $0
-
29 · Capital stock, trust principal or current funds
beginning of year $308,184,356 · end of year $331,201,485
-
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 $42,525,287 · end of year $47,418,099
Mission and programs · 2024
Mission
Mutual membership benefit programs general other provided cooperative financial services
Activities or mission (Part I)
Setting the standards in the financial products we offer the personal services we provide and our support for the communities we serve.
-
Met members needs for cooperative financial services and community support.
As filed on the 2024 return.
Listed in Part VII
-
Richard Griffith
President CEO
- Total calculated
- $235,144
- From this org
- $199,625
- From related orgs
- $0
- Other
- $35,519
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $173,332
- Bonus
- $5,000
- Other
- $5,788
- Deferred
- $36,491
- Nontaxable benefits
- $14,532
- Filer's total
- $235,143
-
Thomas Boucher
Chief Financial Officer
- Total calculated
- $134,366
- From this org
- $110,995
- From related orgs
- $0
- Other
- $23,371
- Hours/week
- 40
-
Mark Favro
VP of IT
- Total calculated
- $200,682
- From this org
- $169,962
- From related orgs
- $0
- Other
- $30,720
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $142,872
- Bonus
- $6,000
- Other
- $10,764
- Deferred
- $27,536
- Nontaxable benefits
- $13,510
- Filer's total
- $200,682
-
Dale Holt
VP - CLO Business Lending
- Total calculated
- $197,944
- From this org
- $152,007
- From related orgs
- $0
- Other
- $45,937
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $120,771
- Bonus
- $7,000
- Other
- $7,346
- Deferred
- $33,782
- Nontaxable benefits
- $29,046
- Filer's total
- $197,945
-
Veronica Bean
VP of HR
- Total calculated
- $172,693
- From this org
- $143,582
- From related orgs
- $0
- Other
- $29,111
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $125,749
- Bonus
- $6,000
- Other
- $270
- Deferred
- $26,163
- Nontaxable benefits
- $14,511
- Filer's total
- $172,693
-
Christian Janguard
VP - CLO RE Consumer Loans
- Total calculated
- $183,442
- From this org
- $154,481
- From related orgs
- $0
- Other
- $28,961
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $125,327
- Bonus
- $6,000
- Other
- $270
- Deferred
- $38,540
- Nontaxable benefits
- $13,305
- Filer's total
- $183,442
-
Jair Furnas
Board Chair
- Total calculated
- $0
- Hours/week
- 5
-
Gerzon Marin
Vice Chair
- Total calculated
- $0
- Hours/week
- 5
-
Carol Anderson
Secretary
- Total calculated
- $0
- Hours/week
- 5
-
Philip Serka
Board Chair
- Total calculated
- $0
- Hours/week
- 5
-
Margaret Hardiman
Director
- Total calculated
- $0
- Hours/week
- 5
-
Derek Barnes
Director
- Total calculated
- $0
- Hours/week
- 5
-
Richard Succee
Director
- Total calculated
- $0
- Hours/week
- 5
-
Randy Watts
Director
- Total calculated
- $0
- Hours/week
- 5
-
Gregory Lagestee
Director
- Total calculated
- $0
- Hours/week
- 5
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
- 1a · Discretionary spending account
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Compensation committee
- 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)
- Part I & Part II
- | PartandLinenumber:,Explanation:| Part I Line 3,The compensation committee of the Board of Directors reviews all documents and researches comparable data. A recommendation is submitted to the full board for approval.|Part I Line 1,Each director is granted an allowance for training each year under an accountable plan. The policy allows for reimbursement for companions travel expenses for credit union business.|
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
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 15 November 2025
- IRS schema version
- 2024v5.1
- Source object
- 202523199349301102
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