Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $34,393,839 · related or exempt $34,393,839

• 2b · Program service revenue: INTERCHANGE INCOME

  total $3,271,556 · related or exempt $3,271,556

• 2c · Program service revenue: FEES AND CHARGES

  total $2,492,235 · related or exempt $2,365,413 · unrelated business $126,822

• 2d · Program service revenue: SUBSIDIARY INCOME

  total $201,717 · unrelated business $201,717

• 3 · Investment income

  total $3,332,154 · excluded $3,332,154

• 6a · Gross rents

  real property $284,777

• 6b · Less rental expenses

  real property $8,837

• 6c · Rental income or loss

  real property $275,940

• 6d · Net rental income or loss

  total $275,940 · excluded $275,940

• 7a · Gross sales of assets other than inventory

  securities $4,349,145

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

  securities $0 · other assets $83,700

• 7c · Gain or loss

  securities $4,349,145 · other assets -$83,700

• 7d · Net gain or loss

  total $4,265,445 · excluded $4,265,445

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $185,486

• 5 · Compensation of officers, directors and key employees

  total $2,017,515

• 7 · Other salaries and wages

  total $9,666,453

• 8 · Pension plan contributions

  total $508,222

• 9 · Other employee benefits

  total $1,205,135

• 10 · Payroll taxes

  total $538,325

• 11b · Fees: legal

  total $436,929

• 11c · Fees: accounting

  total $344,615

• 11g · Fees: other

  total $4,631,815

• 12 · Advertising and promotion

  total $1,092,970

• 13 · Office expenses

  total $1,978,028

• 14 · Information technology

  total $4,500,444

• 16 · Occupancy

  total $1,386,018

• 17 · Travel

  total $50,662

• 19 · Conferences, conventions and meetings

  total $200,896

• 20 · Interest

  total $8,320,151

• 22 · Depreciation, depletion and amortization

  total $745,618

• 23 · Insurance

  total $241,659

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $6,590,863

• 24b · Other expenses: LOAN SERVICING

  total $692,608

• 24c · Other expenses: MEMBER REWARDS

  total $427,860

• 24d · Other expenses: ASSOCIATION DUES

  total $53,284

• 24e · All other expenses

  total $1,384,546

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $10,215,248 · end of year $7,286,760

• 2 · Savings and temporary cash investments

  beginning of year $49,698,454 · end of year $105,321,739

• 4 · Accounts receivable

  beginning of year $6,634,418 · end of year $7,813,573

• 5 · Loans and receivables from officers and key people

  beginning of year $7,100,309 · end of year $6,221,653

• 7 · Other notes and loans receivable

  beginning of year $710,907,269 · end of year $612,680,856

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,222,960 · end of year $2,258,952

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

  $26,420,400

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

  $21,084,271

• 10c · Land, buildings and equipment, net

  beginning of year $6,932,668 · end of year $5,336,129

• 11 · Investments: publicly traded securities

  beginning of year $23,742,055 · end of year $15,181,373

• 12 · Investments: other securities

  beginning of year $3,318,971 · end of year $1,652,197

• 15 · Other assets

  beginning of year $8,674,971 · end of year $7,649,362

• 17 · Accounts payable and accrued expenses

  beginning of year $14,935,235 · end of year $11,979,143

• 19 · Deferred revenue

  beginning of year $15,669,935 · end of year $14,124,869

• 23 · Secured mortgages and notes payable

  beginning of year $58,500,000 · end of year $0

• 25 · Other liabilities

  beginning of year $669,853,418 · end of year $673,441,783

• 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 $70,488,735 · end of year $71,856,799

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS IS PROVIDED TO BOARD MEMBERS WHEN THEY TRAVEL FOR CREDIT UNION BUSINESS. ANY PAYMENTS ARE INCLUDED IS TAXABLE TO THE BOARD MEMBER. THE BOARD OF DIRECTORS APPROVED TO COVER THE MEMBERSHIP FEES TO A PRIVATE SOCIAL CLUB IN THE SEATTLE AREA CALLED RAINIER CLUB FOR THE CEO, TONITA WEBB. IN ADDITION TO ACCESS TO A PRIVATE SOCIAL CLUB, THE CEO UTILIZES HER ACCESS TO THE CLUB TO HOLD MEETINGS WITH EXECUTIVES AND COMPANY MANAGERS.

PART I, LINES 4A-B

THE FOLLOWING PERSONS RECEIVED SEVERANCE IN 2024: TINA NARRON- $52,465.32 TONITA WEBB PARTICIPATES IN A SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15.

Disregarded entities

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

• CU HOME MORTGAGE SOLUTIONS LLC

  MORTGAGE PROCESSING AND SERVICING · WA · income -$16,839 · assets $8,061,490

  Directly controlled by VERITY CREDIT UNION

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• CHARITABLE LEAD TRUST

  T · WA