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← CREDIT UNIONS IN THE STATE OF WASHINGTON

Form 990 for tax year 2023

Filed by CREDIT UNIONS IN THE STATE OF WASHINGTON.

Totals

Total revenue
$7,731,884
Total expenses
$5,347,652
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$7,075,512
Investment income
$583,061
Other revenue
$73,311
Total assets, end of year
$141,424,855
Total liabilities, end of year
$124,332,133
Net assets or fund balances, end of year
$17,092,722
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: LOAN INTEREST

    total $5,932,711 · related or exempt $5,932,711

  • 2b · Program service revenue: FEES & CHARGES

    total $576,525 · related or exempt $469,482 · unrelated business $107,043

  • 2c · Program service revenue: CARD CHECK INTERCHANGE

    total $322,842 · related or exempt $322,842

  • 2d · Program service revenue: VISA INTERCHANGE INCOM

    total $243,434 · related or exempt $243,434

  • 3 · Investment income

    total $583,061 · excluded $583,061

  • 11a · Other revenue: OTHER INCOME

    total $73,311 · related or exempt $73,311

  • 11e · Other revenue, total

    $73,311

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $330,872

  • 7 · Other salaries and wages

    total $1,066,162

  • 8 · Pension plan contributions

    total $55,251

  • 9 · Other employee benefits

    total $215,627

  • 10 · Payroll taxes

    total $115,626

  • 11b · Fees: legal

    total $13,292

  • 11c · Fees: accounting

    total $25,355

  • 11g · Fees: other

    total $186,695

  • 12 · Advertising and promotion

    total $45,255

  • 13 · Office expenses

    total $538,400

  • 14 · Information technology

    total $18,791

  • 16 · Occupancy

    total $254,271

  • 17 · Travel

    total $8,400

  • 19 · Conferences, conventions and meetings

    total $61,445

  • 20 · Interest

    total $451,925

  • 22 · Depreciation, depletion and amortization

    total $110,873

  • 23 · Insurance

    total $55,128

  • 24a · Other expenses: UBI TAXES

    total $12,164

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $812,102

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $437,955

  • 24d · Other expenses: DATA PROCESSING

    total $347,020

  • 24e · All other expenses

    total $185,043

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $648,200 · end of year $530,114

  • 2 · Savings and temporary cash investments

    beginning of year $17,538,755 · end of year $15,516,458

  • 5 · Loans and receivables from officers and key people

    beginning of year $2,586,677 · end of year $823,755

  • 7 · Other notes and loans receivable

    beginning of year $113,427,452 · end of year $107,198,832

  • 9 · Prepaid expenses and deferred charges

    beginning of year $871,795 · end of year $614,737

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

    $5,682,779

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

    $2,754,190

  • 10c · Land, buildings and equipment, net

    beginning of year $3,119,517 · end of year $2,928,589

  • 12 · Investments: other securities

    beginning of year $12,582,236 · end of year $9,992,613

  • 15 · Other assets

    beginning of year $2,152,243 · end of year $3,819,757

  • 17 · Accounts payable and accrued expenses

    beginning of year $467,375 · end of year $671,686

  • 25 · Other liabilities

    beginning of year $137,821,603 · end of year $123,660,447

  • 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 $14,637,897 · end of year $17,092,722

Mission and programs · 2023

Mission

THE VISION OF MOUNTAINCREST CREDIT UNION IS THAT WE ARE A SOUND FINANCIAL INSTITUTION PROVIDING A FULL RANGE OF INNOVATIVE, COMPETITIVE PRODUCTS AND SERVICES WITH EXCEPTIONAL PERSONAL SERVICE.

Activities or mission (Part I)

YOUR HOME FOR TRUSTED, SOUND FINANCIAL SERVICES WITH THAT PERSONAL TOUCH.

  • PROVIDE FINANCIAL SERVICES TO 9,683 MEMBERS. THESE SERVICES INCLUDE, BUT ARE NOT LIMITED TO, PROVIDING REAL ESTATE AND OTHER SECURED/UNSECURED CONSUMER LOANS, CHECKING AND SAVINGS PROGRAMS, AND CREDIT CARD SERVICES.

As filed on the 2023 return.

Listed in Part VII

  • Bruce Landre

    BOARD CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Shirley Bradford

    BOARD VICE-CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Donald Holdridge

    BOARD SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Phil Mitchell

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Stephen Powers

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Patrick Gallagher

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Kelvin Smith

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Susan Webster

    CEO

    Total calculated
    $214,086
    From this org
    $193,737
    From related orgs
    $0
    Other
    $20,349
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $191,737
    Bonus
    $2,000
    Other
    $0
    Deferred
    $10,565
    Nontaxable benefits
    $9,784
    Filer's total
    $214,086

  • Lindsey Hartelroad

    CFO

    Total calculated
    $117,674
    From this org
    $102,922
    From related orgs
    $0
    Other
    $14,752
    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 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 4B
SUSAN WEBSTER PARTICIPATED IN A SPLIT DOLLAR LOAN PLAN.

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
2023
Filed
17 May 2024
IRS schema version
2023v5.0
Source object
202411419349300231

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