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Nonprofiteer
← CREDIT UNIONS IN THE STATE OF WASHINGTON

Form 990 for tax year 2022

Filed by CREDIT UNIONS IN THE STATE OF WASHINGTON.

Totals

Total revenue
$26,389,919
Total expenses
$19,727,776
Contributions and grants received
$0
Grants paid
$15,125
Program service revenue
$25,658,238
Investment income
$725,070
Other revenue
$6,611
Total assets, end of year
$646,595,896
Total liabilities, end of year
$600,209,613
Net assets or fund balances, end of year
$46,386,283
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: INTEREST ON LOANS TO MEMBERS

    total $18,210,974 · related or exempt $18,210,974

  • 2b · Program service revenue: FEE INCOME

    total $3,286,988 · related or exempt $3,207,972 · unrelated business $79,016

  • 2c · Program service revenue: OTHER MISCELLANEOUS INCOME

    total $2,717,884 · related or exempt $2,717,884

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

    total $1,442,392 · related or exempt $1,435,280 · unrelated business $7,112

  • 3 · Investment income

    total $725,070 · excluded $725,070

  • 6a · Gross rents

    real property $60,003

  • 6b · Less rental expenses

    real property $53,392

  • 6c · Rental income or loss

    real property $6,611

  • 6d · Net rental income or loss

    total $6,611 · excluded $6,611

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $15,125

  • 4 · Benefits paid to or for members

    total $1,232,865

  • 5 · Compensation of officers, directors and key employees

    total $1,095,388

  • 7 · Other salaries and wages

    total $6,490,626

  • 8 · Pension plan contributions

    total $326,443

  • 9 · Other employee benefits

    total $1,141,518

  • 10 · Payroll taxes

    total $627,734

  • 11f · Fees: investment management

    total $25,518

  • 11g · Fees: other

    total $340,416

  • 12 · Advertising and promotion

    total $370,712

  • 13 · Office expenses

    total $3,820,727

  • 16 · Occupancy

    total $642,988

  • 17 · Travel

    total $202,738

  • 18 · Travel or entertainment for public officials

    total $190,685

  • 20 · Interest

    total $585,272

  • 22 · Depreciation, depletion and amortization

    total $762,573

  • 24a · Other expenses: LOAN SERVICING EXPENSES

    total $1,484,495

  • 24b · Other expenses: LOANS PROVISON

    total $230,504

  • 24c · Other expenses: ASSOCIATION FEES

    total $100,961

  • 24d · Other expenses: OVER/SHORT

    total $27,894

  • 24e · All other expenses

    total $12,594

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,490,311 · end of year $2,952,481

  • 2 · Savings and temporary cash investments

    beginning of year $85,043,715 · end of year $31,534,653

  • 7 · Other notes and loans receivable

    beginning of year $407,809,934 · end of year $521,533,526

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,206,182 · end of year $4,901,031

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

    $18,253,573

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

    $8,164,417

  • 10c · Land, buildings and equipment, net

    beginning of year $9,625,980 · end of year $10,089,156

  • 11 · Investments: publicly traded securities

    beginning of year $47,784,075 · end of year $53,349,168

  • 12 · Investments: other securities

    beginning of year $7,756,124 · end of year $1,496,000

  • 15 · Other assets

    beginning of year $9,576,065 · end of year $20,739,881

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,957,603 · end of year $4,358,618

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $55,040,000

  • 25 · Other liabilities

    beginning of year $527,396,359 · end of year $540,810,995

  • 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 $42,938,424 · end of year $46,386,283

Mission and programs · 2022

Mission

WE ARE A FINANCIAL COOPERATIVE COMMITTED TO IMPROVING LIVES BY PARTNERING WITH FAMILIES TO REACH THEIR GOALS AND IMPACTING OUR COMMUNITY BY HELPING INDIVIDUALS REALIZE THEIR FULL POTENTIAL. WE VALUE TRUST AND UNDERSTANDING, AND RESPECT FOR OURSELVES AND OTHERS.

Activities or mission (Part I)

IMPROVING LIVES BY PARTNERING WITH FAMILIES TO REACH THEIR GOALS.

  • TAPCO CREDIT UNION PROVIDES FINANCIAL PRODUCTS AND SERVICES TO OVER 32,593 MEMBERS, INCLUDING MORE THAN 17,104 CONSUMERS, REAL ESTATE, AND BUSINESS LOANS, AND OVER 53,720 DEPOSIT ACCOUNTS. SERVICES OFFERED INCLUDE ONLINE AND MOBILE BANKING WITH BILL PAY AND REMOTE DEPOSIT, BRANCHES, ATMS, SAFE DEPOSIT BOXES, SHARED BRANCHING, ACH, AND WIRES.

  • TAPCO HAS BEEN A PART OF THE TACOMA-PIERCE COUNTY COMMUNITY FOR 88 YEARS. WE CONTINUE TO FOCUS ON OUR TAGLINE "ROOTED IN SOUTH SOUND", WHICH EMBODIES OUR VISION, MISSION, AND VALUES AND EMPHASIZES OUR COMMITMENT TO THE CREDIT UNION PHILOSOPHY OF "PEOPLE HELPING PEOPLE". IN 2022, OUR STAFF, BOARD AND SUPERVISORY COMMITTEE MEMBERS, AND MEMBERSHIP DEDICATED THEIR TIME AND MONEY TO SUPPORT LOCAL COMMUNITY PROGRAMS AND EVENTS. THROUGH THESE EVENTS OVER $63,000 WAS DONATED AND $15,000 WAS GRANTED IN SCHOLARSHIPS.

  • WE CONTINUED TO INCREASE MEMBER LOANS SIGNIFICANTLY. TAPCO'S LOAN PORTFOLIO IS DISTRIBUTED ACROSS MANY LOAN TYPES, INCLUDING OVER $156 MILLION IN MORTGAGES AND EQUITY LOANS, OVER $249 MILLION IN AUTO LOANS AND $87 MILLION IN COMMERCIAL LOANS. TAPCO PEAK MEMBER REWARDS PROGRAM RECOGNIZES MEMBERS FINANCIAL RELATIONSHIP WITH TAPCO AND OFFERS BETTER RATES AND FREE SERVICES. REWARDS BENEFITS MAY APPLY TO ALL FAMILY MEMBERS LIVING IN THE SAME HOUSEHOLD BY LINKING FAMILY MEMBERSHIPS, YOUR HIGH SCHOOL, COLLEGE STUDENT, OR OTHER FAMILY. WE CONTINUED TO LOOK FOR WAYS TO BETTER SERVE OUR MEMBERS NEAR WHERE THEY LIVE AND WORK.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • John O'Loughlin

    SUPERVISORY COMMITTEE

    Total calculated
    $685
    From this org
    $685
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Brent Bomkamp

    SUPERVISORY COMMITTEE

    Total calculated
    $874
    From this org
    $874
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Lindsey Wade

    BOARD MEMBER

    Total calculated
    $1,160
    From this org
    $1,160
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Bruce Baurichter

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Patricia Bosmans

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Louis Cooper Jr

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Rob Masko

    BOARD VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Pat McElligot

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Gene Miller

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Clara Nelson

    BOARD SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Alex Wilsie

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Justin Martin

    CEO

    Total calculated
    $392,047
    From this org
    $365,615
    From related orgs
    $0
    Other
    $26,432
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $292,000
    Bonus
    $49,500
    Other
    $24,115
    Deferred
    $17,769
    Nontaxable benefits
    $8,663
    Filer's total
    $392,047

  • William Peters

    COO

    Total calculated
    $329,262
    From this org
    $301,507
    From related orgs
    $0
    Other
    $27,755
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $230,874
    Bonus
    $25,686
    Other
    $44,947
    Deferred
    $19,771
    Nontaxable benefits
    $7,984
    Filer's total
    $329,262

  • Kathleen Scholes

    CFO

    Total calculated
    $234,322
    From this org
    $219,077
    From related orgs
    $0
    Other
    $15,245
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $187,789
    Bonus
    $11,143
    Other
    $20,145
    Deferred
    $15,245
    Nontaxable benefits
    $0
    Filer's total
    $234,322

  • Jason Allen

    CIO

    Total calculated
    $117,911
    From this org
    $115,161
    From related orgs
    $0
    Other
    $2,750
    Hours/week
    40

  • Sarah Gray

    CPIO

    Total calculated
    $92,481
    From this org
    $91,309
    From related orgs
    $0
    Other
    $1,172
    Hours/week
    40

  • Kerry Keely

    VP COMMERCIAL LENDING

    Total calculated
    $165,743
    From this org
    $154,957
    From related orgs
    $0
    Other
    $10,786
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $118,243
    Bonus
    $8,608
    Other
    $28,106
    Deferred
    $10,786
    Nontaxable benefits
    $0
    Filer's total
    $165,743

  • Lori Stanaway

    VP OPERATIONS

    Total calculated
    $164,268
    From this org
    $151,995
    From related orgs
    $0
    Other
    $12,273
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $116,089
    Bonus
    $8,426
    Other
    $27,480
    Deferred
    $10,713
    Nontaxable benefits
    $1,560
    Filer's total
    $164,268

  • Heather Fate

    VP MEMBER EXPERIENCE

    Total calculated
    $158,550
    From this org
    $147,123
    From related orgs
    $0
    Other
    $11,427
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,595
    Bonus
    $8,541
    Other
    $9,987
    Deferred
    $10,427
    Nontaxable benefits
    $1,000
    Filer's total
    $158,550

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 · 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

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
2022
Filed
12 May 2023
IRS schema version
2022v5.0
Source object
202301329349304025

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