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Nonprofiteer
← KITSAP CREDIT UNION

Form 990 for tax year 2022

Filed by KITSAP CREDIT UNION.

Totals

Total revenue
$104,047,497
Total expenses
$82,914,598
Contributions and grants received
$0
Grants paid
$479,999
Program service revenue
$92,464,010
Investment income
$11,583,487
Other revenue
$0
Total assets, end of year
$2,255,075,377
Total liabilities, end of year
$2,136,210,327
Net assets or fund balances, end of year
$118,865,050
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

    total $68,862,382 · related or exempt $68,862,382

  • 2b · Program service revenue: INTERCHANGE INCOME

    total $12,330,955 · related or exempt $12,330,955

  • 2c · Program service revenue: FEE INCOME

    total $9,466,737 · related or exempt $9,466,737

  • 2d · Program service revenue: OTHER INCOME

    total $1,803,936 · related or exempt $915,250 · unrelated business $888,686

  • 3 · Investment income

    total $8,474,686 · excluded $8,474,686

  • 7a · Gross sales of assets other than inventory

    securities $3,126,248

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

    securities $0 · other assets $17,447

  • 7c · Gain or loss

    securities $3,126,248 · other assets -$17,447

  • 7d · Net gain or loss

    total $3,108,801 · excluded $3,108,801

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $479,999

  • 5 · Compensation of officers, directors and key employees

    total $3,066,769

  • 7 · Other salaries and wages

    total $19,435,920

  • 8 · Pension plan contributions

    total $892,081

  • 9 · Other employee benefits

    total $3,796,684

  • 10 · Payroll taxes

    total $1,887,684

  • 11b · Fees: legal

    total $35,931

  • 11c · Fees: accounting

    total $180,739

  • 11g · Fees: other

    total $4,962,911

  • 12 · Advertising and promotion

    total $4,043,729

  • 13 · Office expenses

    total $7,563,869

  • 14 · Information technology

    total $3,919,284

  • 16 · Occupancy

    total $2,496,473

  • 17 · Travel

    total $416,872

  • 20 · Interest

    total $7,334,346

  • 22 · Depreciation, depletion and amortization

    total $1,884,107

  • 23 · Insurance

    total $482,478

  • 24a · Other expenses: LOAN PROVISION

    total $10,451,272

  • 24b · Other expenses: DEBIT CARD EXPENSES

    total $3,034,413

  • 24c · Other expenses: LOAN EXPENSES

    total $2,882,708

  • 24d · Other expenses: UBI TAXES

    total $3,066

  • 24e · All other expenses

    total $3,663,263

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $24,550,416 · end of year $27,643,327

  • 2 · Savings and temporary cash investments

    beginning of year $231,903,926 · end of year $153,577,422

  • 4 · Accounts receivable

    beginning of year $29,382,578 · end of year $35,356,687

  • 5 · Loans and receivables from officers and key people

    beginning of year $5,637,808 · end of year $5,249,637

  • 7 · Other notes and loans receivable

    beginning of year $1,251,427,488 · end of year $1,612,608,467

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,710,819 · end of year $6,284,097

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

    $56,777,493

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

    $28,732,151

  • 10c · Land, buildings and equipment, net

    beginning of year $30,125,585 · end of year $28,045,342

  • 11 · Investments: publicly traded securities

    beginning of year $391,251,583 · end of year $312,398,232

  • 12 · Investments: other securities

    beginning of year $1,908,215 · end of year $12,227,236

  • 14 · Intangible assets

    beginning of year $223,946 · end of year $192,000

  • 15 · Other assets

    beginning of year $53,439,763 · end of year $61,492,930

  • 17 · Accounts payable and accrued expenses

    beginning of year $13,433,943 · end of year $235,360,950

  • 19 · Deferred revenue

    beginning of year $1,251,387 · end of year $1,259,025

  • 21 · Escrow or custodial account liability

    beginning of year $336,296 · end of year $311,234

  • 25 · Other liabilities

    beginning of year $1,848,622,693 · end of year $1,899,279,118

  • 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 $161,917,808 · end of year $118,865,050

Mission and programs · 2022

Mission

TO OFFER CHECKING, SAVINGS, AND LENDING PROGRAMS TO MEMBERS WHO PRIMARILY LIVE, WORK, AND WORSHIP IN THE STATE OF WASHINGTON. KCU ALSO PROVIDES FINANCIAL LITERACY PROGRAMS AND IS ACTIVELY INVOLVED IN COMMUNITY OUTREACH PROGRAMS.

Activities or mission (Part I)

A NOT-FOR-PROFIT FINANCIAL COOPERATIVE OFFERING CHECKING, SAVINGS AND LENDING PROGRAMS AND RELATED SERVICES TO MEMBERS WHO PRIMARILY LIVE, WORK, OR WORSHIP IN THE STATE OF WASHINGTON. KITSAP CREDIT UNION (KCU) ALSO PROVIDES FINANCIAL LITERACY PROGRAMS AND IS ACTIVELY INVOLVED IN COMMUNITY OUTREACH PROGRAMS.

  • SECURED AND UNSECURED LOANS ISSUED TO CREDIT UNION MEMBERS, AS RELATED TO THE EXEMPT PURPOSE OF KCU. THE TYPES OF LOANS ISSUED INCLUDE DIRECT AND INDIRECT VEHICLE LOANS, VISA'S, HOME EQUITY LOANS, SOLAR LOANS, AND MORTGAGE LOANS.

  • SAVINGS PROGRAMS THAT ARE PROVIDED TO CREDIT UNION MEMBERS, AS RELATED TO THE EXEMPT PURPOSE OF KCU. THE TYPES OF ACCOUNTS OFFERED ARE CHECKING, MONEY MARKET ACCOUNTS, IRA ACCOUNTS, REGULAR SAVINGS, AND CERTIFICATES.

  • COMMUNITY INVOLVEMENT INCLUDING DONATION OF MONEY AND STAFF TIME IN THE COMMUNITY. KCU ALSO OFFERS MANY FINANCIAL LITERACY CLASSES FOR CHILDREN AND ADULTS.

As filed on the 2022 return.

Listed in Part VII

  • TONY BOLANDER

    CHAIR

    Total calculated
    $20,000
    From this org
    $20,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • WENDIE JOHNSON

    VICE CHAIR

    Total calculated
    $20,000
    From this org
    $20,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • JIM ROWSON

    TREASURER

    Total calculated
    $20,000
    From this org
    $20,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • SUSAN BAKER

    DIRECTOR

    Total calculated
    $20,000
    From this org
    $20,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • SUSAN SIOBHAN CANTY

    DIRECTOR

    Total calculated
    $20,000
    From this org
    $20,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • VICKI GAMBRELL

    SECRETARY

    Total calculated
    $15,000
    From this org
    $15,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • KAREN HOLMES

    DIRECTOR

    Total calculated
    $15,000
    From this org
    $15,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • CRAIG OLSON

    DIRECTOR

    Total calculated
    $15,000
    From this org
    $15,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • MIKE GOONEWARDENE

    DIRECTOR

    Total calculated
    $15,000
    From this org
    $15,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • SHAWN GILFEDDER

    PRESIDENT/CEO

    Total calculated
    $1,007,992
    From this org
    $984,689
    From related orgs
    $0
    Other
    $23,303
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $639,343
    Bonus
    $340,679
    Other
    $4,667
    Deferred
    $15,250
    Nontaxable benefits
    $8,053
    Filer's total
    $1,007,992

  • JAMES W PYRON

    SVP CMO

    Total calculated
    $460,283
    From this org
    $444,880
    From related orgs
    $0
    Other
    $15,403
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $343,078
    Bonus
    $97,041
    Other
    $4,761
    Deferred
    $15,250
    Nontaxable benefits
    $153
    Filer's total
    $460,283

  • KELLIE D LETEXIER

    SVP COO

    Total calculated
    $420,265
    From this org
    $402,881
    From related orgs
    $0
    Other
    $17,384
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $307,580
    Bonus
    $91,146
    Other
    $4,155
    Deferred
    $15,250
    Nontaxable benefits
    $2,134
    Filer's total
    $420,265

  • ANTHONY G BULLERI

    SVP CLO

    Total calculated
    $352,894
    From this org
    $337,510
    From related orgs
    $0
    Other
    $15,384
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $271,774
    Bonus
    $61,064
    Other
    $4,672
    Deferred
    $15,250
    Nontaxable benefits
    $134
    Filer's total
    $352,894

  • SCOTT LINDLEY

    SVP CIO

    Total calculated
    $341,509
    From this org
    $320,485
    From related orgs
    $0
    Other
    $21,024
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $281,350
    Bonus
    $34,830
    Other
    $4,305
    Deferred
    $15,250
    Nontaxable benefits
    $5,774
    Filer's total
    $341,509

  • TREVOR STUART

    SVP CFO

    Total calculated
    $308,323
    From this org
    $296,131
    From related orgs
    $0
    Other
    $12,192
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $283,708
    Bonus
    $10,000
    Other
    $2,423
    Deferred
    $11,192
    Nontaxable benefits
    $1,000
    Filer's total
    $308,323

  • MARK GAULT

    VP STRATEGIC PLANNING

    Total calculated
    $205,252
    From this org
    $190,976
    From related orgs
    $0
    Other
    $14,276
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $163,145
    Bonus
    $25,645
    Other
    $2,186
    Deferred
    $10,006
    Nontaxable benefits
    $4,270
    Filer's total
    $205,252

  • LAURA J ENQUIST

    VP MEMBER EXPERIENCE

    Total calculated
    $205,011
    From this org
    $194,919
    From related orgs
    $0
    Other
    $10,092
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $160,992
    Bonus
    $32,809
    Other
    $1,118
    Deferred
    $9,800
    Nontaxable benefits
    $292
    Filer's total
    $205,011

  • JEREMY MANDERY

    VP LENDING & CREDIT ADMIN

    Total calculated
    $189,918
    From this org
    $180,887
    From related orgs
    $0
    Other
    $9,031
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $161,324
    Bonus
    $18,931
    Other
    $632
    Deferred
    $9,031
    Nontaxable benefits
    $0
    Filer's total
    $189,918

  • JOHN P BARRY

    VP, REAL ESTATE LENDING

    Total calculated
    $188,828
    From this org
    $173,123
    From related orgs
    $0
    Other
    $15,705
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $151,624
    Bonus
    $20,227
    Other
    $1,272
    Deferred
    $8,931
    Nontaxable benefits
    $6,774
    Filer's total
    $188,828

  • CARMINA DRUMMER

    VP, INDIRECT LENDING

    Total calculated
    $186,669
    From this org
    $175,626
    From related orgs
    $0
    Other
    $11,043
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $162,475
    Bonus
    $12,837
    Other
    $314
    Deferred
    $8,909
    Nontaxable benefits
    $2,134
    Filer's total
    $186,669

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 · 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 1A
APPROVED PAID TRAVEL EXPENSES FOR BOARD MEMBER AND OFFICER GUESTS AS PER WRITTEN POLICY AND ARE INCLUDED IN TAXABLE COMPENSATION AS APPROPRIATE.
PART I, LINE 4B
IN 2022, SHAWN GILFEDDER 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

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2022
Filed
2 November 2023
IRS schema version
2022v5.0
Source object
202343069349302794

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