Form 990 for tax year 2023
Filed by CREDIT UNIONS IN THE STATE OF WASHINGTON.
Totals
- Total revenue
- $32,250,371
- Total expenses
- $27,949,874
- Contributions and grants received
- $0
- Grants paid
- $22,500
- Program service revenue
- $29,567,774
- Investment income
- $2,680,496
- Other revenue
- $2,101
- Total assets, end of year
- $653,069,678
- Total liabilities, end of year
- $600,614,014
- Net assets or fund balances, end of year
- $52,455,664
- 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 $24,248,488 · related or exempt $24,248,488
-
2b · Program service revenue: FEE INCOME
total $3,523,106 · related or exempt $3,472,460 · unrelated business $50,646
-
2c · Program service revenue: OTHER NON-INTEREST INCOME
total $1,503,153 · related or exempt $1,462,327 · unrelated business $40,826
-
2d · Program service revenue: OTHER MISCELLANEOUS INCOME
total $293,027 · related or exempt $293,027
-
3 · Investment income
total $2,670,861 · excluded $2,670,861
-
6a · Gross rents
real property $131,407
-
6b · Less rental expenses
real property $129,306
-
6c · Rental income or loss
real property $2,101
-
6d · Net rental income or loss
total $2,101 · excluded $2,101
-
7a · Gross sales of assets other than inventory
securities $9,635
-
7b · Less cost or other basis and sales expenses
securities $0
-
7c · Gain or loss
securities $9,635
-
7d · Net gain or loss
total $9,635 · related or exempt $9,635
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $22,500
-
4 · Benefits paid to or for members
total $6,105,100
-
5 · Compensation of officers, directors and key employees
total $1,531,196
-
7 · Other salaries and wages
total $6,372,893
-
8 · Pension plan contributions
total $478,957
-
9 · Other employee benefits
total $1,520,769
-
10 · Payroll taxes
total $662,849
-
11b · Fees: legal
total $1,190
-
11g · Fees: other
total $466,032
-
12 · Advertising and promotion
total $301,078
-
13 · Office expenses
total $4,338,748
-
16 · Occupancy
total $596,400
-
17 · Travel
total $37,732
-
18 · Travel or entertainment for public officials
total $150,218
-
20 · Interest
total $1,886,432
-
22 · Depreciation, depletion and amortization
total $767,717
-
24a · Other expenses: LOAN SERVICING EXPENSES
total $1,532,501
-
24b · Other expenses: LOANS PROVISON
total $1,069,630
-
24c · Other expenses: ASSOCIATION FEES
total $105,203
-
24d · Other expenses: MISCELLANEOUS OPERATING
total $2,432
-
24e · All other expenses
total $297
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $2,952,481 · end of year $3,201,273
-
2 · Savings and temporary cash investments
beginning of year $31,534,653 · end of year $27,212,334
-
5 · Loans and receivables from officers and key people
end of year $3,484,866
-
7 · Other notes and loans receivable
beginning of year $521,533,526 · end of year $536,843,463
-
9 · Prepaid expenses and deferred charges
beginning of year $4,901,031 · end of year $4,896,819
-
10a · Land, buildings and equipment: cost or other basis
$18,991,865
-
10b · Land, buildings and equipment: accumulated depreciation
$8,903,304
-
10c · Land, buildings and equipment, net
beginning of year $10,089,156 · end of year $10,088,561
-
11 · Investments: publicly traded securities
beginning of year $53,349,168 · end of year $48,843,050
-
12 · Investments: other securities
beginning of year $1,496,000 · end of year $498,000
-
15 · Other assets
beginning of year $20,739,881 · end of year $18,001,312
-
17 · Accounts payable and accrued expenses
beginning of year $4,358,618 · end of year $5,536,993
-
23 · Secured mortgages and notes payable
beginning of year $55,040,000 · end of year $34,999,999
-
24 · Unsecured notes and loans payable
beginning of year $0 · end of year $1,694,805
-
25 · Other liabilities
beginning of year $540,810,995 · end of year $558,382,217
-
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 $46,386,283 · end of year $52,455,664
Mission and programs · 2023
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 30,191 MEMBERS, INCLUDING MORE THAN 17,590 CONSUMERS, REAL ESTATE, AND BUSINESS LOANS, AND OVER 55,290 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 90 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 2023, 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 $50,296 WAS DONATED AND $22,500 WAS GRANTED IN SCHOLARSHIPS.
-
WE CONTINUED TO INCREASE MEMBER LOANS SIGNIFICANTLY. TAPCO'S LOAN PORTFOLIO IS DISTRIBUTED ACROSS MANY LOAN TYPES, INCLUDING OVER $150 MILLION IN MORTGAGES AND EQUITY LOANS, OVER $262 MILLION IN AUTO LOANS AND $95 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 2023 return.
Listed in Part VII
-
John O'LoughlinJOHN O'LOUGHLIN
SUPERVISORY COMMITTEE
- Total calculated
- $0
- Hours/week
- 1
-
Brent BomkampBRENT BOMKAMP
SUPERVISORY COMMITTEE
- Total calculated
- $0
- Hours/week
- 1
-
Lindsey WadeLINDSEY WADE
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Bruce BaurichterBRUCE BAURICHTER
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Patricia BosmansPATRICIA BOSMANS
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Louis Cooper JrLOUIS COOPER JR
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Rob MaskoROB MASKO
BOARD VICE CHAIR
- Total calculated
- $0
- Hours/week
- 2
-
Pat McElligotPAT MCELLIGOT
BOARD CHAIR
- Total calculated
- $0
- Hours/week
- 2
-
Gene MillerGENE MILLER
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Clara NelsonCLARA NELSON
BOARD SECRETARY
- Total calculated
- $0
- Hours/week
- 2
-
Alex WilsieALEX WILSIE
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
John SinclairJOHN SINCLAIR
SUPERVISORY COMMITTEE
- Total calculated
- $0
- Hours/week
- 1
-
Julie WilliamsJULIE WILLIAMS
SUPERVISORY COMMITTEE
- Total calculated
- $0
- Hours/week
- 1
-
Justin MartinJUSTIN MARTIN
CEO
- Total calculated
- $462,671
- From this org
- $427,503
- From related orgs
- $0
- Other
- $35,168
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $341,351
- Bonus
- $71,251
- Other
- $14,901
- Deferred
- $23,100
- Nontaxable benefits
- $12,068
- Filer's total
- $462,671
-
William PetersWILLIAM PETERS
COO
- Total calculated
- $338,839
- From this org
- $310,500
- From related orgs
- $0
- Other
- $28,339
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $254,012
- Bonus
- $30,923
- Other
- $25,565
- Deferred
- $19,979
- Nontaxable benefits
- $8,360
- Filer's total
- $338,839
-
Kathleen ScholesKATHLEEN SCHOLES
CFO
- Total calculated
- $261,146
- From this org
- $245,576
- From related orgs
- $0
- Other
- $15,570
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $207,933
- Bonus
- $21,868
- Other
- $15,775
- Deferred
- $15,570
- Nontaxable benefits
- $0
- Filer's total
- $261,146
-
Jason AllenJASON ALLEN
CIO
- Total calculated
- $236,283
- From this org
- $219,111
- From related orgs
- $0
- Other
- $17,172
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $188,529
- Bonus
- $11,788
- Other
- $18,794
- Deferred
- $14,208
- Nontaxable benefits
- $2,964
- Filer's total
- $236,283
-
Sarah GraySARAH GRAY
CPIO
- Total calculated
- $233,745
- From this org
- $215,573
- From related orgs
- $0
- Other
- $18,172
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $200,039
- Bonus
- $9,242
- Other
- $6,292
- Deferred
- $14,572
- Nontaxable benefits
- $3,600
- Filer's total
- $233,745
-
Terri LacoyTERRI LACOY
CONTROLLER
- Total calculated
- $120,420
- From this org
- $112,933
- From related orgs
- $0
- Other
- $7,487
- Hours/week
- 40
-
Lori StanawayLORI STANAWAY
VP OPERATIONS
- Total calculated
- $162,211
- From this org
- $152,345
- From related orgs
- $0
- Other
- $9,866
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $127,240
- Bonus
- $10,721
- Other
- $14,384
- Deferred
- $9,825
- Nontaxable benefits
- $41
- Filer's total
- $162,211
-
Heather FateHEATHER FATE
VP MEMBER EXPERIENCE
- Total calculated
- $160,917
- From this org
- $150,118
- From related orgs
- $0
- Other
- $10,799
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $132,171
- Bonus
- $10,434
- Other
- $7,513
- Deferred
- $9,841
- Nontaxable benefits
- $958
- Filer's total
- $160,917
-
Mitchell JacksonMITCHELL JACKSON
VP COMMERCIAL LENDING
- Total calculated
- $130,784
- From this org
- $122,451
- From related orgs
- $0
- Other
- $8,333
- Hours/week
- 40
-
Patty JacksonPATTY JACKSON
AVP/LENDING
- Total calculated
- $120,423
- From this org
- $112,666
- From related orgs
- $0
- Other
- $7,757
- 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 · 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
- 2023
- Filed
- 15 May 2024
- IRS schema version
- 2023v5.0
- Source object
- 202421369349312092
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