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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
$47,686,849
Total expenses
$39,861,267
Contributions and grants received
$0
Grants paid
$99,751
Program service revenue
$39,437,770
Investment income
$6,076,472
Other revenue
$2,172,607
Total assets, end of year
$1,177,447,326
Total liabilities, end of year
$1,069,216,852
Net assets or fund balances, end of year
$108,230,474
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: Interest on Loans

    total $29,924,049 · related or exempt $29,924,049 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Fee Income

    total $9,513,721 · related or exempt $9,513,721 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $5,276,783 · related or exempt $5,276,783 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $0 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 7a · Gross sales of assets other than inventory

    securities $799,689 · other assets $0

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

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $799,689 · other assets $0

  • 7d · Net gain or loss

    total $799,689 · related or exempt $799,689 · unrelated business $0 · excluded $0

  • 8a · Fundraising events: gross income

    $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0 · unrelated business $0 · excluded $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11a · Other revenue: MISC INCOME

    total $2,172,607 · related or exempt $2,172,607 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $2,172,607

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $61,085

  • 2 · Grants to domestic individuals

    total $38,666

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $2,718,555

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $11,552,344

  • 8 · Pension plan contributions

    total $1,322,942

  • 9 · Other employee benefits

    total $3,967,223

  • 10 · Payroll taxes

    total $1,296,746

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $26,879

  • 11c · Fees: accounting

    total $1,930,146

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $405,591

  • 12 · Advertising and promotion

    total $549,697

  • 13 · Office expenses

    total $1,393,548

  • 14 · Information technology

    total $2,165,596

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $1,066,489

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $260,718

  • 20 · Interest

    total $3,725,731

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $2,006,854

  • 23 · Insurance

    total $281,242

  • 24a · Other expenses: Dues

    total $565,903

  • 24b · Other expenses: Loan Servicing

    total $3,705,591

  • 24e · All other expenses

    total $819,721

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $13,042,965 · end of year $17,840,124

  • 2 · Savings and temporary cash investments

    beginning of year $245,255,733 · end of year $54,804,305

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $652,549,326 · end of year $756,743,337

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,937,673 · end of year $4,917,624

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

    $77,774,361

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

    $34,371,517

  • 10c · Land, buildings and equipment, net

    beginning of year $44,034,775 · end of year $43,402,844

  • 11 · Investments: publicly traded securities

    beginning of year $201,735,507 · end of year $266,474,589

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $28,592,873 · end of year $33,264,503

  • 17 · Accounts payable and accrued expenses

    beginning of year $18,104,343 · end of year $20,219,704

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $1,056,098,984 · end of year $1,048,997,148

  • 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 $114,945,525 · end of year $108,230,474

Mission and programs · 2022

Mission

The purpose of this Credit Union is to cooperatively provide service and benefits to our members through the principle of mutual self-help.

Activities or mission (Part I)

STATE CHARTERED CREDIT UNION

  • State chartered credit union

As filed on the 2022 return.

Listed in Part VII

  • David Spaulding

    President/CEO

    Total calculated
    $1,234,917
    From this org
    $1,174,853
    From related orgs
    $0
    Other
    $60,064
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $674,853
    Bonus
    $137,972
    Other
    $500,000
    Deferred
    $0
    Nontaxable benefits
    $17,292
    Filer's total
    $1,330,117

  • Rich Wilson

    CFO

    Total calculated
    $417,834
    From this org
    $354,855
    From related orgs
    $0
    Other
    $62,979
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $354,855
    Bonus
    $45,576
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $20,429
    Filer's total
    $420,860

  • Deidra Miner

    COO

    Total calculated
    $336,044
    From this org
    $306,446
    From related orgs
    $0
    Other
    $29,598
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $306,446
    Bonus
    $38,825
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $16,256
    Filer's total
    $361,527

  • Tim Amato

    CLO

    Total calculated
    $330,853
    From this org
    $280,251
    From related orgs
    $0
    Other
    $50,602
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $280,251
    Bonus
    $35,289
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $14,146
    Filer's total
    $329,686

  • Amy Davis

    CMO

    Total calculated
    $282,402
    From this org
    $236,528
    From related orgs
    $0
    Other
    $45,874
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $236,528
    Bonus
    $26,907
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $14,941
    Filer's total
    $278,376

  • Kim Divine

    CHRO

    Total calculated
    $265,331
    From this org
    $226,293
    From related orgs
    $0
    Other
    $39,038
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $226,293
    Bonus
    $29,552
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $12,154
    Filer's total
    $267,999

  • Brett Nielsen

    Vice President of Business Lending

    Total calculated
    $212,834
    From this org
    $191,820
    From related orgs
    $0
    Other
    $21,014
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $191,820
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $12,157
    Filer's total
    $203,977

  • Rod Snyder

    Vice President of Sales & Branch Operations

    Total calculated
    $194,207
    From this org
    $170,044
    From related orgs
    $0
    Other
    $24,163
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $170,044
    Bonus
    $11,903
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $1,251
    Filer's total
    $183,198

  • Kelly Richter

    Vice President of Deposit Operations

    Total calculated
    $185,851
    From this org
    $152,967
    From related orgs
    $0
    Other
    $32,884
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $152,967
    Bonus
    $10,136
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $11,249
    Filer's total
    $174,352

  • Patty Greer

    Regional Manager

    Total calculated
    $178,501
    From this org
    $148,028
    From related orgs
    $0
    Other
    $30,473
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $148,028
    Bonus
    $10,362
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $12,090
    Filer's total
    $170,480

  • Meredith Ellis

    IT Operations Manager

    Total calculated
    $174,513
    From this org
    $139,747
    From related orgs
    $0
    Other
    $34,766
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $139,747
    Bonus
    $8,917
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $15,064
    Filer's total
    $163,728

  • Andrew Bellah

    Vice President of Home Lending

    Total calculated
    $159,295
    From this org
    $139,279
    From related orgs
    $0
    Other
    $20,016
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $139,279
    Bonus
    $9,750
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $13,392
    Filer's total
    $162,421

  • Jack Little

    Network Manager

    Total calculated
    $159,123
    From this org
    $127,690
    From related orgs
    $0
    Other
    $31,433
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $127,690
    Bonus
    $8,582
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $13,493
    Filer's total
    $149,765

  • Russ Peters

    B.I. Development Manager

    Total calculated
    $156,881
    From this org
    $125,041
    From related orgs
    $0
    Other
    $31,840
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $125,041
    Bonus
    $8,082
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $14,326
    Filer's total
    $147,449

  • Elkan Wollenberg

    CIO

    Total calculated
    $156,231
    From this org
    $139,330
    From related orgs
    $0
    Other
    $16,901
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $139,330
    Bonus
    $17,537
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $11,726
    Filer's total
    $168,593

  • Mindy Tanner

    Vice President of Internal Audit

    Total calculated
    $156,220
    From this org
    $132,040
    From related orgs
    $0
    Other
    $24,180
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $132,040
    Bonus
    $9,618
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $15,044
    Filer's total
    $156,702

  • Amanda Erickson

    Regional Manager

    Total calculated
    $150,506
    From this org
    $123,097
    From related orgs
    $0
    Other
    $27,409
    Hours/week
    45

  • Hamilton McJunkin

    Compliance Manager

    Total calculated
    $149,648
    From this org
    $129,066
    From related orgs
    $0
    Other
    $20,582
    Hours/week
    45

  • Kathy Miller

    Branch Manager V

    Total calculated
    $147,101
    From this org
    $114,658
    From related orgs
    $0
    Other
    $32,443
    Hours/week
    45

  • Kathy Dibblee

    Branch Manager IV

    Total calculated
    $146,318
    From this org
    $114,197
    From related orgs
    $0
    Other
    $32,121
    Hours/week
    45

  • Tina Halsey

    Branch Manager IV

    Total calculated
    $139,523
    From this org
    $112,963
    From related orgs
    $0
    Other
    $26,560
    Hours/week
    45

  • Theresa Beisse

    Home Loan Underwriting Manger

    Total calculated
    $138,641
    From this org
    $111,702
    From related orgs
    $0
    Other
    $26,939
    Hours/week
    45

  • James Fraley

    Vice President of Consumer Lending

    Total calculated
    $136,579
    From this org
    $116,916
    From related orgs
    $0
    Other
    $19,663
    Hours/week
    45

  • Jim Jesska

    Senior Database Administrator

    Total calculated
    $133,254
    From this org
    $107,533
    From related orgs
    $0
    Other
    $25,721
    Hours/week
    45

  • Jarod Wallace

    Home Loan Production Manager

    Total calculated
    $130,635
    From this org
    $115,483
    From related orgs
    $0
    Other
    $15,152
    Hours/week
    45

  • Vanessa Wagoner

    Branch Development Manager

    Total calculated
    $128,459
    From this org
    $105,888
    From related orgs
    $0
    Other
    $22,571
    Hours/week
    45

  • Ryan Kane

    Accounting Manager

    Total calculated
    $125,317
    From this org
    $100,682
    From related orgs
    $0
    Other
    $24,635
    Hours/week
    45

  • Doug Doerfler

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Kurt Sacha

    Board Chairman

    Total calculated
    $0
    Hours/week
    1

  • Erin Hart

    Board Vice Chair

    Total calculated
    $0
    Hours/week
    1

  • Tamra Ghilchrist

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Linda Solbrack

    Board Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Don Lightfoot

    Board Secretary

    Total calculated
    $0
    Hours/week
    1

  • Malia AU

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Mike Claxton

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Mark Hottowe

    Board Member

    Total calculated
    $0
    Hours/week
    1

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 · 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)

Schedule J, Part I, Line 1a
The Credit Union pays for officers', key employees', and highest compensated employees' spouses when accompanying on business trips.
Schedule J, Part I, Line 3
The CEO's compensation is determined by the Board of Directors.
Schedule J, Part I, Line 4
David Spaulding, President/CEO, received a payout of $500,000 from his 457(f).

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

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

  • CU Concepts

    C · Financial Management · WA · 100% owned · controlled entity

    Directly controlled by Red Canoe Credit Union

Provenance

Return type
form_990
Tax year
2022
Filed
12 May 2023
IRS schema version
2022v5.0
Source object
202341329349309554

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