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← CREDIT UNIONS IN THE STATE OF WASHINGTON

Form 990 for tax year 2024

Filed by CREDIT UNIONS IN THE STATE OF WASHINGTON.

Totals

Total revenue
$1,776,584,337
Total expenses
$1,536,607,880
Contributions and grants received
$0
Grants paid
$9,910,569
Program service revenue
$1,325,036,451
Investment income
$451,570,523
Other revenue
-$22,637
Total assets, end of year
$29,352,686,764
Total liabilities, end of year
$26,774,717,750
Net assets or fund balances, end of year
$2,577,969,014
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: LOAN INTEREST INCOME

    total $1,114,600,507 · related or exempt $1,114,600,507 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: FEE INCOME

    total $168,488,392 · related or exempt $167,348,617 · unrelated business $1,139,775 · excluded $0

  • 2c · Program service revenue: BROKER INCOME

    total $15,989,344 · related or exempt $15,989,344 · unrelated business $0 · excluded $0

  • 2d · Program service revenue: CONTRACT INCENTIVE INCOME

    total $10,868,029 · related or exempt $10,868,029 · unrelated business $0 · excluded $0

  • 2e · Program service revenue: OTHER PROGRAM REVENUE

    total $13,137,134 · related or exempt $12,790,888 · unrelated business $346,246 · excluded $0

  • 2f · All other program service revenue

    total $1,953,045 · related or exempt $1,923,203 · unrelated business $29,842 · excluded $0

  • 3 · Investment income

    total $390,435,607 · related or exempt $0 · unrelated business $0 · excluded $390,435,607

  • 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 $391,852 · personal property $0

  • 6b · Less rental expenses

    real property $775,125 · personal property $0

  • 6c · Rental income or loss

    real property -$383,273 · personal property $0

  • 6d · Net rental income or loss

    total -$383,273 · related or exempt $0 · unrelated business $0 · excluded -$383,273

  • 7a · Gross sales of assets other than inventory

    securities $2,296,744,585 · other assets $34,635,010

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

    securities $2,236,599,815 · other assets $33,644,864

  • 7c · Gain or loss

    securities $60,144,770 · other assets $990,146

  • 7d · Net gain or loss

    total $61,134,916 · related or exempt $0 · unrelated business $0 · excluded $64,919,462

  • 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: CUSO INVESTMENTS

    total $360,636 · related or exempt $0 · unrelated business $360,636 · excluded $0

  • 11b · Other revenue

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

  • 11c · Other revenue

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

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $360,636

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $9,885,569 · program services $0

  • 2 · Grants to domestic individuals

    total $25,000 · program services $0

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $24,848,085 · program services $0 · management and general $0 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $368,537,429 · program services $0 · management and general $0 · fundraising $0

  • 8 · Pension plan contributions

    total $28,181,791 · program services $0 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $60,695,509 · program services $0 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $31,178,273 · program services $0 · management and general $0 · fundraising $0

  • 11a · Fees: management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $2,457,488 · program services $0 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $1,573,907 · program services $0 · management and general $0 · fundraising $0

  • 11d · Fees: lobbying

    total $54,000 · program services $0 · management and general $0 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $585,005 · program services $0 · management and general $0 · fundraising $0

  • 11g · Fees: other

    total $48,139,683 · program services $0 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $38,278,849 · program services $0 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $23,717,261 · program services $0 · management and general $0 · fundraising $0

  • 14 · Information technology

    total $80,318,714 · program services $0 · management and general $0 · fundraising $0

  • 15 · Royalties

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $25,686,657 · program services $0 · management and general $0 · fundraising $0

  • 17 · Travel

    total $3,769,192 · program services $0 · management and general $0 · fundraising $0

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $1,435,435 · program services $0 · management and general $0 · fundraising $0

  • 20 · Interest

    total $464,633,219 · program services $0 · management and general $0 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $35,085,991 · program services $0 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $1,602,654 · program services $0 · management and general $0 · fundraising $0

  • 24a · Other expenses: PRODUCT COST & SERVICING

    total $143,370,589 · program services $0 · management and general $0 · fundraising $0

  • 24b · Other expenses: UBI TAX EXPENSE

    total $2,940,827 · program services $0 · management and general $0 · fundraising $0

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $134,337,129 · program services $0 · management and general $0 · fundraising $0

  • 24d · Other expenses: DUES & SUBSCRIPTIONS

    total $916,091 · program services $0 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $4,353,533 · program services $0 · management and general $0 · fundraising $0

  • 26 · Joint costs (an allocation of the lines above)

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $129,418,738 · end of year $287,844,961

  • 2 · Savings and temporary cash investments

    beginning of year $1,942,292,047 · end of year $2,086,734,251

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $200,909 · 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 $18,409,694,531 · end of year $19,430,290,090

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $35,157,320 · end of year $39,229,849

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

    $329,821,552

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

    $183,844,129

  • 10c · Land, buildings and equipment, net

    beginning of year $139,934,609 · end of year $145,977,423

  • 11 · Investments: publicly traded securities

    beginning of year $716,890,295 · end of year $1,373,635

  • 12 · Investments: other securities

    beginning of year $7,860,527,759 · end of year $6,746,400,947

  • 13 · Investments: program-related

    beginning of year $16,385,877 · end of year $16,632,125

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $621,387,268 · end of year $598,203,483

  • 17 · Accounts payable and accrued expenses

    beginning of year $158,683,129 · end of year $186,165,529

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $4,895,353 · end of year $1,430,154

  • 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 $2,486,515,878 · end of year $1,328,727,350

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $24,929,071,823 · end of year $25,258,394,717

  • 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 $2,292,723,170 · end of year $2,577,969,015

Mission and programs · 2024

Mission

AS A COOPERATIVE WE BRING PEOPLE TOGETHER TO IMPROVE THE FINANCIAL WELL-BEING OF OUR MEMBERS AND THEIR COMMUNITIES.

  • TOTAL 1,514,773 MEMBERS INCLUDING 120,000 NEW MEMBERS FOR 2024; 148,102 LOANS ORIGINATED TOTALLING $6,400,000,000.

As filed on the 2024 return.

Listed in Part VII

  • Debra Somberg

    Director Chairperson

    Total calculated
    $154,375
    From this org
    $154,375
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Bill Longbrake

    Director

    Total calculated
    $126,250
    From this org
    $126,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Denis Farmer

    Director

    Total calculated
    $113,750
    From this org
    $113,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • John McMurray

    Director

    Total calculated
    $131,305
    From this org
    $131,305
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Manolo Sanchez

    Director

    Total calculated
    $113,750
    From this org
    $113,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Matthew Oppenheimer

    Director

    Total calculated
    $126,250
    From this org
    $126,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Patrick Smith

    Director

    Total calculated
    $120,261
    From this org
    $120,261
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Susan Ehrlich

    Director

    Total calculated
    $65,481
    From this org
    $65,481
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Vanessa Pegueros

    Director

    Total calculated
    $113,750
    From this org
    $113,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • John Benson Porter

    Former President CEO

    Total calculated
    $930,655
    From this org
    $926,229
    From related orgs
    $0
    Other
    $4,426
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $745,025
    Bonus
    $181,203
    Other
    $0
    Deferred
    $4,215
    Nontaxable benefits
    $212
    Filer's total
    $930,655

  • Beverly Anderson

    President CEO

    Total calculated
    $2,708,879
    From this org
    $2,617,610
    From related orgs
    $0
    Other
    $91,269
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $744,264
    Bonus
    $1,866,977
    Other
    $6,369
    Deferred
    $75,693
    Nontaxable benefits
    $15,577
    Filer's total
    $2,708,880

  • Melba Bartels

    EVP Chief Financial Officer

    Total calculated
    $2,142,715
    From this org
    $2,121,166
    From related orgs
    $0
    Other
    $21,549
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,398
    Bonus
    $1,459,637
    Other
    $492,131
    Deferred
    $11,523
    Nontaxable benefits
    $10,027
    Filer's total
    $2,142,716

  • Drew Wolff

    EVP Chief Financial Officer

    Total calculated
    $687,100
    From this org
    $601,509
    From related orgs
    $0
    Other
    $85,591
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $598,502
    Bonus
    $0
    Other
    $3,007
    Deferred
    $71,318
    Nontaxable benefits
    $14,273
    Filer's total
    $687,100

  • Mike Ryan

    EVP Chief Legal Officer and General Counsel

    Total calculated
    $634,919
    From this org
    $571,476
    From related orgs
    $0
    Other
    $63,443
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $388,769
    Bonus
    $180,401
    Other
    $2,306
    Deferred
    $37,449
    Nontaxable benefits
    $25,994
    Filer's total
    $634,919

  • Shawna Thompson

    EVP Head of Operations

    Total calculated
    $565,516
    From this org
    $550,836
    From related orgs
    $0
    Other
    $14,680
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $381,342
    Bonus
    $152,817
    Other
    $16,677
    Deferred
    -$16,015
    Nontaxable benefits
    $30,696
    Filer's total
    $565,517

  • Michael Scott Strand

    EVP Chief Operating Officer

    Total calculated
    $1,971,464
    From this org
    $1,957,229
    From related orgs
    $0
    Other
    $14,235
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $202,815
    Bonus
    $634,861
    Other
    $1,119,553
    Deferred
    $8,876
    Nontaxable benefits
    $5,359
    Filer's total
    $1,971,464

  • John Stewart

    EVP Chief Risk Officer

    Total calculated
    $828,369
    From this org
    $762,524
    From related orgs
    $0
    Other
    $65,845
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $453,860
    Bonus
    $288,587
    Other
    $20,077
    Deferred
    $34,584
    Nontaxable benefits
    $31,262
    Filer's total
    $828,370

  • Nathan Ramachandran

    EVP Chief Technology Officer

    Total calculated
    $1,039,400
    From this org
    $930,493
    From related orgs
    $0
    Other
    $108,907
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $561,235
    Bonus
    $361,015
    Other
    $8,243
    Deferred
    $85,261
    Nontaxable benefits
    $23,646
    Filer's total
    $1,039,400

  • Douglas Marshall

    EVP Chief Product Digital Officer

    Total calculated
    $1,007,405
    From this org
    $981,811
    From related orgs
    $0
    Other
    $25,594
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $241,858
    Bonus
    $212,976
    Other
    $526,977
    Deferred
    $11,750
    Nontaxable benefits
    $13,844
    Filer's total
    $1,007,405

  • Jason Rudman

    EVP Chief Membership Experience Officer

    Total calculated
    $885,486
    From this org
    $786,940
    From related orgs
    $0
    Other
    $98,546
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $517,389
    Bonus
    $200,000
    Other
    $69,551
    Deferred
    $69,364
    Nontaxable benefits
    $29,182
    Filer's total
    $885,486

  • Raquel Karls

    EVP Chief People Officer

    Total calculated
    $705,140
    From this org
    $604,425
    From related orgs
    $0
    Other
    $100,715
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $451,082
    Bonus
    $150,000
    Other
    $3,343
    Deferred
    $67,597
    Nontaxable benefits
    $33,118
    Filer's total
    $705,140

  • Beth Hale

    EVP Chief Consumer and Business Solutions Officer

    Total calculated
    $841,726
    From this org
    $739,441
    From related orgs
    $0
    Other
    $102,285
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $595,497
    Bonus
    $0
    Other
    $143,944
    Deferred
    $78,963
    Nontaxable benefits
    $23,322
    Filer's total
    $841,726

  • Rick Eiel

    EVP Chief Data and Analytics Officer

    Total calculated
    $1,154,115
    From this org
    $1,051,060
    From related orgs
    $0
    Other
    $103,055
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $484,969
    Bonus
    $561,935
    Other
    $4,156
    Deferred
    $78,426
    Nontaxable benefits
    $24,629
    Filer's total
    $1,154,115

  • Thomas Berquist

    Former EVP Chief Marketing Officer

    Total calculated
    $1,208,316
    From this org
    $1,208,316
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $1,208,316
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $1,208,316

  • Melanie Walsh

    Former EVP Chief Administrative Officer

    Total calculated
    $200,840
    From this org
    $200,840
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $200,084
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $200,084

  • Fumbi Chima

    EVP Chief Technology Transformation Officer

    Total calculated
    $361,961
    From this org
    $361,961
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $361,961
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $361,961

  • Dana Gray

    SVP Commercial and Business Services

    Total calculated
    $857,029
    From this org
    $831,852
    From related orgs
    $0
    Other
    $25,177
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $258,860
    Bonus
    $208,631
    Other
    $364,361
    Deferred
    $5,445
    Nontaxable benefits
    $19,733
    Filer's total
    $857,030

  • Lisa Grove

    SVP Chief Audit Executive

    Total calculated
    $481,487
    From this org
    $425,452
    From related orgs
    $0
    Other
    $56,035
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $300,255
    Bonus
    $118,835
    Other
    $6,362
    Deferred
    $45,373
    Nontaxable benefits
    $10,662
    Filer's total
    $481,487

  • Xiaobo Ni

    Sr Mortgage Advisor - Primary Market

    Total calculated
    $2,256,978
    From this org
    $2,152,742
    From related orgs
    $0
    Other
    $104,236
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $32,312
    Bonus
    $2,117,817
    Other
    $2,613
    Deferred
    $73,994
    Nontaxable benefits
    $30,242
    Filer's total
    $2,256,978

  • Bobbi Moody

    Sr Mortgage Advisor - Primary Market

    Total calculated
    $1,131,638
    From this org
    $1,037,368
    From related orgs
    $0
    Other
    $94,270
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $41,632
    Bonus
    $992,772
    Other
    $2,964
    Deferred
    $82,879
    Nontaxable benefits
    $11,391
    Filer's total
    $1,131,638

  • Sonika Saini

    Sr Mortgage Advisor - Primary Market

    Total calculated
    $799,783
    From this org
    $755,925
    From related orgs
    $0
    Other
    $43,858
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $42,073
    Bonus
    $711,898
    Other
    $1,954
    Deferred
    $42,872
    Nontaxable benefits
    $986
    Filer's total
    $799,783

  • Ivan Seda

    SVP Financial Performance Management

    Total calculated
    $828,834
    From this org
    $753,717
    From related orgs
    $0
    Other
    $75,117
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $473,760
    Bonus
    $278,920
    Other
    $1,037
    Deferred
    $45,828
    Nontaxable benefits
    $29,289
    Filer's total
    $828,834

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 · Tax indemnification and gross-up payments
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Part I Line 4a
| Name :, Amount:| SEVERANCE COMPENSATION, 1292355|
Part I Line 4b
| Name :, Title:, Item Selected:, Amount:| EXECUTIVE RETIREMENT COMPENSATION, 879815|

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2024
Filed
14 November 2025
IRS schema version
2024v5.1
Source object
202543189349309639

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.