Potlatch No 1 Federal Credit Union
- Assets
- $2.0b
- Revenue
- $87.4m
- Investments
- $5.4m
- Employees
- 505
- Location
- Lewiston, ID
- Founding
- 10/2019
- Data as of
- 12/2021
- EIN
- 82-0201645
Organization Overview
Potlatch No 1 Federal Credit Union is located in Lewiston, ID. The organization was established in 2019. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Potlatch No 1 Federal Credit Union employed 505 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Potlatch No 1 Federal Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Potlatch No 1 Federal Credit Union generated $87.4m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 13.7% each year . All expenses for the organization totaled $72.4m during the year ending 12/2021. While expenses have increased by 13.2% per year over the past 3 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Potlatch No 1 Federal Credit Union has awarded 31 individual grants totaling $753,074. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
WE PLEDGE TO SERVE EVERY MEMBER WITH THE HIGHEST LEVELS OF SINCERITY, FAIRNESS, COURTESY, RESPECT, AND GRATITUDE, DELIVERED WITH UNPARALLELED RESPONSIVENESS, EXPERTISE, EFFICIENCY AND ACCURACY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FINANCIAL SERVICES TO 113,022 MEMBERS. THESE SERVICES INCLUDE, BUT ARE NOT LIMITED TO, CONSUMER AUTO LENDING, CONSUMER MORTGAGE LENDING, COMMERCIAL LENDING, DEPOSIT ACCOUNTS, SAVINGS, CHECKING, MONEY MARKETS AND CD'S.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher Loseth President/ceo | Officer | 60 | $2,021,954 |
Patti Meshishnek Executive Vice President | Officer | 60 | $621,748 |
Troy Sandvick Chief Operations Officer | Officer | 60 | $392,478 |
Craig Emerson Chief Financial Officer | Officer | 60 | $334,362 |
Brent Gifford Chief Information Officer | Officer | 60 | $299,224 |
Michael Vogeler Chief Strategy Officer | Officer | 60 | $253,263 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cook Security Group Atm/itm/branch Security | 12/30/21 | $1,627,339 |
Q2 Software Inc Online Banking Provider | 12/30/21 | $989,037 |
Jack Henry & Associates Inc Core Processor | 12/30/21 | $2,655,230 |
Velocity Solutions Llc Outside Services | 12/30/21 | $916,111 |
Kenaston Corp Construction Labor | 12/30/21 | $861,222 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $87,218,086 |
| Investment income | $274,844 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$70,331 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $87,422,599 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $521,302 |
| Grants and other assistance to domestic individuals. | $14,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $9,586,049 |
| Compensation of current officers, directors, key employees. | $6,100,578 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $20,880,593 |
| Pension plan accruals and contributions | $2,791,012 |
| Other employee benefits | $2,312,473 |
| Payroll taxes | $1,782,382 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $241,372 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,851,084 |
| Advertising and promotion | $1,876,014 |
| Office expenses | $2,008,104 |
| Information technology | $5,226,235 |
| Royalties | $0 |
| Occupancy | $1,775,753 |
| Travel | $238,363 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $280,107 |
| Interest | $444,841 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,579,899 |
| Insurance | $241,664 |
| All other expenses | $961,219 |
| Total functional expenses | $72,399,254 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $25,304,165 |
| Savings and temporary cash investments | $253,870,004 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $51,407,602 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,525,578,869 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $8,973,503 |
| Net Land, buildings, and equipment | $36,175,753 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $5,405,173 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $75,760,959 |
| Total assets | $1,982,476,028 |
| Accounts payable and accrued expenses | $14,182,206 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $19,532,551 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,820,597,488 |
| Total liabilities | $1,854,312,245 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $128,163,783 |
| Total liabilities and net assets/fund balances | $1,982,476,028 |
Grants Awarded
Over the last fiscal year, Potlatch No 1 Federal Credit Union has awarded $368,205 in support to 17 organizations.
| Grant Recipient | Amount |
|---|---|
Lewiston, ID PURPOSE: UNRESTRICTED | $103,500 |
Seatac, WA PURPOSE: UNRESTRICTED | $51,075 |
INDEPENDENT SCHOOL DISTRICT #1 PURPOSE: UNRESTRICTED | $47,500 |
Lewiston, ID PURPOSE: UNRESTRICTED | $29,930 |
Lewiston, ID PURPOSE: UNRESTRICTED | $25,500 |
Clarkston, WA PURPOSE: UNRESTRICTED | $18,083 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Oregon Community Credit Union Eugene, OR | $2,826,121,126 | $182,242,816 |
Credit Unions In The State Of Washington Olympia, WA | $2,172,440,238 | $102,241,429 |
Credit Unions In The State Of Washington Tacoma, WA | $2,549,084,611 | $105,611,575 |
Greater Nevada Credit Union Carson City, NV | $1,614,964,186 | $96,680,282 |
Potlatch No 1 Federal Credit Union Lewiston, ID | $1,982,476,028 | $87,422,599 |
Selco Community Credit Union Springfield, OR | $2,557,598,852 | $90,564,912 |
Kitsap Credit Union Bremerton, WA | $2,025,562,127 | $86,231,802 |
Whatcom Educational Credit Union Bellingham, WA | $2,491,858,278 | $85,746,120 |
Columbia Community Credit Union Vancouver, WA | $2,324,855,630 | $81,363,284 |
Iq Credit Union Vancouver, WA | $1,792,465,816 | $77,633,682 |
Advantis Credit Union Clackamas, OR | $1,980,374,380 | $72,337,533 |
Credit Unions In The State Of Washington Spokane Valley, WA | $1,730,610,354 | $75,301,654 |