Westmark Credit Union
- Assets
- $1.4b
- Revenue
- $71.5m
- Investments
- $66.5m
- Employees
- 287
- Location
- Idaho Falls, ID
- Founding
- Data as of
- 12/2023
- EIN
- 82-0218879
Organization Overview
Westmark Credit Union is located in Idaho Falls, ID. 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 12/2023, Westmark Credit Union employed 287 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Westmark 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 12/2023, Westmark Credit Union generated $71.5m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 11.9% each year . All expenses for the organization totaled $67.6m during the year ending 12/2023. While expenses have increased by 12.7% per year over the past 9 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE TRADITIONAL BANKING SERVICES TO MORE THAN 72,000 MEMBERS INCLUDING CONSUMER LOANS, REAL ESTATE LOANS, COMMERCIAL LOANS, CHECKING, SAVINGS, DEPOSIT ACCOUNTS AND ELECTRONIC SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRANTED $279 MILLION IN CONSUMER AND COMMERCIAL LOANS TO CREDIT UNION MEMBERS.
UNRELATED BUSINESS PROGRAMS OF FINANCIAL SERVICES AND ATM USAGE FEES BY NON-MEMBERS
GRANTED $37 MILLION IN FIRST MORTGAGE AND OTHER REAL ESTATE LOANS TO CREDIT UNION MEMBERS
PROVIDED CHECKING, SAVINGS AND OTHER TRADITIONAL BANKING SERVICES TO CREDIT MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Leonardson President/ceo | Officer | 40 | $557,585 |
Gilbert Birdsong Chief Operating Officer | Officer | 40 | $385,356 |
Mike Schenck Chief Lending Officer | Officer | 40 | $263,818 |
Polly Simpson Chief Marketing Officer | Officer | 40 | $246,069 |
Tammy Ridgwell Chief Human Resource Officer | Officer | 40 | $240,293 |
Jayme O'rullian VP Of Wis Administration | Officer | 40 | $238,746 |
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 | $66,723,508 |
| Investment income | $4,653,417 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $71,501,183 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $28,493,566 |
| Compensation of current officers, directors, key employees. | $3,477,906 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,948,223 |
| Pension plan accruals and contributions | $680,290 |
| Other employee benefits | $3,627,575 |
| Payroll taxes | $1,412,647 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $60,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,637,686 |
| Advertising and promotion | $2,880,461 |
| Office expenses | $216,735 |
| Information technology | $459,952 |
| Royalties | $0 |
| Occupancy | $2,277,193 |
| Travel | $250,906 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $496,907 |
| Interest | $3,641,911 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,669,099 |
| Insurance | $303,256 |
| All other expenses | $355,917 |
| Total functional expenses | $67,586,359 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $68,639,388 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,195,832,524 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $880,523 |
| Inventories for sale or use | $274,012 |
| Prepaid expenses and deferred charges | $5,997,154 |
| Net Land, buildings, and equipment | $30,802,766 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $66,528,362 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,792,014 |
| Total assets | $1,379,746,743 |
| Accounts payable and accrued expenses | $19,458,910 |
| 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 | $36,200,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,211,272,489 |
| Total liabilities | $1,266,931,399 |
| 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 | $112,815,344 |
| Total liabilities and net assets/fund balances | $1,379,746,743 |