Credit Unions In The State Of Washington
- Assets
- $574.3m
- Revenue
- $20.3m
- Investments
- $7.8m
- Employees
- 130
- Location
- Tacoma, WA
- Founding
- 07/1954
- Data as of
- 12/2021
- EIN
- 91-0176216
Organization Overview
Credit Unions In The State Of Washington is located in Tacoma, WA. The organization was established in 1954. 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, Credit Unions In The State Of Washington employed 130 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Credit Unions In The State Of Washington 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, Credit Unions In The State Of Washington generated $20.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $17.3m during the year ending 12/2021. While expenses have increased by 5.6% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
IMPROVING LIVES BY PARTNERING WITH FAMILIES TO REACH THEIR GOALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TAPCO CREDIT UNION PROVIDES FINANCIAL PRODUCTS AND SERVICES TO OVER 30,714 MEMBERS, INCLUDING MORE THAN 15,644 CONSUMER, REAL ESTATE, AND BUSINESS LOANS AND OVER 50,722 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. AS THE COVID-19 VIRUS CONTINUES TO IMPACT ALL OF US, TAPCO CONTINUED TO TAKE STEPS TO INCREASE SAFETY FOR STAFF AND MEMBERS. RELIEF LOANS, FEE WAIVERS AND SKIP PAY LOANS REMAINED AVAILABLE TO MEMBERS. WE WILL CONTINUE TO COMMUNICATE TO OUR STAFF AND MEMBERS AS WE WORK THRU THE PANDEMIC AND CONTINUE TO DELIVER ESSENTIAL FINANCIAL SERVICES THROUGH ALTERNATIVE CHANNELS.
TAPCO HAS BEEN A PART OF THE TACOMA-PIERCE COUNTY COMMUNITY FOR 87 YEARS. IN 2021 THE IMPACT OF COVID CONTINUED FROM 2019, AND TAPCO CONTINUED TO OFFER MEMBERS EMERGENCY LOANS AND FREE SKIP PAYS. TAPCO PROVIDED NEEDED SERVICES WHILE LOBBIES WERE CLOSED THE FIRST HALF OF THE YEAR WITH LIMITED ACCESS BY APPOINTMENTS AND EXPANDED DRIVE-UP SERVICES. BRANCHES WERE FULLY OPENED LATE IN THE SECOND QUARTER AND HAVE REMAINED OPEN. WE CONTINUE TO FOCUS ON OUR TAGLINE, "FOR THE LOVE OF PEOPLE", WHICH EMBODIES OUR MISSION STATEMENT, AND EMPHASIZES OUR COMMITMENT TO THE CREDIT UNION PHILOSOPHY OF "PEOPLE HELPING PEOPLE". IN 2021, OUR STAFF, BOARD VOLUNTEERS, AND MEMBERSHIP DEDICATED THEIR TIME AND MONEY TO SUPPORT LOCAL COMMUNITY PROGRAMS AND EVENTS AND IN LIEU OF OUR PARTICIPATION AT MANY EVENTS, TAPCO DONATED OVER $57,000 IN SUPPORT OF OUR COMMUNITY.
WE CONTINUED TO INCREASE MEMBER LOANS SIGNIFICANTLY. TAPCO'S LOAN PORTFOLIO IS DISTRIBUTED ACROSS MANY LOAN TYPES, INCLUDING OVER $137 MILLION IN MORTGAGES AND EQUITY LOANS, OVER $179 MILLION IN AUTO LOANS AND $63 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. A NEW BRANCH WILL OPEN IN GIG HARBOR IN EARLY 2022. THIS WILL BE OUR THIRD NEW BRANCH SINCE JUNE 2020, BRINGING OUR TOTAL BRANCHES TO SIX. AS WE HAVE EXPANDED OUR LOCATIONS IN PIERCE COUNTY THE TAGLINE "FOR THE LOVE OF PEOPLE" IS BEING REPLACED WITH "ROOTED IN SOUTH SOUND."
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Drabb CEO (until 6/3/21) | Officer | 40 | $424,104 |
William Peters Coo/interim Manager (6/3/21-1/3/22) | Officer | 40 | $289,743 |
Kathleen Scholes CFO | Officer | 40 | $182,935 |
John Eyre Vice President It | Officer | 40 | $160,665 |
Lori Stanaway VP Operations | 40 | $141,720 | |
Kerry Keely VP Commercial Lending | 40 | $139,853 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Statement Processing / Misc. | 12/30/21 | $1,378,366 |
Mountain Construction Construction-branch Remodels | 12/30/21 | $216,884 |
Johnson Cox Printing Services | 12/30/21 | $113,367 |
Experian Credit Bureau Services | 12/30/21 | $160,627 |
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 | $19,795,804 |
| Investment income | $508,121 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$20,273 |
| Net Gain/Loss on Asset Sales | $2,043 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $20,285,695 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $17,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,166,236 |
| Compensation of current officers, directors, key employees. | $1,187,684 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,891,886 |
| Pension plan accruals and contributions | $349,150 |
| Other employee benefits | $637,374 |
| Payroll taxes | $539,212 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $90,401 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $30,321 |
| Fees for services: Other | $192,312 |
| Advertising and promotion | $567,842 |
| Office expenses | $3,328,928 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $572,833 |
| Travel | $316,707 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $149,872 |
| Interest | $783 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $629,210 |
| Insurance | $50 |
| All other expenses | $27,784 |
| Total functional expenses | $17,256,490 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,490,311 |
| Savings and temporary cash investments | $85,043,715 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $407,809,934 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,206,182 |
| Net Land, buildings, and equipment | $9,625,980 |
| Investments—publicly traded securities | $47,784,075 |
| Investments—other securities | $7,756,124 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,576,065 |
| Total assets | $574,292,386 |
| Accounts payable and accrued expenses | $3,957,603 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $527,396,359 |
| Total liabilities | $531,353,962 |
| 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 | $42,938,424 |
| Total liabilities and net assets/fund balances | $574,292,386 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Rivermark Community Credit Union Beaverton, OR | $1,282,908,447 | $59,063,025 |
Salal Credit Union Seattle, WA | $1,076,834,962 | $53,428,759 |
Credit Unions In The State Of Washington Seattle, WA | $1,324,555,734 | $53,981,403 |
Marion And Polk Schools Credit Union Salem, OR | $1,240,763,671 | $55,245,201 |
Seattle Metropolitan Credit Union Seattle, WA | $1,060,154,632 | $41,882,424 |
First Community Credit Union Coquille, OR | $1,761,836,849 | $50,673,220 |
Credit Unions In The State Of Washington Longview, WA | $1,189,148,852 | $43,664,942 |
Solarity Credit Union Yakima, WA | $813,771,159 | $38,686,646 |
Credit Unions In The State Of Washington Seattle, WA | $786,265,441 | $35,849,734 |
Credit Unions In The State Of Washington Spokane, WA | $613,886,782 | $30,633,137 |
Credit Unions In The State Of Washi Ngton Bothell, WA | $811,506,750 | $39,989,518 |
Credit Unions In The State Of Washington Lacey, WA | $467,137,296 | $26,640,017 |