Credit Unions In The State Of Washington
- Assets
- $865.2m
- Revenue
- $38.3m
- Investments
- $8.0m
- Employees
- 188
- Location
- Seattle, WA
- Founding
- 07/1954
- Data as of
- 12/2022
- EIN
- 91-0219005
Organization Overview
Credit Unions In The State Of Washington is located in Seattle, 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 12/2022, Credit Unions In The State Of Washington employed 188 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 12/2022, Credit Unions In The State Of Washington generated $38.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.5% each year. All expenses for the organization totaled $30.6m during the year ending 12/2022. While expenses have increased by 5.3% per year over the past 8 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 2020, Credit Unions In The State Of Washington has awarded 12 individual grants totaling $214,720. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
A COOPERATION ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VERITY CREDIT UNION IS A WASHINGTON STATE CHARTERED CREDIT UNION THAT SERVES 40,205 MEMBER OWNERS. VERITY'S PRIMARY FIELD OF MEMBERSHIP INCLUDES ALL INDIVIDUALS THAT RESIDE, WORK, WORSHIP, OR ATTEND SCHOOL IN ANY WASHINGTON STATE SCHOOL DISTRICT. VERITY OFFERS A FULL RANGE OF DEPOSIT, LOAN, AND INVESTMENT PRODUCTS AND SERVICES THROUGH SIX FULL BRANCHES, A CALL CENTER, AND ONLINE ACCOUNT SERVICES.
VERITY CREDIT UNION OFFERS A FULL-SERVICE INVESTMENT PROGRAM WITH TWO REGISTERED INVESTMENT REPRESENTATIVES AND A SUPPORT REPRESENTATIVE. AS OF DECEMBER 31, 2022, VERITY'S INVESTMENT SERVICES PROGRAM HAD 1,068 MEMBERS WHO HAVE 1,966 ACCOUNTS, AND $191,546,841 IN ASSETS UNDER MANAGEMENT.
VERITY CREDIT UNION OFFERS FREE FINANCIAL COUNSELING TO ITS MEMBERS. SPECIFIC SERVICES INCLUDE FINANCIAL PLANNING, DEBT MODIFICATION ON LOANS FROM VERITY AND OTHER CREDITORS, AND DIRECT ASSISTANCE IN UTILIZING THE GOVERNMENT SPONSORED MORTGAGE RELIEF PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nancy Woodland Chairperson | OfficerTrustee | 5 | $0 |
Michelle Pham Vice Chairperson | OfficerTrustee | 5 | $0 |
Nicholas Etscheid Board Secretary | OfficerTrustee | 5 | $0 |
Vikash Chhagan Board Member | Trustee | 5 | $0 |
Michael Grenetz Board Member | Trustee | 5 | $0 |
Chad Klemme Board Member | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Catalysis Marketing | 12/30/22 | $476,480 |
Co-creating Inclusion Llc Dei Employee Training | 12/30/22 | $406,050 |
Kaye-smith Mailing Services | 12/30/22 | $308,389 |
Diebold Incorporated Atm Repairs And Maintenance | 12/30/22 | $261,477 |
Experian Information Solutions Inc Credit Reporting | 12/30/22 | $187,934 |
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 | $36,566,319 |
| Investment income | $1,395,970 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $381,657 |
| 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 | $38,343,946 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $99,988 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,937,102 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,131,823 |
| Pension plan accruals and contributions | $310,729 |
| Other employee benefits | $1,095,508 |
| Payroll taxes | $948,995 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $147,618 |
| Fees for services: Accounting | $200,020 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,468,663 |
| Advertising and promotion | $822,919 |
| Office expenses | $2,309,837 |
| Information technology | $3,461,372 |
| Royalties | $0 |
| Occupancy | $1,271,278 |
| Travel | $31,208 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $57,760 |
| Interest | $1,657,598 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $820,726 |
| Insurance | $156,266 |
| All other expenses | $649,418 |
| Total functional expenses | $30,623,047 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,944,788 |
| Savings and temporary cash investments | $32,593,641 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,095,148 |
| Loans from Officers, Directors, or Controlling Persons | $7,426,508 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $756,796,789 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,033,652 |
| Net Land, buildings, and equipment | $7,598,833 |
| Investments—publicly traded securities | $29,161,011 |
| Investments—other securities | $7,968,246 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,560,401 |
| Total assets | $865,179,017 |
| Accounts payable and accrued expenses | $9,913,231 |
| Grants payable | $0 |
| Deferred revenue | $17,776,453 |
| 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 | $62,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $703,396,524 |
| Total liabilities | $793,586,208 |
| 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 | $71,592,809 |
| Total liabilities and net assets/fund balances | $865,179,017 |
Grants Awarded
Over the last fiscal year, Credit Unions In The State Of Washington has awarded $42,860 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
GSBA SCHOLARSHIP FUND PURPOSE: LEADERSHIP MATCHING FUND, READY FOR BUSINESS ADMINISTRATION SUPPORT, AND READY FOR BUSINESS CAMPAIGN INVESTING | $15,000 |
HOUSING DEVELOPMENT CONSORTIUM PURPOSE: POLICY ADVOCACY ON AFFORDABLE HOUSING WEEK, RACIAL EQUITY INITIATIVE TRAININGS, AND HDC ANNUAL CELEBRATION OF AFFORDABLE HOUSING | $7,860 |
FRIENDS OF SEATTLE WATERFRONT PURPOSE: FUNDING FOR CITY'S WATERFRONT SEATTLE PROJECT: CREATION OF A PARK ALONG THE CENTRAL SHORELINE TO BENEFIT THE PUBLIC | $10,000 |
ACTS ON STAGE PURPOSE: FUNDING TO SUPPORT THE ARTS IN THE PACIFIC NORTHWEST | $10,000 |