Credit Unions In The State Of Washington
- Assets
- $28.8b
- Revenue
- $1.1b
- Investments
- $8.8b
- Employees
- 3,617
- Location
- Tukwila, WA
- Founding
- 12/1972
- Data as of
- 12/2022
- EIN
- 91-0219435
Organization Overview
Credit Unions In The State Of Washington, operating under the name Boeing Employees Credit Union Becu, is located in Tukwila, WA. The organization was established in 1972. 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, Boeing Employees Credit Union Becu employed 3,617 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Boeing Employees Credit Union Becu 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, Boeing Employees Credit Union Becu generated $1.1b in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.4% each year. All expenses for the organization totaled $879.6m during the year ending 12/2022. While expenses have increased by 11.5% 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 2014, Boeing Employees Credit Union Becu has awarded 891 individual grants totaling $44,470,051. 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
AS A COOPERATIVE WE BRING PEOPLE TOGETHER TO IMPROVE THE FINANCIAL WELL-BEING OF OUR MEMBERS AND THEIR COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TOTAL 1,388,742 MEMBERS; 108,200 NEW MEMBERS FOR 2022; 141,434 LOANS ORIGINATED TOTALLING $7,600,000,000
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Debra Somberg Director Chairperson | Trustee | 6 | $97,500 |
Bill Longbrake Director | Trustee | 6 | $85,000 |
David Yonce Director | Trustee | 6 | $45,940 |
Denis Farmer Director | Trustee | 6 | $80,000 |
Jessie Woolley-Wilson Director | Trustee | 6 | $48,129 |
John Mcmurray Director | Trustee | 6 | $90,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mastercard International Inc Financial Services | 12/30/22 | $15,367,550 |
Deloitte Consulting Llp Consulting Services | 12/30/22 | $15,360,000 |
Dna Brand Mechanics Branding & Advertising | 12/30/22 | $13,737,534 |
Pscu Incorporated Online Banking | 12/30/22 | $15,028,294 |
Fiserv Inc Financial Services | 12/30/22 | $11,811,403 |
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 | $836,112,490 |
| Investment income | $228,149,671 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$932,167 |
| Net Gain/Loss on Asset Sales | $12,359,536 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,076,116,183 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $8,928,955 |
| 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. | $27,620,428 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $267,344,937 |
| Pension plan accruals and contributions | $28,955,335 |
| Other employee benefits | $39,884,436 |
| Payroll taxes | $23,042,622 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,738,775 |
| Fees for services: Accounting | $2,048,195 |
| Fees for services: Lobbying | $50,820 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $929,816 |
| Fees for services: Other | $44,110,952 |
| Advertising and promotion | $32,888,091 |
| Office expenses | $23,219,460 |
| Information technology | $55,456,074 |
| Royalties | $0 |
| Occupancy | $22,184,229 |
| Travel | $1,300,138 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,382,086 |
| Interest | $81,360,787 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $30,582,189 |
| Insurance | $1,506,199 |
| All other expenses | $5,733,176 |
| Total functional expenses | $879,646,068 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $148,202,592 |
| Savings and temporary cash investments | $2,114,581,220 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $231,134 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $16,298,351,358 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $31,354,244 |
| Net Land, buildings, and equipment | $164,576,182 |
| Investments—publicly traded securities | $62,197,880 |
| Investments—other securities | $8,806,305,639 |
| Investments—program-related | $15,979,159 |
| Intangible assets | $0 |
| Other assets | $1,138,864,167 |
| Total assets | $28,780,643,575 |
| Accounts payable and accrued expenses | $164,645,091 |
| Grants payable | $0 |
| Deferred revenue | $8,529,745 |
| 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 | $663,650,220 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $25,996,126,860 |
| Total liabilities | $26,832,951,916 |
| 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 | $1,947,691,659 |
| Total liabilities and net assets/fund balances | $28,780,643,575 |
Grants Awarded
Over the last fiscal year, Credit Unions In The State Of Washington has awarded $8,613,497 in support to 122 organizations.
| Grant Recipient | Amount |
|---|---|
BECU FOUNDATION PURPOSE: OPERATIONS FOR THE BECU FOUNDATION | $2,542,459 |
AFRICAN AMERICAN CREDIT UNION COALITION PURPOSE: DONATION | $100,000 |
ALLIANCE FOR EDUCATION PURPOSE: DONATION | $45,000 |
AMERICAN ONLINE GIVING FOUNDATION INC PURPOSE: EMPLOYEE MATCHING DONATIONS | $975,000 |
AMERICA S CREDIT UNION MUSEUM FOUNDATION PURPOSE: DONATION | $5,000 |
ASSET FUNDERS NETWORK PURPOSE: DONATION | $11,000 |