Kitsap Credit Union
- Assets
- $2.0b
- Revenue
- $86.2m
- Investments
- $1.9m
- Employees
- 379
- Location
- Bremerton, WA
- Founding
- 07/1954
- Data as of
- 12/2021
- EIN
- 91-0333066
Organization Overview
Kitsap Credit Union is located in Bremerton, 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, Kitsap Credit Union employed 379 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Kitsap 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, Kitsap Credit Union generated $86.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.8% each year. All expenses for the organization totaled $67.0m during the year ending 12/2021. While expenses have increased by 8.3% 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.
Since 2017, Kitsap Credit Union has awarded 65 individual grants totaling $914,063. 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
A NOT-FOR-PROFIT FINANCIAL COOPERATIVE OFFERING CHECKING, SAVINGS AND LENDING PROGRAMS AND RELATED SERVICES TO MEMBERS WHO LIVE, WORK, OR WORSHIP IN THE STATE OF WASHINGTON. KITSAP CREDIT UNION (KCU) ALSO PROVIDES FINANCIAL LITERACY PROGRAMS AND IS ACTIVELY INVOLVED IN COMMUNITY OUTREACH PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SECURED AND UNSECURED LOANS ISSUED TO CREDIT UNION MEMBERS, AS RELATED TO THE EXEMPT PURPOSE OF KCU. THE TYPES OF LOANS ISSUED INCLUDE DIRECT AND INDIRECT VEHICLE LOANS, VISA'S, HOME EQUITY LOANS, AND MORTGAGE LOANS.
SAVINGS PROGRAMS THAT ARE PROVIDED TO CREDIT UNION MEMBERS, AS RELATED TO THE EXEMPT PURPOSE OF KCU. THE TYPES OF ACCOUNTS OFFERED ARE CHECKING, MONEY MARKET ACCOUNTS, IRA ACCOUNTS, REGULAR SAVINGS, AND CERTIFICATES.
COMMUNITY INVOLVEMENT INCLUDING DONATION OF STAFF TIME IN THE COMMUNITY. KCU ALSO OFFERS MANY FINANCIAL LITERACY CLASSES FOR CHILDREN AND ADULTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shawn Gilfedder President/ceo | Officer | 50 | $1,026,006 |
Kellie D Letexier SVP COO | Officer | 50 | $648,946 |
Anthony G Bulleri SVP Clo | Officer | 50 | $516,282 |
Bradley Miller SVP CFO (thru 05/21) | Officer | 50 | $479,126 |
James W Pyron SVP Cmo | Officer | 50 | $432,902 |
Colin P Morrison SVP Cio (thru 05/21) | Officer | 50 | $371,196 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ncr Corporation Online Banking/bill Pay Service | 12/30/21 | $2,251,556 |
Dcg One Seattle Envelope Company Printing/statement Services | 12/30/21 | $1,185,754 |
Microsoft Services Software Licensing | 12/30/21 | $1,194,214 |
Gibson Media Inc Advertising/consulting | 12/30/21 | $1,351,364 |
Visa Dps Plastic Card Data Processing Services | 12/30/21 | $1,144,151 |
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 | $80,783,208 |
| Investment income | $5,102,122 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $346,472 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $86,231,802 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $382,577 |
| 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. | $3,899,495 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $18,281,935 |
| Pension plan accruals and contributions | $890,474 |
| Other employee benefits | $3,419,073 |
| Payroll taxes | $1,799,456 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $21,965 |
| Fees for services: Accounting | $158,036 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,500,465 |
| Advertising and promotion | $3,605,502 |
| Office expenses | $6,035,975 |
| Information technology | $4,111,696 |
| Royalties | $0 |
| Occupancy | $2,581,386 |
| Travel | $182,440 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,972,597 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,111,673 |
| Insurance | $445,522 |
| All other expenses | $2,863,994 |
| Total functional expenses | $66,951,388 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $24,550,416 |
| Savings and temporary cash investments | $231,903,926 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $29,382,578 |
| Loans from Officers, Directors, or Controlling Persons | $5,637,808 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,251,427,488 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,710,819 |
| Net Land, buildings, and equipment | $30,125,585 |
| Investments—publicly traded securities | $391,251,583 |
| Investments—other securities | $1,908,215 |
| Investments—program-related | $0 |
| Intangible assets | $223,946 |
| Other assets | $53,439,763 |
| Total assets | $2,025,562,127 |
| Accounts payable and accrued expenses | $13,433,943 |
| Grants payable | $0 |
| Deferred revenue | $1,251,387 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $336,296 |
| 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 | $1,848,622,693 |
| Total liabilities | $1,863,644,319 |
| 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 | $161,917,808 |
| Total liabilities and net assets/fund balances | $2,025,562,127 |
Grants Awarded
Over the last fiscal year, Kitsap Credit Union has awarded $334,700 in support to 29 organizations.
| Grant Recipient | Amount |
|---|---|
CENTRAL KITSAP SCHOOL DISTRICT PURPOSE: ATHLETIC COMPLEX SPONSORSHIP | $100,000 |
Tacoma, WA PURPOSE: CENTER FOR STRONG FAMILIES DONATION, BACK PACK FEEDING DONATION | $16,000 |
Bremerton, WA PURPOSE: PLATINUM SPONSORSHIP | $15,000 |
Poulsbo, WA PURPOSE: FOOD BANK DONATIONS | $13,500 |
Silverdale, WA PURPOSE: PROGRAM INVESTMENT 2021 | $13,000 |
Kingston, WA PURPOSE: FOOD BANK DONATIONS | $12,000 |
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 |
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 Union 1 Anchorage, AK | $1,468,974,903 | $70,736,844 |
Credit Unions In The State Of Washington Spokane Valley, WA | $1,730,610,354 | $75,301,654 |