Credit Unions In The State Of Washington
- Assets
- $85.1m
- Revenue
- $3.6m
- Investments
- $14.2m
- Employees
- 20
- Location
- Spokane, WA
- Founding
- 07/1954
- Data as of
- 12/2021
- EIN
- 91-0419495
Organization Overview
Credit Unions In The State Of Washington, operating under the name Progressions Credit Union, is located in Spokane, 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, Progressions Credit Union employed 20 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Progressions 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, Progressions Credit Union generated $3.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $2.7m during the year ending 12/2021. While expenses have increased by 2.8% 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
THE ORGANIZATION IS A CREDIT UNION OPERATED WITHOUT PROFIT FOR MUTUAL PURPOSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS OF 12/31/21 PROGRESSIONS CREDIT UNION (PCU) HAD 5,234 MEMBERS THAT OWNED A TOTAL OF 10,759 SHARE/DEPOSIT ACCOUNTS. IN ADDITION, PCU HAD $53,357,102 IN LOANS TO 1,784 MEMBERS. IN 2021 PCU GRANTED 1,489 NEW LOANS WITH AN INITIAL VALUE OF $27,369,602
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Susan Vuong President/ceo | Officer | 40 | $159,658 |
Kevin Spoerl SVP Clo | Officer | 40 | $113,244 |
Timothy A Throckmorton SVP CFO | Officer | 40 | $109,912 |
Kathy Brooks Director | Trustee | 2 | $0 |
Jeffry D Martin Director | Trustee | 2 | $0 |
William F O'halloran Director | Trustee | 2 | $0 |
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 | $2,922,943 |
| Investment income | $57,623 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $16,186 |
| 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 | $3,596,743 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $431,535 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $586,854 |
| Pension plan accruals and contributions | $43,313 |
| Other employee benefits | $94,940 |
| Payroll taxes | $66,667 |
| Fees for services: Management | $3,207 |
| Fees for services: Legal | $7,810 |
| Fees for services: Accounting | $16,204 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $19,010 |
| Fees for services: Other | $96,493 |
| Advertising and promotion | $81,578 |
| Office expenses | $116,548 |
| Information technology | $220,311 |
| Royalties | $0 |
| Occupancy | $111,275 |
| Travel | $6,908 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,410 |
| Interest | $225,916 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $139,353 |
| Insurance | $56,789 |
| All other expenses | $126,495 |
| Total functional expenses | $2,724,346 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $546,217 |
| Savings and temporary cash investments | $14,081,289 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,668 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $53,223,409 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $594,849 |
| Net Land, buildings, and equipment | $1,463,204 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $14,154,417 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,006,308 |
| Total assets | $85,083,361 |
| Accounts payable and accrued expenses | $244,900 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $28,388 |
| 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 | $77,681,164 |
| Total liabilities | $77,954,452 |
| 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 | $7,128,909 |
| Total liabilities and net assets/fund balances | $85,083,361 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Credit Unions In The State Of Washington Lacey, WA | $467,137,296 | $26,640,017 |
Our Community Credit Union Shelton, WA | $583,251,574 | $19,630,012 |
Credit Unions In The State Of Washington Tacoma, WA | $574,292,386 | $20,285,695 |
Industrial Credit Union Of Whatcom County Bellingham, WA | $379,220,353 | $18,659,895 |
Credit Unions In The State Of Washington Bellingham, WA | $379,769,731 | $12,197,352 |
Credit Unions In The State Of Washington Sunnyside, WA | $128,364,012 | $11,171,609 |
Oregonians Credit Union Milwaukie, OR | $383,927,608 | $10,903,249 |
Credit Unions In The State Of Washington Everett, WA | $299,736,440 | $11,941,664 |
Credit Unions In The State Of Washington Dupont, WA | $215,109,348 | $8,977,951 |
Nw Priority Credit Union Portland, OR | $301,929,774 | $6,624,464 |
Credit Unions In The State Of Washington Bellevue, WA | $186,115,326 | $7,735,334 |
Sno Falls Credit Union North Bend, WA | $113,268,760 | $5,263,386 |