Credit Unions In The State Of Washington
- Assets
- $2.2b
- Revenue
- $102.2m
- Investments
- $15.9m
- Employees
- 515
- Location
- Olympia, WA
- Founding
- 07/1954
- Data as of
- 12/2021
- EIN
- 91-0440744
Organization Overview
Credit Unions In The State Of Washington, operating under the name Twinstar Credit Union, is located in Olympia, 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, Twinstar Credit Union employed 515 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Twinstar 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, Twinstar Credit Union generated $102.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $83.4m during the year ending 12/2021. While expenses have increased by 4.5% 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 2014, Twinstar Credit Union has awarded 60 individual grants totaling $1,345,089. 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
TWINSTAR'S MISSION IS TO INVEST IN PEOPLE AND EMPOWER SUCCESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SHARE ACCOUNTS: TWINSTAR SAVINGS ACCOUNTS OFFER ADVANTAGES TO MEMBERS OF ALL AGES. TWINSTAR HAD 138,458 MEMBERS ON DECEMBER 31, 2021. MEMBER SAVINGS ACCOUNTS PAY DIVIDENDS MONTHLY AND OFFER ACCESS THROUGH THE BRANCH NETWORK, HOME BANKING VIA THE INTERNET OR TELEPHONE, MOBILE BANKING AND VIA ATMS WORLDWIDE. SPECIAL SAVINGS ACCOUNTS ARE DESIGNED FOR CHILDREN AND TEENAGERS TO ENCOURAGE THE DEVELOPMENT OF CONSISTENT SAVINGS HABITS.
CHECKING ACCOUNTS: TWINSTAR PROVIDES CHECKING ACCOUNTS FOR CONSUMERS WITH VARIOUS FEATURES, FROM FREE ACCOUNTS TO THOSE WITH ENHANCED BENEFITS. MOST OFFER DIVIDENDS THAT ARE PAID MONTHLY. ADDITIONALLY, TWINSTAR EXTENDS THE REACH OF THESE ACCOUNTS TO ALL MEMBERS WITH FREE DEBIT CARDS, INTERNET ACCOUNT ACCESS, MOBILE BANKING AND FREE USE OF THE INTERNET BILL PAYER PLATFORM.
CONSUMER LOANS: TWINSTAR CREDIT UNION HAS PROVIDED VEHICLE LOANS SINCE ITS EARLY YEARS. THE CONSUMER LOAN PRODUCT LINE NOW INCLUDES EFFICIENT UNDERWRITING AND FLEXIBLE OFFERINGS FOR RECREATIONAL VEHICLES, BOATS AND MOTORCYLCES. TWINSTAR ALSO OFFERS VISA CREDIT CARDS TO MEMBERS. THIS PRODUCT LINE SATISFIES MEMBERS DIVERSE BORROWING NEEDS, FROM A SHARE SECURED CARD TO A CREDIT LINE FOR YOUNG BORROWERS TO A CARD WITH LARGER CREDIT LINES AND LOW INTEREST RATES. TWINSTAR ALSO OFFERS HOME EQUITY/REAL ESTATE LOANS, BUSINESS LOANS AND STUDENT LOAN REFINANCE.
THE CREDIT UNION OFFERS AND ACTIVELY SELLS TO OUR MEMBERS DIFFERENT KINDS OF INSURANCE, HOMEOWNERS, CONDO, RENTERS TRAVEL TRAILERS, RV'S, AUTO, MOTORCYCLE, WATERCRAFT, MOBILE/MANUFACTURED HOMES, ATV'S, UMBRELLA, PERSONAL EXCESS POLICIES, EARTHQUAKE, FLOOD, AND COMMERCIAL AUTO.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Kennedy Ceo/president/treasurer | Officer | 40 | $1,005,997 |
Scott Daukas Chief Strategy Officer | Officer | 40 | $644,345 |
Cynthia Halstead Branch Mortgage Loan Officer | 40 | $348,339 | |
Rebecca Breen Chief Operations Officer | Officer | 40 | $290,509 |
Meggan Anderson Branch Mortgage Loan Officer | 40 | $275,206 | |
Peggy King Branch Mortgage Loan Officer | 40 | $260,048 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Q2 Software Inc Online Banking & Software Support | 12/30/21 | $2,059,522 |
Narmi Inc Online Banking & Software Support | 12/30/21 | $1,086,239 |
Jack Henry & Associates Inc Software Maintenance/consulting | 12/30/21 | $795,053 |
Diebold Equipment Repairs/maintenance | 12/30/21 | $510,387 |
Rapid Technologies Inc It Licenses/saas Service | 12/30/21 | $699,406 |
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 | $96,805,218 |
| Investment income | $3,607,852 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $7,345 |
| Net Gain/Loss on Asset Sales | $51,694 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $102,241,429 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $357,008 |
| Grants and other assistance to domestic individuals. | $600 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $4,473,327 |
| Compensation of current officers, directors, key employees. | $4,415,482 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $30,247,685 |
| Pension plan accruals and contributions | $1,441,053 |
| Other employee benefits | $4,783,732 |
| Payroll taxes | $2,659,535 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $145,082 |
| Fees for services: Accounting | $137,343 |
| Fees for services: Lobbying | $29,534 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,816,845 |
| Advertising and promotion | $551,189 |
| Office expenses | $2,553,219 |
| Information technology | $4,988,824 |
| Royalties | $0 |
| Occupancy | $2,704,164 |
| Travel | $71,938 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $211,376 |
| Interest | $1 |
| Payments to affiliates | $516,490 |
| Depreciation, depletion, and amortization | $3,830,848 |
| Insurance | $356,592 |
| All other expenses | $162,556 |
| Total functional expenses | $83,435,805 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,408,793 |
| Savings and temporary cash investments | $347,613,901 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,538,966 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,319,985,722 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,521,992 |
| Net Land, buildings, and equipment | $42,444,712 |
| Investments—publicly traded securities | $366,191,720 |
| Investments—other securities | $15,947,058 |
| Investments—program-related | $0 |
| Intangible assets | $12,129 |
| Other assets | $59,775,245 |
| Total assets | $2,172,440,238 |
| Accounts payable and accrued expenses | $13,165,929 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $3,166,693 |
| 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 | $1,969,517,665 |
| Total liabilities | $1,985,850,287 |
| 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 | $186,589,951 |
| Total liabilities and net assets/fund balances | $2,172,440,238 |
Grants Awarded
Over the last fiscal year, Credit Unions In The State Of Washington has awarded $267,900 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
Olympia, WA PURPOSE: COLLEGE/HIGHER ED SCHOLARSHIPS/CLASSROOM ASSISTANCE | $103,000 |
Olympia, WA PURPOSE: FOOD PANTRY, ART GALLERY GENERAL FUND, EVENT SPONSORSHIPS, SCHOLARSHIPS | $38,500 |
Lacey, WA PURPOSE: ATHLETICS DEPARTMENT | $35,500 |
Olympia, WA PURPOSE: CAPITAL CAMPAIGN | $25,000 |
Vancouver, WA PURPOSE: FUTURE LEADERS PROJECT | $10,400 |
Salt Lake City, UT PURPOSE: UNRESTRICTED | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Credit Unions In The State Of Washington Tukwila, WA | $30,156,698,461 | $992,196,351 |
Onpoint Community Credit Union Portland, OR | $9,040,369,064 | $300,691,175 |
Credit Unions In The State Of Washington Richland, WA | $4,984,415,562 | $209,714,546 |
Spokane Teachers Credit Union Liberty Lake, WA | $4,949,789,010 | $204,900,448 |
Credit Unions In The State Of Washington Olympia, WA | $4,636,127,364 | $192,003,010 |
Numerica Credit Union Spokane Valley, WA | $3,458,949,167 | $166,990,031 |
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 |