Credit Unions In The State Of Washington
- Assets
- $2.7b
- Revenue
- $118.1m
- Investments
- $10.2m
- Employees
- 531
- Location
- Tacoma, WA
- Founding
- 07/1954
- Data as of
- 12/2022
- EIN
- 91-0557925
Organization Overview
Credit Unions In The State Of Washington is located in Tacoma, 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 531 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 $118.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.7% each year. All expenses for the organization totaled $96.1m during the year ending 12/2022. While expenses have increased by 10.1% 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, Credit Unions In The State Of Washington has awarded 75 individual grants totaling $1,378,518. 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
COOPERATIVE PROVIDING FINANCIAL SERVICES, INCLUDING LOANS AND SHARE DEPOSITS TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ON THE LIABILITY/EQUITY SIDE OF THE BALANCE SHEET OUR MEMBERS HOLD 287,696 SAVINGS, CHECKING, AND MONEY MARKET DEPOSIT ACCOUNTS WITH COMBINED BALANCES OF $1,956,013,727. MEMBERS HOLD 2,143 IRA SAVINGS ACCOUNTS WITH COMBINED BALANCES OF $23,198,900. THESE FUNDS ARE POOLED AND USED PRIMARILY TO FUND CONSUMER AND REAL ESTATE SECURED LOANS TO OUR MEMBERSHIP.
ALSO ON THE LIABILITY/EQUITY SIDE OF THE BALANCE SHEET, 9,056 OF OUR MEMBERS HOLD CERTIFICATE ACCOUNTS WITH TOTAL BALANCES OF $329,971,342.
ON THE ASSET SIDE, 81,150 OF OUR MEMBERS HOLD CONSUMER LOANS THAT INCLUDE VEHICLE, STUDENT, MORTGAGE, AND VISA LOANS. CONSUMER LOANS THAT INCLUDE VEHICLE SECURED LOANS THAT $788,182,891. REAL ESTATE SECURED LOANS TOTALS $1,132,490,040. THE LOAN PORTFOLIO TOTALS, $2,086,675,029.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shelley Coleman Chair | OfficerTrustee | 1 | $21,250 |
John Bauder Vice Chair | OfficerTrustee | 1 | $20,000 |
Barry Wallis Secretary/treasurer | OfficerTrustee | 1 | $20,000 |
Haluk Demirkian Director | Trustee | 1 | $20,000 |
Brenda Goodson-Moore Director | Trustee | 1 | $15,000 |
Jim Griggs Director | Trustee | 1 | $20,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ncr Corporation Digital Banking Services | 12/30/22 | $1,984,514 |
Media Plus Media/communications | 12/30/22 | $1,415,869 |
Southwest Business Corporation Financial And Insurance Services | 12/30/22 | $872,031 |
Kaye-smith Enterprises Printing/mailing Statements | 12/30/22 | $870,615 |
Jack Henry & Associates Inc It System Services | 12/30/22 | $788,234 |
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 | $112,047,798 |
| Investment income | $6,326,103 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$267,236 |
| Net Gain/Loss on Asset Sales | -$15,451 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $118,091,214 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $414,300 |
| Grants and other assistance to domestic individuals. | $97,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $4,411,207 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $26,987,447 |
| Pension plan accruals and contributions | $2,866,267 |
| Other employee benefits | $3,569,318 |
| Payroll taxes | $2,646,032 |
| Fees for services: Management | $167,926 |
| Fees for services: Legal | $122,547 |
| Fees for services: Accounting | $395,402 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,224,972 |
| Advertising and promotion | $209,250 |
| Office expenses | $7,114,521 |
| Information technology | $3,097,111 |
| Royalties | $0 |
| Occupancy | $1,948,338 |
| Travel | $345,588 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $329,746 |
| Interest | $6,634,922 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,713,488 |
| Insurance | $0 |
| All other expenses | $1,075,761 |
| Total functional expenses | $96,088,860 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $45,812,271 |
| Savings and temporary cash investments | $118,325,807 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,418,067 |
| Loans from Officers, Directors, or Controlling Persons | $17,155,598 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,077,223,588 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,617,358 |
| Net Land, buildings, and equipment | $56,192,207 |
| Investments—publicly traded securities | $307,909,165 |
| Investments—other securities | $10,198,804 |
| Investments—program-related | $0 |
| Intangible assets | $15,567,062 |
| Other assets | $35,275,931 |
| Total assets | $2,699,695,858 |
| Accounts payable and accrued expenses | $39,853,690 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $3,220,957 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $81,581,990 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,306,480,297 |
| Total liabilities | $2,431,136,934 |
| 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 | $268,558,924 |
| Total liabilities and net assets/fund balances | $2,699,695,858 |
Grants Awarded
Over the last fiscal year, Credit Unions In The State Of Washington has awarded $209,150 in support to 13 organizations.
| Grant Recipient | Amount |
|---|---|
BUSINESS IMPACT NW PURPOSE: GENERAL SUPPORT | $45,000 |
ECONOMIC DEVELOPMENT BOARD OF TACOMAPIERCE COUNTY PURPOSE: ANNUAL MEETING SPONSOR | $6,000 |
FOOD LIFELINE PURPOSE: GENERAL SUPPORT | $13,600 |
FRIENDS OF THE CHILDREN PURPOSE: GENERAL SUPPORT | $6,250 |
GOWEST CREDIT UNION FOUNDATION PURPOSE: GENERAL SUPPORT; CU4KIDS AUCTION | $32,325 |
GREATER TACOMA COMMUNITY FOUNDATION PURPOSE: SOUTH SOUND TOGETHER GENERAL SUPPORT; CRYSTAL JUDSON FAMILY JUSTICE CENTER | $11,750 |