Credit Unions In The State Of Washington

Organization Overview

Credit Unions In The State Of Washington, operating under the name American Lake Credit Union, is located in Lakewood, 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, American Lake Credit Union employed 27 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. American Lake 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, American Lake Credit Union generated $2.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $2.6m during the year ending 12/2021. While expenses have increased by 2.4% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

AMERICAN LAKE CREDIT UNION IS A FINANCIAL COOPERATIVE DEDICATED TO HELPING MEMBERS IMPROVE THEIR FINANCIAL STATUS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE CREDIT UNION PROVIDED LOW COST RETAIL FINANCIAL SERVICES TO OVER 5,419 MEMBER/OWNERS THROUGH FOUR BRANCHES LOCATED IN TACOMA AND LAKEWOOD. SERVICES INCLUDE SAVINGS AND DEPOSIT ACCOUNTS, CONSUMER, MORTGAGE, AND CREDIT CARD LOANS. THE CREDIT UNION GRANTED 8,129 LOANS TO MEMBERS AMOUNTING TO $24,840,336 IN 2021.


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Board, Officers & Key Employees

Name (title)Compensation
Kolin Mcmann
CEO
$182,813
Glen Davocol
VP Operations
$93,115
Cheryl Beeson
VP Admin
$85,628
Robert Dermann
Secretary
$0
Roger Erickson
Treasurer
$0
Brian Hagel
Director
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Enhanced Software Products Inc
Core Software
$274,009
Jack Henry
Data Processing
$110,802
Cook Security Group
Atm Retailer
$143,847
View All Vendors

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$2,516,091
Investment income $312,084
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $1,583
Net Gain/Loss on Asset Sales $2,000
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $2,831,758

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