Spokane Teachers Credit Union
- Assets
- $5.6b
- Revenue
- $238.0m
- Investments
- $26.7m
- Employees
- 1,123
- Location
- Liberty Lake, WA
- Founding
- 07/1954
- Data as of
- 12/2022
- EIN
- 91-0565128
Organization Overview
Spokane Teachers Credit Union is located in Liberty Lake, 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, Spokane Teachers Credit Union employed 1,123 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Spokane Teachers 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 12/2022, Spokane Teachers Credit Union generated $238.0m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.2% each year . All expenses for the organization totaled $179.0m during the year ending 12/2022. While expenses have increased by 10.9% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
STCU IS COMMITTED TO MAXIMIZING THE VALUE OF EVERY FINANCIAL RELATIONSHIP THROUGH COST-EFFECTIVE FINANCIAL SERVICES CONSISTENT WITH COOPERATIVE PRINCIPLES, APPLICABLE LEGISLATION, AND PRUDENT MANAGEMENT. STCU SERVES 266,333 MEMBERS AS OF 12/31/22.
Describe the Organization's Program Activity:
Part 3 - Line 4a
STCU HAS OUTSTANDING LOANS OF $4,637,749,106 AT DECEMBER 31, 2022, REPRESENTING 188,697 INDIVIDUAL LOANS. STCU OFFERS CREDIT CARDS; AUTO, RV, AND BOAT LOANS; 1ST MORTGAGE REAL ESTATE LOANS, OTHER REAL ESTATE LOANS AND LINES OF CREDIT; AND COMMERCIAL LOANS. REVENUES FROM LOAN ACTIVITIES INCLUDE INTEREST INCOME EARNED, AS WELL AS LOAN ORIGINATION AND SERVICING FEES.
STCU PROVIDES SHARE AND DEPOSIT PRODUCTS, INCLUDING CHECKING, SAVINGS, MONEY MARKET, CERTIFICATES, AND IRA/KEOGH ACCOUNTS. AT DECEMBER 31, 2022, STCU HAD TOTAL SHARE AND DEPOSIT BALANCES OF $4,591,171,520 REPRESENTING 410,237 INDIVIDUAL ACCOUNTS. STCU PAID MEMBERS DIVIDENDS ON THEIR SHARE AND DEPOSIT ACCOUNTS $13,775,904 IN 2022. STCU EARNS VARIOUS FEES ON TRANSACTIONS, BALANCES OR OTHER FINANCIAL PRODUCTS AS OUTLINED IN THE MEMBERSHIP AGREEMENT OR PUBLISHED FEE SCHEDULES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ezra Eckhardt President And CEO | Officer | 40 | $1,129,836 |
Lindsey Myhre Evp & CFO | Officer | 40 | $519,196 |
Patricia Baughman Cdo | Officer | 40 | $360,491 |
David Flood Clo | Officer | 40 | $356,216 |
Scott Rabe Vice President | Officer | 40 | $294,178 |
Patricia Kelly Senior Vice President | Officer | 40 | $300,588 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Smart Source Critial Communications Llc Printing And Mailing | 12/30/22 | $2,414,912 |
Paine Hamblen Llp Legal And Collection Services | 12/30/22 | $165,853 |
Dee's Landscaping & Lawn Service Llc Landscaping Services | 12/30/22 | $318,902 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $59,890 |
| 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 | $59,890 |
| Total Program Service Revenue | $222,074,185 |
| Investment income | $14,163,708 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $319,517 |
| Net Gain/Loss on Asset Sales | $1,396,915 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $238,014,215 |
| 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 | $13,630,771 |
| Compensation of current officers, directors, key employees. | $5,542,160 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $54,703,759 |
| Pension plan accruals and contributions | $4,151,342 |
| Other employee benefits | $11,496,717 |
| Payroll taxes | $5,107,827 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $84,043 |
| Fees for services: Accounting | $271,936 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,983,811 |
| Advertising and promotion | $7,243,338 |
| Office expenses | $2,532,385 |
| Information technology | $7,891,540 |
| Royalties | $0 |
| Occupancy | $5,888,010 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,333,315 |
| Interest | $10,786,432 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,185,963 |
| Insurance | $0 |
| All other expenses | $1,319,385 |
| Total functional expenses | $178,994,388 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $29,795,027 |
| Savings and temporary cash investments | $212,720,335 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $53,747,127 |
| Loans from Officers, Directors, or Controlling Persons | $16,236,792 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,616,935,385 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $18,944,668 |
| Net Land, buildings, and equipment | $88,866,131 |
| Investments—publicly traded securities | $454,761,342 |
| Investments—other securities | $26,654,200 |
| Investments—program-related | $0 |
| Intangible assets | $14,294,875 |
| Other assets | $92,869,457 |
| Total assets | $5,625,825,339 |
| Accounts payable and accrued expenses | $55,729,685 |
| Grants payable | $0 |
| Deferred revenue | $791,637 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $6,582,603 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $529,253,565 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,591,171,521 |
| Total liabilities | $5,183,529,011 |
| 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 | $442,296,328 |
| Total liabilities and net assets/fund balances | $5,625,825,339 |