Woodstone Credit Union
- Assets
- $98.7m
- Revenue
- $4.2m
- Investments
- $6.3m
- Employees
- 37
- Location
- Federal Way, WA
- Founding
- Data as of
- 12/2016
- EIN
- 91-0572594
Organization Overview
Woodstone Credit Union is located in Federal Way, WA. As of 12/2016, Woodstone Credit Union employed 37 individuals. Woodstone 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 12/2016, Woodstone Credit Union generated $4.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (3.7%) each year. All expenses for the organization totaled $4.6m during the year ending 12/2016. As we would expect to see with falling revenues, expenses have declined by (4.9%) per year over the past 2 years. 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
2016
Describe the Organization's Mission:
Part 3 - Line 1
WOODSTONE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION WHOSE MISSION IS TO BUILD RELATIONSHIPS AND TRUST WITH OUR COMMUNITY, UNDERSTAND THE FINANCIAL NEEDS OF OUR COMMUNITY, AND PROVIDE PRODUCTS AND SERVICES TO FULFILL THE NEEDS OF OUR COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE QUALITY FINANCIAL PRODUCTS AND SERVICES TO MEET OUR MEMBERS' NEEDS. WOODSTONE CREDIT UNION HAD 10,662 MEMBERS AS OF DECEMBER 31, 2016.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andy Hwang Director | Trustee | 1 | $0 |
Tom Pierson Director | Trustee | 1 | $0 |
Leslie Sorensen Director | Trustee | 1 | $0 |
William Musser Director | Trustee | 1 | $0 |
Sally Mclean Director | Trustee | 1 | $0 |
Tracy Oster Director | Trustee | 1 | $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 | $3,657,919 |
| Investment income | $146,942 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,642 |
| 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 | $4,184,944 |
| 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. | $401,316 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,032,899 |
| Pension plan accruals and contributions | $28,247 |
| Other employee benefits | $235,959 |
| Payroll taxes | $133,560 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $28,881 |
| Fees for services: Accounting | $34,001 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $60,689 |
| Advertising and promotion | $176,199 |
| Office expenses | $276,320 |
| Information technology | $437,565 |
| Royalties | $0 |
| Occupancy | $139,317 |
| Travel | $3,681 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,242 |
| Interest | $221,460 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $144,182 |
| Insurance | $53,002 |
| All other expenses | $90,820 |
| Total functional expenses | $4,633,110 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $245,365 |
| Savings and temporary cash investments | $6,588,209 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $71,492,873 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $103,170 |
| Net Land, buildings, and equipment | $3,957,734 |
| Investments—publicly traded securities | $7,327,044 |
| Investments—other securities | $6,311,777 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,648,329 |
| Total assets | $98,674,501 |
| Accounts payable and accrued expenses | $1,361,346 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| 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 | $88,154,354 |
| Total liabilities | $89,515,700 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $9,158,801 |