Iq Credit Union
- Assets
- $1.8b
- Revenue
- $77.6m
- Investments
- $5.8m
- Employees
- 459
- Location
- Vancouver, WA
- Founding
- 07/1954
- Data as of
- 12/2021
- EIN
- 91-0576399
Organization Overview
Iq Credit Union is located in Vancouver, 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, Iq Credit Union employed 459 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Iq 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, Iq Credit Union generated $77.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.0% each year . All expenses for the organization totaled $58.2m during the year ending 12/2021. While expenses have increased by 8.5% 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, Iq Credit Union has awarded 41 individual grants totaling $513,455. 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
TO PROVIDE A FULL COMPLEMENT OF QUALITY FINANCIAL SERVICES IN A CONVENIENT, EFFICIENT, FRIENDLY, SECURE AND PROFITABLE MANNER WHICH MEETS THE NEED OF THE MEMBERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FINANCIAL SERVICES TO 93,871 MEMBERS. THESE SERVICES INCLUDE, BUT ARE NOT LIMITED TO, PROVIDING REAL ESTATE AND OTHER SECURED/ UNSECURED CONSUMER LOANS, CHECKING AND SAVINGS PROGRAMS, AND CREDIT CARD SERVICES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dewayne Ledbetter Chief Comm. Officer (thru 4/21) | Officer | 48 | $996,189 |
Eric Petracca President/ceo | Officer | 48 | $474,596 |
Kelly Schrader President (thru 1/21) | Officer | 48 | $416,046 |
Michael Booth Sr. Mortgage Loan Officer | 45 | $363,964 | |
Melanie Josephson Mortgage Loan Officer | 45 | $288,275 | |
Gayle Gustafson Chief Lending Officer | Officer | 48 | $231,958 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Alkami Technology Inc Online Banking | 12/30/21 | $1,386,772 |
Pscu Incorporated Card Services | 12/30/21 | $1,586,747 |
Synergi Partners Inc Tax Planning Services | 12/30/21 | $537,817 |
Meridian Link Inc Loan Processing Fees | 12/30/21 | $504,046 |
Firstclose Inc Loan Processing Fees | 12/30/21 | $478,239 |
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 | $74,656,585 |
| Investment income | $1,431,315 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,601 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $77,633,682 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $131,200 |
| Grants and other assistance to domestic individuals. | $20,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,223,030 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $17,617,913 |
| Pension plan accruals and contributions | $2,151,644 |
| Other employee benefits | $2,078,406 |
| Payroll taxes | $1,490,626 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $84,991 |
| Fees for services: Accounting | $168,818 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,969,655 |
| Advertising and promotion | $1,540,591 |
| Office expenses | $1,310,898 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,742,167 |
| Travel | $70,104 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $20,662 |
| Interest | $3,506,144 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,687,725 |
| Insurance | $204,847 |
| All other expenses | $4,201,089 |
| Total functional expenses | $58,167,316 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,463,830 |
| Savings and temporary cash investments | $124,488,721 |
| 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 | $1,358,255,578 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $16,877,774 |
| Net Land, buildings, and equipment | $24,059,759 |
| Investments—publicly traded securities | $227,710,436 |
| Investments—other securities | $5,845,216 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $27,764,502 |
| Total assets | $1,792,465,816 |
| Accounts payable and accrued expenses | $17,070,096 |
| 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 | $1,621,332,837 |
| Total liabilities | $1,638,402,933 |
| 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 | $154,062,883 |
| Total liabilities and net assets/fund balances | $1,792,465,816 |
Grants Awarded
Over the last fiscal year, Iq Credit Union has awarded $91,200 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
Portland, OR PURPOSE: GENERAL SUPPORT | $15,000 |
Vancouver, WA PURPOSE: GENERAL SUPPORT | $12,500 |
Seatac, WA PURPOSE: GENERAL SUPPORT | $10,200 |
WHY RACING EVENTS INC PURPOSE: GENERAL SUPPORT | $10,000 |
CITY OF VANCOUVER PURPOSE: GENERAL SUPPORT | $8,000 |
Camas, WA PURPOSE: GENERAL SUPPORT | $8,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Iq Credit Union has recieved totaling $7,400.
| Awarding Organization | Amount |
|---|---|
Advantis Credit Union Clackamas, OR PURPOSE: Sponsorship CU for Kids - Doernbechers | $7,400 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Whatcom Educational Credit Union Bellingham, WA | $2,491,858,278 | $85,746,120 |
Columbia Community Credit Union Vancouver, WA | $2,324,855,630 | $81,363,284 |
Iq Credit Union Vancouver, WA | $1,792,465,816 | $77,633,682 |
Advantis Credit Union Clackamas, OR | $1,980,374,380 | $72,337,533 |
Credit Union 1 Anchorage, AK | $1,468,974,903 | $70,736,844 |
Credit Unions In The State Of Washington Spokane Valley, WA | $1,730,610,354 | $75,301,654 |