Salal Credit Union
- Assets
- $1.3b
- Revenue
- $63.4m
- Investments
- $8.0m
- Employees
- 307
- Location
- Seattle, WA
- Founding
- 07/1954
- Data as of
- 12/2022
- EIN
- 91-0593941
Organization Overview
Salal Credit Union is located in Seattle, 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, Salal Credit Union employed 307 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Salal 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, Salal Credit Union generated $63.4m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.0% each year . All expenses for the organization totaled $57.1m during the year ending 12/2022. While expenses have increased by 13.7% 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 2015, Salal Credit Union has awarded 61 individual grants totaling $1,093,790. 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
WE ELIMINATE FINANCIAL OBSTACLES TO HELP EVERYDAY VISIONARIES REALIZE THEIR FULL POTENTIAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALAL CREDIT UNION IS A STATE CHARTERED NON-PROFIT COOPERATIVE CREDIT UNION OFFERING ITS MEMBERS A VARIETY OF FINANCIAL SERVICES DESIGNED TO PROMOTE SAVING AND PROVIDE CREDIT AT FAIR AND REASONABLE RATES OF INTEREST. SALAL CREDIT UNION CURRENTLY SERVES 57,052 MEMBERS; HOWEVER THERE ARE APPROXIMATELY 6,700,000 POTENTIAL MEMBERS IN THE GREATER PUGET SOUND COMMUNITY.
SALAL CREDIT UNION OFFERS FINANCIAL LITERACY/EDUCATION PROGRAMS THROUGH BALANCE FINANCIAL FITNESS PROGRAM TO MEMBERS AND EMPLOYEES. THESE EDUCATIONAL PROGRAMS ARE DESIGNED TO HELP INDIVIDUALS IN BUDGETING, SAVING FOR MAJOR PURCHASES, COLLEGE, AND RETIREMENT AND OVERALL FINANCIAL MANAGEMENT.
SALAL CREDIT UNION IS ACTIVE IN THE COMMUNITY BY CONTRIBUTING TO THE FUNDRAISING EFFORTS OF SEVERAL WORTHWHILE ORGANIZATIONS SUCH AS HEALTHPOINT, INTERNATIONAL COMMUNITY HEALTH SERVICES (ICHS), NORTHWEST CREDIT UNION FOUNDATION, NORTHWEST HARVEST, AND KING COUNTY NURSES ASSOCIATION. SALAL CREDIT UNION ALSO PROVIDES MATCHING CONTRIBUTIONS FOR EMPLOYEES AND DIRECTORS TO APPROVED 501(C)(3) ORGANIZATIONS UP TO $500 PER YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian Luong Board Chair | OfficerTrustee | 1.38 | $0 |
Alan Lederman Vice Chair | OfficerTrustee | 1.38 | $0 |
Joe Lepla Secretary | OfficerTrustee | 1.25 | $0 |
Ali Seals Board Member | Trustee | 1 | $0 |
Dick Woo Board Member | Trustee | 1 | $0 |
Catherine Bailey Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Empyreal Enterprises Ma Llc Cash Courier | 12/30/22 | $2,173,037 |
Softchoice Corporation Software & It | 12/30/22 | $807,339 |
Jack Henry & Associates Inc Data Processing | 12/30/22 | $955,015 |
Alkami Technology Inc Data Processing | 12/30/22 | $804,875 |
Securetrans Inc Dba Axiom Armored Transp Security | 12/30/22 | $494,420 |
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 | $58,120,658 |
| Investment income | $3,566,206 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $469,090 |
| Net Gain/Loss on Asset Sales | $1,326,930 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $63,361,594 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $321,271 |
| 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. | $5,563,513 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $17,406,499 |
| Pension plan accruals and contributions | $529,381 |
| Other employee benefits | $2,740,341 |
| Payroll taxes | $1,939,364 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $335,528 |
| Fees for services: Accounting | $159,391 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $194,531 |
| Fees for services: Other | $3,501,527 |
| Advertising and promotion | $899,556 |
| Office expenses | $911,546 |
| Information technology | $2,312,791 |
| Royalties | $0 |
| Occupancy | $1,676,911 |
| Travel | $216,764 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $5,107,631 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,310,808 |
| Insurance | $171,087 |
| All other expenses | $971,742 |
| Total functional expenses | $57,114,018 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,679,498 |
| Savings and temporary cash investments | $6,411,670 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $15,165,425 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,038,045,119 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,453,146 |
| Net Land, buildings, and equipment | $30,130,748 |
| Investments—publicly traded securities | $143,391,370 |
| Investments—other securities | $8,019,311 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $13,657,856 |
| Total assets | $1,278,954,143 |
| Accounts payable and accrued expenses | $23,235,173 |
| 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 | $146,619,262 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,030,211,401 |
| Total liabilities | $1,200,065,836 |
| 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 | $78,888,307 |
| Total liabilities and net assets/fund balances | $1,278,954,143 |
Grants Awarded
Over the last fiscal year, Salal Credit Union has awarded $224,500 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
SEATTLE INDIAN HEALTH BOARD PURPOSE: ADELINE GARCIA SPONSOR & BOARD EVENT | $8,000 |
HEALTHPOINT PURPOSE: GENERAL SUPPORT | $46,500 |
FAMILY FIRST COMMUNITY CENTER FOUNDATION PURPOSE: GENERAL SUPPORT | $15,000 |
KING COUNTY NURSES ASSOCIATION PURPOSE: SCHOLARSHIP PROGRAM & GENERAL SUPPORT | $34,000 |
MARY MAHONEY PROFESSIONAL NURSES ORGANIZATION PURPOSE: GENERAL SUPPORT | $9,000 |
WORLDWIDE FOUNDATION FOR CREDIT UNIONS INC PURPOSE: UKRAINE CREDIT UNION DISPLACEMENT FUND | $10,000 |