Credit Unions In The State Of Washington
- Assets
- $5.4b
- Revenue
- $317.9m
- Investments
- $12.8m
- Employees
- 956
- Location
- Olympia, WA
- Founding
- 07/1954
- Data as of
- 12/2023
- EIN
- 91-0683062
Organization Overview
Credit Unions In The State Of Washington is located in Olympia, 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 12/2023, Credit Unions In The State Of Washington employed 956 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Credit Unions In The State Of Washington 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 12/2023, Credit Unions In The State Of Washington generated $317.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.9% each year. All expenses for the organization totaled $289.3m during the year ending 12/2023. While expenses have increased by 9.6% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SERVICES TO MEMBERS WHICH ARE MANDATED IN THE CREDIT UNION ACT TO CHARTERS AND TO PROVIDE A MEANS WHEREBY MEMBERS CAN PROVIDE EACH OTHER WITH NEEDED FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SAVINGS AND CHECKING: WE KNOW DIFFERENT MEMBERS HAVE DIFFERENT NEEDS FROM THEIR CHECKING AND SAVINGS ACCOUNTS. THAT'S WHY WE OFFER VARIETY. WSECU CAN HELP MEMBERS MAKE MANAGING THEIR BUDGETS SIMPLER AS THEY WORK TOWARD THEIR FINANCIAL GOALS. WE OFFER DIFFERENT CHECKING OPTIONS TO OUR MEMBERS. MEMBERS CAN ACCESS THEIR ACCOUNTS ANY TIME OF THE DAY OR NIGHT WITH THEIR DEBIT OR ATM CARD. WSECU IS A PROUD PARTNER OF THE CO-OP NETWORK, OFFERING MEMBERS FREE ACCESS TO 25,000 ATMS ACROSS THE UNITED STATES.
LOANS: FROM THE CARS MEMBERS DRIVE TO THE UNTAPPED EQUITY IN THEIR HOMES, WSECU LOANS ARE DESIGNED TO GIVE MEMBERS THE UTMOST BUYING POWER AND PAYMENT FLEXIBILITY. BACKED WITH OUR OUTSTANDING SERVICE, THERE IS SIMPLY NO BETTER PLACE TO GO FOR MEMBERS' LENDING NEEDS.
CREDIT CARDS: WSECU PROVIDES A VARIETY OF CREDIT CARD OPTIONS TO MEET THE VARIED LIFESTYLES OF OUR MEMBERS. EACH OPTION INCLUDES THE VALUE OF A VARIABLE INTEREST RATE, NO ANNUAL FEE, PLUS THE COST-SAVINGS BENEFIT OF A 25-DAY GRACE PERIOD ON NEW PURCHASES - AND THE PURCHASING POWER OF THE MOST RECOGNIZED CREDIT CARD IN THE WORLD. EACH OF OUR CREDIT CARD OPTIONS PROVIDES UNIQUE FEATURES AND BENEFITS. FROM HIGHER SPENDING LIMITS TO REWARDS PROGRAMS TO FIRST-TIME CARDHOLDERS ESTABLISHING CREDIT, WSECU MEMBERS HAVE AN EXCITING RANGE OF CREDIT CARD OPTIONS FROM WHICH TO CHOOSE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Doug Mah Board Chair | OfficerTrustee | 1 | $3,006 |
Veronica Bronkema Board Vice Chair | OfficerTrustee | 1 | $3,641 |
Marcus Glasper Board Secretary | OfficerTrustee | 1 | $0 |
Carole Washburn Board Past Chair | OfficerTrustee | 1 | $1,967 |
Tracy Guerin Board Member | Trustee | 1 | $1,223 |
Stacia Hollar Board Member | Trustee | 1 | $1,550 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Backbase Usa Inc Info Tech/online Banking | 12/30/23 | $4,694,109 |
Hydrogen Llc Marketing | 12/30/23 | $4,202,408 |
Aequilibrium Software Inc Software/mobile Development | 12/30/23 | $2,582,620 |
Kaye Smith Statements/forms | 12/30/23 | $2,363,222 |
Shi International Corp Information Technology | 12/30/23 | $1,673,186 |
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 | $269,746,727 |
| Investment income | $28,027,545 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,024,181 |
| Net Gain/Loss on Asset Sales | $19,075,724 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $317,874,177 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $100,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $5,707,132 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $67,083,741 |
| Pension plan accruals and contributions | $5,567,136 |
| Other employee benefits | $14,333,712 |
| Payroll taxes | $5,474,879 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $278,325 |
| Fees for services: Accounting | $135,573 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $20,995,619 |
| Advertising and promotion | $6,857,455 |
| Office expenses | $2,643,295 |
| Information technology | $14,448,688 |
| Royalties | $0 |
| Occupancy | $7,283,583 |
| Travel | $517,168 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $505,443 |
| Interest | $68,967,245 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,249,381 |
| Insurance | $726,802 |
| All other expenses | $3,864,362 |
| Total functional expenses | $289,348,460 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $75,170,971 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $25,694,826 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,272,131,226 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $26,099,598 |
| Net Land, buildings, and equipment | $104,389,978 |
| Investments—publicly traded securities | $772,225,411 |
| Investments—other securities | $12,787,424 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $68,765,113 |
| Total assets | $5,357,264,547 |
| Accounts payable and accrued expenses | $114,300,792 |
| 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 | $544,000,000 |
| Other liabilities | $4,314,415,515 |
| Total liabilities | $4,972,716,307 |
| 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 | $384,548,240 |
| Total liabilities and net assets/fund balances | $5,357,264,547 |
Grants Awarded
Over the last fiscal year, Credit Unions In The State Of Washington has awarded $19,900 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
SAINT MARTIN'S UNIVERSITY PURPOSE: TO DONATE TO A CAUSE BELIEVED IN BY THE MEMBERS | $14,500 |
THE MEMORIAL FOUNDATION PURPOSE: TO DONATE TO A CAUSE BELIEVED IN BY THE MEMBERS | $5,400 |