Sno Falls Credit Union
- Assets
- $113.3m
- Revenue
- $5.3m
- Investments
- $6.4m
- Employees
- 34
- Location
- North Bend, WA
- Founding
- 07/1954
- Data as of
- 12/2021
- EIN
- 91-0693631
Organization Overview
Sno Falls Credit Union is located in North Bend, 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, Sno Falls Credit Union employed 34 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Sno Falls 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, Sno Falls Credit Union generated $5.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.1% each year. All expenses for the organization totaled $5.1m during the year ending 12/2021. While expenses have increased by 10.1% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
ENHANCE THE FINANCIAL WELL-BEING OF OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MUTUAL, MEMBERSHIP PROGRAMS, GENERAL/OTHER: PROVIDED ITS 6,319 MEMBERS THE OPPORTUNITY FOR SAVINGS, DEPOSITS, LOANS, AND OTHER FINANCIAL SERVICES. THE CREDIT UNION GRANTED 1,666 LOANS TOTALING $39,278,753 TO ITS MEMBERS DURING 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy Williams CEO | Officer | 40 | $322,729 |
Elizabeth Keating CFO | 40 | $148,966 | |
Abbie Lankford Cxo | 40 | $114,059 | |
Shelly Inman Vice Chair | OfficerTrustee | 1 | $0 |
E Steve Collins Chairman | OfficerTrustee | 1.5 | $0 |
Carol Lawrence Secretary | OfficerTrustee | 1.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Co-op Financial Services Debit And Credit Card Processing | 12/30/21 | $261,363 |
Jack Henry & Associates Inc Episys Monthly Servicing And Synergy Dat | 12/30/21 | $162,615 |
Corelation Inc Incoming Core System Vendor | 12/30/21 | $182,030 |
Think Stack Network Security, Aws Bundle, It Support | 12/30/21 | $161,581 |
Meydenbauer Group General Contractor For Office Space Deve | 12/30/21 | $151,245 |
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 | $4,705,356 |
| Investment income | $39,410 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $165,102 |
| Net Gain/Loss on Asset Sales | $29,120 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,263,386 |
| 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. | $322,729 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,562,996 |
| Pension plan accruals and contributions | $273,358 |
| Other employee benefits | $246,016 |
| Payroll taxes | $192,120 |
| Fees for services: Management | $30,496 |
| Fees for services: Legal | $11,405 |
| Fees for services: Accounting | $82,394 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $191,593 |
| Advertising and promotion | $80,003 |
| Office expenses | $751,147 |
| Information technology | $17,039 |
| Royalties | $0 |
| Occupancy | $244,206 |
| Travel | $19,077 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $43,525 |
| Interest | $1 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $209,753 |
| Insurance | $36,840 |
| All other expenses | $16,681 |
| Total functional expenses | $5,070,317 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,160,367 |
| Savings and temporary cash investments | $23,345,654 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,123,049 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $71,472,158 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $619,081 |
| Net Land, buildings, and equipment | $5,913,006 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $6,366,096 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,269,349 |
| Total assets | $113,268,760 |
| Accounts payable and accrued expenses | $1,132,194 |
| 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 | $105,239,348 |
| Total liabilities | $106,371,542 |
| 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 | $6,897,218 |
| Total liabilities and net assets/fund balances | $113,268,760 |
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|---|---|---|
Credit Unions In The State Of Washington Lacey, WA | $467,137,296 | $26,640,017 |
Our Community Credit Union Shelton, WA | $583,251,574 | $19,630,012 |
Credit Unions In The State Of Washington Tacoma, WA | $574,292,386 | $20,285,695 |
Industrial Credit Union Of Whatcom County Bellingham, WA | $379,220,353 | $18,659,895 |
Credit Unions In The State Of Washington Bellingham, WA | $379,769,731 | $12,197,352 |
Credit Unions In The State Of Washington Sunnyside, WA | $128,364,012 | $11,171,609 |
Oregonians Credit Union Milwaukie, OR | $383,927,608 | $10,903,249 |
Credit Unions In The State Of Washington Everett, WA | $299,736,440 | $11,941,664 |
Credit Unions In The State Of Washington Dupont, WA | $215,109,348 | $8,977,951 |
Nw Priority Credit Union Portland, OR | $301,929,774 | $6,624,464 |
Credit Unions In The State Of Washington Bellevue, WA | $186,115,326 | $7,735,334 |
Sno Falls Credit Union North Bend, WA | $113,268,760 | $5,263,386 |