Credit Unions In The State Of Washington
- Assets
- $41.8m
- Revenue
- $1.9m
- Investments
- $2.5m
- Employees
- 23
- Location
- Silverdale, WA
- Founding
- 07/1954
- Data as of
- 12/2021
- EIN
- 91-0722603
Organization Overview
Credit Unions In The State Of Washington, operating under the name Connection Credit Union, is located in Silverdale, 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, Connection Credit Union employed 23 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Connection 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, Connection Credit Union generated $1.9m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.8%) each year. All expenses for the organization totaled $1.7m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.5%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O CONNECTION CREDIT UNION PROVIDES EACH MEMBER OF OUR LOCAL COOPERATIVE FAMILY, INCLUDING THOSE UNDERSERVED BY LARGER INSTITUTIONS, WITH PERSONALIZED FINANCIAL AND EDUCATION SERVICES, ENSURING ALL OUR MEMBERS HAVE THE TOOLS FOR FINANCIAL SUCCESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED FINANCIAL SERVICES CONSISTING OF 7,375 LOANS AND 5,555 DEPOSIT ACCOUNTS TO THE ORGANIZATIONS'S 3,430 MEMBERS. GRANTED 7,188 NEW LOANS TO MEMBERS DURING THE COURSE OF THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Prior President & CEO | Officer | 50 | $107,930 |
Douglas Bear Director | Trustee | 1 | $0 |
Kirsten Niemann Director | Trustee | 1 | $0 |
Dena Swisher Director | Trustee | 1 | $0 |
James Durham Director | Trustee | 1 | $0 |
John Jogerst 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 | $1,717,250 |
| Investment income | $32,760 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $1,891,771 |
| 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. | $107,930 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $543,206 |
| Pension plan accruals and contributions | -$10,433 |
| Other employee benefits | $73,517 |
| Payroll taxes | $59,447 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $713 |
| Fees for services: Accounting | $28,559 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,067 |
| Fees for services: Other | $47,087 |
| Advertising and promotion | $12,560 |
| Office expenses | $77,658 |
| Information technology | $103,577 |
| Royalties | $0 |
| Occupancy | $34,737 |
| Travel | $3,265 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $24,701 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $29,602 |
| Insurance | $18,382 |
| All other expenses | $65,980 |
| Total functional expenses | $1,662,290 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$5,011 |
| Savings and temporary cash investments | $7,988,618 |
| 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 | $27,937,205 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $296,563 |
| Net Land, buildings, and equipment | $1,024,359 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,490,000 |
| Investments—program-related | $200,000 |
| Intangible assets | $0 |
| Other assets | $1,902,222 |
| Total assets | $41,833,956 |
| Accounts payable and accrued expenses | -$143,245 |
| 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 | $37,629,988 |
| Total liabilities | $37,486,743 |
| 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 | $4,347,213 |
| Total liabilities and net assets/fund balances | $41,833,956 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |