Credit Unions In The State Of Washi Ngton
- Assets
- $811.5m
- Revenue
- $40.0m
- Investments
- $69.4m
- Employees
- 182
- Location
- Bothell, WA
- Founding
- 07/1954
- Data as of
- 12/2021
- EIN
- 91-6035907
Organization Overview
Credit Unions In The State Of Washi Ngton is located in Bothell, 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, Credit Unions In The State Of Washi Ngton employed 182 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Credit Unions In The State Of Washi Ngton 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, Credit Unions In The State Of Washi Ngton generated $40.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.8% each year. All expenses for the organization totaled $25.5m during the year ending 12/2021. While expenses have increased by 6.4% 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
WE ARE A CREDIT UNION PROVIDING FINANCIAL PRODUCTS & SERVICES TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
INTEREST EXPENSE IN THE AMOUNT OF $1,630,284 WAS PAID TO MEMBERS FOR MONEY ON DEPOSIT AT THE CREDIT UNION. DEPOSIT ACCOUNTS EARNING INTEREST INCLUDE CHECKING, SAVINGS, MONEY MARKET, IRA, AND CERTIFICATE OF DEPOSIT ACCOUNTS. THE CREDIT UNION HAS ABOUT 93,300 DEPOSIT ACCOUNTS THAN CAN EARN INTEREST.
THE CREDIT UNION EXPENSED $521,720 IN PROVISION FOR LOAN LOSS COSTS FOR THE YEAR. THE EXPENSE WAS TO FUND THE ACCRUAL FOR DOUBTFUL LOANS ON THE BALANCE SHEET. THE CREDIT UNION HAS ABOUT 33,849 OPEN LOAN ACCOUNTS.
THE CREDIT UNION EXPENSED $883,296 DURING THE YEAR FOR LOAN SERVICING COSTS. THESE COSTS WERE PAID TO ORIGINATE AND SERVICE LOANS TO MEMBERS. THE CREDIT UNION HAS ABOUT 33,849 OPEN LOAN ACCOUNTS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark R Nelson President (thru 10/21) | Officer | 40 | $442,135 |
Michael G Elfstrom President | Officer | 40 | $307,854 |
Kara Taylor Director Of I.s. (thru 11/21) | 40 | $243,166 | |
William Hanaford Investment Advisor | 40 | $166,479 | |
Mark Petersen CFO | Officer | 40 | $165,125 |
Robert Arbuckle VP Of Alternative Lending | 40 | $160,685 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry And Associates Core Banking System/card | 12/30/21 | $1,183,657 |
Visa Credit Card Processor | 12/30/21 | $662,315 |
Temenos Usa Lending Platform | 12/30/21 | $548,020 |
Alkami Technology Bill Payer | 12/30/21 | $472,842 |
Co-op Financial Services Shared Branching And | 12/30/21 | $509,783 |
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 | $32,818,056 |
| Investment income | $2,428,235 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $382,745 |
| Net Gain/Loss on Asset Sales | $4,360,482 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $39,989,518 |
| 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. | $1,004,879 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,149,122 |
| Pension plan accruals and contributions | $1,797,113 |
| Other employee benefits | $1,272,980 |
| Payroll taxes | $719,041 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $88,514 |
| Fees for services: Accounting | $127,245 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,305,591 |
| Advertising and promotion | $412,054 |
| Office expenses | $1,145,417 |
| Information technology | $480,315 |
| Royalties | $0 |
| Occupancy | $1,284,859 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $179,839 |
| Interest | $1,630,285 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $727,577 |
| Insurance | $400,922 |
| All other expenses | $76,852 |
| Total functional expenses | $25,471,364 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,485,998 |
| Savings and temporary cash investments | $33,333,698 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $31,065,785 |
| Loans from Officers, Directors, or Controlling Persons | $2,269,349 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $348,110,913 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $808,466 |
| Net Land, buildings, and equipment | $17,271,192 |
| Investments—publicly traded securities | $286,457,965 |
| Investments—other securities | $69,352,996 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,350,388 |
| Total assets | $811,506,750 |
| Accounts payable and accrued expenses | $16,110,206 |
| Grants payable | $0 |
| Deferred revenue | $97,630 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $471,446 |
| 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 | $697,068,642 |
| Total liabilities | $713,747,924 |
| 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 | $97,758,826 |
| Total liabilities and net assets/fund balances | $811,506,750 |
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 |