Solarity Credit Union
- Assets
- $821.3m
- Revenue
- $37.5m
- Investments
- $3.0m
- Employees
- 231
- Location
- Yakima, WA
- Founding
- 07/1954
- Data as of
- 12/2022
- EIN
- 91-6049071
Organization Overview
Solarity Credit Union is located in Yakima, 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, Solarity Credit Union employed 231 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Solarity 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, Solarity Credit Union generated $37.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $31.1m during the year ending 12/2022. While expenses have increased by 5.1% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE FINANCIAL SERVICES TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FINANCIAL SERVICES TO 55,000+ MEMBERS. THESE SERVICES INCLUDE BUT ARE NOT LIMITED TO PROVIDING REAL ESTATE AND OTHER SECURED AND UNSECURED CONSUMER LOANS, CHECKING AND SAVINGS PROGRAMS AND CREDIT CARD SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terry Morgan Chairman | OfficerTrustee | 1 | $20,000 |
Merrilou Harrison Vice Chair | OfficerTrustee | 1 | $18,000 |
Regan Myers Secretary | OfficerTrustee | 1 | $16,000 |
James Hurley Director | Trustee | 1 | $18,000 |
Michael Meyer Director | Trustee | 1 | $16,000 |
Doug Nicholson Director | Trustee | 1 | $16,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Think Stack It Services | 12/30/22 | $599,003 |
American Reporting Company Llc Mortgage Services | 12/30/22 | $295,977 |
Mortgage Cadence Llc Mortgage Software | 12/30/22 | $278,795 |
Bdo Usa Llp Marketing Services | 12/30/22 | $153,491 |
Loomis Cash Services | 12/30/22 | $182,207 |
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 | $35,698,880 |
| Investment income | $1,878,025 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $20,313 |
| Net Gain/Loss on Asset Sales | -$104,599 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $37,492,619 |
| 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 | $605,548 |
| Compensation of current officers, directors, key employees. | $2,703,787 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,135,128 |
| Pension plan accruals and contributions | $662,384 |
| Other employee benefits | $2,642,810 |
| Payroll taxes | $1,112,110 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $78,615 |
| Fees for services: Accounting | $171,474 |
| Fees for services: Lobbying | $8,324 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,372 |
| Fees for services: Other | $2,190,905 |
| Advertising and promotion | $931,209 |
| Office expenses | $4,677,768 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $580,392 |
| Travel | $315,157 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $717,043 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,498,841 |
| Insurance | $111,128 |
| All other expenses | $0 |
| Total functional expenses | $31,117,103 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,911,321 |
| Savings and temporary cash investments | $47,178,037 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,559,411 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $661,223,619 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,057,073 |
| Net Land, buildings, and equipment | $12,735,830 |
| Investments—publicly traded securities | $57,437,981 |
| Investments—other securities | $3,045,400 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $20,138,457 |
| Total assets | $821,287,129 |
| Accounts payable and accrued expenses | $15,506,017 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,438,339 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $41,300,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $644,982,972 |
| Total liabilities | $703,227,328 |
| 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 | $118,059,801 |
| Total liabilities and net assets/fund balances | $821,287,129 |