2023-11-15T19:24:44-06:00 2022-12-31 810987947 HAUSER JONES & SAS PLLC 10940 NE 33RD PLACE SUITE 100 BELLEVUE WA 98004 990 2022-01-01 930496543 CENTRAL WILLAMETTE CREDIT UNION CENT 5419176801 PO BOX 1899 ALBANY OR 97321 STACIE WYSS-SCHOENBORN PRESIDENT/CEO 5419176801 2023-11-15 1 STACIE WYSS-SCHOENBORN 999009999 0 ROGER A JONES CPA P01702335 4258891778 2023-11-15 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z STACIE WYSS-SCHOENBORN PO BOX 1899 ALBANY OR 97321 25873407 0 X WWW.CENTRALWCU.ORG X 1955 OR TO PROVIDE FINANCIAL PRODUCTS AND SERVICES TO OUR MEMBERSHIP. 9 9 133 12 150869 0 0 1835422 18767901 20953116 973287 1769698 1387625 1167540 21128813 25725776 2500 111020 0 0 7879024 9104420 0 0 0 7657850 9598091 15539374 18813531 5589439 6912245 480185981 515430336 439261467 478987695 40924514 36442641 TO PROVIDE RESPONSIBLE, ATTRACTIVE SAVINGS AND LOAN PROGRAMS AND OTHER SERVICES COMMON TO THE FINANCIAL WELFARE OF ITS MEMBERS. TO CONDUCT THE SERVICES IN A PROFESSIONAL, PERSONAL, EFFICIENT, AND COMPETITIVE MANNER CONSISTENT WITH SOUND FINANCIAL AND BUSINESS PRACTICES. 0 0 CENTRAL WILLAMETTE CREDIT UNION SERVICES 34,273 MEMBERS OF OUR COMMUNITY WITH DIVERSE FINANCIAL PRODUCTS AND SERVICES. DURING THE YEAR WE GRANTED A TOTAL OF 7,714 LOANS WORTH $200,445,988 TO OUR MEMBERS. WE HAVE A TOTAL LOAN PORTFOLIO OF 19,125 LOANS WORTH $375,974,217. THE CREDIT UNION MAINTAINS 66,476 DEPOSIT ACCOUNTS FOR OUR MEMBERS WORTH $433,390,702. THE CREDIT UNION EMPLOYS 109 INDIVIDUALS FROM OUR COMMUNITY. 0 1 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 6424 0 1 133 1 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X DEWAYNE LEDBETTER 5419176801 7101 SUPRA DR SW ALBANY OR 97321 JIM HEALY DIRECTOR 2.00 X 0 0 0 STEVE UERLINGS CHAIR 3.00 X X 0 0 0 TOM CUTSFORTH DIRECTOR 2.00 X 0 0 0 MARTY CAHILL SECRETARY 3.00 X X 0 0 0 MARK YAEGER DIRECTOR 2.00 X 0 0 0 GREG HAMANN DIRECTOR 2.00 X 0 0 0 CAROLINA VALLADARES DIRECTOR 2.00 X 0 0 0 HELEN HIGGINS DIRECTOR 2.00 X 0 0 0 STEVE SHARPE DIRECTOR 2.00 X 0 0 0 STACIE WYSS-SCHOENBORN CEO 50.00 X 391357 0 7475 DEWAYNE LEDBETTER CFO 50.00 X 214563 0 7043 RACHEL WOLFE COO 50.00 X 187185 0 7499 JOEY RUDISILL CIO 50.00 X 193290 0 6916 AMANDA GROLEMUND FORMER CMO 50.00 X 120509 0 1721 GRADY CORR INFORMATION SECURITY OFFIC 50.00 X 129771 0 0 DAVE DESEMPLE CEXPERIENCEO 50.00 X 148710 0 4519 BRYAN BLAIR SENIOR IT SYSTEMS ENGINEER 50.00 X 125592 0 0 VERONICA BRUNER HR MANAGER 50.00 X 124196 0 3297 1635173 0 38470 12 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT AND DEBIT CARD PROCESSOR 1424320 Q2 SOFTWARE PO BOX 205970 DALLAS DALLAS TX 753205970 ONLINE AND MOBILE BANKING SERVICE 391252 HABERFELD DIRECT 206 S 13TH STREET STE 1500 LINCOLN NE 68508 MARKETING DESIGN SERVICES 267181 AMAZON WEB SERVICES INC PO BOX 84023 SEATTLE WA 981248423 WEB SERVICES 262650 DIAMOND COMMUNICATION SOLUTIONS PO BOX 1000 SOUTHEASTERN PA 193981000 PRINTING / MAILING SERVICES 244271 5 1835422 1835422 INTEREST ON LOANS 522100 14654846 14654846 SERVICE CHARGES AND GE 522100 5468686 5442481 26205 OTHER OPERATING INCOME 522100 829584 829584 20953116 1917329 1917329 147631 -147631 -147631 -147631 OTHER NONOPERATING INC 900099 1167540 1042876 124664 1167540 25725776 21822156 150869 1917329 111020 986395 6317677 175317 991633 633398 72618 96537 691816 708005 1250698 660439 111198 502721 838942 131162 LOAN SERVICING 1303855 ATM SERVICING 985606 PROVISION FOR LOAN LOSS 877751 ASSOCIATION DUES 69102 1297641 18813531 4138474 4519094 53755308 11007712 295929479 373754249 11878862 18533759 10025767 7842223 8507992 94849900 87071580 2538800 2483300 21131797 16207547 480185981 515430336 12155619 45596993 427105848 433390702 439261467 478987695 X 0 0 0 0 40924514 36442641 40924514 36442641 480185981 515430336 6912245 -11394118 0 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 X 1817583 1817583 9703206 5184570 4518636 1747510 834365 913145 5265460 4006832 1258628 8507992 MEMBERS' SHARES 433390702 433390702 X 25725776 0 25725776 0 25725776 18665900 0 18665900 147631 147631 18813531 PART IV, LINE 2B: ESCROW ACCOUNTS FOR MEMBER MORTGAGE LOANS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES, EXCEPT TO THE EXTENT OF UNRELATED BUSINESS INCOME. UNRELATED BUSINESS INCOME IS NOT SIGNIFICANT AND NO PROVISION FOR INCOME TAXES HAS BEEN MADE. THE CREDIT UNION HAD NO UNRECOGNIZED TAX BENEFITS AT DECEMBER 31, 2022. INTEREST ACCRUED AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS WOULD BE RECOGNIZED AS A NONINTEREST EXPENSE. DURING THE YEAR ENDED DECEMBER 31, 2022, AND THE SIX MONTHS ENDED DECEMBER 31, 2021 THE CREDIT UNION RECOGNIZED NO TAX RELATED INTEREST AND PENALTIES. PART XII, LINE 4B - OTHER ADJUSTMENTS: LOSS ON SALE OF FIXED ASSET 147,631. 0 ALBANY GENERAL HOSPITAL FDTN 1046 SIXTH AVE SW ALBANY OR 973211999 930712890 501(C)3 10500 0 $8K AGH 2022 SAM SCRAMBLE (GOLF TOURNAMENT SPONSORSHIP), $2.5K AGH HOUSE ENDOWMENT ALBANY PARKS & RECREATION PO BOX 490 ALBANY OR 97321 812465668 501(C)3 25000 0 $25K NW ART & AIR FESTIVAL SPONSORSHIP BEAVER SPORTS PROPERTIES LLC PO BOX 843038 KANSAS CITY MO 641843038 470911648 18270 0 $18K OR STATE SPORTS SPONSOR BOYS & GIRLS CLUB OF ALBANY 1215 HILL ST SE ALBANY OR 97322 930549842 501(C)3 6000 0 $5K CELEBRATION OF TREES PRESENTING SPONSOR, $1K ANNUAL AUCTION TABLE BOYS & GIRLS CLUB OF CORVALLIS 1112 NW CIRCLE BLVD CORVALLIS OR 97330 237153987 501(C)3 8000 0 $5K BGCC LEARNING CENTER SPONSOR, $3K CELEBRATION KIDS BREAKFAST SPONSOR BOYS AND GIRLS CLUB OF SALEM 852 LANCASTER DR SE SALEM OR 973175831 930581470 501(C)3 5250 0 $5K ANNUAL DONATION DRIVE CREDIT UNION FOR KIDS CAMPAIGN 18000 INTERNATIONAL BLVD SUITE 350 SEATAC WA 98188 911649328 501(C)3 18000 0 $18K 2022 AUCTION LINN BENTON CC FOUNDATION 6500 PACIFIC BLVD SW ALBANY OR 97321 237212073 501(C)3 10000 0 $10K MID-VALLEY STEM-CTE HUB SPONSORSHIP X X X 0 1 0 STACIE WYSS-SCHOENBORN CEO 321247 0 60000 0 10110 0 0 0 7475 0 398832 0 0 0 DEWAYNE LEDBETTER CFO 196786 0 17177 0 600 0 0 0 7043 0 221606 0 0 0 JOEY RUDISILL CIO 175399 0 16867 0 1024 0 0 0 6916 0 200206 0 0 0 RACHEL WOLFE COO 158272 0 15448 0 13465 0 0 0 7499 0 194684 0 0 0 DAVE DESEMPLE CEXPERIENCEO 140591 0 7759 0 360 0 0 0 4519 0 153229 0 0 0 SCHEDULE J, PART III LINE 4B THE FOLLOWING INDIVIDUALS PARTICIPATE IN LRSD (A SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT IN PLACE OF A TRADITIONAL SERP) AND RECEIVED THE AMOUNTS (IF ANY) FOLLOWING THEIR NAMES: [JOEY RUDISILL: $0; RACHEL WOLFE: $0.] SEE SCHEDULE L, PART V, FOR A BROADER DESCRIPTION OF THE ARRANGEMENT. STACIE WYSS-SCHOENBORN CEO SPLIT DOLLAR LIFE INSURANCE X 6700000 6854132 0 1 1 RACHEL WOLFE COO SPLIT DOLLAR LIFE INSURANCE X 1530000 1542092 0 1 1 JOEY RUDISILL CIO SPLIT DOLLAR LIFE INSURANCE X 3430000 3482638 0 1 1 11878862 SCHEDULE L, PART II, SPLIT DOLLAR LIFE INSURANCE TERMS AND CONDITIONS THE ORGANIZATION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ALTERNATIVE FUNDING ARRANGEMENT THE IRS CALLS "COLLATERAL ASSIGNMENT SPLIT DOLLAR" (CASD). ALTHOUGH THE IRS REQUIRES REPORTING IN THE LOAN SECTION OF SCHEDULE L, CASD IS NOT A LOAN BECAUSE NO FUNDS ARE TRANSFERRED TO THE EXECUTIVE. RATHER, THE "LOAN" TREATMENT APPLIES BECAUSE AFTER THE EXECUTIVE HAS RECEIVED RETIREMENT BENEFITS, THE ORGANIZATION RECOVERS ALL OF ITS OUTLAYS PLUS INTEREST.THE RECOVERY RIGHT IS A KEY ADVANTAGE OF CASD FOR THE ORGANIZATION. RATHER THAN PAYING RETIREMENT BENEFITS TO THE EXECUTIVE THAT WOULD NEVER BE RECOVERED, UNDER CASD THE ORGANIZATION RECOVERS NOT ONLY ITS OUTLAYS BUT ALSO CONSIDERATION FOR THE TIME VALUE OF MONEY.CASD WORKS AS FOLLOWS. THE ORGANIZATION DEPOSITS FUNDS INTO CASH VALUE LIFE INSURANCE POLICIES ON THE EXECUTIVE'S LIFE. DURING LIFE, TO THE EXTENT THE EXECUTIVE FULFILLS SERVICE AND VESTING REQUIREMENTS, THE EXECUTIVE CAN BORROW AGAINST THE CASH SURRENDER VALUE TO SUPPLEMENT RETIREMENT INCOME. POLICY PERFORMANCE IS CLOSELY MONITORED. IF POLICY PERFORMANCE LAGS, THE EXECUTIVE'S BORROWING RIGHTS ARE REDUCED TO PROTECT THE ORGANIZATION'S RECOVERY RIGHTS.AT THE EXECUTIVE'S DEATH, THE POLICY DEATH PROCEEDS ARE FIRST USED TO REPAY THE ORGANIZATION ITS DEPOSITS PLUS COMPOUNDED INTEREST (AT THE IRS LONG-TERM APPLICABLE FEDERAL RATE). THE EXECUTIVE'S BENEFICIARY THEN RECEIVES ANY PROJECTED RETIREMENT BORROWING THE EXECUTIVE DID NOT ACCESS DURING LIFE. ANY REMAINING DEATH PROCEEDS 1. ARE AVAILABLE TO BE PAID TO THE EXECUTIVE'S BENEFICIARY.2. ARE DIVIDED BETWEEN THE ORGANIZATION AND THE EXECUTIVE'S BENEFICIARY.3. WERE AVAILABLE TO BE PAID TO THE EXECUTIVE'S BENEFICIARY. HOWEVER, THE EXECUTIVE DECIDED TO MAKE A GIFT OF 50% OF THE EXCESS PROCEEDS TO THE ORGANIZATION TO PROVIDE ADDITIONAL FUNDING FOR THE ORGANIZATION'S CHARITABLE ACTIVITIES. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A EACH CREDIT UNION MEMBER HAS ONE VOTE TOWARDS THE ELECTION OF THE CREDIT UNION'S GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS MADE AVAILABLE FOR REVIEW BY THE BOARD AT REGULARLY SCHEDULED MEETINGS AFTER THE FORM IS FILED. THE CREDIT UNION'S CEO IS PROVIDED WITH A COPY OF THE FORM 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, EMPLOYEES MUST REVIEW THE CREDIT UNION'S CONFLICT OF INTEREST POLICY AND SIGN A STATEMENT THAT THEY HAVE READ THE POLICY. THE COMPLIANCE OFFICER OF THE CREDIT UNION CONDUCTS STAFF MEETINGS TO REVIEW THE POLICY AND ANSWER ANY QUESTIONS. THE COMPLIANCE OFFICER ALSO REVIEWS THE POLICY WITH THE BOARD OF DIRECTORS. EMPLOYEE AND DIRECTOR TRANSACTIONS ARE MONITORED BY THE CREDIT UNION'S INTERNAL AUDITOR FOR ANY POSSIBLE CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION IS REVIEWED BY THE CREDIT UNION'S GOVERNANCE COMMITTEE. THE COMMITTEE MAKES RECOMMENDATIONS TO THE BOARD OF DIRECTORS. THE BOARD MAKES THE FINAL DETERMINATION. KEY EMPLOYEES HAVE THEIR COMPENSATION REVIEWED BY THE CEO. IN ALL CASES, INDUSTRY COMPENSATION SURVEYS AND LOCAL DATA ARE USED TO DETERMINE INDIVIDUAL AMOUNTS. THE CREDIT UNION ALSO HAS POLICIES IN THE EMPLOYEE MANUAL THAT COVER COMPENSATION, PERFORMANCE REVIEWS, AND INCENTIVES. CEO COMPENSATION WAS LAST REVIEWED IN DECEMBER 2022. KEY EMPLOYEE COMPENSATION ANALYSIS WAS LAST CONDUCTED IN DECEMBER 2022. FORM 990, PART VI, SECTION C, LINE 18 MADE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST. FORM 990, PART VI, SECTION C, LINE 19 MONTHLY FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY OF EACH BRANCH OFFICE. OTHER GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICIES ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, 2C THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.