2024-08-28T15:59:56-07:00 2023-12-31 990 2023-01-01 911274190 CREDIT UNIONS IN THE STATE OF WASHINGTON CRED 3603525033 PO Box 207 Olympia WA 985070207 Teresa Carlson Accounting/Operations Manager 3603525033 2024-08-28 1 2023 2024-08-08 14:25:15Z WCLA Credit Union Charles Thompson 2419 Pacific Ave SE Olympia WA 98501 6429477 0 1269 X loggerscu.com X 1985 WA To provide services to members mandated in the Credit Union Act and Charter, including providing members the opportunity to assist other members. 5 4 13 11 0 0 0 0 4507321 5999469 298407 400737 0 0 4805728 6400206 7680 9850 0 0 1247621 1543588 0 0 0 1408421 3135232 2663722 4688670 2142006 1711536 103660940 121032916 86124692 101785132 17536248 19247784 To provide services to members mandated in the Credit Union Act and Charter, including providing members the opportunity to assist other members. The purpose of this Credit Union is to promote thrift among its members and to create a source of credit for them at legitimate rates of interest for provident, productive and educational purposes. 0 0 WCLA Credit Union is a section 501(c)(14) cooperative-owned, state-chartered credit union that provides financial services, including loan and share accounts, to its approximately 1300 members, similar to federally-chartered credit unions. 0 0 0 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 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 574 0 1 13 1 0 0 0 0 0 0 0 0 X 5 4 1 0 1 0 1 1 1 1 1 0 0 0 1 1 1 1 0 1 0 0 X Charles Thompson 3603525033 PO Box 207 Olympia WA 985070207 Brian Bahs CEO 40 0 X 293138 0 50517 Charles Thompson President 40 0 X 177461 0 38842 Casey Smith Senior Loan Officer 40 0 X 166280 0 28633 Teresa Carlson Accounting/Operations Manager 40 0 X 154700 0 27722 Brandon Dunnaback Loan Officer 40 0 X 115549 0 29970 Dan Richart Board Chairman-Retired 1 0 X 0 0 0 Roger Smith Board Vice Chair 1 0 X 0 0 0 Greg Horsley Board Treasurer/Board Chair 1 0 X 0 0 0 Dan Kipp Board Member/Director-Retired 1 0 X 0 0 0 Edward Gould Board Member/Director/Treas/Sec 1 0 X 0 0 0 Blair Stadin Board Member/Director 1 0 X 0 0 0 Rob Allen Board Member/Director 1 0 X 0 0 0 907128 0 175684 5 0 1 0 0 0 Commercial & Consumer Loan Interest 522130 5878289 5878289 0 0 Member Fee Income 522130 89158 89158 0 0 Credit Card Interchange Income 522130 19894 19894 0 0 Other Operating Income 522130 12128 12128 0 0 0 0 0 0 5999469 420758 420758 0 0 0 0 0 0 0 0 0 0 0 0 0 9250 0 29271 0 -20021 -20021 -20021 0 0 0 6400206 6400206 0 0 5350 4500 0 805471 545212 12377 78308 102220 4095 16490 61680 42469 84845 177941 79263 28284 35308 141764 21840 30708 Member & Nonmember Dividend Expense 2238567 Provision for Credit Loss Expense 142900 Loan Servicing Expense 80072 Loan Origination Direct Costs -73990 22996 4688670 0 0 0 84544 80441 5802363 9251982 86642790 102577653 111700 117157 295865 127301 72433 168564 1481978 9615105 6200738 1332005 1154403 103660940 121032916 204967 172388 6797 6393 85912928 101606351 86124692 101785132 X 0 0 0 0 17536248 19247784 17536248 19247784 103660940 121032916 1711536 0 0 0 0 0 X 0 1 X 1 0 0 0 0 0 0 0 0 0 0 0 0 0 295865 127301 168564 0 0 0 0 168564 Brokered CDS > 1 Year HTM 6189000 C Corp CU Perpetually Contributed Capital 11738 C 6200738 Member & Nonmember Share Deposits 95888240 Corporate CU Term Borrowings 5500000 Lease Liability 167840 General Ledger Adjustment & Clearing Accounts 50271 101606351 X X X X X 1 0 0 Brian Bahs CEO 198035 0 61780 0 33324 0 34064 0 16453 0 343656 0 21376 0 Charles Thompson President 162461 0 15000 0 0 0 25373 0 13469 0 216303 0 15000 0 Casey Smith Senior Loan Officer 147650 0 17250 0 1380 0 12893 0 15741 0 194914 0 9680 0 Teresa Carlson Accounting/Operations Manager 142017 0 12683 0 0 0 11375 0 16347 0 182422 0 3983 0 Schedule J, Part I, Line 3 All of the items indicated were used to assist during hte CEO's annual compensation review. Schedule J, Part I, Line 4 The current CEO received a succession award for the finding and hiring of the CEO successor. Casey Smith Family of Roger Smith, Vice Chair 194913 Employment Compensation 0 Form 990, Part VI, Section A, Line 2 Director Roger Smith is related to key employee Casey Smith. Form 990, Part VI, Section A, Line 4 Three minor updates were made to the Bylaws: Update to the Board meeting agenda template, update to the number of meeting requirement to no less than 6 times per year, at least quarterly and update to the limit on superivory committee members from 5 to 6. Form 990, Part VI, Section A, Line 6 The organziation is a state-chartered credit union with a field of membership consisting of people involved in or related to the the timber industry, including people and businesses who obtain insurance through the WCLA Insurance Agency, Inc. The membership was also expanded to include several state-chartered credit unions across the country and all federally-chartered credit unions and by exension the employees of these credit unions. Form 990, Part VI, Section A, Line 7a All of the credit union's members have the opportunity to elect the governing body of the credit union for a specific term at the credit union's annual meeting. Form 990, Part VI, Section A, Line 7b All of the credit union's members have the ability to approve elections for a specific term and dismissal, if applicable, of the governing body of the credit union at the credit union's annual or special member meeting(s). Form 990, Part VI, Section B, Line 11b The IRS 990 return is compiled by the credit union's Accounting/Operations manager and then given to the President/CEO for extensive review prior to filing. It is available upon request to other members of the governing body. Form 990, Part VI, Section B, Line 12c The credit union's Officers, Board of Directors, Supervisory Committee and any related employees are required to annually be trained on and to sign the organization's Conflict of Interest Policy. Activity is monitored throughout the year to determine if such conflict arises. Form 990, Part VI, Section B, Line 15 The process for determining change in compensation for the credit union's President/CEO is performed annually. The board members/compensation committee disucss, independently, from the officer(s), a suggested and approved compensation. As of December 31, 2023, the process was last utilized in 2023 for 2024 compensation. Form 990, Part VI, Section C, Line 19 The credit union's governing documents, conflict of interest policy and financial statements are available upon request (annual report is available on the CU's website). Most other policies and procedures are not generally made available to the public.