2024-10-16T17:04:48-05:00 2023-12-31 910189318 MOSS ADAMS LLP 805 SW BROADWAY STE 1400 PORTLAND OR 97205 990 2023-01-01 910683062 WASHINGTON STATE EMPLOYEES CREDIT UNION WASH 3609437911 PO BOX WSECU OLYMPIA WA 985070099 GARY SWINDLER PRESIDENT/CEO 3609437911 2024-10-09 1 0 WENDY CAMPOS P00448102 5032421447 2024-10-09 2023 2024-10-15 13:58:12Z GARY SWINDLER PO BOX WSECU OLYMPIA WA 985070099 404813431 0 X WWW.WSECU.ORG X 1957 WA TO PROVIDE SERVICES TO MEMBERS WHICH ARE MANDATED IN THE CREDIT UNION ACT TO CHARTERS AND TO PROVIDE A MEANS WHEREBY MEMBERS CAN PROVIDE EACH OTHER WITH NEEDED FINANCIAL SERVICES. 9 9 956 35 872686 0 0 0 200879924 269746727 16402549 47103269 950406 1024181 218232879 317874177 100000 100000 0 0 87464307 98166600 0 0 0 113435413 191081860 200999720 289348460 17233159 28525717 4932136053 5357264547 4588792197 4972716307 343343856 384548240 TO PROVIDE SERVICES TO MEMBERS WHICH ARE MANDATED IN THE CREDIT UNION ACT TO CHARTERS AND TO PROVIDE A MEANS WHEREBY MEMBERS CAN PROVIDE EACH OTHER WITH NEEDED FINANCIAL SERVICES. 0 0 SAVINGS AND CHECKING: WE KNOW DIFFERENT MEMBERS HAVE DIFFERENT NEEDS FROM THEIR CHECKING AND SAVINGS ACCOUNTS. THAT'S WHY WE OFFER VARIETY. WSECU CAN HELP MEMBERS MAKE MANAGING THEIR BUDGETS SIMPLER AS THEY WORK TOWARD THEIR FINANCIAL GOALS. WE OFFER DIFFERENT CHECKING OPTIONS TO OUR MEMBERS. MEMBERS CAN ACCESS THEIR ACCOUNTS ANY TIME OF THE DAY OR NIGHT WITH THEIR DEBIT OR ATM CARD. WSECU IS A PROUD PARTNER OF THE CO-OP NETWORK, OFFERING MEMBERS FREE ACCESS TO 25,000 ATMS ACROSS THE UNITED STATES. LOANS: FROM THE CARS MEMBERS DRIVE TO THE UNTAPPED EQUITY IN THEIR HOMES, WSECU LOANS ARE DESIGNED TO GIVE MEMBERS THE UTMOST BUYING POWER AND PAYMENT FLEXIBILITY. BACKED WITH OUR OUTSTANDING SERVICE, THERE IS SIMPLY NO BETTER PLACE TO GO FOR MEMBERS' LENDING NEEDS. CREDIT CARDS: WSECU PROVIDES A VARIETY OF CREDIT CARD OPTIONS TO MEET THE VARIED LIFESTYLES OF OUR MEMBERS. EACH OPTION INCLUDES THE VALUE OF A VARIABLE INTEREST RATE, NO ANNUAL FEE, PLUS THE COST-SAVINGS BENEFIT OF A 25-DAY GRACE PERIOD ON NEW PURCHASES - AND THE PURCHASING POWER OF THE MOST RECOGNIZED CREDIT CARD IN THE WORLD. EACH OF OUR CREDIT CARD OPTIONS PROVIDES UNIQUE FEATURES AND BENEFITS. FROM HIGHER SPENDING LIMITS TO REWARDS PROGRAMS TO FIRST-TIME CARDHOLDERS ESTABLISHING CREDIT, WSECU MEMBERS HAVE AN EXCITING RANGE OF CREDIT CARD OPTIONS FROM WHICH TO CHOOSE. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 74069 0 1 956 1 1 1 0 0 0 0 0 1 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X GARY SWINDLER PRESIDENTCEO 3609437911 PO BOX WSECU OLYMPIA WA 98507 DOUG MAH BOARD CHAIR 1.00 X X 3006 0 0 VERONICA BRONKEMA BOARD VICE CHAIR 1.00 X X 3641 0 0 MARCUS GLASPER BOARD SECRETARY 1.00 X X 0 0 0 CAROLE WASHBURN BOARD PAST CHAIR 1.00 X X 1967 0 0 TRACY GUERIN BOARD MEMBER 1.00 X 1223 0 0 STACIA HOLLAR BOARD MEMBER 1.00 X 1550 0 0 VIKKI SMITH BOARD MEMBER 1.00 X 2304 0 0 JOSEPH PEARSON BOARD MEMBER 1.00 X 0 0 0 STEVE LEARCH BOARD MEMBER 1.00 X 0 0 0 TRUDY SOUCOUP BOARD MEMBER 1.00 X 4800 0 0 MIKE VANDERLINDE BOARD MEMBER 1.00 X 2250 0 0 GARY SWINDLER PRESIDENT - CEO 40.00 X 1415924 0 332099 RANDY GUNDERSON CHIEF FINANCIAL OFFICER 40.00 X 550241 0 106956 SHARON WHITEHEAD CHIEF ADMINISTRATIVE OFFICER 40.00 X 834255 0 94407 PAUL KIRKBRIDE CHIEF OPERATING OFFICER 40.00 X 681120 0 110615 JULIE LIND CHIEF LENDING OFFICER 40.00 X 295079 0 142271 JUDITH HENDERSON CHIEF TECH & OPS OFFICER/CEO QCF 40.00 X 313304 0 73091 EMILY FRIESEN CHIEF MARKETING & ANALYTICS OFFICER 40.00 X 357545 0 28409 RYAN BROOKS CHIEF DIGITAL OFFICER 40.00 X 215806 0 135273 JEFF AMIRA LENDING OFFICER - SEATTLE AREA 40.00 X 326488 0 55223 JEFF REESE FINANCIAL ADVISOR 40.00 X 337237 0 40111 MARY EVANS LENDING OFFICER - SEATTLE AREA 40.00 X 287302 0 48732 KIM DUFFY VP, PEOPLE & CULTURE SERVICES 40.00 X 274993 0 51192 CAROLE SULLIVAN LENDING OFFICER - SEATTLE AREA 40.00 X 266015 0 21631 6176050 0 1240010 211 0 1 0 BACKBASE USA INC 1201 PEACHTREE ST NE ATLANTA GA 30361 INFO TECH/ONLINE BANKING 4694109 HYDROGEN LLC 1520 4TH AVENUE STE 600 SEATTLE WA 98101 MARKETING 4202408 AEQUILIBRIUM SOFTWARE INC 1300 409 GRANVILLE ST VANCOUVER BC CA V6C1T2 SOFTWARE/MOBILE DEVELOPMENT 2582620 KAYE SMITH 4101 OAKESDALE AVE SW RENTON WA 98057 STATEMENTS/FORMS 2363222 SHI INTERNATIONAL CORP PO BOX 952121 DALLAS TX 753952121 INFORMATION TECHNOLOGY 1673186 118 MEMBER LOAN INTEREST 522100 212977002 212972650 4352 SERVICE FEES/CHARGES 522100 56599969 55923461 676508 GAIN ON SALE OF LOANS 522100 667405 667405 OTHER INCOME 522100 -497649 -738213 240564 269746727 28027545 -48738 28076283 1024181 0 1024181 1024181 1024181 85378236 20636742 85463797 1475457 -85561 19161285 19075724 19075724 317874177 268825303 872686 48176188 100000 5707132 67083741 5567136 14333712 5474879 278325 135573 20995619 6857455 2643295 14448688 7283583 517168 505443 68967245 7249381 726802 LOAN LOSS PROVISION 47802633 VISA AND ATM 8806288 3864362 289348460 82879815 75170971 19586440 25694826 3818116474 4272131226 23948344 26099598 207154494 102764516 102535513 104389978 816763433 772225411 16399713 12787424 51906321 68765113 4932136053 5357264547 91228872 114300792 225000000 544000000 4272563325 4314415515 4588792197 4972716307 X 0 0 0 0 343343856 384548240 343343856 384548240 4932136053 5357264547 X 28525717 17767338 -5088671 X 0 1 X 1 0 0 14135949 14135949 117099280 45302115 71797165 12104914 10412573 1692341 51318470 47049828 4268642 12495881 12495881 104389978 MEMBER SHARE AND SAVINGS ACCOUNTS 4314415515 4314415515 X PART X, LINE 2: THE CREDIT UNION IS STATE-CHARTERED AND FEDERALLY TAX-EXEMPT UNDER INTERNAL REVENUE CODE SECTION 501(C)(14), EXCEPT TO THE EXTENT OF UNRELATED BUSINESS INCOME. A TAX-EXEMPT ORGANIZATION INFORMATION RETURN AND UNRELATED BUSINESS INCOME TAX RETURN ARE FILED ANNUALLY WITH THE APPLICABLE TAX JURISDICTIONS. WSC, OWF, AND QCF ARE DISREGARDED ENTITIES FOR TAX PURPOSES AND ARE THEREFORE NOT SUBJECT TO FEDERAL INCOME TAX. THE CREDIT UNION RECOGNIZES THE TAX BENEFIT FROM UNCERTAIN TAX POSITIONS, IF ANY, ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITIONS WILL BE SUSTAINED ON EXAMINATION BY THE TAX AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFIT IS MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE CREDIT UNION RECOGNIZES INTEREST ACCRUED AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AS AN ADMINISTRATIVE EXPENSE. THE CREDIT UNION HAD NO UNRECOGNIZED TAX BENEFITS AT DECEMBER 31, 2023 OR 2022. DURING THE YEARS ENDED DECEMBER 31, 2023 AND 2022, THE CREDIT UNION RECOGNIZED NO INTEREST AND PENALTIES. 1 SCHOLARSHIPS TO 2-YR COLLEGE/VOCATIONAL SCHOOLS ($2,000) 14 28000 SCHOLARSHIPS TO 4-YR UNDERGRAD/GRADUATE PROGRAMS ($3,000) 24 72000 PART I, LINE 2: THE WSECU SCHOLARSHIP COMMITTEE IS MADE UP OF ONE APPOINTED BOARD MEMBER AS CHAIR AND UP TO TWO ADDITIONAL BOARD MEMBERS. REMAINING COMMITTEE MEMBERS WILL BE MADE UP OF MEMBER VOLUNTEERS. WSECU PARTNERS WITH AN OUTSIDE VENDOR TO MANAGE THE ONLINE APPLICATION PROCESS. SCORING OF APPLICANTS IS BASED EQUALLY ON THE INDIVIDUAL'S ACADEMIC RECORD, FINANCIAL NEED, COMMUNITY SERVICE/SCHOOL ACTIVITIES, AND ESSAYS/LETTERS OF RECOMMENDATION. X X 1 1 X X X X 0 1 0 GARY SWINDLER PRESIDENT - CEO 761103 0 556859 0 97962 0 314922 0 17177 0 1748023 0 0 0 SHARON WHITEHEAD CHIEF ADMINISTRATIVE OFFICER 430108 0 105391 0 298756 0 81639 0 12768 0 928662 0 0 0 PAUL KIRKBRIDE CHIEF OPERATING OFFICER 438133 0 105411 0 137576 0 82461 0 28154 0 791735 0 0 0 RANDY GUNDERSON CHIEF FINANCIAL OFFICER 423102 0 105678 0 21461 0 80951 0 26005 0 657197 0 0 0 JULIE LIND CHIEF LENDING OFFICER 252274 0 34367 0 8438 0 125131 0 17140 0 437350 0 0 0 JUDITH HENDERSON CHIEF TECH & OPS OFFICER/CEO QCF 279878 0 33426 0 0 0 51748 0 21343 0 386395 0 0 0 EMILY FRIESEN CHIEF MARKETING & ANALYTICS OFFICER 317061 0 40484 0 0 0 21142 0 7267 0 385954 0 0 0 JEFF AMIRA LENDING OFFICER - SEATTLE AREA 39532 0 286956 0 0 0 27766 0 27457 0 381711 0 0 0 JEFF REESE FINANCIAL ADVISOR 52813 0 283934 0 490 0 28050 0 12061 0 377348 0 0 0 RYAN BROOKS CHIEF DIGITAL OFFICER 183201 0 25201 0 7404 0 118376 0 16897 0 351079 0 0 0 MARY EVANS LENDING OFFICER - SEATTLE AREA 53936 0 230854 0 2512 0 22727 0 26005 0 336034 0 0 0 KIM DUFFY VP, PEOPLE & CULTURE SERVICES 238764 0 36229 0 0 0 28896 0 22296 0 326185 0 0 0 CAROLE SULLIVAN LENDING OFFICER - SEATTLE AREA 39603 0 226412 0 0 0 17543 0 4088 0 287646 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS IS AVAILABLE TO BOARD MEMBERS, CEO AND SENIOR VP'S. ONLY THE CEO HAS A DISCRETIONARY SPENDING ACCOUNT. ALL OF THESE ITEMS ARE TREATED AS TAXABLE COMPENSATION TO THE DIRECTOR, OFFICER OR KEY EMPLOYEE. PART I, LINE 4B OFFICERS AND KEY EMPLOYEES PARTICIPATED IN A 457(F) SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN. THERE WERE NO DISTRIBUTIONS DURING THE YEAR. CONTRIBUTIONS DURING THE YEAR WERE AS FOLLOWS: GARY SWINDLER, PRESIDENT/CEO - $ 286,872 JULIE LIND, CHIEF LENDING OFFICER - $100,000 RYAN BROOKS, CHIEF DIGITAL OFFICER - $100,000 PAUL KIRKBRIDE, CHIEF OPERATING OFFICER - $54,411 SHARON WHITEHEAD, CHIEF ADMINISTRATIVE OFFICER - $53,589 RANDY GUNDERSON, CHIEF FINANCIAL OFFICER - $52,901 JUDITH HENDERSON, CHIEF TECHNOLOGY & OPERATIONS OFFICER - $25,000 EMILY FRIESEN, CHIEF MARKETING & ANALYTICS OFFICER - $10,000 FORM 990, PART VI, SECTION A, LINE 6 CREDIT UNION MEMBERS HAVE THE RIGHT TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A CREDIT UNION MEMBERS HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B ACCOUNTING PERSONNEL REVIEW FORM 990 FOR ACCURACY COMPARED TO INTERNAL REPORTS AND MAKE ADJUSTMENTS AS NECESSARY UNDER THE GUIDANCE OF OUR TAX ACCOUNTANTS. THE FORM IS REVIEWED BY THE CEO PRIOR TO SIGNING OF THE FINAL DRAFT. THE RETURN IS AVAILABLE TO ALL MEMBERS OF THE BOARD OF DIRECTORS FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION SENDS OUT AN ANNUAL HR POLICIES ACKNOWLEDGMENT TO ALL STAFF AND REQUIRES ACKNOWLEDGMENT FROM EACH PERSON EACH YEAR, AS WELL AS UPON HIRE. THIS POLICIES ACKNOWLEDGMENT INCLUDES THE WSECU CODE OF CONDUCT, WHICH COVERS THE CONFLICT OF INTEREST POLICY. THE CONFLICT OF INTEREST POLICY IS ENFORCED IN VARIOUS WAYS. DEPENDING ON THE PARTICULAR CONFLICT FOR EMPLOYMENT CONFLICTS, THE CREDIT UNION REQUIRES A NOTIFICATION TO HR OF ANY SECOND JOBS AND APPROVAL BY THE EMPLOYEE'S LEADER. FOR POTENTIAL CONFLICTS OF EMPLOYEES WORKING WITH RELATIVES, THE CREDIT UNION REQUIRES A SENIOR MANAGEMENT APPROVAL BEFORE THEY HIRE, PROMOTE, OR TRANSFER ANYONE WHO MIGHT BE WORKING WITH A RELATIVE OF A WSECU EMPLOYEE. IF THE ORGANIZATION IS NOTIFIED OF OTHER TYPES OF CONFLICTS, THEY DEAL WITH THEM AS THEY ARISE, INVOLVING COMPANY LEADERSHIP. CONFLICT QUESTIONNAIRES ARE SIGNED ANNUALLY BY THE BOARD OF DIRECTORS. IF A POTENTIAL CONFLICT IS IDENTIFIED, IT IS REPORTED TO THE BOARD, WHICH THEN REVIEWS ALL INFORMATION AND DETERMINES IF AN ACTUAL CONFLICT EXISTS. DIRECTORS WITH THE POTENTIAL CONFLICT RECUSE THEMSELVES FROM VOTING ON ANY RELATED ISSUES. THE ORGANIZATION'S POLICY HAS ASSISTED THE CREDIT UNION IN PROHIBITING CONFLICTS BEFORE THEY IMPACT THE COMPANY. FORM 990, PART VI, SECTION B, LINE 15 WSECU USES A THIRD-PARTY, OUTSIDE CONSULTANT TO EVALUATE EXECUTIVE COMPENSATION. THE REVIEW THAT THE CONSULTANT COMPLETES INCLUDES A REASONABLENESS TEST, MARKET (COMPARABLE) DATA FOR THE FINANCIAL SERVICES/CREDIT UNION INDUSTRY AND THE GEOGRAPHIC AREA, AND INCLUDES THE ENTIRE SALARY AND BENEFITS PACKAGE. PERIODICALLY, HUMAN RESOURCES USES INDUSTRY AND REGIONAL EXECUTIVE SALARY SURVEYS TO VERIFY EXECUTIVE COMPENSATION. THE CEO CONTRACT, INCLUDING COMPENSATION, IS REVIEWED BY THE WSECU BOARD OF DIRECTORS. THE GENERAL COMPENSATION REVIEW PROCESS IS COMPLETED ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: PASSTHROUGH BOOK/TAX DIFFERENCE -88,799. EQUITY ACQUIRED IN MERGER 4,008,029. CHANGE IN ACCOUNTING (ASC 326) -9,007,901. ONE WASHINGTON FINANCIAL LLC (FORMERLY WSECU SERVICE COMPANY) PO BOX WSECU OLYMPIA WA 98507 473383761 HOLDING COMPANY WA 17439515 27802616 WASHINGTON STATE EMPLOYEES CREDIT UNION ONE WASHINGTON FINANCIAL LLC (CLOSED 4123) PO BOX WSECU OLYMPIA WA 98507 753134955 LOAN SERVICING WA 0 0 ONE WASHINGTON FINANCIAL LLC QCASH FINANCIAL LLC (SOLD 33023) PO BOX 1727 OLYMPIA WA 98507 473396087 SOFTWARE AS A SERVICE (SAAS) WA 0 0 ONE WASHINGTON FINANCIAL LLC