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Nonprofit · EIN 91-6035907

CREDIT UNIONS IN THE STATE OF WASHI NGTON

Also known as QUALSTAR CREDIT UNION

Tax-exempt · BOTHELL, WA 98021

Financials

$52.5M$45.5M2023$58.9M$49.8M2024
Revenue Expenses · by fiscal year end
Financials of CREDIT UNIONS IN THE STATE OF WASHI NGTON by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$58,863,677$49,819,511$9,044,166$832,351,744$700,755,324$131,596,420
December 31, 2023990$52,455,108$45,480,230$6,974,878$983,585,639$871,789,810$111,795,829
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$0
Program service revenue
$48,272,707
Investment income
$9,115,084
Net rental income
-$65,971
Other revenue
$1,475,886

Expenses

Grants and similar amounts paid
$25,000
Compensation of officers, directors and key employees
$1,066,606
Other salaries and wages
$8,460,922
Salaries, compensation and benefits (total)
$12,126,589
Professional fundraising fees
$0
Legal fees
$59,298
Accounting fees
$276,195
Occupancy
$705,179
Depreciation
$591,167

Balance sheet and other

Total assets, start of year
$983,585,639
Total assets, end of year
$832,351,744
Total liabilities, end of year
$700,755,324
Net assets, end of year
$131,596,420
Land, buildings and equipment
$16,058,794
Publicly traded securities
$169,296,333
Gross unrelated business income
$360,261
Gross receipts
$59,455,436
Employees
159
Volunteers
11
Year formed
1997
State of legal domicile
WA

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended December 31, 2024, highest compensation first.

NameTitleHours / weekCompensationOther / benefits
MICHAEL G ELFSTROMPRESIDENT
Officer
40$447,622$41,329
ROSHALLE DEARMENTSVP OF LENDING
Key employee
40$226,608$24,285
MICHAEL BISHOPSVP OF OPERATIONS
Key employee
40$210,124$33,695
JASON BALLVP OF IT
Highest-paid employee
40$203,000$26,784
LACINDA BLANCHETTEVP OF MEMBER ENGAGEMENT
Highest-paid employee
40$186,774$23,357
PATIENCE TENNISVP OF HR
Highest-paid employee
40$188,073$15,444
WILLIAM HANAFORDINVESTMENT ADVISOR
Highest-paid employee
40$142,992$13,989
CARLA PIZARRODIR. BUSINESS SOLUTIONS/AUDIT
Highest-paid employee
40$133,660$13,649
BROOK HAMILTONCFO
Officer
40$68,586$2,963
MITCH JOHNSONBOARD CHAIRMAN
Trustee or director, Officer
4$2,857$0
ADE' ARIWOOLABOARD MEMBER
Trustee or director
3$1,906$0
TRACY OSTERBOARD MEMBER
Trustee or director
3$1,687$0
LEANNE CALIFANOBOARD VICE CHAIR
Trustee or director, Officer
3$1,592$0
CHERYL SILVABOARD MEMBER
Trustee or director
3$1,523$0
KIM BROWNBOARD MEMBER
Trustee or director
3$1,111$0
4 more people on this return
NameTitleHours / weekCompensation
DOUG SCOTTBOARD SECRETARY/TREASURER
Trustee or director, Officer
3$717
KIM ZIERBOARD MEMBER (THRU 4/24)
Trustee or director
3$0
NOEL MCMURTRAYBOARD MEMBER
Trustee or director
3$0
RUSS DE WOLFEBOARD MEMBER
Trustee or director
3$0
990 for the year ended December 31, 2023: 17 people
NameTitleHours / weekCompensationOther / benefits
MICHAEL G ELFSTROMPRESIDENT
Officer
40$412,228$34,132
ROSHALLE DEARMENTSVP OF LENDING
Key employee
40$194,797$22,560
PATIENCE TENNISVP OF HR
Highest-paid employee
40$172,277$14,882
LACINDA BLANCHETTEVP OF MEMBER ENGAGEMENT
Highest-paid employee
40$166,166$14,630
BRETT TREATDIRECTOR OF IT
Highest-paid employee
40$155,609$13,083
WILLIAM HANAFORDINVESTMENT ADVISOR
Highest-paid employee
40$132,495$12,221
CARLA PIZARRODIR. BUSINESS SOLUTIONS/AUDIT
Highest-paid employee
40$130,517$12,113
MARK PETERSENCFO (THRU 3/23)
Officer
40$85,533$9,320
KIM BROWNBOARD MEMBER
Trustee or director
3$1,447$0
LEANNE CALIFANOBOARD VICE CHAIR
Trustee or director, Officer
3$1,346$0
MITCHELL JOHNSONBOARD CHAIRMAN
Trustee or director, Officer
4$0$0
DOUG SCOTTBOARD SECRETARY/TREASURER
Trustee or director, Officer
3$0$0
ADE' ARIWOOLABOARD MEMBER
Trustee or director
3$0$0
KIM ZIERBOARD MEMBER
Trustee or director
3$0$0
NOEL MCMURTRAYBOARD MEMBER
Trustee or director
3$0$0
RUSS DE WOLFEBOARD MEMBER
Trustee or director
3$0$0
TRACY OSTERBOARD MEMBER
Trustee or director
3$0$0

Address and contacts

Address (IRS master file)
PO BOX 3250, BOTHELL, WA 98021-0000
Principal officer (990 for 2024)
MICHAEL G ELFSTROM, 24000 35TH AVE SE, BOTHELL, WA 98021
Signed the 990
MICHAEL G ELFSTROM, PRESIDENT/CEO
Phone
(800) 848-0018
Return prepared by
BAKER TILLY ADVISORY GROUP LP

Mission

PROVIDE FINANCIAL PRODUCTS & SERVICES TO MEMBERS.

990 for the year ended December 31, 2024

Program accomplishments

  • INTEREST EXPENSE IN THE AMOUNT OF $16,652,650 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 67,000 DEPOSIT ACCOUNTS THAT CAN EARN INTEREST.
  • THE CREDIT UNION EXPENSED $7,506,406 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 36,000 OPEN LOAN ACCOUNTS.
  • THE CREDIT UNION EXPENSED $1,357,431 DURING THE YEAR FOR LOAN SERVICING COSTS. THESE COSTS WERE PAID TO ORIGINATE AND SERVICE LOANS TO MEMBERS. THE CREDIT UNION HAS ABOUT 36,000 OPEN LOAN ACCOUNTS.

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
91-6035907
Tax-exempt status
501(c)(14): State-chartered credit union
Donations deductible
No
Exempt since
1954
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$832,351,744
Income (IRS master file)
$59,455,436

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$58,863,677$49,819,511$832,351,744XML
990December 2023$52,455,108$45,480,230$983,585,639XML
990December 2022$35,866,616$25,023,764$772,976,496IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2018–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 91-6035907).

Questions about CREDIT UNIONS IN THE STATE OF WASHI NGTON

What is the EIN of CREDIT UNIONS IN THE STATE OF WASHI NGTON?
The employer identification number (EIN) of CREDIT UNIONS IN THE STATE OF WASHI NGTON is 91-6035907.
Is CREDIT UNIONS IN THE STATE OF WASHI NGTON tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1954.
Are donations to CREDIT UNIONS IN THE STATE OF WASHI NGTON tax-deductible?
No. The IRS master file says contributions to it are not deductible.
Which annual return does CREDIT UNIONS IN THE STATE OF WASHI NGTON file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of CREDIT UNIONS IN THE STATE OF WASHI NGTON due?
The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did CREDIT UNIONS IN THE STATE OF WASHI NGTON last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2024.
Who is the principal officer of CREDIT UNIONS IN THE STATE OF WASHI NGTON?
The 990 for the year ended December 31, 2024 names MICHAEL G ELFSTROM.
Who are the officers and directors of CREDIT UNIONS IN THE STATE OF WASHI NGTON?
The 990 for the year ended December 31, 2024 lists 19 people; 16 received compensation from the organization, the highest $447,622 (MICHAEL G ELFSTROM, PRESIDENT).
How much revenue does CREDIT UNIONS IN THE STATE OF WASHI NGTON have?
On its 990 for the year ended December 31, 2024 it reported revenue of $58,863,677, expenses of $49,819,511 and total assets of $832,351,744 at year end.

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