Civic Intelligence

Kitsap Credit Union

990 • Fiscal year 2013 • EIN 91-0333066

Jan 01, 2013 to Dec 31, 2013 • Filed on May 01, 2014

PO Box 99098337

(360) 662-2000

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

81st percentile

0.91x

Higher debt load relative to assets than 81% of similar nonprofits.

2013 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2013

Liabilities / Revenue

66th percentile

19.57x

Higher debt load relative to revenue than 66% of similar nonprofits.

2013 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2013

Net Margin

11th percentile

4.9%

Higher net margin than 11% of similar nonprofits.

2013 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2013

Top Officer Pay

99th percentile

$2,289,850

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 5.1% of source-year revenue.

2013 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2013

Asset Growth

9th percentile

-0.2%

Faster asset growth than 9% of similar nonprofits.

2013 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Assets

Down

$961,036,950

Down $1,739,680 (-0.2%) from 2012

Net Assets

Down

$82,143,513

Down $2,026,624 (-2.4%) from 2012

Liabilities

Up

$878,893,437

Up $286,944 (+0.0%) from 2012

Revenue

$44,907,812

No earlier filing loaded for comparison.

Expenses

Down

$42,715,366

Down $1,635,268 (-3.7%) from 2012

Net Income

$2,192,446

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$3.0B$2.0B$1.0B$0Assets 2010: $832,358,741Liabilities 2010: $762,726,245Net Assets 2010: $69,632,4962010Assets 2011: $862,486,634Liabilities 2011: $783,029,852Net Assets 2011: $79,456,7822011Assets 2012: $962,776,630Liabilities 2012: $878,606,493Net Assets 2012: $84,170,1372012Assets 2013: $961,036,950Liabilities 2013: $878,893,437Net Assets 2013: $82,143,5132013Assets 2014: $987,759,193Liabilities 2014: $891,136,858Net Assets 2014: $96,622,3352014Assets 2015: $1,039,856,088Liabilities 2015: $935,643,356Net Assets 2015: $104,212,7322015Assets 2016: $1,124,712,097Liabilities 2016: $1,012,571,828Net Assets 2016: $112,140,2692016Assets 2017: $1,177,997,186Liabilities 2017: $1,055,250,642Net Assets 2017: $122,746,5442017Assets 2018: $1,254,472,738Liabilities 2018: $1,121,966,550Net Assets 2018: $132,506,1882018Assets 2019: $1,435,523,011Liabilities 2019: $1,290,796,779Net Assets 2019: $144,726,2322019Assets 2020: $1,732,585,883Liabilities 2020: $1,583,113,830Net Assets 2020: $149,472,0532020Assets 2021: $2,025,562,127Liabilities 2021: $1,863,644,319Net Assets 2021: $161,917,8082021Assets 2022: $2,255,075,377Liabilities 2022: $2,136,210,327Net Assets 2022: $118,865,0502022Assets 2023: $2,368,604,375Liabilities 2023: $2,238,188,688Net Assets 2023: $130,415,6872023Assets 2024: $2,320,371,924Liabilities 2024: $2,191,030,944Net Assets 2024: $129,340,9802024

Highlighted filing

2013

Assets$961,036,950
Liabilities$878,893,437
Net Assets$82,143,513

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$200M$150M$100M$50M$0Expenses 2010: $62,271,5002010Expenses 2011: $44,917,7202011Expenses 2012: $44,350,6342012Revenue 2013: $44,907,812Expenses 2013: $42,715,366Net Income 2013: $2,192,4462013Revenue 2014: $44,261,365Expenses 2014: $34,152,156Net Income 2014: $10,109,2092014Revenue 2015: $47,896,589Expenses 2015: $38,417,699Net Income 2015: $9,478,8902015Revenue 2016: $55,172,588Expenses 2016: $44,581,022Net Income 2016: $10,591,5662016Revenue 2017: $58,454,874Expenses 2017: $49,328,199Net Income 2017: $9,126,6752017Revenue 2018: $65,434,831Expenses 2018: $54,719,899Net Income 2018: $10,714,9322018Revenue 2019: $74,132,215Expenses 2019: $65,057,330Net Income 2019: $9,074,8852019Revenue 2020: $78,052,393Expenses 2020: $76,130,014Net Income 2020: $1,922,3792020Revenue 2021: $86,231,802Expenses 2021: $66,951,388Net Income 2021: $19,280,4142021Revenue 2022: $104,047,497Expenses 2022: $82,914,598Net Income 2022: $21,132,8992022Revenue 2023: $135,974,513Expenses 2023: $127,345,815Net Income 2023: $8,628,6982023Revenue 2024: $153,721,471Expenses 2024: $148,184,524Net Income 2024: $5,536,9472024

Highlighted filing

2013

Revenue$44,907,812
Expenses$42,715,366
Net Income$2,192,446
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
May 1, 2014
Return Version
2013v3.1
Gross Receipts
$73,462,990
Mission and Program Overview

Mission

To offer checking, savings, and lending programs to members who live, work, and worship in the state of washington. Kcu also provides financial literacy programs and is actively involved in community outreach programs.

A not-for-profit financial cooperative offering checking and savings programs lending and related services to members who live work or worship in the state of washington. Kitsap credit union (kcu) also provides financial literacy programs and is actively involved in community outreach programs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$608,949,170$611,255,666▲ $2,306,496
Investments Other Securities$267,821,905$264,455,031▼ $3,366,874
Rtn Earn Endowment Incm Other Fnds$84,170,137$82,143,513▼ $2,026,624
Land, Buildings, and Equipment, Net$36,714,312$38,361,802▲ $1,647,490
Cash and Non-Interest-Bearing Accounts$22,656,164$20,884,538▼ $1,771,626
Accounts Receivable$15,529,262$17,168,007▲ $1,638,745
Prepaid Expenses and Deferred Charges$2,907,094$3,041,836▲ $134,742
Intangible Assets$872,000$750,034▼ $121,966
Total Assets$962,776,630$961,036,950▼ $1,739,680
Other Assets Total$7,326,723$5,120,036▼ $2,206,687
Liabilities
Other Liabilities$847,220,907$872,184,350▲ $24,963,443
Accounts Payable and Accrued Expenses$31,323,573$6,597,014▼ $24,726,559
Deferred Revenue$62,013$112,073▲ $50,060
Total Liabilities$878,606,493$878,893,437▲ $286,944
Net Assets / Fund Balance
Total Net Assets Fund Balance$84,170,137$82,143,513▼ $2,026,624
Total Liabilities and Net Assets / Fund Balance$962,776,630$961,036,950▼ $1,739,680

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$26,093,359$5,323,840-
Other Land Buildings$62,982$19,531-
Land$7,124,805--
Equipment$4,816,524$7,432,325-
Leasehold Improvements$264,132$4,705,509-
Other Securities$236,068,661--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Elliot GreggPresidentceoFT$2,268,891$20,959$2,289,850
Elliot Gregg--$418,385$1,871,466$2,289,850
Scott HendersonSVP CFOFT$214,106$18,564$232,670
Scott Henderson--$205,381$27,289$232,670
Kellie LetexierSVP COOFT$212,331$18,985$231,316
Kellie Letexier--$211,749$144,156$231,316
Colin MorrisonSVP CIOFT$177,739$17,188$194,927
Colin Morrison--$175,224$19,703$194,926
Anthony BulleriSVP CLOFT$144,446$5,624$150,070
Anthony Bulleri--$143,942$6,127$150,070
Carolyn Young--$126,980$15,625$142,606
Carolyn YoungVP of Branch OperationsFT$128,471$14,134$142,605
Jon Schultz Investment ServicesRegistered RepresentationFT$126,167$14,012$140,179
Jon Schultz--$115,490$15,590$140,179
Donna RansierVP of Information TechnologyFT$115,792$10,807$126,599
Donna Ransier--$114,787$11,109$126,599
Jeanette HughesVP of Dealer FinanceFT$115,245$11,335$126,580
Jeanette Hughes--$108,983$11,794$126,580
George HallSenior Commercial Loan OfficerFT$110,221$8,855$119,076
George Hall--$104,211$10,093$119,076
Melinda AnthonyVP of LendingFT$104,614$14,347$118,961
Melinda Anthony--$103,744$14,751$118,961
Randy MitchellLoan Servicing ManagerFT$104,840$13,359$118,199
Randy Mitchell--$103,455$14,455$118,199
Laura HollowayHr ManagerFT$103,837$13,632$117,469
Laura Holloway--$100,181$14,014$117,469
Leah OlsonVP of MarketingFT$100,430$13,062$113,492
Leah Olson---$13,311$113,492

Board Members and Trustees

NameTitle
Wendie JohnsonChair
Jim RowsonVice Chair
Bill RumboldDirector
Bob PodratDirector
Carolyn MaxonDirector
Dave AndersonDirector
William NogleDirector
Ralph StricklandDirector Emeritus
Bill SlachSecretary
Gary BakerSupervisory Committee
Gerda OostmanSupervisory Committee
Lanny RossSupervisory Committee
Pat DibertSupervisory Committee
Pete SchlicherSupervisory Committee
Doug LuptonTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Digital InsightBill Pay Service-$1,608,504
Visa DpsPlastic Card Data Proc Serv-$934,321
Fiserv Solutions INCSoftware Maintconsulting-$463,583
Allcare Janitorial Service INCJanitorial Service-$432,291
Diebold INCAtm And Alarm Equip Maint-$304,950
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$42,235,942
Investment Income
$2,671,870
Other Revenue
$0
Change in Net Assets
$2,192,446
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$24,434,848
Salaries, Compensation, and Employee Benefits$18,280,518
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$11,847,567
Office Expenses---$4,732,347
Information Technology---$3,661,561
Interest---$3,446,697
Occupancy---$2,971,325
Other Employee Benefits---$2,527,569
Other Expenses---$2,262,664
Current Officers, Directors, Trustees, and Key Employees---$2,196,926
Payroll Taxes---$1,251,432
Advertising---$1,126,506
Fees for Services Other---$1,086,771
Depreciation Depletion---$840,721
Pension Plan Contributions---$457,024
Insurance---$294,759
Fees for Services Legal---$136,611
Travel---$123,616
Fees for Services Accounting---$93,930
Fees for Services Management---$35,574
Total Functional Expenses$0$0$0$42,715,366
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Shares$300,720,237
Checking$183,316,509
Money Market$172,479,165
Share Certificates$164,689,882
Ira Shares$26,606,757
Ira Share Certificates$23,739,307
Escrow Shares$632,493
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Part VI Section A Line 6

Kitsap credit union had 93412 members as of december 31 2013.

Part VI Section A Line 7A

Members elect all directors for a 3-year term. They can run for re-election. Ballots are mailed to all members during the 1st quarter each year.

Part VI Section A Line 8A

Kcu records meeting minutes for all committee meetings.

Part VI Section B 11B

The accounting manager accounting lead and svpcfo review the return for accuracy.

Part VI Section B Line 12C

The code of conductconflict interest policy is required to be reviewed and signed (with or without disclosures) or acknowledged (by electronic signature) upon hire for new employees and annually thereafter for all staff officials and directors. Acknowledgements received from individuals who disclose a potential conflict are forwarded to the ceo or cfo for review and approval.

Part VI Section B Line 15ALINE 15B

Kitsap credit union uses an outside compensation consultant (one for staff and another for executive compensation) to determine market ranges for pay for all positions. The human resources dept. Works with the consultants to ensure pay ranges are competitive and within the market. Actual individual pay for the ceo is determined by the board of directors. Pay for officers is determined by the ceo.

Part VI Section C Line 19

Kitsap credit union makes the monthly financial statements available to the public by posting them in each branch. Governing documents such as articles of incorporation are available upon request. Conflict of interest policies are not made public.

Filing and Contact Details

Filer

EIN
91-0333066

Signing Officer

Name
Scott Henderson
Title
Svpcfo
Phone
3606622000
Signed
2014-05-01

Organization Details

Principal Officer
Scott Henderson
Formed
1934
Legal Domicile
Wa
Voting Board Members
9
Independent Board Members
9
Employees
383
Volunteers
15
Supplemental Narrative

Additional Explanations

Part XII Line 2a2c

Kcu has a supervisory committee that oversees the audit of the financial statements. This committee also selects the auditing firm. The financial statements were audited by moss adams with the audit term of october 2012 to september 2013.

Part IX Line 5

Compensation for current officers directors trustees and key employees excludes ceo serp of 1789399 paid out in 2013 because the total amount was accrued for over a nine year period from 2004-2013.

Financial Statement Notes

Part XII Line 2B

Financial statements are audited by an independent cpa for the period of october 2012 through september 2013.

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm5CAROLYN YOUNG
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IRS990/Form990PartVIISectionAGrp/PersonNm17BILL SLACH
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENTCEO
IRS990/Form990PartVIISectionAGrp/TitleTxt1SVP COO
IRS990/Form990PartVIISectionAGrp/TitleTxt2SVP CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt3SVP CIO
IRS990/Form990PartVIISectionAGrp/TitleTxt4SVP CLO
IRS990/Form990PartVIISectionAGrp/TitleTxt5VP OF BRANCH OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt6REGISTERED REPRESENTATION
IRS990/Form990PartVIISectionAGrp/TitleTxt7VP OF INFORMATION TECHNOLOGY
IRS990/Form990PartVIISectionAGrp/TitleTxt8VP OF DEALER FINANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt9SENIOR COMMERCIAL LOAN OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt10VP OF LENDING
IRS990/Form990PartVIISectionAGrp/TitleTxt11LOAN SERVICING MANAGER
IRS990/Form990PartVIISectionAGrp/TitleTxt12HR MANAGER
IRS990/Form990PartVIISectionAGrp/TitleTxt13VP OF MARKETING
IRS990/Form990PartVIISectionAGrp/TitleTxt14CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt15VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt16TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt17SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR EMERITUS
IRS990/Form990PartVIISectionAGrp/TitleTxt24SUPERVISORY COMMITTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt25SUPERVISORY COMMITTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt26SUPERVISORY COMMITTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt27SUPERVISORY COMMITTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt28SUPERVISORY COMMITTEE
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IRS990/MissionDesc0TO OFFER CHECKING SAVINGS AND LENDING PROGRAMS TO MEMBERS WHO LIVE WORK AND WORSHIP IN THE STATE OF WASHINGTON. KCU ALSO PROVIDES FINANCIAL LITERACY PROGRAMS AND IS ACTIVELY INVOLVED IN COMMUNITY OUTREACH PROGRAMS.
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IRS990/OtherExpensesGrp/Desc0TOTAL PROVISION
IRS990/OtherExpensesGrp/Desc1LOAN EXPENSES

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2,320$2,191$129$154$148$5.54
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2,369$2,238$130$136$127$8.63
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$2,255$2,136$119$104$82.9$21.1
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2,026$1,864$162$86.2$67.0$19.3
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,733$1,583$149$78.1$76.1$1.92
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,436$1,291$145$74.1$65.1$9.07
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,254$1,122$133$65.4$54.7$10.7
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,178$1,055$123$58.5$49.3$9.13
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,125$1,013$112$55.2$44.6$10.6
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,040$936$104$47.9$38.4$9.48
2014Detailed filing. Detailed filing data is available for this year.$988$891$96.6$44.3$34.2$10.1
2013Detailed filing. Detailed filing data is available for this year.$961$879$82.1$44.9$42.7$2.19
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$963$879$84.2$44.4
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$862$783$79.5$44.9
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$832$763$69.6$62.3
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2013 filings • 501(c)14 • $250M-$1B nonprofits