Civic Intelligence

Forrit Credit Union

EIN 93-0256538 • 501(c)14 • Clackamas, OR

View Organization Page

Profile

We provide solutions to improve each of our members financial lives by offering competitive-low fee services and providing financial literacy through education events.

12550 SE 93rd Ave Suite 400Clackamas, OR 97015

www.forritcu.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

57th percentile

0.89x

Higher debt load relative to assets than 57% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Source year 2024

Liabilities / Revenue

43rd percentile

15.94x

Higher debt load relative to revenue than 43% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Source year 2024

Net Margin

8th percentile

-5.9%

Higher net margin than 8% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

10th percentile

-5.3%

Faster asset growth than 10% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Revenue Growth

59th percentile

15%

Faster revenue growth than 59% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets57th percentile

Assets

Down

$93,697,179

Down $5,253,435 (-5.3%) from 2023

Liabilities

Up

$83,319,960

Up $82,626,717 (+11919%) from 2023

Net Assets

Down

$10,377,219

Down $87,880,152 (-89%) from 2023

Operations
Liabilities / Revenue43rd percentileNet Margin8th percentile

Revenue

Up

$5,226,564

Up $674,492 (+15%) from 2023

Expenses

Up

$5,533,549

Up $1,205,448 (+28%) from 2023

Net Income

Down

-$306,985

Down $530,956 (-237%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth10th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$150M$100M$50M$0Assets 2010: $67,978,529Liabilities 2010: $431,965Net Assets 2010: $67,546,5642010Assets 2011: $68,322,245Liabilities 2011: $322,459Net Assets 2011: $67,999,7872011Assets 2012: $70,001,796Liabilities 2012: $447,889Net Assets 2012: $69,553,9072012Assets 2013: $72,771,546Liabilities 2013: $367,355Net Assets 2013: $72,404,1912013Assets 2014: $75,974,448Liabilities 2014: $399,864Net Assets 2014: $75,574,5842014Assets 2015: $80,796,873Liabilities 2015: $464,981Net Assets 2015: $80,331,8922015Assets 2016: $85,499,014Liabilities 2016: $424,108Net Assets 2016: $85,074,9062016Assets 2017: $87,629,683Liabilities 2017: $551,515Net Assets 2017: $87,078,1682017Assets 2018: $88,297,148Liabilities 2018: $562,352Net Assets 2018: $87,734,7962018Assets 2019: $85,103,643Liabilities 2019: $745,363Net Assets 2019: $84,358,2802019Assets 2020: $95,505,501Liabilities 2020: $399,199Net Assets 2020: $95,106,3022020Assets 2021: $105,147,440Liabilities 2021: $331,958Net Assets 2021: $104,815,4822021Assets 2022: $102,177,265Liabilities 2022: $548,644Net Assets 2022: $101,628,6212022Assets 2023: $98,950,614Liabilities 2023: $693,243Net Assets 2023: $98,257,3712023Assets 2024: $93,697,179Liabilities 2024: $83,319,960Net Assets 2024: $10,377,2192024

Highlighted filing

2024

Assets$93,697,179
Liabilities$83,319,960
Net Assets$10,377,219
Open 2024 Filing

Operations Trend

Revenue Growth59th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $2,856,3162010Expenses 2011: $2,575,9512011Expenses 2012: $2,425,6422012Revenue 2013: $2,831,164Expenses 2013: $2,500,356Net Income 2013: $330,8082013Revenue 2014: $2,825,457Expenses 2014: $2,542,302Net Income 2014: $283,1552014Revenue 2015: $2,969,193Expenses 2015: $2,689,858Net Income 2015: $279,3352015Revenue 2016: $3,030,018Expenses 2016: $2,735,732Net Income 2016: $294,2862016Revenue 2017: $3,181,844Expenses 2017: $2,789,166Net Income 2017: $392,6782017Revenue 2018: $3,613,816Expenses 2018: $2,787,685Net Income 2018: $826,1312018Revenue 2019: $3,882,118Expenses 2019: $3,292,950Net Income 2019: $589,1682019Revenue 2020: $3,459,575Expenses 2020: $3,063,285Net Income 2020: $396,2902020Revenue 2021: $3,304,560Expenses 2021: $3,106,641Net Income 2021: $197,9192021Revenue 2022: $3,668,740Expenses 2022: $3,773,118Net Income 2022: -$104,3782022Revenue 2023: $4,552,072Expenses 2023: $4,328,101Net Income 2023: $223,9712023Revenue 2024: $5,226,564Expenses 2024: $5,533,549Net Income 2024: -$306,9852024

Highlighted filing

2024

Revenue$5,226,564
Expenses$5,533,549
Net Income-$306,985
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$93,697,179
Liabilities
$83,319,960
Net assets
$10,377,219
Revenue
$5,226,564
Expenses
$5,533,549
Net income
-$306,985
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$93.7$83.3$10.4$5.23$5.53$0.31
2023Detailed filing. Detailed filing data is available for this year.$99.0$0.69$98.3$4.55$4.33$0.22
2022Detailed filing. Detailed filing data is available for this year.$102$0.55$102$3.67$3.77$0.10
2021Detailed filing. Detailed filing data is available for this year.$105$0.33$105$3.30$3.11$0.20
2020Detailed filing. Detailed filing data is available for this year.$95.5$0.40$95.1$3.46$3.06$0.40
2019Detailed filing. Detailed filing data is available for this year.$85.1$0.75$84.4$3.88$3.29$0.59
2018Detailed filing. Detailed filing data is available for this year.$88.3$0.56$87.7$3.61$2.79$0.83
2017Detailed filing. Detailed filing data is available for this year.$87.6$0.55$87.1$3.18$2.79$0.39
2016Detailed filing. Detailed filing data is available for this year.$85.5$0.42$85.1$3.03$2.74$0.29
2015Detailed filing. Detailed filing data is available for this year.$80.8$0.46$80.3$2.97$2.69$0.28
2014Detailed filing. Detailed filing data is available for this year.$76.0$0.40$75.6$2.83$2.54$0.28
2013Detailed filing. Detailed filing data is available for this year.$72.8$0.37$72.4$2.83$2.50$0.33
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$70.0$0.45$69.6$2.43
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$68.3$0.32$68.0$2.58
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$68.0$0.43$67.5$2.86
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 5, 2025
Return Version
2024v5.0
Gross Receipts
$5,226,564
Mission and Program Overview

Mission

We provide solutions to improve each of our members financial lives by offering competitive-low fee services and providing financial literacy through education events.

We provide solutions to improve each members financial life by providing savings, investments, and consumer loan products at favorable rates with minimal fees.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$64,203,322$60,130,271▼ $4,073,051
Savings and Temporary Cash Investments$29,433,437$29,352,102▼ $81,335
Rtn Earn Endowment Incm Other Fnds$10,684,204$10,377,219▼ $306,985
Land, Buildings, and Equipment, Net$956,357$2,211,258▲ $1,254,901
Cash and Non-Interest-Bearing Accounts$2,915,419$397,018▼ $2,518,401
Prepaid Expenses and Deferred Charges$220,205$288,876▲ $68,671
Accounts Receivable$90,986$185,197▲ $94,211
Pledges and Grants Receivable$0--
Receivable From Disqualified Prsn$0--
Receivables From Officers Etc$0--
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Inventories for Sale or Use$0--
Loans From Officers Directors$0--
Total Assets$98,950,614$93,697,179▼ $5,253,435
Other Assets Total$1,130,888$1,132,457▲ $1,569
Liabilities
Other Liabilities$87,573,167$82,912,052▼ $4,661,115
Accounts Payable and Accrued Expenses$693,243$407,908▼ $285,335
Grants Payable$0--
Mortgage Notes Payable Secured by Investment Property$0--
Unsecured Notes Loans Payable$0--
Deferred Revenue$0--
Escrow Account Liability$0--
Tax Exempt Bond Liabilities$0--
Total Liabilities$88,266,410$83,319,960▼ $4,946,450
Net Assets / Fund Balance
Total Net Assets Fund Balance$10,684,204$10,377,219▼ $306,985
Total Liabilities and Net Assets / Fund Balance$98,950,614$93,697,179▼ $5,253,435

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$0$0$0
Other Land Buildings$0$0$0
Land$0-$0
Equipment$527,147$636,120$0
Leasehold Improvements$1,684,111$178,924$0
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Justin OlsonCEO/PresidentFT$155,271$16,716$171,987
Wendy RussellDirector of FinanceFT$134,600$1,058$135,658
Andrew AckmanDirector of ITFT$117,959$2,315$120,274
Cindy PackardDirector of Member ServicesFT$117,057$949$118,006
Yuki LamDirector of MarketingFT$93,916-$93,916
Sarah BuckDirector of ExperienceFT$93,451-$93,451

Highest Paid Contractors

ContractorServicesLocationCompensation
ElementBuilding of our new branch155 Brewery Lane Suite 1, Portsmouth, NH 03801$1,257,035
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,969,333
Investment Income
$1,257,231
Other Revenue
$0
Change in Net Assets
$-306,985
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,353,474
Salaries, Compensation, and Employee Benefits$2,180,075
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$946,441
Current Officers, Directors, Trustees, and Key Employees---$723,665
Interest---$700,500
Information Technology---$623,482
Advertising---$306,577
Occupancy---$253,976
Fees for Services Management---$231,987
Fees for Services Accounting---$224,577
Other Employee Benefits---$204,427
Depreciation Depletion---$185,107
Pension Plan Contributions---$154,434
Payroll Taxes---$151,108
Office Expenses---$127,909
Conferences and Meetings---$45,894
Insurance---$30,590
Other Expenses---$27,064
Fees for Services Legal---$4,135
Travel---$3,448
Total Functional Expenses$0$0$0$5,533,549
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
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0--
Receivables from Disqualified Persons$0--
Receivables from Officers, Directors, Trustees, and Key Employees$0--
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Accounts$82,912,052
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“The Credit Union has 4722 members. Forrit Credit Union is a member owned cooperative”

Form 990, Part VI, Section A, Line 7A

“The credit union has 4722 members. A quorum of these members elects the board member based on term expiration each year at the ANnual Membership Meeting. An election notice is mailed or provided electronically.”

Form 990, Part VI, Section A, Line 7B

“The members elect the governing body. In addition they can request a special meeting of the Board, suspend the order of business at the annual meeting, vote to remove directors and the CEO, an on board merger decisions.”

Form 990, Part VI, Section B, Line 11B

“The 990 is prepared by the Director of Finance and reviewed by the President/CEO. The report is not presented to the Board but is made available for review.”

Form 990, Part VI, Section B, Line 15

“The Board of Director conducts an annual performance evaluation of the CEO. The Board grants CEO authority to set salaries for staff. Salary ranges are based on a compensation vendor who specialist in Credit unions, local adjustments factors and peer size.”

Form 990, Part VI, Section C, Line 19

“Monthly Financials are posted in the lobby of the retail branches. An annual report is provided at the annual membership meeting.”

Filing and Contact Details

Filer

Filer Name
Forrit Credit Union
EIN
93-0256538
Phone
5032750300
Address
12550 SE 93rd Ave Suite 400, Clackamas, OR 97015

Signing Officer

Name
Justin Olson
Title
CEO/President
Phone
5032750334
Signed
2025-05-05

Organization Details

Principal Officer
Justin Olson
Formed
1936
Legal Domicile
Or
Voting Board Members
7
Independent Board Members
7
Employees
24
Volunteers
7
Supplemental Narrative

Financial Statement Notes

Schedule D, Part IX

“Accrued Interest and NCUSIF Capitalization Deposit”

Raw XML AppendixShowing 400 of 481 raw XML fields

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

Path#Value
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IRS990/AccountsReceivableGrp/EOYAmt0185197
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IRS990/Form990PartVIISectionAGrp/TitleTxt3Director of Member Services
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IRS990/MissionDesc0We provide solutions to improve each of our members financial lives by offering competitive-low fee services and providing financial literacy through education events.
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IRS990/MoreThan5000KToOrgInd00
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IRS990/OtherExpensesGrp/Desc1Provision for Loan Loss
IRS990/OtherExpensesGrp/Desc2Miscellaneous
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IRS990/OtherExpensesGrp/TotalAmt1382384
IRS990/OtherExpensesGrp/TotalAmt227064
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IRS990/PrincipalOfficerNm0Justin Olson
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IRS990/ReportOtherLiabilitiesInd01
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IRS990/ScheduleBRequiredInd00
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IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt082912052
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Member Accounts
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Accrued Interest and NCUSIF Capitalization Deposit
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part IX
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IRS990ScheduleD/TotalLiabilityAmt082912052
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt3117057
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt30
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt20
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt20
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt21366
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt30
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Justin Olson
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1Wendy Russell
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2Andrew Ackman
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm3Cindy Packard
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO/President
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1Director of Finance
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2Director of IT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt3Director of Member Services
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt1135658
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt2120274
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt3118006
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt30
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0We use a vendor Balance Comp who collects industry salary surveys and uses local factors to come up with Salary Ranges.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule J, Part I, Line 3
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Credit Union has 4722 members. Forrit Credit Union is a member owned cooperative
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The credit union has 4722 members. A quorum of these members elects the board member based on term expiration each year at the ANnual Membership Meeting. An election notice is mailed or provided electronically.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The members elect the governing body. In addition they can request a special meeting of the Board, suspend the order of business at the annual meeting, vote to remove directors and the CEO, an on board merger decisions.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The 990 is prepared by the Director of Finance and reviewed by the President/CEO. The report is not presented to the Board but is made available for review.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The Board of Director conducts an annual performance evaluation of the CEO. The Board grants CEO authority to set salaries for staff. Salary ranges are based on a compensation vendor who specialist in Credit unions, local adjustments factors and peer size.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Monthly Financials are posted in the lobby of the retail branches. An annual report is provided at the annual membership meeting.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, Line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, Line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section A, Line 7b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, Line 15

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