Kitsap Credit Union

Organization Overview

Kitsap Credit Union is located in Bremerton, WA. The organization was established in 1954. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Kitsap Credit Union employed 379 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Kitsap Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.

For the year ending 12/2021, Kitsap Credit Union generated $86.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.8% each year. All expenses for the organization totaled $67.0m during the year ending 12/2021. While expenses have increased by 8.3% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Since 2017, Kitsap Credit Union has awarded 65 individual grants totaling $914,063. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

A NOT-FOR-PROFIT FINANCIAL COOPERATIVE OFFERING CHECKING, SAVINGS AND LENDING PROGRAMS 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.

Describe the Organization's Program Activity:

Part 3 - Line 4a

SECURED AND UNSECURED LOANS ISSUED TO CREDIT UNION MEMBERS, AS RELATED TO THE EXEMPT PURPOSE OF KCU. THE TYPES OF LOANS ISSUED INCLUDE DIRECT AND INDIRECT VEHICLE LOANS, VISA'S, HOME EQUITY LOANS, AND MORTGAGE LOANS.


SAVINGS PROGRAMS THAT ARE PROVIDED TO CREDIT UNION MEMBERS, AS RELATED TO THE EXEMPT PURPOSE OF KCU. THE TYPES OF ACCOUNTS OFFERED ARE CHECKING, MONEY MARKET ACCOUNTS, IRA ACCOUNTS, REGULAR SAVINGS, AND CERTIFICATES.


COMMUNITY INVOLVEMENT INCLUDING DONATION OF STAFF TIME IN THE COMMUNITY. KCU ALSO OFFERS MANY FINANCIAL LITERACY CLASSES FOR CHILDREN AND ADULTS.


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Board, Officers & Key Employees

Name (title)Compensation
Shawn Gilfedder
President/ceo
$1,026,006
Kellie D Letexier
SVP COO
$648,946
Anthony G Bulleri
SVP Clo
$516,282
Bradley Miller
SVP CFO (thru 05/21)
$479,126
James W Pyron
SVP Cmo
$432,902
Colin P Morrison
SVP Cio (thru 05/21)
$371,196

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Ncr Corporation
Online Banking/bill Pay Service
$2,251,556
Dcg One Seattle Envelope Company
Printing/statement Services
$1,185,754
Microsoft Services
Software Licensing
$1,194,214
Gibson Media Inc
Advertising/consulting
$1,351,364
Visa Dps
Plastic Card Data Processing Services
$1,144,151
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$80,783,208
Investment income $5,102,122
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $346,472
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $86,231,802

Grants Awarded

Over the last fiscal year, Kitsap Credit Union has awarded $334,700 in support to 29 organizations.

Grant RecipientAmount

CENTRAL KITSAP SCHOOL DISTRICT

PURPOSE: ATHLETIC COMPLEX SPONSORSHIP

$100,000

UNITED WAY OF PIERCE COUNTY

Org PageRecipient Profile

Tacoma, WA

PURPOSE: CENTER FOR STRONG FAMILIES DONATION, BACK PACK FEEDING DONATION

$16,000

UNITED WAY OF KITSAP COUNTY

Org PageRecipient Profile

Bremerton, WA

PURPOSE: PLATINUM SPONSORSHIP

$15,000

NORTH KITSAP FISHLINE

Org PageRecipient Profile

Poulsbo, WA

PURPOSE: FOOD BANK DONATIONS

$13,500

KITSAP ECONOMIC DEVELOPMENT ALLIANCE

Org PageRecipient Profile

Silverdale, WA

PURPOSE: PROGRAM INVESTMENT 2021

$13,000

SHARENET FOOD BANK

Org PageRecipient Profile

Kingston, WA

PURPOSE: FOOD BANK DONATIONS

$12,000
View Grant Profile

Peer Organizations

Organization NameAssets
Oregon Community Credit Union
Eugene, OR
$182,242,816
Credit Unions In The State Of Washington
Olympia, WA
$102,241,429
Credit Unions In The State Of Washington
Tacoma, WA
$105,611,575
Potlatch No 1 Federal Credit Union
Lewiston, ID
$87,422,599
Selco Community Credit Union
Springfield, OR
$90,564,912
Kitsap Credit Union
Bremerton, WA
$86,231,802
Whatcom Educational Credit Union
Bellingham, WA
$85,746,120
Columbia Community Credit Union
Vancouver, WA
$81,363,284
Iq Credit Union
Vancouver, WA
$77,633,682
Advantis Credit Union
Clackamas, OR
$72,337,533
Credit Union 1
Anchorage, AK
$70,736,844
Credit Unions In The State Of Washington
Spokane Valley, WA
$75,301,654

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