Salal Credit Union
- Assets
- $1.1b
- Revenue
- $53.4m
- Investments
- $2.6m
- Employees
- 298
- Location
- Seattle, WA
- Founding
- 07/1954
- Data as of
- 12/2021
- EIN
- 91-0593941
Organization Overview
Salal Credit Union is located in Seattle, 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, Salal Credit Union employed 298 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Salal 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, Salal Credit Union generated $53.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.1% each year . All expenses for the organization totaled $44.3m during the year ending 12/2021. While expenses have increased by 11.7% 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 2015, Salal Credit Union has awarded 50 individual grants totaling $869,290. 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF SALAL CREDIT UNION IS TO MAKE MONEY MANAGEMENT EASIER FOR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALAL CREDIT UNION IS A STATE CHARTERED NON-PROFIT COOPERATIVE CREDIT UNION OFFERING ITS MEMBERS A VARIETY OF FINANCIAL SERVICES DESIGNED TO PROMOTE SAVING AND PROVIDE CREDIT AT FAIR AND REASONABLE RATES OF INTEREST. SALAL CREDIT UNION CURRENTLY SERVES 52,882 MEMBERS; HOWEVER THERE ARE APPROXIMATELY 6,700,000 POTENTIAL MEMBERS IN THE GREATER PUGET SOUND COMMUNITY.
SALAL CREDIT UNION OFFERS FINANCIAL LITERACY/EDUCATION PROGRAMS THROUGH BALANCE FINANCIAL FITNESS PROGRAM TO MEMBERS AND EMPLOYEES. THESE EDUCATIONAL PROGRAMS ARE DESIGNED TO HELP INDIVIDUALS IN BUDGETING, SAVING FOR MAJOR PURCHASES, COLLEGE, AND RETIREMENT AND OVERALL FINANCIAL MANAGEMENT.
SALAL CREDIT UNION IS ACTIVE IN THE COMMUNITY BY CONTRIBUTING TO THE FUNDRAISING EFFORTS OF SEVERAL WORTHWHILE ORGANIZATIONS SUCH AS HEALTHPOINT, INTERNATIONAL COMMUNITY HEALTH SERVICES (ICHS), NORTHWEST CREDIT UNION FOUNDATION, NORTHWEST HARVEST, AND KING COUNTY NURSES ASSOCIATION. SALAL CREDIT UNION ALSO PROVIDES MATCHING CONTRIBUTIONS FOR EMPLOYEES AND DIRECTORS TO APPROVED 501(C)(3) ORGANIZATIONS UP TO $500 PER YEAR.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Russell Rosendal President/ceo | Officer | 40 | $999,018 |
Robert Schweigert SVP - Chief Lending Officer | Officer | 40 | $310,602 |
Randy Cloes SVP - CFO | Officer | 40 | $302,875 |
Troy-Skott Pope SVP - Chief Digital & Strategy Officer | Officer | 40 | $301,192 |
Sandora Tiburcio Senior Mortgage Advisor | 40 | $268,964 | |
James Millsap Dealer Account Manager | 40 | $264,490 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry & Associates Inc Data Processing | 12/30/21 | $897,955 |
Softchoice Corporation Software & It | 12/30/21 | $571,725 |
Empyreal Enterprises Ma Llc Cash Courier | 12/30/21 | $2,226,172 |
Alkami Technology Inc Data Processing | 12/30/21 | $732,891 |
Securetrans Inc Dba Axiom Armored Transp Security | 12/30/21 | $504,068 |
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 | $52,249,948 |
| Investment income | $1,585,974 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$366,506 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $53,428,759 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $499,515 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $4,430,987 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $16,099,666 |
| Pension plan accruals and contributions | $1,015,751 |
| Other employee benefits | $2,421,639 |
| Payroll taxes | $1,599,020 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $371,652 |
| Fees for services: Accounting | $122,388 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $192,005 |
| Fees for services: Other | $3,470,479 |
| Advertising and promotion | $841,694 |
| Office expenses | $842,446 |
| Information technology | $1,881,479 |
| Royalties | $0 |
| Occupancy | $1,275,465 |
| Travel | $142,759 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,220,646 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,440,770 |
| Insurance | $120,661 |
| All other expenses | $617,231 |
| Total functional expenses | $44,265,058 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $20,760,615 |
| Savings and temporary cash investments | $128,654,312 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $12,516,232 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $702,169,955 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,342,500 |
| Net Land, buildings, and equipment | $32,392,434 |
| Investments—publicly traded securities | $165,438,047 |
| Investments—other securities | $2,598,007 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,962,860 |
| Total assets | $1,076,834,962 |
| Accounts payable and accrued expenses | $27,483,598 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $14,033,803 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $949,400,079 |
| Total liabilities | $990,917,480 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $85,917,482 |
| Total liabilities and net assets/fund balances | $1,076,834,962 |
Grants Awarded
Over the last fiscal year, Salal Credit Union has awarded $192,500 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
Seattle, WA PURPOSE: GENERAL SUPPORT | $50,000 |
Renton, WA PURPOSE: SCHOLARSHIPS AND SPONSORSHIP OF FUNDRAISING EVENT | $45,000 |
Seattle, WA PURPOSE: NURSING SCHOLARSHIP FUND | $29,000 |
Chicago, IL PURPOSE: ALZ CARES PROGRAM SUPPORT | $15,000 |
Kent, WA PURPOSE: SUPPORT FOR DOMESTIC ABUSE SURVIVORS | $15,000 |
UW NURSES CAMP PURPOSE: SUPPORT FOR UNDERREPRESENTED COMMUNITIES | $12,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Oregon Community Credit Union Eugene, OR | $2,826,121,126 | $182,242,816 |
Credit Unions In The State Of Washington Olympia, WA | $2,172,440,238 | $102,241,429 |
Credit Unions In The State Of Washington Tacoma, WA | $2,549,084,611 | $105,611,575 |
Potlatch No 1 Federal Credit Union Lewiston, ID | $1,982,476,028 | $87,422,599 |
Selco Community Credit Union Springfield, OR | $2,557,598,852 | $90,564,912 |
Kitsap Credit Union Bremerton, WA | $2,025,562,127 | $86,231,802 |
Whatcom Educational Credit Union Bellingham, WA | $2,491,858,278 | $85,746,120 |
Columbia Community Credit Union Vancouver, WA | $2,324,855,630 | $81,363,284 |
Iq Credit Union Vancouver, WA | $1,792,465,816 | $77,633,682 |
Advantis Credit Union Clackamas, OR | $1,980,374,380 | $72,337,533 |
Credit Union 1 Anchorage, AK | $1,468,974,903 | $70,736,844 |
Credit Unions In The State Of Washington Spokane Valley, WA | $1,730,610,354 | $75,301,654 |