Sno Falls Credit Union
- Assets
- $116.1m
- Revenue
- $5.6m
- Investments
- $29.1m
- Employees
- 22
- Location
- North Bend, WA
- Founding
- 07/1954
- Data as of
- 12/2022
- EIN
- 91-0693631
Organization Overview
Sno Falls Credit Union is located in North Bend, 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 12/2022, Sno Falls Credit Union employed 22 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Sno Falls 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 12/2022, Sno Falls Credit Union generated $5.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.8% each year. All expenses for the organization totaled $5.0m during the year ending 12/2022. While expenses have increased by 8.6% per year over the past 8 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
ENHANCE THE FINANCIAL WELL-BEING OF OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MUTUAL, MEMBERSHIP PROGRAMS, GENERAL/OTHER: PROVIDED ITS 6,300 MEMBERS THE OPPORTUNITY FOR SAVINGS, DEPOSITS, LOANS, AND OTHER FINANCIAL SERVICES. THE CREDIT UNION GRANTED 589 LOANS TOTALING $29,444,394 TO ITS MEMBERS DURING 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rob Shogren Director | Trustee | 1 | $0 |
E Steve Collins Chairman | OfficerTrustee | 1.5 | $0 |
Shelly Inman Vice Chair | OfficerTrustee | 1.5 | $0 |
Bart Kelly Director, Sc Chair | Trustee | 1.5 | $0 |
Kurt Meister Director | Trustee | 1 | $0 |
Carol Lawrence Secretary | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Corelation Inc Incoming Core System Vendor | 12/30/22 | $416,300 |
Co-op Financial Services Debit And Credit Card Processing | 12/30/22 | $351,263 |
Think Stack Network Security, Aws Bundle, It Support | 12/30/22 | $219,198 |
Jack Henry & Associates Inc Episys Monthly Servicing And Synergy Dat | 12/30/22 | $171,844 |
Access Softek Online & Mobile Banking Vendor | 12/30/22 | $123,981 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $518,748 |
| 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 | $518,748 |
| Total Program Service Revenue | $4,323,856 |
| Investment income | $533,932 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,030 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,599,032 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $1,107,600 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $837,647 |
| Pension plan accruals and contributions | $258,078 |
| Other employee benefits | $250,958 |
| Payroll taxes | $161,222 |
| Fees for services: Management | $21,719 |
| Fees for services: Legal | $2,981 |
| Fees for services: Accounting | $93,421 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $200,869 |
| Advertising and promotion | $48,899 |
| Office expenses | $714,325 |
| Information technology | $29,439 |
| Royalties | $0 |
| Occupancy | $163,998 |
| Travel | $27,594 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $71,586 |
| Interest | $13,054 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $134,656 |
| Insurance | $35,176 |
| All other expenses | $20,648 |
| Total functional expenses | $5,001,862 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,132,190 |
| Savings and temporary cash investments | $2,660,861 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $916,971 |
| Loans from Officers, Directors, or Controlling Persons | $2,043,511 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $75,334,002 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,265,168 |
| Net Land, buildings, and equipment | $1,653,315 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $29,094,170 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,002,352 |
| Total assets | $116,102,540 |
| Accounts payable and accrued expenses | $2,119,411 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $107,551,667 |
| Total liabilities | $109,671,078 |
| 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 | $6,431,462 |
| Total liabilities and net assets/fund balances | $116,102,540 |