Solarity Credit Union
- Assets
- $813.8m
- Revenue
- $38.7m
- Investments
- $1.8m
- Employees
- 249
- Location
- Yakima, WA
- Founding
- 07/1954
- Data as of
- 12/2021
- EIN
- 91-6049071
Organization Overview
Solarity Credit Union is located in Yakima, 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, Solarity Credit Union employed 249 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Solarity 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, Solarity Credit Union generated $38.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.3% each year. All expenses for the organization totaled $30.9m during the year ending 12/2021. While expenses have increased by 5.8% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE FINANCIAL SERVICES TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FINANCIAL SERVICES TO 55,000+ MEMBERS. THESE SERVICES INCLUDE BUT ARE NOT LIMITED TO PROVIDING REAL ESTATE AND OTHER SECURED AND UNSECURED CONSUMER LOANS, CHECKING AND SAVINGS PROGRAMS AND CREDIT CARD SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mina Worthington President/ceo | OfficerTrustee | 40 | $1,238,132 |
Ralph Cumbee Chief Revenue Officer | Officer | 40 | $1,134,036 |
Carrie Gabbard Chief Operating Officer | Officer | 40 | $417,105 |
Valentin Villa Mortgage Loan Officer | 40 | $396,935 | |
Lillie Higgenbotham Mortgage Loan Officer | 40 | $346,273 | |
Angela Mobley VP Of Human Resources | 40 | $262,243 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Horsetail Tech Llc Dba Thinkstack It Services | 12/30/21 | $844,579 |
Mortgage Cadence Llc Loan Origination Service | 12/30/21 | $350,208 |
American Reporting Company Llc Real Estate Appraisal Services | 12/30/21 | $626,254 |
Tri-ply Construction Construction Labor | 12/30/21 | $554,361 |
Diaz Brothers Construction Llc Construction Labor | 12/30/21 | $338,684 |
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 | $38,168,347 |
| Investment income | $584,408 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $19,747 |
| Net Gain/Loss on Asset Sales | -$85,856 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $38,686,646 |
| 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 | $931,934 |
| Compensation of current officers, directors, key employees. | $3,843,079 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,092,332 |
| Pension plan accruals and contributions | $947,905 |
| Other employee benefits | $2,337,641 |
| Payroll taxes | $1,133,539 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $78,074 |
| Fees for services: Accounting | $163,750 |
| Fees for services: Lobbying | $8,324 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $9,317 |
| Fees for services: Other | $2,704,581 |
| Advertising and promotion | $1,145,142 |
| Office expenses | $4,817,925 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $677,237 |
| Travel | $191,691 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $448,626 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,519,385 |
| Insurance | $111,410 |
| All other expenses | $0 |
| Total functional expenses | $30,919,332 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,908,670 |
| Savings and temporary cash investments | $101,123,967 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,171,442 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $544,818,500 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,989,093 |
| Net Land, buildings, and equipment | $14,083,142 |
| Investments—publicly traded securities | $53,653,783 |
| Investments—other securities | $1,768,300 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $76,254,262 |
| Total assets | $813,771,159 |
| Accounts payable and accrued expenses | $16,919,272 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,637,477 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $10,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $666,425,008 |
| Total liabilities | $694,981,757 |
| 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 | $118,789,402 |
| Total liabilities and net assets/fund balances | $813,771,159 |
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 |
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Selco Community Credit Union Springfield, OR | $2,557,598,852 | $90,564,912 |
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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 |
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Credit Union 1 Anchorage, AK | $1,468,974,903 | $70,736,844 |
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