KITSAP CREDIT UNION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1934

Legal Domicile

Principal Officer

SHAWN GILFEDDER

Phone

3606622000

Tax Period

2024-01-01 to 2024-12-31

KITSAP CREDIT UNION, founded in 1934, is a major nonprofit that reported $153.7M in total revenue in fiscal year 2024. Revenue grew 13% year-over-year, indicating healthy expansion. Expenses of $148.2M left a modest 4% surplus.

Mission

TO OFFER CHECKING, SAVINGS, AND LENDING PROGRAMS TO MEMBERS WHO PRIMARILY LIVE, WORK, AND WORSHIP IN THE STATE OF WASHINGTON. KCU ALSO PROVIDES FINANCIAL LITERACY PROGRAMS AND IS ACTIVELY INVOLVED IN COMMUNITY OUTREACH PROGRAMS.

Program Service Accomplishments

Program 1

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...

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, BUSINESS LOANS, AND MORTGAGE LOANS.

Program 2

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...

Program 3

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

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $660,000

Program Service Revenue $142,407,818

Investment Income $10,653,653

Other Revenue $0

TOTAL REVENUE $153,721,471

Expense Breakdown

Grants Paid $364,196

Salaries & Benefits $37,481,158

Fundraising Expenses $0

Other Expenses $110,339,170

TOTAL EXPENSES $148,184,524

Year-over-Year Comparison

	2024	2023	Change
Revenue	$153,721,471	$135,974,513	+0.1%
Expenses	$148,184,524	$127,345,815	+0.2%
Net Income	$5,536,947	$8,628,698	-0.4%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✓ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

406

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$3,718,708

Total Directors

$162,598

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SHAWN GILFEDDER	PRESIDENT/CEO	40.00	Officer	$959,929	$26,163	$986,092
KELLIE D LETEXIER	SVP COO	40.00	Officer	$405,436	$22,608	$428,044
TREVOR STUART	SVP CFO	40.00	Officer	$390,960	$19,569	$410,529
SIMON POWLEY	CHIEF REVENUE OFFICER	40.00	Officer	$379,785	$17,770	$397,555
SCOTT LINDLEY	SVP CIO	40.00	Officer	$365,835	$26,453	$392,288
ANTHONY G BULLERI	SVP CLO	40.00	Officer	$368,373	$16,198	$384,571
PAULA C EDELSTEIN	SVP CPO	40.00	Officer	$338,671	$26,232	$364,903
SEAN CUMMINGS	VP, SALES (THRU 11/24)	40.00	Highest	$328,132	$21,132	$349,264
ERIC CRABTREE	CHIEF DIGITAL STRATEGIST	40.00	Officer	$228,453	$17,628	$246,081
JASON ELLIOTT	VP FINANCE	40.00	Highest	$218,323	$10,887	$229,210
ANDREW E VOORHIES	VP INFO. TECHNOLOGY (THRU 12/24)	40.00	Highest	$199,878	$20,150	$220,028
MARK GAULT	VP STRATEGIC PLANNING	40.00	Highest	$199,012	$15,938	$214,950
LAURA J ENQUIST	VP MEMBER EXPERIENCE	40.00	Highest	$195,965	$11,955	$207,920
MIKE GOONEWARDENE	VICE CHAIR	8.00	Officer Director	$30,000	$0	$30,000
SUSAN BAKER	CHAIR	8.00	Officer Director	$23,645	$0	$23,645
WENDY JOHNSON	VICE CHAIR	8.00	Officer Director	$20,000	$0	$20,000
JIM ROWSON	TREASURER	8.00	Officer Director	$20,000	$0	$20,000
VICKI GAMBRELL	DIRECTOR	8.00	Director	$20,000	$0	$20,000
SUSAN SIOBHAN CANTY	DIRECTOR	5.00	Director	$17,500	$0	$17,500
KAREN HOLMES	SECRETARY	5.00	Officer Director	$15,000	$0	$15,000
VASUMA SARGENT	DIRECTOR	8.00	Director	$8,339	$0	$8,339
MATTHEW ELLSWORTH	DIRECTOR	8.00	Director	$8,114	$0	$8,114

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$153,721,471	$148,184,524	$2,320,371,924	$5,536,947
2023	$135,974,513	$127,345,815	$2,368,604,375	$8,628,698
2022	$104,047,497	$82,914,598	$2,255,075,377	$21,132,899
2021	$86,231,802	$66,951,388	$2,025,562,127	$19,280,414
2020	$78,052,393	$76,130,014	$1,732,585,883	$1,922,379
2019	$74,132,215	$65,057,330	$1,435,523,011	$9,074,885
2018	$65,434,831	$54,719,899	$1,254,472,738	$10,714,932