WASHINGTON STATE EMPLOYEES CREDIT UNION (EIN 910683062) - Form 990 Financial Analysis & Trantor Score

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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

1957

Legal Domicile

Principal Officer

GARY SWINDLER

Phone

3609437911

Tax Period

2023-01-01 to 2023-12-31

WASHINGTON STATE EMPLOYEES CREDIT UNION, founded in 1957, is a major nonprofit that reported $317.9M in total revenue in fiscal year 2023. Revenue surged 46% from the prior year, signaling strong growth momentum. Expenses of $289.3M left a modest 9% surplus.

Mission

TO PROVIDE SERVICES TO MEMBERS WHICH ARE MANDATED IN THE CREDIT UNION ACT TO CHARTERS AND TO PROVIDE A MEANS WHEREBY MEMBERS CAN PROVIDE EACH OTHER WITH NEEDED FINANCIAL SERVICES.

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $269,746,727

Investment Income $47,103,269

Other Revenue $1,024,181

TOTAL REVENUE $317,874,177

Expense Breakdown

Grants Paid $100,000

Salaries & Benefits $98,166,600

Fundraising Expenses $0

Other Expenses $191,081,860

TOTAL EXPENSES $289,348,460

Year-over-Year Comparison

	2023	2022	Change
Revenue	$317,874,177	$218,232,879	+0.5%
Expenses	$289,348,460	$200,999,720	+0.4%
Net Income	$28,525,717	$17,233,159	+0.7%

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

956

Volunteers

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

$2,413,834

Total Directors

$20,741

Key Employees

$3,281,175

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DOUG MAH	BOARD CHAIR	1.00	Officer Director	$3,006	$0	$3,006
VERONICA BRONKEMA	BOARD VICE CHAIR	1.00	Officer Director	$3,641	$0	$3,641
MARCUS GLASPER	BOARD SECRETARY	1.00	Officer Director	$0	$0	$0
CAROLE WASHBURN	BOARD PAST CHAIR	1.00	Officer Director	$1,967	$0	$1,967
TRACY GUERIN	BOARD MEMBER	1.00	Director	$1,223	$0	$1,223
STACIA HOLLAR	BOARD MEMBER	1.00	Director	$1,550	$0	$1,550
VIKKI SMITH	BOARD MEMBER	1.00	Director	$2,304	$0	$2,304
JOSEPH PEARSON	BOARD MEMBER	1.00	Director	$0	$0	$0
STEVE LEARCH	BOARD MEMBER	1.00	Director	$0	$0	$0
TRUDY SOUCOUP	BOARD MEMBER	1.00	Director	$4,800	$0	$4,800
MIKE VANDERLINDE	BOARD MEMBER	1.00	Director	$2,250	$0	$2,250
GARY SWINDLER	PRESIDENT - CEO	40.00	Officer	$1,415,924	$332,099	$1,748,023
RANDY GUNDERSON	CHIEF FINANCIAL OFFICER	40.00	Officer	$550,241	$106,956	$657,197
SHARON WHITEHEAD	CHIEF ADMINISTRATIVE OFFICER	40.00	Key Emp	$834,255	$94,407	$928,662
PAUL KIRKBRIDE	CHIEF OPERATING OFFICER	40.00	Key Emp	$681,120	$110,615	$791,735
JULIE LIND	CHIEF LENDING OFFICER	40.00	Key Emp	$295,079	$142,271	$437,350
JUDITH HENDERSON	CHIEF TECH & OPS OFFICER/CEO QCF	40.00	Key Emp	$313,304	$73,091	$386,395
EMILY FRIESEN	CHIEF MARKETING & ANALYTICS OFFICER	40.00	Key Emp	$357,545	$28,409	$385,954
RYAN BROOKS	CHIEF DIGITAL OFFICER	40.00	Key Emp	$215,806	$135,273	$351,079
JEFF AMIRA	LENDING OFFICER - SEATTLE AREA	40.00	Highest	$326,488	$55,223	$381,711
JEFF REESE	FINANCIAL ADVISOR	40.00	Highest	$337,237	$40,111	$377,348
MARY EVANS	LENDING OFFICER - SEATTLE AREA	40.00	Highest	$287,302	$48,732	$336,034
KIM DUFFY	VP, PEOPLE & CULTURE SERVICES	40.00	Highest	$274,993	$51,192	$326,185
CAROLE SULLIVAN	LENDING OFFICER - SEATTLE AREA	40.00	Highest	$266,015	$21,631	$287,646

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	No data	No data	No data	No data
2023	$317,874,177	$289,348,460	$5,357,264,547	$28,525,717
2022	$218,232,879	$200,999,720	$4,932,136,053	$17,233,159
2021	$192,003,010	$144,257,586	$4,636,127,364	$47,745,424
2020	$191,745,564	$170,138,844	$4,076,563,130	$21,606,720
2019	$192,328,707	$160,546,308	$3,338,765,767	$31,782,399
2018	$186,348,441	$149,714,114	$2,971,353,784	$36,634,327

WASHINGTON STATE EMPLOYEES CREDIT UNION