2024-05-15T14:59:52-05:00 2023-12-31 810987947 HAUSER JONES & SAS PLLC 10940 NE 33RD PLACE SUITE 100 BELLEVUE WA 98004 990 2023-01-01 910176216 CREDIT UNIONS IN THE STATE OF WASHINGTON TAPCO CREDIT UNION CRED 2536203241 6312 - 19TH STREET WEST TACOMA WA 98466 KATHY SCHOLES CFO 2535659895 2024-05-15 1 KATHY SCHOLES 999009999 0 LINDSEY SAS CPA P01620141 4258891778 2024-05-15 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z JUSTIN MARTIN 6312 - 19TH STREET WEST TACOMA WA 98466 32379677 0 X WWW.TAPCOCU.ORG X 1934 WA IMPROVING LIVES BY PARTNERING WITH FAMILIES TO REACH THEIR GOALS. 9 9 134 14 91472 0 0 0 25658238 29567774 725070 2680496 6611 2101 26389919 32250371 15125 22500 1232865 6105100 9681709 10566664 0 0 0 8798077 11255610 19727776 27949874 6662143 4300497 646595896 653069678 600209613 600614014 46386283 52455664 WE ARE A FINANCIAL COOPERATIVE COMMITTED TO IMPROVING LIVES BY PARTNERING WITH FAMILIES TO REACH THEIR GOALS AND IMPACTING OUR COMMUNITY BY HELPING INDIVIDUALS REALIZE THEIR FULL POTENTIAL. WE VALUE TRUST AND UNDERSTANDING, AND RESPECT FOR OURSELVES AND OTHERS. 0 0 TAPCO CREDIT UNION PROVIDES FINANCIAL PRODUCTS AND SERVICES TO OVER 30,191 MEMBERS, INCLUDING MORE THAN 17,590 CONSUMERS, REAL ESTATE, AND BUSINESS LOANS, AND OVER 55,290 DEPOSIT ACCOUNTS. SERVICES OFFERED INCLUDE ONLINE AND MOBILE BANKING WITH BILL PAY AND REMOTE DEPOSIT, BRANCHES, ATMS, SAFE DEPOSIT BOXES, SHARED BRANCHING, ACH, AND WIRES. TAPCO HAS BEEN A PART OF THE TACOMA-PIERCE COUNTY COMMUNITY FOR 90 YEARS. WE CONTINUE TO FOCUS ON OUR TAGLINE "ROOTED IN SOUTH SOUND", WHICH EMBODIES OUR VISION, MISSION, AND VALUES AND EMPHASIZES OUR COMMITMENT TO THE CREDIT UNION PHILOSOPHY OF "PEOPLE HELPING PEOPLE". IN 2023, OUR STAFF, BOARD AND SUPERVISORY COMMITTEE MEMBERS, AND MEMBERSHIP DEDICATED THEIR TIME AND MONEY TO SUPPORT LOCAL COMMUNITY PROGRAMS AND EVENTS. THROUGH THESE EVENTS OVER $50,296 WAS DONATED AND $22,500 WAS GRANTED IN SCHOLARSHIPS. WE CONTINUED TO INCREASE MEMBER LOANS SIGNIFICANTLY. TAPCO'S LOAN PORTFOLIO IS DISTRIBUTED ACROSS MANY LOAN TYPES, INCLUDING OVER $150 MILLION IN MORTGAGES AND EQUITY LOANS, OVER $262 MILLION IN AUTO LOANS AND $95 MILLION IN COMMERCIAL LOANS. TAPCO PEAK MEMBER REWARDS PROGRAM RECOGNIZES MEMBERS FINANCIAL RELATIONSHIP WITH TAPCO AND OFFERS BETTER RATES AND FREE SERVICES. REWARDS BENEFITS MAY APPLY TO ALL FAMILY MEMBERS LIVING IN THE SAME HOUSEHOLD BY LINKING FAMILY MEMBERSHIPS, YOUR HIGH SCHOOL, COLLEGE STUDENT, OR OTHER FAMILY. WE CONTINUED TO LOOK FOR WAYS TO BETTER SERVE OUR MEMBERS NEAR WHERE THEY LIVE AND WORK. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 4477 0 1 134 1 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 0 0 0 1 1 1 1 1 1 1 1 0 X KATHY SCHOLES 2535659895 6312 - 19TH STREET WEST TACOMA WA 98466 JOHN O'LOUGHLIN SUPERVISORY COMMITTEE 1.00 X 0 0 0 BRENT BOMKAMP SUPERVISORY COMMITTEE 1.00 X 0 0 0 LINDSEY WADE BOARD MEMBER 1.00 X 0 0 0 BRUCE BAURICHTER BOARD MEMBER 1.00 X 0 0 0 PATRICIA BOSMANS BOARD MEMBER 1.00 X 0 0 0 LOUIS COOPER JR BOARD MEMBER 1.00 X 0 0 0 ROB MASKO BOARD VICE CHAIR 2.00 X X 0 0 0 PAT MCELLIGOT BOARD CHAIR 2.00 X X 0 0 0 GENE MILLER BOARD MEMBER 1.00 X 0 0 0 CLARA NELSON BOARD SECRETARY 2.00 X X 0 0 0 ALEX WILSIE BOARD MEMBER 1.00 X 0 0 0 JOHN SINCLAIR SUPERVISORY COMMITTEE 1.00 X 0 0 0 JULIE WILLIAMS SUPERVISORY COMMITTEE 1.00 X 0 0 0 JUSTIN MARTIN CEO 40.00 X 427503 0 35168 WILLIAM PETERS COO 40.00 X 310500 0 28339 KATHLEEN SCHOLES CFO 40.00 X 245576 0 15570 JASON ALLEN CIO 40.00 X 219111 0 17172 SARAH GRAY CPIO 40.00 X 215573 0 18172 TERRI LACOY CONTROLLER 40.00 X 112933 0 7487 LORI STANAWAY VP OPERATIONS 40.00 X 152345 0 9866 HEATHER FATE VP MEMBER EXPERIENCE 40.00 X 150118 0 10799 MITCHELL JACKSON VP COMMERCIAL LENDING 40.00 X 122451 0 8333 PATTY JACKSON AVP/LENDING 40.00 X 112666 0 7757 2068776 0 158663 10 0 1 0 FISERV PO BOX 208457 DALLAS TX 753208457 CORE, ONLINE BANKING, MOBILE, ACCOUNTING 1536944 COOP ATMDEBIT TRANSACTION FEES 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 CHARGEBACKS, DISPUTES, FRAUD PREVENTION 699597 SYNERGI PARTNERS INC PO BOX 5599 FLORENCE SC 29502 TAX CREDIT FILING 374965 MOMENTUM INC 109 BELL STREET SUITE B SEATTLE WA 98121 FACILITIES REMODELS/NEW BRANCH BUILD 356789 COOP DEBITCREDIT CARD PROCESSING 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 CARD PROCESSING 264619 5 INTEREST ON LOANS TO MEMBERS 522100 24248488 24248488 FEE INCOME 522100 3523106 3472460 50646 OTHER NON-INTEREST INCOME 522100 1503153 1462327 40826 OTHER MISCELLANEOUS INCOME 522100 293027 293027 29567774 2670861 2670861 131407 129306 2101 2101 2101 9635 0 9635 9635 9635 32250371 29485937 91472 2672962 22500 6105100 1531196 6372893 478957 1520769 662849 1190 466032 301078 4338748 596400 37732 150218 1886432 767717 LOAN SERVICING EXPENSES 1532501 LOANS PROVISON 1069630 ASSOCIATION FEES 105203 MISCELLANEOUS OPERATING 2432 297 27949874 2952481 3201273 31534653 27212334 3484866 521533526 536843463 4901031 4896819 18991865 8903304 10089156 10088561 53349168 48843050 1496000 498000 20739881 18001312 646595896 653069678 4358618 5536993 55040000 34999999 0 1694805 540810995 558382217 600209613 600614014 X 0 0 0 0 46386283 52455664 46386283 52455664 646595896 653069678 4300497 1768884 0 X X 0 1 X 1 0 3376024 3376024 9208197 4179962 5028235 560661 313124 247537 3029121 1893280 1135841 2817862 2516938 300924 10088561 MEMBER SHARES OF ALL TYPES 558382217 558382217 1 SCHOLARSHIPS 9 22500 COMMITTEE N/A PART I, LINE 2 SCHOLARSHIP FUNDS ARE AWARDED BY A COMMITTEE OF THE BOARD AND CHECKS ARE MADE OUT DIRECTLY TO THE EDUCATIONAL INSTITUTIONS. X 0 1 0 JUSTIN MARTIN CEO 341351 0 71251 0 14901 0 23100 0 12068 0 462671 0 0 0 WILLIAM PETERS COO 254012 0 30923 0 25565 0 19979 0 8360 0 338839 0 0 0 KATHLEEN SCHOLES CFO 207933 0 21868 0 15775 0 15570 0 0 0 261146 0 0 0 JASON ALLEN CIO 188529 0 11788 0 18794 0 14208 0 2964 0 236283 0 0 0 SARAH GRAY CPIO 200039 0 9242 0 6292 0 14572 0 3600 0 233745 0 0 0 LORI STANAWAY VP OPERATIONS 127240 0 10721 0 14384 0 9825 0 41 0 162211 0 0 0 HEATHER FATE VP MEMBER EXPERIENCE 132171 0 10434 0 7513 0 9841 0 958 0 160917 0 0 0 JUSTIN MARTIN CEO SPLIT DOLLAR LIFE INSURANCE X 1968400 1692956 0 1 1 WILLIAM PETERS COO SPLIT DOLLAR LIFE INSURANCE X 2318800 1791910 0 1 1 3484866 FORM 990, PART VI, SECTION A, LINE 6 TAPCO CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A TAPCO CREDIT UNION'S BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERS OF TAPCO CREDIT UNION AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE CFO REVIEWS FORM 990 BY COMPARING IT TO FINANCIAL STATEMENTS AND ACCOUNTING DATA. A COPY OF FORM 990 WILL BE PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C IT IS TAPCO CREDIT UNION'S POLICY THAT ALL EMPLOYEES AVOID ANY CONFLICT BETWEEN THEIR PERSONAL INTERESTS AND THOSE OF TAPCO. THE PURPOSE OF THE CONFLICT OF INTEREST POLICY IS TO ENSURE THAT TAPCO'S HONESTY AND INTEGRITY, AND THEREFORE ITS REPUTATION, ARE NOT COMPROMISED. THE FUNDAMENTAL PRINCIPLE GUIDING THIS POLICY IS THAT NO EMPLOYEE SHOULD HAVE, OR APPEAR TO HAVE, PERSONAL INTERESTS OR RELATIONSHIPS THAT ACTUALLY OR POTENTIALLY CONFLICT WITH THE BEST INTERESTS OF TAPCO. IT IS NOT POSSIBLE TO GIVE AN EXHAUSTIVE LIST OF SITUATIONS THAT MIGHT INVOLVE VIOLATIONS OF THIS POLICY. HOWEVER, THE SITUATIONS THAT WOULD CONSTITUTE A CONFLICT OF INTEREST IN MOST CASES INCLUDED BUT ARE NOT LIMITED TO: 1. HOLDING AN INTEREST IN OR ACCEPTING FREE OR DISCOUNTED GOODS FROM ANY ORGANIZATION THAT DOES, OR IS SEEKING TO DO, BUSINESS WITH TAPCO, BY ANY EMPLOYEE WHO IS IN A POSITION TO DIRECTLY OR INDIRECTLY INFLUENCE EITHER TAPCO'S DECISION TO DO BUSINESS, OR THE TERMS UPON WHICH BUSINESS WOULD BE DONE WITH SUCH ORGANIZATION; 2. HOLDING ANY INTEREST IN AN ORGANIZATION THAT COMPETES WITH TAPCO; 3. BEING EMPLOYED BY (INCLUDING AS A CONSULTANT) OR SERVING ON THE BOARD OF ANY ORGANIZATION WHICH DOES OR IS SEEKING TO DO BUSINESS WITH TAPCO OR WHICH COMPETES WITH TAPCO; 4. PROFITING PERSONALLY, E.G., THROUGH COMMISSIONS, LOANS, EXPENSE REIMBURSEMENTS OR OTHER PAYMENTS, FROM ANY ORGANIZATION SEEKING TO DO BUSINESS WITH TAPCO. A CONFLICT OF INTEREST ALSO EXISTS WHEN A MEMBER OF THE EMPLOYEE'S IMMEDIATE FAMILY IS INVOLVED IN SITUATIONS SUCH AS THOSE ABOVE. EMPLOYEES MAY RECEIVE GIFTS OR SPECIAL CONSIDERATION VALUED UP TO $100. NO CASH CURRENCY OF ANY VALUE IS ALLOWED. EMPLOYEES HAVE A RESPONSIBILITY TO DISCLOSE ANY GIFTS THAT EXCEED THE $100 THRESHOLD OR IF THE VALUE OF THE GIFT CANNOT BE DETERMINED TO HUMAN RESOURCES. IF THE VALUE OF THE GIFT OR SPECIAL CONSIDERATION CANNOT BE ASSESSED, IT MAY BE DONATED FOR A CHARTABLE FUND RAISIG EVENT. IF AN EMPLOYEE REFUSES A CASH CURRENCY GIFT AND IT IS LEFT WITH THEM, IT WILL BE PROCESSED VIA TAPCO CHARITY GL. IT IS THE EMPLOYEE'S RESPONSIBLITY TO REPORT ANY ACTUAL OR POTENTIAL CONFLICT THAT MAY EXIST BETWEEN THE EMPLOYEE (AND THE EMPLOYEE'S IMMEDIATE FAMILY) AND TAPCO. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD REVIEWS THE CEO AND UTILIZES THE COMPEASE PAY DATA AS A GUIDELINE FOR COMPENSATION. TAPCO UTILIZES COMPEASE, AN OUTSIDE CLOUD BASED SALARY ADMINISTRATION AND PLANNING SYSTEM WHICH USED TRUSTED SALARY SOURCES OF OVER 700 CREDIT UNIONS AND CUNA SALARY INFORMATION. IT FACTORS IN INDIVIDUAL POSITION RESPONSIBILITIES, LOCATION, SIZE, AND INDUSTRY. COMPENSATION IS BASED ON PAY RANGES BY POSITION FROM COMPEASE AND THE CREDIT UNION'S PAY PHILOSOPHY GUIDELINES. A PERSONNEL ACTION NOTICE IS COMPLETED FOR NEW HIRES, PROMOTIONS, AND MERIT INCREASES. ALL NEW HIRES ARE PROVIDED AN OFFER LETTER OUTLINING THE TERMS OF EMPLOYMENT. THE LETTER IS SIGNED AND A PART OF THE EMPLOYEES PERSONNEL FILE. THE ANNUAL SALARY BUDGET IS APPROVED BY THE BOARD AS PART OF THE COMPLETE ANNUAL OPERATING BUDGET. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS ARE MADE PUBLIC THROUGH THE ANNUAL MEETING AND INTERNET AND THE CONFLICTS OF INTEREST POLICIES ARE AVAILABLE UPON REQUEST. DOCUMENTS ARE AVAILABLE FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XII, LINE 2C: THE BOARD AND SUPERVISORY COMMITTEE ASSUME RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT.