2024-11-15T16:01:27-06:00 2023-12-31 910189318 MOSS ADAMS LLP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2023-01-01 916035907 QUALSTAR CREDIT UNION QUAL 8008480018 PO BOX 3050 BOTHELL WA 980413050 MICHAEL G ELFSTROM PRESIDENT/CEO 8008480018 2024-11-15 1 1 EMINA O CRESSWELL CPA P01217304 4252597227 2024-11-15 2023 2024-10-15 13:58:12Z MICHAEL G ELFSTROM 24000 35TH AVE SE BOTHELL WA 98021 52905399 0 X QUALSTARCU.COM X 1997 WA WE ARE A CREDIT UNION PROVIDING FINANCIAL PRODUCTS & SERVICES TO MEMBERS. 9 9 165 12 404768 0 0 0 33024262 44049917 2015689 8298199 826665 106992 35866616 52455108 31250 25913 0 0 12016218 11762247 0 0 0 12976296 33692070 25023764 45480230 10842852 6974878 772976496 983585639 681466632 871789810 91509864 111795829 PROVIDE FINANCIAL PRODUCTS & SERVICES TO MEMBERS. 0 0 INTEREST EXPENSE IN THE AMOUNT OF $12,125,681 WAS PAID TO MEMBERS FOR MONEY ON DEPOSIT AT THE CREDIT UNION. DEPOSIT ACCOUNTS EARNING INTEREST INCLUDE CHECKING, SAVINGS, MONEY MARKET, IRA, AND CERTIFICATE OF DEPOSIT ACCOUNTS. THE CREDIT UNION HAS ABOUT 69,000 DEPOSIT ACCOUNTS THAT CAN EARN INTEREST. THE CREDIT UNION EXPENSED $5,243,196 IN PROVISION FOR LOAN LOSS COSTS FOR THE YEAR. THE EXPENSE WAS TO FUND THE ACCRUAL FOR DOUBTFUL LOANS ON THE BALANCE SHEET. THE CREDIT UNION HAS ABOUT 36,000 OPEN LOAN ACCOUNTS. THE CREDIT UNION EXPENSED $1,276,994 DURING THE YEAR FOR LOAN SERVICING COSTS. THESE COSTS WERE PAID TO ORIGINATE AND SERVICE LOANS TO MEMBERS. THE CREDIT UNION HAS ABOUT 36,000 OPEN LOAN ACCOUNTS. 0 0 1 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 20670 0 1 165 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 1 0 0 0 1 1 1 1 1 1 0 0 X X MARK PETERSEN 8008480018 24000 35TH AVE SE BOTHELL WA 98021 MICHAEL G ELFSTROM PRESIDENT 40.00 X 412228 0 34132 ROSHALLE DEARMENT SVP OF LENDING 40.00 X 194797 0 22560 PATIENCE TENNIS VP OF HR 40.00 X 172277 0 14882 LACINDA BLANCHETTE VP OF MEMBER ENGAGEMENT 40.00 X 166166 0 14630 BRETT TREAT DIRECTOR OF IT 40.00 X 155609 0 13083 WILLIAM HANAFORD INVESTMENT ADVISOR 40.00 X 132495 0 12221 CARLA PIZARRO DIR. BUSINESS SOLUTIONS/AUDIT 40.00 X 130517 0 12113 MARK PETERSEN CFO (THRU 3/23) 40.00 X 85533 0 9320 KIM BROWN BOARD MEMBER 3.00 X 1447 0 0 LEANNE CALIFANO BOARD VICE CHAIR 3.00 X X 1346 0 0 MITCHELL JOHNSON BOARD CHAIRMAN 4.00 X X 0 0 0 DOUG SCOTT BOARD SECRETARY/TREASURER 3.00 X X 0 0 0 ADE' ARIWOOLA BOARD MEMBER 3.00 X 0 0 0 KIM ZIER BOARD MEMBER 3.00 X 0 0 0 NOEL MCMURTRAY BOARD MEMBER 3.00 X 0 0 0 RUSS DE WOLFE BOARD MEMBER 3.00 X 0 0 0 TRACY OSTER BOARD MEMBER 3.00 X 0 0 0 1452415 0 132941 16 0 1 0 JACK HENRY AND ASSOCIATES 663 W HWY 60 MONETT MO 65708 CORE BANKING SYSTEM/CARD 1370313 VISA PO BOX 8999 SAN FRANSISCO CA 94128 CREDIT CARD PROCESSOR 859096 ALKAMI TECHNOLOGY PO BOX 122223 DALLAS TX 75312 BILL PAYER 613031 CO-OP FINANCIAL SERVICES 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 SHARED BRANCHING 568814 KAYE SMITH 4101 OAKESDALE AVE SW RENTON CA 98057 PRINTING SERVICES 484585 15 INTEREST ON LOANS 522100 35969219 35969219 OTHER OPERATING INCOME 522100 4755870 4356288 399582 FEE INCOME 522100 3324828 3319642 5186 44049917 8297699 8297699 557283 450291 106992 106992 106992 500 0 500 500 500 52455108 43645149 404768 8405191 X 25913 761363 7954925 293402 2099926 652631 72296 266140 3578513 168368 1465486 457007 735642 302258 18765791 597220 490388 PROVISION FOR LOAN LOSS 5243196 LOAN SERVICING 1276994 ASSOCIATION DUES 93991 STATE OPERATING FEES 72898 105882 45480230 19069247 128075521 2995381 45652782 730738 1067935 1102178 2134903 428972197 490500814 2910460 10313178 25378450 9413001 16593624 15965449 280379136 261749000 8859946 17253331 11363589 10872726 772976496 983585639 14152665 224206218 534898 417245 395097 358995 666383972 646807352 681466632 871789810 X 0 0 0 0 91509864 111795829 91509864 111795829 772976496 983585639 X 6974878 18769603 -5458516 X 0 0 0 8113 0 8113 8113 1 CREDIT UNION LEGISLATIVE ACTION FUND 18000 INTERNATIONAL BLVD SUITE 350 SEATAC WA 98188 910460483 8113 PART I-A, LINE 1: THE CREDIT UNIONS ONLY INDIRECT POLITICAL CAMPAIGN ACTIVITY IS A CONTRIBUTION TO THE CREDIT UNION LEGISLATIVE ACTION COMMITTEE. 0 1 X 4833409 4833409 11747883 1878524 9869359 1177647 1177637 10 6907761 6119590 788171 711750 237250 474500 15965449 MEMBER SHARE DEPOSITS 646807352 646807352 PART IV, LINE 2B: THE ESCROW ACCOUNT IS FOR PROPERTY TAXES AND INSURANCE PAYMENTS COLLECTED FROM MEMBERS WHO ORIGINATED THEIR MORTGAGE LOANS AT QUALSTAR CREDIT UNION. 0 BOYS AND GIRLS CLUB 8223 BROADWAY STE 100 EVERETT WA 98203 810549511 501(C)(3) 25000 913 FMV AMAZON.COM WISHLIST ITEMS TO ENRICH LIVES OF KIDS AND THEIR FAMILIES IN THE COMMUNITY. 1 0 PART I, LINE 2: THE ORGANIZATION IS A LOCAL AND WELL KNOW US BASED ORGANIZATION AND THEREFORE ALL FUNDS ARE PRESUMED TO BE USED IN THE U.S. X X X X 0 1 0 MICHAEL G ELFSTROM PRESIDENT 352854 0 58342 0 1032 0 10600 0 23532 0 446360 0 0 0 ROSHALLE DEARMENT SVP OF LENDING 174078 0 19687 0 1032 0 7803 0 14757 0 217357 0 0 0 PATIENCE TENNIS VP OF HR 153537 0 18500 0 240 0 6903 0 7979 0 187159 0 0 0 LACINDA BLANCHETTE VP OF MEMBER ENGAGEMENT 153136 0 12478 0 552 0 6651 0 7979 0 180796 0 0 0 BRETT TREAT DIRECTOR OF IT 144241 0 11008 0 360 0 6268 0 6815 0 168692 0 0 0 PART I, LINE 3 MICHAEL ELFSTROM PARTICIPATES IN A SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15. MICHAEL ELFSTROM PRESIDENT SECURED SPLIT DOLLAR AGREEMENT X 950000 1126583 0 1 1 MICHAEL ELFSTROM PRESIDENT VISA X 19934 2522 0 0 1 PATIENCE TENNIS VP HR LOC AND MORTGAGES X 576000 510170 0 0 1 LACINDA BLANCHETTE VP OF MEMBER ENGAGEMENT VISA AND AUTOMOBILES X 78410 67217 0 0 1 WILLIAM HANAFORD INVESTMENT ADVISOR MORTGAGE AND VISA X 452812 428411 0 0 1 2134903 SCHEDULE L, PART II: EXECUTIVE COMPENSATION UNDER A SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15. FORM 990, PART VI, SECTION A, LINE 6 EACH PERSON SEEKING MEMBERSHIP MUST BE QUALIFIED FOR MEMBERSHIP AND MUST SUBMIT AN APPLICATION TO THE CREDIT UNION. EACH APPLICATION SHALL BE ACTED UPON BY THE BOARD, OR IF THE BOARD SO CHOOSES, MEMBERSHIP REPRESENTATIVES MAY BE TRAINED AND AUTHORIZED TO APPROVE APPLICATIONS. THE APPLICANT SHALL BECOME A MEMBER WHEN SUCH APPLICATION HAS BEEN APPROVED BY THE BOARD, OR IF APPLICABLE, THE MEMBERSHIP REPRESENTATIVES AND UPON HIS/HER SUBSCRIPTION TO AT LEAST ONE CREDIT UNION PRODUCT, OR DEPOSIT, OR LOAN ACCOUNT. FORM 990, PART VI, SECTION A, LINE 7A A NOMINATING COMMITTEE, MADE UP OF NOT FEWER THAN THREE MEMBERS NOMINATES AT LEAST ONE MEMBER FOR EACH BOARD VACANCY. THE BOARD SECRETARY SHALL NOTIFY IN WRITING ALL MEMBERS ELIGIBLE TO VOTE AT LEAST 75 DAYS PRIOR TO THE ANNUAL MEETING AND THAT NOMINATIONS FOR VACANCY MAY ALSO BE MADE BY PETITION SIGNED BY ONE PERCENT OF THE MEMBERS WITH A MINIMUM OF 20 AND A MAXIMUM OF 500. THE WRITTEN NOTICE SHALL INDICATE THAT THE ELECTION WILL NOT BE CONDUCTED BY BALLOT AND THERE WILL BE NO NOMINATIONS FROM THE FLOOR WHEN THERE IS ONLY ONE NOMINEE FOR EACH POSITION TO BE FILLED. ALL ELECTIONS SHALL BE DETERMINED BY PLURALITY OF VOTE AND SHALL BE BY ALL EXCEPT WHERE THERE IS ONLY ONE NOMINEE FOR EACH POSITION TO BE FILLED. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PREPARED BY AN OUTSIDE CPA FIRM WITH THE HELP OF THE DIRECTOR OF BUSINESS SOLUTIONS & AUDIT. THE FORM WAS REVIEWED BY THE PRESIDENT/CEO PRIOR TO SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C DISCLOSURE IS REQUIRED OF ALL POTENTIAL CONFLICTS OF INTEREST, EITHER BUSINESS OR PERSONAL RELATIONSHIPS WITH EMPLOYEES, MEMBERS, VENDORS, BUSINESS ASSOCIATES, OR COMPETITORS OF THE CREDIT UNION. THE CREDIT UNION WILL ALSO RETAIN ON FILE ALL WRITTEN REPORTS OF ANY DISCLOSURES MADE REGARDING THE CREDIT UNION CODE OF CONDUCT. EMPLOYEES, OFFICERS, AND DIRECTORS OF THE CREDIT UNION ARE REQUIRED TO ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTOOD THE CODE OF CONDUCT AND ANY SUBSEQUENT MODIFICATIONS, AND THAT THEY AGREE TO COMPLY WITH THIS POLICY. EMPLOYEES AND OFFICERS ARE REQUIRED TO DISCLOSE THIS INFORMATION ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15A THE ORGANIZATION USES A COMPENSATION COMMITTEE TO ESTABLISH THE CEO COMPENSATION ANNUALLY. THE COMMITTEE ALSO USES AN INDEPENDENT COMPENSATION CONSULTANT, WRITTEN EMPLOYMENT CONTRACT, AND COMPENSATION SURVEY OR STUDY. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. THE FINANCIALS ARE ALSO POSTED IN BRANCH LOBBIES. FORM 990, PART IX, LINE 11G: OTHER PROFESSIONAL AND OUTSIDE SERVICES TO SUPPORT THE CREDIT UNION SUCH AS COURIER AND MAILING SERVICES, CARD NETWORK CHARGES, AND SHARED BRANCHING NETWROK CHARGES. FORM 990, PART XI, LINE 9: ASC 326 CECL ADJUSTMENT -5,458,516.