2024-11-12T19:17:40-06:00 2023-12-31 910189318 MOSS ADAMS LLP 1301 A STREET SUITE 600 TACOMA WA 984024205 990 2023-01-01 910333066 KITSAP CREDIT UNION KITS 3606622000 PO BOX 990 BREMERTON WA 98337 TREVOR STUART SVP/CHIEF FINANCIAL OFFICER 3606622000 2024-11-12 1 1 CLAIRE E KIDD P01944808 2535724100 2024-10-31 2023 2024-10-15 13:58:12Z SHAWN GILFEDDER PO BOX 990 BREMERTON WA 98337 136534486 0 X WWW.KITSAPCU.ORG X 1934 WA A NOT-FOR-PROFIT FINANCIAL COOPERATIVE OFFERING CHECKING, SAVINGS AND LENDING PROGRAMS AND RELATED SERVICES TO MEMBERS WHO PRIMARILY LIVE, WORK, OR WORSHIP IN THE STATE OF WASHINGTON. KITSAP CREDIT UNION (KCU) ALSO PROVIDES FINANCIAL LITERACY PROGRAMS AND IS ACTIVELY INVOLVED IN COMMUNITY OUTREACH PROGRAMS. 8 8 330 0 788130 0 0 0 92464010 125637997 11583487 10336516 0 0 104047497 135974513 479999 470850 0 0 29079138 33222885 0 0 0 53355461 93652080 82914598 127345815 21132899 8628698 2255075377 2368604375 2136210327 2238188688 118865050 130415687 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. 0 0 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, SOLAR LOANS, AND MORTGAGE LOANS. 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, AND CERTIFICATES. COMMUNITY INVOLVEMENT INCLUDING DONATION OF MONEY AND STAFF TIME IN THE COMMUNITY. KCU ALSO OFFERS MANY FINANCIAL LITERACY CLASSES FOR CHILDREN AND ADULTS. 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 38418 0 1 330 1 1 1 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X TREVOR STUART 3606622104 PO BOX 990 BREMERTON WA 98337 SUSAN BAKER DIRECTOR 8.00 X 17933 0 0 JIM ROWSON TREASURER 8.00 X X 20380 0 0 SUSAN SIOBHAN CANTY DIRECTOR 5.00 X 17500 0 0 WENDY JOHNSON VICE CHAIR 8.00 X X 20000 0 0 VICKI GAMBRELL SECRETARY 8.00 X X 17618 0 0 TONY BOLANDER CHAIR 8.00 X X 25000 0 0 KAREN HOLMES DIRECTOR 5.00 X 15000 0 0 MIKE GOONEWARDENE DIRECTOR 8.00 X 17500 0 0 CRAIG OLSON DIRECTOR (THRU 3/23) 5.00 X 5893 0 0 SHAWN GILFEDDER PRESIDENT/CEO 40.00 X 851331 0 25413 SIMON POWLEY CHIEF REVENUE OFFICER 40.00 X 14385 0 0 KELLIE D LETEXIER SVP COO 40.00 X 399391 0 18833 TREVOR STUART SVP CFO 40.00 X 379735 0 17819 SCOTT LINDLEY SVP CIO 40.00 X 364708 0 21880 ANTHONY G BULLERI SVP CLO 40.00 X 362536 0 15404 PAULA C EDELSTEIN SVP CPO 40.00 X 263172 0 15399 JAMES PYRON SVP CMO 40.00 X 277746 0 12082 SEAN CUMMINGS VP, SALES 40.00 X 236110 0 19788 ANDREW E VOORHIES VP INFORMATION TECHNOLOGY 40.00 X 185064 0 14046 WILLIAM H FOGARTY VP, COMMERCIAL LENDING 40.00 X 184330 0 15136 LAURA J ENQUIST VP MEMBER EXPERIENCE 40.00 X 189409 0 9799 ERIC CRABTREE CHIEF DIGITAL STRATEGIST 40.00 X 200047 0 10139 4064788 0 195738 44 0 1 0 GIBSON MEDIA INC 108 S WASHINGTON ST SUITE 204 SEATTLE WA 98104 ADVERTISING/CONSULTING 2059302 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 90074 ONLINE BANKING/BILL PAY SERVICE 1833949 VISA DPS PO BOX 742233 LOS ANGELES CA 90074 PLASTIC CARD DATA PROCESSING SERVICES 1322872 JACK HENRY & ASSOCIATES PO BOX 609 MONETT MO 65708 CONSULTING/CORE SYSTEM 901686 XPRESS DATA INC 10983 VIA FRONTERA SAN DIEGO CA 92127 STATEMENTS & STATEMENT PROCESSING 829040 51 INTEREST ON LOANS 522130 101698125 101698125 INTERCHANGE INCOME 522130 12177834 12177834 FEE INCOME 522130 10127163 10127163 OTHER INCOME 522130 1634875 846745 788130 125637997 9932092 9932092 964397 559973 404424 404424 404424 135974513 124849867 788130 10336516 470850 3196658 22533954 1057348 4169310 2265615 21447 231012 5580790 4364334 8555709 3462475 2811225 457803 36649403 1488747 419330 LOAN PROVISION 19158112 DEBIT CARD EXPENSES 3579540 LOAN EXPENSES 2818545 UBI TAXES 2893 4050715 127345815 27643327 27443173 153577422 101692658 35356687 33526095 5249637 5373254 1612608467 1809757952 6284097 6795428 56558332 29876994 28045342 26681338 312398232 307182861 12227236 12614855 192000 192000 61492930 37344761 2255075377 2368604375 235360950 22793366 1259025 1186851 311234 307783 0 211000000 1899279118 2002900688 2136210327 2238188688 X 0 0 0 0 118865050 130415687 118865050 130415687 2255075377 2368604375 X 8628698 8978786 -6056847 X 0 0 0 20594 0 0 20594 20594 1 CREDIT UNION LEGISLATIVE ACTION FUND 18000 INTERNATIONAL BLVD STE 1102 SEATAC WA 98188 800043051 20594 PART I-A, LINE 1: THE CREDIT UNION CONTRIBUTED TO A POLITICAL ACTION COMMITTEE WHOSE FUNDS ARE USED TO MAKE CONTRIBUTIONS TO SUPPORT THE ELECTION OF CREDIT UNION-FRIENDLY CANDIDATES FOR STATEWIDE OFFICE AND STATE LEGISLATURE. 0 1 X 5973864 5973864 33561866 13777066 19784800 4605305 4455175 150130 12417297 11644753 772544 26681338 MEMBER SHARES & DEPOSITS 2000183524 LEASE OBLIGATIONS 2717164 2002900688 PART IV, LINE 2B: ESCROW SHARES ARE USED TO PAY PROPERTY TAXES AND INSURANCE FOR MEMBERS WITH REAL ESTATE LOANS. 1 KCU CARES FOUNDATION PO BOX 990 BREMERTON WA 98337 871671812 501(C)(3) 250000 0 TO FUND EFFORTS THAT PROVIDE FOOD, SHELTER, & THE STEPPINGSTONES TO FINANCIAL WELLBEING CENTRAL KITSAP SCHOOL DISTRICT PO BOX 8 SILVERDALE WA 98383 916006768 KITSAP COUNTY 100000 0 ATHLETIC COMPLEX SPONSORSHIP METRO PARKS TACOMA 4702 S 19TH ST TACOMA WA 98405 916000988 METRO PARKS TACOMA 41000 0 SPONSORSHIP HARBOR SOCCER CLUB PO BOX 1123 GIG HARBOR WA 98335 911438756 501(C)(3) 14800 0 SPONSORSHIP GREATER KITSAP CHAMBER PO BOX 1218 SILVERDALE WA 98383 910153620 501(C)(6) 12500 0 SPONSORSHIP BLACKBERRY FESTIVAL 245 FOURTH ST SUITE 202 BREMERTON WA 98337 562659178 501(C)(3) 12000 0 SPONSORSHIP GIG HARBOR CHAMBER OF COMMERCE PO BOX 102 GIG HARBOR WA 98335 911124614 501(C)(6) 10800 0 SPONSORSHIP KITSAP BUILDING ASSOCIATION 5251 AUTO CENTER WAY BREMERTON WA 98312 237056290 501(C)(6) 10750 0 SPONSORSHIP KITSAP ECONOMIC DEVELOPMENT ALLIANCE 2021 NW MYHRE RD STE 100 SILVERDALE WA 98337 911335188 501(C)(6) 7000 0 PARTNER INVESTMENT 2023 BAINBRIDGE ISLAND FC PO BOX 10949 BAINBRIDGE ISLAND WA 98110 943240968 501(C)(3) 7000 0 YOUTH SOCCER DONATION 6 4 PART I, LINE 2: THE CREDIT UNION CONSIDERS DONATIONS OR SPONSORSHIPS TO ORGANIZATIONS IN THE UNITED STATES IN ITS BRANCH SERVICE AREAS THAT EXHIBIT A NEED IN ONE OF THE CREDIT UNION'S TARGETED FOCUS AREAS INCLUDING, BUT NOT LIMITED TO: HOMELESSNESS/HOUSING, STABILITY/AFFORDABLE HOUSING, HUNGER/FOOD INSECURITY, AND EDUCATION/FINANCIAL WELLNESS. X 1 1 X X X 0 1 0 SHAWN GILFEDDER PRESIDENT/CEO 653299 0 181055 0 16977 0 16500 0 8913 0 876744 0 0 0 KELLIE D LETEXIER SVP COO 330062 0 63507 0 5822 0 16475 0 2358 0 418224 0 0 0 TREVOR STUART SVP CFO 311467 0 65241 0 3027 0 16500 0 1319 0 397554 0 0 0 SCOTT LINDLEY SVP CIO 291050 0 67698 0 5960 0 15485 0 6395 0 386588 0 0 0 ANTHONY G BULLERI SVP CLO 294200 0 62448 0 5888 0 15251 0 153 0 377940 0 0 0 JAMES PYRON SVP CMO 143241 0 75198 0 59307 0 12005 0 77 0 289828 0 0 0 PAULA C EDELSTEIN SVP CPO 259340 0 0 0 3832 0 10414 0 4985 0 278571 0 0 0 SEAN CUMMINGS VP, SALES 216408 0 18810 0 892 0 12143 0 7645 0 255898 0 0 0 ERIC CRABTREE CHIEF DIGITAL STRATEGIST 183300 0 15000 0 1747 0 7673 0 2466 0 210186 0 0 0 WILLIAM H FOGARTY VP, COMMERCIAL LENDING 163440 0 18728 0 2162 0 8741 0 6395 0 199466 0 0 0 LAURA J ENQUIST VP MEMBER EXPERIENCE 171435 0 16803 0 1171 0 9507 0 292 0 199208 0 0 0 ANDREW E VOORHIES VP INFORMATION TECHNOLOGY 172023 0 10167 0 2874 0 9753 0 4293 0 199110 0 0 0 PART I, LINE 1A APPROVED PAID TRAVEL EXPENSES FOR BOARD MEMBER AND OFFICER GUESTS AS PER WRITTEN POLICY AND ARE INCLUDED IN TAXABLE COMPENSATION AS APPROPRIATE. PART I, LINE 4B IN 2023, SHAWN GILFEDDER PARTICIPATED IN A SPLIT DOLLAR LOAN PLAN. SHAWN GILFEDDER PRESIDENT/CEO SPLIT DOLLAR LIFE INSURANCE X 5483679 5373254 0 1 1 5373254 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION OPERATES AS A CREDIT UNION CONSISTING OF ONE CLASS OF MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A DIRECTORS ARE ELECTED FOR A 3-YEAR TERM AND CAN RUN FOR RE-ELECTION. NEW DIRECTORS ARE APPROVED BY EXISTING DIRECTORS TYPICALLY, BUT MEMBERS WILL APPROVE THE DIRECTORS IF THE NUMBER OF DIRECTORS NOMINATED EXCEEDS THE OPENINGS. BALLOTS ARE MAILED TO MEMBERS ONLY WHEN NECESSARY. FORM 990, PART VI, SECTION B, LINE 11B THE ACCOUNTING DIRECTOR, ACCOUNTING SUPERVISOR, SVP/CFO, AND FINANCE COMMITTEE REVIEW THE RETURN FOR ACCURACY PRIOR TO FILING. A FULL COPY OF THE RETURN IS PROVIDED TO THE BOARD BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CODE OF CONDUCT IS REQUIRED TO BE REVIEWED AND SIGNED (WITH OR WITHOUT DISCLOSURES) OR ACKNOWLEDGED (BY ELECTRONIC SIGNATURE) UPON HIRE FOR NEW EMPLOYEES AND ANNUALLY THEREAFTER FOR ALL STAFF, OFFICIALS, AND DIRECTORS. NO DIRECTOR OR COMMITTEE MEMBER OF THE CREDIT UNION WILL PARTICIPATE IN THE DELIBERATION OF ANY QUESTION AFFECTING HIS/HER OWN, IMMEDIATE FAMILY MEMBER'S, OR HOUSEHOLD MEMBER'S PECUNIARY INTEREST. SUCH DIRECTOR OR COMMITTEE MEMBER WILL WITHDRAW FROM THE DELIBERATION AND DECISION UPON SUCH INTEREST. ANY POTENTIAL CONFLICT CONCERNING A BOARD MEMBER WOULD BE ADDRESSED BY THE BOARD CHAIR, AND IF APPROPRIATE, THE BOARD AND/OR CEO. A BOARD MEMBER WHO DOES NOT ABIDE BY THE CODE OF CONDUCT MAY BE SUSPENDED OR REMOVED HIS OR HER POSITION. A POTENTIAL CONFLICT INVOLVING A STAFF MEMBER WOULD BE ADDRESSED BY MANAGEMENT. FORM 990, PART VI, SECTION B, LINE 15 KITSAP CREDIT UNION USED AN OUTSIDE COMPENSATION CONSULTANT (ONE FOR STAFF AND ANOTHER FOR EXECUTIVE COMPENSATION) TO DETERMINE MARKET RANGES FOR PAY FOR ALL POSITIONS IN 2023. THE HUMAN RESOURCES DEPARTMENT WORKS WITH THE CONSULTANTS TO ENSURE PAY RANGES ARE COMPETITIVE AND WITHIN THE MARKET. ACTUAL INDIVIDUAL PAY FOR THE CEO IS DETERMINED BY AND VOTED ON ANNUALLY BY THE BOARD OF DIRECTORS. PAY FOR OFFICERS IS DETERMINED BY THE CEO. FORM 990, PART VI, SECTION C, LINE 19 KITSAP CREDIT UNION MAKES THE QUARTERLY FINANCIAL STATEMENTS AVAILABLE VIA NCUA AFTER QUARTERLY CALL REPORT IS FILED. THE CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS, SUCH AS ARTICLES OF INCORPORATION, ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: ASC 326 ADOPTED EXPECTED CREDIT LOSS ADJUSTMENT -6,056,847.