2025-11-17T14:27:44-06:00 2024-12-31 390859910 BAKER TILLY ADVISORY GROUP LP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2024-01-01 916035907 QUALSTAR CREDIT UNION QUAL 8008480018 PO BOX 3050 BOTHELL WA 980413050 MICHAEL G ELFSTROM PRESIDENT/CEO 8008480018 2025-11-16 1 1 EMINA O CRESSWELL P01217304 4252597227 2025-11-15 2024 2025-03-06 01:10:19Z MICHAEL G ELFSTROM 24000 35TH AVE SE BOTHELL WA 98021 59455436 0 X QUALSTARCU.COM X 1997 WA WE ARE A CREDIT UNION PROVIDING FINANCIAL PRODUCTS & SERVICES TO MEMBERS. 9 9 159 11 360261 0 0 0 44049917 48272707 8298199 9115084 106992 1475886 52455108 58863677 25913 25000 0 0 11762247 12126589 0 0 0 33692070 37667922 45480230 49819511 6974878 9044166 983585639 832351744 871789810 700755324 111795829 131596420 PROVIDE FINANCIAL PRODUCTS & SERVICES TO MEMBERS. 0 0 INTEREST EXPENSE IN THE AMOUNT OF $16,652,650 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 67,000 DEPOSIT ACCOUNTS THAT CAN EARN INTEREST. THE CREDIT UNION EXPENSED $7,506,406 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 $1,357,431 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 21406 0 1 159 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 BROOK HAMILTON 8008480018 24000 35TH AVE SE BOTHELL WA 98021 MITCH JOHNSON BOARD CHAIRMAN 4.00 X X 2857 0 0 LEANNE CALIFANO BOARD VICE CHAIR 3.00 X X 1592 0 0 DOUG SCOTT BOARD SECRETARY/TREASURER 3.00 X X 717 0 0 ADE' ARIWOOLA BOARD MEMBER 3.00 X 1906 0 0 KIM BROWN BOARD MEMBER 3.00 X 1111 0 0 KIM ZIER BOARD MEMBER (THRU 4/24) 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 1687 0 0 CHERYL SILVA BOARD MEMBER 3.00 X 1523 0 0 MICHAEL G ELFSTROM PRESIDENT 40.00 X 447622 0 41329 BROOK HAMILTON CFO 40.00 X 68586 0 2963 ROSHALLE DEARMENT SVP OF LENDING 40.00 X 226608 0 24285 MICHAEL BISHOP SVP OF OPERATIONS 40.00 X 210124 0 33695 JASON BALL VP OF IT 40.00 X 203000 0 26784 PATIENCE TENNIS VP OF HR 40.00 X 188073 0 15444 LACINDA BLANCHETTE VP OF MEMBER ENGAGEMENT 40.00 X 186774 0 23357 WILLIAM HANAFORD INVESTMENT ADVISOR 40.00 X 142992 0 13989 CARLA PIZARRO DIR. BUSINESS SOLUTIONS/AUDIT 40.00 X 133660 0 13649 1818832 0 195495 18 0 1 0 JACK HENRY AND ASSOCIATES 663 W HWY 60 MONETT MO 65708 CORE BANKING SYSTEM/CARD 1543878 VISA PO BOX 8999 SAN FRANSISCO CA 94128 CREDIT CARD PROCESSOR 802803 ALKAMI TECHNOLOGY PO BOX 122223 DALLAS TX 75312 BILL PAYER 752032 CO-OP FINANCIAL SERVICES 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 SHARED BRANCHING 555974 KAYE SMITH 4101 OAKESDALE AVE SW RENTON CA 98057 PRINTING SERVICES 471523 19 INTEREST ON LOANS 522100 40694130 40694130 OTHER OPERATING INCOME 522100 4104821 3754138 350683 FEE INCOME 522100 3473756 3464178 9578 48272707 9115084 9115084 525788 591759 -65971 -65971 -65971 DEFINED BENEFIT PLAN 900099 1541857 1541857 1541857 58863677 47912446 360261 10590970 X 25000 1066606 8460922 109665 1835249 654147 59298 276195 3893310 307146 1087610 389031 705179 161539 19437426 591167 731213 PROVISION FOR LOAN LOSS 7506406 LOAN SERVICING 1357431 QCU REWARDS EXPENSE 1003394 ASSOCIATION DUES 93200 68377 49819511 128075521 23683830 45652782 35176327 1067935 9059719 2134903 1938825 490500814 515844752 10313178 16708757 26311948 10253154 15965449 16058794 261749000 169296333 17253331 33155669 10872726 11428738 983585639 832351744 224206218 16273266 417245 337500 358995 380160 646807352 683764398 871789810 700755324 X 0 0 0 0 111795829 131596420 111795829 131596420 983585639 832351744 X 9044166 11082942 -326517 X 0 0 0 7820 0 7820 7820 1 CREDIT UNION LEGISLATIVE ACTION FUND 18000 INTERNATIONAL BLVD SUITE 350 SEATAC WA 98188 910460483 7820 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 11746535 2338707 9407828 1177647 1177637 10 7360832 6397881 962951 1193525 338929 854596 16058794 MEMBER SHARE DEPOSITS 683764398 683764398 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 0 TO ENRICH LIVES OF KIDS AND THEIR FAMILIES IN THE COMMUNITY. 1 0 PART I, LINE 2: THE ORGANIZATION IS A LOCAL AND WELL KNOWN 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 386970 0 59620 0 1032 0 15267 0 26062 0 488951 0 0 0 ROSHALLE DEARMENT SVP OF LENDING 198082 0 27494 0 1032 0 7941 0 16344 0 250893 0 0 0 MICHAEL BISHOP SVP OF OPERATIONS 192425 0 17459 0 240 0 7633 0 26062 0 243819 0 0 0 JASON BALL VP OF IT 185182 0 17458 0 360 0 5409 0 21375 0 229784 0 0 0 LACINDA BLANCHETTE VP OF MEMBER ENGAGEMENT 162123 0 24099 0 552 0 4806 0 18551 0 210131 0 0 0 PATIENCE TENNIS VP OF HR 163634 0 24199 0 240 0 6607 0 8837 0 203517 0 0 0 WILLIAM HANAFORD INVESTMENT ADVISOR 30727 0 111950 0 315 0 5156 0 8833 0 156981 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 1151985 0 1 1 MICHAEL ELFSTROM PRESIDENT CONSUMER LOANS X 19934 1721 0 0 1 MICHAEL BISHOP SVP OF OPERATIONS CONSUMER/RE LOANS X 1196000 785119 0 0 1 1938825 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 IS REVIEWED BY THE BOARD, OR THE BOARD MAY TRAIN MEMBERSHIP REPRESENTATIVES TO AUTHORIZE AND APPROVE APPLICATIONS. APPLICANTS WILL BECOME A MEMBER ONCE APPROVED AND AFTER THEY HAVE SUBSCRIBED 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 AT LEAST THREE MEMBERS WILL NOMINATE AT LEAST ONE MEMBER FOR EACH BOARD VACANCY. THE BOARD SECRETARY WILL SEND A WRITTEN NOTICE TO ALL MEMBERS ELIGIBLE TO VOTE AT LEAST 75 DAYS BEFORE 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 NOTICE WILL 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 WILL BE DECIDED BY A PLURALITY OF VOTES, EXCEPT WHEN THERE IS ONLY ONE NOMINEE FOR EACH POSITION. 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 NETWORK CHARGES. FORM 990, PART XI, LINE 9: ADOPTION OF ASC TOPIC 326 -326,517.