2025-11-14T08:52:49-06:00 2024-12-31 921372905 OPSAHL DAWSON 10940 NE 33RD PLACE SUITE 100 BELLEVUE WA 98004 990 2024-01-01 930496543 CENTRAL WILLAMETTE CREDIT UNION CENT 5419176801 PO BOX 1899 ALBANY OR 97321 STACIE WYSS-SCHOENBORN PRESIDENT/CEO 5419176801 2025-11-13 1 0 ROGER A JONES CPA P01702335 4258891778 2025-11-12 2024 2025-03-06 01:10:19Z STACIE WYSS-SCHOENBORN PO BOX 1899 ALBANY OR 97321 36821870 0 X WWW.CENTRALWCU.ORG X 1955 OR PROVIDE SIMPLIFIED ACCESS TO AFFORDABLE FINANCIAL SERVICES. 9 9 135 12 149636 0 495000 0 26612271 30093534 1663626 4480240 1184536 2248096 29955433 36821870 74893 114488 0 0 10464867 12226256 0 0 0 14390412 21455786 24930172 33796530 5025261 3025340 519423795 593071859 477089370 544851611 42334425 48220248 PROVIDE SIMPLIFIED ACCESS TO AFFORDABLE FINANCIAL SERVICES. 0 0 CENTRAL WILLAMETTE CREDIT UNION SERVICES 37,142 MEMBERS OF OUR COMMUNITY WITH DIVERSE FINANCIAL PRODUCTS AND SERVICES. DURING THE YEAR WE GRANTED A TOTAL OF 6,523 LOANS WORTH $136,636,098 TO OUR MEMBERS. WE HAVE A TOTAL LOAN PORTFOLIO OF 20,025 LOANS WORTH $414,803,668. THE CREDIT UNION MAINTAINS 75,127 DEPOSIT ACCOUNTS FOR OUR MEMBERS WORTH $511,124,611. THE CREDIT UNION EMPLOYS 134 INDIVIDUALS FROM OUR COMMUNITY. 0 0 1 0 0 0 0 1 0 1 1 0 0 1 1 1 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 9867 0 1 135 1 1 1 0 0 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 1 0 X DEWAYNE LEDBETTER 5419176801 7101 SUPRA DR SW ALBANY OR 97321 X JIM HEALY DIRECTOR 3.00 X 0 0 0 STEVE UERLINGS CHAIR 4.00 X X 0 0 0 TOM CUTSFORTH DIRECTOR 3.00 X 0 0 0 MARTY CAHILL SECRETARY 4.00 X X 0 0 0 MARK YEAGER DIRECTOR 3.00 X 0 0 0 GREG HAMANN DIRECTOR 3.00 X 0 0 0 CAROLINA VALLADARES BOARD VICE CHAIR 4.00 X X 0 0 0 HELEN HIGGINS DIRECTOR 3.00 X 0 0 0 SALLY BOVETT DIRECTOR 3.00 X 0 0 0 MANETTA DEGGELMAN DIRECTOR 3.00 X 0 0 0 STACIE WYSS-SCHOENBORN CEO & PRESIDENT 50.00 X 458962 0 11427 RACHEL WOLFE COO 50.00 X 201225 0 8022 JOEY RUDISILL CIO 50.00 X 221808 0 8524 GRADY CORR INFORMATION SECURITY OFFICER 50.00 X 158245 0 2439 DEWAYNE LEDBETTER CFO 50.00 X 249527 0 8214 DAVID DIRKS CMO 50.00 X 201582 0 3130 REBECCA BOWER CAO 50.00 X 162474 0 2135 DAVE DESEMPLE SENIOR PROJECT MANAGER 50.00 X 165333 0 6576 JOHN HERNANDEZ IT DIRECTOR 50.00 X 128800 0 3839 VERONICA BRUNER HR MANAGER 50.00 X 140181 0 5232 SHAWNA BONABY CONTROLLER 50.00 X 148895 0 5941 REBECCA TOLENTINO DIRECTOR OF BUSINESS SERVICE 50.00 X 128358 0 5100 2365390 0 70579 12 0 1 0 VELERA 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT AND DEBIT CARD PROCESSOR 1423478 MOMENTUM INC 109 BELL STREET ST B SEATTLE WA 98101 CONSTRUCTION SERVICES 1055965 TYFONE INC 5331 SW MACADAM AVE STE 251 PORTLAND OR 97239 ONLINE BANKING PLATFORM SAAS 602665 CORELATION INC 2305 HISTORIC DECARTUR RD STE 300 SAN DIEGO CA 92106 CORE PLATFORM SAAS 411280 AMAZON WEB SERVICES INC PO BOX 84023 SEATTLE WA 981248423 WEB SERVICES 353892 12 INTEREST ON LOANS 522100 24549736 24549736 SERVICE CHARGES AND GE 522100 5543798 5513620 30178 30093534 4414486 4414486 65754 0 65754 65754 65754 OTHER NONOPERATING INC 900099 2190717 2071259 119458 OTHER OPERATING INC 900099 57379 57379 2248096 36821870 32257748 149636 4414486 114488 1653824 8324911 251041 1108762 887718 140922 120813 2269901 780552 908604 1902766 914056 234649 7300526 1216593 150675 PROVISION FOR LOAN LOSS 3338119 LOAN SERVICING 918118 ASSOCIATION DUES 92345 1167147 33796530 7505874 3465684 10459014 75930517 385031463 410176659 12124131 12465081 23024863 12253280 9133547 10771583 76580744 58914788 18589022 21347547 519423795 593071859 9059813 9227001 98398 120724 24500000 24500000 443431159 511003886 477089370 544851611 X 0 0 0 0 42334425 48220248 42334425 48220248 519423795 593071859 3025340 2860483 0 X X 0 1 X 1 0 10000 10000 0 DEFEAT THE COSTLY TAX ON SALES PO BOX 424 OLYMPIA WA 98507 994086232 10000 0 1 X 2351476 2351476 10210479 5728908 4481571 3453504 1315770 2137734 7009404 5208602 1800802 10771583 AVAILABLE FOR SALE 54137464 F CERTIFICATES OF DEPOSIT 2828260 F OTHER INVESTMENTS 1949064 F 58914788 MEMBERS' SHARES 511003886 511003886 X 36756116 0 36756116 65754 65754 36821870 33796530 0 33796530 0 33796530 PART IV, LINE 2B: THE CREDIT UNION HOLDS ESCROW ACCOUNTS TO MANAGE CUSTOMER FUNDS FOR SPECIFIC PURPOSES, LIKE PROPERTY TAXES OR INSURANCE. THESE FUNDS ARE KEPT SEPARATE FROM OTHER ACCOUNTS AND ARE RECORDED AS LIABILITIES UNTIL USED FOR THEIR INTENDED PURPOSE. THE CREDIT UNION IS RESPONSIBLE FOR MANAGING AND DISBURSING THE FUNDS ACCORDING TO THE ESCROW AGREEMENT. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES, EXCEPT TO THE EXTENT OF UNRELATED BUSINESS INCOME. UNRELATED BUSINESS INCOME IS NOT SIGNIFICANT AND NO PROVISION FOR INCOME TAXES HAS BEEN MADE. THE CREDIT UNION HAD NO UNRECOGNIZED TAX BENEFITS AT DECEMBER 31, 2024. INTEREST ACCRUED AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS WOULD BE RECOGNIZED AS A NONINTEREST EXPENSE. DURING THE YEAR ENDED DECEMBER 31, 2024, AND THE SIX MONTHS ENDED DECEMBER 31, 2023 THE CREDIT UNION RECOGNIZED NO TAX RELATED INTEREST AND PENALTIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: GAIN ON SALES OF ASSETS 65,754. 0 ALBANY PARKS & RECREATION PO BOX 490 ALBANY OR 97321 936002114 501(C)3 27500 0 $27,500 NW ART & AIR FESTIVAL SPONSORSHIP BOYS & GIRLS CLUB OF ALBANY 1215 HILL ST SE ALBANY OR 97322 930549842 501(C)3 7250 0 $7,250 CELEBRATION OF TREES PRESENTING SPONSOR AND ANNUAL AUCTION TABLE GO WEST FOUNDATION 18000 INTERNATIONAL BLVD STE 1102 SEATAC WA 98188 911649328 501(C)3 25600 0 $25,000 - CAR FOR AUCTION BID#709 CU 4 KIDS, $100 AUCTION, AND $500 HOUSE SPONSOR MID-WILLAMETTE FAMILY YMCA 3201 PACIFIC BLVD SW ALBANY OR 97321 930479079 501(C)3 16000 0 $6,000 GYM COURT SPONSORSHIP AND $10,000 SPORTS FIELD COMPLEX SIGNS GOOD SAMARITAN HOSPITAL FOUNDATION 815 NW 9TH ST STE 136 CORVALLIS OR 97330 237252406 501(C)3 10000 0 $10,000 SHS 2024 SPONSORSHIP ALBANY PARKS AND RECREATION FOUNDATION PO BOX 827 ALBANY OR 97321 812465668 501(C)3 8000 0 $8,000 GROW WITH US CAMPAIGN DONATION SAMARITAN HEALTH SERVICES PO BOX 1068 CORVALLIS OR 97339 930951989 501(C)3 5448 0 $5,488 SAMARITAN CARD ROYALTIES 7 0 X X X 0 1 0 STACIE WYSS-SCHOENBORN CEO & PRESIDENT 337753 0 85000 0 36209 0 11427 0 0 0 470389 0 0 0 DEWAYNE LEDBETTER CFO 210128 0 17009 0 22390 0 8214 0 0 0 257741 0 0 0 JOEY RUDISILL CIO 195109 0 15133 0 11566 0 8524 0 0 0 230332 0 0 0 RACHEL WOLFE COO 168167 0 13874 0 19184 0 8022 0 0 0 209247 0 0 0 DAVID DIRKS CMO 171376 0 17390 0 12816 0 3130 0 0 0 204712 0 0 0 DAVE DESEMPLE SENIOR PROJECT MANAGER 136395 0 12288 0 16650 0 6576 0 0 0 171909 0 0 0 REBECCA BOWER CAO 146319 0 5182 0 10973 0 2135 0 0 0 164609 0 0 0 GRADY CORR INFORMATION SECURITY OFFICER 130929 0 7354 0 19962 0 2439 0 0 0 160684 0 0 0 SHAWNA BONABY CONTROLLER 128316 0 8961 0 11618 0 5941 0 0 0 154836 0 0 0 LINE 4B THE FOLLOWING INDIVIDUAL(S) PARTICIPATE IN CAP-EX (A SPLIT DOLLAR LIFE INSURANCE ARRANGEMENT IN PLACE OF A TRADITIONAL SERP) AND RECEIVED THE AMOUNTS (IF ANY) FOLLOWING THEIR NAMES: STACIE WYSS-SCHOENBORN: NO PAYMENTS RECEIVED IN 2024. JOEY RUDISILL: NO PAYMENTS RECEIVED IN 2024. RACHEL WOLFE: NO PAYMENTS RECEIVED IN 2024. SEE SCHEDULE L, PART V, FOR A BROADER DESCRIPTION OF THE ARRANGEMENT. STACIE WYSS-SCHOENBORN CEO SPLIT DOLLAR LIFE INSURANCE X 6700000 7093606 0 1 1 RACHEL WOLFE CLO SPLIT DOLLAR LIFE INSURANCE X 1530000 1679683 0 1 1 JOEY RUDISILL CIO SPLIT DOLLAR LIFE INSURANCE X 3430000 3691792 0 1 1 12465081 SCHEDULE L, PART II, SPLIT DOLLAR LIFE INSURANCE TERMS AND CONDITIONS THE ORGANIZATION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ALTERNATIVE FUNDING ARRANGEMENT THE IRS CALLS "COLLATERAL ASSIGNMENT SPLIT DOLLAR" (CASD). ALTHOUGH THE IRS REQUIRES REPORTING IN THE LOAN SECTION OF SCHEDULE L, CASD IS NOT A LOAN BECAUSE NO FUNDS ARE TRANSFERRED TO THE EXECUTIVE. RATHER, THE "LOAN" TREATMENT APPLIES BECAUSE AFTER THE EXECUTIVE HAS RECEIVED RETIREMENT BENEFITS, THE ORGANIZATION RECOVERS ALL OF ITS OUTLAYS PLUS INTEREST.THE RECOVERY RIGHT IS A KEY ADVANTAGE OF CASD FOR THE ORGANIZATION. RATHER THAN PAYING RETIREMENT BENEFITS TO THE EXECUTIVE THAT WOULD NEVER BE RECOVERED, UNDER CASD THE ORGANIZATION RECOVERS NOT ONLY ITS OUTLAYS BUT ALSO CONSIDERATION FOR THE TIME VALUE OF MONEY.CASD WORKS AS FOLLOWS. THE ORGANIZATION DEPOSITS FUNDS INTO CASH VALUE LIFE INSURANCE POLICIES ON THE EXECUTIVE'S LIFE. DURING LIFE, TO THE EXTENT THE EXECUTIVE FULFILLS SERVICE AND VESTING REQUIREMENTS, THE EXECUTIVE CAN BORROW AGAINST THE CASH SURRENDER VALUE TO SUPPLEMENT RETIREMENT INCOME. POLICY PERFORMANCE IS CLOSELY MONITORED. IF POLICY PERFORMANCE LAGS, THE EXECUTIVE'S BORROWING RIGHTS ARE REDUCED TO PROTECT THE ORGANIZATION'S RECOVERY RIGHTS.AT THE EXECUTIVE'S DEATH, THE POLICY DEATH PROCEEDS ARE FIRST USED TO REPAY THE ORGANIZATION ITS DEPOSITS PLUS COMPOUNDED INTEREST (AT THE IRS LONG-TERM APPLICABLE FEDERAL RATE). THE EXECUTIVE'S BENEFICIARY THEN RECEIVES ANY PROJECTED RETIREMENT BORROWING THE EXECUTIVE DID NOT ACCESS DURING LIFE. ANY REMAINING DEATH PROCEEDS 1. ARE AVAILABLE TO BE PAID TO THE EXECUTIVE'S BENEFICIARY.2. ARE DIVIDED BETWEEN THE ORGANIZATION AND THE EXECUTIVE'S BENEFICIARY.3. WERE AVAILABLE TO BE PAID TO THE EXECUTIVE'S BENEFICIARY. HOWEVER, THE EXECUTIVE DECIDED TO MAKE A GIFT OF 50% OF THE EXCESS PROCEEDS TO THE ORGANIZATION TO PROVIDE ADDITIONAL FUNDING FOR THE ORGANIZATION'S CHARITABLE ACTIVITIES. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A EACH CREDIT UNION MEMBER HAS ONE VOTE TOWARDS THE ELECTION OF THE CREDIT UNION'S GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS MADE AVAILABLE FOR REVIEW BY THE BOARD AT REGULARLY SCHEDULED MEETINGS AFTER THE FORM IS FILED. THE CREDIT UNION'S CEO IS PROVIDED WITH A COPY OF THE FORM 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, EMPLOYEES MUST REVIEW THE CREDIT UNION'S CONFLICT OF INTEREST POLICY AND SIGN A STATEMENT THAT THEY HAVE READ THE POLICY. THE COMPLIANCE OFFICER OF THE CREDIT UNION CONDUCTS STAFF MEETINGS TO REVIEW THE POLICY AND ANSWER ANY QUESTIONS. THE COMPLIANCE OFFICER ALSO REVIEWS THE POLICY WITH THE BOARD OF DIRECTORS. EMPLOYEE AND DIRECTOR TRANSACTIONS ARE MONITORED BY THE CREDIT UNION'S INTERNAL AUDITOR FOR ANY POSSIBLE CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION IS REVIEWED BY THE CREDIT UNION'S GOVERNANCE COMMITTEE. THE COMMITTEE MAKES RECOMMENDATIONS TO THE BOARD OF DIRECTORS. THE BOARD MAKES THE FINAL DETERMINATION. KEY EMPLOYEES HAVE THEIR COMPENSATION REVIEWED BY THE CEO. IN ALL CASES, INDUSTRY COMPENSATION SURVEYS AND LOCAL DATA ARE USED TO DETERMINE INDIVIDUAL AMOUNTS. THE CREDIT UNION ALSO HAS POLICIES IN THE EMPLOYEE MANUAL THAT COVER COMPENSATION, PERFORMANCE REVIEWS, AND INCENTIVES. CEO COMPENSATION WAS LAST REVIEWED IN DECEMBER 2024. KEY EMPLOYEE COMPENSATION ANALYSIS WAS LAST CONDUCTED IN DECEMBER 2024. FORM 990, PART VI, SECTION C, LINE 18 MADE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICIES ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VII THE CREDIT UNION MAINTAINS A 457 ELIGIBLE DEFERRED COMPENSATION PLAN FOR FORMER CEO ELAINE EASTMAN. DURING THE 2024 TAX YEAR, THE CREDIT UNION PAID $38,194 UNDER THIS PLAN. ADDITIONAL PAYMENTS ARE SCHEDULED OVER THE NEXT THREE YEARS. THE AMOUNTS REPORTED ON SCHEDULE J REFLECT ONLY PAYMENTS MADE DURING THE 2024 TAX YEAR. FORM 990, PART XII, 2C THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.