2024-11-12T11:17:20-06:00 2023-12-31 810987947 HAUSER JONES & SAS PLLC 10940 NE 33RD PLACE SUITE 100 BELLEVUE WA 98004 990 2023-01-01 930496543 CENTRAL WILLAMETTE CREDIT UNION CENT 5419176801 PO BOX 1899 ALBANY OR 97321 STACIE WYSS-SCHOENBORN PRESIDENT/CEO 5419176801 2024-11-12 1 0 ROGER A JONES CPA P01702335 4258891778 2024-11-06 2023 2024-10-15 13:58:12Z STACIE WYSS-SCHOENBORN PO BOX 1899 ALBANY OR 97321 29955433 0 X WWW.CENTRALWCU.ORG X 1955 OR PROVIDE SIMPLIFIED ACCESS TO AFFORDABLE FINANCIAL SERVICES. 9 9 174 12 141623 0 1835422 495000 20953116 26612271 1769698 1663626 1167540 1184536 25725776 29955433 111020 74893 0 0 9104420 10464867 0 0 0 9598091 14390412 18813531 24930172 6912245 5025261 515430336 519423795 478987695 477089370 36442641 42334425 PROVIDE SIMPLIFIED ACCESS TO AFFORDABLE FINANCIAL SERVICES. 0 0 CENTRAL WILLAMETTE CREDIT UNION SERVICES 35,276 MEMBERS OF OUR COMMUNITY WITH DIVERSE FINANCIAL PRODUCTS AND SERVICES. DURING THE YEAR WE GRANTED A TOTAL OF 5,067 LOANS WORTH $119,620,744 TO OUR MEMBERS. WE HAVE A TOTAL LOAN PORTFOLIO OF 19,753 LOANS WORTH $388,982,008. THE CREDIT UNION MAINTAINS 70,596 DEPOSIT ACCOUNTS FOR OUR MEMBERS WORTH $443,529,558. THE CREDIT UNION EMPLOYS 131 INDIVIDUALS FROM OUR COMMUNITY. 0 1 0 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 8084 0 1 174 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 JIM HEALY DIRECTOR 2.00 X 0 0 0 STEVE UERLINGS CHAIR 3.00 X X 0 0 0 TOM CUTSFORTH DIRECTOR 2.00 X 0 0 0 MARTY CAHILL SECRETARY 3.00 X X 0 0 0 MARK YEAGER DIRECTOR 2.00 X 0 0 0 GREG HAMANN DIRECTOR 2.00 X 0 0 0 CAROLINA VALLADARES BOARD VICE CHAIR 3.00 X X 0 0 0 HELEN HIGGINS DIRECTOR 2.00 X 0 0 0 SALLY BOVETT DIRECTOR 2.00 X 0 0 0 STACIE WYSS-SCHOENBORN CEO & PRESIDENT 50.00 X 408210 0 9912 RACHEL WOLFE CLO 50.00 X 200189 0 7982 JOEY RUDISILL CIO 50.00 X 217144 0 7574 DEWAYNE LEDBETTER CFO 50.00 X 238217 0 8105 DAVE DESEMPLE CHIEF EXPERIENCE OFFICER 50.00 X 168013 0 6961 DAVID DIRKS CMO 50.00 X 179943 0 0 GRADY CORR INFORMATION SECURITY OFFIC 50.00 X 140112 0 0 BRYAN BLAIR SENIOR IT SYSTEMS ENGINEER 50.00 X 130598 0 5275 VERONICA BRUNER HR MANAGER 50.00 X 131067 0 5301 SHAWNA BONABY CONTROLLER 50.00 X 129475 0 3202 REBECCA TOLENTINO DIRECTOR OF BUSINESS SERVICES 50.00 X 124182 0 5082 2067150 0 59394 11 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT AND DEBIT CARD PROCESSOR 949639 MOMENTUM INC 109 BELL STREET ST B SEATTLE WA 98101 CONSTRUCTION SERVICES 789892 TYFONE INC 5331 SW MACADAM AVE STE 251 PORTLAND OR 97239 ONLINE BANKING PLATFORM SAAS 388796 ALPINE MARKETING 13755 SW HILLSHIRE DRIVE TIGARD OR 97223 MARKETING SERVICES 367842 AMAZON WEB SERVICES INC PO BOX 84023 SEATTLE WA 981248423 WEB SERVICES 320303 5 495000 495000 INTEREST ON LOANS 522100 20749006 20749006 SERVICE CHARGES AND GE 522100 5863265 5837892 25373 26612271 1642577 1642577 21049 0 21049 21049 21049 OTHER NONOPERATING INC 900099 1184536 1068286 116250 1184536 29955433 27676233 141623 1642577 74893 1411716 7077986 176743 1075952 722470 77905 114490 1990947 524934 800980 1497034 798036 223390 3029628 935280 129433 PROVISION FOR LOAN LOSS 2209540 LOAN SERVICING 861498 ASSOCIATION DUES 77564 1119753 24930172 4519094 7505874 11007712 10459014 373754249 385031463 11878862 12124131 20094594 10961047 8507992 9133547 87071580 2483300 76580744 16207547 18589022 515430336 519423795 7096993 9059813 71834 98398 14000000 24500000 24500000 433318868 443431159 478987695 477089370 X 0 0 0 0 36442641 42334425 36442641 42334425 515430336 519423795 5025261 866523 0 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 1817583 1817583 9722255 5453478 4268777 2253692 1032006 1221686 6301064 4475563 1825501 9133547 AVAILABLE FOR SALE 74148444 F CERTIFICATES OF DEPOSIT 498000 F OTHER INVESTMENTS 1934300 F 76580744 MEMBERS' SHARES 443431159 443431159 X 29934384 0 29934384 21049 21049 29955433 24930172 0 24930172 0 24930172 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, 2023. INTEREST ACCRUED AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS WOULD BE RECOGNIZED AS A NONINTEREST EXPENSE. DURING THE YEAR ENDED DECEMBER 31, 2023, AND THE SIX MONTHS ENDED DECEMBER 31, 2022 THE CREDIT UNION RECOGNIZED NO TAX RELATED INTEREST AND PENALTIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: GAIN ON SALES OF ASSETS 21,049. 0 ALBANY PARKS & RECREATION PO BOX 490 ALBANY OR 97321 812465668 501(C)3 25000 0 $25K NW ART & AIR FESTIVAL SPONSORSHIP BOYS & GIRLS CLUB OF ALBANY 1215 HILL ST SE ALBANY OR 97322 930549842 501(C)3 6000 0 $5K CELEBRATION OF TREES PRESENTING SPONSOR, $1K ANNUAL AUCTION TABLE DISTRICT 24J MARION COUNTY ORE 3501 PORTLAND RD NE SALEM OR 97301 936000763 501(C)3 10000 0 $10K 2023 CTEC MENTAL HEALTH SPONSORSHIP GO WEST FOUNDATION 18000 INTERNATIONAL BLVD STE 1102 SEATAC WA 98188 911649328 501(C)3 15000 0 $15K - CAR FOR AUCTION BID#1201 CU 4 KIDS 4 0 X X X 0 1 0 STACIE WYSS-SCHOENBORN CEO & PRESIDENT 308023 0 60000 0 40187 0 9912 0 0 0 418122 0 0 0 DEWAYNE LEDBETTER CFO 194892 0 24184 0 19141 0 8105 0 0 0 246322 0 0 0 JOEY RUDISILL CIO 180803 0 20924 0 15417 0 7574 0 0 0 224718 0 0 0 RACHEL WOLFE CLO 154944 0 20849 0 24396 0 7982 0 0 0 208171 0 0 0 DAVID DIRKS CMO 155539 0 13978 0 10426 0 0 0 0 0 179943 0 0 0 DAVE DESEMPLE CHIEF EXPERIENCE OFFICER 145827 0 15740 0 6446 0 6961 0 0 0 174974 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 2023. JOEY RUDISILL: NO PAYMENTS RECEIVED IN 2023. RACHEL WOLFE: NO PAYMENTS RECEIVED IN 2023. SEE SCHEDULE L, PART V, FOR A BROADER DESCRIPTION OF THE ARRANGEMENT. STACIE WYSS-SCHOENBORN CEO SPLIT DOLLAR LIFE INSURANCE X 6700000 6972708 0 1 1 RACHEL WOLFE CLO SPLIT DOLLAR LIFE INSURANCE X 1530000 1590480 0 1 1 JOEY RUDISILL CIO SPLIT DOLLAR LIFE INSURANCE X 3430000 3560943 0 1 1 12124131 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 2023. KEY EMPLOYEE COMPENSATION ANALYSIS WAS LAST CONDUCTED IN DECEMBER 2023. 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 XII, 2C THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.