2023-08-07T18:29:33-07:00 2022-12-31 990 2022-01-01 910564946 CREDIT UNIONS IN THE STATE OF WASHINGTON CRED 5098386157 PO Box 48275 Spokane WA 992281275 Annettee Babb CEO 5092328905 2023-07-31 1 1 11 0 AAL2 2022 2023-04-26 12:10:37Z X PrimeSource Credit Union Annettee Babb 9707 N Nevada St Spokane WA 99218 4083346 0 1269 X primesourcecu.org X 1935 WA To serve current and new members financial needs 7 7 27 10 0 0 0 0 3632090 3423567 359296 317845 347654 341934 4339040 4083346 0 0 291621 161151 1556183 1261500 0 0 0 2317271 2558219 4165075 3980870 173965 102476 92349631 97663937 637167 324699 91712464 97339238 The credit union operated without profit for mutual purposes 0 0 3980870 0 4083346 Credit Union Programs: Providing financial services to members. These include, but are not limited to, Loans and Savings programs. The services are provided by employees and non-paid volunteers. 0 0 0 3980870 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 27 1 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 1 1 1 1 1 0 WA X PrimeSource Credit Union 5098386157 PO Box 48275 Spokane WA 992181275 Annettee Babb CEO 40 0 X X X 157299 0 0 Homer Todd Board Member 1 0 X 0 0 0 Kim Crompton Board Member 1 0 X 0 0 0 Conrad Band Board Member 1 0 X 0 0 0 Karol Price Supervisory Committee - Chair 1 0 X 0 0 0 Terry Holbrook Supervisory Committee Member and Secretary 1 0 X 0 0 0 Susan Gordon Supervisory Committee Member 1 0 X 0 0 0 Clint Price Board Member - Chair 1 0 X 0 0 0 Steve Doolittle Board Member Vice Chair 1 0 X 0 0 0 Sherman Franklin Board Member 1 0 X 0 0 0 Jim Dillon Board Member 1 0 X 0 0 0 157299 0 0 1 0 1 0 0 0 Interest on Loans to Members 522130 3006195 3006195 0 0 Service Fees 522130 417372 417372 0 0 0 0 0 0 3423567 317845 317845 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 341934 341934 0 0 341934 4083346 4083346 0 0 0 0 0 0 0 0 161151 161151 157299 157299 0 0 0 0 0 0 773522 773522 0 0 171182 171182 0 0 84314 84314 0 0 75183 75183 0 0 0 0 0 0 836 836 0 0 53111 53111 0 0 0 0 0 0 0 0 0 0 0 0 40081 40081 0 0 81739 81739 0 0 128889 128889 0 0 350991 350991 0 0 0 0 0 0 197798 197798 0 0 0 0 0 0 0 0 0 0 32135 32135 0 0 63764 63764 0 0 0 0 0 0 144754 144754 0 0 46495 46495 0 0 Loan Servicing 394447 394447 0 0 Provision for Loan and Courtesy Pay Losses 592500 592500 0 0 Member Service Costs 356692 356692 0 0 Miscellaneous 71218 71218 0 0 2769 2769 0 0 3980870 3980870 0 0 5367608 4873574 27108280 24108280 0 0 12841 12770 0 0 0 0 54610760 62918172 0 0 490655 710310 5459194 969451 4185071 4489743 0 0 0 0 15742 15057 41964 37467 516710 498564 92349631 97663937 129596 186660 0 0 0 0 0 0 0 0 0 0 0 0 0 0 507571 138039 637167 324699 X 81710575 87105658 0 0 10001889 10233580 91712464 97339238 92349631 97663937 X 102476 -102477 0 0 0 5626775 X 1 1 1 0 1293630 0 1293630 4165564 0 969451 3196113 0 0 0 0 0 0 0 0 0 0 0 0 4489743 Settlement, Clearing and Pension 138039 138039 4083346 0 0 0 0 0 4083346 0 0 0 4083346 3980870 0 0 0 0 0 3980870 0 0 0 3980870 X X X 0 0 0 Annettee Babb CEO 139299 0 18000 0 0 0 0 0 0 0 157299 0 0 0 Schedule J, Part I, Line 3 The credit union hires an independent company to do a CEO salary comparison as well as purchase salary information from a vendor that provides credit union and bank salaries. Form 990, Part VI, Section A, Line 6 PrimeSource is a credit union and by definition is a financial cooperative, composed of 7,056 members who hold a savings and/or loan account. PrimeSource is governed by a 7 member Board of Directors who are elected from and by the memberships and are unpaid volunteers. Form 990, Part VI, Section A, Line 7a PrimeSource holds an annual meeting with membership voting. Each eligible member of the credit union has equally one vote at the annual election of the Officers to the Board of Directors and Supervisory Committee for open positions. Form 990, Part VI, Section B, Line 11b The 990 is completed by Executive Management and reviewed by the CEO. Form 990, Part VI, Section B, Line 12c There is an annual review of the Conflict of Interest policy with volunteers, management and staff. Form 990, Part VI, Section B, Line 15 PrimeSource hires a 3rd party vendor to do a salary comparison for the CEO. Annually the CEO's performance evaluation, salary and bonus is set by the Board of Directors. All staff has an annual performance evaluation. PrimeSource purchases salary survey books and data from vendors that has salary information directly related to credit unions and banks. Form 990, Part VI, Section C, Line 19 PrimeSource publishes its financial statements each year during the annual meeting of its members. Copies of these statements are also available upon request from individuals at our office. Additionally, we provide our 990 for review, upon request by individuals at our office. Copies of our Conflict of Interest policy is given to each new employee and to each member applying for the Board of Directors or Supervisory Committee upon receipt of their application. Our financial information is also available on the NCUA's website as part of our quarterly call report filing. Form 990, Part XI, Line 9 This is attributed to changes in member deposits in conjunction with a change in comprehensive income. There was turnover within the organization and it was assumed this task was completed. It was upon other research that we determined that has not been done. We have made this a priority since discovery and have implemented strict procedures to ensure it does not get missed before the deadline again.