2023-11-15T10:46:55-06:00 2022-12-31 910189318 MOSS ADAMS LLP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2022-01-01 916035907 QUALSTAR CREDIT UNION QUAL 8008480018 PO BOX 3050 BOTHELL WA 980413050 MICHAEL G ELFSTROM PRESIDENT/CEO 8008480018 2023-11-14 1 MICHAEL ELFSTROM 999009999 0 COLLEEN RAMIRES P01251320 4252597227 2023-11-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z MICHAEL G ELFSTROM 24000 35TH AVE SE BOTHELL WA 98021 36372658 0 X QUALSTARCU.COM X 1997 WA WE ARE A CREDIT UNION PROVIDING FINANCIAL PRODUCTS & SERVICES TO MEMBERS. 9 9 181 11 311392 0 0 0 32818056 33024262 6788717 2015689 382745 826665 39989518 35866616 0 31250 0 0 13943135 12016218 0 0 0 11528229 12976296 25471364 25023764 14518154 10842852 811506750 772976496 713747924 681466632 97758826 91509864 PROVIDE FINANCIAL PRODUCTS & SERVICES TO MEMBERS. 0 0 INTEREST EXPENSE IN THE AMOUNT OF $2,560,761 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 69,000 DEPOSIT ACCOUNTS THAT CAN EARN INTEREST. THE CREDIT UNION EXPENSED $1,163,311 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 64,000 OPEN LOAN ACCOUNTS. THE CREDIT UNION EXPENSED $1,097,525.16 DURING THE YEAR FOR LOAN SERVICING COSTS. THESE COSTS WERE PAID TO ORIGINATE AND SERVICE LOANS TO MEMBERS. THE CREDIT UNION HAS ABOUT 64,000 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 12252 0 1 181 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 MARK PETERSEN 8008480018 24000 35TH AVE SE BOTHELL WA 98021 KIM BROWN BOARD CHAIRMAN 4.00 X X 650 0 0 MITCHELL JOHNSON BOARD VICE CHAIR 3.00 X X 0 0 0 LEANNE CALIFANO BOARD SECRETARY/TREASURER 3.00 X X 650 0 0 ADE' ARIWOOLA BOARD MEMBER 3.00 X 0 0 0 DOUG SCOTT BOARD MEMBER 3.00 X 0 0 0 KIM ZIER BOARD MEMBER 3.00 X 0 0 0 NOEL MCMURTRAY BOARD MEMBER 3.00 X 0 0 0 RUSS DEWOLFE BOARD MEMBER 3.00 X 0 0 0 TRACY OSTER BOARD MEMBER 3.00 X 1251 0 0 MICHAEL G ELFSTROM PRESIDENT 40.00 X 396685 0 31591 MARK PETERSEN CFO 40.00 X 216165 0 29688 ROBERT ARBUCKLE VP OF ALTERNATIVE LENDING 40.00 X 171191 0 13938 ROSHALLE DEARMENT VP OF LENDING 40.00 X 156412 0 19627 PATIENCE TENNIS VP OF HR 40.00 X 153369 0 6219 LACINDA BLANCHETTE VP OF MEMBER ENGAGEMENT 40.00 X 149940 0 13163 BRETT TREAT DIRECTOR OF IT 40.00 X 149467 0 13130 1395780 0 127356 16 0 1 0 JACK HENRY AND ASSOCIATES 663 W HWY 60 MONETT MO 65708 CORE BANKING SYSTEM/CARD 1281765 VISA PO BOX 8999 SAN FRANSISCO CA 94128 CREDIT CARD PROCESSOR 775623 ALKAMI TECHNOLOGY PO BOX 122223 DALLAS TX 75312 BILL PAYER 525685 CO-OP FINANCIAL SERVICES 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 SHARED BRANCHING 516354 KAYE SMITH 4101 OAKESDALE AVE SW RENTON CA 98057 PRINTING SERVICES 449028 21 INTEREST ON LOANS 522100 24183058 24183058 OTHER OPERATING INCOME 522100 4895253 4590980 304273 FEE INCOME 522100 3945951 3938832 7119 33024262 2012189 2012189 480207 503542 -23335 -23335 -23335 6000 2500 3500 3500 3500 QCU REWARDS PROJECT CANCELLATION 900099 850000 850000 850000 35866616 32712870 311392 2842354 X 31250 674129 7949507 814036 1926854 651692 71720 129911 3484587 271343 1297322 304199 1113759 151823 2560792 641208 419365 PROVISION FOR LOAN LOSS 1163311 LOAN SERVICING 1097525 ASSOCIATION DUES 98875 STATE OPERATING FEES 86956 83600 25023764 13485998 19069247 33333698 2995381 31065785 730738 2269349 1102178 348110913 428972197 808466 2910460 25800392 9206768 17271192 16593624 286457965 280379136 69352996 8859946 9350388 11363589 811506750 772976496 16110206 14152665 97630 534898 471446 395097 697068642 666383972 713747924 681466632 X 0 0 0 0 97758826 91509864 97758826 91509864 811506750 772976496 10842852 -17091814 0 X 0 0 0 7748 0 7748 7748 1 CREDIT UNION LEGISLATIVE ACTION FUND 18000 INTERNATIONAL BLVD SUITE 350 SEATAC WA 98188 910460483 7748 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 11747074 1413733 10333341 1833195 1833176 19 6674964 5824287 850677 711750 135572 576178 16593624 MEMBER SHARE DEPOSITS 666383972 666383972 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) 31250 0 TO ENRICH LIVES OF KIDS AND THEIR FAMILIES IN THE COMMUNITY. 1 0 X X X X 0 1 0 MICHAEL G ELFSTROM PRESIDENT 338974 0 57159 0 552 0 10600 0 20991 0 428276 0 0 0 MARK PETERSEN CFO 178881 0 35700 0 1584 0 8697 0 20991 0 245853 0 0 0 ROBERT ARBUCKLE VP OF ALTERNATIVE LENDING 152473 0 17134 0 1584 0 6824 0 7114 0 185129 0 0 0 ROSHALLE DEARMENT VP OF LENDING 140886 0 14974 0 552 0 6465 0 13162 0 176039 0 0 0 LACINDA BLANCHETTE VP OF MEMBER ENGAGEMENT 131068 0 18512 0 360 0 6049 0 7114 0 163103 0 0 0 BRETT TREAT DIRECTOR OF IT 135920 0 13187 0 360 0 6016 0 7114 0 162597 0 0 0 PATIENCE TENNIS VP OF HR 135048 0 18081 0 240 0 6219 0 0 0 159588 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 CURRENT OFFICER SECURED SPLIT DOLLAR AGREEMENT X 950000 1102178 0 1 1 1102178 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 SHALL BE ACTED UPON BY THE BOARD, OR IF THE BOARD SO CHOOSES, MEMBERSHIP REPRESENTATIVES MAY BE TRAINED AND AUTHORIZED TO APPROVE APPLICATIONS. THE APPLICANT SHALL BECOME A MEMBER WHEN SUCH APPLICATION HAS BEEN APPROVED BY THE BOARD, OR IF APPLICABLE, THE MEMBERSHIP REPRESENTATIVES AND UPON HIS/HER SUBSCRIPTION 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 NOT FEWER THAN THREE MEMBERS NOMINATES AT LEAST ONE MEMBER FOR EACH BOARD VACANCY. THE BOARD SECRETARY SHALL NOTIFY IN WRITING ALL MEMBERS ELIGIBLE TO VOTE AT LEAST 75 DAYS PRIOR TO 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 WRITTEN NOTICE SHALL 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 SHALL BE DETERMINED BY PLURALITY OF VOTE AND SHALL BE BY ALL EXCEPT WHERE THERE IS ONLY ONE NOMINEE FOR EACH POSITION TO BE FILLED. 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 INFORMATION IS AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL AND OUTSIDE SERVICES 3,484,587. 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 NETWROK CHARGES.