2022-11-15T17:50:33-06:00 2021-12-31 910189318 MOSS ADAMS LLP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2021-01-01 916035907 QUALSTAR CREDIT UNION QUAL 8008480018 PO BOX 3050 BOTHELL WA 980413050 MICHAEL G ELFSTROM PRESIDENT/CEO 8008480018 2022-11-15 1 MICHAEL ELFSTROM 999009999 COLLEEN RAMIRES P01251320 4252597227 2022-11-15 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z X MICHAEL G ELFSTROM 24000 35TH AVE SE BOTHELL WA 98021 41582937 0 X QUALSTARCU.COM X 1952 WA WE ARE A CREDIT UNION PROVIDING FINANCIAL PRODUCTS & SERVICES TO MEMBERS 9 9 182 12 299503 0 0 0 34284010 32818056 3965054 6788717 -7296 382745 38241768 39989518 0 0 0 0 13259294 13943135 0 0 0 16765955 11528229 30025249 25471364 8216519 14518154 733482561 811506750 646834042 713747924 86648519 97758826 PROVIDE FINANCIAL PRODUCTS & SERVICES 0 0 INTEREST EXPENSE IN THE AMOUNT OF $1,630,284 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 93,300 DEPOSIT ACCOUNTS THAN CAN EARN INTEREST. THE CREDIT UNION EXPENSED $521,720 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 33,849 OPEN LOAN ACCOUNTS. THE CREDIT UNION EXPENSED $883,296 DURING THE YEAR FOR LOAN SERVICING COSTS. THESE COSTS WERE PAID TO ORIGINATE AND SERVICE LOANS TO MEMBERS. THE CREDIT UNION HAS ABOUT 33,849 OPEN LOAN ACCOUNTS. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 12572 0 1 182 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 MARK R NELSON PRESIDENT (THRU 10/21) 40.00 X 442135 0 31616 MICHAEL G ELFSTROM PRESIDENT 40.00 X 307854 0 31616 KARA TAYLOR DIRECTOR OF I.S. (THRU 11/21) 40.00 X 243166 0 12222 MARK PETERSEN CFO 40.00 X 165125 0 26535 WILLIAM HANAFORD INVESTMENT ADVISOR 40.00 X 166479 0 13847 ROBERT ARBUCKLE VP OF ALTERNATIVE LENDING 40.00 X 160685 0 13373 ROSHALLE DEARMENT VP OF LENDING 40.00 X 142683 0 15258 JULIANA BERG MORTGAGE DEV. SPECIALIST (THRU 12/21) 40.00 X 134937 0 2717 KIM BROWN BOARD CHAIRMAN 4.00 X X 0 0 0 KIM ZIER BOARD VICE CHAIR 3.00 X X 0 0 0 LEANNE CALIFANO BOARD SECRETARY/TREASURER 3.00 X X 0 0 0 DOUG SCOTT BOARD MEMBER 3.00 X 0 0 0 TRACY OYSTER BOARD MEMBER 3.00 X 0 0 0 ADE' ARIWOOLA BOARD MEMBER 3.00 X 0 0 0 MITCHELL JOHNSON BOARD MEMBER 3.00 X 0 0 0 NOEL MCMURTRAY BOARD MEMBER 3.00 X 0 0 0 LARRY BINDNER BOARD MEMBER (THRU 9/21) 3.00 X 0 0 0 RUSS DEWOLFE BOARD MEMBER 3.00 X 0 0 0 1763064 0 147184 21 0 1 0 JACK HENRY AND ASSOCIATES 663 W HWY 60 MONETT MO 65708 CORE BANKING SYSTEM/CARD 1183657 VISA PO BOX 8999 SAN FRANSISCO CA 94128 CREDIT CARD PROCESSOR 662315 TEMENOS USA PO BOX 536652 PITTSBURG PA 15253 LENDING PLATFORM 548020 CO-OP FINANCIAL SERVICES 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 SHARED BRANCHING AND 509783 ALKAMI TECHNOLOGY PO BOX 122223 DALLAS TX 75312 BILL PAYER 472842 19 INTEREST ON LOANS 522130 21893989 21893989 OTHER OPERATING INCOME 522130 7404750 7112781 291969 FEE INCOME 522130 3519317 3511783 7534 32818056 2428235 2428235 767162 384417 382745 382745 382745 5569484 1209002 4360482 4360482 4360482 39989518 32518553 299503 7171462 X 1004879 9149122 1797113 1272980 719041 88514 127245 3305591 412054 1145417 480315 1284859 179839 1630285 727577 400922 LOAN SERVICING 883296 PROVISION FOR LOAN LOSS 615261 ASSOCIATION DUES 89961 MISCELLANEOUS 80241 76852 25471364 9243683 13485998 52545333 33333698 21215813 31065785 2146212 2269349 355498412 348110913 820157 808466 25629997 8358805 6143046 17271192 157212428 286457965 120424785 69352996 8232692 9350388 733482561 811506750 16093210 16110206 0 97630 416597 471446 630324235 697068642 646834042 713747924 X 0 0 0 0 86648519 97758826 86648519 97758826 733482561 811506750 14518154 -3407847 0 X 0 0 0 6474 0 6474 6474 1 CREDIT UNION LEGISLATIVE ACTION FUND 18000 INTERNATIONAL BLVD SUITE 350 SEATAC WA 98188 910460483 6474 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 11728198 944591 10783607 1833195 1829571 3624 6523445 5550750 972695 711750 33893 677857 17271192 CERTIFICATES AT BANKS AND CREDIT UNIONS 68694050 C COOP 310836 C PSCU 230429 C FSCC 92681 C CUDL 25000 C 69352996 MEMBER SHARE DEPOSITS 697068642 697068642 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. X X X X 0 1 0 MARK R NELSON PRESIDENT (THRU 10/21) 278398 0 155413 0 8324 0 10600 0 21016 0 473751 0 0 0 MICHAEL G ELFSTROM PRESIDENT 251591 0 55711 0 552 0 10600 0 21016 0 339470 0 0 0 KARA TAYLOR DIRECTOR OF I.S. (THRU 11/21) 139707 0 102970 0 489 0 6253 0 5969 0 255388 0 0 0 MARK PETERSEN CFO 158948 0 5145 0 1032 0 5519 0 21016 0 191660 0 0 0 WILLIAM HANAFORD INVESTMENT ADVISOR 27521 0 138645 0 313 0 7335 0 6512 0 180326 0 0 0 ROBERT ARBUCKLE VP OF ALTERNATIVE LENDING 139534 0 19567 0 1584 0 6861 0 6512 0 174058 0 0 0 ROSHALLE DEARMENT VP OF LENDING 128746 0 13385 0 552 0 5884 0 9374 0 157941 0 0 0 PART I, LINE 3 MARK NELSON AND MICHAEL ELFSTROM PARTICIPATE IN THE SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15. MARK NELSON FORMER OFFICER SECURED SPLIT DOLLAR AGREEMENT X 1000000 1268939 0 1 1 MICHAEL ELFSTROM CURRENT OFFICER SECURED SPLIT DOLLAR AGREEMENT X 950000 1000410 0 1 1 2269349 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 THE SENIOR ACCOUNTANT AND THE DIRECTOR OF FINANCE. THE FORM WAS REVIEWED BY THE CFO AND EXECUTIVE VICE PRESIDENT 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 3,305,591. 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.