2025-10-28T13:54:57-05:00 2024-12-31 390859910 BAKER TILLY ADVISORY GROUP LP 1301 A STREET SUITE 600 TACOMA WA 984024205 990 2024-01-01 910333066 KITSAP CREDIT UNION KITS 3606622000 155 WASHINGTON AVENUE BREMERTON WA 98337 JASON ELLIOTT SVP/CFO 3606622000 2025-10-24 1 1 MAGGIE ELLIOTT P01790721 2535724100 2025-10-24 2024 2025-03-06 01:10:19Z SHAWN GILFEDDER PO BOX 990 BREMERTON WA 98337 153723789 0 X WWW.KITSAPCU.ORG X 1934 WA A NOT-FOR-PROFIT FINANCIAL COOPERATIVE OFFERING CHECKING, SAVINGS AND LENDING PROGRAMS AND RELATED SERVICES TO MEMBERS WHO PRIMARILY LIVE, WORK, OR WORSHIP IN THE STATE OF WASHINGTON. KITSAP CREDIT UNION (KCU) ALSO PROVIDES FINANCIAL LITERACY PROGRAMS AND IS ACTIVELY INVOLVED IN COMMUNITY OUTREACH PROGRAMS. 9 9 406 0 906681 0 0 660000 125637997 142407818 10336516 10653653 0 0 135974513 153721471 470850 364196 0 0 33222885 37481158 0 0 0 93652080 110339170 127345815 148184524 8628698 5536947 2368604375 2320371924 2238188688 2191030944 130415687 129340980 TO OFFER CHECKING, SAVINGS, AND LENDING PROGRAMS TO MEMBERS WHO PRIMARILY LIVE, WORK, AND WORSHIP IN THE STATE OF WASHINGTON. KCU ALSO PROVIDES FINANCIAL LITERACY PROGRAMS AND IS ACTIVELY INVOLVED IN COMMUNITY OUTREACH PROGRAMS. 0 0 SECURED AND UNSECURED LOANS ISSUED TO CREDIT UNION MEMBERS, AS RELATED TO THE EXEMPT PURPOSE OF KCU. THE TYPES OF LOANS ISSUED INCLUDE DIRECT AND INDIRECT VEHICLE LOANS, VISA'S, HOME EQUITY LOANS, BUSINESS LOANS, AND MORTGAGE LOANS. SAVINGS PROGRAMS THAT ARE PROVIDED TO CREDIT UNION MEMBERS, AS RELATED TO THE EXEMPT PURPOSE OF KCU. THE TYPES OF ACCOUNTS OFFERED ARE CHECKING, MONEY MARKET ACCOUNTS, IRA ACCOUNTS, REGULAR SAVINGS, AND CERTIFICATES. COMMUNITY INVOLVEMENT INCLUDING DONATION OF MONEY AND STAFF TIME IN THE COMMUNITY. KCU ALSO OFFERS MANY FINANCIAL LITERACY CLASSES FOR CHILDREN AND ADULTS. 0 1 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 40651 0 1 406 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X JASON ELLIOTT 3606622104 PO BOX 990 BREMERTON WA 98337 SHAWN GILFEDDER PRESIDENT/CEO 40.00 X 959929 0 26163 KELLIE D LETEXIER SVP COO 40.00 X 405436 0 22608 TREVOR STUART SVP CFO 40.00 X 390960 0 19569 SIMON POWLEY CHIEF REVENUE OFFICER 40.00 X 379785 0 17770 SCOTT LINDLEY SVP CIO 40.00 X 365835 0 26453 ANTHONY G BULLERI SVP CLO 40.00 X 368373 0 16198 PAULA C EDELSTEIN SVP CPO 40.00 X 338671 0 26232 SEAN CUMMINGS VP, SALES (THRU 11/24) 40.00 X 328132 0 21132 ERIC CRABTREE CHIEF DIGITAL STRATEGIST 40.00 X 228453 0 17628 JASON ELLIOTT VP FINANCE 40.00 X 218323 0 10887 ANDREW E VOORHIES VP INFO. TECHNOLOGY (THRU 12/24) 40.00 X 199878 0 20150 MARK GAULT VP STRATEGIC PLANNING 40.00 X 199012 0 15938 LAURA J ENQUIST VP MEMBER EXPERIENCE 40.00 X 195965 0 11955 MIKE GOONEWARDENE VICE CHAIR 8.00 X X 30000 0 0 SUSAN BAKER CHAIR 8.00 X X 23645 0 0 WENDY JOHNSON VICE CHAIR 8.00 X X 20000 0 0 JIM ROWSON TREASURER 8.00 X X 20000 0 0 VICKI GAMBRELL DIRECTOR 8.00 X 20000 0 0 SUSAN SIOBHAN CANTY DIRECTOR 5.00 X 17500 0 0 KAREN HOLMES SECRETARY 5.00 X X 15000 0 0 VASUMA SARGENT DIRECTOR 8.00 X 8339 0 0 MATTHEW ELLSWORTH DIRECTOR 8.00 X 8114 0 0 4741350 0 252683 60 0 1 0 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 90074 ONLINE BANKING/BILL PAY SERVICE 2028453 VISA DPS PO BOX 742233 LOS ANGELES CA 90074 PLASTIC CARD DATA PROCESSING SERVICES 1349083 GIBSON MEDIA INC 108 S WASHINGTON ST SUITE 204 SEATTLE WA 98104 ADVERTISING/CONSULTING 1245700 SALESFORCE PO BOX 203141 DALLAS TX 75320 CONSULTING/SALES AND SERVICE PLATFORM 961063 XPRESS DATA INC 10983 VIA FRONTERA SAN DIEGO CA 92127 STATEMENTS & STATEMENT PROCESSING 830180 76 660000 660000 INTEREST ON LOANS 522100 118380829 118380829 INTERCHANGE INCOME 522100 12196325 12196325 FEE INCOME 522100 9956739 9956739 OTHER INCOME 522100 1873925 967244 906681 142407818 10620963 10620963 35008 2318 32690 32690 32690 153721471 141501137 906681 10653653 364196 3772662 25166877 1156893 4896588 2488138 114581 216177 5712109 3182808 7989310 3583033 2636589 436159 48987352 1395453 505346 LOAN PROVISION 25158231 DEBIT CARD EXPENSES 3562729 LOAN EXPENSES 2818668 UBI TAXES 4304 4036321 148184524 27443173 27482924 101692658 94565637 33526095 35104148 5373254 5686532 1809757952 1783366985 6795428 6665924 57132909 30247996 26681338 26884913 307182861 292704922 12614855 7579872 192000 192000 37344761 40138067 2368604375 2320371924 22793366 18598486 1186851 1097973 307783 307000 211000000 114000000 2002900688 2057027485 2238188688 2191030944 X 0 0 0 0 130415687 129340980 130415687 129340980 2368604375 2320371924 X 5536947 -626833 -5984821 X 0 0 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 22624 0 0 22624 22624 1 CREDIT UNION LEGISLATIVE ACTION FUND 18000 INTERNATIONAL BLVD STE 1102 SEATAC WA 98188 800043051 22624 PART I-A, LINE 1: THE CREDIT UNION CONTRIBUTED TO A POLITICAL ACTION COMMITTEE WHOSE FUNDS ARE USED TO MAKE CONTRIBUTIONS TO SUPPORT THE ELECTION OF CREDIT UNION-FRIENDLY CANDIDATES FOR STATEWIDE OFFICE AND STATE LEGISLATURE. 0 1 X 5973864 5973864 34330769 14674677 19656092 4605305 4529473 75832 12111896 11043846 1068050 111075 111075 26884913 MEMBER SHARES & DEPOSITS 2054219761 LEASE OBLIGATIONS 2807724 2057027485 PART IV, LINE 2B: ESCROW SHARES ARE USED TO PAY PROPERTY TAXES AND INSURANCE FOR MEMBERS WITH REAL ESTATE LOANS. 1 KCU CARES FOUNDATION PO BOX 990 BREMERTON WA 98337 871671812 501(C)(3) 250988 0 TO FUND EFFORTS THAT PROVIDE FOOD, SHELTER, & THE STEPPINGSTONES TO FINANCIAL WELLBEING HARBOR SOCCER CLUB PO BOX 1123 GIG HARBOR WA 98335 911438756 501(C)(3) 28633 0 SPONSORSHIP GREATER KITSAP CHAMBER PO BOX 1218 SILVERDALE WA 98383 910153620 501(C)(6) 17750 0 SPONSORSHIP KITSAP BUILDING ASSOCIATION 5251 AUTO CENTER WAY BREMERTON WA 98312 237056290 501(C)(6) 14025 0 SPONSORSHIP BLACKBERRY FESTIVAL 245 FOURTH ST SUITE 202 BREMERTON WA 98337 562659178 501(C)(3) 12000 0 SPONSORSHIP GIG HARBOR CHAMBER OF COMMERCE PO BOX 102 GIG HARBOR WA 98335 911124614 501(C)(6) 10800 0 SPONSORSHIP KITSAP FAIR & STAMPEDE ASSOCIATION PO BOX 2510 SILVERDALE WA 98383 844802037 501(C)(3) 10000 0 SPONSORSHIP WWU FOUNDATION 516 HIGH STREET BELLINGHAM WA 98225 916073519 501(C)(3) 10000 0 SPONSORSHIP 5 3 PART I, LINE 2: THE CREDIT UNION CONSIDERS DONATIONS OR SPONSORSHIPS TO ORGANIZATIONS IN THE UNITED STATES IN ITS BRANCH SERVICE AREAS THAT EXHIBIT A NEED IN ONE OF THE CREDIT UNION'S TARGETED FOCUS AREAS INCLUDING, BUT NOT LIMITED TO: HOMELESSNESS/HOUSING, STABILITY/AFFORDABLE HOUSING, HUNGER/FOOD INSECURITY, AND EDUCATION/FINANCIAL WELLNESS. X 1 1 X X X 1 1 0 SHAWN GILFEDDER PRESIDENT/CEO 681376 0 261763 0 16790 0 17250 0 8913 0 986092 0 0 0 KELLIE D LETEXIER SVP COO 330917 0 68397 0 6122 0 17250 0 5358 0 428044 0 0 0 TREVOR STUART SVP CFO 323602 0 64331 0 3027 0 17250 0 2319 0 410529 0 0 0 SIMON POWLEY CHIEF REVENUE OFFICER 335569 0 40000 0 4216 0 14339 0 3431 0 397555 0 0 0 SCOTT LINDLEY SVP CIO 299939 0 61168 0 4728 0 17250 0 9203 0 392288 0 0 0 ANTHONY G BULLERI SVP CLO 303271 0 60271 0 4831 0 16045 0 153 0 384571 0 0 0 PAULA C EDELSTEIN SVP CPO 279570 0 54786 0 4315 0 17250 0 8982 0 364903 0 0 0 SEAN CUMMINGS VP, SALES (THRU 11/24) 243077 0 45707 0 39348 0 12961 0 8171 0 349264 0 0 0 ERIC CRABTREE CHIEF DIGITAL STRATEGIST 206951 0 19360 0 2142 0 11676 0 5952 0 246081 0 0 0 JASON ELLIOTT VP FINANCE 198262 0 19487 0 574 0 10887 0 0 0 229210 0 0 0 ANDREW E VOORHIES VP INFO. TECHNOLOGY (THRU 12/24) 178235 0 18860 0 2783 0 10297 0 9853 0 220028 0 0 0 MARK GAULT VP STRATEGIC PLANNING 176679 0 18674 0 3659 0 10395 0 5543 0 214950 0 0 0 LAURA J ENQUIST VP MEMBER EXPERIENCE 177081 0 17681 0 1203 0 9863 0 2092 0 207920 0 0 0 PART I, LINE 1A APPROVED PAID TRAVEL EXPENSES FOR BOARD MEMBER AND OFFICER GUESTS AS PER WRITTEN POLICY AND ARE INCLUDED IN TAXABLE COMPENSATION AS APPROPRIATE. PART I, LINES 4A-B LINE 4A: SEAN CUMMINGS, $38,531 LINE 4B: IN 2024, SHAWN GILFEDDER PARTICIPATED IN A SPLIT DOLLAR LOAN PLAN. SHAWN GILFEDDER PRESIDENT/CEO SPLIT DOLLAR LIFE INSURANCE X 5483679 5686532 0 1 1 5686532 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION OPERATES AS A CREDIT UNION CONSISTING OF ONE CLASS OF MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A DIRECTORS ARE ELECTED FOR A 3-YEAR TERM AND CAN RUN FOR RE-ELECTION. NEW DIRECTORS ARE APPROVED BY EXISTING DIRECTORS TYPICALLY, BUT MEMBERS WILL APPROVE THE DIRECTORS IF THE NUMBER OF DIRECTORS NOMINATED EXCEEDS THE OPENINGS. BALLOTS ARE MAILED TO MEMBERS ONLY WHEN NECESSARY. FORM 990, PART VI, SECTION B, LINE 11B THE ACCOUNTING DIRECTOR, ACCOUNTING SUPERVISOR, SVP/CFO, VP ACCOUNTING, AND FINANCE COMMITTEE REVIEW THE RETURN FOR ACCURACY PRIOR TO FILING. A FULL COPY OF THE RETURN IS PROVIDED TO THE BOARD BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CODE OF CONDUCT IS REQUIRED TO BE REVIEWED AND SIGNED (WITH OR WITHOUT DISCLOSURES) OR ACKNOWLEDGED (BY ELECTRONIC SIGNATURE) UPON HIRE FOR NEW EMPLOYEES AND ANNUALLY THEREAFTER FOR ALL STAFF, OFFICIALS, AND DIRECTORS. NO DIRECTOR OR COMMITTEE MEMBER OF THE CREDIT UNION WILL PARTICIPATE IN THE DELIBERATION OF ANY QUESTION AFFECTING HIS/HER OWN, IMMEDIATE FAMILY MEMBER'S, OR HOUSEHOLD MEMBER'S PECUNIARY INTEREST. SUCH DIRECTOR OR COMMITTEE MEMBER WILL WITHDRAW FROM THE DELIBERATION AND DECISION UPON SUCH INTEREST. ANY POTENTIAL CONFLICT CONCERNING A BOARD MEMBER WOULD BE ADDRESSED BY THE BOARD CHAIR, AND IF APPROPRIATE, THE BOARD AND/OR CEO. A BOARD MEMBER WHO DOES NOT ABIDE BY THE CODE OF CONDUCT MAY BE SUSPENDED OR REMOVED FROM HIS OR HER POSITION. A POTENTIAL CONFLICT INVOLVING A STAFF MEMBER WOULD BE ADDRESSED BY MANAGEMENT. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR ALL EMPLOYEES IS INFLUENCED AND GUIDED BY OUR EXTERNAL COMPENSATION MANAGEMENT PARTNER BALANCEDCOMP WHO USES COMPARABLE MARKET DATA TO HELP US DETERMINE COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 KITSAP CREDIT UNION MAKES THE QUARTERLY FINANCIAL STATEMENTS AVAILABLE VIA NCUA AFTER QUARTERLY CALL REPORT IS FILED. THE CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS, SUCH AS ARTICLES OF INCORPORATION, ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: ASC 326 ADOPTED EXPECTED CREDIT LOSS ADJUSTMENT -5,984,821.