2025-11-03T12:24:05-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 2875 MICHELLE DRIVE 300 IRVINE CA 92606 990 2024-01-01 910639210 O BEE CREDIT UNION CRED 3609430740 649 WOODLAND SQUARE LOOP SE 100 LACEY WA 98503 MARTHA PRESTIN CFO 3609430740 2025-10-30 1 0 LISA N RYSSEL CPA P00643670 7149781300 2025-10-30 2024 2025-03-06 01:10:19Z ANDREW DOWNIN 649 WOODLAND SQUARE LOOP SE 100 LACEY WA 98503 45298093 0 X WWW.OBEE.COM X 1955 WA CREDIT UNION IN THE STATE OF WASHINGTON. PROVIDES FINANCIAL PRODUCTS AND SERVICES TO MEMBERS. 8 8 193 15 41960 0 0 0 35447822 41587238 2650603 3710855 0 0 38098425 45298093 51000 27802 5298329 10052109 13349385 15528428 0 0 0 16654549 17259725 35353263 42868064 2745162 2430029 602933268 623292888 564934780 582864371 37998488 40428517 TO IMPROVE THE LIVES OF OUR MEMBERS THROUGH FINANCIAL WELL-BEING. 0 0 THE CREDIT UNION PROVIDES DRAFT AND SHARE ACCOUNTS, SHARE CERTIFICATES, CONSUMER AND COMMERCIAL LOANS, AND OTHER EXEMPT FUNCTION ACTIVITIES TO ITS MEMBERS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 9627 0 1 193 1 1 1 0 0 0 0 0 0 0 0 0 X 8 8 1 0 1 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X MARTHA PRESTIN 3605707924 649 WOODLAND SQUARE LOOP SE STE 100 LACEY WA 98503 PRABAKARAN MANOHARAN CHAIR 4.00 X X 0 0 0 CHRISTY KRIEGSMAN 1ST VICE CHAIR 4.00 X X 0 0 0 RYAN BEDFORD 2ND VICE CHAIR 4.00 X X 0 0 0 BARRY MURRAY DIRECTOR 4.00 X 0 0 0 CAROLYN CARUSO DIRECTOR 4.00 X 0 0 0 FRIEDA RAY DIRECTOR 4.00 X 0 0 0 WILFORD SAUNDERS DIRECTOR 4.00 X 0 0 0 STEVE BLANKENSHIP DIRECTOR 4.00 X 0 0 0 JENNIFER ROBERTS-ECHTLE CHIEF OPERATIONS OFFICER 40.00 X 293350 0 54645 BRUCE CRAMER INTERIM CEO (THRU 2/9/24) 40.00 X 59994 0 13818 MARTHA PRESTIN CFO 40.00 X 196102 0 25386 ANDREW DOWNIN CEO (STARTED 1/16/24) 40.00 X 376066 0 19670 DAVID ECHTLE CHIEF LENDING OFFICER 40.00 X 288343 0 52636 LEE WOJNAR CHIEF MARKETING OFFICER 40.00 X 452418 0 40807 BRYAN THOMAS CHIEF HUMAN RESOURCES OFFI 40.00 X 201675 0 31518 JERRY RICHARDSON CHIEF RISK OFFICER 40.00 X 191608 0 28528 JEREMY FRANKLIN MORTGAGE LOAN OFFICER 40.00 X 250397 0 26134 DANIEL HILDRETH VP OF FINANCE 40.00 X 197489 0 19620 DEBBIE SCOLES CONTROLLER 40.00 X 170782 0 33599 TIMOTHY TIMMER VP OF COMMERCIAL LENDING 40.00 X 188327 0 22880 DAVID LITTLETON FINANCIAL ADVISOR 40.00 X 241524 0 36117 3108075 0 405358 27 0 1 0 FIS 601 RIVERSIDE AVENUE JACKSONVILLE FL 32204 CARD PROCESSOR 1263290 JACK HENRY AND ASSOCIATES 663 W HIGHWAY 60 MONETT MO 65708 DATA PROCESSING 1196469 COOK SOLUTIONS 9225 NE CASCADES PARKWAY PORTLAND OR 97220 ATM AND EQUIPMENT SERVICING 438712 BUSINESSNEXT INC (CRMNEXT INC) 702 OBERLIN ROAD STE 200 RALEIGH NC 27605 MEMBER RELATIONSHIP MANAGEMENT SERVICES 394554 INSIGHT INVESTMENTS HOLDINGS LLC 611 ANTON BLVD STE 700 COSTA MESA CA 92626 TECHNOLOGY AND IT SECURITY 313589 17 LOAN INTEREST 522100 32962398 32962398 FEES AND CHARGES 522100 4126149 4084189 41960 OTHER NON-INTEREST INCOME 522100 3365587 3365587 INTERCHANGE INCOME 522100 958798 958798 GAIN ON SALE OF LOANS 522100 174306 174306 41587238 3710855 3710855 45298093 41545278 41960 3710855 19052 8750 10052109 2326561 9415605 633285 2148561 1004416 31626 23504 927612 680508 777537 1848447 1782853 85905 28983 2689873 1079182 155679 PROVISION FOR LOAN LOSS 2021251 CREDIT CARD EXPENSES 1431732 OPERATING EXPENSES 1405688 LENDING EXPENSES 1404835 884510 42868064 6235687 7404789 71558566 56758061 84167 8375678 499798081 520829441 1094109 1090535 17499026 11376260 6254979 6122766 3864145 2764645 14043534 19946973 602933268 623292888 7889164 9094768 69999996 44999997 11600000 11200000 475445620 517569606 564934780 582864371 X 0 0 0 0 37998488 40428517 37998488 40428517 602933268 623292888 2430029 0 X 0 1 X 1 0 1163755 1163755 9168303 5437721 3730582 7166968 5938539 1228429 6122766 MEMBER SHARE AND DEPOSIT ACCOUNTS 517569606 517569606 X 45254503 -43590 -43590 45298093 0 45298093 42824474 -43590 -43590 42868064 0 42868064 PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. PART XI, LINE 2D - OTHER ADJUSTMENTS: REVENUE INCLUDED IN EXPENSE -43,590. PART XII, LINE 2D - OTHER ADJUSTMENTS: REVENUE INCLUDED IN EXPENSE -43,590. 1 UNITED WAY OF THURSTON COUNTY 3525 7TH AVE SW STE 201 OLYMPIA WA 98502 970713462 501(C)(3) 6052 0 GENERAL SUPPORT 9 COLLEGE SCHOLARSHIPS 7 8750 PART I, LINE 2: A COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS SUBMITTED APPLICATIONS AND SELECTS RECIPIENTS. RECIPIENTS ARE AWARDED ON THE BASIS OF NEED, WITH CONSIDERATION GIVEN TO THE STUDENT'S AND THEIR FAMILY'S RESOURCES AND THE RESEARCH AND PLANNING DEMONSTRATED BY THE APPLICANT. WHEN THE RECIPIENTS HAVE BEEN DETERMINED, SCHOLARSHIP FUNDS ARE PAID DIRECTLY TO THE COLLEGE OR UNIVERSITY THE RECIPIENT IS ATTENDING. X X X 1 1 X X X X X 1 1 0 LEE WOJNAR CHIEF MARKETING OFFICER 236328 0 78878 0 137212 0 28845 0 11962 0 493225 0 70878 0 ANDREW DOWNIN CEO (STARTED 1/16/24) 330035 0 25000 0 21031 0 13315 0 6355 0 395736 0 0 0 JENNIFER ROBERTS-ECHTLE CHIEF OPERATIONS OFFICER 213607 0 17403 0 62340 0 42672 0 11973 0 347995 0 9403 0 DAVID ECHTLE CHIEF LENDING OFFICER 221857 0 19296 0 47190 0 45462 0 7174 0 340979 0 11296 0 DAVID LITTLETON FINANCIAL ADVISOR 73850 0 116867 0 50807 0 23829 0 12288 0 277641 0 0 0 JEREMY FRANKLIN MORTGAGE LOAN OFFICER 40033 0 210364 0 0 0 14293 0 11841 0 276531 0 0 0 BRYAN THOMAS CHIEF HUMAN RESOURCES OFFI 191675 0 10000 0 0 0 31518 0 0 0 233193 0 0 0 MARTHA PRESTIN CFO 188102 0 8000 0 0 0 21673 0 3713 0 221488 0 0 0 JERRY RICHARDSON CHIEF RISK OFFICER 183608 0 8000 0 0 0 19866 0 8662 0 220136 0 0 0 DANIEL HILDRETH VP OF FINANCE 70381 0 67607 0 59501 0 19071 0 549 0 217109 0 64967 0 TIMOTHY TIMMER VP OF COMMERCIAL LENDING 117696 0 65560 0 5071 0 10592 0 12288 0 211207 0 0 0 DEBBIE SCOLES CONTROLLER 164782 0 6000 0 0 0 22942 0 10657 0 204381 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS IS PAID FOR CERTAIN MEMBERS OF MANAGEMENT AND IS INCLUDED IN THE EMPLOYEE'S W-2. THE ORGANIZATION BEGAN GROSSING UP EMPLOYEE PAYCHECKS FOR THE COST OF MANDATORY LONG-TERM DISABILITY INSURANCE. RELOCATION COSTS WERE GROSSED UP PER NEW RELOCATION POLICY. RELOCATION INCLUDES A TEMPORARY HOUSING ALLOWANCE FOR PERSONAL USE PER NEW RELOCATION POLICY. PART I, LINES 4A-B THE FOLLOWING EMPLOYEES RECEIVED SEVERANCE PAYMENTS FROM THE ORGANIZATION UPON RESIGNATION: DANIEL HILDRETH - $59,501 LEE WOJNAR - $137,212 THE CREDIT UNION PARTICIPATES IN A 457(F) DEFERRED COMPENSATION AGREEMENT WITH CERTAIN MEMBERS OF THE EXECUTIVE MANAGEMENT TEAM. THE FOLLOWING EMPLOYEES RECEIVED CONTRIBUTIONS TO THIS PLAN DURING 2024: DAVID ECHTLE - $14,831 JENNIFER ROBERTS-ECHTLE - $14,831 BRYAN THOMAS - $13,545 MARTHA PRESTIN - $13,875 JERRY RICHARDSON - $13,643 DAVID ECHTLE CHIEF LENDING OFFICER CREDIT CARD X 10304 1848 0 0 1 BRYAN THOMAS CHIEF HUMAN RESOURCES OFFICER AUTO X 25639 21196 0 0 1 BRYAN THOMAS CHIEF HUMAN RESOURCES OFFICER PERSONAL LOAN X 19103 19103 0 0 1 MARTHA PRESTIN CHIEF FINANCIAL OFFICER AUTO LOAN X 31832 25183 0 0 1 ANDREW DOWNIN CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 8300000 8308348 0 1 1 8375678 SCHEDULE L, PART II NOTED THIS TO BE A NON-RECOURSE PLAN THAT IS RECORDED ON THE BALANCE SHEET AT THE LOWER OF THE LOAN BALANCE OR CASH SURRENDER VALUE. BECAUSE THE CASH SURRENDER VALUE WAS LOWER, WE REPORTED THAT AMOUNT FOR BALANCE SHEET PURPOSES. HOWEVER, THE ACTUAL LOAN BALANCE IS $8,329,641. FORM 990, PART VI, SECTION A, LINE 1A THE BOARD IS RESPONSIBLE FOR APPOINTING AN EXECUTIVE COMMITTEE CONSISTING OF AT LEAST THREE DIRECTORS WHO WILL SERVE AT THE BOARD'S DISCRETION. THE EXECUTIVE COMMITTEE WILL BE AUTHORIZED TO ACT ON BEHALF OF THE BOARD FOR SPECIFIC FUNCTIONS DELEGATED BY THE ACT, REGULATIONS, AND BOARD POLICY. FORM 990, PART VI, SECTION A, LINE 2 DAVE ECHTLE AND JENNIFER ROBERTS-ECHTLE HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 4 THE BYLAWS WERE AMENDED DURING THE YEAR TO ADJUST THE COMPOSITION OF THE BOARD OF DIRECTORS AS FOLLOWS: - THE NUMBER OF MEMBERS OF THE BOARD WILL BE 7 TO 9, WITH THE SPECIFIC NUMBER SPECIFIED BY A RESULTION OF THE BOARD. -BOARD MEMBERS MAY NOT BE EMPLOYED BY ANY OTHER CREDIT UNION, OR BY A BANK OR CONSUMER LOAN COMPANY DURING THE PAST TWO (2) YEARS. -DIRECTORS MAY SERVE A MAXIMUM OF 4 CONSECUTIVE FULL TERMS. -DIRECTORS MAY BE COMPENSATED FOR SERVICES RENDERED IN THEIR CAPACITY AS A DIRECTOR TO THE EXTENT PERMITTED BY LAW AND IN ACCORDANCE WITH A POLICY ESTABLISHED BY THE BOARD. DIRECTORS MAY ALSO BE REIMBURSED FOR REASONABLE EXPENSES IN ACCORDANCE WITH A POLICY ESTABLISHED BY THE BOARD. THE BYLAW AMENDMENTS ALSO ADJUSTED THE NUMBER OF MEMBERS OF THE SUPERVISORY COMMITTEE TO 3 TO 5, WITH THE SPECIFIC NUMBER SPECIFIED BY A RESOLUTION OF THE BOARD. THE SAME CHANGES TO ELIGIBILITY, TERM LIMITS AND COMPENSATION OF BOARD MEMBERS WILL NOW ALSO APPLY TO SUPERVISORY COMMITTEE MEMBERS. BOARD COMMITTEE MEMBERS WILL ALSO NOW BE SUBJECT TO THE ELIGIBILITY REQUIREMENT OF NOT BEING EMPLOYED BY ANY OTHER CREDIT UNION, OR BY A BANK OR CONSUMER LOAN COMPANY DURING THE PAST TWO (2) YEARS. COMMITTEE MEMBERS WILL ALSO BE ALLOWED COMPENSATION AND EXPENSE REIMBURSEMENT AS DESCRIBED ABOVE. FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IS OPEN TO ANYONE WHO LIVES OR WORKS IN WASHINGTON STATE AS WELL AS BEING RELATED TO SOMEONE WHO IS A MEMBER OF O BEE AND IS IN GOOD STANDING, AND WHO LIVES OR WORKS IN WASHINGTON STATE. AN INDIVIDUAL IS CONSIDERED A MEMBER IF THEY HAVE A SHARE OR LOAN ACCOUNT WITH THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A EACH CREDIT UNION MEMBER MAY VOTE FOR MEMBERS OF THE BOARD OF DIRECTORS AND SUPERVISORY COMMITTEE. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. ONCE THE DRAFT IS AVAILABLE, IT IS REVIEWED BY MANAGEMENT AND ANY CHANGES INCORPORATED INTO THE FILING. ONCE THIS DETAILED REVIEW IS COMPLETE, THE DRAFT OF THE FORM 990 IS PRESENTED TO THE BOARD OF DIRECTORS FOR THEIR REVIEW AND COMMENTS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, DIRECTORS AND KEY EMPLOYEES MUST SIGN A CODE OF ETHICS THAT INCLUDES CONFLICT OF INTEREST GUIDELINES AND INDICATE DISCLOSURE OF ANY CONFLICTS OF INTEREST. THIS IS MONITORED VIA REVIEW OF RESPONSES TO THE ANNUAL CODE OF ETHICS DISCLOSURE. IF THERE ARE ANY CHANGES TO THE PERSON'S EMPLOYMENT OR EXTRA-CURRICULAR ACTIVITIES, THEY ARE REQUIRED TO REPORT THAT TO HUMAN RESOURCES. FORM 990, PART VI, SECTION B, LINE 15 CEO COMPENSATION IS DETERMINED BY THE BOARD OF DIRECTORS WITH THE ASSISTANCE OF AN OUTSIDE CONSULTANT AND INDUSTRY SALARY DATA AND IS DOCUMENTED IN THE CEO'S PERSONNEL FILE. OTHER OFFICERS OR KEY EMPLOYEE'S SALARIES ARE DETERMINED BY THE CEO AND CHIEF HUMAN RESOURCES OFFICER USING INDUSTRY SALARY DATA AND DOCUMENTED IN THE EMPLOYEE'S PERSONNEL FILE. THE PROCESS DESCRIBED HERE WAS LAST PERFORMED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. QUARTERLY FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC VIA THE 5300 CALL REPORT.