Washington State Employees Credit Union

Nonprofit profile at a glance

EIN
910683062
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-N 2022
Location
Olympia, WA, USA
Phone
3609437911
Rating confidence
Limited

Official website

Reported finances

Revenue
$335,996,713
Expenses
$331,443,360
Assets
$5,165,066,329
Liabilities
$4,771,120,080

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

22 people listed

Executive titles in this filing

  • GARY SWINDLER (PRESIDENT/CEO)

Highest reported compensation

  • GARY SWINDLER (PRESIDENT/CEO): $2,436,254 total reported compensation
  • PAUL KIRKBRIDE (CHIEF OPERATING OFFICER): $714,330 total reported compensation
  • RANDY GUNDERSON (CHIEF FINANCIAL OFFICER): $685,965 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide services to members which are mandated in the credit union act to charters and to provide a means whereby members can provide each other with needed financial services.

What it reported doing in 2024

Credit cards: wsecu provides a variety of credit card options to meet the varied lifestyles of our members. Each option includes the value of a variable interest rate, no annual fee, plus the cost-savings benefit of a 25-day grace period on new purchases, and the purchasing power of the most recognized credit card in the world. Each of our credit card options provides unique features and benefits. From higher spending limits to rewards programs to first-time cardholders establishing credit, wsecu members have an exciting range of credit card options from which to choose.

Operating model

Revenue model
Earned-program. 91% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 86
  • Accountability: 100
  • Sustainability: 53
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Missing
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 1.4%; rating input score 39; 39th percentile among comparable filings
  • Total-asset coverage ratio: 15.58; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 0.92; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 2.3%; rating input score 51; 51st percentile among comparable filings

Growth

  • Program expense growth: 13.1% per year; rating input score 100; 83rd percentile among comparable filings
  • Revenue growth: 8.6% per year; rating input score 100; 71st percentile among comparable filings
  • Asset growth: 9.4% per year; rating input score 100; 67th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 9 of 9 board members independent · 9 of 9 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $2.4M · 22 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $14.6M reported
  • Consistency: 13 of 13 current checks pass
  • Schedules: 5 filed schedules · includes grants and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 40 filed money-flow records
  • Related organizations: 19 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Sustainability: Operating margin scored 39/100.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.
  • Review — Sustainability: Officer compensation ratio scored 51/100.