Watermark Credit Union

Nonprofit profile at a glance

EIN
910575915
IRS 990 coverage
2010–2010
Forms available
Form 990 2010
Location
Seattle, WA, USA
Phone
2063827000
Rating confidence
Limited
Sector
Credit Unions

Official website

Reported finances

Revenue
$35,046,430
Expenses
$33,728,994
Assets
$563,026,230
Liabilities
$520,867,834

Source: IRS Form 990. Selected filing: tax year 2010. Amounts in USD.

Leadership & pay

16 people listed

Source: IRS Form 990. Selected filing: tax year 2010. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide competitive products and sound financial advice

What it reported doing in 2010

Other Operating Income - The credit union provides a variety of exempt purpose financial services which includes loan and deposit accounts and collects appropriate fees and other charges. Member loan receivable had a balance on Dec. 31, 2010 of $392,047,313.04 which included various types of loans. Member deposits had a balance on Dec. 31, 2010 of 516,806,637.25 which included savings, checking, certificates, money markets and retirement accounts.

Operating model

Revenue model
Other-operating. 97% of the money available for current operations came from other operating 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: 88
  • Accountability: 95
  • Sustainability: 60
  • Growth: NotEnoughData

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; 59th percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 70th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 3.8%; rating input score 56; 56th percentile among comparable filings
  • Total-asset coverage ratio: 16.69; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.93; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 5.2%; rating input score 31; 31st percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 6 of 6 board members independent · 8 of 9 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $451K · 16 people listed · 4 of 6 pay-setting controls reported
  • Consistency: 13 of 13 current checks pass
  • Schedules: 3 filed schedules · includes executive pay
  • 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.

  • Review — Sustainability: Operating margin scored 56/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Liabilities to assets ratio scored 11/100.
  • Moderate — Sustainability: Officer compensation ratio scored 31/100.