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Westmark Credit Union

Not tax-deductible

Idaho Falls, IDMutual-benefit / member-servingSince 1954Public & Societal BenefitEIN 82-0218879Revenue $89.9M in FY2024

On file with the IRSwestmark.org2520 Channing Way, 83404-7515 · Idaho Falls, IDTax-exempt since Apr 2023

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Provide traditional banking services to more than 65,000 members including consumer loans, real estate loans, commercial loans, checking, savings, deposit accounts and electronic services.

Run by 12 volunteers and 271 employees.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $9.5M a year · 15% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$2.6M
to officers and key staff · 3% of spending
Top officer’s pay higher than 59% of similar orgs
Looks good: pay to officers and key staff is 3% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
9 mo
of spending, in cash
Looks good: 9.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.3B
92% of total assets
Concern: liabilities are 92% of assets; over 80%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$89.9M
+26% vs prior year
Spent
$82.4M
To programs
0%
Net assets
$120.5M
By yearFY2020–FY2024
Revenue
$89.9M
FY2024▲ +26%
Tap a bar for its year
Revenue by fiscal year
FY2020$46.2M
FY2021$51.4M
FY2022$56.8M
FY2023$71.5M
FY2024$89.9M
Expenses
$82.4M
FY2024▲ +22%
Tap a bar for its year
Expenses by fiscal year
FY2020$37.7M
FY2021$36.2M
FY2022$44.2M
FY2023$67.6M
FY2024$82.4M
Net assets
$120.5M
FY2024▲ +7%
Tap a bar for its year
Net assets by fiscal year
FY2020$83.1M
FY2021$98.1M
FY2022$109.9M
FY2023$112.8M
FY2024$120.5M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Apr 2023.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

19 people listed on the 990; $2.6M paid to officers and key staff.

Part VII, Section A · reportable compensation
Mike Schenck
Chief Executive Officer
$355,878Pt VII · Sec A
Polly Simpson
Chief Marketing Officer
$278,231Pt VII · Sec A
Davin Garlick
EVP/Chief Financial Officer
$243,992Pt VII · Sec A
Jade Beckman
EVP/Chief Member Experience Officer
$233,499Pt VII · Sec A
Tammy Ridgwell
EVP/Chief Administrative Officer
$227,106Pt VII · Sec A
Jayme O'Rullian
VP of Wis Administration
$199,615Pt VII · Sec A
Don West
Chief Information Officer
$198,183Pt VII · Sec A
John Beal
SR. VP of Real Estate Administration
$197,045Pt VII · Sec A

Mike Schenck’s $356K as Chief Executive Officer is at the 59th percentile of top reported officer pay among 232 $10–100M public & societal benefit nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Richard Leonardson—$557,585$569,822$404,533$412,482
Gilbert Birdsong—$385,356$343,003$285,959$302,882
Mike Schenck$355,878$263,818$256,397$219,060$200,012
Polly Simpson$278,231$246,069$224,032$205,695$208,072
Davin Garlick$243,992$209,480$179,196$124,439—
Tammy Ridgwell$227,106$240,293———
Jayme O'Rullian$199,615$238,746$214,160——
Jade Beckman$233,499————

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Offers banking services like loans, checking, and savings accounts to over 65,000 members.

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3 programs · $80.8M · in their own filed words · FY2024
01

Provided checking, savings and other traditional banking services to credit union members

$48.4Mprogram expense
02

Granted $307 million in consumer and commercial loans to credit union members.

$28.1Mprogram expense
03

Granted $34 million in first mortgage and other real estate loans to credit union members

$4.4Mprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$89.9M
Ln 12
Fees for servicesLn 2g$78.3M
Investment incomeLn 3$6.6M
Other incomeLn 4–11$4.9M
Money outPt IX
$82.4M
Ln 25
Owns and owesPt X
$120.5M
net assets · Ln 32
Cash and savingsLn 1–2$64.4M
Total assetsLn 16$1.4B
LiabilitiesLn 26$1.3B
PeoplePt VI, VII
19
listed · VII A
PaidVII A12
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$78.3M
Investment incomeLn 3$6.6M
Other incomeLn 4–11$4.9M
Total revenueLn 12$89.9M
Assets in detailPt X, end of year
CashLn 1$64.4M
Cash and savings togetherLn 1–2$64.4M
InvestmentsLn 11–13$91.2M
Land, buildings, equipmentLn 10c$30.7M
Other assetsLn 15$11.2M
Total assetsLn 16$1.4B
LiabilitiesLn 26$1.3B
Net assetsLn 32$120.5M
OperationsPt I, VI
EmployeesI 5271
VolunteersI 612
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$68.6M$64.4M
InvestmentsLn 11–13$66.5M$91.2M
Land, buildings, equipmentLn 10c$30.8M$30.7M
Total assetsLn 16$1.38B$1.44B
LiabilitiesLn 26$1.27B$1.32B
Net assetsLn 32$112.8M$120.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$43.3M
Pay of current officers, directors and key staffLn 5$2.6M
Other salaries and wagesLn 7$14.6M
Pension plan contributionsLn 8$596K
Other employee benefitsLn 9$3.8M
Payroll taxesLn 10$1.3M
Accounting feesLn 11c$80K
Other fees for servicesLn 11g$3.9M
Advertising and promotionLn 12$2.9M
Office expensesLn 13$215K
Information technologyLn 14$305K
OccupancyLn 16$2.2M
TravelLn 17$357K
Conferences, conventions and meetingsLn 19$526K
InterestLn 20$2.5M
Depreciation, depletion and amortizationLn 22$1.7M
InsuranceLn 23$278K
Other expenses (24a–d)Ln 24$763K
All other expensesLn 24e$440K
Total functional expensesLn 25$82.4M$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $89.9M$82.4M$7.5M$120.5M 990 PDF
FY2023 $71.5M$67.6M$3.9M$112.8M 990 PDF
FY2022 $56.8M$44.2M$12.6M$109.9M 990 PDF
FY2021 $51.4M$36.2M$15.2M$98.1M 990 PDF
FY2020 $46.2M$37.7M$8.5M$83.1M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $89,871,813 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $66,723,508$78,343,056
I-10 Investment incomePrior year $4,653,417$6,606,812
I-11 Other revenuePrior year $124,258$4,921,945
I-12 Total revenuePrior year $71,501,183$89,871,813
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $28,493,566$43,287,042
I-15 Salaries and benefitsPrior year $22,146,641$22,920,389
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $16,946,152$16,212,794
I-18 Total expensesPrior year $67,586,359$82,420,225
I-19 Revenue less expensesPrior year $3,914,824$7,451,588
Part VI · Governance 7 of 7 board members independent, no flags
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $89,871,813 across 5 lines filed
Lines not itemized here account for $10,595 of total revenue; see the IRS return.
VIII-1h Total contributions, gifts and grants$0
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $77,143,272 · Unrelated business $1,199,784 · Excluded from tax $0$78,343,056
VIII-3 Investment incomeRelated to mission $6,606,812 · Unrelated business $0 · Excluded from tax $0$6,606,812
VIII-5 RoyaltiesRelated to mission $4,911,350 · Unrelated business $0 · Excluded from tax $0$4,911,350
VIII-12 Total revenueRelated to mission $88,672,029 · Unrelated business $1,199,784 · Excluded from tax $0$89,871,813
Part IX · Statement of functional expenses $82,420,225 across 19 lines filed
IX-4 Benefits paid to or for members$43,287,042
IX-5 Pay of current officers, directors and key staff$2,634,169
IX-7 Other salaries and wages$14,596,060
IX-8 Pension plan contributions$596,137
IX-9 Other employee benefits$3,761,527
IX-10 Payroll taxes$1,332,496
IX-11c Accounting fees$80,137
IX-11g Other fees for services$3,945,154
IX-12 Advertising and promotion$2,905,177
IX-13 Office expenses$215,381
IX-14 Information technology$305,410
IX-16 Occupancy$2,244,335
IX-17 Travel$357,357
IX-19 Conferences, conventions and meetings$525,899
IX-20 Interest$2,501,349
IX-22 Depreciation, depletion and amortization$1,650,622
IX-23 Insurance$278,379
IX-24 Other expenses (24a–d)$763,128
IX-24e All other expenses$440,466
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$82,420,225
Part X · Balance sheet $1,436,932,098 assets, 13 lines filed
Asset lines not itemized here account for $1,052,151; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $68,639,388$64,417,633
X-4 Accounts receivableStart of year $1,195,832,524$1,232,202,273
X-8 Inventories for sale or useStart of year $274,012$171,623
X-9 Prepaid expenses and deferred chargesStart of year $5,997,154$6,000,860
X-10c Land, buildings and equipment, netStart of year $30,802,766$30,711,384
X-12 Other securitiesStart of year $66,528,362$91,179,824
X-15 Other assetsStart of year $10,792,014$11,196,350
X-16 Total assetsStart of year $1,379,746,743$1,436,932,098
X-17 Accounts payable and accrued expensesStart of year $19,458,910$16,987,773
X-25 Other liabilitiesStart of year $1,211,272,489$1,263,415,835
X-26 Total liabilitiesStart of year $1,266,931,399$1,316,403,608
X-32 Total net assets or fund balancesStart of year $112,815,344$120,528,490
X-33 Total liabilities and net assetsStart of year $1,379,746,743$1,436,932,098
Part XI · Reconciliation of net assets $120,528,490 net assets at year end
XI-1 Total revenue$89,871,813
XI-2 Total expenses$82,420,225
XI-3 Revenue less expenses$7,451,588
XI-4 Net assets at start of year$112,815,344
XI-5 Net unrealized gains (losses) on investments−$367,100
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets$628,658
XI-10 Net assets at end of year$120,528,490

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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