Kitsap Credit Union

Not tax-deductible

Bremerton, WAMutual-benefit / member-servingSince 1934EIN 91-0333066Revenue $153.7M in FY2024

On file with the IRSkitsapcu.orgPo Box 990, 98337-0230 · Bremerton, WATax-exempt since Jul 1954

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A not-for-profit financial cooperative offering checking, savings and lending programs and related services to members who 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.

$4.7M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

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 $11.3M a year · 10% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$4.7M
to officers and key staff · 3% of spending
Looks good: pay to officers and key staff is 3% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
10 mo
of spending, in cash
Looks good: 9.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$2.2B
94% of total assets
Concern: liabilities are 94% of assets; over 80%.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$153.7M
+13% vs prior year
Spent
$148.2M
Net assets
$129.3M
By yearFY2020–FY2024
Revenue
$153.7M
FY2024▲ +13%
Tap a bar for its year
Revenue by fiscal year
FY2020$78.1M
FY2021$86.2M
FY2022$104.0M
FY2023$136.0M
FY2024$153.7M
Expenses
$148.2M
FY2024▲ +16%
Tap a bar for its year
Expenses by fiscal year
FY2020$76.1M
FY2021$67.0M
FY2022$82.9M
FY2023$127.3M
FY2024$148.2M
Net assets
$129.3M
FY2024▼ -0.8%
Tap a bar for its year
Net assets by fiscal year
FY2020$149.5M
FY2021$161.9M
FY2022$118.9M
FY2023$130.4M
FY2024$129.3M

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

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jul 1954.

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

Who runs it and what they're paid

22 people listed on the 990; $4.7M paid to officers and key staff.

Part VII, Section A · reportable compensation
President/CEO
$959,929Pt VII · Sec A
$405,436Pt VII · Sec A
$390,960Pt VII · Sec A
Chief Revenue Officer
$379,785Pt VII · Sec A
$368,373Pt VII · Sec A
$365,835Pt VII · Sec A
$338,671Pt VII · Sec A
VP, Sales (thru 11/24)
$328,132Pt VII · Sec A

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

NameFY2024FY2023FY2022FY2021FY2020
Shawn Gilfedder$959,929$851,331$984,689$1,026,006$844,230
Kellie D Letexier$405,436$399,391$402,881$648,946$385,926
Anthony G Bulleri$368,373$362,536$337,510$516,282$298,457
Bradley Miller———$479,126$348,545
James W Pyron——$444,880$432,902$363,863
Trevor Stuart$390,960$379,735$296,131——
Cheryl L Stone————$386,540
Simon Powley$379,785$14,385———

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.

See Kitsap Credit Union executive salaries →

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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
  • Loans to or from officersSch L · Pt II1 listed

Programs and updates

Offers checking, savings, and lending services, plus financial literacy and community outreach.

Questions for Kitsap Credit Union

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Provided by the organization

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3 programs · in their own filed words · FY2024
01

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.

Pt IX · col B
02

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.

Pt IX · col B
03

Community involvement including donation of money and staff time in the community. Kcu also offers many financial literacy classes for children and adults.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 97 grants · $1.8M · 2020–2024
Kcucares FoundationWA · FY2024$250,988
Harbor Soccer ClubWA · FY2024$28,633
Bremerton Area ChamberWA · FY2024$17,750
Kitsap Building AssociationWA · FY2024$14,025
Blackberry FestivalWA · FY2024$12,000
Kcucares FoundationWA · FY2023$250,000
Central Kitsap School DistrictFY2023$100,000
Metro Parks TacomaFY2023$41,000
Harbor Soccer ClubWA · FY2023$14,800
Bremerton Area ChamberWA · FY2023$12,500
Blackberry FestivalWA · FY2023$12,000
Kitsap Building AssociationWA · FY2023$10,750
See all 97 grants →

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$153.7M
Ln 12
Fees for servicesLn 2g$142.4M
Investment incomeLn 3$10.7M
Gifts and grantsLn 1h$660K
Money outPt IX
$148.2M
Ln 25
Owns and owesPt X
$129.3M
net assets · Ln 32
Cash and savingsLn 1–2$122.0M
Total assetsLn 16$2.3B
LiabilitiesLn 26$2.2B
PeoplePt VI, VII
22
listed · VII A
PaidVII A22
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$660K
Government grantsLn 1e$660K
Fees for servicesLn 2g$142.4M
Investment incomeLn 3$10.7M
Gains on assetsLn 7$33K
Total revenueLn 12$153.7M
Assets in detailPt X, end of year
CashLn 1$27.5M
SavingsLn 2$94.6M
Cash and savings togetherLn 1–2$122.0M
InvestmentsLn 11–13$300.3M
Land, buildings, equipmentLn 10c$26.9M
Other assetsLn 15$40.1M
Total assetsLn 16$2.3B
LiabilitiesLn 26$2.2B
Net assetsLn 32$129.3M
OperationsPt I, VI
EmployeesI 5379
VolunteersI 60
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$129.1M$122.0M
InvestmentsLn 11–13$319.8M$300.3M
Land, buildings, equipmentLn 10c$26.7M$26.9M
Total assetsLn 16$2.37B$2.32B
LiabilitiesLn 26$2.24B$2.19B
Net assetsLn 32$130.4M$129.3M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$364K
Pay of current officers, directors and key staffLn 5$3.8M
Other salaries and wagesLn 7$25.2M
Pension plan contributionsLn 8$1.2M
Other employee benefitsLn 9$4.9M
Payroll taxesLn 10$2.5M
Legal feesLn 11b$115K
Accounting feesLn 11c$216K
Other fees for servicesLn 11g$5.7M
Advertising and promotionLn 12$3.2M
Office expensesLn 13$8.0M
Information technologyLn 14$3.6M
OccupancyLn 16$2.6M
TravelLn 17$436K
InterestLn 20$49.0M
Depreciation, depletion and amortizationLn 22$1.4M
InsuranceLn 23$505K
Other expenses (24a–d)Ln 24$31.5M
All other expensesLn 24e$4.0M
Total functional expensesLn 25$148.2M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $153.7M$148.2M$5.5M$129.3M 990 PDF
FY2023 $136.0M$127.3M$8.6M$130.4M 990 PDF
FY2022 $104.0M$82.9M$21.1M$118.9M 990 PDF
FY2021 $86.2M$67.0M$19.3M$161.9M 990 PDF
FY2020 $78.1M$76.1M$1.9M$149.5M 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 $153,721,471 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$660,000
I-9 Program service revenuePrior year $125,637,997$142,407,818
I-10 Investment incomePrior year $10,336,516$10,653,653
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $135,974,513$153,721,471
I-13 Grants and similar amounts paidPrior year $470,850$364,196
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $33,222,885$37,481,158
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $93,652,080$110,339,170
I-18 Total expensesPrior year $127,345,815$148,184,524
I-19 Revenue less expensesPrior year $8,628,698$5,536,947
Part VI · Governance 9 of 9 board members independent, no flags
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
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 $153,721,471 across 6 lines filed
VIII-1e Government grants$660,000
VIII-1h Total contributions, gifts and grants$660,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $141,501,137 · Unrelated business $906,681$142,407,818
VIII-3 Investment incomeExcluded from tax $10,620,963$10,620,963
VIII-7 Net gain or loss on sales of assetsExcluded from tax $32,690$32,690
VIII-12 Total revenueRelated to mission $141,501,137 · Unrelated business $906,681 · Excluded from tax $10,653,653$153,721,471
Part IX · Statement of functional expenses $148,184,524 across 19 lines filed
IX-1 Grants to domestic organizations$364,196
IX-5 Pay of current officers, directors and key staff$3,772,662
IX-7 Other salaries and wages$25,166,877
IX-8 Pension plan contributions$1,156,893
IX-9 Other employee benefits$4,896,588
IX-10 Payroll taxes$2,488,138
IX-11b Legal fees$114,581
IX-11c Accounting fees$216,177
IX-11g Other fees for services$5,712,109
IX-12 Advertising and promotion$3,182,808
IX-13 Office expenses$7,989,310
IX-14 Information technology$3,583,033
IX-16 Occupancy$2,636,589
IX-17 Travel$436,159
IX-20 Interest$48,987,352
IX-22 Depreciation, depletion and amortization$1,395,453
IX-23 Insurance$505,346
IX-24 Other expenses (24a–d)$31,543,932
IX-24e All other expenses$4,036,321
IX-25 Total functional expenses$148,184,524
Part X · Balance sheet $2,320,371,924 assets, 16 lines filed
Asset lines not itemized here account for $1,789,053,517; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $27,443,173$27,482,924
X-2 Savings and temporary cash investmentsStart of year $101,692,658$94,565,637
X-4 Accounts receivableStart of year $33,526,095$35,104,148
X-9 Prepaid expenses and deferred chargesStart of year $6,795,428$6,665,924
X-10c Land, buildings and equipment, netStart of year $26,681,338$26,884,913
X-11 Publicly traded securitiesStart of year $307,182,861$292,704,922
X-12 Other securitiesStart of year $12,614,855$7,579,872
X-14 Intangible assetsStart of year $192,000$192,000
X-15 Other assetsStart of year $37,344,761$40,138,067
X-16 Total assetsStart of year $2,368,604,375$2,320,371,924
X-17 Accounts payable and accrued expensesStart of year $22,793,366$18,598,486
X-19 Deferred revenueStart of year $1,186,851$1,097,973
X-25 Other liabilitiesStart of year $2,002,900,688$2,057,027,485
X-26 Total liabilitiesStart of year $2,238,188,688$2,191,030,944
X-32 Total net assets or fund balancesStart of year $130,415,687$129,340,980
X-33 Total liabilities and net assetsStart of year $2,368,604,375$2,320,371,924
Part XI · Reconciliation of net assets $129,340,980 net assets at year end
XI-1 Total revenue$153,721,471
XI-2 Total expenses$148,184,524
XI-3 Revenue less expenses$5,536,947
XI-4 Net assets at start of year$130,415,687
XI-5 Net unrealized gains (losses) on investments−$626,833
XI-9 Other changes in net assets−$5,984,821
XI-10 Net assets at end of year$129,340,980

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

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