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
19 people listed on the 990; $1.8M paid to officers and key staff.
Compensation history total reportable pay by year · 8 named individuals · Part VII
| Name | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Michael G Elfstrom | $447,622 | $412,228 | $396,685 | $307,854 | $313,465 |
| Mark R Nelson | — | — | — | $442,135 | $407,877 |
| Kara Taylor | — | — | — | $243,166 | $163,998 |
| Roshalle Dearment | $226,608 | $194,797 | $156,412 | $142,683 | — |
| Mark Petersen | — | $85,533 | $216,165 | $165,125 | — |
| Michael Bishop | $210,124 | — | — | — | — |
| Jason Ball | $203,000 | — | — | — | — |
| Patience Tennis | $188,073 | $172,277 | $153,369 | — | — |
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
- Loans to or from officersSch L · Pt II3 listed
Programs and updates
Offers financial products and services to its members.
Questions for Qualstar Credit Union
Your first name shows with your question. Qualstar Credit Union answers here, for everyone.
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Interest expense in the amount of $16,652,650 was paid to members for money on deposit at the credit union. Deposit accounts earning interest include checking, savings, money market, ira, and certificate of deposit accounts. The credit union has about 67,000 deposit accounts that can earn interest.
The credit union expensed $7,506,406 in provision for loan loss costs for the year. The expense was to fund the accrual for doubtful loans on the balance sheet. The credit union has about 36,000 open loan accounts.
The credit union expensed $1,357,431 during the year for loan servicing costs. These costs were paid to originate and service loans to members. The credit union has about 36,000 open loan accounts.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2024 990, line by line.
Download 990
| Line | Start FY24 | End FY24 |
|---|---|---|
| Cash and savingsLn 1–2 | $173.7M | $58.9M |
| InvestmentsLn 11–13 | $279.0M | $202.5M |
| Land, buildings, equipmentLn 10c | $16.0M | $16.1M |
| Total assetsLn 16 | $983.6M | $832.4M |
| LiabilitiesLn 26 | $871.8M | $700.8M |
| Net assetsLn 32 | $111.8M | $131.6M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic organizationsLn 1 | $25K | |||
| Pay of current officers, directors and key staffLn 5 | $1.1M | |||
| Other salaries and wagesLn 7 | $8.5M | |||
| Pension plan contributionsLn 8 | $110K | |||
| Other employee benefitsLn 9 | $1.8M | |||
| Payroll taxesLn 10 | $654K | |||
| Legal feesLn 11b | $59K | |||
| Accounting feesLn 11c | $276K | |||
| Other fees for servicesLn 11g | $3.9M | |||
| Advertising and promotionLn 12 | $307K | |||
| Office expensesLn 13 | $1.1M | |||
| Information technologyLn 14 | $389K | |||
| OccupancyLn 16 | $705K | |||
| Conferences, conventions and meetingsLn 19 | $162K | |||
| InterestLn 20 | $19.4M | |||
| Depreciation, depletion and amortizationLn 22 | $591K | |||
| InsuranceLn 23 | $731K | |||
| Other expenses (24a–d)Ln 24 | $10.0M | |||
| All other expensesLn 24e | $68K | |||
| Total functional expensesLn 25 | $49.8M |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2024 Latest Viewing | $58.9M | $49.8M | $9.0M | $131.6M | 990 PDF |
| FY2023 | $52.5M | $45.5M | $7.0M | $111.8M | 990 PDF |
| FY2022 | $35.9M | $25.0M | $10.8M | $91.5M | 990 PDF |
| FY2021 | $40.0M | $25.5M | $14.5M | $97.8M | 990 PDF |
| FY2020 | $38.2M | $30.0M | $8.2M | $86.6M | 990 PDF |
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Schedules filed Part IV
See the full FY2024 990 (6 parts)
Part I · Summary $58,863,677 revenue, 12 lines filed
Part VI · Governance 9 of 9 board members independent, no flags
Part VIII · Statement of revenue $58,863,677 across 5 lines filed
Part IX · Statement of functional expenses $49,819,511 across 19 lines filed
Part X · Balance sheet $832,351,744 assets, 15 lines filed
Part XI · Reconciliation of net assets $131,596,420 net assets at year end
Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File
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