Point West Credit Union

Not tax-deductible

Portland, ORMutual-benefit / member-servingSince 1933EIN 93-0232289Revenue $7.8M in FY2024

On file with the IRSpointwestcu.com5257 Ne M L King Blvd Ste 301, 97211-3283 · Portland, ORTax-exempt since Oct 1944

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To perform Credit Union activities to benefit the members of the Credit Union and maintain the financial integrity of the Credit Union.

Run by 11 volunteers and 25 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 $691K a year · 11% 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
$521K
to officers and key staff · 8% of spending
Looks good: pay to officers and key staff is 8% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
45 mo
of spending, in cash
Looks good: 45.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$98.7M
89% of total assets
Concern: liabilities are 89% 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
$7.8M
+23% vs prior year
Spent
$6.9M
Net assets
$11.7M
By yearFY2020–FY2024
Revenue
$7.8M
FY2024▲ +23%
Tap a bar for its year
Revenue by fiscal year
FY2020$5.0M
FY2021$5.0M
FY2022$6.0M
FY2023$6.3M
FY2024$7.8M
Expenses
$6.9M
FY2024▲ +18%
Tap a bar for its year
Expenses by fiscal year
FY2020$4.3M
FY2021$4.6M
FY2022$4.9M
FY2023$5.9M
FY2024$6.9M
Net assets
$11.7M
FY2024▲ +8%
Tap a bar for its year
Net assets by fiscal year
FY2020$9.0M
FY2021$9.4M
FY2022$10.4M
FY2023$10.9M
FY2024$11.7M

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 Oct 1944.

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

Who runs it and what they're paid

14 people listed on the 990; $521K paid to officers and key staff.

Part VII, Section A · reportable compensation
CEO, Treasurer
$206,000Pt VII · Sec A
Chief Innovations Officer
$165,502Pt VII · Sec A
Chief Financial Officer
$149,882Pt VII · Sec A
Secretary, Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Chair, Board Member
$0Pt VII · Sec A

Compensation history total reportable pay by year · 4 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Amy Nelson$206,000$198,250$194,750$179,252$170,500
Steve Pagenstecher$165,502$155,002$148,543$139,822$115,827
Sarah Fergason$149,882$140,404$133,956$126,173$103,300
Ray Cornwell—$117,301$106,172——

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 II1 listed

Programs and updates

Provides financial services to members, ensuring the credit union's stability.

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1 program · in their own filed words · FY2024
01

Normal credit union operations, including lending, deposit products and fee services for the credit union's members.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$7.8M
Ln 12
Fees for servicesLn 2g$6.0M
Gifts and grantsLn 1h$1.2M
Investment incomeLn 3$625K
Money outPt IX
$6.9M
Ln 25
Owns and owesPt X
$11.7M
net assets · Ln 32
Cash and savingsLn 1–2$26.2M
Total assetsLn 16$110.4M
LiabilitiesLn 26$98.7M
PeoplePt VI, VII
14
listed · VII A
PaidVII A3
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.2M
Government grantsLn 1e$1.2M
Fees for servicesLn 2g$6.0M
Investment incomeLn 3$625K
Gains on assetsLn 7−$33K
Total revenueLn 12$7.8M
Assets in detailPt X, end of year
CashLn 1$19.0M
SavingsLn 2$7.2M
Cash and savings togetherLn 1–2$26.2M
InvestmentsLn 11–13$707K
Land, buildings, equipmentLn 10c$2.3M
Other assetsLn 15$1.7M
Total assetsLn 16$110.4M
LiabilitiesLn 26$98.7M
Net assetsLn 32$11.7M
OperationsPt I, VI
EmployeesI 525
VolunteersI 611
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
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$19.9M$26.2M
InvestmentsLn 11–13$837K$707K
Land, buildings, equipmentLn 10c$2.3M$2.3M
Total assetsLn 16$110.0M$110.4M
LiabilitiesLn 26$99.1M$98.7M
Net assetsLn 32$10.9M$11.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$568K
Other salaries and wagesLn 7$1.7M
Pension plan contributionsLn 8$46K
Other employee benefitsLn 9$268K
Payroll taxesLn 10$164K
Legal feesLn 11b$34K
Accounting feesLn 11c$129K
Other fees for servicesLn 11g$582K
Advertising and promotionLn 12$232K
Office expensesLn 13$207K
Information technologyLn 14$172K
OccupancyLn 16$246K
Conferences, conventions and meetingsLn 19$131K
InterestLn 20$788K
Depreciation, depletion and amortizationLn 22$133K
InsuranceLn 23$45K
Other expenses (24a–d)Ln 24$1.4M
All other expensesLn 24e$62K
Total functional expensesLn 25$6.9M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $7.8M$6.9M$845K$11.7M 990 PDF
FY2023 $6.3M$5.9M$436K$10.9M 990 PDF
FY2022 $6.0M$4.9M$1.0M$10.4M 990 PDF
FY2021 $5.0M$4.6M$428K$9.4M 990 PDF
FY2020 $5.0M$4.3M$716K$9.0M 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 $7,778,023 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$1,200,000
I-9 Program service revenuePrior year $5,826,419$5,953,408
I-10 Investment incomePrior year $503,128$624,615
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $6,329,547$7,778,023
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $2,251,817$2,724,587
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $3,641,768$4,208,908
I-18 Total expensesPrior year $5,893,585$6,933,495
I-19 Revenue less expensesPrior year $435,962$844,528
Part VI · Governance 9 of 9 board members independent, 1 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-13 Written whistleblower policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $7,778,023 across 6 lines filed
VIII-1e Government grants$1,200,000
VIII-1h Total contributions, gifts and grants$1,200,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $5,949,657 · Unrelated business $3,751$5,953,408
VIII-3 Investment incomeExcluded from tax $657,454$657,454
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$32,839−$32,839
VIII-12 Total revenueRelated to mission $5,949,657 · Unrelated business $3,751 · Excluded from tax $624,615$7,778,023
Part IX · Statement of functional expenses $6,933,495 across 18 lines filed
IX-5 Pay of current officers, directors and key staff$567,908
IX-7 Other salaries and wages$1,679,493
IX-8 Pension plan contributions$45,714
IX-9 Other employee benefits$267,904
IX-10 Payroll taxes$163,568
IX-11b Legal fees$34,131
IX-11c Accounting fees$129,348
IX-11g Other fees for services$582,223
IX-12 Advertising and promotion$231,707
IX-13 Office expenses$207,118
IX-14 Information technology$171,545
IX-16 Occupancy$246,332
IX-19 Conferences, conventions and meetings$130,506
IX-20 Interest$787,824
IX-22 Depreciation, depletion and amortization$133,293
IX-23 Insurance$44,887
IX-24 Other expenses (24a–d)$1,448,043
IX-24e All other expenses$61,951
IX-25 Total functional expenses$6,933,495
Part X · Balance sheet $110,377,484 assets, 13 lines filed
Asset lines not itemized here account for $79,486,427; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $6,821,181$19,023,329
X-2 Savings and temporary cash investmentsStart of year $13,112,313$7,220,203
X-10c Land, buildings and equipment, netStart of year $2,281,824$2,263,898
X-11 Publicly traded securitiesStart of year $216,744$186,184
X-12 Other securitiesStart of year $620,602$520,828
X-15 Other assetsStart of year $1,924,646$1,676,615
X-16 Total assetsStart of year $109,968,841$110,377,484
X-17 Accounts payable and accrued expensesStart of year $1,067,234$1,213,077
X-19 Deferred revenueStart of year $3,039,115$1,800,001
X-25 Other liabilitiesStart of year $93,799,468$95,065,369
X-26 Total liabilitiesStart of year $99,117,527$98,678,447
X-32 Total net assets or fund balancesStart of year $10,851,314$11,699,037
X-33 Total liabilities and net assetsStart of year $109,968,841$110,377,484
Part XI · Reconciliation of net assets $11,699,037 net assets at year end
XI-1 Total revenue$7,778,023
XI-2 Total expenses$6,933,495
XI-3 Revenue less expenses$844,528
XI-4 Net assets at start of year$10,851,314
XI-5 Net unrealized gains (losses) on investments$3,195
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$11,699,037

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

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