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44 North Credit Union

Lebanon, ORUnknown exempt organizationSince 1956 EIN 93-0497535Revenue $12.9M in FY2024

On file with the IRS44northcu.org485 S 2nd St · Lebanon, OR

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Our mission is to provide personalized and thoughtful financial services that make a real difference in your life.

Run by 10 volunteers and 47 employees.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
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
Pay to officers and key staff
$735K
to officers and key staff · 6% of spending
Looks good: pay to officers and key staff is 6% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
42 mo
of spending, in cash
Looks good: 42.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$145.9M
88% of total assets
Concern: liabilities are 88% of assets; over 80%.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$12.9M
Spent
$12.0M
Net assets
$19.1M

From the FY2024 Form 990 · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024.

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; $735K paid to officers and key staff.

Part VII, Section A · reportable compensation
$178,125Pt VII · Sec A
$133,407Pt VII · Sec A
Karen Vorderstrasse
Senior VP/ CIO
$120,687Pt VII · Sec A
$107,040Pt VII · Sec A
Dave Workman
Chief Recovery Officer
$98,400Pt VII · Sec A
$97,436Pt VII · Sec A
Randy Whitfield
Board of Directors Member/Chairperson
$0Pt VII · Sec A
Dave Barringer
Board of Directors Member
$0Pt VII · Sec A
See 44 North 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

Programs and updates

Offers personalized financial services to improve your life.

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1 program · in their own filed words · FY2024
01

44 north credit union services 11,586 members of our community with diverse financial products and services. During the year we granted a total of 9,009 loans worth $116,926,554 to our members.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$12.9M
Ln 12
Fees for servicesLn 2g$11.7M
Investment incomeLn 3$1.2M
Other incomeLn 4–11$77K
Money outPt IX
$12.0M
Ln 25
Owns and owesPt X
$19.1M
net assets · Ln 32
Cash and savingsLn 1–2$41.9M
Total assetsLn 16$164.9M
LiabilitiesLn 26$145.9M
PeoplePt VI, VII
14
listed · VII A
PaidVII A6
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$11.7M
Investment incomeLn 3$1.2M
Other incomeLn 4–11$77K
Gains on assetsLn 7−$781
Total revenueLn 12$12.9M
Assets in detailPt X, end of year
CashLn 1$1.7M
SavingsLn 2$40.2M
Cash and savings togetherLn 1–2$41.9M
InvestmentsLn 11–13$88K
Land, buildings, equipmentLn 10c$4.3M
Other assetsLn 15$2.8M
Total assetsLn 16$164.9M
LiabilitiesLn 26$145.9M
Net assetsLn 32$19.1M
OperationsPt I, VI
EmployeesI 547
VolunteersI 610
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$0$41.9M
InvestmentsLn 11–13$0$88K
Land, buildings, equipmentLn 10c$0$4.3M
Total assetsLn 16$0$164.9M
LiabilitiesLn 26$0$145.9M
Net assetsLn 32$0$19.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$735K
Other salaries and wagesLn 7$1.9M
Pension plan contributionsLn 8$89K
Other employee benefitsLn 9$708K
Payroll taxesLn 10$261K
Accounting feesLn 11c$26K
Other fees for servicesLn 11g$255K
Advertising and promotionLn 12$171K
Office expensesLn 13$1.2M
Information technologyLn 14$574K
OccupancyLn 16$271K
TravelLn 17$49K
Conferences, conventions and meetingsLn 19$13K
InterestLn 20$2.1M
Depreciation, depletion and amortizationLn 22$55K
InsuranceLn 23$37K
Other expenses (24a–d)Ln 24$3.6M
Total functional expensesLn 25$12.0M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $12.9M$12.0M$954K$19.1M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants J · Pay O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $12,926,579 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenue$11,690,187
I-10 Investment income$1,158,953
I-11 Other revenue$77,439
I-12 Total revenue$12,926,579
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$3,672,330
I-16a Professional fundraising fees$0
I-17 Other expenses$8,300,139
I-18 Total expenses$11,972,469
I-19 Revenue less expenses$954,110
Part VI · Governance 8 of 8 board members independent, 1 to look at
VI-1a Voting members of the governing body8
VI-1b Independent voting members8
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $12,926,579 across 5 lines filed
Lines not itemized here account for −$2,374 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $11,663,039 · Unrelated business $27,148$11,690,187
VIII-3 Investment incomeExcluded from tax $1,159,734$1,159,734
VIII-7 Net gain or loss on sales of assetsRelated to mission −$781−$781
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $463 · Unrelated business $79,350$79,813
VIII-12 Total revenueRelated to mission $11,660,347 · Unrelated business $106,498 · Excluded from tax $1,159,734$12,926,579
Part IX · Statement of functional expenses $11,972,469 across 17 lines filed
IX-5 Pay of current officers, directors and key staff$735,095
IX-7 Other salaries and wages$1,880,096
IX-8 Pension plan contributions$88,888
IX-9 Other employee benefits$707,694
IX-10 Payroll taxes$260,557
IX-11c Accounting fees$26,400
IX-11g Other fees for services$254,766
IX-12 Advertising and promotion$170,786
IX-13 Office expenses$1,166,822
IX-14 Information technology$573,847
IX-16 Occupancy$271,009
IX-17 Travel$49,163
IX-19 Conferences, conventions and meetings$12,661
IX-20 Interest$2,121,948
IX-22 Depreciation, depletion and amortization$55,004
IX-23 Insurance$36,817
IX-24 Other expenses (24a–d)$3,560,916
IX-25 Total functional expenses$11,972,469
Part X · Balance sheet $164,913,210 assets, 13 lines filed
Asset lines not itemized here account for $114,321,495; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $0$1,687,126
X-2 Savings and temporary cash investmentsStart of year $0$40,241,513
X-4 Accounts receivableStart of year $0$52,188
X-9 Prepaid expenses and deferred chargesStart of year $0$1,462,966
X-10c Land, buildings and equipment, netStart of year $0$4,276,089
X-12 Other securitiesStart of year $0$87,853
X-15 Other assetsStart of year $0$2,783,980
X-16 Total assetsStart of year $0$164,913,210
X-17 Accounts payable and accrued expensesStart of year $0$912,612
X-25 Other liabilitiesStart of year $0$144,941,909
X-26 Total liabilitiesStart of year $0$145,854,521
X-32 Total net assets or fund balancesStart of year $0$19,058,689
X-33 Total liabilities and net assetsStart of year $0$164,913,210
Part XI · Reconciliation of net assets $19,058,689 net assets at year end
XI-1 Total revenue$12,926,579
XI-2 Total expenses$11,972,469
XI-3 Revenue less expenses$954,110
XI-9 Other changes in net assets$18,104,579
XI-10 Net assets at end of year$19,058,689

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

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