2024-09-17T13:33:29-05:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 20 EAST THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2023-01-01 910639210 O BEE CREDIT UNION CRED 3609430740 649 WOODLAND SQUARE LOOP SE 100 LACEY WA 98503 MARTHA PRESTIN CFO 3609430740 2024-09-16 1 0 MELISSA HANGSLEBEN P02087031 6022662248 2024-09-16 2023 2024-08-08 14:25:15Z BRUCE CRAMER 649 WOODLAND SQUARE LOOP SE 100 LACEY WA 98503 38098425 0 X WWW.OBEE.COM X 1955 WA CREDIT UNION IN THE STATE OF WASHINGTON. PROVIDES FINANCIAL PRODUCTS AND SERVICES TO MEMBERS. 8 8 197 18 52900 0 0 0 27786215 35447822 -110362 2650603 0 0 27675853 38098425 21500 51000 1184407 5298329 10819233 13349385 0 0 0 13319020 16654549 25344160 35353263 2331693 2745162 560412089 602933268 521899357 564934780 38512732 37998488 TO IMPROVE THE LIVES OF OUR MEMBERS THROUGH FINANCIAL WELL-BEING. 0 0 THE CREDIT UNION PROVIDES DRAFT AND SHARE ACCOUNTS, SHARE CERTIFICATES, CONSUMER AND COMMERCIAL LOANS, AND OTHER EXEMPT FUNCTION ACTIVITIES TO ITS MEMBERS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 9001 0 1 197 1 1 1 0 0 0 0 0 0 0 X 8 8 1 0 1 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X MARTHA PRESTIN 3609430740 649 WOODLAND SQUARE LOOP SE 100 LACEY WA 98503 JAMES COLLINS CEO/TREASURER (THRU 8/21/23) 40.00 X 725280 0 50838 DAVID ECHTLE CHIEF LENDING OFFICER 40.00 X 217135 0 53737 JENNIFER ROBERTS-ECHTLE CHIEF OPERATIONS OFFICER 40.00 X 215424 0 47706 LEE WOJNAR CHIEF MARKETING OFFICER 40.00 X 191681 0 57085 JEREMY FRANKLIN MORTGAGE LOAN OFFICER 40.00 X 193632 0 27041 DANIEL HILDRETH FINANCIAL ANALYST 40.00 X 183480 0 29439 BRYAN THOMAS CHIEF HUMAN RESOURCES OFFICER 40.00 X 179730 0 17905 DEBBIE SCOLES CONTROLLER 40.00 X 160969 0 18718 BRUCE CRAMER INTERIM CEO (STARTED 8/7/23) 40.00 X 114186 0 3847 MARTHA PRESTIN CFO (STARTED 11/1/23) 40.00 X 20171 0 2313 PRABAKARAN MANOHARAN CHAIR 4.00 X X 0 0 0 JASON GORDON CHAIR (THRU 7/19/23) 4.00 X X 0 0 0 CHRISTY KRIEGSMAN 1ST VICE CHAIR 4.00 X X 0 0 0 RYAN BEDFORD 2ND VICE CHAIR 4.00 X X 0 0 0 JOY JOHNSTON 2ND VICE CHAIR (THRU 8/15/23) 4.00 X X 0 0 0 BARRY MURRAY DIRECTOR 4.00 X 0 0 0 CAROLYN CARUSO DIRECTOR 4.00 X 0 0 0 DIANE BRANSON-UNWIN DIRECTOR (THRU 7/19/23) 4.00 X 0 0 0 FRIEDA RAY DIRECTOR 4.00 X 0 0 0 JUDITH WEEKS DIRECTOR (THRU 8/15/23) 4.00 X 0 0 0 MICHELE FISHER DIRECTOR (THRU 7/19/23) 4.00 X 0 0 0 WILFORD SAUNDERS DIRECTOR 4.00 X 0 0 0 STEVE BLANKENSHIP DIRECTOR 4.00 X 0 0 0 2201688 0 308629 19 0 1 0 FIS 601 RIVERSIDE AVENUE JACKSONVILLE FL 32204 CARD PROCESSOR 1424319 JACK HENRY AND ASSOCIATES 663 W HIGHWAY 60 MONETT MO 65708 DATA PROCESSING 683832 CRMNEXT INC 702 OBERLIN ROAD STE 200 RALEIGH NC 27605 MEMBER RELATIONSHIP MANAGEMENT SERVICES 266250 COOK SOLUTIONS 9225 NE CASCADES PARKWAY PORTLAND OR 97220 ATM AND EQUIPMENT SERVICING 256820 GLIA TECHNOLOGIES INC 30 WEST 21ST STREET 4TH FLOOR NEW YORK NY 10010 DIGITAL MEMBER SERVICES 164406 16 LOAN INTEREST 522100 26679199 26679199 FEES AND CHARGES 522100 4258756 4205856 52900 INTERCHANGE INCOME 522100 3450103 3450103 OTHER NON-INTEREST INCOME 522100 904723 904723 GAIN ON SALE OF LOANS 522100 155041 155041 35447822 2648966 2648966 1637 0 1637 1637 1637 38098425 35394922 52900 2650603 30000 21000 5298329 1663556 8025265 789961 2014082 856521 37210 107824 1042675 587527 789232 1188913 1668020 118486 50570 2649855 1136161 64491 PROVISION FOR LOAN LOSS 2507992 OPERATING EXPENSES 1396651 LENDING EXPENSES 1308271 CREDIT CARD EXPENSES 1275973 724698 35353263 9177392 6235687 39116630 71558566 302681 84167 481331155 499798081 628378 1094109 16715755 10460776 7080472 6254979 2522880 3864145 20252501 14043534 560412089 602933268 8459282 7889164 24999999 69999996 12000000 11600000 476440076 475445620 521899357 564934780 X 0 0 0 0 38512732 37998488 38512732 37998488 560412089 602933268 X 2745162 -3259406 X 0 1 X 1 0 1163755 1163755 9136549 4906816 4229733 6415451 5553960 861491 6254979 MEMBER SHARE AND DEPOSIT ACCOUNTS 475445620 475445620 X 37510491 -587934 -587934 38098425 0 38098425 35353263 0 35353263 0 35353263 PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. PART XI, LINE 2D - OTHER ADJUSTMENTS: DECREASE IN CREDIT UNION SERVICE ORGANIZATION INVESTMENT -587,934. 1 COLLEGE SCHOLARSHIPS 7 21000 N/A N/A PART I, LINE 2: A COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS SUBMITTED APPLICATIONS AND SELECTS RECIPIENTS. RECIPIENTS ARE AWARDED ON THE BASIS OF NEED, WITH CONSIDERATION GIVEN TO THE STUDENT'S AND THEIR FAMILY'S RESOURCES AND THE RESEARCH AND PLANNING DEMONSTRATED BY THE APPLICANT. WHEN THE RECIPIENTS HAVE BEEN DETERMINED, SCHOLARSHIP FUNDS ARE PAID DIRECTLY TO THE COLLEGE OR UNIVERSITY THE RECIPIENT IS ATTENDING. X X 1 1 X X X X 1 1 0 JAMES COLLINS CEO/TREASURER (THRU 8/21/23) 210958 0 19950 0 494372 0 41880 0 8958 0 776118 0 110938 0 DAVID ECHTLE CHIEF LENDING OFFICER 189992 0 16557 0 10586 0 42128 0 11609 0 270872 0 10586 0 JENNIFER ROBERTS-ECHTLE CHIEF OPERATIONS OFFICER 215424 0 0 0 0 0 35404 0 12302 0 263130 0 0 0 LEE WOJNAR CHIEF MARKETING OFFICER 166171 0 14750 0 10760 0 36654 0 20431 0 248766 0 10760 0 JEREMY FRANKLIN MORTGAGE LOAN OFFICER 42000 0 151632 0 0 0 14292 0 12749 0 220673 0 0 0 DANIEL HILDRETH FINANCIAL ANALYST 163097 0 10860 0 9523 0 21892 0 7547 0 212919 0 9523 0 BRYAN THOMAS CHIEF HUMAN RESOURCES OFFICER 164880 0 14850 0 0 0 17905 0 0 0 197635 0 0 0 DEBBIE SCOLES CONTROLLER 146521 0 14448 0 0 0 6469 0 12249 0 179687 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS IS PAID FOR CERTAIN MEMBERS OF MANAGEMENT AND IS INCLUDED IN THE EMPLOYEE'S W-2. THE ORGANIZATION BEGAN GROSSING UP EMPLOYEE PAYCHECKS FOR THE COST OF MANDATORY LONG-TERM DISABILITY INSURANCE. PART I, LINES 4A-B THE CEO, JAMES COLLINS, RECEIVED A SEVERENCE PAYMENT OF $308,826 FROM THE ORGANIZATION UPON RESIGNATION. THE CREDIT UNION PARTICIPATES IN A 457(F) DEFERRED COMPENSATION AGREEMENT WITH CERTAIN MEMBERS OF THE EXECUTIVE MANAGEMENT TEAM. THE FOLLOWING EMPLOYEES RECEIVED CONTRIBUTIONS TO THIS PLAN DURING 2023: DAVID ECHTLE - $13,991 JENNIFER ROBERTS-ECHTLE - $13,991 LEE WOJNAR - $13,125 BRYAN THOMAS - $12,900 MARTHA PRESTIN - $2,313 THE FOLLOWING EMPLOYEES RECEIVED DISTRIBUTIONS FROM THIS PLAN DURING 2023: JAMES COLLINS - $110,983 DAVID ECHTLE - $10,586 LEE WOJNAR - $10,760 DANIEL HILDRETH - $9,523 DANIEL HILDRETH VP OF FINANCE AUTO X 24491 4767 0 0 1 DAVID ECHTLE CHIEF LENDING OFFICER CREDIT CARD X 10304 1333 0 0 1 JENNIFER ROBERTS-ECHTLE CHIEF OPERATING OFFICER AUTO X 25902 16717 0 0 1 JENNIFER ROBERTS-ECHTLE CHIEF OPERATING OFFICER CREDIT CARD X 2279 1100 0 0 1 DANIEL HILDRETH VP OF FINANCE CREDIT CARD X 10000 160 0 0 1 DANIEL HILDRETH VP OF FINANCE CREDIT CARD X 10000 108 0 0 1 DANIEL HILDRETH VP OF FINANCE AUTO X 25980 15545 0 0 1 LEE WOJNAR CHIEF MARKETING OFFICER AUTO X 35422 15851 0 0 1 LEE WOJNAR CHIEF MARKETING OFFICER CREDIT CARD X 10118 3725 0 0 1 BRYAN THOMAS CHIEF HUMAN RESOURCES OFFICER CREDIT CARD X 25639 24861 0 0 1 84167 FORM 990, PART VI, SECTION A, LINE 1A THE BOARD IS RESPONSIBLE FOR APPOINTING AN EXECUTIVE COMMITTEE CONSISTING OF AT LEAST THREE DIRECTORS WHO WILL SERVE AT THE BOARD'S DISCRETION. THE EXECUTIVE COMMITTEE WILL BE AUTHORIZED TO ACT ON BEHALF OF THE BOARD FOR SPECIFIC FUNCTIONS DELEGATED BY THE ACT, REGULATIONS, AND BOARD POLICY. FORM 990, PART VI, SECTION A, LINE 2 DAVE ECHTLE AND JENNIFER ROBERTS-ECHTLE HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 4 THE BYLAWS WERE AMENDED DURING THE TAX YEAR TO ALLOW THE CEO AND THEIR DESIGNEES TO EXPEL OR RESTRICT SERVICES FOR CAUSE, WHICH INCLUDES INTENTIONAL ACTS CAUSING FINANCIAL LOSS, HARASSMENT, FRAUD, OR ABUSE OF MEMBERSHIP RIGHTS, PRIVILEGES, AND BENEFITS. THE CREDIT UNION IS REQUIRED TO NOTIFY EXPELLED PERSONS AND GIVE THEM A CHANCE TO BE HEARD AND SEEK REINSTATEMENT. DECISIONS MADE AT THE REINSTATEMENT MEETING ARE FINAL AND DOCUMENTED IN THE CREDIT UNION'S RECORDS. THE CREDIT UNION ALSO DEDUCTS ANY AMOUNTS OWED, INCLUDING EARLY WITHDRAWAL PENALTIES, FROM THE SHARES OR DEPOSITS OF EXPELLED MEMBERS. THE BYLAWS ALSO CHANGED THE BOARD COMMITTEE TO THE BOARD NOMINATION COMMITTEE. FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IS OPEN TO ANYONE WHO LIVES OR WORKS IN WASHINGTON STATE AS WELL AS BEING RELATED TO SOMEONE WHO IS A MEMBER OF O BEE AND IS IN GOOD STANDING, AND WHO LIVES OR WORKS IN WASHINGTON STATE. AN INDIVIDUAL IS CONSIDERED A MEMBER IF THEY HAVE A SHARE OR LOAN ACCOUNT WITH THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A EACH CREDIT UNION MEMBER MAY VOTE FOR MEMBERS OF THE BOARD OF DIRECTORS AND SUPERVISORY COMMITTEE. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. ONCE THE DRAFT IS AVAILABLE, IT IS REVIEWED BY MANAGEMENT AND ANY CHANGES INCORPORATED INTO THE FILING. ONCE THIS DETAILED REVIEW IS COMPLETE, THE DRAFT OF THE FORM 990 IS PRESENTED TO THE BOARD OF DIRECTORS FOR THEIR REVIEW AND COMMENTS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, DIRECTORS AND KEY EMPLOYEES MUST SIGN A CODE OF ETHICS THAT INCLUDES CONFLICT OF INTEREST GUIDELINES AND INDICATE DISCLOSURE OF ANY CONFLICTS OF INTEREST. THIS IS MONITORED VIA REVIEW OF RESPONSES TO THE ANNUAL CODE OF ETHICS DISCLOSURE. IF THERE ARE ANY CHANGES TO THE PERSON'S EMPLOYMENT OR EXTRA-CURRICULAR ACTIVITIES, THEY ARE REQUIRED TO REPORT THAT TO HUMAN RESOURCES. FORM 990, PART VI, SECTION B, LINE 15 CEO COMPENSATION IS DETERMINED BY THE BOARD OF DIRECTORS WITH THE ASSISTANCE OF AN OUTSIDE CONSULTANT AND INDUSTRY SALARY DATA AND IS DOCUMENTED IN THE CEO'S PERSONNEL FILE. OTHER OFFICERS OR KEY EMPLOYEE'S SALARIES ARE DETERMINED BY THE CEO AND CHIEF HUMAN RESOURCES OFFICER USING INDUSTRY SALARY DATA AND IS DOCUMENTED IN THE EMPLOYEE'S PERSONNEL FILE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. QUARTERLY FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC VIA THE 5300 CALL REPORT. FORM 990, PART XI, LINE 9: DECREASE IN CREDIT UNION SERVICE ORGANIZATION INVESTMENT -587,934. CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -2,671,472.