Program areas at Qualstar Credit Union
Interest expense in the amount of $2,560,761 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 69,000 deposit accounts that can earn interest.
The Credit Union expensed $1,097,525.16 during the year for loan servicing costs. These costs were paid to originate and service loans to members. The Credit Union has about 64,000 open loan accounts.
The Credit Union expensed $1,163,311 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 64,000 open loan accounts.
Personnel at Qualstar Credit Union
| Name | Title | Compensation | Date of data |
|---|
| Michael G Elfstrom | President and Chief Executive Officer | $396,685 | 2023-11-15 |
| Mark Petersen | Chief Financial Officer | $216,165 | 2022-12-31 |
| Lacinda Blanchette | Vice President of Member Engagement / Vice President Member Relations | $149,940 | 2022-12-31 |
| Patience Tennis | Vice President of Human Resources | $153,369 | 2022-12-31 |
| Brett Treat | Director of It / Is Manager | $149,467 | 2022-12-31 |
| ...and 10 more key personnel |
Financials for Qualstar Credit Union
| Revenues | FYE 12/2022 | FYE 12/2021 | % Change |
|---|
| Total grants, contributions, etc. | $0 | $0 | - |
| Program services | $33,024,262 | $32,818,056 | 0.6% |
| Investment income and dividends | $2,012,189 | $2,428,235 | -17.1% |
| Tax-exempt bond proceeds | $0 | $0 | - |
| Royalty revenue | $0 | $0 | - |
| Net rental income | $-23,335 | $382,745 | -106.1% |
| Net gain from sale of non-inventory assets | $3,500 | $4,360,482 | -99.9% |
| Net income from fundraising events | $0 | $0 | - |
| Net income from gaming activities | $0 | $0 | - |
| Net income from sales of inventory | $0 | $0 | - |
| Miscellaneous revenues | $850,000 | $0 | 999% |
| Total revenues | $35,866,616 | $39,989,518 | -10.3% |
Organizations like Qualstar Credit Union
| Organization | Type | Location | Revenue |
|---|
| Verity Credit Union | 501(c)(14) | Seattle, WA | $38,343,946 |
| Kitsap Credit Union (KCU) | 501(c)(14) | Bremerton, WA | $104,047,497 |
| Numerica Credit Union | 501(c)(14) | Spokane Valley, WA | $175,521,623 |
| Salal Credit Union | 501(c)(14) | Seattle, WA | $63,361,594 |
| Columbia Community Credit Union | 501(c)(14) | Vancouver, WA | $91,416,897 |
| Global Credit Union | 501(c)(14) | Spokane, WA | $30,633,137 |
| Sound Credit Union | 501(c)(14) | Tacoma, WA | $118,091,214 |
| Horizon Credit Union (HZCU) | 501(c)(14) | Spokane Valley, WA | $83,502,229 |
| Community 1st Credit Union | 501(c)(14) | Dupont, WA | $10,270,112 |
| Northwest Plus Credit Union | 501(c)(14) | Everett, WA | $11,218,832 |
Data update history
January 8, 2024
Posted financials
Added Form 990 for fiscal year 2022
January 8, 2024
Updated personnel
Identified 1 new personnel
December 27, 2023
Used new vendors
Identified 1 new vendor, including
July 14, 2023
Posted financials
Added Form 990 for fiscal year 2021
July 14, 2023
Used new vendors
Identified 18 new vendors, including , , , , , , , , , , , , , , , , , and
Nonprofit Types
Credit unionsChapter / child organizations
Issues
No issues found
Characteristics
Political advocacy
General information
- Address
- PO Box 3050
- Bothell, WA 98041
- Metro area
- Seattle-Tacoma-Bellevue, WA
- County
- King County, WA
- Website URL
- qualstarcu.com/Â
- Phone
- (425) 643-3400
- Facebook page
- QualstarCUÂ
- Twitter profile
- @qualstar_cuÂ
IRS details
- EIN
- 91-6035907
- Fiscal year end
- December
- Taxreturn type
- Form 990
- Year formed
- 1997
- Eligible to receive tax-deductible contributions (Pub 78)
- No
Categorization
- NTEE code, primary
- W60: Financial Institutions, Credit Unions
- NAICS code, primary
- 522130: Credit Unions
- Parent/child status
- Child within group exemption
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