Kitsap Credit Union
501(c)(14)
Strong reserves Growing revenue
Kitsap Credit Union is a 501(c)(14) organization based in Bremerton, Washington, registered in 1954, with $153,721,471 in FY2024 revenue.
155 Washington Avenue, Bremerton, WA, 98337 EIN 91-0333066 Since 1954
Revenue (FY2024)
$153.7M
▲ 13.1% vs prior year
Expenses (FY2024)
$148.2M
Net assets
$129.3M
Employees
406
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A
—Program efficiency40% of the ratingNo expense breakdown in filings
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. Not scored for Kitsap Credit Union— this filing type doesn't report it, and the rating simply skips it (never counts it against the organization). See the exact thresholds →
AFinancial health25% of the rating10 mo reserves · +4% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Kitsap Credit Union: 10 mo reserves · +4% margin earns a A on this criterion. See the exact thresholds →
AGovernance25% of the rating5 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Kitsap Credit Union: 5 of 6 checks met earns a A on this criterion. See the exact thresholds →
A+Transparency10% of the rating5 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Kitsap Credit Union: 5 of 5 disclosure signals earns a A+ on this criterion. See the exact thresholds →
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A live seal — it updates automatically when the grade changes and links donors to this verified profile.
Mission
A not-for-profit financial cooperative offering checking, savings and lending programs and related services to members who primarily live, work, or worship in the state of washington. kitsap credit union (kcu) also provides financial literacy programs and is actively involved in community outreach programs.
What they do
Savings programs that are provided to credit union members, as related to the exempt purpose of kcu. the types of accounts offered are checking, money market accounts, ira accounts, regular savings, and certificates.
Community involvement including donation of money and staff time in the community. kcu also offers many financial literacy classes for children and adults.
Contact & location
- Address
- 155 Washington Avenue, Bremerton, WA, 98337
- City
- Bremerton
- State
- Washington
- Category
- —
- Subcategory
- —
- Phone
- …
- Website
- …
Financial trends
Revenue grew from $44.9M (FY2013) to $153.7M (FY2024) across 12 reported years.
Financial snapshot
Financial health & position (FY2024)
Liabilities $2.2BNet assets $129.3M
Operating margin
3.6%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$2.3B
Total liabilities
$2.2B
Net assets
$129.3M
Salaries & benefits
$37.5M
25% of expenses
Board members
9
9 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $153,721,471▲13.1% | $148,184,524▲16.4% | $129,340,980▼0.8% | $2,320,371,924▼2.0% | 990 |
| 2023 | $135,974,513▲30.7% | $127,345,815▲53.6% | $130,415,687▲9.7% | $2,368,604,375▲5.0% | 990 |
| 2022 | $104,047,497▲20.7% | $82,914,598▲23.8% | $118,865,050▼26.6% | $2,255,075,377▲11.3% | 990 |
| 2021 | $86,231,802▲10.5% | $66,951,388▼12.1% | $161,917,808▲8.3% | $2,025,562,127▲16.9% | 990 |
| 2020 | $78,052,393▲5.3% | $76,130,014▲17.0% | $149,472,053▲3.3% | $1,732,585,883▲20.7% | 990 |
| 2019 | $74,132,215▲13.3% | $65,057,330▲18.9% | $144,726,232▲9.2% | $1,435,523,011▲14.4% | 990 |
| 2018 | $65,434,831▲11.9% | $54,719,899▲10.9% | $132,506,188▲8.0% | $1,254,472,738▲6.5% | 990 |
| 2017 | $58,454,874▲5.9% | $49,328,199▲10.6% | $122,746,544▲9.5% | $1,177,997,186▲4.7% | 990 |
| 2016 | $55,172,588▲15.2% | $44,581,022▲16.0% | $112,140,269▲7.6% | $1,124,712,097▲8.2% | 990 |
| 2015 | $47,896,589▲8.2% | $38,417,699▲12.5% | $104,212,732▲7.9% | $1,039,856,088▲5.3% | 990 |
| 2014 | $44,261,365▼1.4% | $34,152,156▼20.0% | $96,622,335▲17.6% | $987,759,193▲2.8% | 990 |
| 2013 | $44,907,812 | $42,715,366▼3.7% | $82,143,513▼2.4% | $961,036,950▼0.2% | 990 |
| 2012 | — | $44,350,634▼1.3% | $84,170,137▲5.9% | $962,776,630▲11.6% | 990 |
| 2011 | — | $44,917,720▼27.9% | $79,456,782▲14.1% | $862,486,634▲3.6% | 990 |
| 2010 | — | $62,271,500 | $69,632,496 | $832,358,741 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2024)
Highest-paid: Shawn Gilfedder — $959,929 (0.65% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Shawn Gilfedder | President/ceo | 40 | $959,929 |
| Kellie D Letexier | Svp Coo | 40 | $405,436 |
| Trevor Stuart | Svp Cfo | 40 | $390,960 |
| Simon Powley | Chief Revenue Officer | 40 | $379,785 |
| Anthony G Bulleri | Svp Clo | 40 | $368,373 |
| Scott Lindley | Svp Cio | 40 | $365,835 |
| Paula C Edelstein | Svp Cpo | 40 | $338,671 |
| Sean Cummings | Vp, Sales (thru 11/24) | 40 | $328,132 |
| Eric Crabtree | Chief Digital Strategist | 40 | $228,453 |
| Jason Elliott | Vp Finance | 40 | $218,323 |
| Andrew E Voorhies | Vp Info. Technology (thru 12/24) | 40 | $199,878 |
| Mark Gault | Vp Strategic Planning | 40 | $199,012 |
| Laura J Enquist | Vp Member Experience | 40 | $195,965 |
| Mike Goonewardene | Vice Chair | 8 | $30,000 |
| Susan Baker | Chair | 8 | $23,645 |
| Jim Rowson | Treasurer | 8 | $20,000 |
| Vicki Gambrell | Director | 8 | $20,000 |
| Wendy Johnson | Vice Chair | 8 | $20,000 |
| Susan Siobhan Canty | Director | 5 | $17,500 |
| Karen Holmes | Secretary | 5 | $15,000 |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| Ncr Corporation | Online Banking/bill Pay Service | $2,028,453 |
| Visa Dps | Plastic Card Data Processing Services | $1,349,083 |
| Gibson Media Inc | Advertising/consulting | $1,245,700 |
| Salesforce | Consulting/sales and Service Platform | $961,063 |
| Xpress Data Inc | Statements & Statement Processing | $830,180 |
Grants made · $354K in FY2024
8 grants totaling $354K in FY2024. All grants made by Kitsap Credit Union →
| Recipient | Purpose | Amount |
|---|---|---|
| Kcucares Foundation | To fund efforts that provide food, shelter, & the steppingstones to financial wellbeing | $250,988 |
| Harbor Soccer Club | Sponsorship | $28,633 |
| Greater Kitsap Chamber | Sponsorship | $17,750 |
| Kitsap Building Association | Sponsorship | $14,025 |
| Downtown Bremerton Association | Sponsorship | $12,000 |
| Gig Harbor-peninsula Area Chamber of Commerce | Sponsorship | $10,800 |
| Kitsap Fair and Stampede Association | Sponsorship | $10,000 |
| Foundation For Western Washington University and Alumni | Sponsorship | $10,000 |
Frequently asked questions
- Is Kitsap Credit Union a legitimate nonprofit?
- Yes. Kitsap Credit Union is a 501(c)(14) organization registered with the U.S. Internal Revenue Service under EIN 91-0333066, based in Bremerton, Washington.
- What is Kitsap Credit Union's EIN?
- Kitsap Credit Union's Employer Identification Number (EIN) is 91-0333066.
- How much revenue does Kitsap Credit Union report?
- Kitsap Credit Union reported $153,721,471 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- How much does Kitsap Credit Union's highest-paid employee make?
- The highest reported compensation on Kitsap Credit Union's latest Form 990 is $959,929, paid to Shawn Gilfedder (President/ceo).
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Data for Kitsap Credit Union (EIN 91-0333066) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.