Whatcom Educational Credit Union

“Jeffrey dykstra and grant dykstra have a family relationship.”

“The credit union updated their bylaws in 2024 to include the following: - vacancies due to retirement, resignation, or departure are filled by interim directors appointed by the remaining board members. - if members remove a director at a special membership meeting, they can either elect an interim director or authorize the board to appoint one. - interim directors serve the unexpired term of the departing director. - if a vacancy occurs less than ninety days before the term expires, the board or membership (if removal occurs at a special membership meeting) may choose to leave the position vacant until the next election. - the board of directors and supervisory committee may not be employed by wecu or its subsidiaries nor have been employed by wecu or its subsidiaries during the past 2 years. - voting eligibility for members went from 6 months to 3 months. - the board of directors and supervisory committee must agree to terms outlined in the cu's governance policy manual for eligibility. - the board of directors may appoint up to 3 associate board members. The supervisory committee may appoint up to 2 associate supervisory committee members. - associate board members must meet the following criteria for eligibility: satisfy any bonding requirements of wecu; agree to the terms outlined in wecu's governance policy manual; be eligible to vote in credit union elections and at membership meetings; not be employed by wecu or its subsidiaries, nor have been employed by wecu or its subsidiaries during the past 2 years; have been a member of wecu for 3 consecutive months immediately prior to taking office, and a member in good standing as defined in the eligibility process; have a permanent address in wecu's current market as noted in our strategic plan where he/she physically resides as defined by rcw 29a.04.151 in order to stay abreast of local issues, ensure linkage with wecu members and control travel expenses; and be a natural person (not an entity).”

“Membership is open to anyone who lives, works, worships or attends school in washington, and relatives of all members. The credit union's members receive a share of the organization's profits or excess dues in the form of cash dividends.”

“Members of the credit union have the right to elect members of the organization's governing body. Elections are held annually or as vacancies arise.”

“The organization does not have any committees that have the authority to act on behalf of the governing body.”

“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.”

“Wecu's conflict of interest policy focuses on defining and preventing conflicts of interest. Before engaging in any activity, transaction, or before entering into any relationship that might give rise to a conflict of interest, employees must seek review from their managers, the internal auditor, or the human resources department. Wecu's human resources department, staff liaison, and internal auditor are responsible for ensuring that no conflict of interests occur that could have a negative effect on wecu. If anyone suspects a conflict of interest, it is reported to management, the staff liaison, the human resources department, or the internal auditor. Wecu has various annual reviews and controls in place to monitor situations in which a conflict of interest might arise, which are performed by management, or our internal auditor.”

“Compensation for the president/ceo is determined by the details of the employment contract set forth between the board of directors and the president/ceo and provided for in the annual wecu ceo compensation & performance plan. The board works with an independent consultant who utilizes national surveys and other data to help inform the compensation outlined in the plan. This was last completed in 2024. The credit union has engaged an independent consultant to ensure that pay rates for other officers and key employees are competitive within the marketplace. The consultant utilizes a number of compensation surveys to help determine the overall salary structure of the organization. Compensation decisions are documented in the personnel file. This was last completed in 2024.”

“Wecu has a member rights policy in which we outline how our members can request and receive credit union corporate records, which include our articles and bylaws, minutes of our membership meetings, financial reports, code of ethics and board governance policies. A member request must be submitted in writing to the credit union and specifically identify the disclosable records requested. The credit union may require the member to sign a confidentiality agreement to protect the credit union from unauthorized disclosure of certain proprietary information. If any documents contain member information, it will be expunged from the document before being provided to the public.”

“Gain on 457f assets 551,848.”

“The organization's process for selecting an independent auditor and for overseeing the financial statement audit did not change during the year.”