Civic Intelligence

Whatcom Educational Credit Union

990 • Fiscal year 2013 • EIN 91-0712539

Jan 01, 2013 to Dec 31, 2013 • Filed on Nov 12, 2014

Organization ProfileWWW.WECU.COM

View Organization Page

600 East Holly Street98227

(360) 676-1168

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

8th percentile

0.83x

Higher debt load relative to assets than 8% of similar nonprofits.

2013 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2013

Liabilities / Revenue

32nd percentile

15.83x

Higher debt load relative to revenue than 32% of similar nonprofits.

2013 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2013

Net Margin

93rd percentile

27%

Higher net margin than 93% of similar nonprofits.

2013 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2013

Top Officer Pay

98th percentile

$1,382,929

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 2.7% of source-year revenue.

2013 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2013

Asset Growth

90th percentile

11%

Faster asset growth than 90% of similar nonprofits.

2013 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Balance Sheet
Liabilities / Assets8th percentile

Assets

Up

$977,324,219

Up $93,493,616 (+11%) from 2012

Net Assets

Up

$170,955,744

Up $14,244,900 (+9.1%) from 2012

Liabilities

Up

$806,368,475

Up $79,248,716 (+11%) from 2012

Revenue And Expenses
Liabilities / Revenue32nd percentileNet Margin93rd percentile

Revenue

$50,937,148

No earlier filing loaded for comparison.

Expenses

Down

$37,199,212

Down $476,784 (-1.3%) from 2012

Net Income

$13,737,936

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth90th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$3.0B$2.0B$1.0B$0Assets 2010: $706,976,500Liabilities 2010: $580,879,054Net Assets 2010: $126,097,4462010Assets 2011: $776,647,224Liabilities 2011: $637,304,152Net Assets 2011: $139,343,0722011Assets 2012: $883,830,603Liabilities 2012: $727,119,759Net Assets 2012: $156,710,8442012Assets 2013: $977,324,219Liabilities 2013: $806,368,475Net Assets 2013: $170,955,7442013Assets 2014: $1,082,297,679Liabilities 2014: $899,918,440Net Assets 2014: $182,379,2392014Assets 2015: $1,225,832,214Liabilities 2015: $1,030,122,679Net Assets 2015: $195,709,5352015Assets 2016: $1,367,927,360Liabilities 2016: $1,156,494,807Net Assets 2016: $211,432,5532016Assets 2017: $1,482,247,013Liabilities 2017: $1,251,443,616Net Assets 2017: $230,803,3972017Assets 2018: $1,608,031,120Liabilities 2018: $1,363,703,611Net Assets 2018: $244,327,5092018Assets 2019: $1,712,782,397Liabilities 2019: $1,453,723,572Net Assets 2019: $259,058,8252019Assets 2020: $2,136,316,633Liabilities 2020: $1,862,343,725Net Assets 2020: $273,972,9082020Assets 2021: $2,491,858,278Liabilities 2021: $2,196,578,930Net Assets 2021: $295,279,3482021Assets 2022: $2,507,427,609Liabilities 2022: $2,190,539,001Net Assets 2022: $316,888,6082022Assets 2023: $2,766,280,343Liabilities 2023: $2,430,302,080Net Assets 2023: $335,978,2632023Assets 2024: $2,957,165,947Liabilities 2024: $2,607,584,743Net Assets 2024: $349,581,2042024

Highlighted filing

2013

Assets$977,324,219
Liabilities$806,368,475
Net Assets$170,955,744
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$200M$150M$100M$50M$0Expenses 2010: $39,264,2882010Expenses 2011: $36,738,2382011Expenses 2012: $37,675,9962012Revenue 2013: $50,937,148Expenses 2013: $37,199,212Net Income 2013: $13,737,9362013Revenue 2014: $51,454,248Expenses 2014: $40,141,708Net Income 2014: $11,312,5402014Revenue 2015: $54,990,783Expenses 2015: $41,471,469Net Income 2015: $13,519,3142015Revenue 2016: $62,872,274Expenses 2016: $47,429,375Net Income 2016: $15,442,8992016Revenue 2017: $70,172,399Expenses 2017: $51,547,262Net Income 2017: $18,625,1372017Revenue 2018: $81,002,988Expenses 2018: $67,030,910Net Income 2018: $13,972,0782018Revenue 2019: $86,913,366Expenses 2019: $72,182,050Net Income 2019: $14,731,3162019Revenue 2020: $85,917,838Expenses 2020: $71,003,755Net Income 2020: $14,914,0832020Revenue 2021: $85,746,120Expenses 2021: $64,051,386Net Income 2021: $21,694,7342021Revenue 2022: $98,737,059Expenses 2022: $68,523,716Net Income 2022: $30,213,3432022Revenue 2023: $138,092,209Expenses 2023: $119,310,663Net Income 2023: $18,781,5462023Revenue 2024: $166,494,738Expenses 2024: $154,291,742Net Income 2024: $12,202,9962024

Highlighted filing

2013

Revenue$50,937,148
Expenses$37,199,212
Net Income$13,737,936
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Nov 12, 2014
Return Version
2013v3.0
Gross Receipts
$51,530,859
Mission and Program Overview

Mission

Whatcom educational credit union (wecu) is a member-owned financial cooperative where members are encouraged to save and borrow responsibly at fair and competitive rates, improving their financial well-being and standard of living. This state-chartered credit union is a member of the national credit union administration share insurance fund, and is regulated by the national credit union association, and the state of washington department of financial institutions - division of credit unions. Wecu's main products are consumer loans, real estate loans and commercial loans to members, which are primarily funded by deposits from members. Financial education and community service are also an integral part of wecu's operations and spirit of service.

It is the mission of whatcom educational credit union to provide the means for members to achieve their dreams.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$603,983,944$697,610,877▲ $93,626,933
Rtn Earn Endowment Incm Other Fnds$156,710,844$170,955,744▲ $14,244,900
Savings and Temporary Cash Investments$129,038,020$109,651,505▼ $19,386,515
Investments Other Securities$85,320,400$100,735,300▲ $15,414,900
Land, Buildings, and Equipment, Net$27,513,783$30,913,012▲ $3,399,229
Cash and Non-Interest-Bearing Accounts$21,010,009$20,221,712▼ $788,297
Investments in Publicly Traded Securities$4,281,165$4,788,127▲ $506,962
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$883,830,603$977,324,219▲ $93,493,616
Other Assets Total$12,683,282$13,403,686▲ $720,404
Liabilities
Other Liabilities$719,756,082$797,457,412▲ $77,701,330
Accounts Payable and Accrued Expenses$6,381,208$7,740,729▲ $1,359,521
Escrow Account Liability$982,469$1,170,334▲ $187,865
Total Liabilities$727,119,759$806,368,475▲ $79,248,716
Net Assets / Fund Balance
Total Net Assets Fund Balance$156,710,844$170,955,744▲ $14,244,900
Total Liabilities and Net Assets / Fund Balance$883,830,603$977,324,219▲ $93,493,616

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$15,518,958$3,445,540$18,964,498
Equipment$1,393,427$9,312,239$10,705,666
Land$10,466,656-$10,466,656
Other Land Buildings$3,439,074$1,813,550$5,252,624
Leasehold Improvements$94,897$491,383$586,280
Other Securities$1,875,300--
Compensation and Service Providers
Top Officer Pay98th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Wayne LangeiPresident/CEOFT$439,625$943,304$1,382,929
Kathleen GavinSenior VPFT$173,206$171,948$345,154
Jeff DykstraEvp/COOFT$164,965$75,205$240,170
Robert LangeiEvp/CFOFT$172,865$65,570$238,435
Jennifer KutcherEvp/CLOFT$164,062$69,098$233,160
Colin NaylorVP/CIOFT$127,869$60,828$188,697
Lisa LangeiVP/marketing & ComplianceFT$124,706$55,522$180,228
Kent BoumaVP/business ServicesFT$107,356$53,570$160,926
Hartwell BresslerDirector-$2,101-$2,101
Philip IsleBoard Vice-chair-$1,857-$1,857
Dale ZenderBoard Secretary-$1,788-$1,788
Ashok KhannaDirector-$1,569-$1,569

Board Members and Trustees

NameTitle
Cathie ObergBoard Chair
Bruce BurpeeDirector
David WaschkeDirector
James WalshDirector
Kristi Lewis TyranDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Pearson Construction CorpGeneral Contractor-$3,265,022
Jack Henry & Associates (jha)Visa Card Processor-$776,927
Diamond MarketingStatement Processing And Postage-$714,493
En Pointe Global Services LLCComputer Hardware And Software Provider-$703,681
Complete OfficeOffice Equipment And Supplies-$506,828
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$50,040,476
Investment Income
$840,474
Other Revenue
$56,198
Change in Net Assets
$13,737,936

Audited Revenue Reconciliation

Revenue per Audited Statements
$50,937,148
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$50,937,148
Total Revenue per Form 990
$50,937,148
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$19,861,907
Other Expenses$17,337,305
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$10,764,600
Other Expenses---$8,398,584
Other Employee Benefits---$3,134,551
Interest---$3,075,293
Current Officers, Directors, Trustees, and Key Employees---$2,981,092
Pension Plan Contributions---$2,019,769
Depreciation Depletion---$1,922,699
Office Expenses---$1,067,372
Payroll Taxes---$961,895
Occupancy---$908,278
Insurance---$610,130
Advertising---$453,488
Travel---$258,734
Fees for Services Accounting---$194,550
Fees for Services Other---$192,470
Conferences and Meetings---$135,080
Fees for Services Legal---$120,627
Total Functional Expenses$0$0$0$37,199,212

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$37,199,212
Total Expenses per Audited Statements$37,199,212
Total Expenses per Form 990$37,199,212
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
Yes
Subject to proxy tax
No

Reported Spending and Taxes

Line ItemAmount
Total Exempt Function Spending$10,000

Section 527 Organizations

OrganizationLocationAmount
91-0460483-$10,000
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Shannon Dykstra 1099 EIN 53-7043345Spouse of Evp/cooFees Paid for Janitorial Services.No$7,553
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Share Savings$592,933,009
Member Share Draft$151,309,318
Member Ira Shares$26,879,938
Share and Ira Cds$18,194,944
Other Liabilities$6,678,942
Accrued Pensions and Profit Sharing$1,461,261
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
Yes
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“A spousal relationship and a father/son relationship exist within the executive management group.”

Form 990, Part VI, Section A, Line 6

“The organization has members. The credit union's members receive a share of the organization's profits or excess dues in the form of cash dividends.”

Form 990, Part VI, Section A, Line 7A

“Members of the credit union have the right to elect one or more members of the organization's governing body, whether periodically, or as vacancies arise, or otherwise.”

Form 990, Part VI, Section A, Line 7B

“Members of the credit union have the right to approve the governing body's election and removal of members of the governing board, as well as other matters that are subject to the approval of members of the credit union as they occur.”

Form 990, Part VI, Section B, Line 11

“Our form 990 tax filing is reviewed by wecu's accounting manager and vp/cfo in detail. It is compared to our previous year's return, tied back to our financial statements and our general ledger records. Then, it is reviewed by our president/ceo prior to filing. A copy of form 990 is provided to the board of directors prior to filing.”

Form 990, Part VI, Section B, Line 12C

“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 dept. Wecu's hr dept., 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 hr dept., 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.”

Form 990, Part VI, Section B, Line 15

“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. To ensure that pay rates are competitive within the marketplace, the credit union participates in a number of industry-specific salary/compensation surveys such as those sponsored by credit union national association (cuna), credit union executive society (cues), and the washington bank and credit union salary and benefit survey. Utilizing data from these surveys, wecu's president/ceo and evp determine the overall salary structure.”

Form 990, Part VI, Section C, Line 19

“Wecu has a member rights policy in which we stipulate how our members can request and receive credit union corporate records, which include our articles and bylaws, minutes of membership meetings and annual financial report, financial reports and forms, code of ethics, board governance policies, and board of directors and supervisory committee names. 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.”

Filing and Contact Details

Filer

EIN
91-0712539
Phone
3606761168

Signing Officer

Name
Jennifer Kutcher
Title
President/CEO
Phone
3607567716
Signed
2014-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jennifer Kutcher
Formed
1936
Legal Domicile
Wa
Voting Board Members
9
Independent Board Members
9
Employees
353
Volunteers
4

Preparer

Preparer
Janis Isaacson
Phone
6022662248
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Net change in unrealized gain on afs investments 506,964.”

FORM 990, PART XII, LINE 2C:

“The supervisory committee assumes responsibility for the oversight of the audited financial statements.”

Financial Statement Notes

PART X, LINE 2:

“The credit union evaluated its tax positions and determined no uncertain tax positions exist as of december 31, 2013 and 2012.”

PART IV, LINE 2B:

“Money received with mortgage payments that is held in escrow for real estate taxes.”

Raw XML AppendixShowing 400 of 656 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0CREDIT CARD LOANS: WECU OFFERS A CREDIT BUILDER LOAN SOLUTION FOR CLASSIC VISA CARDS TO ASSIST MEMBERS WITH ESTABLISHING CREDIT. WECU OFFERS THREE TYPES OF CREDIT CARDS - CLASSIC, PLATINUM, AND BUSINESS. EACH CARD INCLUDES THE FOLLOWING: 1% CASH BACK ON PURCHASES, NO ANNUAL FEE, LOW FIXED ANNUAL PERCENTAGE RATE (APR), 25 DAY GRACE PERIOD, LOW MONTHLY PAYMENTS, TRAVEL ACCIDENT INSURANCE WHEN YOU PURCHASE TRAVEL TICKETS WITH YOUR WECU VISA, SECURE ONLINE SHOPPING WITH VERIFIED BY VISA, OPTIONAL PAYMENT PROTECTION, 24 HOUR ACCESS WITH E-MAX ONLINE BANKING, MOBILE BANKING AND TELE-MAX AUDIO RESPONSE, AND LOCAL SERVICE YOU CAN TRUST. WECU STRIVES TO EDUCATE YOUTH TO BE FINANCIALLY RESPONSIBLE. IN 2001, WECU LAUNCHED A STUDENT VISA PROGRAM WITH OUR CLASSIC VISA CARD. THE GOAL OF OUR STUDENT VISA PROGRAM IS NOT TO PROMOTE SPENDING, BUT RATHER TO PROVIDE KNOWLEDGE AND AN OPPORTUNITY FOR OUR YOUNG MEMBERS TO LEARN ABOUT MONEY MANAGEMENT AND MAINTAINING GOOD CREDIT. OUR PROGRAM IS DESIGNED FOR MEMBERS 16 AND 17 YEARS OF AGE, AND BEGINS WITH AN EDUCATIONAL SEMINAR. STUDENTS ARE REQUIRED TO ATTEND THE SEMINAR, AND WE STRONGLY ENCOURAGE LEGAL GUARDIANS OR PARENT(S) TO ATTEND. THE STUDENT VISA SEMINAR COVERS MANY TOPICS, FROM THE DEFINITION OF CREDIT, TO CREDIT SCORES, HOW LOANS WORK, MONEY MANAGEMENT SKILLS, THE BENEFIT OF A VISA CARD, AND WHAT TO DO IF YOUR CARD IS LOST OR STOLEN. UPON SUCCESSFUL COMPLETION OF THE STUDENT VISA SEMINAR, AND EITHER A COMPLETED APPLICATION WITH PROOF OF INCOME OR PARENT/LEGAL GUARDIAN AS CO-BORROWER, STUDENT MEMBERS WILL BE ISSUED A $250 STUDENT VISA. THE CARD IS GOOD UNTIL AGE 21. HOWEVER, IF THE LOAN IS IN GOOD STANDING AT THE AGE OF 18, STUDENTS CAN APPLY FOR A $500 CLASSIC VISA BY FILLING OUT A NEW APPLICATION WITH PROOF OF INCOME OR PARENT/LEGAL GUARDIAN AS CO-BORROWER. THIS PROGRAM HAS BEEN SUCCESSFUL, AND AS OF THE END OF 2013, WE HAVE 130 STUDENT VISA ACCOUNTS.WECU HAS APPROXIMATELY A 27% MEMBER PENETRATION IN OUR CREDIT CARD PROGRAM. AT YEAR-END, WE HAD OVER 12,000 NEW VISA ACCOUNTS FOR OUR MEMBERS, WITH NEW CREDIT LIMITS TOTALING OVER $4.9 MILLION.
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IRS990/MissionDesc0WHATCOM EDUCATIONAL CREDIT UNION (WECU) IS A MEMBER-OWNED FINANCIAL COOPERATIVE WHERE MEMBERS ARE ENCOURAGED TO SAVE AND BORROW RESPONSIBLY AT FAIR AND COMPETITIVE RATES, IMPROVING THEIR FINANCIAL WELL-BEING AND STANDARD OF LIVING. THIS STATE-CHARTERED CREDIT UNION IS A MEMBER OF THE NATIONAL CREDIT UNION ADMINISTRATION SHARE INSURANCE FUND, AND IS REGULATED BY THE NATIONAL CREDIT UNION ASSOCIATION, AND THE STATE OF WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS - DIVISION OF CREDIT UNIONS. WECU'S MAIN PRODUCTS ARE CONSUMER LOANS, REAL ESTATE LOANS AND COMMERCIAL LOANS TO MEMBERS, WHICH ARE PRIMARILY FUNDED BY DEPOSITS FROM MEMBERS. FINANCIAL EDUCATION AND COMMUNITY SERVICE ARE ALSO AN INTEGRAL PART OF WECU'S OPERATIONS AND SPIRIT OF SERVICE.
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IRS990/ProgSrvcAccomActy2Grp/Desc0OTHER CONSUMER LOANS: WECU OFFERS A CREDIT BUILDER LOAN SOLUTION FOR AUTO LOANS TO ASSIST MEMBERS WITH ESTABLISHING AND/OR LIMITING CREDIT ACTIVITY. ALONG WITH CREDIT CARD LOANS, WECU OFFERS AUTO, BOAT, RV, PERSONAL, SECURED, TIMELINE, AND OTHER CONSUMER LOANS. WE HAVE VERY COMPETITIVE RATES, AND OFTEN FUND VERY SMALL LOANS THAT OTHER FINANCIAL INSTITUTIONS WOULD NOT. IN THIS CAPACITY, WECU FILLS A CRITICAL ROLE IN THE MICRO-LENDING ECONOMY. IN 2013, WE ISSUED 4,317 CONSUMER LOANS (EXCLUDING CREDIT CARDS) TO OUR MEMBERS, TOTALING $46 MILLION. WECU ALSO PROVIDES ACCESS TO THE BALANCE FINANCIAL FITNESS PROGRAM FREE OF CHARGE TO MEMBERS. PROFESSIONAL FINANCIAL COUNSELORS AT BALANCE PROVIDE DIRECTION AND SUPPORT TO ANY OF OUR MEMBERS WHO NEED HELP MANAGING THEIR DEBT AND GETTING THEIR PERSONAL FINANCES BACK ON TRACK. IN 2013, THERE WERE 1,091 INSTANCES OF MEMBERS USING THIS SERVICE.
IRS990/ProgSrvcAccomActy3Grp/Desc0WECU OFFERS SEVERAL TYPE OF BUSINESS LOANS - COMMERCIAL REAL ESTATE, LINES OF CREDIT, COMMERCIAL TERM LOANS, LAND/LOT LOANS AND OTHERS. FOR COMMERCIAL REAL ESTATE LOANS WECU FACILITATES LOANS THROUGH THE SBA 504 LOAN PROGRAM, OFFERS LOANS FOR PROPERTIES IN WHATCOM AND SKAGIT COUNTIES, OFFICE BUILDINGS, CONDOS, 1-4 AND 5-FAMILY NON-OWNER-OCCUPIED PROPERTIES AND OTHERS. AT THE END OF 2013, WECU'S MEMBER BUSINESS LOAN PORTFOLIO CONSISTED OF 451 LOANS FOR A TOTAL OF $166 MILLION. WECU HAS SEEN A STEADY GROWTH IN ITS MEMBER BUSINESS LOAN PORTFOLIO SINCE ITS INCEPTION IN MAY 2001. THIS GROWTH SERVES AS EVIDENCE TO THE NEED FOR A LOCAL FINANCIAL INSTITUTION OFFERING BUSINESS LOANS WITH LOW FEES AND COMPETITIVE RATES. OUR BUSINESS MEMBERS CAN ALSO TAKE ADVANTAGE OF PROGRAMS LIKE FREE ONLINE BILL PAY - SCHEDULED, FAST AND FREE CHECK PAYMENT SERVICE.REAL ESTATE LOANS: WECU OFFERS RESIDENTIAL REAL ESTATE LOANS WITH VERY COMPETITIVE RATES AND LOW FEES, MEMBER EDUCATION SEMINARS RELATED TO BUYING A HOME, AND HOME $TART PROGRAM LOANS THROUGH THE FEDERAL HOME LOAN BANK OF SEATTLE. DURING 2013, WE FUNDED OVER 1,150 RESIDENTIAL FIRST MORTGAGES TO OUR MEMBERS. AT THE END OF 2013, WECU HAD OVER 2,585 RESIDENTIAL FIRST MORTGAGE LOANS OUTSTANDING WHICH EQUATES TO A HOUSEHOLD PENETRATION OF ABOUT 4.9% IN OUR MEMBERSHIP PORTFOLIO. HOWEVER, AS OF THE END OF 2013, WE WERE ALSO SERVICING AN ADDITIONAL 1,974 IN SOLD RESIDENTIAL FIRST MORTGAGES TO OUR MEMBERS, INCREASING OUR OVERALL REAL ESTATE PENETRATION TO ABOUT 8.7%. THE AVERAGE BALANCE OF RESIDENTIAL FIRST MORTGAGE LOANS BEING SERVICED BY WECU IS APPROXIMATELY $159,947. IN ADDITION, WECU PARTICIPATES IN HOME$TART. HOME$TART IS A JOINT PROGRAM THROUGH THE FEDERAL HOME LOAN BANK OF SEATTLE. THE PROGRAM PROMOTES HOMEOWNERSHIP BY HELPING HOMEBUYERS EARNING UP TO 80% OF THE AREA'S MEDIAN INCOME, ADJUSTED FOR FAMILY SIZE, PURCHASE A HOME. THE HOME$TART PROGRAM PROVIDES $3.00 FOR EVERY $1.00 OF A HOMEBUYER'S DEMONSTRATED FUNDS, UP TO $5,000. THE HOME$TART PLUS PROGRAM PROVIDES HOMEBUYERS CURRENTLY RECEIVING PUBLIC HOUSING ASSISTANCE WITH $2 FOR EVERY $1 OF THE HOMEBUYER'S DEMONSTRATED FUNDS, UP TO $10,000. HOME$START GRANTS MAY BE USED FOR DOWN PAYMENTS, CLOSING COSTS, OR REHABILITATION OF AN OWNER-OCCUPIED HOUSING UNIT. IN ADDITION TO HOME$TART WE PROVIDE FIRST TIME HOMEBUYERS EDUCATION COURSES ALONG WITH INDIVIDUAL COUNSELING SESSIONS. WE TAKE PRIDE IN ENABLING OUR NEIGHBORHOOD FAMILIES REALIZE THE "AMERICAN DREAM OF HOMEOWNERSHIP".
IRS990/ProgSrvcAccomActyOtherGrp/Desc0COMMUNITY INVOLVEMENT: WHILE TECHNICALLY NOT A CHARTERED SERVICE, IT SHOULD BE HIGHLIGHTED THAT WECU'S PASSIONATE COMMITMENT TO COMMUNITY SERVICE IS MANIFESTED IN THE SUPPORT OF A LARGE NUMBER OF LOCAL EDUCATION, HEALTH, AND COMMUNITY CONCERNS. WECU'S DONATIONS AND SCHOLARSHIPS TOTALED OVER $290,911 IN 2013, AND WERE MADE TO APPROXIMATELY 200 ORGANIZATIONS.WECU IS A MAJOR PLAYER IN THE LOCAL ASSET BUILDING COALITION AND A MAJOR PARTNER WITH THE COMMUNITY ACTION AGENCY, OPPORTUNITY COUNCIL. PROJECTS INCLUDE FREQUENT FREE FINANCIAL EDUCATION PRESENTATIONS, PRODUCTION OF FREE FINANCIAL EDUCATION POSTERS AND BROCHURES PROMOTING FREE TAX FILING ASSISTANCE IN PARTNERSHIP WITH AARP. WECU'S SOCIAL RESPONSIBILITY COORDINATOR IS A CUNA CERTIFIED CREDIT UNION FINANCIAL COUNSELOR AND AVERAGED 6 FREE COMMUNITY PRESENTATIONS A MONTH WITH VARIOUS GROUPS.WECU'S TWO EDUCATION CENTERS OFFER SPACE IN WHICH LOCAL NON-PROFIT, OR NEIGHBORHOOD GROUPS, MAY MEET. THE FACILITIES SAW APPROXIMATELY 238 OUTSIDE USES BY 91 COMMUNITY GROUPS. IN ADDITION, WECU PROVIDES MANY FREE OPPORTUNITIES FOR NON-PROFITS TO ADVERTISE. THE SWEAT EQUITY TEAM VOLUNTEERED AT 15 EVENTS WITH 118 WECU STAFF AND BOARD MEMBERS VOLUNTEERING A TOTAL OF 248 TIMES.
IRS990/ProgSrvcAccomActyOtherGrp/Desc1CHECKING ACCOUNTS/DEBIT CARDS: WECU TRULY STRIVES TO MEET THE NEEDS OF THE UNDERSERVED. OUR CREDIT UNION HAS BEEN DESIGNATED AS A "LOW INCOME CREDIT UNION" (LICU), RECOGNIZING THAT OVER 50% OF THE CREDIT UNIONS MEMBERSHIP ARE PART OF LOW-INCOME HOUSEHOLDS. CHECKING ACCOUNTS AT WECU OFFER MAXIMUM CONVENIENCE WITH NO OR FEW FEES. WE HAVE FIVE CHECKING ACCOUNT OPTIONS: REGULAR CHECKING WITH NO MONTHLY SERVICE FEES OR PER CHECK CHARGES, CHECK PLUS, WHICH IS DIVIDEND BEARING, AND IF YOU MAINTAIN A CERTAIN MINIMUM BALANCE EACH MONTH, THERE IS NO MONTHLY SERVICE FEE; MONEY MARKET CHECKING, BUSINESS ECONOMY CHECKING, AND BUSINESS BASIC CHECKING. CHECKING ACCOUNTS ARE MADE MORE CONVENIENT WITH OUR MOBILE BANKING, DEPOSIT TAKING ATM'S, VISA DEBIT CARD, AROUND THE CLOCK ACCESS WITH E-MAX AND TELE-MAX, DIRECT DEPOSIT, AUTOMATIC PAYMENTS, AND STOP PAYMENT OPTIONS. OVERDRAFT PROTECTION IS ALSO AVAILABLE ON ALL CHECKING ACCOUNTS. OUR VISA DEBIT CARD IS AN ATM CARD, A DEBIT CARD, AND AN ELECTRONIC CHECK ALL ROLLED INTO ONE. WITH THIS CARD, MEMBERS HAVE ACCESS TO MORE THAN 25,000 SURCHARGE-FREE ATMS THROUGHOUT THE UNITED STATES AND CANADA. OUR VISA DEBIT CARDS ARE ONLINE, SO PURCHASES OR WITHDRAWALS COME DIRECTLY OUT OF OUR MEMBERS' CHECKING ACCOUNT. WECU NOW OWNS 17 ATMS THROUGHOUT WHATCOM COUNTY, AND OUR MEMBERS HAVE SURCHARGE-FREE ACCESS TO ALL ATMS THAT DISPLAY THE CO-OP NETWORK LOGO. ABOUT 79% OF OUR ADULT MEMBERS HAVE A CHECKING SERVICE WITH WECU. IN ALL, THERE ARE OVER 52,863 MEMBERS WITH CHECKING SERVICE, AND OVER 45,397 VISA DEBIT CARD HOLDERS.
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IRS990ScheduleC/Section527PoliticalOrgGrp/USAddress/AddressLine1033301 9TH AVE S STE 200
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IRS990ScheduleC/SupplementalInformationDetail/ExplanationTxt0CONTRIBUTIONS ARE MADE TO A POLITICAL ACTION COMMITTEE (PAC) AS PART OF WECU'S NORTHWEST CREDIT UNION ASSOCIATION (NWCUA) DUES. THE TOTAL CHECK IS PAYABLE TO NWCUA, AND THE PAC PIECE IS DISTRIBUTED BY THE NWCUA TO THE CREDIT UNION LEGISLATIVE ACTION FUND (CULAF), WHICH IS OUR WASHINGTON STATE PAC. CULAF'S FUNDS ARE RAISED FROM THE DUES INVOICES AS PART OF A VOLUNTARY "FAIR-SHARE" CONTRIBUTION LISTED FOR EACH STATE-CHARTERED CREDIT UNION. IN 2013, WECU COLLECTED $5,730.00 FROM EMPLOYEES IN CONTRIBUTIONS DESIGNATED FOR THE CREDIT UNION LEGISLATIVE ACTION COUNCIL (CULAC), WHICH IS OUR FEDERAL PAC, ADMINISTERED BY CUNA. THESE ARE CAMPAIGN CONTRIBUTIONS AT THE FEDERAL LEVEL, AND CULAC MAY ONLY RECEIVE PERSONAL CONTRIBUTIONS. THE CHECKS WERE PAYABLE TO CULAC, AND WE SENT THE CONTRIBUTIONS WEEKLY DURING THE MONTHS OF JULY AND AUGUST 2013 ALONG WITH A WASHINGTON CONTRIBUTOR DISCLOSURE SPREADSHEET.
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IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0491383
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0586280
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt03439074
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt01813550
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt05252624
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt06678942
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1151309318
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt226879938
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt318194944
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt4592933009
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt51461261
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0OTHER LIABILITIES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1MEMBER SHARE DRAFT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2MEMBER IRA SHARES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3SHARE AND IRA CDS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4SHARE SAVINGS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc5ACCRUED PENSIONS AND PROFIT SHARING
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt098860000
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt11875300

Document Assets

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Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$977,324,219
Liabilities
$806,368,475
Net assets
$170,955,744
Revenue
$50,937,148
Expenses
$37,199,212
Net income
$13,737,936
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2,957$2,608$350$166$154$12.2
2023Detailed filing. Detailed filing data is available for this year.$2,766$2,430$336$138$119$18.8
2022Detailed filing. Detailed filing data is available for this year.$2,507$2,191$317$98.7$68.5$30.2
2021Detailed filing. Detailed filing data is available for this year.$2,492$2,197$295$85.7$64.1$21.7
2020Detailed filing. Detailed filing data is available for this year.$2,136$1,862$274$85.9$71.0$14.9
2019Detailed filing. Detailed filing data is available for this year.$1,713$1,454$259$86.9$72.2$14.7
2018Detailed filing. Detailed filing data is available for this year.$1,608$1,364$244$81.0$67.0$14.0
2017Detailed filing. Detailed filing data is available for this year.$1,482$1,251$231$70.2$51.5$18.6
2016Detailed filing. Detailed filing data is available for this year.$1,368$1,156$211$62.9$47.4$15.4
2015Detailed filing. Detailed filing data is available for this year.$1,226$1,030$196$55.0$41.5$13.5
2014Detailed filing. Detailed filing data is available for this year.$1,082$900$182$51.5$40.1$11.3
2013Detailed filing. Detailed filing data is available for this year.$977$806$171$50.9$37.2$13.7
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$884$727$157$37.7
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$777$637$139$36.7
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$707$581$126$39.3