Civic Intelligence

Whatcom Educational Credit Union

990 • Fiscal year 2014 • EIN 91-0712539

Jan 01, 2014 to Dec 31, 2014 • Filed on Nov 11, 2015

Organization ProfileWWW.WECU.COM

View Organization Page

600 East Holly StreetBellingham, WA 98227

(360) 676-1168

Siviq Scores

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

Liabilities / Assets

4th percentile

0.83x

Higher debt load relative to assets than 4% of similar nonprofits.

2014 filings • 501(c)14 • $1B+ nonprofits • Source year 2014

Liabilities / Revenue

27th percentile

17.49x

Higher debt load relative to revenue than 27% of similar nonprofits.

2014 filings • 501(c)14 • $1B+ nonprofits • Source year 2014

Net Margin

61st percentile

22%

Higher net margin than 61% of similar nonprofits.

2014 filings • 501(c)14 • $1B+ nonprofits • Source year 2014

Top Officer Pay

86th percentile

$1,458,637

Higher top officer pay than 86% of similar nonprofits.

Top officer pay equals 2.8% of source-year revenue.

2014 filings • 501(c)14 • $1B+ nonprofits • Source year 2014

Asset Growth

81st percentile

11%

Faster asset growth than 81% of similar nonprofits.

2014 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2013 to 2014

Revenue Growth

31st percentile

1.0%

Faster revenue growth than 31% of similar nonprofits.

2014 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets4th percentile

Assets

Up

$1,082,297,679

Up $104,973,460 (+11%) from 2013

Net Assets

Up

$182,379,239

Up $11,423,495 (+6.7%) from 2013

Liabilities

Up

$899,918,440

Up $93,549,965 (+12%) from 2013

Revenue And Expenses
Liabilities / Revenue27th percentileNet Margin61st percentile

Revenue

Up

$51,454,248

Up $517,100 (+1.0%) from 2013

Expenses

Up

$40,141,708

Up $2,942,496 (+7.9%) from 2013

Net Income

Down

$11,312,540

Down $2,425,396 (-18%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth81st 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

2014

Assets$1,082,297,679
Liabilities$899,918,440
Net Assets$182,379,239
Open 2014 Filing

Operations Trend

Revenue Growth31st percentile

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

2014

Revenue$51,454,248
Expenses$40,141,708
Net Income$11,312,540
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Nov 11, 2015
Return Version
2014v5.0
Gross Receipts
$51,454,248
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$697,610,877$707,390,479▲ $9,779,602
Rtn Earn Endowment Incm Other Fnds$170,955,744$182,379,239▲ $11,423,495
Savings and Temporary Cash Investments$109,692,339$181,881,357▲ $72,189,018
Investments Other Securities$100,735,300$124,256,210▲ $23,520,910
Land, Buildings, and Equipment, Net$30,913,012$30,051,715▼ $861,297
Cash and Non-Interest-Bearing Accounts$20,180,878$19,437,174▼ $743,704
Investments in Publicly Traded Securities$4,788,127$4,899,083▲ $110,956
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$977,324,219$1,082,297,679▲ $104,973,460
Other Assets Total$13,403,686$14,381,661▲ $977,975
Liabilities
Other Liabilities$797,457,412$889,885,182▲ $92,427,770
Accounts Payable and Accrued Expenses$7,740,729$8,938,010▲ $1,197,281
Escrow Account Liability$1,170,334$1,095,248▼ $75,086
Total Liabilities$806,368,475$899,918,440▲ $93,549,965
Net Assets / Fund Balance
Total Net Assets Fund Balance$170,955,744$182,379,239▲ $11,423,495
Total Liabilities and Net Assets / Fund Balance$977,324,219$1,082,297,679▲ $104,973,460

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$15,154,377$3,804,294$18,958,671
Equipment$1,197,727$9,958,678$11,156,405
Land$10,466,656-$10,466,656
Other Land Buildings$3,171,728$2,172,314$5,344,042
Leasehold Improvements$61,227$519,891$581,118
Other Securities$2,048,200--
Compensation and Service Providers
Top Officer Pay86th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Wayne LangeiPresident/CEOFT$461,803$996,834$1,458,637
Kathleen GavinSenior VPFT$181,986$174,540$356,526
Jennifer KutcherPresident/CEOFT$245,418$81,383$326,801
Robert LangeiEvp/COOFT$184,746$68,434$253,180
Jeff DykstraEvp/CLOFT$176,846$75,644$252,490
Colin NaylorVP/CIOFT$136,170$61,495$197,665
Lisa LangeiVP/marketingFT$133,236$55,745$188,981
Kent BoumaVP/business ServicesFT$115,072$53,816$168,888
Aaron WhitsonCredit AdministratorFT$105,643$50,493$156,136
Timothy CookSystems AdministratorFT$106,314$18,871$125,185
Carol LagerDirector-$2,508-$2,508
Bruce BurpeeBoard Secretary-$1,789-$1,789
Dale ZenderBoard Vice-chair-$1,006-$1,006
Hartwell BresslerDirector & Supervisory Committee Member-$902-$902

Board Members and Trustees

NameTitle
Philip IsleBoard Chair
Ashok KhannaDirector
Cathie ObergDirector
David WaschkeDirector
James WalshDirector
Kristi Lewis TyranDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Jack Henry & Associates (jha)Visa Card ProcessorP O BOX 807, Monett, MO 65708$986,727
Diamond MarketingStatement Processing And Postage710 SW 34TH ST, Renton, WA 98057$830,698
Dh USA CorporationCore Data Processing SystemPO BOX 535120, Atlanta, GA 30353$439,802
En Pointe Global Services LLCComputer Hardware And Software ProviderPO BOX 514429, Los Angeles, CA 90051$414,693
Cuna Mutual GroupInsurance ServicesPO BOX 2964, Milwaukee, WI 53201$224,383
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$49,500,757
Investment Income
$1,907,193
Other Revenue
$46,298
Change in Net Assets
$11,312,540

Audited Revenue Reconciliation

Revenue per Audited Statements
$51,454,248
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$51,454,248
Total Revenue per Form 990
$51,454,248
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$21,845,994
Other Expenses$18,157,919
Grants and Similar Amounts Paid$137,795
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$11,776,424
Other Expenses---$7,489,786
Current Officers, Directors, Trustees, and Key Employees---$3,490,694
Other Employee Benefits---$3,399,283
Interest---$3,361,290
Pension Plan Contributions---$2,125,037
Information Technology---$1,905,381
Depreciation Depletion---$1,724,282
Occupancy---$1,074,011
Office Expenses---$1,059,950
Payroll Taxes---$1,054,556
Advertising---$593,483
Travel---$263,801
Fees for Services Other---$182,224
Conferences and Meetings---$174,037
Fees for Services Legal---$164,300
Fees for Services Accounting---$150,000
Grants to Domestic Orgs---$126,795
Insurance---$15,374
Grants to Domestic Individuals---$11,000
Total Functional Expenses$0$0$0$40,141,708

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$40,141,708
Total Expenses per Audited Statements$40,141,708
Total Expenses per Form 990$40,141,708
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
United Way of Whatcom CountyBellingham, WA501(c)(3)Local Community Health, Education, and Income Initiatives.$10,000
Northwest Credit Union FoundationTigard, OR501(c)(3)Support of Trade Association and Ongoing Educational Programs.$9,360
Northwest Credit Union AssociationTigard, OR501(c)(3)Administrative Donation for Services Supporting the Credit Union Industry.$5,702
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$9,360

Section 527 Organizations

OrganizationLocationAmount
91-0460483Federal Way, WA$9,360
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Shannon Dykstra 1099 EIN 53-7043345Spouse of Evp/coo (jan. - Aug. 2014) Evp/clo (aug. 2014 - Dec. 2014)Fees Paid for Janitorial Services.No$6,742
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Share Savings$666,991,434
Member Share Draft$169,236,881
Member Ira Shares$30,151,598
Share and Ira Cds$15,329,324
Other Liabilities$6,947,823
Accrued Pensions and Profit Sharing$1,228,122
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
Yes
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

“Wayne langei was the president/ceo until august 2014. In august 2014, jennifer kutcher, previously evp/chief lending officer, became president/ceo. Robert langei, wayne langei's son, had been evp chief financial officer until august 2014. His title changed to evp/chief operations officer in august 2014.”

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, the vp/finance, and president/ceo in detail. It is compared to our previous year's return, tied back to our financial statements and our general ledger records. 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 our 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

Filer Name
Whatcom Educational Credit Union
EIN
91-0712539
Phone
3606761168
Address
600 EAST HOLLY STREET, BELLINGHAM, WA 98227

Signing Officer

Name
Jennifer Kutcher
Title
President/CEO
Phone
3607567716
Signed
2015-11-11
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
381
Volunteers
11

Preparer

Firm
Cliftonlarsonallen Llp
Address
20 E THOMAS RD STE 2300, PHOENIX, AZ 85012
Preparer
Janis Isaacson
Phone
6022662248
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Net change in unrealized gain on afs investments 110,955.”

FORM 990, PART XII, LINE 2C:

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

Financial Statement Notes

PART IV, LINE 2B:

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

PART X, LINE 2:

“The credit union evaluated its tax positions and determined no uncertain tax positions exist as of december 31, 2014 and 2013.”

Raw XML AppendixShowing 400 of 723 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 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 2014, WE HAVE 111 STUDENT VISA ACCOUNTS.WECU HAS APPROXIMATELY A 27% MEMBER PENETRATION IN OUR CREDIT CARD PROGRAM. AT YEAR-END, WE HAD OVER 2,165 NEW VISA ACCOUNTS FOR OUR MEMBERS, WITH NEW CREDIT LIMITS TOTALING OVER $6 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 2014, WE ISSUED 4,777 CONSUMER LOANS (EXCLUDING CREDIT CARDS) TO OUR MEMBERS, TOTALING $58.8 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 2014, THERE WERE 1,009 INSTANCES OF MEMBERS USING THIS SERVICE.
IRS990/ProgSrvcAccomActy3Grp/Desc0WECU OFFERS SEVERAL TYPES 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 2014, WECU'S MEMBER BUSINESS LOAN PORTFOLIO CONSISTED OF 479 LOANS FOR A TOTAL OF $199.5 MILLION. WECU HAS SEEN A STEADY GROWTH IN OUR 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, USDA LOANS, AND HOME $TART PROGRAM LOANS THROUGH THE FEDERAL HOME LOAN BANK OF SEATTLE. DURING 2014, WE FUNDED OVER 568 RESIDENTIAL FIRST MORTGAGES TO OUR MEMBERS. AT THE END OF 2014, WECU HAD OVER 2,367 RESIDENTIAL FIRST MORTGAGE LOANS OUTSTANDING WHICH EQUATES TO A HOUSEHOLD PENETRATION OF ABOUT 3.13% IN OUR MEMBERSHIP PORTFOLIO. HOWEVER, AS OF THE END OF 2014, WE WERE ALSO SERVICING AN ADDITIONAL 2,350 IN SOLD RESIDENTIAL FIRST MORTGAGES TO OUR MEMBERS, INCREASING OUR OVERALL REAL ESTATE PENETRATION TO ABOUT 6.25%. THE AVERAGE BALANCE OF RESIDENTIAL FIRST MORTGAGE LOANS BEING SERVICED BY WECU IS APPROXIMATELY $162,008. 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 FOR EVERY $1 OF 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 $10,000. HOME$TART 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 FAMILITES TO REALIZE THE "AMERICAN DREAM OF HOMEOWNERSHIP".
IRS990/ProgSrvcAccomActyOtherGrp/Desc0CHECKING ACCOUNTS/DEBIT CARDS:WECU TRULY STRIVES TO MEET THE NEEDS OF THE UNDERSERVED. OUR CREDIT UNION HAS BEENDESIGNATED AS A "LOW INCOME CREDIT UNION" (LICU), RECOGNIZING THAT OVER 50% OF THE CREDIT UNION 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, MOBILE DEPOSIT CAPTURE, DEPOSIT TAKING ATMS, 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 50,765 MEMBERS WITH CHECKING SERVICE, AND OVER 49,746 VISA DEBIT CARD HOLDERS. WE ARE ALSO BEGINNING ROLLOUT OF EMV CHIP CARDS TO ENHANCE MEMBER SECURITY.COMMUNITY 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 $310,450 AND WERE MADE TO APPROXIMATELY 180 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 486 OUTSIDE USES BY 198 COMMUNITY GROUPSTHE SWEAT EQUITY TEAM VOLUNTEERED AT 28 EVENTS WITH 197 WECU STAFF AND BOARD MEMBERS VOLUNTEERING A TOTAL OF 381 TIMES.
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IRS990ScheduleC/Section527PoliticalOrgGrp/USAddress/CityNm0FEDERAL WAY
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IRS990ScheduleC/Section527PoliticalOrgGrp/USAddress/ZIPCd098003
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.
IRS990ScheduleC/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I-A, LINE 1:
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Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,082,297,679
Liabilities
$899,918,440
Net assets
$182,379,239
Revenue
$51,454,248
Expenses
$40,141,708
Net income
$11,312,540
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
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