Civic Intelligence

Whatcom Educational Credit Union

990 • Fiscal year 2015 • EIN 91-0712539

Jan 01, 2015 to Dec 31, 2015 • Filed on Nov 10, 2016

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

3rd percentile

0.84x

Higher debt load relative to assets than 3% of similar nonprofits.

2015 filings • 501(c)14 • $1B+ nonprofits • Source year 2015

Liabilities / Revenue

36th percentile

18.73x

Higher debt load relative to revenue than 36% of similar nonprofits.

2015 filings • 501(c)14 • $1B+ nonprofits • Source year 2015

Net Margin

79th percentile

25%

Higher net margin than 79% of similar nonprofits.

2015 filings • 501(c)14 • $1B+ nonprofits • Source year 2015

Top Officer Pay

67th percentile

$997,290

Higher top officer pay than 67% of similar nonprofits.

Top officer pay equals 1.8% of source-year revenue.

2015 filings • 501(c)14 • $1B+ nonprofits • Source year 2015

Asset Growth

84th percentile

13%

Faster asset growth than 84% of similar nonprofits.

2015 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2014 to 2015

Revenue Growth

47th percentile

6.9%

Faster revenue growth than 47% of similar nonprofits.

2015 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets3rd percentile

Assets

Up

$1,225,832,214

Up $143,534,535 (+13%) from 2014

Net Assets

Up

$195,709,535

Up $13,330,296 (+7.3%) from 2014

Liabilities

Up

$1,030,122,679

Up $130,204,239 (+14%) from 2014

Revenue And Expenses
Liabilities / Revenue36th percentileNet Margin79th percentile

Revenue

Up

$54,990,783

Up $3,536,535 (+6.9%) from 2014

Expenses

Up

$41,471,469

Up $1,329,761 (+3.3%) from 2014

Net Income

Up

$13,519,314

Up $2,206,774 (+20%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth84th 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

2015

Assets$1,225,832,214
Liabilities$1,030,122,679
Net Assets$195,709,535
Open 2015 Filing

Operations Trend

Revenue Growth47th 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

2015

Revenue$54,990,783
Expenses$41,471,469
Net Income$13,519,314
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Nov 10, 2016
Return Version
2015v2.1
Gross Receipts
$54,990,783
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$707,390,479$775,964,553▲ $68,574,074
Savings and Temporary Cash Investments$181,881,357$233,630,478▲ $51,749,121
Rtn Earn Endowment Incm Other Fnds$182,379,239$195,709,535▲ $13,330,296
Investments Other Securities$124,256,210$140,248,522▲ $15,992,312
Land, Buildings, and Equipment, Net$30,051,715$32,498,039▲ $2,446,324
Cash and Non-Interest-Bearing Accounts$19,437,174$22,525,638▲ $3,088,464
Investments in Publicly Traded Securities$4,899,083$4,710,065▼ $189,018
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,082,297,679$1,225,832,214▲ $143,534,535
Other Assets Total$14,381,661$16,254,919▲ $1,873,258
Liabilities
Other Liabilities$889,885,182$1,020,195,525▲ $130,310,343
Accounts Payable and Accrued Expenses$8,938,010$8,753,571▼ $184,439
Escrow Account Liability$1,095,248$1,173,583▲ $78,335
Total Liabilities$899,918,440$1,030,122,679▲ $130,204,239
Net Assets / Fund Balance
Total Net Assets Fund Balance$182,379,239$195,709,535▲ $13,330,296
Total Liabilities and Net Assets / Fund Balance$1,082,297,679$1,225,832,214▲ $143,534,535

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$14,942,110$4,150,385$19,092,495
Equipment$3,930,155$10,122,033$14,052,188
Land$10,723,536-$10,723,536
Other Land Buildings$2,869,636$2,487,591$5,357,227
Leasehold Improvements$32,602$548,516$581,118
Other Securities$1,993,000--
Compensation and Service Providers
Top Officer Pay67th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Wayne LangeiPresident/CEO - FormerFT$55,419$941,871$997,290
Jennifer KutcherPresident/CEOFT$367,103$185,955$553,058
Kathleen GavinSVPFT$122,199$192,724$314,923
Jeff DykstraEvp/CLOFT$191,601$80,875$272,476
Robert LangeiEvp/COOFT$194,693$71,857$266,550
Colin NaylorVP/CIOFT$143,106$64,407$207,513
Lisa LangeiVP, MarketingFT$134,987$57,464$192,451
Kent BoumaVP, Business ServicesFT$118,552$56,662$175,214
Aaron WhitsonCredit AdministratorFT$110,916$53,923$164,839
Matthew BerendsenVP, Real EstateFT$118,606$28,936$147,542
Dale ZenderDirector-$2,981-$2,981
Ashok KhannaDirector-$2,177-$2,177
David WaschkeDirector-$1,314-$1,314
Kurt WillisSupervisory Committee-$1,055-$1,055

Board Members and Trustees

NameTitle
Bruce BurpeeDirector
Carol LagerDirector
Cathie ObergDirector
Harte BresslerDirector
Kristi Lewis TyranDirector
Phil IsleDirector
Shonda ShipmanSupervisory Committee

Highest Paid Contractors

ContractorServicesLocationCompensation
Jack Henry & Associates (jha)Visa Card ProcessorPO BOX 807, Monett, MO 65708$963,841
Diamond MarketingStatement Processing And Postage710 SW 34TH ST, Renton, WA 98057$771,760
Nhr Newco Holdings LLCComputer Hardware And Software Provider6500 HOLLISTER AVENUE SUITE 210, Santa Barbara, CA 93117$431,045
Dh USA CorporationCore Data Processing SystemPO BOX 535120, Atlanta, GA 30353$405,619
Cerium Networks INCCommunication Hardware And Software Prov1636 W 1ST AVENUE, Spokane, WA 99201$315,692
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$53,127,267
Investment Income
$1,750,627
Other Revenue
$112,889
Change in Net Assets
$13,519,314

Audited Revenue Reconciliation

Revenue per Audited Statements
$54,990,783
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$54,990,783
Total Revenue per Form 990
$54,990,783
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$20,675,394
Other Expenses$20,628,017
Grants and Similar Amounts Paid$168,058
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$11,731,736
Interest---$3,772,251
Current Officers, Directors, Trustees, and Key Employees---$3,299,383
Other Employee Benefits---$2,827,091
Information Technology---$2,248,281
Pension Plan Contributions---$1,589,968
Depreciation Depletion---$1,520,419
Payroll Taxes---$1,227,216
Occupancy---$1,048,669
Office Expenses---$943,935
Other Expenses---$726,594
Advertising---$612,128
Fees for Services Other---$336,727
Conferences and Meetings---$260,173
Fees for Services Legal---$235,252
Grants to Domestic Orgs---$157,058
Travel---$150,775
Fees for Services Accounting---$146,112
Insurance---$126,221
Grants to Domestic Individuals---$11,000
Total Functional Expenses$0$0$0$41,471,469

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$41,471,469
Total Expenses per Audited Statements$41,471,469
Total Expenses per Form 990$41,471,469
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Northwest Credit Union AssociationTigard, OR501(c)(3)Administrative Donation for Services Supporting the Credit Union Industry.$24,853
United Way of Whatcom CountyBellingham, WA501(c)(3)Local Community Health, Education, and Income Initiatives.$15,000
Northwest Credit Union FoundationTigard, OR501(c)(3)Support of Trade Association and Ongoing Educational Programs.$10,257
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$10,257

Section 527 Organizations

OrganizationLocationAmount
91-0460483Seatac, WA$10,257
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Share Savings$761,956,592
Member Share Draft$200,824,512
Member Ira Shares$34,438,637
Share and Ira Cds$13,449,912
Other Liabilities$9,184,992
Accrued Pensions and Profit Sharing$340,880
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
No
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

“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. Wayne langei retired from wecu in february 2015.”

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 controller, vp/finance and president/ceo in detail. It is compared to our previous year's return and tied back to our financial statements and general ledger records. A copy of the 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 or the human resources department. Wecu's human resources department 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 human resources department or the internal auditor.”

Form 990, Part VI, Section B, Line 15

“Wecu's compensation philosophy for all employees provides for rewards that are market-competitive, recognize individual performance and acknowledge experience. Wecu partners with a third-party compensation advisor to ensure pay rates are competitive within the market. As a result of this partnership, wecu's president/ceo and evps determine the overall salary structure. Compensaton for the president/ceo is outlined in the employment contract set forth between the the board of directors and the president/ceo.”

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
2016-11-10
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
405
Volunteers
12

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 -189,018.”

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, 2015 and 2014.”

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IRS990/Desc0WECU OFFERS SEVERAL TYPES OF CREDIT CARDS TO MEMBERS. EACH CARD INCLUDES CASH BACK ON PURCHASES, NO ANNUAL FEE, LOW FIXED ANNUAL PERCENTAGE RATE (APR), TRAVEL ACCIDENT INSURANCE WHEN YOU PURCHASE TRAVEL TICKETS WITH YOUR WECU VISA, OPTIONAL PAYMENT PROTECTION, 24 HOUR ACCESS WITH E-MAX ONLINE BANKING AND TELE-MAX AUDIO RESPONSE AND LOCAL SERVICE YOU CAN TRUST. WECU HAS APPROXIMATELY 25% MEMBER PENETRATION IN OUR CREDIT CARD PROGRAM. IN 2015, WE OPENED 1,941 NEW VISA ACCOUNTS FOR OUR MEMBERS, WITH NEW CREDIT LIMITS TOTALING OVER $7 MILLION. 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 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, INCLUDING THE DEFINITION OF CREDIT, 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 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 2015, WE HAD 111 STUDENT VISA ACCOUNTS.
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IRS990/Form990PartVIISectionAGrp/TitleTxt19CREDIT ADMINISTRATOR
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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/Desc0ALONG WITH CREDIT CAR LOANS, WECU OFFERS AUTO, BOAT, RV, PERSONAL, SECURED, TIMELINE AND OTHER CONSUMER LOANS. WECU ALSO OFFERS A CREDIT BUILDER LOAN SOLUTION FOR AUTO LOANS TO ASSIST MEMBERS WITH ESTABLISHING AND/OR BUILDING CREDIT ACTIVITY. 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 2015, WE ISSUED 6,824 CONSUMER LOANS (EXCLUDING CREDIT CARDS) TO OUR MEMBERS, TOTALING OVER $102 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.
IRS990/ProgSrvcAccomActy3Grp/Desc0WECU OFFERS SEVERAL TYPES OF BUSINESS LOANS - COMMERCIAL REAL ESTATE, LINES OF CREDIT, COMMERCIAL TERM LOANS, LAND/LOT LOANS AND OTHERS. WECU ALSO FACILITATES BUSINESS LOANS THROUGH THE SBA 504 AND 7A PROGRAMS. AT THE END OF 2015, WECU'S MEMBER BUSINESS LOAN PORTFOLIO CONSISTED OF 634 LOANS FOR A TOTAL OF $213 MILLION. WECU HAS SEEN A STEADY GROWTH IN OUR MEMBER BUSINESS LOAN PORTFOLIO SINCE ITS INCEPTION IN MAY 2001. THIS GROWTH SERVES AS EVIDENCE OF THE NEED FOR A LOCAL FINANCIAL INSTITUTION OFFERING BUSINESS LOANS WITH LOW FEES AND COMPETITIVE RATES. REAL ESTATE LOANS: WECU OFFERS RESIDENTIAL REAL ESTATE LOANS WITH VERY COMPETITIVE RATES AND LOW FEES. WECU ALSO OFFERS MEMBER EDUCATION SEMINARS RELATED TO BUYING A HOME. DURING 2015, WE FUNDED 815 RESIDENTIAL FIRST MORTGAGES FOR OUR MEMBERS, TOTALING OVER $184 MILLION. AT THE END OF 2015, WECU HAD OVER 2,189 RESIDENTIAL FIRST MORTGAGE LOANS OUTSTANDING WHICH EQUATES TO A HOUSEHOLD PENETRATION OF ABOUT 2.8% IN OUR MEMBERSHIP PORTFOLIO. HOWEVER, AS OF THE END OF 2015, WE WERE SERVICING AN ADDITIONAL 2,551 IN SOLD RESIDENTIAL FIRST MORTGAGES FOR OUR MEMBERS, INCREASING OUR OVERALL REAL ESTATE PENETRATION TO ABOUT 6.1%. THE AVERAGE BALANCE OF RESIDENTIAL FIRST MORTGAGE LOANS BEING SERVICED BY WECU IS APPROXIMATELY $168,066. IN ADDITION, WECU PARTICIPATES IN THE HOME $TART PROGRAM THROUGH THE FEDERAL HOME LOAN BANK OF DES MOINES. THE PROGRAM HELPS FAMILIES EARNING UP TO 80% OF THE AREA'S MEDIAN INCOME PURCHASE A HOME BY PROVIDING GRANTS WHICH MAY BE USED FOR DOWN PAYMENTS, CLOSING COSTS, OR REHABILITATION OF AN OWNER-OCCUPIED HOUSING UNIT.
IRS990/ProgSrvcAccomActyOtherGrp/Desc0WECU 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 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 1) BASIC CHECKING WITH NO MONTHLY SERVICE FEES OR PER CHECK CHARGES, 2) CHECK PLUS, WHICH IS DIVIDEND BEARING, 3)MONEY MARKET CHECKING, 4) BUSINESS ECONOMY CHECKING, AND 5) BUSINESS BASIC CHECKING. CHECKING ACCOUNTS ARE MADE MORE CONVENIENT WITH MOBILE BANKING, MOBILE DEPOSIT CAPTURE, DEPOSIT TAKING ATMS, VISA DEBIT CARDS, AROUND THE CLOCK ACCESS WITH E-MAX AND TELE-MAX, DIRECT DEPOSIT AND AUTOMATIC PAYMENTS. OVERDRAFT PROTECTION IS ALSO AVAILABLE ON ALL CHECKING ACCOUNTS. WITH OUR VISA DEBIT CARD, MEMBERS HAVE ACCESS TO CHECKING ACCOUNT FUNDS ELECTRONICALLY AND CAN ALSO USE MORE THAN 25,000 SURCHARGE-FREE ATMS THROUGHOUT THE UNITED STATES AND CANADA. THERE ARE 59,572 MEMBERS WITH A CHECKING SERVICE AND 48,873 VISA DEBIT CARD HOLDERS. ABOUT 77% OF OUR ADULT MEMBERS HAVE A CHECKING SERVICE WITH WECU.COMMUNITY INVOLVEMENT: WHILE TECHNICALLY NOT A CHARTERED SERVICE, WECU IS COMMITTED TO COMMUNITY SERVICE AND PROVIDES SUPPORT TO A LARGE NUMBER OF LOCAL EDUCATION, HEALTH AND COMMUNITY CONCERNS. WECU IS A MAJOR PARTNER WITH THE OPPORTUNITY COUNCIL, THE AREA'S COMMUNITY ACTION AGENCY. 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 PROVIDES FREE COMMUNITY PRESENTATION TO VARIOUS GROUPS. WECU'S TWO EDUCATION CENTERS OFFER SPACE IN WHICH LOCAL NON-PROFIT OR NEIGHBORHOOD GROUPS MAY MEET. IN ADDITION, BRANCHES HAVE MADE THEIR LUNCHROOMS AND CONFERENCE ROOMS AVAILABLE TO LOCAL GROUPS FOR MEETINGS. THESE FACILITIES SAW APPROXIMATELY 670 OUTSIDE USES BY 243 COMMUNITY GROUPS. THE SWEAT EQUITY TEAM - COMPRISED OF WECU STAFF AND BOARD MEMBERS - VOLUNTEERED AT 36 EVENTS DURING 2015.
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IRS990ScheduleC/Section527PoliticalOrgGrp/OrganizationBusinessName/BusinessNameLine1Txt0NORTHWEST CREDIT UNION ASSOCIATION
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IRS990ScheduleC/Section527PoliticalOrgGrp/USAddress/AddressLine1Txt018000 INTERNATIONAL BLVD SUITE 35
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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.
IRS990ScheduleC/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I-A, LINE 1:
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IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,225,832,214
Liabilities
$1,030,122,679
Net assets
$195,709,535
Revenue
$54,990,783
Expenses
$41,471,469
Net income
$13,519,314
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