Civic Intelligence

Whatcom Educational Credit Union

990 • Fiscal year 2016 • EIN 91-0712539

Jan 01, 2016 to Dec 31, 2016 • Filed on Nov 15, 2017

Organization ProfileWWW.WECU.COM

View Organization Page

600 East Holly StreetBellingham, WA 98225

(360) 676-1168

Siviq Scores

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

Liabilities / Assets

3rd percentile

0.85x

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

2016 filings • 501(c)14 • $1B+ nonprofits • Source year 2016

Liabilities / Revenue

35th percentile

18.39x

Higher debt load relative to revenue than 35% of similar nonprofits.

2016 filings • 501(c)14 • $1B+ nonprofits • Source year 2016

Net Margin

79th percentile

25%

Higher net margin than 79% of similar nonprofits.

2016 filings • 501(c)14 • $1B+ nonprofits • Source year 2016

Top Officer Pay

33rd percentile

$652,412

Higher top officer pay than 33% of similar nonprofits.

Top officer pay equals 1.0% of source-year revenue.

2016 filings • 501(c)14 • $1B+ nonprofits • Source year 2016

Asset Growth

75th percentile

12%

Faster asset growth than 75% of similar nonprofits.

2016 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2015 to 2016

Revenue Growth

77th percentile

14%

Faster revenue growth than 77% of similar nonprofits.

2016 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets3rd percentile

Assets

Up

$1,367,927,360

Up $142,095,146 (+12%) from 2015

Net Assets

Up

$211,432,553

Up $15,723,018 (+8.0%) from 2015

Liabilities

Up

$1,156,494,807

Up $126,372,128 (+12%) from 2015

Revenue And Expenses
Liabilities / Revenue35th percentileNet Margin79th percentile

Revenue

Up

$62,872,274

Up $7,881,491 (+14%) from 2015

Expenses

Up

$47,429,375

Up $5,957,906 (+14%) from 2015

Net Income

Up

$15,442,899

Up $1,923,585 (+14%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth75th 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

2016

Assets$1,367,927,360
Liabilities$1,156,494,807
Net Assets$211,432,553
Open 2016 Filing

Operations Trend

Revenue Growth77th 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

2016

Revenue$62,872,274
Expenses$47,429,375
Net Income$15,442,899
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Nov 15, 2017
Return Version
2016v3.0
Gross Receipts
$62,872,274
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$775,964,553$1,002,957,014▲ $226,992,461
Rtn Earn Endowment Incm Other Fnds$195,709,535$211,432,553▲ $15,723,018
Investments Other Securities$140,248,522$160,717,235▲ $20,468,713
Savings and Temporary Cash Investments$233,630,478$121,727,991▼ $111,902,487
Land, Buildings, and Equipment, Net$32,498,039$33,242,955▲ $744,916
Cash and Non-Interest-Bearing Accounts$22,525,638$25,682,880▲ $3,157,242
Investments in Publicly Traded Securities$4,710,065$4,990,184▲ $280,119
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,225,832,214$1,367,927,360▲ $142,095,146
Other Assets Total$16,254,919$18,609,101▲ $2,354,182
Liabilities
Other Liabilities$1,020,195,525$1,146,203,265▲ $126,007,740
Accounts Payable and Accrued Expenses$8,753,571$8,882,821▲ $129,250
Escrow Account Liability$1,173,583$1,408,721▲ $235,138
Total Liabilities$1,030,122,679$1,156,494,807▲ $126,372,128
Net Assets / Fund Balance
Total Net Assets Fund Balance$195,709,535$211,432,553▲ $15,723,018
Total Liabilities and Net Assets / Fund Balance$1,225,832,214$1,367,927,360▲ $142,095,146

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$16,309,798$4,524,408$20,834,206
Equipment$1,953,487$10,772,527$12,726,014
Land$12,289,071-$12,289,071
Other Land Buildings$2,563,167$2,800,883$5,364,050
Leasehold Improvements$127,432$562,006$689,438
Other Securities$4,234,000--
Compensation and Service Providers
Top Officer Pay33rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jennifer KutcherPresident/CEOFT$404,166$248,246$652,412
Robert Langei - FormerEvp/COOFT$226,100$215,373$441,473
Jeff DykstraEvp/CLOFT$224,477$191,092$415,569
Colin NaylorVP/CIOFT$156,930$68,773$225,703
Cindy KleinChroFT$183,873$39,621$223,494
Kent BoumaVP, Business ServicesFT$145,771$47,906$193,677
Lisa LangeiDirector of PaymentsFT$121,129$66,960$188,089
Brandon HahnelVP/financeFT$114,551$69,767$184,318
Mike YeendMbl Team LeadFT$140,460$40,740$181,200
Aaron WhitsonCredit AdministratorFT$127,227$40,667$167,894
Matthew BerendsenVP, Real EstateFT$116,724$42,007$158,731
Grant DykstraBusiness Loan OfficerFT$111,906$41,591$153,497
Phil IsleDirector-$5,448-$5,448
Harte BresslerDirector-$2,989-$2,989
Carol LagerDirector-$2,660-$2,660
Bruce BurpeeDirector-$1,639-$1,639
Ashok KhannaDirector-$1,482-$1,482
Kurt WillisSupervisory Committee-$1,065-$1,065
David WaschkeDirector-$1,025-$1,025
Shonda ShipmanSupervisory Committee-$1,022-$1,022
Dale ZenderDirector-$1,005-$1,005

Board Members and Trustees

NameTitle
Cathie ObergDirector
Kristi Lewis TyranDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Jack Henry & Associates (jha)Visa Card ProcessorPO BOX 807, Monett, MO 65708$1,346,311
Diamond MarketingStatement Processing And Postage710 SW 34TH ST, Renton, WA 98057$652,579
Dawson ConstructionFacility RemodelPO BOX 30920, Bellingham, WA 98228$606,197
Dh USA CorporationCore Data Processing SystemPO BOX 535120, Atlanta, GA 30353$505,899
Cubus SolutionsOnline Banking Systems3049 INDEPENDENCE DRIVE, Livermore, CA 94551$393,031
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$60,133,708
Investment Income
$2,738,542
Other Revenue
$24
Change in Net Assets
$15,442,899

Audited Revenue Reconciliation

Revenue per Audited Statements
$62,872,274
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$62,872,274
Total Revenue per Form 990
$62,872,274
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$23,998,847
Other Expenses$23,262,060
Grants and Similar Amounts Paid$168,468
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$14,622,689
Interest---$3,968,134
Current Officers, Directors, Trustees, and Key Employees---$3,204,391
Other Employee Benefits---$3,118,195
Information Technology---$2,259,655
Pension Plan Contributions---$1,598,558
Depreciation Depletion---$1,598,531
Other Expenses---$1,496,041
Payroll Taxes---$1,455,014
Occupancy---$1,135,966
Office Expenses---$1,048,519
Fees for Services Other---$853,614
Advertising---$721,170
Conferences and Meetings---$247,919
Travel---$224,232
Fees for Services Legal---$161,937
Grants to Domestic Orgs---$157,468
Insurance---$152,241
Fees for Services Accounting---$13,299
Grants to Domestic Individuals---$11,000
Total Functional Expenses$0$0$0$47,429,375

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$47,429,375
Total Expenses per Audited Statements$47,429,375
Total Expenses per Form 990$47,429,375
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.$17,632
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.$11,352
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

Section 527 Organizations

OrganizationLocationAmount
91-0460483Seatac, WA$17,632
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Share Savings$852,985,400
Member Share Draft$227,681,774
Member Ira Shares$36,026,402
Share and Ira Cds$18,198,176
Other Liabilities$10,965,914
Accrued Pensions and Profit Sharing$345,599
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
No
Management duties delegated
No

Governance Explanations

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 B, Line 11B

“Our form 990 tax filing is reviewed by wecu's controller, cfo 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. Compensation 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 98225

Signing Officer

Name
Jennifer Kutcher
Title
President/CEO
Phone
3607567716
Signed
2017-11-15
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
394
Volunteers
11

Preparer

Firm
Cliftonlarsonallen Llp
Address
20 E THOMAS RD STE 2300, PHOENIX, AZ 85012
Preparer
Anne B Davison
Phone
6022662248
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Net change in unrealized gain on afs investments 280,119.”

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, 2016 and 2015.”

Raw XML AppendixShowing 400 of 794 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/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 22% MEMBER PENETRATION IN OUR CREDIT CARD PROGRAM. IN 2016, WE OPENED 3,299 NEW VISA ACCOUNTS FOR OUR MEMBERS, WITH NEW CREDIT LIMITS TOTALING OVER $17 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 PARENTS 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 2016, WE HAD 146 STUDENT VISA ACCOUNTS.
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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 CARD 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 2016, WE ISSUED 10,608 CONSUMER LOANS (EXCLUDING CREDIT CARDS) TO OUR MEMBERS, TOTALING OVER $206 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 LOAN PROGRAM. AT THE END OF 2016, WECU'S MEMBER BUSINESS LOAN PORTFOLIO CONSISTED OF 728 LOANS FOR A TOTAL OF $230 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 2016, WE FUNDED 938 RESIDENTIAL FIRST MORTGAGES FOR OUR MEMBERS, TOTALING OVER $233 MILLION. AT THE END OF 2016, WECU HAD 2,409 RESIDENTIAL FIRST MORTGAGE LOANS OUTSTANDING, TOTALING OVER $428 MILLION. WE WERE ALSO SERVICING AN ADDITIONAL 2,615 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 $167,926. WECU ALSO PARTICIPATES IN THE HOME$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/Desc0CHECKING 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 CARD, 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 64,378 MEMBERS WITH A CHECKING SERVICE AND 55,052 VISA DEBIT CARD HOLDERS. ABOUT 76% OF OUR ADULT MEMBERS HAVE A CHECKING SERVICE WITH WECU. 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 UNION MEMBERSHIP ARE PART OF LOW-INCOME HOUSEHOLDS.
IRS990/ProgSrvcAccomActyOtherGrp/Desc1WHILE 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 PRESENTATIONS 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 612 OUTSIDE USES.THE SWEAT EQUITY TEAM - COMPRISED OF WECU STAFF AND BOARD MEMBERS - VOLUNTEERED AT 29 EVENTS DURING 2016. THROUGH THESE EVENTS, 239 WECU EMPLOYEES VOLUNTEERED 364 TIMES.
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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,367,927,360
Liabilities
$1,156,494,807
Net assets
$211,432,553
Revenue
$62,872,274
Expenses
$47,429,375
Net income
$15,442,899
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