Civic Intelligence

Whatcom Educational Credit Union

990 • Fiscal year 2017 • EIN 91-0712539

Jan 01, 2017 to Dec 31, 2017 • Filed on Nov 12, 2018

Organization ProfileWWW.WECU.COM

View Organization Page

21 Bellwether Way No 111Bellingham, WA 98225

(360) 676-1168

Siviq Scores

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

Liabilities / Assets

5th percentile

0.84x

Higher debt load relative to assets than 5% of similar nonprofits.

2017 filings • 501(c)14 • $1B+ nonprofits • Source year 2017

Liabilities / Revenue

34th percentile

17.83x

Higher debt load relative to revenue than 34% of similar nonprofits.

2017 filings • 501(c)14 • $1B+ nonprofits • Source year 2017

Net Margin

85th percentile

27%

Higher net margin than 85% of similar nonprofits.

2017 filings • 501(c)14 • $1B+ nonprofits • Source year 2017

Top Officer Pay

38th percentile

$726,634

Higher top officer pay than 38% of similar nonprofits.

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

2017 filings • 501(c)14 • $1B+ nonprofits • Source year 2017

Asset Growth

64th percentile

8.4%

Faster asset growth than 64% of similar nonprofits.

2017 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2016 to 2017

Revenue Growth

61st percentile

12%

Faster revenue growth than 61% of similar nonprofits.

2017 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets5th percentile

Assets

Up

$1,482,247,013

Up $114,319,653 (+8.4%) from 2016

Net Assets

Up

$230,803,397

Up $19,370,844 (+9.2%) from 2016

Liabilities

Up

$1,251,443,616

Up $94,948,809 (+8.2%) from 2016

Revenue And Expenses
Liabilities / Revenue34th percentileNet Margin85th percentile

Revenue

Up

$70,172,399

Up $7,300,125 (+12%) from 2016

Expenses

Up

$51,547,262

Up $4,117,887 (+8.7%) from 2016

Net Income

Up

$18,625,137

Up $3,182,238 (+21%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth64th 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

2017

Assets$1,482,247,013
Liabilities$1,251,443,616
Net Assets$230,803,397
Open 2017 Filing

Operations Trend

Revenue Growth61st 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

2017

Revenue$70,172,399
Expenses$51,547,262
Net Income$18,625,137
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Nov 12, 2018
Return Version
2017v2.3
Gross Receipts
$70,172,399
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.

Our mission is to make a meaningful difference in the lives of our members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$1,002,957,014$1,201,175,296▲ $198,218,282
Rtn Earn Endowment Incm Other Fnds$211,432,553$230,803,397▲ $19,370,844
Investments Other Securities$160,717,235$100,060,727▼ $60,656,508
Savings and Temporary Cash Investments$121,727,991$93,160,788▼ $28,567,203
Land, Buildings, and Equipment, Net$33,242,955$34,279,215▲ $1,036,260
Cash and Non-Interest-Bearing Accounts$25,682,889$26,880,285▲ $1,197,396
Investments in Publicly Traded Securities$4,990,184$5,735,891▲ $745,707
Prepaid Expenses and Deferred Charges$1,081,156$1,529,155▲ $447,999
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,367,927,369$1,482,247,013▲ $114,319,644
Other Assets Total$17,527,945$19,425,656▲ $1,897,711
Liabilities
Other Liabilities$1,135,237,351$1,226,471,420▲ $91,234,069
Accounts Payable and Accrued Expenses$19,848,744$23,425,782▲ $3,577,038
Escrow Account Liability$1,408,721$1,546,414▲ $137,693
Grants Payable$0--
Total Liabilities$1,156,494,816$1,251,443,616▲ $94,948,800
Net Assets / Fund Balance
Total Net Assets Fund Balance$211,432,553$230,803,397▲ $19,370,844
Total Liabilities and Net Assets / Fund Balance$1,367,927,369$1,482,247,013▲ $114,319,644

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$19,276,015$8,061,360$27,337,375
Equipment$1,306,587$11,311,284$12,617,871
Land$12,289,071-$12,289,071
Other Land Buildings$1,401,921-$1,401,921
Leasehold Improvements$5,621$575,497$581,118
Other Securities$4,234,000--
Compensation and Service Providers
Top Officer Pay38th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jennifer KutcherPresident/CEO/treasurerFT$396,539$330,095$726,634
Jeff DykstraEvp/CLOFT$234,964$201,969$436,933
Colin NaylorVP/CIO (left 3/17)FT$64,140$287,287$351,427
Cindy KleinChief Hr OfficerFT$194,121$42,346$236,467
Kent BoumaVP, Business BankingFT$151,087$55,590$206,677
Lesley FoxChief Financial OfficerFT$159,712$45,134$204,846
Erynne HallockVP/retail DeliveryFT$169,600$25,785$195,385
Brandon HahnelVP/financeFT$129,734$58,366$188,100
Matthew BerendsenVP/lendingFT$138,137$48,984$187,121
Mike YeendMbl Team LeaderFT$142,177$43,290$185,467
David JonesChief Marketing OfficerFT$165,000$16,048$181,048
Robert LangeiFormer Evp/COOFT$125,000-$125,000
David WaschkeDirector-$4,015-$4,015
Ashok KhannaDirector-$1,573-$1,573
Carol LagerVice Chair-$1,431-$1,431
Phil IsleDirector (left 6/17)-$935-$935
Bruce BurpeeDirector-$756-$756

Board Members and Trustees

NameTitle
Dale ZenderChair
Cathie ObergDirector
Harte BresslerDirector
Margo HammondDirector
Kristi Lewis TyranSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
NcuaMember Insurance Services1775 DUKE STREET, Alexandria, VA 22314-3428$1,334,649
FiservCore System VendorPO BOX 99924, Grapevine, TX 76099$1,169,756
Jack Henry & Associates (jha)Visa Card ProcessorPO BOX 807, Monett, MO 65708$894,273
Diamond MarketingStatement Processing And Postage710 SW 34TH ST, Renton, WA 98057$679,671
Next Step InternationalProfessional Services6000 METROWEST BLVD STE 107, Orlando, FL 32835$440,078
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$66,366,378
Investment Income
$2,726,260
Other Revenue
$1,079,761
Change in Net Assets
$18,625,137

Audited Revenue Reconciliation

Revenue per Audited Statements
$70,172,399
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$70,172,399
Total Revenue per Form 990
$70,172,399
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$25,722,752
Other Expenses$21,615,445
Grants and Similar Amounts Paid$150,806
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$17,092,163
Benefits to Members---$4,058,259
Other Employee Benefits---$3,216,228
Information Technology---$2,646,924
All Other Expenses---$2,255,490
Office Expenses---$2,162,654
Current Officers, Directors, Trustees, and Key Employees---$2,146,065
Fees for Services Other---$1,644,192
Pension Plan Contributions---$1,608,919
Depreciation Depletion---$1,558,019
Payroll Taxes---$1,534,377
Occupancy---$1,155,649
Other Expenses---$1,147,265
Advertising---$724,122
Conferences and Meetings---$229,070
Fees for Services Accounting---$184,801
Travel---$162,632
Fees for Services Legal---$155,116
Insurance---$146,183
Grants to Domestic Orgs---$139,806
Comp Disqual Persons---$125,000
Fees for Services Lobbying---$19,967
Grants to Domestic Individuals---$11,000
Total Functional Expenses$0$0$0$51,547,262

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$51,547,262
Total Expenses per Audited Statements$51,547,262
Total Expenses per Form 990$51,547,262
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
Political Expenditures$19,967
Total Exempt Function Spending$19,967
Section 527 Activity Spending$0

Section 527 Organizations

OrganizationLocationAmount
91-0460483Seatac, WA$19,967
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
MEMBERS' SHARE AND SAVINGS ACCOUNT$1,226,151,205
Accrued Pensions and Profit Sharing$320,215
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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

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

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 8B

“There are no other committees that have authority to act on behalf of the governing body.”

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, 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 and provided for in the annual wecu ceo compensation & performance plan. The board works with an independent consultant who utilizes national surveys and other data to help inform the compensation outlined in the plan. The credit union has engaged an independent consultant to ensure that pay rates for employees are competitive within the marketplace. The consultant utilizes a number of compensation surveys to help determine the overall salary structure of the organization.”

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
21 BELLWETHER WAY NO 111, BELLINGHAM, WA 98225

Signing Officer

Name
Jennifer Kutcher
Title
President/CEO
Phone
3607567716
Signed
2018-11-12
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
422
Volunteers
12

Preparer

Firm
Cliftonlarsonallen Llp
Address
20 E THOMAS RD STE 2300, PHOENIX, AZ 85012
Preparer
Mary C Green
Phone
6022662248
Supplemental Narrative

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, 2017 and 2016.”

Raw XML AppendixShowing 400 of 780 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/Desc0CONSUMER LOANS (CREDIT CARDS, AUTO, PERSONAL AND OTHER TYPES): WECU 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 22.9% MEMBER PENETRATION IN OUR CREDIT CARD PROGRAM. IN 2017, WE OPENED 3902 NEW VISA ACCOUNTS FOR OUR MEMBERS, WITH NEW CREDIT LIMITS TOTALING OVER $16 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 2017, WE HAD 155 STUDENT VISA ACCOUNTS.ALONG 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 2017, WE ISSUED 13,054 CONSUMER LOANS (EXCLUDING CREDIT CARDS) TO OUR MEMBERS, TOTALING OVER $261 MILLION. WECU ALSO PROVIDES ACCESS TO MONEY MANAGEMENT INTERNATIONAL FREE OF CHARGE TO MEMBERS. PROFESSIONAL FINANCIAL COUNSELORS AT MONEY MANAGEMENT INTERNATIONAL PROVIDE DIRECTION AND SUPPORT TO ANY OF OUR MEMBERS WHO NEED HELP MANAGING THEIR DEBT AND GETTING THEIR PERSONAL FINANCES BACK ON TRACK.
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IRS990/MissionDesc0WHATCOM EDUCATIONAL CREDIT UNION (WECU) IS A NOT-FOR-PROFIT 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/Desc0REAL 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 2017, WE FUNDED 659 RESIDENTIAL FIRST MORTGAGES FOR OUR MEMBERS, TOTALING OVER $178 MILLION. AT THE END OF 2017, WECU HAD 2,518 RESIDENTIAL FIRST MORTGAGE LOANS OUTSTANDING, TOTALING OVER $476 MILLION. WE WERE ALSO SERVICING AN ADDITIONAL 2,626 IN SOLD RESIDENTIAL FIRST MORTGAGES FOR OUR MEMBERS, INCREASING OUR OVERALL REAL ESTATE PENETRATION TO ABOUT 5.4%. THE AVERAGE BALANCE OF RESIDENTIAL FIRST MORTGAGE LOANS BEING SERVICED BY WECU IS APPROXIMATELY $167,652. WECU ALSO PARTICIPATES IN THE HOME$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/ProgSrvcAccomActy3Grp/Desc0BUSINESS LOANS: WECU 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 2017, WECU'S MEMBER BUSINESS LOAN PORTFOLIO CONSISTED OF 821 LOANS FOR A TOTAL OF $261 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.
IRS990/ProgSrvcAccomActyOtherGrp/Desc0CHECKING ACCOUNTS AND DEBIT CARDS: CHECKING ACCOUNTS AT WECU OFFER MAXIMUM CONVENIENCE WITH NO OR FEW FEES. WE HAVE SIX 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, 5) BUSINESS BASIC CHECKING, AND 6) SAFECARD CHECKING, WHICH OFFERS A SECOND CHANCE TO THE UNBANKED OR UNDERBANKED THAT MAY HAVE ADVERSE HISTORY WITH BANKS OR CREDIT UNIONS. 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 63,536 MEMBERS WITH A CHECKING SERVICE AND 51,307 VISA DEBIT CARD HOLDERS. ABOUT 67.5% 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/Desc1COMMUNITY 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 PRESENTATIONS TO VARIOUS GROUPS.THE SWEAT EQUITY TEAM - COMPRISED OF WECU STAFF AND BOARD MEMBERS - VOLUNTEERED AT 23 EVENTS DURING 2017. THROUGH THESE EVENTS, 175 WECU EMPLOYEES VOLUNTEERED 349 TIMES.
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt03968134
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt0168468
IRS990/PYInvestmentIncomeAmt02738542
IRS990/PYOtherExpensesAmt019293926
IRS990/PYOtherRevenueAmt0854043
IRS990/PYProgramServiceRevenueAmt059279689
IRS990/PYRevenuesLessExpensesAmt015442899
IRS990/PYSalariesCompEmpBnftPaidAmt023998847
IRS990/PYTotalExpensesAmt047429375
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt062872274
IRS990/ReconcilationRevenueExpnssAmt018625137
IRS990/RegularMonitoringEnfrcInd01

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,482,247,013
Liabilities
$1,251,443,616
Net assets
$230,803,397
Revenue
$70,172,399
Expenses
$51,547,262
Net income
$18,625,137
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