Civic Intelligence

Whatcom Educational Credit Union

990 • Fiscal year 2019 • EIN 91-0712539

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 12, 2020

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

7th percentile

0.85x

Higher debt load relative to assets than 7% of similar nonprofits.

2019 filings • 501(c)14 • $1B+ nonprofits • Source year 2019

Liabilities / Revenue

41st percentile

16.73x

Higher debt load relative to revenue than 41% of similar nonprofits.

2019 filings • 501(c)14 • $1B+ nonprofits • Source year 2019

Net Margin

48th percentile

17%

Higher net margin than 48% of similar nonprofits.

2019 filings • 501(c)14 • $1B+ nonprofits • Source year 2019

Top Officer Pay

25th percentile

$695,040

Higher top officer pay than 25% of similar nonprofits.

Top officer pay equals 0.8% of source-year revenue.

2019 filings • 501(c)14 • $1B+ nonprofits • Source year 2019

Asset Growth

38th percentile

6.5%

Faster asset growth than 38% of similar nonprofits.

2019 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2018 to 2019

Revenue Growth

19th percentile

7.3%

Faster revenue growth than 19% of similar nonprofits.

2019 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets7th percentile

Assets

Up

$1,712,782,397

Up $104,751,277 (+6.5%) from 2018

Net Assets

Up

$259,058,825

Up $14,731,316 (+6.0%) from 2018

Liabilities

Up

$1,453,723,572

Up $90,019,961 (+6.6%) from 2018

Revenue And Expenses
Liabilities / Revenue41st percentileNet Margin48th percentile

Revenue

Up

$86,913,366

Up $5,910,378 (+7.3%) from 2018

Expenses

Up

$72,182,050

Up $5,151,140 (+7.7%) from 2018

Net Income

Up

$14,731,316

Up $759,238 (+5.4%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth38th 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

2019

Assets$1,712,782,397
Liabilities$1,453,723,572
Net Assets$259,058,825
Open 2019 Filing

Operations Trend

Revenue Growth19th 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

2019

Revenue$86,913,366
Expenses$72,182,050
Net Income$14,731,316
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 12, 2020
Return Version
2019v5.1
Gross Receipts
$86,945,648
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$1,372,509,421$1,477,228,904▲ $104,719,483
Rtn Earn Endowment Incm Other Fnds$244,327,509$259,058,825▲ $14,731,316
Savings and Temporary Cash Investments$94,475,103$112,034,670▲ $17,559,567
Land, Buildings, and Equipment, Net$36,674,630$37,889,498▲ $1,214,868
Cash and Non-Interest-Bearing Accounts$26,344,298$29,765,822▲ $3,421,524
Investments Other Securities$38,622,210$14,167,800▼ $24,454,410
Receivables From Officers Etc$11,316,824$11,642,744▲ $325,920
Investments in Publicly Traded Securities$5,287,925$6,242,721▲ $954,796
Prepaid Expenses and Deferred Charges$1,855,090$2,491,804▲ $636,714
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,608,031,120$1,712,782,397▲ $104,751,277
Other Assets Total$20,945,619$21,318,434▲ $372,815
Liabilities
Other Liabilities$1,337,340,005$1,427,764,916▲ $90,424,911
Accounts Payable and Accrued Expenses$24,677,405$22,539,766▼ $2,137,639
Escrow Account Liability$1,686,201$2,418,890▲ $732,689
Unsecured Notes Loans Payable-$1,000,000-
Total Liabilities$1,363,703,611$1,453,723,572▲ $90,019,961
Net Assets / Fund Balance
Total Net Assets Fund Balance$244,327,509$259,058,825▲ $14,731,316
Total Liabilities and Net Assets / Fund Balance$1,608,031,120$1,712,782,397▲ $104,751,277

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$17,897,737$9,569,895$27,467,632
Equipment$6,830,649$13,726,678$20,557,327
Land$12,289,071-$12,289,071
Other Land Buildings$854,820-$854,820
Leasehold Improvements$17,221$522,890$540,111
Compensation and Service Providers
Top Officer Pay25th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jennifer E KutcherPresident/CEO/treasurerFT$477,439$217,601$695,040
Jeffrey R DykstraEvpFT$281,831$186,861$468,692
Jack IngramChief Information OfficerFT$251,925$103,449$355,374
Cynthia Chase KleinChief Human Resources OfficerFT$209,859$104,079$313,938
Nicholas a HodsonChief Financial OfficerFT$231,500$76,327$307,827
Erynne Maria HallockVP, Retail DeliveryFT$184,831$94,555$279,386
Matthew Henry BerendsenVP, LendingFT$159,181$119,975$279,156
Kent D BoumaVP, Business BankingFT$162,017$105,878$267,895
David Pierce JonesChief Marketing OfficerFT$179,598$68,825$248,423
Grant DykstraBanking Senior Loan OfficerFT$130,903$88,631$219,534
Michael Peter YeendCredit Analysis Team LeaderFT$147,401$62,860$210,261
David DodgeDirector, It InfrastructureFT$143,758$50,552$194,310
Aaron Heath WhitsonBanking Credit AdministratorFT$134,494$59,226$193,720
Timothy a CookSenior Systems AdministratorFT$105,766$75,735$181,501
Gabriel MastDirector-$1,655-$1,655
David WaschkeDirector-$1,481-$1,481
Ashok KhannaDirector-$1,426-$1,426
Bruce BurpeeDirector (resigned 2019)-$1,188-$1,188
Dale ZenderDirector-$1,150-$1,150
Carol LagerChair-$1,145-$1,145

Board Members and Trustees

NameTitle
Harte BresslerVice-chair
Cathie ObergDirector
Margo HammondDirector
Kristi Lewis TyranSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
ConnectionComputer Hardware & Software ServicesROUTE 101A 730 MILFORD RD, Merrimack, NH 03054$2,961,256
FiservCore System Software Services75 REMITTANCE DR STE 1698, Chicago, IL 60675$2,729,542
Jack Henry & Associates (jha)Visa Card Processor663 W HWY 60 PO BOX 609, Monett, MO 65708$971,890
En Pointe Technologies Sales LLCComputer Hardware & Software Services18701 S FIGUEROA ST, Gardena, CA 90248$685,485
NcuaMember Insurance Services1775 DUKE STREET, Alexandria, VA 22314-3428$661,823
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$83,190,686
Investment Income
$2,907,994
Other Revenue
$814,686
Change in Net Assets
$14,731,316

Audited Revenue Reconciliation

Revenue per Audited Statements
$86,913,366
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$86,913,366
Total Revenue per Form 990
$86,913,366
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$33,821,312
Other Expenses$28,930,541
Grants and Similar Amounts Paid$228,842
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$21,562,027
Benefits to Members---$9,201,355
Other Employee Benefits---$4,682,526
Information Technology---$3,393,080
All Other Expenses---$3,319,524
Current Officers, Directors, Trustees, and Key Employees---$3,223,778
Depreciation Depletion---$2,879,367
Pension Plan Contributions---$2,379,397
Office Expenses---$2,188,151
Occupancy---$2,057,498
Payroll Taxes---$1,973,584
Fees for Services Other---$1,616,198
Other Expenses---$1,222,202
Advertising---$899,857
Conferences and Meetings---$311,285
Travel---$239,520
Fees for Services Accounting---$217,137
Grants to Domestic Orgs---$201,961
Fees for Services Legal---$82,414
Interest---$30,043
Grants to Domestic Individuals---$26,881
Fees for Services Lobbying---$20,000
Insurance---$12,833
Total Functional Expenses$0$0$0$72,182,050

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$72,182,050
Total Expenses per Audited Statements$72,182,050
Total Expenses per Form 990$72,182,050
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Whatcom Community CollegeBellingham, WA501(c)(3)Education Grant$35,000
Bellingham Arts Academy for YouthBellingham, WA501(c)(3)Education Grant$15,000
Btc FoundationBellingham, WA501(c)(3)Education Grant$15,000
Whatcom DreamBellingham, WA501(c)(3)Education Grant$15,000
Lhaq-temish FoundationBellingham, WA501(c)(3)Education Grant$12,500
Opportunity CouncilBellingham, WA501(c)(3)Education Grant$12,500
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$15,000
Total Exempt Function Spending$15,000

Section 527 Organizations

OrganizationLocationAmount
91-0460483Seatac, WA$15,000
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$11,316,824$11,642,744▲ $325,920
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
MEMBERS' SHARE AND SAVINGS ACCOUNT$1,427,410,861
Accrued Pensions and Profit Sharing$354,055
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
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 members of the organization's governing body. Elections are held annually or as vacancies arise.”

Form 990, Part VI, Section A, Line 8B

“The credit union does not have any committees that have authority to act on behalf of the governing body.”

Form 990, Part VI, Section B, Line 11B

“The form 990 is prepared by the organization's public accounting firm based on information provided by management. Once the draft is available, it is reviewed by management and any changes incorporated into the filing. Once this detailed review is complete, the draft of the form 990 is presented to the board of directors for their review and comments prior to filing with the irs.”

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 deptartment. Wecu's human resources department, 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 human resources department, 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 other officers and key employees are competitive within the marketplace. The consultant utilizes a number of compensation surveys to help determine the overall salary structure of the organization. Compensation decisions are documented in the personnel file.”

Form 990, Part VI, Section C, Line 19

“Wecu has a member rights policy in which we outline how our members can request and receive credit union corporate records, which include our articles and bylaws, minutes of our membership meetings, financial reports, code of ethics and board governance policies. 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
Nick Hodson
Title
Chief Financial Officer
Phone
3607567716
Signed
2020-11-12
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
483
Volunteers
12

Preparer

Firm
Cliftonlarsonallen Llp
Address
20 EAST THOMAS ROAD SUITE 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 is exempt, under internal revenue code (irc) 501(c)(14), from federal and state income taxes. Certain products and services provided by state chartered credit unions have been deemed by the internal revenue service (irs) to be unrelated to the specific entity's exempt purpose. In the opinion of management, any liability resulting from taxing authorities imposing income taxes on the net taxable income from activities potentially deemed to be unrelated to the credit union's exempt purpose is not expected to have a material effect on the credit union's financial position or results of operations. The credit union evaluated its tax positions and determined no uncertain tax positions exist as of december 31, 2019 and 2018. The credit union's 2016 through 2018 tax years are open for examination by federal and state taxing authorities.”

Raw XML AppendixShowing 400 of 889 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 BENEFITS SUCH AS CASH BACK ON PURCHASES, NO ANNUAL FEE, LOW FIXED INTEREST RATE, TRAVEL ACCIDENT INSURANCE AND OPTIONAL PAYMENT PROTECTION. AT THE END OF 2019, WECU HAD 28,784 CREDIT CARDS OUTSTANDING WITH OVER $151 MILLION IN CREDIT LIMITS.ALONG WITH CREDIT CARD LOANS, WECU OFFERS AUTO, BOAT, RV, 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 2019, WE GRANTED 13,933 CONSUMER LOANS (EXCLUDING CREDIT CARDS) TO OUR MEMBERS, TOTALING OVER $599 MILLION. WECU ALSO PROVIDES ACCESS TO FINANCIAL COUNSELING FREE OF CHARGE TO MEMBERS. THIS SERVICE CAN 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/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT/CEO/TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt1EVP
IRS990/Form990PartVIISectionAGrp/TitleTxt2CHIEF INFORMATION OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt3CHIEF HUMAN RESOURCES OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt4CHIEF FINANCIAL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt5VP, RETAIL DELIVERY
IRS990/Form990PartVIISectionAGrp/TitleTxt6VP, LENDING
IRS990/Form990PartVIISectionAGrp/TitleTxt7VP, BUSINESS BANKING
IRS990/Form990PartVIISectionAGrp/TitleTxt8CHIEF MARKETING OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt9BANKING SENIOR LOAN OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt10CREDIT ANALYSIS TEAM LEADER
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR, IT INFRASTRUCTURE
IRS990/Form990PartVIISectionAGrp/TitleTxt12BANKING CREDIT ADMINISTRATOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13SENIOR SYSTEMS ADMINISTRATOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR (RESIGNED 2019)
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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. AT THE END OF 2019, WECU HAD 4,672 RESIDENTIAL MORTGAGE LOANS OUTSTANDING, TOTALING OVER $643 MILLION. THE AVERAGE BALANCE OF A RESIDENTIAL FIRST MORTGAGE LOANS BEING SERVICED BY WECU IS APPROXIMATELY $137,659. WECU ALSO PARTICIPATES IN THE HOME$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 2019, WECU'S MEMBER BUSINESS LOAN PORTFOLIO CONSISTED OF 898 LOANS FOR A TOTAL OF $341 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 CARDSCHECKING ACCOUNTS AT WECU OFFER MAXIMUM CONVENIENCE WITH NO OR FEW FEES. WE HAVE A VARIETY OF CHECKING ACCOUNT OPTIONS, INCLUDING NO FEE ACCOUNTS AND INTEREST BEARING ACCOUNTS. CHECKING ACCOUNTS ARE MADE MORE CONVENIENT WITH MOBILE BANKING, MOBILE DEPOSIT CAPTURE, DEPOSIT TAKING ATMS, VISA DEBIT CARD, AROUND THE CLOCK ACCESS WITH ONLINE BANKING, 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. AT THE END OF 2019, THERE WERE 76,841 OPEN CHECKING ACCOUNTS AND 78,667 OPEN PERSONAL AND BUSINESS VISA DEBIT CARDS. WECU TRULY STRIVES TO MEET THE NEEDS OF THE UNDERSERVED. OUR CREDIT UNION HAS BEEN DESIGNATED AS A "LOW INCOME CREDIT UNION" (LICU), RECOGNIZING THAT OVER 50% OF THE CREDIT UNION MEMBERSHIP ARE PART OF LOW-INCOME HOUSEHOLDS.COMMUNITY INVOLVEMENTWHILE TECHNICALLY NOT A CHARTERED SERVICE, WECU IS COMMITTED TO COMMUNITY SERVICE AND PROVIDES SUPPORT TO A LARGE NUMBER OF LOCAL EDUCATIONAL, 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.TEAM WECU, COMPRISED OF CREDIT UNION STAFF AND BOARD MEMBERS, WAS ESTABLISHED TO ENCOURAGE VOLUNTEERISM IN THE COMMUNITY. IN 2019, 189 EMPLOYEES AND BOARD MEMBERS VOLUNTEERED 394 TIMES AT 29 EVENTS IN WHATCOM COUNTY.

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2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,712,782,397
Liabilities
$1,453,723,572
Net assets
$259,058,825
Revenue
$86,913,366
Expenses
$72,182,050
Net income
$14,731,316
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
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2019 filings • 501(c)14 • $1B+ nonprofits