Civic Intelligence

Whatcom Educational Credit Union

990 • Fiscal year 2020 • EIN 91-0712539

Jan 01, 2020 to Dec 31, 2020 • Filed on May 14, 2021

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

11th percentile

0.87x

Higher debt load relative to assets than 11% of similar nonprofits.

2020 filings • 501(c)14 • $1B+ nonprofits • Source year 2020

Liabilities / Revenue

65th percentile

21.68x

Higher debt load relative to revenue than 65% of similar nonprofits.

2020 filings • 501(c)14 • $1B+ nonprofits • Source year 2020

Net Margin

62nd percentile

17%

Higher net margin than 62% of similar nonprofits.

2020 filings • 501(c)14 • $1B+ nonprofits • Source year 2020

Top Officer Pay

37th percentile

$771,898

Higher top officer pay than 37% of similar nonprofits.

Top officer pay equals 0.9% of source-year revenue.

2020 filings • 501(c)14 • $1B+ nonprofits • Source year 2020

Asset Growth

82nd percentile

25%

Faster asset growth than 82% of similar nonprofits.

2020 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2019 to 2020

Revenue Growth

33rd percentile

-1.1%

Faster revenue growth than 33% of similar nonprofits.

2020 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets11th percentile

Assets

Up

$2,136,316,633

Up $423,534,236 (+25%) from 2019

Net Assets

Up

$273,972,908

Up $14,914,083 (+5.8%) from 2019

Liabilities

Up

$1,862,343,725

Up $408,620,153 (+28%) from 2019

Revenue And Expenses
Liabilities / Revenue65th percentileNet Margin62nd percentile

Revenue

Down

$85,917,838

Down $995,528 (-1.1%) from 2019

Expenses

Down

$71,003,755

Down $1,178,295 (-1.6%) from 2019

Net Income

Up

$14,914,083

Up $182,767 (+1.2%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth82nd 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

2020

Assets$2,136,316,633
Liabilities$1,862,343,725
Net Assets$273,972,908
Open 2020 Filing

Operations Trend

Revenue Growth33rd 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

2020

Revenue$85,917,838
Expenses$71,003,755
Net Income$14,914,083
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
May 14, 2021
Return Version
2020v4.1
Gross Receipts
$86,321,863
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$1,477,228,904$1,490,671,497▲ $13,442,593
Savings and Temporary Cash Investments$112,034,670$520,323,854▲ $408,289,184
Rtn Earn Endowment Incm Other Fnds$259,058,825$273,972,908▲ $14,914,083
Land, Buildings, and Equipment, Net$37,889,498$35,895,343▼ $1,994,155
Cash and Non-Interest-Bearing Accounts$29,765,822$32,886,533▲ $3,120,711
Receivables From Officers Etc$11,642,744$11,978,060▲ $335,316
Investments Other Securities$14,167,800$11,111,400▼ $3,056,400
Investments in Publicly Traded Securities$6,242,721$6,902,982▲ $660,261
Prepaid Expenses and Deferred Charges$2,491,804$3,178,980▲ $687,176
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,712,782,397$2,136,316,633▲ $423,534,236
Other Assets Total$21,318,434$23,367,984▲ $2,049,550
Liabilities
Other Liabilities$1,427,764,916$1,810,860,247▲ $383,095,331
Accounts Payable and Accrued Expenses$22,539,766$27,664,765▲ $5,124,999
Mortgage Notes Payable Secured by Investment Property$1,000,000$21,250,000▲ $20,250,000
Escrow Account Liability$2,418,890$2,568,713▲ $149,823
Total Liabilities$1,453,723,572$1,862,343,725▲ $408,620,153
Net Assets / Fund Balance
Total Net Assets Fund Balance$259,058,825$273,972,908▲ $14,914,083
Total Liabilities and Net Assets / Fund Balance$1,712,782,397$2,136,316,633▲ $423,534,236

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$17,137,676$10,329,955$27,467,631
Equipment$6,032,020$9,573,487$15,605,507
Land$12,289,071-$12,289,071
Leasehold Improvements$13,169$526,942$540,111
Other Land Buildings$423,407-$423,407
Compensation and Service Providers
Top Officer Pay37th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jennifer E KutcherPresident/CEO/treasurerFT$541,277$230,621$771,898
Jeffrey R DykstraExecutive Vice PresidentFT$303,768$98,471$402,239
Jack IngramChief Information OfficerFT$276,600$101,513$378,113
Nicholas a HodsonChief Financial OfficerFT$246,836$85,386$332,222
Cynthia Chase KleinChief Human Resources OfficerFT$224,035$85,156$309,191
Erynne Maria HallockVP, Retail DeliveryFT$199,753$73,936$273,689
David Pierce JonesChief Marketing OfficerFT$192,754$62,709$255,463
Kent D BoumaVP, Business BankingFT$176,195$66,020$242,215
Matthew Henry BerendsenVP, LendingFT$172,946$67,516$240,462
Michael Peter YeendCredit Analysis Team LeaderFT$155,241$65,188$220,429
Grant DykstraBusiness Banking Senior Loan OfficerFT$144,052$73,478$217,530
David DodgeDirector, It InfrastructureFT$153,023$52,925$205,948
Aaron Heath WhitsonCredit AdministratorFT$142,374$63,526$205,900
Andrew WhaleyDirector, Enterprise ApplicationsFT$141,521$58,786$200,307
David WaschkeSecretary-$1,289-$1,289
Gabriel MastDirector-$663-$663

Board Members and Trustees

NameTitle
Harte BresslerChair
Kristi Lewis TyranVice Chair
Ashok KhannaDirector
Carol LagerDirector
Cathie ObergDirector
Dale ZenderDirector
Margo HammondDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Jack Henry & Associates (jha)Visa Card Processor663 W HWY 60 PO BOX 609, Monett, MO 65708$1,077,838
Strategic Resource Management INCConsulting Services5100 POPLAR AVE SUITE 2500, Memphis, TN 38137-2501$827,954
American Reporting Company LLCAppraisal Services6628 212TH ST SW, Lynnwood, WA 98036$721,190
Infoimage INCMember Statement Processing Services175 S HILL DR, Brisbane, CA 94005$590,803
Diebold IncorporatedAtm Supplier And Servicer5995 MAYFAIR RD, North Canton, OH 44720$566,127
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$82,593,135
Investment Income
$1,677,237
Other Revenue
$1,647,466
Change in Net Assets
$14,914,083

Audited Revenue Reconciliation

Revenue per Audited Statements
$85,917,838
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$85,917,838
Total Revenue per Form 990
$85,917,838
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$37,477,000
Other Expenses$28,043,462
Grants and Similar Amounts Paid$341,686
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$24,993,820
Benefits to Members---$5,141,607
Information Technology---$4,865,617
Other Employee Benefits---$4,864,795
Current Officers, Directors, Trustees, and Key Employees---$3,207,445
Depreciation Depletion---$2,860,908
Office Expenses---$2,517,212
Occupancy---$2,338,333
Pension Plan Contributions---$2,260,869
Payroll Taxes---$2,150,071
Fees for Services Other---$2,006,359
Other Expenses---$926,923
Advertising---$608,101
Interest---$251,006
Grants to Domestic Orgs---$223,686
Conferences and Meetings---$198,872
Fees for Services Accounting---$176,203
Grants to Domestic Individuals---$118,000
Fees for Services Legal---$90,148
Travel---$61,396
Fees for Services Lobbying---$13,000
Insurance---$10,926
Total Functional Expenses$0$0$0$71,003,755

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$71,003,755
Total Expenses per Audited Statements$71,003,755
Total Expenses per Form 990$71,003,755
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Communities in Schools of Whatcom CountyBellingham, WA501(c)(3)Education Grant$20,000
Max Higbee Community Recreation CenterBellingham, WA501(c)(3)Education Grant$20,000
Bellingham Arts Academy for YouthBellingham, WA501(c)(3)Education Grant$15,000
WHATCOM FAMILY YOUNG MEN'S CHRISTIAN ASSOCIATIONBellingham, WA501(c)(3)Education Grant$15,000
Whatcom DreamBellingham, WA501(c)(3)Education Grant$15,000
Lummi Youth AcademyBellingham, 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$13,000
Total Exempt Function Spending$13,000

Section 527 Organizations

OrganizationLocationAmount
91-0460483Seatac, WA$13,000
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$11,642,744$11,978,060▲ $335,316
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
MEMBERS' SHARE AND SAVINGS ACCOUNT$1,810,522,459
Accrued Pensions and Profit Sharing$337,788
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. This was last completed in 2018. 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. This was last completed in 2018.”

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
Nicholas Hodson
Title
Chief Financial Officer
Phone
3607567716
Signed
2021-05-14
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
477
Volunteers
11

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, 2020 and 2019. The credit union's 2017 through 2019 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/Desc0LOAN PORTFOLIO (CREDIT CARDS, AUTO, PERSONAL AND OTHER TYPES):LOANS TO MEMBERS INCREASED BY 1.3%% OR $18.93 MILLION FROM 2019 TO 2020. CONSUMER LENDING EXPERIENCED LOWER PRODUCTION YEAR OVER YEAR. THE HIGHEST PRODUCTION MONTHS ARE TYPICALLY IN THE SUMMER. THIS YEAR BECAUSE OF THE PANDEMIC, THE SPRING AND SUMMER MONTHS (APRIL THROUGH SEPTEMBER) RESULTED IN 90.36% LESS VOLUME THAN THE SAME PERIOD IN 2019. THIS DECLINE REPRESENTS $49.7 MILLION LESS IN FUNDING. ALTHOUGH TYPICALLY A LOWER VOLUME TIME OF THE YEAR, THE 4TH QUARTER OF 2020 INCREASED BY 40.35% OR $16.43 MILLION. THIS IS SIGNIFICANT AS THE INDIRECT PORTFOLIO CURRENTLY REPRESENTS 23.19% OF THE TOTAL PORTFOLIO. THE CONSUMER LENDING TEAM IS POSITIONING THEMSELVES TO INCREASE PRODUCTION IN INDIRECT IN 2021.CONSUMER REAL ESTATE, ON THE OTHER HAND, HAD A HIGH-WATER MARK YEAR WITH AN INCREASE IN ORIGINATIONS OF 108.2% OR $151.51 MILLION. THE LOW-RATE ENVIRONMENT COUPLED WITH APPRECIATING PROPERTY VALUES PROVIDED MEMBERS WITH A GREAT OPPORTUNITY TO DECREASE THEIR MONTHLY PAYMENT OR CONDUCT A CASH-OUT REFINANCE. CONSUMER REAL ESTATE HELPED 1,118 MEMBERS BY FUNDING $291.51 MILLION.THE BUSINESS BANKING TEAM HAD A BANNER YEAR IN MANY WAYS. THE ONSET OF THE PANDEMIC AND THE PASSING OF THE CARES ACT PROVIDED AN OPPORTUNITY TO PROVIDE MEANINGFUL ASSISTANCE TO BUSINESS MEMBERS WHO WERE, OR POTENTIALLY WOULD BE, IMPACTED BY THE SLOWING OF COMMERCE RESULTING FROM THE PANDEMIC. IN APRIL OF 2020, THE BUSINESS BANKING TEAM WORKED TO QUICKLY STAND UP A SYSTEM TO INTAKE AND UNDERWRITE PAYCHECK PROTECTION PROGRAM (PPP) LOANS. OVER THE FOLLOWING DAYS AND MONTHS, WECU FUNDED 920 PPP LOANS FOR OVER $36 MILLION. THIS HAD A DIRECT IMPACT ON NEARLY 5,000 LOCAL JOBS. INCLUDING THE PPP LOANS, BUSINESS BANKING FUNDED $110 MILLION THROUGH 2020.
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT/CEO/TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt1EXECUTIVE VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2CHIEF INFORMATION OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt3CHIEF FINANCIAL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt4CHIEF HUMAN RESOURCES OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt5VP, RETAIL DELIVERY
IRS990/Form990PartVIISectionAGrp/TitleTxt6CHIEF MARKETING OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt7VP, BUSINESS BANKING
IRS990/Form990PartVIISectionAGrp/TitleTxt8VP, LENDING
IRS990/Form990PartVIISectionAGrp/TitleTxt9CREDIT ANALYSIS TEAM LEADER
IRS990/Form990PartVIISectionAGrp/TitleTxt10BUSINESS BANKING SENIOR LOAN OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR, IT INFRASTRUCTURE
IRS990/Form990PartVIISectionAGrp/TitleTxt12CREDIT ADMINISTRATOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR, ENTERPRISE APPLICATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt14SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt17VICE CHAIR
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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/Desc0DEPOSITS AND LIQUIDITY:DEPOSITS INCREASED SIGNIFICANTLY IN 2020. THE RESULT OF WECU'S LIQUIDITY PICTURE TOOK A DRAMATIC TURN IN 2020 AS MEMBERS AND BUSINESS MEMBERS ALIKE RECEIVED GOVERNMENT AID FROM THE CARES ACT IN THE FORM OF INCREASED UNEMPLOYMENT, STIMULUS CHECKS, AND THE PAYCHECK PROTECTION LOANS. ALL THE GOVERNMENT ACTIVITIES RESULTED IN INCREASED DEPOSITS. THIS COUPLED WITH THE CHANGE IN CONSUMER BEHAVIOR AND SPECIFICALLY THE SLOWDOWN IN TRAVEL AND LEISURE ACTIVITIES HAD AN EXTREME IMPACT. TOTAL CASH AND CASH EQUIVALENTS INCREASED BY 288.1% OR $411.66 MILLION ENDING THE YEAR WITH TOTAL BALANCES OF $554.56 MILLION. THE MOST SIGNIFICANT DEPOSIT GROWTH CAME FROM BUSINESS MEMBERS. THE INCREASE WAS ACHIEVED IN PART THROUGH THE PAYCHECK PROTECTION PROGRAM LOANS AND THE DEPOSITED PROCEEDS, BUT ALSO FROM INCREASED ADOPTION OF OUR NEW BUSINESS DEPOSIT PRODUCTS. CHECKING 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.
IRS990/ProgSrvcAccomActy3Grp/Desc0COMMUNITY INVOLVEMENT:WHILE 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.IN MARCH, HELPING MEMBERS AND THE COMMUNITY AT LARGE THROUGH THE PANDEMIC BECAME A PRIMARY FOCUS. THIS WAS DEMONSTRATED THROUGH SEVERAL ACTIVITIES THROUGHOUT THE YEAR. ONE SUCH AREA IS THE SUPPORT OF SMALL BUSINESSES WHERE WECU PARTICIPATED IN THE PAYCHECK PROTECTION PROGRAM BY HELPING 920 BUSINESSES SECURE $36 MILLION IN BALANCES. WECU'S PARTICIPATION IN THIS PROGRAM ALLOWED BUSINESSES TO BRING THOSE FUNDS TO WHATCOM COUNTY IMPACTING NEARLY 5,000 LOCAL JOBS.
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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,136,316,633
Liabilities
$1,862,343,725
Net assets
$273,972,908
Revenue
$85,917,838
Expenses
$71,003,755
Net income
$14,914,083
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