Whatcom Educational Credit Union

Whatcom Educational Credit Union Overview

Whatcom Educational Credit Union is located in Bellingham, WA. The organization was established in 1954. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2018, Whatcom Educational Credit Union employed 466 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Whatcom Educational Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.

For the year ending 12/2019, Whatcom Educational Credit Union generated $86.9m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 9.6% each year. All expenses for the organization totaled $72.2m during the year ending 12/2019. While expenses have increased by 11.7% per year over the past 5 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2019

Describe the Organization's Mission:

Part 3 - Line 1

OUR MISSION IS TO MAKE A MEANINGFUL DIFFERENCE IN THE LIVES OF OUR MEMBERS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

CONSUMER 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 2018, WECU HAD 27,525 CREDIT CARDS OUTSTANDING WITH OVER $145 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 2018, WE GRANTED 11,420 CONSUMER LOANS (EXCLUDING CREDIT CARDS) TO OUR MEMBERS, TOTALING OVER $346 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.


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. AT THE END OF 2018, WECU HAD 4,939 RESIDENTIAL MORTGAGE LOANS OUTSTANDING, TOTALING OVER $627 MILLION. WE WERE ALSO SERVICING AN ADDITIONAL 2,605 IN RESIDENTIAL MORTGAGES FOR OUR MEMBERS, TOTALING OVER $427 MILLION. THE AVERAGE BALANCE OF A RESIDENTIAL FIRST MORTGAGE LOANS BEING SERVICED BY WECU IS APPROXIMATELY $181,040. WECU ALSO PARTICIPATES IN THE HOME$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.


BUSINESS 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 2018, WECU'S MEMBER BUSINESS LOAN PORTFOLIO CONSISTED OF 708 LOANS FOR A TOTAL OF $269 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.


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Whatcom Educational Credit Union Board, Officers & Key Employees

Whatcom Educational Credit Union Vendors

Vendor Name (Service)Compensation
Fiserv
Core System Vendor
$2,977,641
Jack Henry & Associates (Jha)
Visa Card Processor
$1,065,905
Ncua
Member Insurance Services
$803,946
Experian
Credit Reports
$454,720
Next Step International
Professional Services
$379,019
View All Vendors

Financial Statements

Statement of Revenue
Total Revenue from Contributions, Gifts, Grants & Similar$0
Investment income $2,940,276
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $45,000
Net Gain/Loss on Asset Sales -$32,282
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $86,913,366

Whatcom Educational Credit Union Grants Awarded

Over the last fiscal year, Whatcom Educational Credit Union has awarded $43,984 in support to 3 organizations.

Grant RecipientAmount

NORTHWEST CREDIT UNION ASSOCIATION

Org PageRecipient Profile

Seatac, WA

PURPOSE: ADMINISTRATIVE DONATION FOR SERVICES SUPPORTING THE CREDIT UNION INDUSTRY.

$17,632

UNITED WAY OF WHATCOM COUNTY

Org PageRecipient Profile

Bellingham, WA

PURPOSE: LOCAL COMMUNITY HEALTH, EDUCATION, AND INCOME INITIATIVES.

$15,000

NORTHWEST CREDIT UNION FOUNDATION

Org PageRecipient Profile

Seatac, WA

PURPOSE: SUPPORT OF TRADE ASSOCIATION AND ONGOING EDUCATIONAL PROGRAMS.

$11,352
View Grant Profile

Whatcom Educational Credit Union Peer Organizations

Organization NameAssets
Credit Unions In The State Of Washington
Olympia, WA
$101,789,023
Oregon Community Credit Union
Eugene, OR
$102,367,460
Columbia Community Credit Union
Vancouver, WA
$91,608,374
Credit Unions In The State Of Washington
Tacoma, WA
$96,634,060
Whatcom Educational Credit Union
Bellingham, WA
$86,913,366
Royal Gnome Llc
Springfield, OR
$88,741,355
Kitsap Credit Union
Bremerton, WA
$74,132,215
Credit Unions In The State Of Washington
Tacoma, WA
$70,863,648
Unitus Community Credit Union
Portland, OR
$66,281,697
Credit Union 1
Anchorage, AK
$68,611,533
Advantis Credit Union
Clackamas, OR
$68,628,894
Northwest Community Credit Union
Eugene, OR
$67,519,452

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