Whatcom Educational Credit Union
- Assets
- $1.7b
- Revenue
- $86.9m
- Investments
- $14.2m
- Employees
- 466
- Location
- Bellingham, WA
- Founding
- 07/1954
- Data as of
- 12/2019
- EIN
- 91-0712539
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.
Form
990
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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PDF Copies of 990 Filings
Whatcom Educational Credit Union Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer E Kutcher President/ceo/treasurer | Officer | 50 | $568,056 |
Jeffrey R Dykstra Evp | Officer | 45 | $283,066 |
Jack Ingram Chief Information Officer | Officer | 45 | $241,148 |
Cynthia Chase Klein Chief Human Resources Officer | Officer | 45 | $227,836 |
Brandon James Hahnel Vp, Finance (left 11/18) | Officer | 45 | $213,680 |
Erynne Maria Hallock Vp, Retail Delivery | Officer | 45 | $198,585 |
Whatcom Educational Credit Union Vendors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Core System Vendor | 12/30/18 | $2,977,641 |
Jack Henry & Associates (Jha) Visa Card Processor | 12/30/18 | $1,065,905 |
Ncua Member Insurance Services | 12/30/18 | $803,946 |
Experian Credit Reports | 12/30/18 | $454,720 |
Next Step International Professional Services | 12/30/18 | $379,019 |
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 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $26,881 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $9,201,355 |
| Compensation of current officers, directors, key employees. | $3,223,778 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $21,562,027 |
| Pension plan accruals and contributions | $2,379,397 |
| Other employee benefits | $4,682,526 |
| Payroll taxes | $1,973,584 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $82,414 |
| Fees for services: Accounting | $217,137 |
| Fees for services: Lobbying | $20,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,616,198 |
| Advertising and promotion | $899,857 |
| Office expenses | $2,188,151 |
| Information technology | $3,393,080 |
| Royalties | $0 |
| Occupancy | $2,057,498 |
| Travel | $239,520 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $311,285 |
| Interest | $30,043 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,879,367 |
| Insurance | $12,833 |
| All other expenses | $0 |
| Total functional expenses | $72,182,050 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $29,765,822 |
| Savings and temporary cash investments | $112,034,670 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $11,642,744 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,477,228,904 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,491,804 |
| Investments—publicly traded securities | $6,242,721 |
| Investments—other securities | $14,167,800 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $21,318,434 |
| Total assets | $1,712,782,397 |
| Accounts payable and accrued expenses | $22,539,766 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,418,890 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $1,000,000 |
| Other liabilities | $1,427,764,916 |
| Total liabilities | $1,453,723,572 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $259,058,825 |
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 Recipient | Amount |
|---|---|
Seatac, WA PURPOSE: ADMINISTRATIVE DONATION FOR SERVICES SUPPORTING THE CREDIT UNION INDUSTRY. | $17,632 |
Bellingham, WA PURPOSE: LOCAL COMMUNITY HEALTH, EDUCATION, AND INCOME INITIATIVES. | $15,000 |
Seatac, WA PURPOSE: SUPPORT OF TRADE ASSOCIATION AND ONGOING EDUCATIONAL PROGRAMS. | $11,352 |
Whatcom Educational Credit Union Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Credit Unions In The State Of Washington Olympia, WA | $1,453,256,981 | $101,789,023 |
Oregon Community Credit Union Eugene, OR | $1,889,089,537 | $102,367,460 |
Columbia Community Credit Union Vancouver, WA | $2,101,786,104 | $91,608,374 |
Credit Unions In The State Of Washington Tacoma, WA | $1,840,118,126 | $96,634,060 |
Whatcom Educational Credit Union Bellingham, WA | $1,712,782,397 | $86,913,366 |
Royal Gnome Llc Springfield, OR | $1,770,844,236 | $88,741,355 |
Kitsap Credit Union Bremerton, WA | $1,435,523,011 | $74,132,215 |
Credit Unions In The State Of Washington Tacoma, WA | $1,532,553,283 | $70,863,648 |
Unitus Community Credit Union Portland, OR | $1,340,088,701 | $66,281,697 |
Credit Union 1 Anchorage, AK | $1,090,013,655 | $68,611,533 |
Advantis Credit Union Clackamas, OR | $1,478,812,305 | $68,628,894 |
Northwest Community Credit Union Eugene, OR | $1,514,782,386 | $67,519,452 |
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