Industrial Credit Union Of Whatcom County
- Assets
- $379.2m
- Revenue
- $18.7m
- Investments
- $0.0
- Employees
- 143
- Location
- Bellingham, WA
- Founding
- 07/1954
- Data as of
- 12/2021
- EIN
- 91-0587877
Organization Overview
Industrial Credit Union Of Whatcom County 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 12/2021, Industrial Credit Union Of Whatcom County employed 143 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Industrial Credit Union Of Whatcom County 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 12/2021, Industrial Credit Union Of Whatcom County generated $18.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.8% each year. All expenses for the organization totaled $15.3m during the year ending 12/2021. While expenses have increased by 7.8% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING FINANCIAL SERVICES TO 36,158 MEMBERS MOSTLY RESIDING IN WHATCOM COUNTY IN THE STATE OF WASHINGTON.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING FINANCIAL SERVICES TO 36,000 MEMBERS WHICH INCLUDES BUT IS NOT LIMITED TO LOANS AND SAVINGS PROGRAMS. THESE SERVICES ARE PROVIDED BY 8 VOLUNTEERS AND 110 FULL AND PART TIME EMPLOYEES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brandon Hahnel President/ceo | Officer | 45 | $233,588 |
Richard Holcomb Vp/finance | Officer | 45 | $137,890 |
Bj Van Leeuwen Vp/lending | Officer | 45 | $135,869 |
Vickie Skelton Vp/operations | Officer | 45 | $128,612 |
Dain Stevens Director Remote Services | Officer | 45 | $117,571 |
Denise Pethick Director Human Resources | Officer | 45 | $114,499 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $17,251,425 |
| Investment income | $111,387 |
| Tax Exempt Bond Proceeds | $176,454 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $140,629 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,659,895 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,123,665 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,136,102 |
| Pension plan accruals and contributions | $271,048 |
| Other employee benefits | $902,203 |
| Payroll taxes | $536,741 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $32,925 |
| Fees for services: Accounting | $110,277 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $521,489 |
| Advertising and promotion | $266,485 |
| Office expenses | $752,855 |
| Information technology | $2,044,009 |
| Royalties | $0 |
| Occupancy | $587,708 |
| Travel | $14,258 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $35,617 |
| Interest | $496,887 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $551,320 |
| Insurance | $73,411 |
| All other expenses | $0 |
| Total functional expenses | $15,266,179 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,727,018 |
| Savings and temporary cash investments | $99,207,626 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $355,624 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $227,908,257 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,313,195 |
| Net Land, buildings, and equipment | $6,112,813 |
| Investments—publicly traded securities | $258,806 |
| Investments—other securities | $0 |
| Investments—program-related | $37,260,216 |
| Intangible assets | $0 |
| Other assets | $1,076,798 |
| Total assets | $379,220,353 |
| Accounts payable and accrued expenses | $4,784,629 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,627 |
| Total liabilities | $4,789,256 |
| Net assets without donor restrictions | $374,431,097 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $379,220,353 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Industrial Credit Union Of Whatcom County has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Express Advantage Tacoma, WA PURPOSE: Industrial Credit Union of Whatcom County used the $10,000 funds in 2016, to invest in financial education curriculum used in association with its SEED program. SEED is the Supportive Empowerment through Education and Development Program that is focused on a regional food system and the local farms. The curriculum is used at the community food hub where farmers, farm employees and their families access opportunities to participate in a farmers market, a community kitchen, food bank, and other healthy life skills that include financial education and credit building. | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Rivermark Community Credit Union Beaverton, OR | $1,282,908,447 | $59,063,025 |
Salal Credit Union Seattle, WA | $1,076,834,962 | $53,428,759 |
Credit Unions In The State Of Washington Seattle, WA | $1,324,555,734 | $53,981,403 |
Marion And Polk Schools Credit Union Salem, OR | $1,240,763,671 | $55,245,201 |
Seattle Metropolitan Credit Union Seattle, WA | $1,060,154,632 | $41,882,424 |
First Community Credit Union Coquille, OR | $1,761,836,849 | $50,673,220 |
Credit Unions In The State Of Washington Longview, WA | $1,189,148,852 | $43,664,942 |
Solarity Credit Union Yakima, WA | $813,771,159 | $38,686,646 |
Credit Unions In The State Of Washington Seattle, WA | $786,265,441 | $35,849,734 |
Credit Unions In The State Of Washington Spokane, WA | $613,886,782 | $30,633,137 |
Credit Unions In The State Of Washi Ngton Bothell, WA | $811,506,750 | $39,989,518 |
Credit Unions In The State Of Washington Lacey, WA | $467,137,296 | $26,640,017 |