Whatcom Educational Credit Union
- Assets
- $2.5b
- Revenue
- $98.7m
- Investments
- $55.5m
- Employees
- 473
- Location
- Bellingham, WA
- Founding
- 07/1954
- Data as of
- 12/2022
- EIN
- 91-0712539
Organization 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 12/2022, Whatcom Educational Credit Union employed 473 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 12/2022, Whatcom Educational Credit Union generated $98.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.6% each year. All expenses for the organization totaled $68.5m during the year ending 12/2022. While expenses have increased by 6.5% per year over the past 8 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.
Since 2014, Whatcom Educational Credit Union has awarded 30 individual grants totaling $449,156. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
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
LOAN PORTFOLIO (CREDIT CARDS, AUTO, PERSONAL AND OTHER TYPES):LOANS TO MEMBERS INCREASED BY 17.93%, OR $294.7 MILLION FROM 2021 TO 2022. LENDING WAS STRONG, WITH RECORD-SETTING MONTHS CULMINATING INTO ANOTHER RECORD SETTING YEAR. WECU ORIGINATED $791.75 MILLION IN 2022. THE OVERALL IMPACT IS TREMENDOUS FOR OUR MEMBERS AND THE COMMUNITY AT LARGE. IN MANY CASES, THE FINANCING DECREASED MEMBERS' MONTHLY AND ANNUAL DEBT OBLIGATIONS, PROVIDED AFFORDABLE TRANSPORTATION AND HOUSING, AND CONSOLIDATED DEBT. DESPITE THE MUCH-LAUDED ECONOMIC STRENGTH THROUGH THE PANDEMIC RECOVERY, THERE WERE STILL CHALLENGES. IN PARTICULAR, THE SUPPLY CHAIN ISSUES PRESENTED CHALLENGES WITH SUPPLY TO ORIGINATE LOANS THROUGH THE INDIRECT CHANNEL. MANY DEALERS HAD LITTLE TO NO INVENTORY. THIS IS A TESTAMENT TO WECU'S INDIRECT TEAM, AS THEY FOCUSED PRIMARILY ON RELATIONSHIPS WITH DEALERS TO MAINTAIN OPPORTUNITY. THE INCREASE IN ORIGINATIONS FROM 2021 TO 2022 WAS A RESULT OF CREATIVITY AND RESOLVE. WECU ORIGINATED $322.46 MILLION IN 2022 REPRESENTING A 45.11% INCREASE, OR $100.26 MILLION.CONSUMER REAL ESTATE, ON THE OTHER HAND, HAD DIFFERENT CHALLENGES. LOANS TO MEMBERS FOR CONSUMER REAL ESTATE REMAINED STRONG WITH AN INCREASE OF 10.37%, OR $81.43 MILLION FROM 2021 TO 2022. DUE TO THE INCREASE IN INTEREST RATES AND THE SHORTAGE OF HOMES AVAILABLE LOAN ORIGINATIONS DECREASED $176.20 MILLION IN 2022 COMPARED TO 2021.
DEPOSITS AND LIQUIDITY:DEPOSITS DECREASED BY .73%, OR $15.65 MILLION FROM 2021 TO 2022. DEPOSITS WILL CONTINUE TO BE A FOCUS. MANAGEMENT RECOGNIZES THAT SOME DEPOSIT OUTFLOW IS NOT DIRECTLY TIED TO MARKET COMPETITION AND IS A RESULT OF A CHANGING FINANCIAL PICTURE FOR MANY OF OUR MEMBERS AND IS PREPARING VARIOUS LIQUIDITY TOOLS IN THE EVENT DEPOSIT DECLINES PERSIST. THE SHIFT TO DEPOSIT GROWTH AND RETENTION HAS TAKEN A FIRM HOLD ACROSS THE FINANCIAL INDUSTRY, PROVIDING MEMBERS WITH MANY OPTIONS FOR A GREATER RETURN ON THEIR DEPOSITS. MANAGEMENT WILL CONTINUE TO MONITOR DEPOSIT ACTIVITY AND MAINTAIN A BALANCE SHEET STRUCTURED TO MITIGATE THE RISK OF A RAPID CHANGE IN MEMBER BEHAVIOR AS IT RELATES TO HOLDING DEPOSITS.
COMMUNITY 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 2022, HELPING MEMBERS AND THE COMMUNITY AT LARGE THROUGH THE CONTINUED PANDEMIC WAS STILL A PRIMARY FOCUS. THIS WAS DEMONSTRATED THROUGH SEVERAL ACTIVITIES THROUGHOUT THE YEAR. UNEMPLOYMENT FIGURES WERE IMPROVING BUT NOT RAPIDLY, AND CONSUMER SPENDING WAS STILL SPUTTERING. AS THE YEAR PROGRESSED, THE PENT-UP DESIRE FOR CONSUMERS TO TRAVEL, SHOP, EAT AT RESTAURANTS, AND RECREATE RESULTED IN POSITIVE ECONOMIC ACTIVITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kristi Lewis Tyran Chair | OfficerTrustee | 4 | $0 |
Gabriel Mast Vice Chair | OfficerTrustee | 4 | $0 |
Dale Zender Secretary | OfficerTrustee | 4 | $0 |
Harte Bressler Director | Trustee | 4 | $0 |
David Waschke Director | Trustee | 4 | $0 |
Carol Lager Director | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Inc Core Software System Provider | 12/30/22 | $2,357,924 |
Infoimage Inc Member Statement Processing Services | 12/30/22 | $1,454,118 |
Diebold Incorporated Atm Servicer | 12/30/22 | $647,945 |
Bankingon Inc Mobile Banking | 12/30/22 | $891,338 |
Microsoft Corporation Computer Software Provider | 12/30/22 | $484,604 |
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 | $87,021,794 |
| Investment income | $10,688,220 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $18,000 |
| Net Gain/Loss on Asset Sales | $143 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $98,737,059 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $227,917 |
| Grants and other assistance to domestic individuals. | $26,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $4,434,002 |
| Compensation of current officers, directors, key employees. | $4,037,886 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $25,801,507 |
| Pension plan accruals and contributions | $1,846,310 |
| Other employee benefits | $3,008,616 |
| Payroll taxes | $2,418,675 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $88,539 |
| Fees for services: Accounting | $232,938 |
| Fees for services: Lobbying | $33,074 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,575,640 |
| Advertising and promotion | $1,023,492 |
| Office expenses | $2,592,201 |
| Information technology | $6,010,684 |
| Royalties | $0 |
| Occupancy | $2,589,698 |
| Travel | $211,487 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $299,681 |
| Interest | $1,620,340 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,463,108 |
| Insurance | $5,481 |
| All other expenses | -$3,246,877 |
| Total functional expenses | $68,523,716 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $36,427,874 |
| Savings and temporary cash investments | $288,819,015 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $12,144,176 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,927,038,258 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,737,541 |
| Net Land, buildings, and equipment | $32,815,908 |
| Investments—publicly traded securities | $120,898,362 |
| Investments—other securities | $55,508,709 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $31,037,766 |
| Total assets | $2,507,427,609 |
| Accounts payable and accrued expenses | $30,902,243 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $3,228,492 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $27,250,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,129,158,266 |
| Total liabilities | $2,190,539,001 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $316,888,608 |
| Total liabilities and net assets/fund balances | $2,507,427,609 |
Grants Awarded
Over the last fiscal year, Whatcom Educational Credit Union has awarded $110,000 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
FUTURESNW PURPOSE: EDUCATION GRANT | $15,000 |
NOOKSACK SALMON ENHANCEMENT ASSOCIATION PURPOSE: EDUCATION GRANT | $15,000 |
WHATCOM LITERACY COUNCIL PURPOSE: EDUCATION GRANT | $20,000 |
WILD WHATCOM PURPOSE: EDUCATION GRANT | $10,000 |
PICKFORD FILM CENTER PURPOSE: EDUCATION GRANT | $20,000 |
BELLINGHAM CHILDCARE & LEARNING CENTER PURPOSE: EDUCATION GRANT | $20,000 |