Program areas at Whatcom Educational Credit Union
Lending:total outstanding loans increased by 10.38% or $201.28 million. It was not an above average year for loan production or demand, however, principal repayment on existing loans was slowed to record lows resulting in significant net loan growth. Despite this, management was able to maintain net interest income in dollars without jeopardizing net income.
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 2023, helping members and the community at large continues to be a primary focus. This was demonstrated through several activities throughout the year throughout the counties served.
Deposits & liquidity:maintaining cautionary surpluses of liquidity during a period of increased loan production proved difficult and required various tactics. Retention and acquisition of deposits increased the cost of funds and while it was primarily with short-term product (less than a year), it put pressure on earnings. Deposits increased by 4.51% or $96.08 million. Borrowings increased by 531.19% or $144.75 million. This allowed wecu to maintain liquidity reserves throughout 2023.
Grants made by Whatcom Educational Credit Union
Personnel at Whatcom Educational Credit Union
| Name | Title | Compensation | Date of data |
|---|
| Jennifer Kutcher | President and Chief Executive Officer | $836,637 | 2023-12-31 |
| Nick Hodson | Chief Financial Officer | | 2024-05-09 |
| David Pierce Jones | Chief Marketing Officer | $260,938 | 2023-12-31 |
| Jack Ingram | Chief Information Officer | $427,450 | 2023-12-31 |
| Cynthia Chase Klein | Chief Human Resources Officer | $315,903 | 2023-12-31 |
| ...and 17 more key personnel |
Financials for Whatcom Educational Credit Union
| Revenues | FYE 12/2023 | FYE 12/2022 | % Change |
|---|
| Total grants, contributions, etc. | $0 | $0 | - |
| Program services | $112,494,139 | $87,021,794 | 29.3% |
| Investment income and dividends | $25,372,141 | $10,688,220 | 137.4% |
| Tax-exempt bond proceeds | $0 | $0 | - |
| Royalty revenue | $0 | $0 | - |
| Net rental income | $-672,262 | $18,000 | -3834.8% |
| Net gain from sale of non-inventory assets | $-2,492 | $143 | -1842.7% |
| Net income from fundraising events | $0 | $0 | - |
| Net income from gaming activities | $0 | $0 | - |
| Net income from sales of inventory | $0 | $0 | - |
| Miscellaneous revenues | $900,683 | $1,008,902 | -10.7% |
| Total revenues | $138,092,209 | $98,737,059 | 39.9% |
Organizations like Whatcom Educational Credit Union
| Organization | Type | Location | Revenue |
|---|
| Horizon Credit Union (HZCU) | 501(c)(14) | Spokane Valley, WA | $83,502,229 |
| Salal Credit Union | 501(c)(14) | Seattle, WA | $63,361,594 |
| Sound Credit Union | 501(c)(14) | Tacoma, WA | $118,091,214 |
| TwinStar Credit Union | 501(c)(14) | Olympia, WA | $119,511,993 |
| Kitsap Credit Union (KCU) | 501(c)(14) | Bremerton, WA | $104,047,497 |
| Harborstone Credit Union | 501(c)(14) | Tacoma, WA | $76,742,957 |
| Numerica Credit Union | 501(c)(14) | Spokane Valley, WA | $175,521,623 |
| Washington State Employees Credit Union (WSECU) | 501(c)(14) | Olympia, WA | $218,232,879 |
| Spokane Teachers Credit Union | 501(c)(14) | Liberty Lake, WA | $238,014,215 |
| Solarity Credit Union | 501(c)(14) | Yakima, WA | $42,914,902 |
Data update history
August 9, 2024
Posted financials
Added Form 990 for fiscal year 2023
July 24, 2024
Updated personnel
Identified 3 new personnel
July 11, 2024
Used new vendors
Identified 2 new vendors, including , and
November 25, 2023
Posted financials
Added Form 990 for fiscal year 2021
August 8, 2023
Posted financials
Added Form 990 for fiscal year 2020
Nonprofit Types
Grantmaking organizationsCredit unionsChapter / child organizations
Issues
No issues found
Characteristics
MembershipsState / local level
General information
- Address
- 21 Bellwether Way 111
- Bellingham, WA 98225
- Metro area
- Bellingham, WA
- County
- Whatcom County, WA
- Website URL
- wecu.com/Â
- Phone
- (360) 676-1168
IRS details
- EIN
- 91-0712539
- Fiscal year end
- December
- Taxreturn type
- Form 990
- Year formed
- 1936
- Eligible to receive tax-deductible contributions (Pub 78)
- No
Categorization
- NTEE code, primary
- W60: Financial Institutions, Credit Unions
- NAICS code, primary
- 522130: Credit Unions
- Parent/child status
- Child within group exemption
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