Overview
What is Whatcom Educational Credit Union?
Whatcom Educational Credit Union (WECU) is a not-for-profit financial cooperative located in Bellingham, Washington. WECU encourages members to save and borrow responsibly, aiming to improve their financial well-being and standard of living. They offer a range of loan products, including consumer loans, real estate loans, and commercial loans, primarily funded by member deposits. As a state-chartered credit union, WECU is regulated by the National Credit Union Administration, the National Credit Union Share Insurance Fund, and the Washington Department of Financial Institutions - Division of Credit Unions. WECU had a remarkable year in 2022, with loans to members increasing by 17.93%, or $294.7 million, driven by strong lending and record-setting months. Despite challenges, such as supply chain issues and decreased loan origination for consumer real estate due to interest rates and home shortages, WECU's mission to make a meaningful difference in the lives of their members continued to thrive.
Official website here: www.wecu.com
Is Whatcom Educational Credit Union legitimate?
Whatcom Educational Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Whatcom Educational Credit Union submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $4,037,886
Professional Fundraising Fees: $0
Other Salaries and Wages: $25,801,507
For more financial information, click here
Official website here: www.wecu.com
What is the mission statement of Whatcom Educational Credit Union?
Whatcom Educational Credit Union (WECU) is a not-for-profit financial cooperative dedicated to enhancing the financial lives of its members. Members are encouraged to save and borrow responsibly, benefiting from fair and competitive rates. WECU's mission goes beyond financial services, as it also prioritizes financial education and community service. As a member-owned organization, it is regulated by the National Credit Union Administration and the State of Washington. WECU offers various loan types, including consumer, real estate, and commercial loans, primarily funded by member deposits. Financial literacy and community involvement are integral parts of WECU's operations, reflecting its commitment to improving the well-being of its members.
Official website here: www.wecu.com
Who is the CEO of Whatcom Educational Credit Union?
Jennifer Kutcher is the Principal Officer of Whatcom Educational Credit Union. The CEO's salary of Whatcom Educational Credit Union is $750,217 and their total compensation is $851,361.
Official website here: www.wecu.com
What is the revenue of Whatcom Educational Credit Union?
Whatcom Educational Credit Union's revenue in 2022 was $98,737,059.
Official website here: www.wecu.com
Who are the executives of Whatcom Educational Credit Union and what are their salaries?
The average compensation at Whatcom Educational Credit Union during 2022 was $63,085. There are 473 employees and 12 volunteers at Whatcom Educational Credit Union.
Here are 24 key members and their salaries (Whatcom Educational Credit Union's CEO's salary is $750,217 and their total compensation is $851,361):
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- Compensation: $750,217
- Related: $0
- Other: $101,144
- Compensation: $289,640
- Related: $0
- Other: $87,593
- Compensation: $392,577
- Related: $0
- Other: $88,886
- Compensation: $379,831
- Related: $0
- Other: $95,059
- Compensation: $313,218
- Related: $0
- Other: $80,990
- Compensation: $258,969
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- Other: $70,344
- Compensation: $249,859
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- Other: $62,602
- Compensation: $237,358
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- Other: $52,943
- Compensation: $235,584
- Related: $0
- Other: $53,189
- Compensation: $198,965
- Related: $0
- Other: $38,921
- Compensation: $177,844
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- Other: $62,464
- Compensation: $176,368
- Related: $0
- Other: $67,555
- Compensation: $173,429
- Related: $0
- Other: $55,362
- Compensation: $173,318
- Related: $0
- Other: $43,639
- Compensation: $169,460
- Related: $0
- Other: $62,723
Official website here: www.wecu.com
Where can I find the form 990 for Whatcom Educational Credit Union?
Whatcom Educational Credit Union's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.wecu.com
Learn more at the official website: www.wecu.com
Mission Statement of Whatcom Educational Credit Union
Whatcom Educational Credit Union (WECU) is a not-for-profit financial cooperative dedicated to making a significant difference in the lives of its members. This mission is carried out by encouraging members to save and borrow responsibly at fair and competitive rates, thereby improving their financial well-being and standard of living. WECU operates under the regulatory oversight of the National Credit Union Administration Share Insurance Fund, the National Credit Union Association, and the State of Washington Department of Financial Institutions - Division of Credit Unions.
The credit union's primary products include consumer loans, real estate loans, and commercial loans for members, which are primarily funded by deposits from members. Financial education and community service are integral parts of WECU's operations and reflect its spirit of service. By offering these essential services, WECU strives to help its members build a solid financial foundation and secure their financial future.
In essence, Whatcom Educational Credit Union is more than just a financial institution; it is a community-focused organization that empowers its members to take control of their finances and achieve financial stability. By providing accessible and affordable financial products and services, WECU contributes to the overall financial health and well-being of its members.
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Impact
October, 2024
Whatcom Educational Credit Union (WECU) significantly impacts its members and the broader community through its commitment to improving financial well-being. In 2022, WECU experienced remarkable growth in its loan portfolio, with a 17.93% increase, amounting to $294.7 million compared to the previous year. This surge in lending, totaling $791.75 million, provided vital financial support during challenging economic conditions.
WECU's lending helped decrease members' monthly and annual debt obligations, making affordable transportation and housing achievable for many. Despite facing supply chain challenges that limited inventory in the automotive sector, WECU's dedicated team cultivated strong relationships with dealers, allowing them to maintain lending opportunities. Through creativity and resolve, the credit union achieved a 45.11% increase in auto loan originations, totaling $322.46 million.
In the area of consumer real estate, loans remained robust with a 10.37% increase, equating to $81.43 million, despite the challenges posed by rising interest rates and a shortage of homes. WECU’s focus on financial education and community service complements its lending initiatives, reinforcing its mission to make a meaningful difference in the lives of its members and enhance the community's overall financial stability.
This information is meant to be a general summary of Whatcom Educational Credit Union. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $10,688,363
- Program Service Revenue: $87,021,794
- Gross Receipts: $98,737,059
Assets and Liabilities:
- Total Assets: $2,507,427,609
- Total Liabilities: $2,190,539,001
- Net Assets: $316,888,608
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST ON LOANS TO MEMBERS
Revenue
$63,368,105
INTERCHANGE INCOME
Revenue
$14,112,130
SERVICE CHARGES AND FEES
Revenue
$9,541,559
Organization Details
Founding Year
1936
Phone
(360) 676-1168Principal Officer
Jennifer Kutcher
Main Address
21 BELLWETHER WAY 111, BELLINGHAM, WA, 98225
Website
www.wecu.comNTEE Category
Code: W61 - Public benefit
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