INDUSTRIAL CREDIT UNION OF WHATCOM COUNTY

EIN: 910587877

BELLINGHAM, WA

Total Revenue
$27,826,071
Total Expenses
$25,317,311
Total Assets
$388,442,990
Net Assets
$31,986,147
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1941
Legal Domicile
WA
Principal Officer
Brandon Hahnel
Phone
3607342043
Tax Period
2025-01-01 to 2025-12-31

INDUSTRIAL CREDIT UNION OF WHATCOM COUNTY, founded in 1941, is a mid-sized nonprofit that reported $27.8M in total revenue in fiscal year 2025. Expenses of $25.3M left a modest 9% surplus.

Mission

Providing financial services to 33,218 members which includes but is not limited to loans and savings programs. These services are provided by 10 volunteers and 108 full and part time employees.

Program Service Accomplishments

Program 1
Expenses: $25,317,311 Revenue: $27,826,071

Providing financial services to 33,218 members which includes but is not limited to loans and savings programs. These services are provided by 10 volunteers and 108 full and part time employees.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $625,000
Program Service Revenue $23,138,803
Investment Income $4,056,268
Other Revenue $6,000
TOTAL REVENUE $27,826,071

Expense Breakdown

Grants Paid $0
Salaries & Benefits $9,985,302
Fundraising Expenses $0
Program Expenses $25,317,311
Other Expenses $15,332,009
TOTAL EXPENSES $25,317,311

Year-over-Year Comparison

2025 2024 Change
Revenue $27,826,071 $27,591,403 +0.0%
Expenses $25,317,311 $26,659,980 -0.1%
Net Income $2,508,760 $931,423 +1.7%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

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Liquidity & Cash Position

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Governance

Voting Members
7
Independent Members
7
Employees
128
Volunteers
10

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$1,079,643
Total Directors
10
$17,200
Key Employees
10
$1,703,272
Highest Compensated
1
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Brandon Hahnel President/CEO 45
Officer Key Emp Highest
$408,151 $0 $408,151
Richard Holcomb VP/Finance 40
Officer Key Emp
$178,553 $0 $178,553
BJ Van Leeuwen VP/Lending 40
Officer Key Emp
$166,954 $0 $166,954
Dain Stevens VP/Digital Services 40
Officer Key Emp
$164,948 $0 $164,948
Vickie Skelton VP/Operations 45
Officer Key Emp
$161,037 $0 $161,037
Andy Thom VP/IT 45
Key Emp
$143,844 $0 $143,844
Corey Vincent Senior Developer 40
Key Emp
$135,070 $0 $135,070
Ashley Walker Mortgage Program Manager 40
Key Emp
$128,034 $0 $128,034
David Enertsen Director Enterprise Applications 40
Key Emp
$108,424 $0 $108,424
Chris Juchmes Mortgage Loan Officer 45
Key Emp
$108,257 $0 $108,257
Harold Henkel Board of Director/Secretary 1
Director
$2,200 $0 $2,200
Matthew Cooper Supervisory Committee 1
Director
$2,200 $0 $2,200
Nikole Knauft Board of Directors / Chair 2
Director
$2,000 $0 $2,000
Michael Ashby Board Vice Chair 1
Director
$2,000 $0 $2,000
Areti Kinser Supervisory Committee Chair 1
Director
$2,000 $0 $2,000
Melissa Johnston Board of Director 1
Director
$1,800 $0 $1,800
Stan Godek Board of Director 1
Director
$1,800 $0 $1,800
Devin Davolio Board of Director 1
Director
$1,600 $0 $1,600
Bonnie Drafs Supervisory Committee 1
Director
$1,600 $0 $1,600
Rich Maricle Board of Director 1
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $27,826,071 $25,317,311 $388,442,990 $2,508,760
2024 No data No data No data No data
2023 $27,349,978 $27,951,977 $380,307,548 $-601,999
2022 $22,987,769 $20,977,088 $400,566,413 $2,010,681
2021 $18,659,895 $15,266,179 $379,220,353 $3,393,716
2020 $16,663,875 $14,306,890 $307,578,917 $2,356,985
2019 $14,535,569 $12,524,850 $247,045,841 $2,010,719
2018 $12,154,165 $10,497,615 $252,061,738 $1,656,550
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