WHATCOM EDUCATIONAL CREDIT UNION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1936

Legal Domicile

Principal Officer

JENNIFER KUTCHER

Phone

3606761168

Tax Period

2024-01-01 to 2024-12-31

WHATCOM EDUCATIONAL CREDIT UNION, founded in 1936, is a major nonprofit in the Public & Societal Benefit sector that reported $166.5M in total revenue in fiscal year 2024. Revenue surged 21% from the prior year, signaling strong growth momentum. Expenses of $154.3M left a modest 7% surplus.

Mission

WHATCOM EDUCATIONAL CREDIT UNION (WECU) IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE WHERE MEMBERS ARE ENCOURAGED TO SAVE AND BORROW RESPONSIBLY AT FAIR AND COMPETITIVE RATES, IMPROVING THEIR FINANCIAL WELL-BEING AND STANDARD OF LIVING. THIS STATE-CHARTERED CREDIT UNION IS A MEMBER OF THE NATIONAL CREDIT UNION ADMINISTRATION SHARE INSURANCE FUND, AND IS REGULATED BY THE NATIONAL CREDIT UNION ASSOCIATION, AND THE STATE OF WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS - DIVISION OF CREDIT UNIONS. WECU'S MAIN PRODUCTS ARE CONSUMER LOANS, REAL ESTATE LOANS AND COMMERCIAL LOANS TO MEMBERS, WHICH ARE PRIMARILY FUNDED BY DEPOSITS FROM MEMBERS. FINANCIAL EDUCATION AND COMMUNITY SERVICE ARE ALSO AN INTEGRAL PART OF WECU'S OPERATIONS AND SPIRIT OF SERVICE.

Program Service Accomplishments

Program 1

LENDING:TOTAL OUTSTANDING LOANS INCREASED BY 15.00%, AMOUNTING TO $320.96 MILLION YEAR-OVER-YEAR (YOY). DESPITE A CHALLENGING ENVIRONMENT, WECU PROVIDED A TOTAL OF $691 MILLION IN LOANS TO MEMBERS...

LENDING:TOTAL OUTSTANDING LOANS INCREASED BY 15.00%, AMOUNTING TO $320.96 MILLION YEAR-OVER-YEAR (YOY). DESPITE A CHALLENGING ENVIRONMENT, WECU PROVIDED A TOTAL OF $691 MILLION IN LOANS TO MEMBERS WITHIN THE COMMUNITIES WE SERVE.

Program 2

DEPOSITS & LIQUIDITY: DEPOSITS GREW BY 6.33%, AMOUNTING TO $140.86 MILLION YEAR-OVER-YEAR (YOY). BORROWINGS INCREASED BY 19.77%, TOTALING $34.0 MILLION YOY. THESE INCREASES ENABLED WECU TO SUSTAIN...

DEPOSITS & LIQUIDITY: DEPOSITS GREW BY 6.33%, AMOUNTING TO $140.86 MILLION YEAR-OVER-YEAR (YOY). BORROWINGS INCREASED BY 19.77%, TOTALING $34.0 MILLION YOY. THESE INCREASES ENABLED WECU TO SUSTAIN LIQUIDITY RESERVES THROUGHOUT 2024. THE INCREASE IN DEPOSITS SUGGESTS THAT THE CURRENT PRICING STRATEGY IS SUCCESSFULLY RETAINING AND ATTRACTING NEW DEPOSIT RELATIONSHIPS. ADDITIONALLY, WECU CONTRIBUTED TO THE ECONOMY BY DISTRIBUTING $42 MILLION IN DIVIDENDS. MEMBERSHIP GROWTH ALSO SAW A YOY INCREASE OF 5.11%.

Program 3

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 2024, 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.

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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%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $135,508,581

Investment Income $28,199,353

Other Revenue $2,786,804

TOTAL REVENUE $166,494,738

Expense Breakdown

Grants Paid $334,397

Salaries & Benefits $50,614,019

Fundraising Expenses $0

Other Expenses $61,197,271

TOTAL EXPENSES $154,291,742

Year-over-Year Comparison

	2024	2023	Change
Revenue	$166,494,738	$138,092,209	+0.2%
Expenses	$154,291,742	$119,310,663	+0.3%
Net Income	$12,202,996	$18,781,546	-0.4%

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

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

N/A

Employees

494

Volunteers

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

$1,504,519

Total Directors

$263,308

Key Employees

$2,995,685

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JENNIFER KUTCHER	PRESIDENT & CEO	50.00	Officer	$884,765	$81,561	$966,326
JACK INGRAM	CHIEF INFORMATION OFFICER	45.00	Key Emp	$453,215	$70,269	$523,484
JEFFREY DYKSTRA	EXECUTIVE VICE PRESIDENT	45.00	Key Emp	$451,454	$69,894	$521,348
NICHOLAS HODSON	CHIEF FINANCIAL OFFICER	45.00	Officer	$383,666	$56,690	$440,356
CYNTHIA CHASE KLEIN	CHIEF HUMAN RESOURCES OFFICER	45.00	Key Emp	$332,953	$59,074	$392,027
ERYNNE MARIA HALLOCK	VICE PRESIDENT, RETAIL DELIVERY	45.00	Key Emp	$293,716	$46,474	$340,190
MATTHEW HENRY BERENDSEN	VICE PRESIDENT, LENDING	45.00	Key Emp	$293,268	$31,993	$325,261
GRANT DAVID DYKSTRA	BUSINESS BANKING SENIOR LOAN OFFICER	40.00	Highest	$281,706	$42,969	$324,675
DAVID PIERCE JONES	CHIEF MARKETING OFFICER	45.00	Key Emp	$278,242	$41,151	$319,393
KENT BOUMA	VICE PRESIDENT, BUSINESS BANKING	45.00	Key Emp	$289,575	$28,574	$318,149
BOLORTSETSEG SMITH	VICE PRESIDENT, INTERNAL AUDIT	40.00	Key Emp	$223,880	$31,953	$255,833
DONAVON LEE SWINNEY	DIRECTOR, INFORMATION SECURITY	40.00	Highest	$209,142	$41,966	$251,108
DAVID LEROY DODGE	DIRECTOR, IT INFRASTRUCTURE	40.00	Highest	$200,403	$41,059	$241,462
PAUL COVER	RE LOAN ORIGINATION OFFICER	40.00	Highest	$195,081	$46,250	$241,331
KERRI LYN HELM	DIRECTOR, DIGITAL PRODUCTS	40.00	Highest	$200,157	$28,574	$228,731
GABRIEL MAST	CHAIR	4.00	Officer Director	$36,871	$0	$36,871
KURT WILLIS	VICE CHAIR	4.00	Officer Director	$32,066	$0	$32,066
KRISTI LEWIS TYRAN	DIRECTOR	4.00	Director	$30,263	$0	$30,263
CAROL LAGER	SECRETARY	4.00	Officer Director	$28,900	$0	$28,900
DALE ZENDER	DIRECTOR	4.00	Director	$28,392	$0	$28,392
ASHOK KHANNA	DIRECTOR	4.00	Director	$25,150	$0	$25,150
MARGO HAMMOND	DIRECTOR	4.00	Director	$25,150	$0	$25,150
STEPHANIE MORRELL	DIRECTOR	4.00	Director	$25,150	$0	$25,150
JOHN STERNLICHT	DIRECTOR	4.00	Director	$18,934	$0	$18,934
DAVID WASCHKE	DIRECTOR (THRU 6/30/24)	4.00	Director	$12,432	$0	$12,432

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	No data	No data	No data	No data
2024	$166,494,738	$154,291,742	$2,957,165,947	$12,202,996
2023	$138,092,209	$119,310,663	$2,766,280,343	$18,781,546
2022	$98,737,059	$68,523,716	$2,507,427,609	$30,213,343
2021	$85,746,120	$64,051,386	$2,491,858,278	$21,694,734
2020	$85,917,838	$71,003,755	$2,136,316,633	$14,914,083
2019	$86,913,366	$72,182,050	$1,712,782,397	$14,731,316
2018	$81,002,988	$67,030,910	$1,608,031,120	$13,972,078