EIN 91-0712539

Whatcom Educational Credit Union

IRS 501(c) type
Num. employees
Year formed
Most recent tax filings
Whatcom Educational Credit Union encourages its members to save and borrow responsibly for improved financial well-being and standard of living. Their loan portfolio increased by $294.7 million from 2021 to 2022, with record-setting months resulting in another successful year. Despite a decrease of $15.65 million in deposits, management is focused on improving this area recognizing some outflow is not directly tied to market competition but rather reflects a changing financial landscape.
Related structure
Whatcom Educational Credit Union is child organization, under the parent exemption from Credit Unions in the State of Washington / Division of Credit Unions.
Total revenues
Total expenses
Total assets
Num. employees

Program areas at Whatcom Educational Credit Union

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.
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.
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.

Grants made by Whatcom Educational Credit Union

GranteeGrant descriptionAmount
The Whatcom Literacy CouncilEducation Grant$20,000
Bellingham Childcare and Learning CenterEducation Grant$20,000
Pickford Film CenterEducation Grant$20,000
...and 4 more grants made

Personnel at Whatcom Educational Credit Union

Jennifer E KutcherPresident and Chief Executive Officer and Treasurer$750,217
Nicholas HodsonChief Financial Officer$313,218
David Pierce JonesChief Marketing Officer$249,859
Jack IngramChief Information Officer$379,831
Cynthia Chase KleinChief Human Resources Officer$289,640
...and 15 more key personnel

Financials for Whatcom Educational Credit Union

RevenuesFYE 12/2022
Total grants, contributions, etc.$0
Program services$87,021,794
Investment income and dividends$10,688,220
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$18,000
Net gain from sale of non-inventory assets$143
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$1,008,902
Total revenues$98,737,059

Form 990s for Whatcom Educational Credit Union

Fiscal year endingDate received by IRSFormPDF link
2022-122023-05-11990View PDF
2021-122022-05-11990View PDF
2020-122021-05-17990View PDF
2018-122020-02-04990View PDF
2017-122019-02-21990View PDF
...and 8 more Form 990s

Organizations like Whatcom Educational Credit Union

Washington State Employees Credit Union (WSECU)Olympia, WA$218,232,879
TAPCO Credit UnionTacoma, WA$26,389,919
Gesa Credit UnionRichland, WA$219,180,132
Numerica Credit UnionSpokane Valley, WA$175,521,623
O Bee Credit UnionLacey, WA$27,675,853
TwinStar Credit UnionOlympia, WA$119,511,993
Sound Credit UnionTacoma, WA$118,091,214
Credit Unions in the State of Washington / Inspirus Credit UnionSeattle, WA$53,981,403
Horizon Credit Union (HZCU)Spokane Valley, WA$83,502,229
iQ Credit Union (IQCU)Vancouver, WA$92,392,104
Data update history
July 5, 2023
Used new vendors
Identified 3 new vendors, including , , and
June 26, 2023
Updated personnel
Identified 1 new personnel
June 12, 2023
Updated personnel
Identified 16 new personnel
June 1, 2023
Posted financials
Added Form 990 for fiscal year 2022
May 27, 2023
Used new vendors
Identified 1 new vendor, including
Nonprofit Types
Credit unionsChapter / child organizations
No issues found
MembershipsState / local levelProvides scholarships
General information
21 Bellwether Way 111
Bellingham, WA 98225
Metro area
Bellingham, WA
Website URL
(360) 676-1168
IRS details
Fiscal year end
Taxreturn type
Form 990
Year formed
Eligible to receive tax-deductible contributions (Pub 78)
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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