Whatcom Educational Credit Union
501(c)(14)Public Benefit
Only null% goes to programs Strong reserves Growing revenue
Whatcom Educational Credit Union is a 501(c)(14) organization based in Bellingham, Washington, registered in 1954, with $166,494,738 in FY2024 revenue. CharityIndex grades it A.
21 Bellwether Way, Bellingham, WA, 98225 EIN 91-0712539 Since 1954
Revenue (FY2024)
$166.5M
▲ 20.6% vs prior year
Public Benefit median: $140K
Expenses (FY2024)
$154.3M
Net assets
$349.6M
Employees
494
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A
—Program efficiency40% of the ratingNo expense breakdown in filings
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. Not scored for Whatcom Educational Credit Union— this filing type doesn't report it, and the rating simply skips it (never counts it against the organization). See the exact thresholds →
AFinancial health25% of the rating27 mo reserves · +7% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Whatcom Educational Credit Union: 27 mo reserves · +7% margin earns a A on this criterion. See the exact thresholds →
AGovernance25% of the rating5 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Whatcom Educational Credit Union: 5 of 6 checks met earns a A on this criterion. See the exact thresholds →
ATransparency10% of the rating4 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Whatcom Educational Credit Union: 4 of 5 disclosure signals earns a A on this criterion. See the exact thresholds →
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Mission
Our mission is to make a meaningful difference in the lives of our members.
What they do
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%.
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.
Contact & location
- Address
- 21 Bellwether Way, Bellingham, WA, 98225
- City
- Bellingham
- State
- Washington
- Category
- Public & Societal Benefit
- Subcategory
- Financial Institutions
- Phone
- …
- Website
- …
Financial trends
Revenue grew from $50.9M (FY2013) to $166.5M (FY2024) across 12 reported years.
Financial snapshot
Financial health & position (FY2024)
Liabilities $2.6BNet assets $349.6M
Operating margin
7.3%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$3.0B
Total liabilities
$2.6B
Net assets
$349.6M
Salaries & benefits
$50.6M
33% of expenses
Board members
9
0 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $166,494,738▲20.6% | $154,291,742▲29.3% | $349,581,204▲4.0% | $2,957,165,947▲6.9% | 990 |
| 2023 | $138,092,209▲39.9% | $119,310,663▲74.1% | $335,978,263▲6.0% | $2,766,280,343▲10.3% | 990 |
| 2022 | $98,737,059▲15.2% | $68,523,716▲7.0% | $316,888,608▲7.3% | $2,507,427,609▲0.6% | 990 |
| 2021 | $85,746,120▼0.2% | $64,051,386▼9.8% | $295,279,348▲7.8% | $2,491,858,278▲16.6% | 990 |
| 2020 | $85,917,838▼1.1% | $71,003,755▼1.6% | $273,972,908▲5.8% | $2,136,316,633▲24.7% | 990 |
| 2019 | $86,913,366▲7.3% | $72,182,050▲7.7% | $259,058,825▲6.0% | $1,712,782,397▲6.5% | 990 |
| 2018 | $81,002,988▲15.4% | $67,030,910▲30.0% | $244,327,509▲5.9% | $1,608,031,120▲8.5% | 990 |
| 2017 | $70,172,399▲11.6% | $51,547,262▲8.7% | $230,803,397▲9.2% | $1,482,247,013▲8.4% | 990 |
| 2016 | $62,872,274▲14.3% | $47,429,375▲14.4% | $211,432,553▲8.0% | $1,367,927,360▲11.6% | 990 |
| 2015 | $54,990,783▲6.9% | $41,471,469▲3.3% | $195,709,535▲7.3% | $1,225,832,214▲13.3% | 990 |
| 2014 | $51,454,248▲1.0% | $40,141,708▲7.9% | $182,379,239▲6.7% | $1,082,297,679▲10.7% | 990 |
| 2013 | $50,937,148 | $37,199,212▼1.3% | $170,955,744▲9.1% | $977,324,219▲10.6% | 990 |
| 2012 | — | $37,675,996▲2.6% | $156,710,844▲12.5% | $883,830,603▲13.8% | 990 |
| 2011 | — | $36,738,238▼6.4% | $139,343,072▲10.5% | $776,647,224▲9.9% | 990 |
| 2010 | — | $39,264,288 | $126,097,446 | $706,976,500 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2024)
Highest-paid: Jennifer Kutcher — $884,765 (0.57% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Jennifer Kutcher | President & Ceo | 50 | $884,765 |
| Jack Ingram | Chief Information Officer | 45 | $453,215 |
| Jeffrey Dykstra | Executive Vice President | 45 | $451,454 |
| Nicholas Hodson | Chief Financial Officer | 45 | $383,666 |
| Cynthia Chase Klein | Chief Human Resources Officer | 45 | $332,953 |
| Erynne Maria Hallock | Vice President, Retail Delivery | 45 | $293,716 |
| Matthew Henry Berendsen | Vice President, Lending | 45 | $293,268 |
| Kent Bouma | Vice President, Business Banking | 45 | $289,575 |
| Grant David Dykstra | Business Banking Senior Loan Officer | 40 | $281,706 |
| David Pierce Jones | Chief Marketing Officer | 45 | $278,242 |
| Bolortsetseg Smith | Vice President, Internal Audit | 40 | $223,880 |
| Donavon Lee Swinney | Director, Information Security | 40 | $209,142 |
| David Leroy Dodge | Director, It Infrastructure | 40 | $200,403 |
| Kerri Lyn Helm | Director, Digital Products | 40 | $200,157 |
| Paul Cover | Re Loan Origination Officer | 40 | $195,081 |
| Gabriel Mast | Chair | 4 | $36,871 |
| Kurt Willis | Vice Chair | 4 | $32,066 |
| Kristi Lewis Tyran | Director | 4 | $30,263 |
| Carol Lager | Secretary | 4 | $28,900 |
| Dale Zender | Director | 4 | $28,392 |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| Fiserv Inc | Core Software System Provider | $3,110,554 |
| Infoimage Inc | Member Statement Processing Services | $1,701,289 |
| Microsoft Corporation | Computer Software Provider | $1,154,701 |
| Bankingon Inc | Mobile Banking Software | $1,009,178 |
| Google LLC | Internet Search Engine Provider | $999,948 |
Grants made · $222K in FY2024
12 grants totaling $222K in FY2024. All grants made by Whatcom Educational Credit Union →
| Recipient | Purpose | Amount |
|---|---|---|
| Foundation For Western Washington University and Alumni | Scholarships | $70,750 |
| Children of the Valley | Education grant | $20,500 |
| Baay | Education grant | $20,000 |
| Whatcom Literacy Council | Education grant | $20,000 |
| The Whatcom Dream | Education grant | $16,000 |
| Whatcom Center For Early Learning | Education grant | $15,000 |
| Skagit Valley College Foundation C-12 Campus Center Building | Education grant and scholarships | $12,500 |
| Skagit Pre-school Association and Resource Center | Education grant | $11,500 |
| Economic Development Alliance of Skagit County Foundation | Education grant | $11,000 |
| Skagit Valley College | Education grant | $8,500 |
| Bellingham Technical College Foundation | Scholarships | $8,300 |
| Whatcom Community College Foundation | Education grant | $8,000 |
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Frequently asked questions
- Is Whatcom Educational Credit Union a legitimate nonprofit?
- Yes. Whatcom Educational Credit Union is a 501(c)(14) organization registered with the U.S. Internal Revenue Service under EIN 91-0712539, based in Bellingham, Washington.
- What is Whatcom Educational Credit Union's EIN?
- Whatcom Educational Credit Union's Employer Identification Number (EIN) is 91-0712539.
- How much revenue does Whatcom Educational Credit Union report?
- Whatcom Educational Credit Union reported $166,494,738 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- What financial grade does Whatcom Educational Credit Union have?
- CharityIndex grades Whatcom Educational Credit Union A, based on financial health (reserves and operating margin).
- How much does Whatcom Educational Credit Union's highest-paid employee make?
- The highest reported compensation on Whatcom Educational Credit Union's latest Form 990 is $884,765, paid to Jennifer Kutcher (President & Ceo).
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Data for Whatcom Educational Credit Union (EIN 91-0712539) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.