2025-05-02T15:26:05-05:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 2875 MICHELLE DRIVE 300 IRVINE CA 92606 990 2024-01-01 910712539 WHATCOM EDUCATIONAL CREDIT UNION WHAT 3606761168 21 BELLWETHER WAY 111 BELLINGHAM WA 98225 NICHOLAS HODSON CFO 3607567716 2025-05-02 1 1 LISA N RYSSEL CPA P00643670 7149781300 2025-05-02 2024 2025-03-06 01:10:19Z WECU JENNIFER KUTCHER 21 BELLWETHER WAY 111 BELLINGHAM WA 98225 170521957 0 X WWW.WECU.COM X 1936 WA OUR MISSION IS TO MAKE A MEANINGFUL DIFFERENCE IN THE LIVES OF OUR MEMBERS. 9 0 494 12 49932 19229 0 0 112494139 135508581 25369649 28199353 228421 2786804 138092209 166494738 364991 334397 24580840 42146055 46300272 50614019 0 0 0 48064560 61197271 119310663 154291742 18781546 12202996 2766280343 2957165947 2430302080 2607584743 335978263 349581204 X 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. 0 0 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. 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. 0 0 1 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 76832 0 1 494 1 1 1 0 0 0 0 0 0 0 X 9 0 1 0 1 0 1 1 0 1 0 0 1 1 1 1 1 1 1 1 1 1 0 X NICHOLAS HODSON 3606761168 21 BELLWETHER WAY 111 BELLINGHAM WA 98225 JENNIFER KUTCHER PRESIDENT & CEO 50.00 X 884765 0 81561 JACK INGRAM CHIEF INFORMATION OFFICER 45.00 X 453215 0 70269 JEFFREY DYKSTRA EXECUTIVE VICE PRESIDENT 45.00 X 451454 0 69894 NICHOLAS HODSON CHIEF FINANCIAL OFFICER 45.00 X 383666 0 56690 CYNTHIA CHASE KLEIN CHIEF HUMAN RESOURCES OFFICER 45.00 X 332953 0 59074 ERYNNE MARIA HALLOCK VICE PRESIDENT, RETAIL DELIVERY 45.00 X 293716 0 46474 MATTHEW HENRY BERENDSEN VICE PRESIDENT, LENDING 45.00 X 293268 0 31993 GRANT DAVID DYKSTRA BUSINESS BANKING SENIOR LOAN OFFICER 40.00 X 281706 0 42969 DAVID PIERCE JONES CHIEF MARKETING OFFICER 45.00 X 278242 0 41151 KENT BOUMA VICE PRESIDENT, BUSINESS BANKING 45.00 X 289575 0 28574 BOLORTSETSEG SMITH VICE PRESIDENT, INTERNAL AUDIT 40.00 X 223880 0 31953 DONAVON LEE SWINNEY DIRECTOR, INFORMATION SECURITY 40.00 X 209142 0 41966 DAVID LEROY DODGE DIRECTOR, IT INFRASTRUCTURE 40.00 X 200403 0 41059 PAUL COVER RE LOAN ORIGINATION OFFICER 40.00 X 195081 0 46250 KERRI LYN HELM DIRECTOR, DIGITAL PRODUCTS 40.00 X 200157 0 28574 GABRIEL MAST CHAIR 4.00 X X 36871 0 0 KURT WILLIS VICE CHAIR 4.00 X X 32066 0 0 KRISTI LEWIS TYRAN DIRECTOR 4.00 X 30263 0 0 CAROL LAGER SECRETARY 4.00 X X 28900 0 0 DALE ZENDER DIRECTOR 4.00 X 28392 0 0 ASHOK KHANNA DIRECTOR 4.00 X 25150 0 0 MARGO HAMMOND DIRECTOR 4.00 X 25150 0 0 STEPHANIE MORRELL DIRECTOR 4.00 X 25150 0 0 JOHN STERNLICHT DIRECTOR 4.00 X 18934 0 0 DAVID WASCHKE DIRECTOR (THRU 6/30/24) 4.00 X 12432 0 0 5234531 0 718451 97 0 1 0 FISERV INC 255 FISERV DR BROOKFIELD WI 53045 CORE SOFTWARE SYSTEM PROVIDER 3110554 INFOIMAGE INC 175 S HILL DR BRISBANE CA 94005 MEMBER STATEMENT PROCESSING SERVICES 1701289 MICROSOFT CORPORATION 1 MICROSOFT WAY REDMOND WA 98052 COMPUTER SOFTWARE PROVIDER 1154701 BANKINGON INC 1107 S 8TH ST SUITE F AUSTIN TX 78704 MOBILE BANKING SOFTWARE 1009178 GOOGLE LLC 1600 AMPHITHEATRE PKWY MOUNTAIN VIEW CA 94043 INTERNET SEARCH ENGINE PROVIDER 999948 31 INTEREST ON LOANS TO MEMBERS 522100 108763850 108763850 INTERCHANGE INCOME 522100 15616427 15616427 SERVICE CHARGES AND FEES 522100 11128304 11078372 49932 135508581 25596036 25596036 1698616 1919932 -221316 -221316 -221316 4710604 2107287 2603317 2603317 2603317 OTHER INCOME 900099 3008120 3008120 3008120 166494738 135458649 49932 30986157 334397 42146055 4665675 33683084 2883880 6401540 2979840 85188 247246 37921 2676781 2650948 1995592 9081679 1734216 63324 235682 13266079 2147736 6797 PROVISION FOR LOAN LOSS 17917301 CREDIT CARD EXPENSES 8508480 ATM EXPENSES 541180 UBI TAXES 1121 154291742 123095945 67707299 189506908 111431236 12265616 12388268 2126480640 2444027092 3847863 4142160 88264030 26787993 66817728 61476037 116094343 161556514 87687430 57016434 40483870 37420907 2766280343 2957165947 29610156 31895530 3339528 3426249 172000000 206000000 2225352396 2366262964 2430302080 2607584743 X 0 0 0 0 335978263 349581204 335978263 349581204 2766280343 2957165947 X 12202996 848097 551848 X X 0 1 X 1 0 37921 0 0 37921 37921 1 GO WEST CREDIT UNION ASSOCIATION 18000 INTERNATIONAL BLVD SUITE 11 SEATAC WA 98188 910460483 37921 0 PART I-A, LINE 1: CONTRIBUTIONS ARE MADE TO POLITICAL ACTION COMMITTEES (PAC) AND OTHER LOBBYING EFFORTS THROUGH ANNUAL PAYMENTS TO THE GO WEST CREDIT UNION ASSOCIATION. 0 1 X 7482476 7482476 61529911 12220477 49309434 2531578 466227 2065351 16232804 14101289 2131515 487261 487261 61476037 MEMBERS' SHARE AND SAVINGS ACCOUNT 2365803910 ACCRUED PENSIONS AND PROFIT SHARING 459054 2366262964 X 168966518 551848 551848 168414670 -1919932 -1919932 166494738 156211674 1919932 1919932 154291742 0 154291742 PART IV, LINE 2B: MONEY RECEIVED WITH MORTGAGE PAYMENTS THAT IS HELD IN ESCROW FOR REAL ESTATE TAXES. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. CERTAIN PRODUCTS AND SERVICES PROVIDED BY STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS) TO BE UNRELATED TO THE SPECIFIC ENTITY'S EXEMPT PURPOSE. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2024 AND 2023. THE CREDIT UNION'S 2021 THROUGH 2023 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: GAIN ON 457F ASSETS MOVED TO PART XI, LINE 9 551,848. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES MOVED FROM THE STATEMENT OF FUNCTIONAL EXPENSE TO THE STATEMENT OF REVENUE -1,919,932. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES MOVED FROM THE STATEMENT OF FUNCTIONAL EXPENSE TO THE STATEMENT OF REVENUE 1,919,932. 1 CHILDREN OF THE VALLEY 1318 S 18TH ST MT VERNON WA 98274 262867395 501(C)(3) 20500 0 EDUCATION GRANT WESTERN WASHINGTON UNIVERSITY FOUNDATION 516 HIGH ST BELLINGHAM WA 98226 916073519 501(C)(3) 70750 0 SCHOLARSHIPS BELLINGHAM ARTS ACADEMY FOR YOUTH 1059 N STATE ST BELLINGHAM WA 98225 383868071 501(C)(3) 20000 0 EDUCATION GRANT WHATCOM LITERACY COUNCIL 3028 LINDBERGH AVE BUILDING A BELLINGHAM WA 98225 911220307 501(C)(3) 20000 0 EDUCATION GRANT WHATCOM DREAM 1846 IRON ST BELLINGHAM WA 98225 743086597 501(C)(3) 16000 0 EDUCATION GRANT WHATCOM CENTER FOR EARLY LEARNING 2001 H ST BELLINGHAM WA 98225 911526226 501(C)(3) 15000 0 EDUCATION GRANT SKAGIT VALLEY COLLEGE FOUNDATION 2405 E COLLEGE WAY LEWIS HALL 113 MT VERNON WA 98273 911012915 501(C)(3) 12500 0 EDUCATION GRANT AND SCHOLARSHIPS SKAGIT PRESCHOOL ASSOCIATION AND RESOURCE CENTER 320 PACIFIC PL MT VERNON WA 98273 910775902 501(C)(3) 11500 0 EDUCATION GRANT ECONOMIC DEVELOPMENT ALLIANCE OF SKAGIT COUNTY FOUNDATION 1932 E COLLEGE WY STE B MT VERNON WA 98273 911724682 501(C)(3) 11000 0 EDUCATION GRANT SKAGIT VALLEY COLLEGE 2405 E COLLEGE WAY LEWIS HALL 113 MT VERNON WA 98273 910822539 8500 0 EDUCATION GRANT BELLINGHAM TECHNICAL COLLEGE 3028 LINDBERGH AVE BELLINGHAM WA 98225 911658027 501(C)(3) 8300 0 SCHOLARSHIPS WHATCOM COMMUNITY COLLEGE FOUNDATION 237 W KELLOG RD BELLINGHAM WA 98226 943064448 501(C)(3) 8000 0 EDUCATION GRANT 11 1 PART I, LINE 2: WHATCOM EDUCATIONAL CREDIT UNION PROVIDES GRANT FUNDING ONLY TO LOCAL, REPUTABLE ORGANIZATIONS WHO HAVE A VERIFIED PURPOSE AND PRESENCE IN THE COMMUNITY. WHATCOM EDUCATIONAL CREDIT UNION PROVIDES SCHOLARSHIP FUNDING TO LOCAL SECONDARY EDUCATION INSTITUTIONS. THE FUNDS ARE PROVIDED TO SCHOOL SCHOLARSHIP FOUNDATIONS WHO THEN DETERMINE THE MOST DESERVING RECIPIENTS. X 1 1 X X X 0 1 0 JENNIFER KUTCHER PRESIDENT & CEO 655977 0 178759 0 50029 0 53500 0 28061 0 966326 0 0 0 JACK INGRAM CHIEF INFORMATION OFFICER 367421 0 70701 0 15093 0 41695 0 28574 0 523484 0 0 0 JEFFREY DYKSTRA EXECUTIVE VICE PRESIDENT 366568 0 70875 0 14011 0 41320 0 28574 0 521348 0 0 0 NICHOLAS HODSON CHIEF FINANCIAL OFFICER 313705 0 59960 0 10001 0 28116 0 28574 0 440356 0 0 0 CYNTHIA CHASE KLEIN CHIEF HUMAN RESOURCES OFFICER 275341 0 53532 0 4080 0 30500 0 28574 0 392027 0 0 0 ERYNNE MARIA HALLOCK VICE PRESIDENT, RETAIL DELIVERY 237549 0 46437 0 9730 0 17900 0 28574 0 340190 0 0 0 MATTHEW HENRY BERENDSEN VICE PRESIDENT, LENDING 239566 0 47851 0 5851 0 3017 0 28976 0 325261 0 0 0 GRANT DAVID DYKSTRA BUSINESS BANKING SENIOR LOAN OFFICER 186218 0 94756 0 732 0 14395 0 28574 0 324675 0 0 0 DAVID PIERCE JONES CHIEF MARKETING OFFICER 226107 0 43200 0 8935 0 30500 0 10651 0 319393 0 0 0 KENT BOUMA VICE PRESIDENT, BUSINESS BANKING 239969 0 47851 0 1755 0 0 0 28574 0 318149 0 0 0 BOLORTSETSEG SMITH VICE PRESIDENT, INTERNAL AUDIT 185413 0 37030 0 1437 0 2878 0 29075 0 255833 0 0 0 DONAVON LEE SWINNEY DIRECTOR, INFORMATION SECURITY 189479 0 18198 0 1465 0 12891 0 29075 0 251108 0 0 0 DAVID LEROY DODGE DIRECTOR, IT INFRASTRUCTURE 181784 0 17194 0 1425 0 30500 0 10559 0 241462 0 0 0 PAUL COVER RE LOAN ORIGINATION OFFICER 31672 0 162638 0 771 0 19356 0 26894 0 241331 0 0 0 KERRI LYN HELM DIRECTOR, DIGITAL PRODUCTS 182103 0 16599 0 1455 0 0 0 28574 0 228731 0 0 0 PART I, LINE 1A THE CREDIT UNION PROVIDES PAYMENT FOR TRAVEL FOR COMPANIONS FOR MEMBERS OF MANAGEMENT AND BOARD MEMBERS. THIS IS INCLUDED IN TAXABLE INCOME. PART I, LINE 4B THE CREDIT UNION MADE NO DISTRIBUTIONS FROM A 457(F) PLAN DURING THE YEAR. THE CREDIT UNION MADE THE FOLLOWING 457(F) PLAN CONTRIBUTIONS DURING THE YEAR. - JENNIFER KUTCHER, PRESIDENT & CEO, $23,000 - JEFFREY DYKSTRA, EXECUTIVE VICE PRESIDENT, $10,820 - JACK INGRAM, CHIEF INFORMATION OFFICER, $10,895 - NICHOLAS HODSON, CHIEF FINANCIAL OFFICER, $866 THE CREDIT UNION HAS MADE LOANS FOR LIFE INSURANCE PREMIUM PAYMENTS TO A KEY EMPLOYEE. THE LOANS ARE COLLATERALIZED BY THE ASSIGNMENT OF THE POLICY DEATH BENEFITS AND CASH SURRENDER VALUES OF THE RESPECTIVE LIFE INSURANCE POLICIES, AND THE FAIR VALUE OF AN ANNUITY. THE POLICIES ARE OWNED BY THE EMPLOYEE AND THEY HAVE THE RIGHT TO NAME THE BENEFICIARIES FOR AMOUNTS NOT SECURED BY THE ASSIGNMENTS. THE LOAN ARRANGEMENTS INCLUDE A RECOURSE PROVISION WHEREBY THE CREDIT UNION HAS THE INTENT TO SEEK COLLECTION OUTSIDE THE LIFE INSURANCE POLICY IF THE EXECUTIVE WERE TO BE TERMINATED WITH OR WITHOUT CAUSE AND THE EXECUTIVES HAVE THE FINANCIAL ABILITY TO REPAY THE LOAN. THE LOAN TO THE EXECUTIVE IS NOT DUE UNTIL DEATH AT WHICH TIME THERE IS ANTICIPATED TO BE SUFFICIENT INSURANCE POLICY PROCEEDS TO REPAY THE PREMIUM LOAN PLUS ACCRUED INTEREST. JENNIFER KUTCHER PRESIDENT & CEO SPLIT DOLLAR LIFE INSURANCE LOAN X 11073912 12388268 0 1 1 12388268 FORM 990, PART VI, SECTION A, LINE 2 JEFFREY DYKSTRA AND GRANT DYKSTRA HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 4 THE CREDIT UNION UPDATED THEIR BYLAWS IN 2024 TO INCLUDE THE FOLLOWING: - VACANCIES DUE TO RETIREMENT, RESIGNATION, OR DEPARTURE ARE FILLED BY INTERIM DIRECTORS APPOINTED BY THE REMAINING BOARD MEMBERS. - IF MEMBERS REMOVE A DIRECTOR AT A SPECIAL MEMBERSHIP MEETING, THEY CAN EITHER ELECT AN INTERIM DIRECTOR OR AUTHORIZE THE BOARD TO APPOINT ONE. - INTERIM DIRECTORS SERVE THE UNEXPIRED TERM OF THE DEPARTING DIRECTOR. - IF A VACANCY OCCURS LESS THAN NINETY DAYS BEFORE THE TERM EXPIRES, THE BOARD OR MEMBERSHIP (IF REMOVAL OCCURS AT A SPECIAL MEMBERSHIP MEETING) MAY CHOOSE TO LEAVE THE POSITION VACANT UNTIL THE NEXT ELECTION. - THE BOARD OF DIRECTORS AND SUPERVISORY COMMITTEE MAY NOT BE EMPLOYED BY WECU OR ITS SUBSIDIARIES NOR HAVE BEEN EMPLOYED BY WECU OR ITS SUBSIDIARIES DURING THE PAST 2 YEARS. - VOTING ELIGIBILITY FOR MEMBERS WENT FROM 6 MONTHS TO 3 MONTHS. - THE BOARD OF DIRECTORS AND SUPERVISORY COMMITTEE MUST AGREE TO TERMS OUTLINED IN THE CU'S GOVERNANCE POLICY MANUAL FOR ELIGIBILITY. - THE BOARD OF DIRECTORS MAY APPOINT UP TO 3 ASSOCIATE BOARD MEMBERS. THE SUPERVISORY COMMITTEE MAY APPOINT UP TO 2 ASSOCIATE SUPERVISORY COMMITTEE MEMBERS. - ASSOCIATE BOARD MEMBERS MUST MEET THE FOLLOWING CRITERIA FOR ELIGIBILITY: SATISFY ANY BONDING REQUIREMENTS OF WECU; AGREE TO THE TERMS OUTLINED IN WECU'S GOVERNANCE POLICY MANUAL; BE ELIGIBLE TO VOTE IN CREDIT UNION ELECTIONS AND AT MEMBERSHIP MEETINGS; NOT BE EMPLOYED BY WECU OR ITS SUBSIDIARIES, NOR HAVE BEEN EMPLOYED BY WECU OR ITS SUBSIDIARIES DURING THE PAST 2 YEARS; HAVE BEEN A MEMBER OF WECU FOR 3 CONSECUTIVE MONTHS IMMEDIATELY PRIOR TO TAKING OFFICE, AND A MEMBER IN GOOD STANDING AS DEFINED IN THE ELIGIBILITY PROCESS; HAVE A PERMANENT ADDRESS IN WECU'S CURRENT MARKET AS NOTED IN OUR STRATEGIC PLAN WHERE HE/SHE PHYSICALLY RESIDES AS DEFINED BY RCW 29A.04.151 IN ORDER TO STAY ABREAST OF LOCAL ISSUES, ENSURE LINKAGE WITH WECU MEMBERS AND CONTROL TRAVEL EXPENSES; AND BE A NATURAL PERSON (NOT AN ENTITY). FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IS OPEN TO ANYONE WHO LIVES, WORKS, WORSHIPS OR ATTENDS SCHOOL IN WASHINGTON, AND RELATIVES OF ALL MEMBERS. THE CREDIT UNION'S MEMBERS RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS OR EXCESS DUES IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT MEMBERS OF THE ORGANIZATION'S GOVERNING BODY. ELECTIONS ARE HELD ANNUALLY OR AS VACANCIES ARISE. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES THAT HAVE THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. ONCE THE DRAFT IS AVAILABLE, IT IS REVIEWED BY MANAGEMENT AND ANY CHANGES INCORPORATED INTO THE FILING. ONCE THIS DETAILED REVIEW IS COMPLETE, THE DRAFT OF THE FORM 990 IS PRESENTED TO THE BOARD OF DIRECTORS FOR THEIR REVIEW AND COMMENTS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C WECU'S CONFLICT OF INTEREST POLICY FOCUSES ON DEFINING AND PREVENTING CONFLICTS OF INTEREST. BEFORE ENGAGING IN ANY ACTIVITY, TRANSACTION, OR BEFORE ENTERING INTO ANY RELATIONSHIP THAT MIGHT GIVE RISE TO A CONFLICT OF INTEREST, EMPLOYEES MUST SEEK REVIEW FROM THEIR MANAGERS, THE INTERNAL AUDITOR, OR THE HUMAN RESOURCES DEPARTMENT. WECU'S HUMAN RESOURCES DEPARTMENT, STAFF LIAISON, AND INTERNAL AUDITOR ARE RESPONSIBLE FOR ENSURING THAT NO CONFLICT OF INTERESTS OCCUR THAT COULD HAVE A NEGATIVE EFFECT ON WECU. IF ANYONE SUSPECTS A CONFLICT OF INTEREST, IT IS REPORTED TO MANAGEMENT, THE STAFF LIAISON, THE HUMAN RESOURCES DEPARTMENT, OR THE INTERNAL AUDITOR. WECU HAS VARIOUS ANNUAL REVIEWS AND CONTROLS IN PLACE TO MONITOR SITUATIONS IN WHICH A CONFLICT OF INTEREST MIGHT ARISE, WHICH ARE PERFORMED BY MANAGEMENT, OR OUR INTERNAL AUDITOR. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE PRESIDENT/CEO IS DETERMINED BY THE DETAILS OF THE EMPLOYMENT CONTRACT SET FORTH BETWEEN THE BOARD OF DIRECTORS AND THE PRESIDENT/CEO AND PROVIDED FOR IN THE ANNUAL WECU CEO COMPENSATION & PERFORMANCE PLAN. THE BOARD WORKS WITH AN INDEPENDENT CONSULTANT WHO UTILIZES NATIONAL SURVEYS AND OTHER DATA TO HELP INFORM THE COMPENSATION OUTLINED IN THE PLAN. THIS WAS LAST COMPLETED IN 2024. THE CREDIT UNION HAS ENGAGED AN INDEPENDENT CONSULTANT TO ENSURE THAT PAY RATES FOR OTHER OFFICERS AND KEY EMPLOYEES ARE COMPETITIVE WITHIN THE MARKETPLACE. THE CONSULTANT UTILIZES A NUMBER OF COMPENSATION SURVEYS TO HELP DETERMINE THE OVERALL SALARY STRUCTURE OF THE ORGANIZATION. COMPENSATION DECISIONS ARE DOCUMENTED IN THE PERSONNEL FILE. THIS WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 WECU HAS A MEMBER RIGHTS POLICY IN WHICH WE OUTLINE HOW OUR MEMBERS CAN REQUEST AND RECEIVE CREDIT UNION CORPORATE RECORDS, WHICH INCLUDE OUR ARTICLES AND BYLAWS, MINUTES OF OUR MEMBERSHIP MEETINGS, FINANCIAL REPORTS, CODE OF ETHICS AND BOARD GOVERNANCE POLICIES. A MEMBER REQUEST MUST BE SUBMITTED IN WRITING TO THE CREDIT UNION AND SPECIFICALLY IDENTIFY THE DISCLOSABLE RECORDS REQUESTED. THE CREDIT UNION MAY REQUIRE THE MEMBER TO SIGN A CONFIDENTIALITY AGREEMENT TO PROTECT THE CREDIT UNION FROM UNAUTHORIZED DISCLOSURE OF CERTAIN PROPRIETARY INFORMATION. IF ANY DOCUMENTS CONTAIN MEMBER INFORMATION, IT WILL BE EXPUNGED FROM THE DOCUMENT BEFORE BEING PROVIDED TO THE PUBLIC. FORM 990, PART XI, LINE 9: GAIN ON 457F ASSETS 551,848. FORM 990, PART XII, LINE 2C THE ORGANIZATION'S PROCESS FOR SELECTING AN INDEPENDENT AUDITOR AND FOR OVERSEEING THE FINANCIAL STATEMENT AUDIT DID NOT CHANGE DURING THE YEAR.