2020-11-12T16:25:13-06:00 2019-12-31 410746749 CLIFTONLARSONALLEN LLP 20 EAST THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2019-01-01 910712539 WHATCOM EDUCATIONAL CREDIT UNION WHAT 3606761168 21 BELLWETHER WAY NO 111 BELLINGHAM WA 98225 NICK HODSON CHIEF FINANCIAL OFFICER 3607567716 2020-11-12 1 MARY C GREEN P00447183 6022662248 2020-11-12 67.137.57.251 2020-11-12 16:01:43 MS P 94307BE716D664C10DC46CE445DCF2BF31E531AB 02CA234FBCA38BC040217BAD4488B34B52AF085C 2019 2022-01-07 14:23:13Z JENNIFER KUTCHER 21 BELLWETHER WAY NO 111 BELLINGHAM WA 98225 86945648 0 X WWW.WECU.COM X 1936 WA OUR MISSION IS TO MAKE A MEANINGFUL DIFFERENCE IN THE LIVES OF OUR MEMBERS. 9 9 483 12 0 0 0 0 75315415 83190686 3701602 2907994 1985971 814686 81002988 86913366 233095 228842 7451477 9201355 31333682 33821312 0 0 0 28012656 28930541 67030910 72182050 13972078 14731316 1608031120 1712782397 1363703611 1453723572 244327509 259058825 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 CONSUMER LOANS (CREDIT CARDS, AUTO, PERSONAL AND OTHER TYPES):WECU OFFERS SEVERAL TYPES OF CREDIT CARDS TO MEMBERS. EACH CARD INCLUDES BENEFITS SUCH AS CASH BACK ON PURCHASES, NO ANNUAL FEE, LOW FIXED INTEREST RATE, TRAVEL ACCIDENT INSURANCE AND OPTIONAL PAYMENT PROTECTION. AT THE END OF 2019, WECU HAD 28,784 CREDIT CARDS OUTSTANDING WITH OVER $151 MILLION IN CREDIT LIMITS.ALONG WITH CREDIT CARD LOANS, WECU OFFERS AUTO, BOAT, RV, TIMELINE AND OTHER CONSUMER LOANS. WECU ALSO OFFERS A CREDIT BUILDER LOAN SOLUTION FOR AUTO LOANS TO ASSIST MEMBERS WITH ESTABLISHING AND/OR BUILDING CREDIT ACTIVITY. WE HAVE VERY COMPETITIVE RATES AND OFTEN FUND VERY SMALL LOANS THAT OTHER FINANCIAL INSTITUTIONS WOULD NOT. IN THIS CAPACITY, WECU FILLS A CRITICAL ROLE IN THE MICRO-LENDING ECONOMY. IN 2019, WE GRANTED 13,933 CONSUMER LOANS (EXCLUDING CREDIT CARDS) TO OUR MEMBERS, TOTALING OVER $599 MILLION. WECU ALSO PROVIDES ACCESS TO FINANCIAL COUNSELING FREE OF CHARGE TO MEMBERS. THIS SERVICE CAN PROVIDE DIRECTION AND SUPPORT TO ANY OF OUR MEMBERS WHO NEED HELP MANAGING THEIR DEBT AND GETTING THEIR PERSONAL FINANCES BACK ON TRACK. REAL ESTATE LOANS:WECU OFFERS RESIDENTIAL REAL ESTATE LOANS WITH VERY COMPETITIVE RATES AND LOW FEES. WECU ALSO OFFERS MEMBER EDUCATION SEMINARS RELATED TO BUYING A HOME. AT THE END OF 2019, WECU HAD 4,672 RESIDENTIAL MORTGAGE LOANS OUTSTANDING, TOTALING OVER $643 MILLION. THE AVERAGE BALANCE OF A RESIDENTIAL FIRST MORTGAGE LOANS BEING SERVICED BY WECU IS APPROXIMATELY $137,659. WECU ALSO PARTICIPATES IN THE HOME$TART PROGRAM THROUGH THE FEDERAL HOME LOAN BANK OF DES MOINES. THE PROGRAM HELPS FAMILIES EARNING UP TO 80% OF THE AREA'S MEDIAN INCOME PURCHASE A HOME BY PROVIDING GRANTS WHICH MAY BE USED FOR DOWN PAYMENTS, CLOSING COSTS, OR REHABILITATION OF AN OWNER-OCCUPIED HOUSING UNIT. BUSINESS LOANS: WECU OFFERS SEVERAL TYPES OF BUSINESS LOANS - COMMERCIAL REAL ESTATE, LINES OF CREDIT, COMMERCIAL TERM LOANS, LAND/LOT LOANS AND OTHERS. WECU ALSO FACILITATES BUSINESS LOANS THROUGH THE SBA 504 LOAN PROGRAM. AT THE END OF 2019, WECU'S MEMBER BUSINESS LOAN PORTFOLIO CONSISTED OF 898 LOANS FOR A TOTAL OF $341 MILLION. WECU HAS SEEN A STEADY GROWTH IN OUR MEMBER BUSINESS LOAN PORTFOLIO SINCE ITS INCEPTION IN MAY 2001. THIS GROWTH SERVES AS EVIDENCE OF THE NEED FOR A LOCAL FINANCIAL INSTITUTION OFFERING BUSINESS LOANS WITH LOW FEES AND COMPETITIVE RATES. CHECKING ACCOUNTS AND DEBIT CARDSCHECKING ACCOUNTS AT WECU OFFER MAXIMUM CONVENIENCE WITH NO OR FEW FEES. WE HAVE A VARIETY OF CHECKING ACCOUNT OPTIONS, INCLUDING NO FEE ACCOUNTS AND INTEREST BEARING ACCOUNTS. CHECKING ACCOUNTS ARE MADE MORE CONVENIENT WITH MOBILE BANKING, MOBILE DEPOSIT CAPTURE, DEPOSIT TAKING ATMS, VISA DEBIT CARD, AROUND THE CLOCK ACCESS WITH ONLINE BANKING, DIRECT DEPOSIT AND AUTOMATIC PAYMENTS. OVERDRAFT PROTECTION IS ALSO AVAILABLE ON ALL CHECKING ACCOUNTS. WITH OUR VISA DEBIT CARD, MEMBERS HAVE ACCESS TO CHECKING ACCOUNT FUNDS ELECTRONICALLY AND CAN ALSO USE MORE THAN 25,000 SURCHARGE-FREE ATMS THROUGHOUT THE UNITED STATES AND CANADA. AT THE END OF 2019, THERE WERE 76,841 OPEN CHECKING ACCOUNTS AND 78,667 OPEN PERSONAL AND BUSINESS VISA DEBIT CARDS. WECU TRULY STRIVES TO MEET THE NEEDS OF THE UNDERSERVED. OUR CREDIT UNION HAS BEEN DESIGNATED AS A "LOW INCOME CREDIT UNION" (LICU), RECOGNIZING THAT OVER 50% OF THE CREDIT UNION MEMBERSHIP ARE PART OF LOW-INCOME HOUSEHOLDS.COMMUNITY INVOLVEMENTWHILE 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.WECU IS A MAJOR PARTNER WITH THE OPPORTUNITY COUNCIL, THE AREA'S COMMUNITY ACTION AGENCY. PROJECTS INCLUDE FREQUENT FREE FINANCIAL EDUCATION PRESENTATIONS, PRODUCTION OF FREE FINANCIAL EDUCATION POSTERS AND BROCHURES PROMOTING FREE TAX FILING ASSISTANCE IN PARTNERSHIP WITH AARP. WECU'S SOCIAL RESPONSIBILITY COORDINATOR IS A CUNA CERTIFIED CREDIT UNION FINANCIAL COUNSELOR AND PROVIDES FREE COMMUNITY PRESENTATIONS TO VARIOUS GROUPS.TEAM WECU, COMPRISED OF CREDIT UNION STAFF AND BOARD MEMBERS, WAS ESTABLISHED TO ENCOURAGE VOLUNTEERISM IN THE COMMUNITY. IN 2019, 189 EMPLOYEES AND BOARD MEMBERS VOLUNTEERED 394 TIMES AT 29 EVENTS IN WHATCOM COUNTY. 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 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 51159 0 483 1 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 0 0 1 1 1 1 1 1 1 1 1 1 0 X NICK HODSON 3606761168 21 BELLWETHER WAY SUITE 111 BELLINGHAM WA 98225 JENNIFER E KUTCHER PRESIDENT/CEO/TREASURER 50.00 X 620438 0 74602 JEFFREY R DYKSTRA EVP 45.00 X 406860 0 61832 JACK INGRAM CHIEF INFORMATION OFFICER 45.00 X 299148 0 56226 CYNTHIA CHASE KLEIN CHIEF HUMAN RESOURCES OFFICER 45.00 X 260884 0 53054 NICHOLAS A HODSON CHIEF FINANCIAL OFFICER 45.00 X 253939 0 53888 ERYNNE MARIA HALLOCK VP, RETAIL DELIVERY 45.00 X 229518 0 49868 MATTHEW HENRY BERENDSEN VP, LENDING 45.00 X 232462 0 46694 KENT D BOUMA VP, BUSINESS BANKING 45.00 X 220616 0 47279 DAVID PIERCE JONES CHIEF MARKETING OFFICER 45.00 X 215921 0 32502 GRANT DYKSTRA BANKING SENIOR LOAN OFFICER 40.00 X 176102 0 43432 MICHAEL PETER YEEND CREDIT ANALYSIS TEAM LEADER 40.00 X 173545 0 36716 DAVID DODGE DIRECTOR, IT INFRASTRUCTURE 40.00 X 161578 0 32732 AARON HEATH WHITSON BANKING CREDIT ADMINISTRATOR 40.00 X 160275 0 33445 TIMOTHY A COOK SENIOR SYSTEMS ADMINISTRATOR 40.00 X 159440 0 22061 GABRIEL MAST DIRECTOR 4.00 X 1655 0 0 DAVID WASCHKE DIRECTOR 4.00 X 1481 0 0 ASHOK KHANNA DIRECTOR 4.00 X 1426 0 0 BRUCE BURPEE DIRECTOR (RESIGNED 2019) 4.00 X 1188 0 0 DALE ZENDER DIRECTOR 4.00 X 1150 0 0 CAROL LAGER CHAIR 4.00 X X 1145 0 0 HARTE BRESSLER VICE-CHAIR 4.00 X X 0 0 0 KRISTI LEWIS TYRAN SECRETARY 4.00 X X 0 0 0 CATHIE OBERG DIRECTOR 4.00 X 0 0 0 MARGO HAMMOND DIRECTOR 4.00 X 0 0 0 3578771 0 644331 41 0 1 0 CONNECTION ROUTE 101A 730 MILFORD RD MERRIMACK NH 03054 COMPUTER HARDWARE & SOFTWARE SERVICES 2961256 FISERV 75 REMITTANCE DR STE 1698 CHICAGO IL 60675 CORE SYSTEM SOFTWARE SERVICES 2729542 JACK HENRY & ASSOCIATES (JHA) 663 W HWY 60 PO BOX 609 MONETT MO 65708 VISA CARD PROCESSOR 971890 EN POINTE TECHNOLOGIES SALES LLC 18701 S FIGUEROA ST GARDENA CA 90248 COMPUTER HARDWARE & SOFTWARE SERVICES 685485 NCUA 1775 DUKE STREET ALEXANDRIA VA 223143428 MEMBER INSURANCE SERVICES 661823 40 INTEREST ON LOANS TO MEMBERS 522100 62958116 62958116 INTERCHANGE INCOME 522100 9491013 9491013 SERVICE CHARGES AND FEES 522100 9310429 9310429 GAIN ON SALE OF LOANS 522100 904714 904714 LOAN SERVICING INCOME 522100 526414 526414 83190686 2940276 2940276 45000 0 45000 45000 45000 32282 -32282 -32282 -32282 OTHER INCOME 900099 769686 769686 769686 86913366 83190686 0 3722680 201961 26881 9201355 3223778 21562027 2379397 4682526 1973584 82414 217137 20000 1616198 899857 2188151 3393080 2057498 239520 311285 30043 2879367 12833 PROVISION FOR LOAN LOSS 6653448 CREDIT CARD EXPENSES 3787984 ATM EXPENSES 1222202 3319524 72182050 26344298 29765822 94475103 112034670 11316824 11642744 1372509421 1477228904 1855090 2491804 61708961 23819463 36674630 37889498 5287925 6242721 38622210 14167800 20945619 21318434 1608031120 1712782397 24677405 22539766 1686201 2418890 1000000 1337340005 1427764916 1363703611 1453723572 X 0 0 0 0 244327509 259058825 244327509 259058825 1608031120 1712782397 14731316 0 X 0 1 X 1 0 15000 15000 15000 1 NORTHWEST CREDIT UNION ASSOCIATION 18000 INTERNATIONAL BLVD SUITE 35 SEATAC WA 98188 910460483 15000 PART I-A, LINE 1: CONTRIBUTIONS ARE MADE TO POLITICAL ACTION COMMITTEE (PAC) AND OTHER LOBBYING EFFORTS THROUGH ANNUAL PAYMENTS TO THE NORTHWEST CREDIT UNION ASSOCIATION (NWCUA). NWCUA SUGGESTS A DONATION TO THESE EFFORTS THROUGH A VOLUNTARY "FAIR-SHARE" CONTRIBUTION FOR ALL STATE-CHARTERED CREDIT UNIONS. 0 1 X 12289071 12289071 27467632 9569895 17897737 540111 522890 17221 20557327 13726678 6830649 854820 854820 37889498 MEMBERS' SHARE AND SAVINGS ACCOUNT 1427410861 ACCRUED PENSIONS AND PROFIT SHARING 354055 1427764916 X 86913366 0 86913366 0 86913366 72182050 0 72182050 0 72182050 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, 2019 AND 2018. THE CREDIT UNION'S 2016 THROUGH 2018 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. 1 BTC FOUNDATION 3028 LINDBERGH AVENUE BELLINGHAM WA 98225 911658027 501(C)(3) 15000 EDUCATION GRANT WHATCOM COMMUNITY COLLEGE 237 W KELLOGG RD BELLINGHAM WA 98226 943064448 501(C)(3) 35000 EDUCATION GRANT WHATCOM DREAM PO BOX 29945 BELLINGHAM WA 98228 743086597 501(C)(3) 15000 EDUCATION GRANT LHAQ-TEMISH FOUNDATION 2665 KWINA RD BELLINGHAM WA 98226 911836621 501(C)(3) 12500 EDUCATION GRANT OPPORTUNITY COUNCIL 1419 CORNWALL AVENUE BELLINGHAM WA 98225 910787820 501(C)(3) 12500 EDUCATION GRANT BELLINGHAM ARTS ACADEMY FOR YOUTH 1059 N STATE ST BELLINGHAM WA 98225 383868071 501(C)(3) 15000 EDUCATION GRANT 6 0 SCHOLARSHIPS 24 26000 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. SCHEDULE I, PART III 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 E KUTCHER PRESIDENT/CEO/TREASURER 477439 0 104707 0 38292 0 49800 0 24802 0 695040 0 0 0 JEFFREY R DYKSTRA EVP 281831 0 45648 0 79381 0 36406 0 25426 0 468692 0 0 0 JACK INGRAM CHIEF INFORMATION OFFICER 251925 0 42491 0 4732 0 30800 0 25426 0 355374 0 0 0 CYNTHIA CHASE KLEIN CHIEF HUMAN RESOURCES OFFICER 209859 0 35405 0 15620 0 27628 0 25426 0 313938 0 0 0 NICHOLAS A HODSON CHIEF FINANCIAL OFFICER 231500 0 21845 0 594 0 28462 0 25426 0 307827 0 0 0 ERYNNE MARIA HALLOCK VP, RETAIL DELIVERY 184831 0 31971 0 12716 0 24442 0 25426 0 279386 0 0 0 MATTHEW HENRY BERENDSEN VP, LENDING 159181 0 28765 0 44516 0 21268 0 25426 0 279156 0 0 0 KENT D BOUMA VP, BUSINESS BANKING 162017 0 28542 0 30057 0 21853 0 25426 0 267895 0 0 0 DAVID PIERCE JONES CHIEF MARKETING OFFICER 179598 0 30870 0 5453 0 23151 0 9351 0 248423 0 0 0 GRANT DYKSTRA BANKING SENIOR LOAN OFFICER 130903 0 24687 0 20512 0 18006 0 25426 0 219534 0 0 0 MICHAEL PETER YEEND CREDIT ANALYSIS TEAM LEADER 147401 0 14241 0 11903 0 18276 0 18440 0 210261 0 0 0 DAVID DODGE DIRECTOR, IT INFRASTRUCTURE 143758 0 13430 0 4390 0 17453 0 15279 0 194310 0 0 0 AARON HEATH WHITSON BANKING CREDIT ADMINISTRATOR 134494 0 12732 0 13049 0 16545 0 16900 0 193720 0 0 0 TIMOTHY A COOK SENIOR SYSTEMS ADMINISTRATOR 105766 0 9781 0 43893 0 12710 0 9351 0 181501 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 CONTRIBUTIONS OR DISTRIBUTIONS TO/FROM A 457(F) PLAN DURING THE YEAR. IN 2019, THE CREDIT UNION GRANTED LOANS FOR LIFE INSURANCE PREMIUM PAYMENTS TO A KEY EMPLOYEE. THE LOANS ARE COLLATERALIZED BY THE ASSIGNMENT OF THE CASH SURRENDER VALUE OF THE RESPECTIVE LIFE INSURANCE POLICIES. THE POLICIES ARE OWNED BY THE EMPLOYEE AND THEY HAVE SOLE CONTROL OVER THE LISTED BENEFICIARIES. THE LOANS ACCRUE INTEREST AND ARE WITH FULL RECOURSE. JENNIFER KUTCHER CEO SPLIT DOLLAR LIFE INSURANCE LOAN X 11073912 11642744 0 1 1 11642744 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 CREDIT UNION DOES NOT HAVE ANY COMMITTEES THAT HAVE 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 DEPTARTMENT. 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. 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. 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.