2023-05-11T08:12:46-05:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 20 EAST THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2022-01-01 910712539 WHATCOM EDUCATIONAL CREDIT UNION WHAT 3606761168 21 BELLWETHER WAY 111 BELLINGHAM WA 98225 NICHOLAS HODSON CHIEF FINANCIAL OFFICER 3607567716 2023-05-04 1 NICHOLAS HODSON XXX-XX-XXXX 0 MELISSA HANGSLEBEN P02087031 6022662248 2023-05-04 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JENNIFER KUTCHER 21 BELLWETHER WAY 111 BELLINGHAM WA 98225 98737059 0 X WWW.WECU.COM X 1936 WA OUR MISSION IS TO MAKE A MEANINGFUL DIFFERENCE IN THE LIVES OF OUR MEMBERS. 9 9 473 12 60399 43237 0 0 82560332 87021794 2117729 10688363 1068059 1026902 85746120 98737059 279850 253917 2891645 4434002 39047935 37112994 0 0 0 21831956 26722803 64051386 68523716 21694734 30213343 2491858278 2507427609 2196578930 2190539001 295279348 316888608 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 0 0 0 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. 0 0 0 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. 0 0 0 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. 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 26691 0 473 1 1 1 0 0 0 0 0 0 0 X 9 9 1 0 0 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 SUITE 111 BELLINGHAM WA 98225 KRISTI LEWIS TYRAN CHAIR 4.00 X X 0 0 0 GABRIEL MAST VICE CHAIR 4.00 X X 0 0 0 DALE ZENDER SECRETARY 4.00 X X 0 0 0 HARTE BRESSLER DIRECTOR 4.00 X 0 0 0 DAVID WASCHKE DIRECTOR 4.00 X 0 0 0 CAROL LAGER DIRECTOR 4.00 X 0 0 0 ASHOK KHANNA DIRECTOR 4.00 X 0 0 0 CATHIE OBERG DIRECTOR 4.00 X 0 0 0 MARGO HAMMOND DIRECTOR 4.00 X 0 0 0 JENNIFER E KUTCHER PRESIDENT/CEO/TREASURER 50.00 X 750217 0 101144 CYNTHIA CHASE KLEIN CHIEF HUMAN RESOURCES OFFICER 45.00 X 289640 0 87593 JEFFREY R DYKSTRA EXECUTIVE VICE PRESIDENT 45.00 X 392577 0 88886 JACK INGRAM CHIEF INFORMATION OFFICER 45.00 X 379831 0 95059 NICHOLAS A HODSON CHIEF FINANCIAL OFFICER 45.00 X 313218 0 80990 ERYNNE MARIA HALLOCK VP, RETAIL DELIVERY 45.00 X 258969 0 70344 DAVID PIERCE JONES CHIEF MARKETING OFFICER 45.00 X 249859 0 62602 MATTHEW HENRY BERENDSEN VP, LENDING 45.00 X 237358 0 52943 KENT D BOUMA VP, BUSINESS BANKING 45.00 X 235584 0 53189 BOLORTSETSEG C SMITH VP, RISK MANAGEMENT & INTERNAL AUDIT 40.00 X 198965 0 38921 DAVID DODGE DIRECTOR, IT INFRASTRUCTURE 40.00 X 177844 0 62464 GLEN R BERRY DIRECTOR, BUSINESS INTELLIGENCE 40.00 X 176368 0 67555 GRANT DYKSTRA BUSINESS BANKING SENIOR LOAN OFFICER 40.00 X 173429 0 55362 MICHAEL PETER YEEND CREDIT ADMINISTRATOR 40.00 X 173318 0 43639 ANDREW WHALEY DIRECTOR, ENTERPRISE APPLICATIONS 40.00 X 169460 0 62723 4176637 0 1023414 61 0 1 0 FISERV INC 255 FISERV DR BROOKFIELD WI 53045 CORE SOFTWARE SYSTEM PROVIDER 2357924 INFOIMAGE INC 175 S HILL DR BRISBANE CA 94005 MEMBER STATEMENT PROCESSING SERVICES 1454118 BANKINGON INC 1107 S 8TH ST STE F AUSTIN TX 78704 MOBILE BANKING 891338 DIEBOLD INCORPORATED 5995 MAYFAIR RD NORTH CANTON OH 44720 ATM SERVICER 647945 MICROSOFT CORPORATION 1 MICROSOFT WY REDMOND WA 98052 COMPUTER SOFTWARE PROVIDER 484604 37 INTEREST ON LOANS TO MEMBERS 522100 63368105 63368105 INTERCHANGE INCOME 522100 14112130 14112130 SERVICE CHARGES AND FEES 522100 9541559 9481160 60399 87021794 10688220 10688220 18000 0 18000 18000 18000 143 0 143 143 143 OTHER INCOME 900099 1008902 1008902 1008902 98737059 86961395 60399 11715265 X 227917 26000 4434002 4037886 25801507 1846310 3008616 2418675 88539 232938 33074 1575640 1023492 2592201 6010684 2589698 211487 299681 1620340 2463108 5481 UBI TAXES 13000 CREDIT CARD EXPENSES 6095116 OTHER EXPENSES 3494846 PROVISION FOR LOAN LOSS 1620355 -3246877 68523716 28784936 36427874 685897687 288819015 12023936 12144176 1631956993 1927038258 2508029 2737541 57428293 24612385 32559668 32815908 60383966 120898362 12118600 55508709 25624463 31037766 2491858278 2507427609 27400647 30902243 3074284 3228492 21250000 27250000 2144853999 2129158266 2196578930 2190539001 X 0 0 0 0 295279348 316888608 295279348 316888608 2491858278 2507427609 X 30213343 -7398331 -1205752 X X 0 1 X 1 0 33074 0 0 33074 33074 1 NORTHWEST CREDIT UNION ASSOCIATION 18000 INTERNATIONAL BLVD SUITE 11 SEATAC WA 98188 910460483 33074 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 9548478 9548478 29963841 11527176 18436665 232065 226999 5066 16478756 12858210 3620546 1205153 1205153 32815908 MEMBERS' SHARE AND SAVINGS ACCOUNT 2128867815 ACCRUED PENSIONS AND PROFIT SHARING 290451 2129158266 X 97531307 -1205752 -1205752 98737059 0 98737059 68523716 0 68523716 0 68523716 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, 2022 AND 2021. THE CREDIT UNION'S 2019 THROUGH 2021 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: LOSS ON 457F ASSETS MOVED TO PART XI, LINE 9 -1,205,752. 1 FUTURESNW 46 CASCADE LN BELLIGHAM WA 98229 272997677 501(C)(3) 15000 0 EDUCATION GRANT NOOKSACK SALMON ENHANCEMENT ASSOCIATION 3057 EAST BAKERVIEW RD BELLINGHAM WA 98226 943140165 501(C)(3) 15000 0 EDUCATION GRANT WHATCOM LITERACY COUNCIL PO BOX 1292 BELLINGHAM WA 98227 911220307 501(C)(3) 20000 0 EDUCATION GRANT WILD WHATCOM PO BOX 4457 BELLINGHAM WA 98227 900791289 501(C)(3) 10000 0 EDUCATION GRANT PICKFORD FILM CENTER 1318 BAY STREET BELLINGHAM WA 98227 911891456 501(C)(3) 20000 0 EDUCATION GRANT BELLINGHAM CHILDCARE & LEARNING CENTER 2600 SQUALICUM PKWY BELLINGHAM WA 98225 911523127 501(C)(3) 20000 0 EDUCATION GRANT EXPLORATIONS ACADEMY 1701 ELLIS ST STE 215 BELLINGHAM WA 98225 911518827 501(C)(3) 10000 0 EDUCATION GRANT 7 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. 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 561540 0 164979 0 23698 0 74550 0 26594 0 851361 0 0 0 JEFFREY R DYKSTRA EXECUTIVE VICE PRESIDENT 320955 0 54893 0 16729 0 61843 0 27043 0 481463 0 0 0 JACK INGRAM CHIEF INFORMATION OFFICER 310333 0 50718 0 18780 0 68016 0 27043 0 474890 0 0 0 NICHOLAS A HODSON CHIEF FINANCIAL OFFICER 262617 0 44279 0 6322 0 53947 0 27043 0 394208 0 0 0 CYNTHIA CHASE KLEIN CHIEF HUMAN RESOURCES OFFICER 244632 0 41247 0 3761 0 60550 0 27043 0 377233 0 0 0 ERYNNE MARIA HALLOCK VP, RETAIL DELIVERY 213670 0 36544 0 8755 0 43301 0 27043 0 329313 0 0 0 DAVID PIERCE JONES CHIEF MARKETING OFFICER 197866 0 34003 0 17990 0 52506 0 10096 0 312461 0 0 0 MATTHEW HENRY BERENDSEN VP, LENDING 202922 0 32536 0 1900 0 25900 0 27043 0 290301 0 0 0 KENT D BOUMA VP, BUSINESS BANKING 202588 0 32996 0 0 0 26146 0 27043 0 288773 0 0 0 GLEN R BERRY DIRECTOR, BUSINESS INTELLIGENCE 162721 0 13647 0 0 0 40016 0 27539 0 243923 0 0 0 DAVID DODGE DIRECTOR, IT INFRASTRUCTURE 159855 0 13688 0 4301 0 46090 0 16374 0 240308 0 0 0 BOLORTSETSEG C SMITH VP, RISK MANAGEMENT & INTERNAL AUDIT 168070 0 28608 0 2287 0 21635 0 17286 0 237886 0 0 0 ANDREW WHALEY DIRECTOR, ENTERPRISE APPLICATIONS 153052 0 13105 0 3303 0 35680 0 27043 0 232183 0 0 0 GRANT DYKSTRA BUSINESS BANKING SENIOR LOAN OFFICER 159946 0 13483 0 0 0 28319 0 27043 0 228791 0 0 0 MICHAEL PETER YEEND CREDIT ADMINISTRATOR 158054 0 13815 0 1449 0 23980 0 19659 0 216957 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. 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 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 CEO SPLIT DOLLAR LIFE INSURANCE LOAN X 11073912 12144176 0 1 1 12144176 FORM 990, PART VI, SECTION A, LINE 2 JEFFREY DYKSTRA AND GRANT DYKSTRA HAVE A FAMILY RELATIONSHIP. 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. THIS WAS LAST COMPLETED IN 2022. 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 2022. 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 IX, LINE 24E ATM EXPENSES 311,608. DEFERRED LOAN ORIGINATION COSTS -3,558,485. FORM 990, PART XI, LINE 9: LOSS ON 457F ASSETS -1,205,752. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.