2022-05-11T20:03:00-05:00 2021-12-31 410746749 CLIFTONLARSONALLEN LLP 20 EAST THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2021-01-01 910712539 WHATCOM EDUCATIONAL CREDIT UNION WHAT 3606761168 21 BELLWETHER WAY 111 BELLINGHAM WA 98225 NICHOLAS HODSON CHIEF FINANCIAL OFFICER 3607567716 2022-04-29 1 NICHOLAS HODSON XXX-XX-XXXX MARY C GREEN P00447183 6022662248 2022-04-29 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z JENNIFER KUTCHER 21 BELLWETHER WAY 111 BELLINGHAM WA 98225 86617025 0 X WWW.WECU.COM X 1936 WA OUR MISSION IS TO MAKE A MEANINGFUL DIFFERENCE IN THE LIVES OF OUR MEMBERS. 9 9 472 12 80857 61799 0 0 82593135 82560332 1677237 2117729 1647466 1068059 85917838 85746120 341686 279850 5141607 2891645 37477000 39047935 0 0 0 28043462 21831956 71003755 64051386 14914083 21694734 2136316633 2491858278 1862343725 2196578930 273972908 295279348 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 9.4%, OR $140.5 MILLION FROM 2020 TO 2021. LENDING WAS STRONG, WITH RECORD-SETTING MONTHS CULMINATING INTO A RECORDSETTING YEAR. WECU ORIGINATED $796.58 MILLION IN 2021. 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. THE INCREASE IN CONSUMER LENDING PRODUCTS IS NOTEWORTHY. ALL OTHER CONSUMER LOAN ORIGINATIONS INCREASED FROM $54.84 MILLION IN 2020 TO $84.69 MILLION IN 2021, REPRESENTING A 39.78%, OR $21.82 MILLION, INCREASE IN PRODUCTION.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 2020 TO 2021 WAS A RESULT OF CREATIVITY AND RESOLVE.CONSUMER REAL ESTATE, ON THE OTHER HAND, HAD DIFFERENT CHALLENGES. AS WECU WAS TRYING TO PUT THE LARGE CASH BALANCE TO WORK, THE CONSUMER REAL ESTATE TEAM HAD TO AGGRESSIVELY PURSUE EFFICIENCIES IN PROCESS TO MANAGE SUSTAINED VOLUMES. THE TOTAL DOLLAR AMOUNT OF LOANS FUNDED WAS LIFTED BECAUSE THE AVERAGE LOAN AMOUNT INCREASED FROM $200.93 THOUSAND TO $241.26 THOUSAND FROM 2020 TO 2021. IN ADDITION, THE NUMBER OF LOANS ORIGINATED INCREASED BY 13.74%, OR 181 LOANS FROM 2020 TO 2021. WECU ASSISTED 1,498 MEMBERS WITH THEIR REAL ESTATE BORROWING NEEDS. 0 0 0 DEPOSITS AND LIQUIDITY:DEPOSITS INCREASED SIGNIFICANTLY FOR THE SECOND YEAR IN A ROW. TOTAL DEPOSITS INCREASED BY 18.4%, OR $333.99 MILLION IN 2021. THE RESULTING LIQUIDITY POSITION IS EXCELLENT FROM A LIQUIDITY RISK STANDPOINT, BUT AS HIGHLIGHTED PREVIOUSLY, IT HAS AN ADVERSE EFFECT ON THE NET INTEREST MARGIN. IN 2021, 72.62% OR $241.01 MILLION OF THE DEPOSIT GROWTH WAS ATTRIBUTED TO MEMBERS WITH BALANCES OVER $500 THOUSAND OR MORE ON DEPOSIT WITH WECU. 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 2021, 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. THE HOUSING MARKET CONTINUED TO REACH NEW HIGHS CREATING OPPORTUNITIES FOR NEW DEVELOPMENTS AND HOME REMODELS.THE BUSINESS BANKING TEAM HAD ANOTHER BANNER YEAR. AFTER FUNDING 920 PAYCHECK PROTECTION PROGRAM (PPP) LOANS FOR OVER $36 MILLION IN 2020, THE PROGRAM WAS RENEWED IN 2021, RESULTING IN 360 LOANS FOR $11.45 MILLION. THESE NEW LOANS WERE ORIGINATED WHILE SIMULTANEOUSLY WORKING THROUGH THE FORGIVENESS PROCESS OF ALL 1,280 LOANS. IN ADDITION TO THIS, THE TEAM WAS ABLE TO FUND $170 MILLION IN LOANS WHILE FINDING CREATIVE WAYS TO MAINTAIN VALUABLE BUSINESS RELATIONSHIPS IN A HIGHLY COMPETITIVE MARKET. 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 39576 0 472 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 HARTE BRESSLER CHAIR 4.00 X X 0 0 0 KRISTI LEWIS TYRAN VICE CHAIR 4.00 X 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 DALE ZENDER DIRECTOR 4.00 X 0 0 0 GABRIEL MAST SECRETARY 4.00 X X 915 0 0 JENNIFER E KUTCHER PRESIDENT/CEO/TREASURER 50.00 X 711876 0 95630 NICHOLAS A HODSON CHIEF FINANCIAL OFFICER 45.00 X 302106 0 73475 JEFFREY R DYKSTRA EXECUTIVE VICE PRESIDENT 45.00 X 365437 0 83474 JACK INGRAM CHIEF INFORMATION OFFICER 45.00 X 345261 0 86986 CYNTHIA CHASE KLEIN CHIEF HUMAN RESOURCES OFFICER 45.00 X 285135 0 79095 DAVID PIERCE JONES CHIEF MARKETING OFFICER 45.00 X 230497 0 58482 ERYNNE MARIA HALLOCK VP, RETAIL DELIVERY 45.00 X 254795 0 65311 MATTHEW HENRY BERENDSEN VP, LENDING 45.00 X 218263 0 46886 KENT D BOUMA VP, BUSINESS BANKING 45.00 X 231744 0 47598 SMITH BOLORTSETSEG C VICE PRESIDENT, RISK MANAGEMENT 40.00 X 178869 0 32545 GRANT DYKSTRA BUSINESS BANKING SENIOR LOAN OFFICER 40.00 X 173080 0 54283 AARON HEATH WHITSON CREDIT ADMINISTRATOR 40.00 X 161785 0 70179 DAVID DODGE DIRECTOR, IT INFRASTRUCTURE 40.00 X 180112 0 60150 ANDREW WHALEY DIRECTOR, ENTERPRISE APPLICATIONS 40.00 X 166209 0 58446 GLEN R BERRY DIRECTOR, BUSINESS INTELLIGENCE 40.00 X 166360 0 59808 3972444 0 972348 49 0 1 0 FISERV INC 255 FISERV DR BROOKFIELD WI 53045 CORE SOFTWARE SYSTEM PROVIDER 1542926 INFOIMAGE INC 175 S HILL DR BRISBANE CA 94005 MEMBER STATEMENT PROCESSING SERVICES 1326962 BANKINGON INC 5613 HWY 290 W STE 300 AUSTIN TX 78736 MOBILE BANKING 825050 STRATEGIC RESOURCE MANAGEMENT INC 5100 POPLAR AVE STE 2500 MEMPHIS TN 381372501 CONSULTING SERVICES 792060 AMERICAN REPORTING COMPANY LLC 66828 212TH ST SW LYNNWOOD WA 98036 APPRAISAL SERVICES 651317 45 INTEREST ON LOANS TO MEMBERS 522100 59374564 59374564 INTERCHANGE INCOME 522100 12990268 12990268 SERVICE CHARGES AND FEES 522100 8845157 8764300 80857 GAIN ON SALE OF LOANS 522100 1350343 1350343 82560332 1649339 1649339 18000 0 18000 18000 18000 1339295 870905 468390 468390 468390 OTHER INCOME 900099 1050059 1050059 1050059 85746120 82479475 80857 3185788 204850 75000 2891645 3794377 25112566 2573573 5299237 2268182 70046 206648 17500 1629990 742170 2265141 4842879 2693365 32253 180054 245467 2759738 8900 UBI TAXES 5462 CREDIT CARD EXPENSES 5603958 ATM EXPENSES 455983 PROVISION FOR LOAN LOSS 38403 33999 64051386 32886533 28784936 520323854 685897687 11978060 12023936 1490671497 1631956993 3178980 2508029 54904480 22344812 35895343 32559668 6902982 60383966 11111400 12118600 23367984 25624463 2136316633 2491858278 27664765 27400647 2568713 3074284 21250000 21250000 1810860247 2144853999 1862343725 2196578930 X 0 0 0 0 273972908 295279348 273972908 295279348 2136316633 2491858278 21694734 -388294 0 X X 0 1 X 1 0 17500 17500 17500 1 NORTHWEST CREDIT UNION ASSOCIATION 18000 INTERNATIONAL BLVD SUITE 11 SEATAC WA 98188 910460483 17500 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 11891388 11891388 26968959 10768750 16200209 232065 222948 9117 15546946 11353114 4193832 265122 265122 32559668 MEMBERS' SHARE AND SAVINGS ACCOUNT 2144514738 ACCRUED PENSIONS AND PROFIT SHARING 339261 2144853999 X 85746120 0 85746120 0 85746120 64051386 0 64051386 0 64051386 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, 2021 AND 2020. THE CREDIT UNION'S 2018 THROUGH 2020 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. 1 COMMUNITIES IN SCHOOLS OF WHATCOM COUNTY PO BOX 6071 BELLINGHAM WA 98227 640956619 501(C)(3) 20000 0 EDUCATION GRANT MAX HIGBEE COMMUNITY RECREATION CENTER 1400 N STATE ST STE 101 BELLINGHAM WA 98225 911275451 501(C)(3) 20000 0 EDUCATION GRANT GLOBAL COMMUNITY INSTITUTE DBA EXPLORATIONS ACADEMY 1701 ELLIS ST STE 215 BELLINGHAM WA 98225 911518827 501(C)(3) 10000 0 EDUCATION GRANT WHATCOM FAMILY YOUNG MEN'S CHRISTIAN ASSOCIATION 1256 N STATE ST BELLINGHAM WA 98225 910482690 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 NORTHWEST ALLIANCE FOR COLLEGE ACCESS PO BOX 28237 BELLINGHAM WA 98228 272997677 501(C)(3) 15000 0 EDUCATION GRANT 7 0 SCHOLARSHIPS 23 75000 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 528438 0 156672 0 26766 0 70350 0 25280 0 807506 0 0 0 JEFFREY R DYKSTRA EXECUTIVE VICE PRESIDENT 307134 0 45549 0 12754 0 57745 0 25729 0 448911 0 0 0 JACK INGRAM CHIEF INFORMATION OFFICER 283775 0 43561 0 17925 0 61257 0 25729 0 432247 0 0 0 NICHOLAS A HODSON CHIEF FINANCIAL OFFICER 247752 0 37491 0 16863 0 47746 0 25729 0 375581 0 0 0 CYNTHIA CHASE KLEIN CHIEF HUMAN RESOURCES OFFICER 230785 0 36511 0 17839 0 53366 0 25729 0 364230 0 0 0 ERYNNE MARIA HALLOCK VP, RETAIL DELIVERY 204469 0 33053 0 17273 0 39582 0 25729 0 320106 0 0 0 DAVID PIERCE JONES CHIEF MARKETING OFFICER 190256 0 29357 0 10884 0 48882 0 9600 0 288979 0 0 0 KENT D BOUMA VP, BUSINESS BANKING 184618 0 30207 0 16919 0 21869 0 25729 0 279342 0 0 0 MATTHEW HENRY BERENDSEN VP, LENDING 176645 0 29387 0 12231 0 21157 0 25729 0 265149 0 0 0 DAVID DODGE DIRECTOR, IT INFRASTRUCTURE 152493 0 13641 0 13978 0 44612 0 15538 0 240262 0 0 0 AARON HEATH WHITSON CREDIT ADMINISTRATOR 145977 0 13059 0 2749 0 44359 0 25820 0 231964 0 0 0 GRANT DYKSTRA BUSINESS BANKING SENIOR LOAN OFFICER 149496 0 16412 0 7172 0 28149 0 26134 0 227363 0 0 0 GLEN R BERRY DIRECTOR, BUSINESS INTELLIGENCE 150444 0 13277 0 2639 0 37441 0 22367 0 226168 0 0 0 ANDREW WHALEY DIRECTOR, ENTERPRISE APPLICATIONS 146004 0 13061 0 7144 0 32717 0 25729 0 224655 0 0 0 SMITH BOLORTSETSEG C VICE PRESIDENT, RISK MANAGEMENT 156862 0 19652 0 2355 0 16093 0 16452 0 211414 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 12023936 0 1 1 12023936 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 2021. 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 2021. 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 XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.