Form 990 for tax year 2023
Filed by INDUSTRIAL CREDIT UNION OF WHATCOM COUNTY.
Totals
- Total revenue
- $27,349,978
- Total expenses
- $27,951,977
- Contributions and grants received
- $516,265
- Grants paid
- $0
- Program service revenue
- $25,302,511
- Investment income
- $1,525,202
- Other revenue
- $6,000
- Total assets, end of year
- $380,307,548
- Total liabilities, end of year
- $353,358,102
- Net assets or fund balances, end of year
- $26,949,446
- Program services expenses (Part IX)
- $27,951,977
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $27,951,977
Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1a · Federated campaigns
$0
-
1b · Membership dues
$0
-
1c · Fundraising events
$0
-
1d · Related organizations
$0
-
1e · Government grants (contributions)
$516,265
-
1f · All other contributions, gifts and grants
$0
-
1g · Noncash contributions included above
$0
-
2a · Program service revenue: Interest on Loans
total $18,615,615 · related or exempt $18,615,615 · unrelated business $0 · excluded $0
-
2b · Program service revenue: Revenue Paid By Members for Services
total $6,686,896 · related or exempt $6,686,896 · unrelated business $0 · excluded $0
-
2f · All other program service revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
3 · Investment income
total $1,890,736 · related or exempt $1,890,736 · unrelated business $0 · excluded $0
-
4 · Income from investment of tax-exempt bond proceeds
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
5 · Royalties
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
6a · Gross rents
real property $6,000 · personal property $0
-
6b · Less rental expenses
real property $0 · personal property $0
-
6c · Rental income or loss
real property $6,000 · personal property $0
-
6d · Net rental income or loss
total $6,000 · related or exempt $6,000 · unrelated business $0 · excluded $0
-
7a · Gross sales of assets other than inventory
securities $0 · other assets $4,721,930
-
7b · Less cost or other basis and sales expenses
securities $0 · other assets $5,087,464
-
7c · Gain or loss
securities $0 · other assets -$365,534
-
7d · Net gain or loss
total -$365,534 · related or exempt -$365,534 · unrelated business $0 · excluded $0
-
8a · Fundraising events: contributions included on line 1c
$0
-
10a · Gross sales of inventory
$0
-
10b · Cost of goods sold
$0
-
10c · Net income from sales of inventory
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
11e · Other revenue, total
$0
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $1,702,755 · program services $1,702,755 · management and general $0 · fundraising $0
-
6 · Compensation of disqualified persons
total $0 · program services $0 · management and general $0 · fundraising $0
-
7 · Other salaries and wages
total $5,321,878 · program services $5,321,878 · management and general $0 · fundraising $0
-
8 · Pension plan contributions
total $230,654 · program services $230,654 · management and general $0 · fundraising $0
-
9 · Other employee benefits
total $1,091,707 · program services $1,091,707 · management and general $0 · fundraising $0
-
10 · Payroll taxes
total $579,058 · program services $579,058 · management and general $0 · fundraising $0
-
11a · Fees: management
total $0 · program services $0 · management and general $0 · fundraising $0
-
11b · Fees: legal
total $74,227 · program services $74,227 · management and general $0 · fundraising $0
-
11c · Fees: accounting
total $167,510 · program services $167,510 · management and general $0 · fundraising $0
-
11d · Fees: lobbying
total $0 · program services $0 · management and general $0 · fundraising $0
-
11e · Fees: professional fundraising services
total $0 · fundraising $0
-
11f · Fees: investment management
total $0 · program services $0 · management and general $0 · fundraising $0
-
11g · Fees: other
total $267,983 · program services $267,983 · management and general $0 · fundraising $0
-
12 · Advertising and promotion
total $461,598 · program services $461,598 · management and general $0 · fundraising $0
-
13 · Office expenses
total $881,851 · program services $881,851 · management and general $0 · fundraising $0
-
14 · Information technology
total $2,729,795 · program services $2,729,795 · management and general $0 · fundraising $0
-
15 · Royalties
total $0 · program services $0 · management and general $0 · fundraising $0
-
16 · Occupancy
total $639,948 · program services $639,948 · management and general $0 · fundraising $0
-
17 · Travel
total $50,782 · program services $50,782 · management and general $0 · fundraising $0
-
18 · Travel or entertainment for public officials
total $0 · program services $0 · management and general $0 · fundraising $0
-
19 · Conferences, conventions and meetings
total $41,455 · program services $41,455 · management and general $0 · fundraising $0
-
20 · Interest
total $3,464,792 · program services $3,464,792 · management and general $0 · fundraising $0
-
21 · Payments to affiliates
total $0 · program services $0 · management and general $0 · fundraising $0
-
22 · Depreciation, depletion and amortization
total $645,040 · program services $645,040 · management and general $0 · fundraising $0
-
23 · Insurance
total $80,976 · program services $80,976 · management and general $0 · fundraising $0
-
24a · Other expenses: Provision for Loan Losses
total $8,450,983 · program services $8,450,983 · management and general $0 · fundraising $0
-
24b · Other expenses: Loan Servicing
total $546,058 · program services $546,058 · management and general $0 · fundraising $0
-
24c · Other expenses: Member Statements
total $66,956 · program services $66,956 · management and general $0 · fundraising $0
-
24d · Other expenses: Other Operating
total $455,971 · program services $455,971 · management and general $0 · fundraising $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $2,885,498 · end of year $2,972,663
-
2 · Savings and temporary cash investments
beginning of year $19,537,539 · end of year $22,664,567
-
3 · Pledges and grants receivable
end of year $0
-
4 · Accounts receivable
beginning of year $205,876 · end of year $253,394
-
5 · Loans and receivables from officers and key people
end of year $0
-
6 · Loans and receivables from disqualified persons
end of year $0
-
7 · Other notes and loans receivable
beginning of year $317,735,278 · end of year $300,320,392
-
8 · Inventories for sale or use
end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $843,151 · end of year $789,031
-
10a · Land, buildings and equipment: cost or other basis
$13,878,596
-
10b · Land, buildings and equipment: accumulated depreciation
$7,453,131
-
10c · Land, buildings and equipment, net
beginning of year $6,568,132 · end of year $6,425,465
-
11 · Investments: publicly traded securities
beginning of year $249,579 · end of year $309,680
-
12 · Investments: other securities
end of year $0
-
13 · Investments: program-related
beginning of year $49,853,828 · end of year $43,714,611
-
14 · Intangible assets
end of year $0
-
15 · Other assets
beginning of year $2,687,532 · end of year $2,857,745
-
17 · Accounts payable and accrued expenses
beginning of year $4,865,756 · end of year $5,711,327
-
18 · Grants payable
beginning of year $0 · end of year $0
-
19 · Deferred revenue
beginning of year $0 · end of year $0
-
20 · Tax-exempt bond liabilities
beginning of year $0 · end of year $0
-
21 · Escrow or custodial account liability
beginning of year $0 · end of year $0
-
22 · Loans and payables to officers and key people
beginning of year $0 · end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $21,000,000 · end of year $14,000,000
-
24 · Unsecured notes and loans payable
end of year $0
-
25 · Other liabilities
beginning of year $346,811,728 · end of year $333,646,775
-
29 · Capital stock, trust principal or current funds
beginning of year $0 · end of year $0
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $0 · end of year $0
-
31 · Retained earnings, endowment or other funds
beginning of year $27,888,929 · end of year $26,949,446
Mission and programs · 2023
Mission
Providing financial services to 36,736 member which includes but is not limited to loans and savings programs. These services are provided by 10 volunteers and 106 full and part time employees.
Activities or mission (Part I)
Providing financial services to 36,736 members mostly residing in Whatcom County in the State of Washington.
-
Providing financial services to 36,736 members which includes but is not limited to loans and savings programs. These services are provided by 10 volunteers and 106 full and part time employees.
Expenses $27,951,977 · Revenue $27,349,978
As filed on the 2023 return.
Listed in Part VII
-
Brandon Hahnel
President/CEO
- Total calculated
- $352,680
- From this org
- $352,680
- From related orgs
- $0
- Other
- $0
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $276,571
- Bonus
- $0
- Other
- $76,109
- Deferred
- $98,838
- Nontaxable benefits
- $0
- Filer's total
- $451,518
-
Richard Holcomb
VP/Finance
- Total calculated
- $160,486
- From this org
- $160,486
- From related orgs
- $0
- Other
- $0
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $160,486
- Bonus
- $0
- Other
- $0
- Deferred
- $14,244
- Nontaxable benefits
- $0
- Filer's total
- $174,730
-
BJ Van Leeuwen
VP/Lending
- Total calculated
- $150,326
- From this org
- $150,326
- From related orgs
- $0
- Other
- $0
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $150,326
- Bonus
- $0
- Other
- $0
- Deferred
- $8,887
- Nontaxable benefits
- $0
- Filer's total
- $159,213
-
Vickie Skelton
VP/Operations
- Total calculated
- $148,658
- From this org
- $148,658
- From related orgs
- $0
- Other
- $0
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $148,658
- Bonus
- $0
- Other
- $0
- Deferred
- $8,672
- Nontaxable benefits
- $0
- Filer's total
- $157,330
-
Andy Thom
VP/IT
- Total calculated
- $125,096
- From this org
- $125,096
- From related orgs
- $0
- Other
- $0
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $125,096
- Bonus
- $0
- Other
- $0
- Deferred
- $7,134
- Nontaxable benefits
- $0
- Filer's total
- $132,230
-
Denise Pethick
VP/Human Resources
- Total calculated
- $124,773
- From this org
- $124,773
- From related orgs
- $0
- Other
- $0
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $124,773
- Bonus
- $0
- Other
- $0
- Deferred
- $7,330
- Nontaxable benefits
- $0
- Filer's total
- $132,103
-
Dain Stevens
VP/Digital Services
- Total calculated
- $119,171
- From this org
- $119,171
- From related orgs
- $0
- Other
- $0
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $119,171
- Bonus
- $0
- Other
- $0
- Deferred
- $7,057
- Nontaxable benefits
- $0
- Filer's total
- $126,228
-
Corey Vincent
Business Intelligence Developer
- Total calculated
- $111,865
- From this org
- $111,865
- From related orgs
- $0
- Other
- $0
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $111,865
- Bonus
- $0
- Other
- $0
- Deferred
- $5,516
- Nontaxable benefits
- $0
- Filer's total
- $117,381
-
Kessa Volland
Director of Marketing
- Total calculated
- $104,175
- From this org
- $104,175
- From related orgs
- $0
- Other
- $0
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $104,175
- Bonus
- $0
- Other
- $0
- Deferred
- $6,156
- Nontaxable benefits
- $0
- Filer's total
- $110,331
-
Dave Ross
Director / Business Development
- Total calculated
- $104,136
- From this org
- $104,136
- From related orgs
- $0
- Other
- $0
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $104,136
- Bonus
- $0
- Other
- $0
- Deferred
- $6,000
- Nontaxable benefits
- $0
- Filer's total
- $110,136
-
Annie Johnson
Director/Compliance
- Total calculated
- $101,706
- From this org
- $101,706
- From related orgs
- $0
- Other
- $0
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $101,706
- Bonus
- $0
- Other
- $0
- Deferred
- $5,957
- Nontaxable benefits
- $0
- Filer's total
- $107,663
-
Dennis McGrew
Board of Director
- Total calculated
- $2,400
- From this org
- $2,400
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Michael Ashby
Board Vice Chair
- Total calculated
- $2,400
- From this org
- $2,400
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Harold Henkel
Board of Director
- Total calculated
- $2,400
- From this org
- $2,400
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Melissa Johnston
Board of Director
- Total calculated
- $2,200
- From this org
- $2,200
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Nikole Knauft
Board of Director
- Total calculated
- $2,200
- From this org
- $2,200
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Stan Godek
Board of Director
- Total calculated
- $2,200
- From this org
- $2,200
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Areti Moulares
Supervisory Committee Chair
- Total calculated
- $2,000
- From this org
- $2,000
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Bonnie Drafs
Supervisory Committee
- Total calculated
- $1,800
- From this org
- $1,800
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Matthew Cooper
Supervisory Committee
- Total calculated
- $1,400
- From this org
- $1,400
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Rick Maricle
Board Chair
- Total calculated
- $0
- Hours/week
- 2
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 3 · Independent compensation consultant
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- Schedule J, Part II
- President/CEO and VP/Finance have 457B plans. The CEO's plan has a $19,000 yearly contribution while the VP/Finance has a $4,800 yearly contribution. All other deferred contributions are 401k match contributions made by the credit union. Part B line iii shows CEO other reportable compensation at $95,308 which is a 457f payout to the president CEO in 2024. This will be part of the W-2 salary when reported in 2024.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
Industrial Credit Union Services Inc
Auto & Home Insurance · WA
Directly controlled by Industrial Credit Union of Whatcom County
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
Industrial Credit Union Services Inc
C · Currently Inactive · WA · 100% owned
Directly controlled by Industrial Credit Union of Whatcom County
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 5 April 2024
- IRS schema version
- 2023v5.0
- Source object
- 202421169349301442
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