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Nonprofiteer
← INDUSTRIAL CREDIT UNION OF WHATCOM COUNTY

Form 990 for tax year 2025

Filed by INDUSTRIAL CREDIT UNION OF WHATCOM COUNTY.

Totals

Total revenue
$27,826,071
Total expenses
$25,317,311
Contributions and grants received
$625,000
Grants paid
$0
Program service revenue
$23,138,803
Investment income
$4,056,268
Other revenue
$6,000
Total assets, end of year
$388,442,990
Total liabilities, end of year
$356,456,843
Net assets or fund balances, end of year
$31,986,147
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$25,317,311

Program services were 0.0% 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)

    $625,000

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: Interest on Loans

    total $16,405,708 · related or exempt $16,405,708 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Revenue Paid by Members for Services

    total $6,733,095 · related or exempt $6,733,095 · 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 $4,524,221 · related or exempt $4,524,221 · 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 $2,519,417

  • 7b · Less cost or other basis and sales expenses

    securities $0 · other assets $2,987,370

  • 7c · Gain or loss

    securities $0 · other assets -$467,953

  • 7d · Net gain or loss

    total -$467,953 · related or exempt -$467,953 · unrelated business $0 · excluded $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $1,131,849

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $6,659,759

  • 8 · Pension plan contributions

    total $252,922

  • 9 · Other employee benefits

    total $1,293,249

  • 10 · Payroll taxes

    total $647,523

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $57,824

  • 11c · Fees: accounting

    total $189,272

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $147,692

  • 12 · Advertising and promotion

    total $471,588

  • 13 · Office expenses

    total $801,843

  • 14 · Information technology

    total $3,339,199

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $645,549

  • 17 · Travel

    total $54,804

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $49,022

  • 20 · Interest

    total $4,088,807

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $762,585

  • 23 · Insurance

    total $91,744

  • 24a · Other expenses: Provision for Loan Loss

    total $3,315,544

  • 24b · Other expenses: Loan Servicing

    total $718,274

  • 24c · Other expenses: Member Statements

    total $59,646

  • 24d · Other expenses: Other Operating

    total $538,616

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,697,841 · end of year $2,318,561

  • 2 · Savings and temporary cash investments

    beginning of year $54,901,213 · end of year $47,780,105

  • 4 · Accounts receivable

    beginning of year $192,441 · end of year $94,111

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $263,486,321 · end of year $253,951,988

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $882,806 · end of year $1,005,017

  • 10a · Land, buildings and equipment: cost or other basis

    $14,826,154

  • 10b · Land, buildings and equipment: accumulated depreciation

    $8,060,280

  • 10c · Land, buildings and equipment, net

    beginning of year $6,788,723 · end of year $6,765,874

  • 11 · Investments: publicly traded securities

    beginning of year $347,080 · end of year $404,779

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $58,738,264 · end of year $73,785,418

  • 14 · Intangible assets

    beginning of year $0

  • 15 · Other assets

    beginning of year $2,398,114 · end of year $2,337,137

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,672,601 · end of year $4,675,424

  • 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 $14,000,000 · end of year $14,000,000

  • 24 · Unsecured notes and loans payable

    beginning of year $0

  • 25 · Other liabilities

    beginning of year $342,632,868 · end of year $337,781,419

  • 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 $28,127,334 · end of year $31,986,147

Mission and programs · 2025

Mission

Providing financial services to 33,218 members which includes but is not limited to loans and savings programs. These services are provided by 10 volunteers and 108 full and part time employees.

Activities or mission (Part I)

Providing financial services to 33,218 members mostly residing in Whatcom County in the State of Washington.

  • Providing financial services to 33,218 members which includes but is not limited to loans and savings programs. These services are provided by 10 volunteers and 108 full and part time employees.

    Expenses $25,317,311 · Revenue $27,826,071

As filed on the 2025 return.

Listed in Part VII

  • Brandon Hahnel

    President/CEO

    Total calculated
    $408,151
    From this org
    $408,151
    From related orgs
    $0
    Other
    $0
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $308,964
    Bonus
    $0
    Other
    $99,186
    Deferred
    $106,488
    Nontaxable benefits
    $0
    Filer's total
    $514,638

  • Richard Holcomb

    VP/Finance

    Total calculated
    $178,553
    From this org
    $178,553
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,553
    Bonus
    $0
    Other
    $0
    Deferred
    $15,488
    Nontaxable benefits
    $0
    Filer's total
    $194,041

  • BJ Van Leeuwen

    VP/Lending

    Total calculated
    $166,954
    From this org
    $166,954
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,954
    Bonus
    $0
    Other
    $0
    Deferred
    $9,972
    Nontaxable benefits
    $0
    Filer's total
    $176,926

  • Dain Stevens

    VP/Digital Services

    Total calculated
    $164,948
    From this org
    $164,948
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $164,948
    Bonus
    $0
    Other
    $0
    Deferred
    $9,857
    Nontaxable benefits
    $0
    Filer's total
    $174,805

  • Vickie Skelton

    VP/Operations

    Total calculated
    $161,037
    From this org
    $161,037
    From related orgs
    $0
    Other
    $0
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $161,037
    Bonus
    $0
    Other
    $0
    Deferred
    $9,587
    Nontaxable benefits
    $0
    Filer's total
    $170,624

  • Andy Thom

    VP/IT

    Total calculated
    $143,844
    From this org
    $143,844
    From related orgs
    $0
    Other
    $0
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $143,844
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $143,844

  • Corey Vincent

    Senior Developer

    Total calculated
    $135,070
    From this org
    $135,070
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $135,070
    Bonus
    $0
    Other
    $0
    Deferred
    $6,718
    Nontaxable benefits
    $0
    Filer's total
    $141,788

  • Ashley Walker

    Mortgage Program Manager

    Total calculated
    $128,034
    From this org
    $128,034
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,034
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $128,034

  • David Enertsen

    Director Enterprise Applications

    Total calculated
    $108,424
    From this org
    $108,424
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $108,424
    Bonus
    $0
    Other
    $0
    Deferred
    $6,398
    Nontaxable benefits
    $0
    Filer's total
    $114,822

  • Chris Juchmes

    Mortgage Loan Officer

    Total calculated
    $108,257
    From this org
    $108,257
    From related orgs
    $0
    Other
    $0
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $108,257
    Bonus
    $0
    Other
    $0
    Deferred
    $5,723
    Nontaxable benefits
    $0
    Filer's total
    $113,980

  • Harold Henkel

    Board of Director/Secretary

    Total calculated
    $2,200
    From this org
    $2,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $2,200
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $2,200

  • Matthew Cooper

    Supervisory Committee

    Total calculated
    $2,200
    From this org
    $2,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $2,200
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $2,200

  • Nikole Knauft

    Board of Directors / Chair

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $2,000
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $2,000

  • Michael Ashby

    Board Vice Chair

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $2,000
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $2,000

  • Areti Kinser

    Supervisory Committee Chair

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $2,000
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $2,000

  • Melissa Johnston

    Board of Director

    Total calculated
    $1,800
    From this org
    $1,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $1,800
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $1,800

  • Stan Godek

    Board of Director

    Total calculated
    $1,800
    From this org
    $1,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $1,800
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $1,800

  • Devin Davolio

    Board of Director

    Total calculated
    $1,600
    From this org
    $1,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $1,600
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $1,600

  • Bonnie Drafs

    Supervisory Committee

    Total calculated
    $1,600
    From this org
    $1,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $1,600
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $1,600

  • Rich Maricle

    Board of Director

    Total calculated
    $0
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0

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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

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

    Currently Inactive · 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
2025
Filed
17 April 2026
IRS schema version
2025v4.0
Source object
202611139349301811

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