2024-04-25T12:31:53-07:00 2023-12-31 990 2023-01-01 910587877 INDUSTRIAL CREDIT UNION OF WHATCOM COUNTY INDU 3607342043 PO Box 1767 BELLINGHAM WA 98227 Richard Holcomb VP of Finance 3607342043 2024-04-05 Richard Holcomb 999009999 1 1 11 0 AAL2 2023 2023-04-26 12:10:37Z Brandon Hahnel 1100 North State Street Bellingham WA 98225 32437442 0 X WWW.INDUSTRIALCU.ORG X NOT FOR PROFIT 1941 WA Providing financial services to 36,736 members mostly residing in Whatcom County in the State of Washington. 7 7 141 10 0 0 1370000 516265 20525892 25302511 1085877 1525202 6000 6000 22987769 27349978 0 0 0 0 8523714 8926052 0 0 0 12453374 19025925 20977088 27951977 2010681 -601999 400566413 380307548 372677484 353358102 27888929 26949446 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. 0 0 27951977 27349978 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. 0 0 0 27951977 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 43 0 1 141 1 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 WA X Industrial Credit Union of Whatcom County 3607342043 3233 Northwest Ave Bellingham WA 98225 Brandon Hahnel President/CEO 45 0 X X X 352680 0 0 Richard Holcomb VP/Finance 45 0 X X 160486 0 0 BJ Van Leeuwen VP/Lending 45 0 X X 150326 0 0 Vickie Skelton VP/Operations 45 0 X X 148658 0 0 Andy Thom VP/IT 45 0 X 125096 0 0 Denise Pethick VP/Human Resources 45 0 X 124773 0 0 Dain Stevens VP/Digital Services 45 0 X 119171 0 0 Corey Vincent Business Intelligence Developer 45 0 X 111865 0 0 Kessa Volland Director of Marketing 45 0 X X 104175 0 0 Dave Ross Director / Business Development 45 0 X 104136 0 0 Annie Johnson Director/Compliance 45 0 X 101706 0 0 Dennis McGrew Board of Director 1 0 X 2400 0 0 Michael Ashby Board Vice Chair 1 0 X 2400 0 0 Harold Henkel Board of Director 1 0 X 2400 0 0 Melissa Johnston Board of Director 1 0 X 2200 0 0 Nikole Knauft Board of Director 1 0 X 2200 0 0 Stan Godek Board of Director 1 0 X 2200 0 0 Areti Moulares Supervisory Committee Chair 1 0 X 2000 0 0 Bonnie Drafs Supervisory Committee 1 0 X 1800 0 0 Matthew Cooper Supervisory Committee 1 0 X 1400 0 0 Rick Maricle Board Chair 2 0 X 0 0 0 1622072 0 0 11 0 1 0 GKS Media 2263 Mt Baker Hwy Belingham WA 98226 Digital Marketing 105000 1 0 0 0 0 516265 0 0 516265 Interest on Loans 522130 18615615 18615615 0 0 Revenue Paid By Members for Services 522130 6686896 6686896 0 0 0 0 0 0 25302511 1890736 1890736 0 0 0 0 0 0 0 0 0 0 6000 0 0 0 6000 0 6000 6000 0 0 0 4721930 0 5087464 0 -365534 -365534 -365534 0 0 0 0 0 0 0 0 0 0 27349978 26833713 0 0 1702755 1702755 0 0 0 0 0 0 5321878 5321878 0 0 230654 230654 0 0 1091707 1091707 0 0 579058 579058 0 0 0 0 0 0 74227 74227 0 0 167510 167510 0 0 0 0 0 0 0 0 0 0 0 0 267983 267983 0 0 461598 461598 0 0 881851 881851 0 0 2729795 2729795 0 0 0 0 0 0 639948 639948 0 0 50782 50782 0 0 0 0 0 0 41455 41455 0 0 3464792 3464792 0 0 0 0 0 0 645040 645040 0 0 80976 80976 0 0 Provision for Loan Losses 8450983 8450983 0 0 Loan Servicing 546058 546058 0 0 Member Statements 66956 66956 0 0 Other Operating 455971 455971 0 0 27951977 27951977 0 0 2885498 2972663 19537539 22664567 0 205876 253394 0 0 317735278 300320392 0 843151 789031 13878596 7453131 6568132 6425465 249579 309680 0 49853828 43714611 0 2687532 2857745 400566413 380307548 4865756 5711327 0 0 0 0 0 0 0 0 0 0 21000000 14000000 0 346811728 333646775 372677484 353358102 X 0 0 0 0 27888929 26949446 27888929 26949446 400566413 380307548 X -601999 646828 0 0 0 -984312 X 1 X 1 X 1 1 1 1885957 0 1885957 5834697 0 2749704 3084993 579100 0 576394 2706 5578842 0 4127033 1451809 0 0 0 0 6425465 Mortgage/Agency Securities 38846145 F Non-Publically Owned Stock 1260112 C NCUSIF Share Insurance Fund 3263021 C Credit Union Membership Capital 345333 C 43714611 0 Member Deposits 333646775 333646775 27349978 0 0 0 0 0 27349978 0 0 0 27349978 27951977 0 0 0 0 0 27951977 0 0 0 27951977 X 0 0 0 Brandon Hahnel President/CEO 276571 0 0 0 76109 0 98838 0 0 0 451518 0 76109 0 Richard Holcomb VP/Finance 160486 0 0 0 0 0 14244 0 0 0 174730 0 0 0 BJ Van Leeuwen VP/Lending 150326 0 0 0 0 0 8887 0 0 0 159213 0 0 0 Vickie Skelton VP/Operations 148658 0 0 0 0 0 8672 0 0 0 157330 0 0 0 Andy Thom VP/IT 125096 0 0 0 0 0 7134 0 0 0 132230 0 0 0 Denise Pethick VP/Human Resources 124773 0 0 0 0 0 7330 0 0 0 132103 0 0 0 Dain Stevens VP/Digital Services 119171 0 0 0 0 0 7057 0 0 0 126228 0 0 0 Corey Vincent Business Intelligence Developer 111865 0 0 0 0 0 5516 0 0 0 117381 0 0 0 Kessa Volland Director of Marketing 104175 0 0 0 0 0 6156 0 0 0 110331 0 0 0 Dave Ross Director / Business Development 104136 0 0 0 0 0 6000 0 0 0 110136 0 0 0 Annie Johnson Director/Compliance 101706 0 0 0 0 0 5957 0 0 0 107663 0 0 0 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. Form 990, Part VI, Section A, Line 6 By opening an account at the credit union, you are considered a member. As a member, you are considered part owner of the cooperative. You are allowed to vote for a member elected board of directors. You also have the opportunity to run for a board of director position. Form 990, Part VI, Section A, Line 7a Each year, there are generally 2 or 3 board of director positions open for election. The members who attend the credit union's annual meeting have the opportunity to cast 1 vote per member for those members who want to be on the board of directors. Form 990, Part VI, Section A, Line 7b If the credit union merged into another credit union (or the other credit union merged into Industrial), the vote to merge would be brought to both credit union's membership to vote. Form 990, Part VI, Section B, Line 11b Once the 990 draft is complete, the VP/Finance or designee will provide a full copy of the 990 report to the CEO for approval. Any questions or comments are discussed and if changes need to be made, they are prior to submission. the VP/Finance will file and retain the 990 report. Form 990, Part VI, Section B, Line 12c The credit union has a member elected Supervisory Committee that acts as the credit union's watchdog. The Supervisory Committee has an internal auditor on staff that reviews specific areas of credit union operations. This committee is also responsible for hiring all external auditing firms to conduct audits, including operational, financial and personnel. Form 990, Part VI, Section B, Line 15 The credit union contracts with "Balance" who is an outside agency that specializes in credit union compensation at all levels in the organization. This ensures the credit union's established current salary ranges are equitable to the job's skill and knowledge requirements. Form 990, Part VI, Section C, Line 19 Financial statements are provided to the attending membership at the annual meeting. Quarterly financial statements are provided through the ncua.gov website. Annual compensation for both the board of directors and supervisory committee are provided on the credit union's website. Form 990, Part XI, Line 9 As part of ASC 326 (Allowance for Credit Losses), the credit union was able to make a 1-time adjustment to capital to adhere to the new accounting rules. The adjustment of -984,312 increased the allowance for credit loss. Industrial Credit Union Services Inc PO Box 1767 Bellingham WA 98227 911263538 Auto & Home Insurance WA Industrial Credit Union of Whatcom County Industrial Credit Union Services Inc PO Box 1767 Bellingham WA 98227 911263538 Currently Inactive WA Industrial Credit Union of Whatcom County C 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0