2024-05-09T10:36:48-05:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 20 EAST THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2023-01-01 910712539 WHATCOM EDUCATIONAL CREDIT UNION WHAT 3606761168 21 BELLWETHER WAY 111 BELLINGHAM WA 98225 NICK HODSON CFO 3607567716 2024-05-08 1 NICK HODSON XXX-XX-XXXX 1 MELISSA HANGSLEBEN P02087031 6022662248 2024-05-08 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z JENNIFER KUTCHER 21 BELLWETHER WAY 111 BELLINGHAM WA 98225 140297247 0 X WWW.WECU.COM X 1936 WA OUR MISSION IS TO MAKE A MEANINGFUL DIFFERENCE IN THE LIVES OF OUR MEMBERS. 9 9 484 12 52435 24195 0 0 87021794 112494139 10688363 25369649 1026902 228421 98737059 138092209 253917 364991 4434002 24580840 37112994 46300272 0 0 0 26722803 48064560 68523716 119310663 30213343 18781546 2507427609 2766280343 2190539001 2430302080 316888608 335978263 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 LENDING:TOTAL OUTSTANDING LOANS INCREASED BY 10.38% OR $201.28 MILLION. IT WAS NOT AN ABOVE AVERAGE YEAR FOR LOAN PRODUCTION OR DEMAND, HOWEVER, PRINCIPAL REPAYMENT ON EXISTING LOANS WAS SLOWED TO RECORD LOWS RESULTING IN SIGNIFICANT NET LOAN GROWTH. DESPITE THIS, MANAGEMENT WAS ABLE TO MAINTAIN NET INTEREST INCOME IN DOLLARS WITHOUT JEOPARDIZING NET INCOME. DEPOSITS & LIQUIDITY:MAINTAINING CAUTIONARY SURPLUSES OF LIQUIDITY DURING A PERIOD OF INCREASED LOAN PRODUCTION PROVED DIFFICULT AND REQUIRED VARIOUS TACTICS. RETENTION AND ACQUISITION OF DEPOSITS INCREASED THE COST OF FUNDS AND WHILE IT WAS PRIMARILY WITH SHORT-TERM PRODUCT (LESS THAN A YEAR), IT PUT PRESSURE ON EARNINGS. DEPOSITS INCREASED BY 4.51% OR $96.08 MILLION. BORROWINGS INCREASED BY 531.19% OR $144.75 MILLION. THIS ALLOWED WECU TO MAINTAIN LIQUIDITY RESERVES THROUGHOUT 2023. 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 2023, HELPING MEMBERS AND THE COMMUNITY AT LARGE CONTINUES TO BE A PRIMARY FOCUS. THIS WAS DEMONSTRATED THROUGH SEVERAL ACTIVITIES THROUGHOUT THE YEAR THROUGHOUT THE COUNTIES SERVED. 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 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 74092 0 1 484 1 1 1 0 0 0 0 0 0 0 X 9 9 1 0 1 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 111 BELLINGHAM WA 98225 JENNIFER KUTCHER PRESIDENT & CEO 50.00 X 836637 0 108430 JACK INGRAM CHIEF INFORMATION OFFICER 45.00 X 427450 0 103588 JEFFREY DYKSTRA EXECUTIVE VICE PRESIDENT 45.00 X 420899 0 96115 NICHOLAS HODSON CHIEF FINANCIAL OFFICER 45.00 X 350972 0 89438 CYNTHIA CHASE KLEIN CHIEF HUMAN RESOURCES OFFICER 45.00 X 315903 0 92404 ERYNNE MARIA HALLOCK VICE PRESIDENT, RETAIL DELIVERY 45.00 X 278862 0 75023 MATTHEW HENRY BERENDSEN VICE PRESIDENT, LENDING 45.00 X 284544 0 61256 KENT BOUMA VICE PRESIDENT, BUSINESS BANKING 45.00 X 272883 0 58406 DAVID PIERCE JONES CHIEF MARKETING OFFICER 45.00 X 260938 0 68399 GRANT DAVID DYKSTRA BUSINESS BANKING SENIOR LOAN OFFICER/MANAGER 40.00 X 251942 0 69147 GLEN BERRY DIRECTOR, BUSINESS INTELLIGENCE 40.00 X 197499 0 72690 DONAVON LEE SWINNEY DIRECTOR, INFORMATION SECURITY 40.00 X 192842 0 61792 DAVID LEROY DODGE DIRECTOR, IT INFRASTRUCTURE 40.00 X 193097 0 61054 BOLORTSETSEG SMITH VICE PRESIDENT, RISK MANAGEMENT 40.00 X 196149 0 41956 DUSTIN WILDER BUSINESS BANKING LOAN OFFICER III 40.00 X 184983 0 51237 CAROL LAGER DIRECTOR 4.00 X 3102 0 0 DALE ZENDER SECRETARY 4.00 X X 1564 0 0 ASHOK KHANNA DIRECTOR 4.00 X 1452 0 0 KURT WILLIS DIRECTOR 4.00 X 1272 0 0 KRISTI LEWIS TYRAN CHAIR 4.00 X X 0 0 0 GABRIEL MAST VICE CHAIR 4.00 X X 0 0 0 DAVID WASCHKE DIRECTOR 4.00 X 0 0 0 MARGO HAMMOND DIRECTOR 4.00 X 0 0 0 STEPHANIE MORRELL DIRECTOR 4.00 X 0 0 0 HARTE BRESSLER DIRECTOR (THRU 10/23/23) 4.00 X 0 0 0 CATHIE OBERG DIRECTOR (THRU 02/16/23) 4.00 X 0 0 0 4672990 0 1110935 78 0 1 0 FISERV INC 255 FISERV DR BROOKFIELD WI 53045 CORE SOFTWARE SYSTEM PROVIDER 2176334 INFOIMAGE INC 175 S HILL DR BRISBANE CA 94005 MEMBER STATEMENT PROCESSING SERVICES 1522761 GO LLC 2074 PARK ST STE 307 HARTFORD CT 06106 ADVERTISING SERVICES 1198495 BANKINGON INC 1107 S 8TH ST SUITE F AUSTIN TX 78704 MOBILE BANKING 951443 CU DIRECT CORPORATION 2855 E GUASTI RD SUITE 500 ONTARIO CA 91761 AUTO DEALERSHIP LENDING SERVICES 664617 48 INTEREST ON LOANS TO MEMBERS 522100 86849194 86849194 SERVICE CHARGES AND FEES 522100 15253603 15201168 52435 INTERCHANGE INCOME 522100 10391342 10391342 112494139 25372141 25372141 1240598 1912860 -672262 -672262 -672262 289686 292178 -2492 -2492 -2492 OTHER INCOME 900099 900683 900683 900683 138092209 112441704 52435 25598070 364991 24580840 4440252 30800944 2870860 5467801 2720415 96350 199577 35990 2412845 2218445 3064823 8126216 1307929 305052 270351 12312944 2212799 6449 UBI TAXES 5162 CREDIT CARD EXPENSES 7652922 PROVISION FOR LOAN LOSS 5338718 OTHER EXPENSES 1915248 582740 119310663 36427874 123095945 288819015 189506908 12144176 12265616 1927038258 2126480640 2737541 3847863 92116243 25298515 32815908 66817728 120898362 116094343 55508709 87687430 31037766 40483870 2507427609 2766280343 30902243 29610156 3228492 3339528 27250000 172000000 2129158266 2225352396 2190539001 2430302080 X 0 0 0 0 316888608 335978263 316888608 335978263 2507427609 2766280343 X 18781546 824593 -516484 X 0 1 X 1 0 35990 0 0 35990 35990 1 GO WEST CREDIT UNION ASSOCIATION 18000 INTERNATIONAL BLVD SUITE 11 SEATAC WA 98188 910460483 35990 PART I-A, LINE 1: CONTRIBUTIONS ARE MADE TO POLITICAL ACTION COMMITTEES (PAC) AND OTHER LOBBYING EFFORTS THROUGH ANNUAL PAYMENTS TO THE GO WEST CREDIT UNION ASSOCIATION. 0 1 X 8043397 8043397 64063207 11168380 52894827 1703167 277588 1425579 17110112 13852547 3257565 1196360 1196360 66817728 MEMBERS' SHARE AND SAVINGS ACCOUNT 2224944533 ACCRUED PENSIONS AND PROFIT SHARING 407863 2225352396 X 141096519 1091450 1091450 140005069 -1912860 -1912860 138092209 121223523 1912860 1912860 119310663 0 119310663 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, 2023 AND 2022. THE CREDIT UNION'S 2020 THROUGH 2022 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: GAIN ON 457F ASSETS MOVED TO PART XI, LINE 9 1,091,450. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES MOVED FROM THE STATEMENT OF FUNCTIONAL EXPENSE TO THE STATEMENT OF REVENUE -1,912,860. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES MOVED FROM THE STATEMENT OF FUNCTIONAL EXPENSE TO THE STATEMENT OF REVENUE 1,912,860. 1 PICKFORD FILM CENTER PO BOX 2521 BELLINGHAM WA 98227 911891456 501(C)(3) 20000 0 EDUCATION GRANT NOOKSACK SALMON ENHANCEMENT ASSOCIATION 3057 E BAKERVIEW RD BELLINGHAM WA 98226 943140165 501(C)(3) 15000 0 EDUCATION GRANT BELLINGHAM CHILDCARE & LEARNING CENTER 2600 SQUALICUM PKWY BELLINGHAM WA 98225 911523127 501(C)(3) 20000 0 EDUCATION GRANT SKAGIT VALLEY COLLEGE FOUNDATION 2405 E COLLEGE WAY LEWIS HALL 113 MT VERNON WA 98273 911012915 501(C)(3) 20500 0 EDUCATION GRANT AND SCHOLARSHIPS WHATCOM DREAM 1846 IRON ST BELLINGHAM WA 98225 743086597 501(C)(3) 15000 0 EDUCATION GRANT WHATCOM CENTER FOR EARLY LEARNING 2001 H ST BELLINGHAM WA 98225 911526226 501(C)(3) 15000 0 EDUCATION GRANT CHILDREN OF THE VALLEY 1318 S 18TH ST MT VERNON WA 98274 262867395 501(C)(3) 20000 0 EDUCATION GRANT WESTERN WASHINGTON UNIVERSITY FOUNDATION 516 HIGH STREET MS 9034 BELLINGHAM WA 98226 916073519 501(C)(3) 128000 0 SCHOLARSHIPS BELLINGHAM TECHNICAL COLLEGE 3028 LINDBERGH AVENUE BELLINGHAM WA 98225 911658027 501(C)(3) 8000 0 SCHOLARSHIPS 9 0 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 KUTCHER PRESIDENT & CEO 614583 0 179668 0 42386 0 81300 0 27130 0 945067 0 0 0 JACK INGRAM CHIEF INFORMATION OFFICER 349289 0 61453 0 16708 0 75987 0 27601 0 531038 0 0 0 JEFFREY DYKSTRA EXECUTIVE VICE PRESIDENT 347112 0 63557 0 10230 0 68514 0 27601 0 517014 0 0 0 NICHOLAS HODSON CHIEF FINANCIAL OFFICER 295961 0 52005 0 3006 0 61837 0 27601 0 440410 0 0 0 CYNTHIA CHASE KLEIN CHIEF HUMAN RESOURCES OFFICER 264368 0 48443 0 3092 0 64803 0 27601 0 408307 0 0 0 ERYNNE MARIA HALLOCK VICE PRESIDENT, RETAIL DELIVERY 227777 0 44312 0 6773 0 47422 0 27601 0 353885 0 0 0 MATTHEW HENRY BERENDSEN VICE PRESIDENT, LENDING 234627 0 40183 0 9734 0 33655 0 27601 0 345800 0 0 0 KENT BOUMA VICE PRESIDENT, BUSINESS BANKING 231834 0 40534 0 515 0 30805 0 27601 0 331289 0 0 0 DAVID PIERCE JONES CHIEF MARKETING OFFICER 219161 0 39182 0 2595 0 58095 0 10304 0 329337 0 0 0 GRANT DAVID DYKSTRA BUSINESS BANKING SENIOR LOAN OFFICER 176583 0 74837 0 522 0 41546 0 27601 0 321089 0 0 0 GLEN BERRY DIRECTOR, BUSINESS INTELLIGENCE 184369 0 12608 0 522 0 44563 0 28127 0 270189 0 0 0 DONAVON LEE SWINNEY DIRECTOR, INFORMATION SECURITY 179981 0 12339 0 522 0 33665 0 28127 0 254634 0 0 0 DAVID LEROY DODGE DIRECTOR, IT INFRASTRUCTURE 177136 0 12030 0 3931 0 50823 0 10231 0 254151 0 0 0 BOLORTSETSEG SMITH VICE PRESIDENT, RISK MANAGEMENT 162345 0 33282 0 522 0 21775 0 20181 0 238105 0 0 0 DUSTIN WILDER BUSINESS BANKING LOAN OFFICER III 130088 0 51309 0 3586 0 33651 0 17586 0 236220 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 ARRANGEMENTS INCLUDE A RECOURSE PROVISION WHEREBY THE CREDIT UNION HAS THE INTENT TO SEEK COLLECTION OUTSIDE THE LIFE INSURANCE POLICY IF THE EXECUTIVE WERE TO BE TERMINATED WITH OR WITHOUT CAUSE AND THE EXECUTIVES HAVE THE FINANCIAL ABILITY TO REPAY THE LOAN. 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 PRESIDENT & CEO SPLIT DOLLAR LIFE INSURANCE LOAN X 11073912 12265616 0 1 1 12265616 FORM 990, PART VI, SECTION A, LINE 2 JEFFREY DYKSTRA AND GRANT DYKSTRA HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 4 THE BYLAWS WERE AMENDED DURING 2023 TO REFLECT THAT BOARD AND SUPERVISORY COMMITTEE MEMBERS MAY BE COMPENSATED FOR THEIR SERVICES TO THE EXTENT PERMITTED BY LAW AND IN ACCORDANCE WITH A POLICY ESTABLISHED BY THE BOARD. 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 ORGANIZATION DOES NOT HAVE ANY COMMITTEES THAT HAVE THE 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 DEPARTMENT. 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 2023. 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 2023. 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 XI, LINE 9: GAIN ON 457F ASSETS 1,091,450. CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE -1,607,934.