White River Credit Union

What it reported doing in 2024

White river credit union, located in enumclaw, Washington is 8,400 members strong with $115,000,000 in assets. The credit union was founded in 1952 and originally served weyerhauser employees. Since then, membership has been expanded to include the enumclaw community and the greater south sound region. Our credit union provides basic financial services including share drafts (checking), share accounts (savings), loans, and other services. But, we do a lotmore. Some of the unique services include: -savings secured credit cards-wires-money orders our credit union exists to help people, not make a profit. Our goal is to serve our entire membership well, including those of modest means. Our commitment to our members - we also reach out to members or potential members who are underserved. Members at white river credit union can open an account with $25. All of those members have access to our full range of financial services. White river credit union does much to help members in need:-financial and debt counseling for individuals-small balance loans to tide members over until payday-share secured loans, including credit cardsour commitment to community financial education & literacy - promoting financial literacy has been a primary mission of credit unions since they were established. Edward a. Filene, the father of the american credit union movement in 1908 said, "credit unions are educational institutions." our intent is to teach people wise money management skills they can use to make their entire lives better. Good governance and diversity - credit unions exist to serve all members equally, with dignity, respect, and consideration. We strive to serve everyone who needs financial services within our membership and to be sensitive to the individual needs of the various cultures we serve. Our employees and volunteers reflect the diversity of our membership.the credit union movement - credit unions don't just exist to provide financial services - we provided financial services for the purpose of improving lives. While our first responsibility is to our members, part of being a cooperative movement means looking beyond our walls to the larger community. This philosophy leads us to support worthwhile charitable and social causes, and to work with other credit unions.in our credit union, we reach out by:-cooperating in alliances and partnerships to better serve our members and community-sponsoring food drives for the local food bank-supporting the children's miracle network, toys for tots, and adopt a family programs-being active participants in local service organizations including rotary-establishing electronic funds transfer (eft) accounts-sharing our resources, equipment and personnel to credit unions in need.-encouraging our staff and volunteers to support our local credit union chapter

Financial Efficiency

• Mission deployment rate: Limited
• Program expense ratio: Limited
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Limited
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 5 of 9 controls in place; rating input score 56
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Fail
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Missing
  • Independent financial-statement audit: Fail

Sustainability

• Operating margin: 17.7%; rating input score 74; 74th percentile among comparable filings
• Total-asset coverage ratio: 19.29; rating input score 96; 96th percentile among comparable filings
• Liabilities to assets ratio: 0.85; rating input score 9; 9th percentile among comparable filings
• Officer compensation ratio: 8.8%; rating input score 34; 34th percentile among comparable filings

Growth

• Program expense growth: Limited
• Revenue growth: 8.7% per year; rating input score 100; 63rd percentile among comparable filings
• Asset growth: 7% per year; rating input score 100; 45th percentile among comparable filings