2024-10-02T11:01:43-05:00 2023-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2023-01-01 950952237 WATER AND POWER COMMUNITY CREDIT UNION WATE 2135801706 1053 WEST SUNSET BLVD LOS ANGELES CA 90012 FELIPE CASTANEDA CFO 2135801706 2024-09-26 1 1 VALENTINO CREUS CPA P01054153 8189549700 2023 2024-10-15 13:58:12Z MIKE TUFEGDZICH 1053 WEST SUNSET BLVD LOS ANGELES CA 90012 45753733 0 X WWW.WPCU.ORG X CREDIT UNION 1936 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 6 6 146 11 192146 0 0 0 32404288 36545127 7964217 6382666 643259 2819468 41011764 45747261 56327 25139 0 0 13208885 14594260 0 0 0 21362312 25640818 34627524 40260217 6384240 5487044 929459865 969595009 893406512 929605255 36053353 39989754 X A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT ANDSAVINGS AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR THEM AT RATES OF INTEREST SET BY THE BOARD OF DIRECTORS, AND PROVIDING AN OPPORTUNITY FOR THEM TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, WATER & POWER COMMUNITY CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITSMEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. 0 0 THE CREDIT UNION PROVIDED DEPOSIT ACCOUNTS AND LOAN SERVICES TO 44,861 MEMBERS AS OF DECEMBER 31, 2023. IN 2023, 6,261 LOANS WERE MADE TO MEMBERS. 0 0 1 0 0 0 0 0 0 1 1 1 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 9384 0 1 146 1 1 1 0 0 0 0 0 0 0 0 0 X 6 6 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X X FELIPE CASTANEDACFO 2135801706 1053 WEST SUNSET BLVD LOS ANGELES CA 90012 NORA YUSA BOARD CHAIRPERSON 3.00 X 0 0 0 VENEST HENRY-EVANS BOARD 1ST VICE CHAIR 3.00 X 0 0 0 GLADYS BERRY BOARD SECRETARY 3.00 X 0 0 0 GERARD WATSON ASSISTANT SECRETARY 3.00 X 0 0 0 BELINDA WALKER BOARD TREASURER 3.00 X 0 0 0 BRIAN LAM ASSISTANT TREASURER 3.00 X 0 0 0 THERON RUCKER SUPV CMTE CHAIRPERSON 3.00 X 0 0 0 SALVADOR MANCILLA SUPV CMTE VICE CHAIRPERSON 3.00 X 0 0 0 WING WONG SUPV CMTE MEMBER 3.00 X 0 0 0 CYNTHIA MEEKINS SUPV CMTE MEMBER 3.00 X 0 0 0 EMMAJACKY MAGARIN SUPV CMTE MEMBER 3.00 X 0 0 0 MIKE TUFEGDZICH CEO 40.00 X 466275 0 28291 CELESTE ZIBELLI VP OF MARKERTING AND FINANCIAL SERVICES 22.00 X 365239 0 14804 PATRICE MUSTAFA COO 42.00 X 283239 0 31064 FELIPE CASTANEDA CFO 40.00 X 274718 0 30099 BRUCE ALAN WEST CPO 40.00 X 252021 0 19593 DAVID COVELL VP INFORMATION TECHNOLOGY 40.00 X 205523 0 42661 JESSICA ORTIZ DIRECTOR OF COMPLIANCE 42.00 X 164749 0 27798 LUIS ROBLES TREASURER 44.00 X 193003 0 21412 ITALO ALVARADO RE LOAN OFFICER 52.00 X 168371 0 2414 KENNETH MICHAEL SENIOR MANAGER NETWORK SECURITY 40.00 X 167542 0 31064 FADWA KNOX DIRECTOR LENDING 41.00 X 156945 0 19468 ERIC GUERRERO DIRECTOR MARKETING 41.00 X 145997 0 11264 2843622 0 279932 32 0 1 0 UPSTART NETWORK INC 2950 S DELAWARE ST SUITE 300 SAN MATEO CA 94403 CLOUD SERVICES 1560417 JACK HENRY AND ASSOCIATES INC PO BOX 609 MONETT MO 65708 FINANCIAL SERVICES 730246 ALKAMI PO BOX 22223 DEPT 2223 DALLAS TX 753122223 CLOUD SERVICES 672398 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 90312 WEB,PRINT MAIL AND ARCHIVE CHANNELS 426395 TEMENOS USA INC 230 PARK AVENUE NEW YORK NY 10169 CLOUD SERVICES 165975 13 INTEREST ON LOANS 522100 30056537 30056537 OTHER OPERATING INCOME 522100 3315968 3303195 12773 FEE INCOME 522100 3172622 2993249 179373 36545127 6389138 6389138 6472 -6472 -6472 -6472 OTHER NON-OPERATING INCOME 522100 2762491 2762491 GAIN ON MARKET ADJUSTMENT ON INVE 522100 56977 56977 2819468 45747261 45555115 192146 0 25139 2843622 9414494 351261 1113066 871817 81882 198500 510369 513562 6430051 828223 1235006 380255 6403715 194082 46208 PROVISION FOR LOAN & LE 4746511 LOAN SERVICING EXPENSE 3304712 MISCELLANEOUS OPERATING 534433 OPERATING FEES 117859 115450 40260217 4366593 4382115 40262154 62078360 4836285 4054490 819544 939450 17229482 11929395 5504377 5300087 238045134 210055689 601859357 661110475 33766421 21674343 929459865 969595009 8810769 5522083 33101821 851493922 924083172 893406512 929605255 X 0 0 0 0 36053353 39989754 36053353 39989754 929459865 969595009 X 5487044 5140638 -6691281 X X 0 1 X 1 0 4839 4839 4839 1 CALIFORNIA CREDIT UNION LEAGUE 2855 E GUASTI ROAD SUITE 202 ONTARIO CA 917611249 4839 3692579 3692579 5409560 4461902 947658 1155780 1070421 85359 4642104 4589913 52191 2329459 1807159 522300 5300087 INVESTMENTS IN PUBLICLY TRADED SECURITIES 210055689 F 210055689 OTHER INVESTMENTS 5290500 F TOTAL LOANS AND LEASES 648196864 F NCUA SHARE DEPOSIT 7623111 C 661110475 ACCRUED DIVIDENDS AND INTEREST PAYABLE 1636453 MEMBER SHARES OF ALL TYPES 824446719 BORROWINGS 98000000 924083172 X 45727566 0 45727566 19695 19695 45747261 40240522 0 40240522 19695 19695 40260217 PART X, LINE 2: FASB ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE FINANCIAL STATEMENTS. THIS REQUIRES THE EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE CREDIT UNION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE LIKELY THAN NOT" OF BEING SUSTAINED "WHEN CHALLENGED OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS DEEMED TO NOT MEET THE MORE-LIKELY-THAN-NOT THRESHOLD SHOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFICATION BETWEEN REVENUE AND EXPENSE 19,695. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFICATION BETWEEN REVENUE AND EXPENSE 19,695. 1 LOS ANGELES CLEANTECH INCUBATOR 525 S HEWITT ST LOS ANGELES CA 90013 454998717 501(C)(3) 15000 0 FMV TO FOCUS THE PRIVATE AND PUBLIC SECTORS ON THE PROCESSES AND TECHNOLOGIES. 1 0 X X X 0 1 0 MIKE TUFEGDZICH CEO 462309 0 2382 0 1584 0 12487 0 15804 0 494566 0 0 0 CELESTE ZIBELLI VP OF MARKERTING AND FINANCIAL SERVI 124067 0 0 0 241172 0 7552 0 7252 0 380043 0 0 0 PATRICE MUSTAFA COO 282636 0 51 0 552 0 6080 0 24984 0 314303 0 0 0 FELIPE CASTANEDA CFO 274401 0 77 0 240 0 16576 0 13523 0 304817 0 0 0 BRUCE ALAN WEST CPO 251914 0 107 0 0 0 15261 0 4332 0 271614 0 0 0 DAVID COVELL VP INFORMATION TECHNOLOGY 205228 0 79 0 216 0 12982 0 29679 0 248184 0 0 0 JESSICA ORTIZ DIRECTOR OF COMPLIANCE 162336 0 2197 0 216 0 8002 0 19796 0 192547 0 0 0 LUIS ROBLES TREASURER 189912 0 1507 0 1584 0 9039 0 12373 0 214415 0 0 0 ITALO ALVARADO RE LOAN OFFICER 81875 0 86371 0 125 0 285 0 2129 0 170785 0 0 0 KENNETH MICHAEL SENIOR MANAGER NETWORK SECURITY 164087 0 2903 0 552 0 10262 0 20802 0 198606 0 0 0 FADWA KNOX DIRECTOR LENDING 152165 0 4228 0 552 0 9372 0 10096 0 176413 0 0 0 ERIC GUERRERO DIRECTOR MARKETING 142991 0 1974 0 1032 0 8616 0 2648 0 157261 0 0 0 PART I, LINE 4B THE SERP PLAN IS A NONQUALIFIED DEFERRED COMPENSATION PLAN. ITS PURPOSE IS TO PROVIDE A VEHICLE BY WHICH THE COMPANY MAY ENCOURAGE THE RETENTION OF ITS CEO. THE CREDIT UNION OFFERS BOTH A QUALIFIED AND A NONQUALIFIED PROFIT SHARING PLAN. THE NONQUALIFIED PLAN IS AVAILABLE TO MIKE TUFEGDSICH, CELESTE ZIBELLI-ECORD, AND BRIDGET GRAHAM. INCLUDED IN OTHER ASSETS WAS A LOAN TO THE CEO UNDER SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT BETWEEN THE CREDIT UNION AND THE CEO. THIS NON-RECOURSE LOAN WAS RECORDED BASED ON THE COLLATERAL ASSIGNMENT METHOD WHEREBY THE EXECUTIVE OWNS THE LIFE INSURANCE POLICY AND ASSIGNS THE POLICY COLLATERAL BACK TO THE CREDIT UNION. X 0 0 0 MIKE TUFEGDZICH OFFICER FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICY X 4000000 4054490 0 1 1 4054490 FORM 990, PART VI, SECTION A, LINE 6 WATER & POWER COMMUNITY CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION THAT IS OWNED AND CONTROLLED BY ITS MEMBERS, AND OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS TO ITS MEMBERS. WATER & POWER COMMUNITY CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF WATER & POWER COMMUNITY CREDIT UNION IS COMPRISED OF VOLUNTEER MEMBERS WHO ARE DIRECTLY ELECTED BY ITS MEMBERS. EACH MEMBER OF THE GOVERNING BOARD SERVES FOR A PERIOD AS PRESCRIBED BY OUR BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7B AT THE END OF EACH TERM OF THE BOARD MEMBERS, ELECTIONS ARE HELD AND BOARD MEMBERS ARE VOTED BY THE MEMBERS OF THE CREDIT UNION PURSUANT TO ITS BY-LAWS. MEMBER VOTES ARE ALSO REQUIRED TO RATIFY DECISIONS DEALING WITH REORGANIZATIONS AS IN THE CASE OF MERGER OR DISSOLUTION. FORM 990, PART VI, SECTION B, LINE 11B THE CEO REVIEWS AND SIGNS THE FORM 990. THE CFO THEN PRESENTS THE FORM 990 TO THE BOARD OF DIRECTORS DURING THE REGULARLY SCHEDULED BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES ARE REQUIRED TO COMPLETE, SIGN AND DATE THE STATEMENT OF DISCLOSURE AND THE CODE OF ETHICS EACH YEAR AS A BASIS OF CONTINUED EMPLOYMENT. FURTHER, ALL NEW HIRES ARE EXPECTED TO SIGN AND DATE THE ACKNOWLEDGEMENT PAGE AT THE BACK OF THE EMPLOYEE HANDBOOK AND RETURN THE PAGE TO THE HUMAN RESOURCES SERVICE CENTER TO BE PLACED IN THEIR PERSONNEL FILE. FORM 990, PART VI, SECTION B, LINE 15 THE CEO HAS A WRITTEN CONTRACT. MERIT INCREASES AND BONUSES ARE APPROVED BY THE BOARD OF DIRECTORS. ALSO, THE CREDIT UNION USES CREDIT UNION NATIONAL ASSN. CEO SURVEY TO ASSURE COMPENSATION IS APPROPRIATE AND COMPETITIVE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES THE DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC BY LOGGING ONTO THE CREDIT UNION WEBSITE AND NCUA WEBSITE. FORM 990, PART XI, LINE 9: CHANGES IN OTHER COMPREHENSIVE INCOME 327,176. CECL TRANSITIONAL AMOUNT (AS DETERMINED UNDER 702.703(B)) -7,018,457. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. FORM 990, PART VI, SECTION A, LINE 4: THE CREDIT UNION'S BOARD HELD A VACANT SEAT AS OF DECEMBER 31, 2023.