2025-11-13T17:38:27-06:00 2024-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2024-01-01 951847819 L A ELECTRICAL WORKERS CREDIT UNION LAEL 6264409284 3820 E COLORADO BLVD PASADENA CA 91107 SHAWN MCDONALD CEO/TREASURER 6264409284 2025-11-13 1 0 JENIFER L CHASE P01306883 5638884000 2025-11-13 2024 2025-03-06 01:10:19Z SHAWN MCDONALD 3820 E COLORADO BLVD PASADENA CA 91107 2308768 0 X WWW.LAEWCU.COM X 1953 CA OUR VISION IS TO BE THE PRIMARY, TRUSTED FINANCIAL PARTNER FOR IBEW LOCAL 11 MEMBERS AND AFFILIATES. WE OFFER INNOVATIVE SOLUTIONS AND RESOURCES THAT SUPPORT THEIR FAMILIES AND FUTURES, FOSTERING LONG-TERM FINANCIAL WELL-BEING AND GROWTH THROUGHOUT THEIR LIVES. 7 6 7 9 396 0 0 0 935297 1146095 1213835 1138204 27914 24469 2177046 2308768 0 0 0 0 760267 812402 0 0 0 1071420 1230099 1831687 2042501 345359 266267 56036555 51132874 48218976 42840216 7817579 8292658 L A ELECTRICAL WORKERS CREDIT UNION IS DEDICATED TO SERVICING OUR MEMBERS WITH UNIQUE FINANCIAL PRODUCTS AND SERVICES THAT ARE TAILORED TO MEET THEIR PERSONALIZED NEEDS WHILE PROMOTING FINANCIAL LITERACY AND PROVIDING THE TOOLS FOR FINANCIAL WEALTH. 0 0 L A ELECTRICAL WORKERS CREDIT UNION RECEIVES MONEY FROM MEMBERS FOR THE PURCHASE OF REGULAR SHARES AND SHARE DRAFTS AND TO RETURN THE HIGHEST DIVIDEND RATE POSSIBLE. AS OF DECEMBER 31, 2024 THE TOTAL NUMBER OF MEMBERS/ACCOUNTS WAS 9,648 WITH SHARES TOTALING $37,374,449.26, SHARE DRAFT ACCOUNTS TOTALING $2,976,149.21, IRA DEPOSIT ACCOUNTS TOTALING $48,317.95, AND IRA CD DEPOSITS TOTALING $1,520,468.69. L A ELECTRICAL WORKERS CREDIT UNION PROVIDES A VARIETY OF SECURED AND UNSECURED CONSUMER LOAN PRODUCTS FOR THEIR MEMBERS. THE LOANS ARE AT COMPETITIVE RATES TO HELP THE MEMBER SAVE MONEY. AS OF DECEMBER 31, 2024, THE TOTAL NUMBER OF LOANS WAS 750 WITH SHARE SECURED LOANS OF $51,360.74, UNSECURED SIGNATURE LOANS OF $1,919,782.90, NEW VEHICLE LOANS OF $2,926,945.49, USED VEHICLES OF $4,667,738.58, PERSONAL LINES OF CREDIT OF $489,635.57, HOME EQUITY LINES OF CREDIT OF $1,741,316.15, AND ALL OTHER LOANS OF $328,195.26, FOR A TOTAL OF $12,124,974.69. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 332 0 1 7 1 1 1 0 0 0 0 0 0 0 X 7 6 0 0 1 0 1 1 1 1 1 0 0 1 0 0 1 1 0 0 X SHAWN MCDONALD 6264409284 3820 E COLORADO BLVD PASADENA CA 91107 SHAWN MCDONALD CEO/TREASURER 40.00 X X 161948 0 45954 CITLALI CASTILLO SECRETARY 1.00 X X 0 0 0 ROBERT CORONA FORMER PRESIDENT/CHAIR 1.00 X X 0 0 0 SHOMARI DAVIS FORMER SECRETARY 1.00 X X 0 0 0 MARC GREENFIELD ASSISTANT TREASURER 1.00 X X 0 0 0 GEORGE LOPEZ DIRECTOR 1.00 X 0 0 0 RUBEN MENDOZA DIRECTOR 1.00 X 0 0 0 LADISLAO ORTIZ VICE PRESIDENT 1.00 X X 0 0 0 GARY TOMLIN PRESIDENT/CHAIRMAN 1.00 X X 0 0 0 STACY JURADO EXECUTIVE VICE PRESIDENT 40.00 X 121056 0 34228 283004 0 80182 2 0 1 0 0 LOAN INCOME 522100 798103 798103 OTHER INCOME 522100 347992 347596 396 1146095 1138204 1138204 24469 0 24469 24469 24469 2308768 1170168 396 1138204 363185 62664 147849 73799 117956 46949 42274 14131 75847 1809 75164 62826 240890 96075 1624 4376 351 124407 5993 BANK SERVICE CHARGES 206601 ALLOWANCE FOR CREDIT LO 163754 DIVIDENDS PAID TO MEMBE 38370 SURETY BOND PREMIUM 32176 43431 2042501 790430 1071416 2273004 6045273 5429 549 12375883 12628687 59321 57664 3824927 688821 3255102 3136106 20005321 18448581 16384717 9146788 887348 597810 56036555 51132874 461560 918070 47757416 41922146 48218976 42840216 X 0 0 0 0 7817579 8292658 7817579 8292658 56036555 51132874 266267 208812 0 X X 0 0 0 2150000 2150000 1128805 422541 706264 546122 266280 279842 3136106 CERTIFICATE OF DEPOSITS 9146788 C 9146788 MEMBER SHARE DEPOSITS 41922146 41922146 X X 0 0 0 SHAWN MCDONALD CEO/TREASURER 161948 0 0 0 0 0 14304 0 31650 0 207902 0 0 0 STACY JURADO EXECUTIVE VICE PRESIDENT 121056 0 0 0 0 0 10876 0 23352 0 155284 0 0 0 FELIZ V CORONA FAMILY MEMBER OF ROBERT CORONA 62664 COMPENSATION 0 FORM 990, PART I, LINE 6, VOLUNTEERS: VOLUNTEERS ARE ELECTED AT THE ANNUAL MEMBER SHAREHOLDERS MEETING TO THE BOARD OF DIRECTORS AND SUPERVISORY COMMITTEE. THE BOARD OF DIRECTORS MEET MONTHLY TO REVIEW FINANCIAL STATEMENTS AND NEW AND OLD BUSINESS. THE SUPERVISORY COMMITTEE MEETS MONTHLY TO ADDRESS NEW AND PENDING CREDIT UNION AND MEMBER ISSUES. FORM 990, PART VI, SECTION A, LINE 4 L A ELECTRICAL WORKERS CREDIT UNION UPDATED ITS BYLAWS TO UPDATE ITS FIELD OF MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 6 L A ELECTRICAL WORKERS CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A L A ELECTRICAL WORKERS CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B L A ELECTRICAL WORKERS CREDIT UNION MEMBERS HAVE THE POWER TO ELECT OR REMOVE THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND IS REVIEWED BY THE CEO AND EXECUTIVE VICE PRESIDENT. A COPY OF FORM 990 IS PROVIDED TO THE BOARD OF DIRECTORS BEFORE FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 15A L A ELECTRICAL WORKERS CREDIT UNION BOARD OF DIRECTORS SETS THE COMPENSATION OF THE CHIEF EXECUTIVE OFFICER BASED ON THE CURRENT IBEW LOCAL 11 GENERAL FOREMAN SALARY, WHICH HAPPENS TO BE SLIGHTLY LESS THAN THE 50% MIDPOINT SALARY RANGE ACCORDING TO THE 2022 CUNA BENCHMARK COMPENSATION STRUCTURE. THE BOARD OF DIRECTORS MAINTAINS CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING FOR DELIBERATIONS AND DECISIONS REGARDING COMPENSATION ARRANGEMENTS. THIS PROCESS LAST OCCURRED IN APRIL 2022. FORM 990, PART VI, SECTION C, LINE 19 L A ELECTRICAL WORKERS CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE SECTION 6104. FORM 990, PART IV, LINE 12A & PART XII, LINE 2B: L A ELECTRICAL WORKERS CREDIT UNION'S (THE CREDIT UNION) FINANCIALS STATEMENTS ARE AUDITED ON A SEPARATE BASIS BY AN INDEPENDENT ACCOUNTANT. HOWEVER, THE FINANCIAL STATEMENTS ARE AUDITED ON A FISCAL YEAR-END BASIS ON SEPTEMBER 30TH, WHILE THE CREDIT UNION'S TAX YEAR-END IS DECEMBER 31ST.