2025-11-03T19:48:46-06:00 2024-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2024-01-01 950952237 WATER AND POWER COMMUNITY CREDIT UNION WATE 2135801706 1053 WEST SUNSET BLVD LOS ANGELES CA 90012 FELIPE CASTANEDA CFO 2135801706 2025-10-30 1 1 NATALIE HULL CPA P00089332 8189549700 2024 2025-03-06 01:10:19Z MIKE TUFEGDZICH 1053 WEST SUNSET BLVD LOS ANGELES CA 90012 47148530 0 X WWW.WPCU.ORG X CREDIT UNION 1936 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 7 7 134 11 163132 0 0 0 36545127 39283182 6382666 6040128 2819468 1825220 45747261 47148530 25139 27839 0 0 14594260 15223355 0 0 0 25640818 30639817 40260217 45891011 5487044 1257519 969595009 943994213 929605255 899504735 39989754 44489478 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 44,744 MEMBERS AS OF DECEMBER 31, 2024. IN 2024, 5,011 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 8767 0 1 134 1 1 1 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 CA X X FELIPE CASTANEDACFO 2135801706 1053 WEST SUNSET BLVD LOS ANGELES CA 90012 NORA YUSA BOARD CHAIRPERSON 2.00 X 0 0 0 VENEST HENRY-EVANS BOARD 1ST VICE CHAIR 2.00 X 0 0 0 BRIAN LAM BOARD 2ND VICE CHAIR 2.00 X 0 0 0 GLADYS BERRY BOARD SECRETARY 2.00 X 0 0 0 GERARD WATSON ASSISTANT SECRETARY 2.00 X 0 0 0 BELINDA WALKER BOARD TREASURER 2.00 X 0 0 0 CYNTHIA MEEKINS ASSISTANT TREASURER 2.00 X 0 0 0 THERON RUCKER SUPV CMTE CHAIRPERSON 2.00 X 0 0 0 EMMAJACKY MAGARIN SUPV CMTE VICE CHAIRPERSON 2.00 X 0 0 0 SALVADOR MANCILLA SUPV CMTE SECRETARY 2.00 X 0 0 0 WING WONG SUPV CMTE MEMBER 2.00 X 0 0 0 MIKE TUFEGDZICH CEO 43.70 X 533057 0 29319 PATRICE MUSTAFA COO EVP 43.37 X 327268 0 37791 FELIPE CASTANEDA CFO 44.33 X 325780 0 34057 DAVID COVELL CIO 40.00 X 235095 0 43937 JESSICA ORTIZ SENIOR DIRECTOR OF COMPLIANCE 41.92 X 183180 0 29144 BRUCE ALAN WEST FORMER CPO 21.67 X 177560 0 10447 LUIS ROBLES TREASURER 43.08 X 199157 0 25642 CHARLES JEROME WOOLEN FORMER SENIOR MANAGER PEOPLE OPERATIONS 21.54 X 180268 0 12191 KENNETH MICHAEL GROSSMAN SENIOR MANAGER NETWORK SECURITY 41.23 X 179222 0 35273 FADWA KNOX DIRECTOR LENDING 41.79 X 163842 0 21513 ITALO ALVARADO RE LOAN OFFICER 41.22 X 153920 0 2111 2658349 0 281425 43 0 1 0 JACK HENRY AND ASSOCIATES INC PO BOX 609 MONETT MO 65708 FINANCIAL SERVICES 1998705 ADVANCED NETWORK INC 8940 ACTIVITY RD SUITE F SAN DIEGO CA 92126 FULL-SERVICE ATM PROVIDER 1100307 CU COOPERATIVE SYSTEMS LLC 4950 AMON CARTER BLVD FORT WORTH TX 76155 PAYMENT PROCESSING SERVICES 895123 UPSTART NETWORK INC 2950 S DELAWARE ST SUITE 300 SAN MATEO CA 94403 CLOUD SERVICES 887676 ALKAMI PO BOX 22223 DEPT 2223 DALLAS TX 753122223 CLOUD SERVICES 756105 20 INTEREST ON LOANS 522100 34625029 34625029 FEE INCOME 522100 2443386 2282315 161071 OTHER OPERATING INCOME 522100 2214767 2212706 2061 39283182 6040128 6040128 OTHER NON-OPERATING INCOME 522100 1718582 1718582 GAIN ON EQUITY AND DEBT SEC 522100 106638 106638 1825220 47148530 46985398 163132 0 27839 2658349 9929535 525274 1240121 870076 174316 787643 257256 239354 410073 6302252 850579 961805 334211 10783269 157765 68756 PROVISION FOR LOAN & LE 5493160 LOAN SERVICING EXPENSE 2838121 MISCELLANEOUS OPERATING 857376 OPERATING FEES 118581 5300 45891011 4382115 25444442 62078360 36550191 4054490 4054490 939450 1477995 17135955 11419632 5300087 5716323 210055689 185615770 661110475 664234041 21674343 20900961 969595009 943994213 5522083 6187932 924083172 893316803 929605255 899504735 X 0 0 0 0 39989754 44489478 39989754 44489478 969595009 943994213 X 1257519 2562199 680006 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 5364058 4367214 996844 1306343 706095 600248 4286444 4267350 19094 2486531 2078973 407558 5716323 INVESTMENTS IN PUBLICLY TRADED SECURITIES 2941475 F AVAILABLE FOR SALE SECURITIES 182674295 F 185615770 OTHER INVESTMENTS 5290500 F TOTAL LOANS AND LEASES 651616360 F NCUA SHARE DEPOSIT 7327181 C 664234041 ACCRUED DIVIDENDS AND INTEREST PAYABLE 1358685 MEMBER SHARES OF ALL TYPES 803958118 BORROWINGS 88000000 893316803 X 47143230 0 47143230 5300 5300 47148530 45885711 0 45885711 5300 5300 45891011 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14), FROM MOST FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE AS UNRELATED BUSINESS INCOME. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2024 AND 2023. THE CREDIT UNION'S 2021 THROUGH 2023 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFICATION BETWEEN REVENUE AND EXPENSE 5,300. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFICATION BETWEEN REVENUE AND EXPENSE 5,300. 1 LOS ANGELES UNIFIED SCHOOL DISTRICT 333 S BEAUDRY AVE 125TH FLOOR LOS ANGELES CA 90017 956001908 501(C)(3) 7500 0 FMV TO SUPPORT STEM EDUCATION, REWARD STUDENT ACHIEVEMENT, AND PROVIDE EQUITABLE OPPORTUNITIES FOR STUDENTS TO EXCEL IN SCIENCE. 1 0 X X X 1 1 0 MIKE TUFEGDZICH CEO 531239 0 234 0 1584 0 12784 0 16535 0 562376 0 0 0 PATRICE MUSTAFA COO EVP 326484 0 232 0 552 0 10680 0 27111 0 365059 0 0 0 FELIPE CASTANEDA CFO 325186 0 234 0 360 0 19633 0 14424 0 359837 0 0 0 DAVID COVELL CIO 234650 0 229 0 216 0 14568 0 29369 0 279032 0 0 0 JESSICA ORTIZ SENIOR DIRECTOR OF COMPLIANCE 182703 0 237 0 240 0 5775 0 23369 0 212324 0 0 0 BRUCE ALAN WEST FORMER CPO 145060 0 0 0 32500 0 8613 0 1834 0 188007 0 0 0 LUIS ROBLES TREASURER 197327 0 246 0 1584 0 11935 0 13707 0 224799 0 0 0 CHARLES JEROME WOOLEN FORMER SENIOR MANAGER PEOPLE OPERATIONS 84252 0 16 0 96000 0 5116 0 7075 0 192459 0 0 0 KENNETH MICHAEL GROSSMAN SENIOR MANAGER NETWORK SECURITY 178433 0 237 0 552 0 11160 0 24113 0 214495 0 0 0 FADWA KNOX DIRECTOR LENDING 163042 0 248 0 552 0 9886 0 11627 0 185355 0 0 0 ITALO ALVARADO RE LOAN OFFICER 64606 0 89181 0 133 0 0 0 2111 0 156031 0 0 0 PART I, LINES 4A-B 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, PATRICE MUSTAFA, FELIPE CASTANEDA, DAVE COVELL. 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. BRUCE ALAN WEST,REPORTED ON PART VII AS AN OFFICER, RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $32,500 IN 2024. CHARLES JEROME WOOLEN,REPORTED ON PART VII AS A HCE, RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $96,000 IN 2024. 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 BOTH THE CEO AND CFO REVIEW THE FORM 990 AND PRESENTS IT 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 680,006. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.