Credit Unions In The State Of California
- Assets
- $5.6b
- Revenue
- $291.0m
- Investments
- $0.0
- Employees
- 977
- Location
- Pasadena, CA
- Founding
- 09/1961
- Data as of
- 12/2022
- EIN
- 95-1288265
Organization Overview
Credit Unions In The State Of California, operating under the name Wescom Credit Union, is located in Pasadena, CA. The organization was established in 1961. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Wescom Credit Union employed 977 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Wescom Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2022, Wescom Credit Union generated $291.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.2% each year. All expenses for the organization totaled $224.8m during the year ending 12/2022. While expenses have increased by 5.7% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Wescom Credit Union has awarded 45 individual grants totaling $2,691,770. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAD $5.6 BILLION IN ASSETS, $3 BILLION IN LOANS AND $4.38 BILLION IN MEMBER DEPOSITS AS OF DECEMBER 31, 2022. THE CREDIT UNION POSTED NET EARNINGS OF $57 MILLION IN 2022.
THE CREDIT UNION'S 2022 INITIATIVES INCLUDED MEMBERSHIP GROWTH, ENHANCING PRODUCTS AND SERVICES, INCREASED SERVICE IN OUR COMMUNITIES, DEVELOPMENTS IN DELIVERY CHANNELS, AND LOAN GROWTH.
THE CREDIT UNION THROUGH ITS EMPLOYEES, MEMBERS, AND WESCOM FOUNDATION SUPPORTED COMMUNITY OUTREACH THROUGHOUT 2022. $100,000+ DONATED TO THE SOUTHERN CALIFORNIA-BASED FOOD BANKS. $214,000 DONATED TO HUMANITARIAN RELIEF EFFORTS IN UKRAINE. $236,435 DONATED TO UPLIFTING AT-RISK YOUTH, PROVIDING CRISIS SHELTER FOR VICTIMS OF DOMESTIC VIOLENCE AND ERADICATING DEVASTATING DISEASES. $28,000 DONATED TO TUTORING SCHOLARSHIPS. FOUNDATION FOCUS AREAS SHIFTED TO DISASTER RESPONSE, CRITICAL HUMAN NEEDS, AND FINANCIAL WELLNESS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Pouria Abbasi Board Member | Trustee | 2 | $0 |
Hani Bhimiji Vice Chairman | OfficerTrustee | 2 | $8,981 |
Ron Fischer Treasurer | OfficerTrustee | 2 | $12,708 |
Gina Friedrich Board Member | Trustee | 2 | $12,260 |
Jessica Gutierrez Board Member | Trustee | 2 | $3,326 |
Daniel Kraus Secretary | OfficerTrustee | 2 | $15,652 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Grail Brand Design Llc Advertising | 12/30/22 | $2,417,033 |
Orravan Mechanical Inc Repairs & Maintenance | 12/30/22 | $967,182 |
Ropes & Gray Llp Legal Services | 12/30/22 | $893,300 |
Accenture Software Services | 12/30/22 | $700,484 |
Konica Minolta Business Solutions Usa Software Services | 12/30/22 | $435,308 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $176,591,593 |
| Investment income | $63,906,268 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $47,497,122 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $290,994,983 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $627,664 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $12,218,427 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $67,915,812 |
| Pension plan accruals and contributions | $4,932,248 |
| Other employee benefits | $6,509,568 |
| Payroll taxes | $5,175,368 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $565,148 |
| Fees for services: Accounting | $270,902 |
| Fees for services: Lobbying | $5,565 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,693,675 |
| Advertising and promotion | $8,185,551 |
| Office expenses | $15,245,188 |
| Information technology | $5,448,685 |
| Royalties | $0 |
| Occupancy | $11,227,500 |
| Travel | $1,206,153 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $44,202,752 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,126,420 |
| Insurance | $759,623 |
| All other expenses | $5,215 |
| Total functional expenses | $224,798,968 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $25,445,027 |
| Savings and temporary cash investments | $164,455,129 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $12,877,359 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,117,232 |
| Net Land, buildings, and equipment | $68,601,286 |
| Investments—publicly traded securities | $2,034,631,496 |
| Investments—other securities | $0 |
| Investments—program-related | $3,053,591,320 |
| Intangible assets | $8,100,139 |
| Other assets | $274,090,225 |
| Total assets | $5,648,909,213 |
| Accounts payable and accrued expenses | $90,580,730 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,341,072,388 |
| Total liabilities | $5,431,653,118 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $217,256,095 |
| Total liabilities and net assets/fund balances | $5,648,909,213 |
Grants Awarded
Over the last fiscal year, Credit Unions In The State Of California has awarded $624,114 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
WORLDWIDE FOUNDATION FOR CREDIT UNIONS PURPOSE: TO PROVIDE EDUCATIONAL PROGRAMS TO EMPOWER MEMBERS TO MAKE THE FINANCIAL CHOICES TO IMPROVE THEIR LIVES. | $15,000 |
CHILDREN'S MIRACLE NETWORK PURPOSE: TO INCREASE FUNDS AND AWARENESS FOR CHILDREN'S HOSPITAL LOS ANGELES. | $46,400 |
WESCOM FOUNDATION PURPOSE: TO PROVIDE FINANCIAL SUPPORT TO SPONSOR COMMUNITY SERVICE OPPORTUNITIES. | $539,214 |
ROSE BOWL LEGACY FOUNDATION PURPOSE: SUPPORT TO PROTECT, PRESERVE, AND ENHANCE ROSE BOWL'S FUTURE AS A NATIONAL HISTORIC LANDMARK. | $13,500 |
FRIENDS IN DEED PURPOSE: FINANCIALE ASSISTANCE IN ORDER TO PROVIDE SUPPORTIVE SERVICES TO MEET BASIC HUMAN NEEDS. | $10,000 |