2023-10-31T17:20:31-05:00 2022-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2022-01-01 950952237 WATER AND POWER COMMUNITY CREDIT UNION WATE 2135801706 1053 WEST SUNSET BLVD LOS ANGELES CA 90012 FELIPE CASTANEDA CFO 2135801706 2023-10-30 1 FELIPE CASTANEDA 999009999 1 VALENTINO CREUS CPA P01054153 8189549700 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z MIKE TUFEGDZICH 1053 WEST SUNSET BLVD LOS ANGELES CA 90012 55906781 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 7 142 12 207402 0 0 0 25613421 32404288 3264474 7964217 144885 643259 29022780 41011764 6000 56327 0 0 12760707 13208885 0 0 0 15748576 21362312 28515283 34627524 507497 6384240 950835528 929459865 887743744 893406512 63091784 36053353 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 43,589 MEMBERS AS OF DECEMBER 31, 2022. IN 2022, 12,662 LOANS WERE MADE TO MEMBERS. 0 0 1 0 0 0 0 0 0 1 0 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 9025 0 1 142 1 1 1 0 0 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 CASTANEDA CFO 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 1.00 X 0 0 0 CRAIG LUNA BOARD 2ND VICE CHAIR 1.00 X 0 0 0 GLADYS BERRY BOARD SECRETARY 1.00 X 0 0 0 GERARD WATSON ASSISTANT SECRETARY 1.00 X 0 0 0 BELINDA WALKER BOARD TREASURER 1.00 X 0 0 0 BRIAN LAM BOARD MEMBER 1.00 X 0 0 0 THERON RUCKER SUPV CMTE CHAIRPERSON 1.00 X 0 0 0 SALVADOR MANCILLA SUPV CMTE VICE CHAIRPERSON 1.00 X 0 0 0 STEVEN STARKS SUPV CMTE MEMBER 1.00 X 0 0 0 WING WONG SUPV CMTE MEMBER 1.00 X 0 0 0 CYNTHIA MEEKINS SUPV CMTE MEMBER 1.00 X 0 0 0 MIKE TUFEGDZICH CEO 40.00 X 368531 0 24305 BARRY ROACH CEO(FORMER) 40.00 X 351850 0 14819 FELIPE CASTANEDA CFO 40.00 X 243667 0 17345 CELESTE ZIBELLI VP OF MARKERTING AND FINANCIAL SERVICES 40.00 X 227552 0 30536 PATRICE MUSTAFA COO 40.00 X 220065 0 18022 DAVID COVELL VP INFORMATION TECHNOLOGY 40.00 X 145608 0 20057 JAIME VASQUEZ VP OF IT 40.00 X 174967 0 10654 ITALO ALVARADO RE LOAN OFFICER 40.00 X 148970 0 27736 FADWA KNOX DIRECTOR LENDING 40.00 X 147076 0 17962 LUIS ROBLES TREASURER 40.00 X 139679 0 25804 KENNETH MICHAEL SENIOR MANAGER NETWORK SECURITY 40.00 X 138742 0 24927 2306707 0 232167 25 1 1 0 UPSTART NETWORK INC 2950 S DELAWARE ST SUITE 300 SAN MATEO CA 94403 CLOUD SERVICES 2726132 ALKAMI PO BOX 670397 DALLAS TX 752670397 CLOUD SERVICES 705139 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 90312 WEB,PRINT MAIL AND ARCHIVE CHANNELS 677120 JACK HENRY AND ASSOCIATES INC PO BOX 609 MONETT MO 65708 FINANCIAL SERVICES 627332 CIGNA -CHLIC-CHICAGO 5476 COLLECTIONS CENTER DR CHICAGO IL 60693 HEALTH CARE PROVIDER 419734 6 INTEREST ON LOANS 522100 25704661 25704661 OTHER OPERATING INCOME 522100 3474870 3454403 20467 FEE INCOME 522100 3224757 3037822 186935 32404288 5767202 5767202 17092032 14895017 2197015 2197015 2197015 OTHER NON-OPERATING INCOME 522100 643259 643259 643259 41011764 40804362 207402 0 56327 2306707 8987610 137865 1043562 733141 211010 203208 404376 720393 6660231 725330 1380352 197046 3151708 283965 42298 LOAN SERVICING EXPENSE 3609300 PROVISION FOR LOAN LOSS 2353994 MISCELLANEOUS OPERATING 900889 LOSS ON INVESTMENTS 400212 118000 34627524 3701142 4366593 71416412 40262154 4917384 4836285 949076 819544 16853458 11349081 5861667 5504377 345967363 238045134 483811334 601859357 34211150 33766421 950835528 929459865 4990237 8810769 30096914 33101821 852656593 851493922 887743744 893406512 X 0 0 0 0 63091784 36053353 63091784 36053353 950835528 929459865 X 6384240 -33303072 -119599 X X 0 1 X 1 0 4003 4003 4003 1 CALIFORNIA CREDIT UNION LEAGUE 2855 E GUASTI ROAD SUITE 202 ONTARIO CA 917611249 4003 3692579 3692579 5259166 4357822 901344 1129132 1062733 66399 4642103 4534817 107286 2130478 1393709 736769 5504377 OTHER INVESTMENTS 5720600 F TOTAL LOANS AND LEASES 588370090 F NCUA SHARE DEPOSIT 7768667 C 601859357 ACCRUED DIVIDENDS AND INTEREST PAYABLE 434474 TOTAL SHARES AND DEPOSITS 851059448 851493922 X 39549197 0 39549197 1462567 1462567 41011764 33164957 0 33164957 1462567 1462567 34627524 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, 2022 AND 2021, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFICATION BETWEEN REVENUE AND EXPENSE 1,462,567. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFICATION BETWEEN REVENUE AND EXPENSE 1,462,567. 1 LOS ANGELES CLEANTECH INCUBATOR 525 S HEWITT ST LOS ANGELES CA 90013 454998717 501(C)(3) 27500 0 FMV TO FOCUS THE PRIVATE AND PUBLIC SECTORS ON THE PROCESSES AND TECHNOLOGIES. SHELTER 37 INCORPORATED 10820 BEVERLY BLVD WHITTIER CA 90601 270035103 501(C)(3) 8600 0 FMV TO PROVIDE LIFE, LEADERSHIP, AND EDUCATIONAL TRAINING AND PROGRAMS LOS ANGELES UNIFIED SCHOOL DISTRICT 333 SOUTH BEAUDRY 29TH FLOOR LOS ANGELES CA 90017 680503221 501(C)(3) 6000 0 FMV TO SUPPORT THE LOS ANGELES UNIFIED SCHOOL DISTRICT. 3 X X X 0 1 0 MIKE TUFEGDZICH CEO 363051 0 3896 0 1584 0 10889 0 13416 0 392836 0 0 0 BARRY ROACH CEO(FORMER) 351553 0 0 0 297 0 14397 0 422 0 366669 0 0 0 FELIPE CASTANEDA CFO 240484 0 3063 0 120 0 6727 0 10618 0 261012 0 0 0 CELESTE ZIBELLI VP OF MARKERTING AND FINANCIAL SERVI 220762 0 3742 0 3048 0 15003 0 15533 0 258088 0 0 0 PATRICE MUSTAFA COO 211654 0 7859 0 552 0 2020 0 16002 0 238087 0 0 0 DAVID COVELL VP INFORMATION TECHNOLOGY 142024 0 3476 0 108 0 5366 0 14691 0 165665 0 0 0 JAIME VASQUEZ VP OF IT 99577 0 1000 0 74390 0 3114 0 7540 0 185621 0 0 0 ITALO ALVARADO RE LOAN OFFICER 143149 0 5699 0 122 0 8637 0 19099 0 176706 0 0 0 FADWA KNOX DIRECTOR LENDING 139608 0 7192 0 276 0 9071 0 8891 0 165038 0 0 0 LUIS ROBLES TREASURER 134236 0 3859 0 1584 0 8297 0 17507 0 165483 0 0 0 KENNETH MICHAEL SENIOR MANAGER NETWORK SECURITY 135144 0 3322 0 276 0 8020 0 16907 0 163669 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. BARRY F ROACH OFFICER FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICY X 5100000 4836285 0 1 1 4836285 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 -119,599. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.