Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST INCOME

  total $155,288,060 · related or exempt $155,212,036 · unrelated business $76,024

• 2b · Program service revenue: FEE INCOME

  total $42,465,803 · related or exempt $42,087,933 · unrelated business $377,870

• 2c · Program service revenue: OTHER OPERATING INCOME

  total $29,267,661 · related or exempt $24,328,934 · unrelated business $4,938,727

• 3 · Investment income

  total $96,170,337 · related or exempt $96,170,337

• 7a · Gross sales of assets other than inventory

  securities $417,700,102 · other assets $1,386,016

• 7b · Less cost or other basis and sales expenses

  securities $418,628,431 · other assets $114,488

• 7c · Gain or loss

  securities -$928,329 · other assets $1,271,528

• 7d · Net gain or loss

  total $343,199 · related or exempt $343,199

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $662,922

• 3 · Grants to foreign organizations and individuals

  total $15,000

• 5 · Compensation of officers, directors and key employees

  total $15,478,083

• 7 · Other salaries and wages

  total $70,087,644

• 8 · Pension plan contributions

  total $5,576,656

• 9 · Other employee benefits

  total $7,264,012

• 10 · Payroll taxes

  total $5,554,558

• 11b · Fees: legal

  total $942,328

• 11c · Fees: accounting

  total $267,851

• 11d · Fees: lobbying

  total $4,000

• 11g · Fees: other

  total $1,222,448

• 12 · Advertising and promotion

  total $8,765,733

• 13 · Office expenses

  total $18,247,924

• 14 · Information technology

  total $6,114,586

• 16 · Occupancy

  total $12,104,386

• 17 · Travel

  total $1,659,681

• 20 · Interest

  total $97,850,082

• 22 · Depreciation, depletion and amortization

  total $14,315,419

• 23 · Insurance

  total $683,328

• 24a · Other expenses: LOAN SERVICING

  total $20,102,766

• 24b · Other expenses: PROVISION CREDITS

  total $6,500,000

• 24c · Other expenses: OPERATING EXPENSES

  total $4,790,100

• 24d · Other expenses: TAXES & LICENSES

  total $1,295,229

• 24e · All other expenses

  total $160,350

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $25,445,027 · end of year $26,315,288

• 2 · Savings and temporary cash investments

  beginning of year $164,455,129 · end of year $173,272,150

• 5 · Loans and receivables from officers and key people

  beginning of year $12,877,359 · end of year $15,906,696

• 9 · Prepaid expenses and deferred charges

  beginning of year $7,117,232 · end of year $9,208,429

• 10a · Land, buildings and equipment: cost or other basis

  $197,555,902

• 10b · Land, buildings and equipment: accumulated depreciation

  $123,996,319

• 10c · Land, buildings and equipment, net

  beginning of year $68,601,286 · end of year $73,559,583

• 11 · Investments: publicly traded securities

  beginning of year $2,034,631,496 · end of year $2,031,886,267

• 13 · Investments: program-related

  beginning of year $3,053,591,320 · end of year $3,201,479,549

• 14 · Intangible assets

  beginning of year $8,100,139 · end of year $8,100,139

• 15 · Other assets

  beginning of year $274,090,225 · end of year $280,776,317

• 17 · Accounts payable and accrued expenses

  beginning of year $90,580,730 · end of year $93,828,298

• 25 · Other liabilities

  beginning of year $5,341,072,388 · end of year $5,476,030,754

• 29 · Capital stock, trust principal or current funds

  beginning of year $0 · end of year $0

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  beginning of year $0 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $217,256,095 · end of year $250,645,366

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS: THE PRESIDENT IS AUTHORIZED TO INCUR FIRST CLASS TRAVEL EXPENSES ON BEHALF OF HIS/HER SPOUSE PROVIDED THAT THE PRESIDENT SHALL BE RESPONSIBLE FOR ALL TAXES FOR ANY SUCH EXPENSES, AND THE TRAVEL IS RELATED TO THE CREDIT UNION AND IN THE BEST INTEREST OF THE CREDIT UNION.

PART I, LINE 4B

THE CREDIT UNION MAINTAINS A NONQUALIFIED DEFERRED COMPENSATION PLAN. FOR TAX YEAR 2023, THE FOLLOWING INDIVIDUALS HAVE EARNED BUT UNPAID INCENTIVE COMPENSATION DEFERRED UNDER A DEFERRED COMPENSATION PLAN. THE APPLICABLE AMOUNTS BELOW ARE INCLUDED AS PART OF THEIR "RETIREMENT AND OTHER DEFERRED COMPENSATION" FIGURES ON PART II COLUMN C: - DARREN WILLIAMS $1,249,807 - KEITH PIPES $0 - IRVING YU $63,830 - JONATHON ALLEN $73,469 - MELISSA PEDERSON $60,914 - JOSEPH PELLISSERY $74,678 - ADRIANA WELCH $72,500 - HASHIM FORRESTER $28,846 - CARINA HOLLIS $ 23,693 PART III TWO INDIVIDUALS, DARREN WILLIAMS AND KEITH PIPES, RECEIVED PAYOUTS DURING 2023 FROM THEIR RESPECTIVE SERP PLANS. THESE PAYOUTS WERE INCLUDED AS PART OF TAXABLE COMPENSATION IN 2023 AND WERE PREVIOUSLY REPORTED ON PRIOR YEAR FORM 990S AS DEFERRED COMPENSATION, AS REFLECTED IN COLUMN F OF PART II

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• WESCOM FINANCIAL SERVICES LLC

  FINANCIAL SERVICES · CA · income $404,733 · assets $0

  Directly controlled by WESCOM CREDIT UNION

• WESCOM RESOURCES GROUP LLC

  DATA PROCESSING · CA · income $5,008,578 · assets $6,737,708

  Directly controlled by WESCOM CREDIT UNION

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• WESCOM CENTER ASSOCIATION INC

  C · MANAGEMENT OF REAL PROPERTY · CA · 33.82% owned · share of assets $16,812

  Directly controlled by WESCOM CENTRAL CREDIT UNION