Wescom Central Credit Union

Not tax-deductible

Pasadena, CAMutual-benefit / member-servingSince 1934EIN 95-1288265

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A cooperative, organized for the purpose of promoting thrift and savings among its members.

Run by 15 volunteers and 965 employees.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $29.4M a year · 11% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$12.0M
to officers and key staff · 3% of spending
Looks good: pay to officers and key staff is 3% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
8 mo
of spending, in cash
Looks good: 8.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$6.0B
96% of total assets
Concern: liabilities are 96% of assets; over 80%.
Pt X · Ln 26
Independent board members
11
of 11 voting members
Looks good: 11 of 11 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$364.1M
+13% vs prior year
Spent
$350.5M
Net assets
$279.9M
By yearFY2020–FY2024
Revenue
$364.1M
FY2024▲ +13%
Revenue by fiscal year
FY2020$201.1M
FY2021$207.7M
FY2022$291.0M
FY2023$323.5M
FY2024$364.1M
Expenses
$350.5M
FY2024▲ +17%
Expenses by fiscal year
FY2020$185.2M
FY2021$180.2M
FY2022$224.8M
FY2023$299.7M
FY2024$350.5M
Net assets
$279.9M
FY2024▲ +12%
Net assets by fiscal year
FY2020$368.5M
FY2021$364.3M
FY2022$217.3M
FY2023$250.6M
FY2024$279.9M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 1961.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

40 people listed on the 990; $12.0M paid to officers and key staff.

Part VII, Section A · reportable compensation
President/CEO
$1,426,925Pt VII · Sec A
Executive VP and COO
$694,360Pt VII · Sec A
Senior VP Technology/CIO
$532,718Pt VII · Sec A
Senior VP Finance/CFO
$510,909Pt VII · Sec A
Senior VP Administration
$498,304Pt VII · Sec A
Senior VP Remote Service Delivery
$476,737Pt VII · Sec A
Senior VP & General Counsel
$470,557Pt VII · Sec A
Senior VP Chief Lending Officer
$464,656Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Williams Darren$1,426,925$4,496,966———
Darren Williams——$1,283,603$4,164,933$1,244,775
Keith Pipes——$640,856$604,944$1,592,354
Pipes Keith$694,360$1,053,709———
Charles Thomas——$461,728$690,495$435,107
Pellissery Joseph$532,718$589,306———
Yu Irving$510,909$576,697———
Pan Kwe——$556,611$560,430$432,221

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Wescom Central Credit Union executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes
  • Loans to or from officersSch L · Pt II50 listed

Programs and updates

Encourages members to save money and practice thrift.

Provided by the organization

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3 programs · in their own filed words · FY2024
01

The credit union through its employees, members, and wescom foundation supported community outreach throughout 2024. $1,000,000+ granted to support non-profit partners and non-profit organization , and $25,000 donated to national multiple sclerosis society.

Pt IX · col B
02

The credit union's 2024 initiatives included membership growth, enhancing products and services, more growth with merger and partnerships, increased service in our communities, developments in delivery channels, and loan growth.

Pt IX · col B
03

The credit union had $6.28 billion in assets, $3.35 billion in loans and $4.50 billion in member deposits as of december 31, 2024. The credit union posted net earnings of $18 million in 2024.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 25 grants · $3.1M · 2020–2024
Wescom FoundationCA · FY2024$841,404
Childrens Miracle NetworkUT · FY2024$109,759
UCLA WbbCA · FY2024$30,312
Friends in DeedCA · FY2024$15,000
Valley Isle ChapterFY2024$5,000
Wescom FoundationCA · FY2023$551,653
Childrens Miracle NetworkUT · FY2023$46,016
The UCLA FoundationCA · FY2023$25,500
Friends in DeedCA · FY2023$12,500
Wescom FoundationCA · FY2022$539,214
Childrens Miracle NetworkUT · FY2022$46,400
Legacy ConnectionsCA · FY2022$13,500
Friends in DeedCA · FY2022$10,000
See all 25 grants →

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$364.1M
Ln 12
Fees for servicesLn 2g$254.3M
Investment incomeLn 3$109.8M
Money outPt IX
$350.5M
Ln 25
Owns and owesPt X
$279.9M
net assets · Ln 32
Cash and savingsLn 1–2$241.8M
Total assetsLn 16$6.3B
LiabilitiesLn 26$6.0B
PeoplePt VI, VII
40
listed · VII A
PaidVII A40
Voting boardVI 1a11
IndependentVI 1b11
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$254.3M
Investment incomeLn 3$109.8M
Gains on assetsLn 7$1.1M
Total revenueLn 12$364.1M
Assets in detailPt X, end of year
CashLn 1$33.1M
SavingsLn 2$208.7M
Cash and savings togetherLn 1–2$241.8M
InvestmentsLn 11–13$5.60B
Land, buildings, equipmentLn 10c$82.6M
Other assetsLn 15$314.7M
Total assetsLn 16$6.3B
LiabilitiesLn 26$6.0B
Net assetsLn 32$279.9M
OperationsPt I, VI
EmployeesI 5965
VolunteersI 615
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$199.6M$241.8M
InvestmentsLn 11–13$5.23B$5.60B
Land, buildings, equipmentLn 10c$73.6M$82.6M
Total assetsLn 16$5.82B$6.28B
LiabilitiesLn 26$5.57B$6.00B
Net assetsLn 32$250.6M$279.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$1.0M
Grants and assistance to foreign recipientsLn 3$15K
Pay of current officers, directors and key staffLn 5$13.5M
Other salaries and wagesLn 7$81.3M
Pension plan contributionsLn 8$5.5M
Other employee benefitsLn 9$9.5M
Payroll taxesLn 10$6.3M
Legal feesLn 11b$708K
Accounting feesLn 11c$328K
Lobbying feesLn 11d$6K
Other fees for servicesLn 11g$1.4M
Advertising and promotionLn 12$10.7M
Office expensesLn 13$18.8M
Information technologyLn 14$7.0M
OccupancyLn 16$12.8M
TravelLn 17$2.1M
InterestLn 20$124.7M
Depreciation, depletion and amortizationLn 22$17.0M
InsuranceLn 23$720K
Other expenses (24a–d)Ln 24$35.2M
All other expensesLn 24e$1.8M
Total functional expensesLn 25$350.5M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $364.1M$350.5M$13.6M$279.9M 990 PDF
FY2023 $323.5M$299.7M$23.9M$250.6M 990 PDF
FY2022 $291.0M$224.8M$66.2M$217.3M 990 PDF
FY2021 $207.7M$180.2M$27.5M$364.3M 990 PDF
FY2020 $201.1M$185.2M$15.9M$368.5M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (4 parts)
Part VIII · Statement of revenue $364,119,242 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $247,209,901 · Unrelated business $7,110,642$254,320,543
VIII-3 Investment incomeRelated to mission $108,702,630$108,702,630
VIII-7 Net gain or loss on sales of assetsRelated to mission $1,096,069$1,096,069
VIII-12 Total revenueRelated to mission $357,008,600 · Unrelated business $7,110,642 · Excluded from tax $0$364,119,242
Part IX · Statement of functional expenses $350,538,558 across 21 lines filed
IX-1 Grants to domestic organizations$1,031,675
IX-3 Grants and assistance to foreign recipients$15,000
IX-5 Pay of current officers, directors and key staff$13,535,481
IX-7 Other salaries and wages$81,333,205
IX-8 Pension plan contributions$5,519,636
IX-9 Other employee benefits$9,464,460
IX-10 Payroll taxes$6,264,780
IX-11b Legal fees$708,494
IX-11c Accounting fees$327,561
IX-11d Lobbying fees$6,000
IX-11g Other fees for services$1,420,910
IX-12 Advertising and promotion$10,745,066
IX-13 Office expenses$18,794,941
IX-14 Information technology$7,030,757
IX-16 Occupancy$12,834,091
IX-17 Travel$2,084,110
IX-20 Interest$124,722,324
IX-22 Depreciation, depletion and amortization$16,963,177
IX-23 Insurance$719,791
IX-24 Other expenses (24a–d)$35,231,933
IX-24e All other expenses$1,785,166
IX-25 Total functional expenses$350,538,558
Part X · Balance sheet $6,275,057,953 assets, 14 lines filed
Asset lines not itemized here account for $9,650,332; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $26,315,288$33,104,539
X-2 Savings and temporary cash investmentsStart of year $173,272,150$208,679,244
X-9 Prepaid expenses and deferred chargesStart of year $9,208,429$10,527,478
X-10c Land, buildings and equipment, netStart of year $73,559,583$82,556,385
X-11 Publicly traded securitiesStart of year $2,031,886,267$2,226,153,929
X-13 Program-related investmentsStart of year $3,201,479,549$3,374,980,067
X-14 Intangible assetsStart of year $8,100,139$14,719,505
X-15 Other assetsStart of year $280,776,317$314,686,474
X-16 Total assetsStart of year $5,820,504,418$6,275,057,953
X-17 Accounts payable and accrued expensesStart of year $93,828,298$81,520,662
X-25 Other liabilitiesStart of year $5,476,030,754$5,913,627,237
X-26 Total liabilitiesStart of year $5,569,859,052$5,995,147,899
X-32 Total net assets or fund balancesStart of year $250,645,366$279,910,054
X-33 Total liabilities and net assetsStart of year $5,820,504,418$6,275,057,953
Part XI · Reconciliation of net assets $279,910,054 net assets at year end
XI-1 Total revenue$364,119,242
XI-2 Total expenses$350,538,558
XI-3 Revenue less expenses$13,580,684
XI-4 Net assets at start of year$250,645,366
XI-5 Net unrealized gains (losses) on investments$3,186,451
XI-9 Other changes in net assets$12,497,552
XI-10 Net assets at end of year$279,910,054

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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