Overview
What is Wescom Central Credit Union?
Wescom Central Credit Union is a cooperative financial institution based in Pasadena, California, with assets totaling $5.6 billion, $3 billion in loans, and $4.38 billion in member deposits as of December 31, 2022. The credit union's mission is to encourage savings and thrift among its members and promote honesty, integrity, and a service-oriented spirit. It provides loans to members at reasonable rates, invests excess liquidity prudently, and engages in lawful activities. Wescom Central Credit Union had net earnings of $57 million in 2022, employing a workforce of 977 individuals.
Official website here: www.wescom.org
Is Wescom Central Credit Union legitimate?
Wescom Central Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Wescom Central Credit Union submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $12,218,427
Professional Fundraising Fees: $0
Other Salaries and Wages: $67,915,812
For more financial information, click here
Official website here: www.wescom.org
What is the mission statement of Wescom Central Credit Union?
Wescom Central Credit Union is a cooperative, established with the goal of encouraging savings among its members. The organization's mission encompasses the promotion of thrift, honesty, integrity, and a service-oriented mindset among its members. Beyond savings, Wescom Central Credit Union extends loans to its members at reasonable rates and manages excess liquidity prudently, adhering to California law. The credit union engages in various lawful activities that do not contradict applicable laws and regulations.
Official website here: www.wescom.org
Who is the CEO of Wescom Central Credit Union?
Cindy Law is the Board Member of Wescom Central Credit Union. The CEO's salary of Wescom Central Credit Union is $1,283,603 and their total compensation is $2,504,126.
Official website here: www.wescom.org
What is the revenue of Wescom Central Credit Union?
Wescom Central Credit Union's revenue in 2022 was $290,994,983.
Official website here: www.wescom.org
Who are the executives of Wescom Central Credit Union and what are their salaries?
The average compensation at Wescom Central Credit Union during 2022 was $82,021. There are 977 employees and 16 volunteers at Wescom Central Credit Union.
Here are 40 key members and their salaries (Wescom Central Credit Union's CEO's salary is $1,283,603 and their total compensation is $2,504,126):
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $8,981
- Related: $0
- Other: $0
- Compensation: $12,708
- Related: $0
- Other: $0
- Compensation: $12,260
- Related: $0
- Other: $0
- Compensation: $3,326
- Related: $0
- Other: $0
- Compensation: $15,652
- Related: $0
- Other: $0
- Compensation: $4,583
- Related: $0
- Other: $0
- Compensation: $8,722
- Related: $0
- Other: $0
- Compensation: $2,550
- Related: $0
- Other: $0
- Compensation: $12,669
- Related: $0
- Other: $0
- Compensation: $7,755
- Related: $0
- Other: $0
- Compensation: $517,140
- Related: $0
- Other: $131,835
- Compensation: $640,856
- Related: $0
- Other: $241,198
- Compensation: $1,283,603
- Related: $0
- Other: $1,220,523
- Compensation: $455,789
- Related: $0
- Other: $124,928
- Compensation: $429,857
- Related: $0
- Other: $120,063
- Compensation: $307,298
- Related: $0
- Other: $42,336
- Compensation: $259,850
- Related: $0
- Other: $38,893
- Compensation: $269,566
- Related: $0
- Other: $34,647
- Compensation: $438,220
- Related: $0
- Other: $27,902
- Compensation: $266,923
- Related: $0
- Other: $42,525
- Compensation: $359,343
- Related: $0
- Other: $22,033
- Compensation: $288,751
- Related: $0
- Other: $60,287
- Compensation: $304,838
- Related: $0
- Other: $51,833
- Compensation: $283,515
- Related: $0
- Other: $25,573
- Compensation: $296,003
- Related: $0
- Other: $56,895
- Compensation: $296,980
- Related: $0
- Other: $37,110
- Compensation: $448,056
- Related: $0
- Other: $95,899
- Compensation: $250,643
- Related: $0
- Other: $56,874
- Compensation: $267,492
- Related: $0
- Other: $27,457
- Compensation: $277,808
- Related: $0
- Other: $60,847
- Compensation: $461,728
- Related: $0
- Other: $33,913
- Compensation: $304,532
- Related: $0
- Other: $31,229
- Compensation: $390,598
- Related: $0
- Other: $101,501
- Compensation: $319,473
- Related: $0
- Other: $24,064
- Compensation: $348,757
- Related: $0
- Other: $27,672
- Compensation: $264,232
- Related: $0
- Other: $56,287
- Compensation: $556,611
- Related: $0
- Other: $51,632
- Compensation: $354,627
- Related: $0
- Other: $40,971
- Compensation: $277,825
- Related: $0
- Other: $26,742
Official website here: www.wescom.org
Where can I find the form 990 for Wescom Central Credit Union?
Wescom Central Credit Union's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.wescom.org
Learn more at the official website: www.wescom.org
Mission Statement of Wescom Central Credit Union
Wescom Central Credit Union, a cooperative with a noble purpose, is dedicated to encouraging thrift and savings among its members. The organization's mission extends beyond mere financial practices, as it also fosters values such as honesty, integrity, and a spirit of service. In essence, Wescom Central Credit Union aims to create a community of responsible savers and borrowers.
To achieve this mission, the credit union grants loans to its members at reasonable rates. This not only benefits individuals in need of financial assistance but also reinforces the culture of savings within the community. Furthermore, Wescom Central Credit Union invests excess liquidity prudently, ensuring the financial stability of the cooperative. In accordance with California law, the organization engages in any other lawful activity that does not contravene applicable laws and regulations.
By promoting thrift and making loans available to its members, Wescom Central Credit Union serves as a vital financial resource for its community. The cooperative's commitment to honesty, integrity, and service creates a unique environment that fosters trust and cooperation among its members. As a result, Wescom Central Credit Union empowers its members to make informed financial decisions and improve their financial well-being.
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Impact
October, 2024
Wescom Central Credit Union has a significant impact on its community by promoting thrift and savings among its members, embodying principles of honesty, integrity, and service. With $5.6 billion in assets and $3 billion in loans as of December 31, 2022, the credit union plays a crucial role in providing financial support and stability to its members.
By offering loans at reasonable rates, Wescom empowers individuals to achieve their financial goals, whether for purchasing homes, vehicles, or funding education. The credit union’s management of $4.38 billion in member deposits underscores its commitment to fostering a secure and trustworthy environment for financial transactions.
In 2022, Wescom reported net earnings of $57 million, reflecting its solid financial health and ability to reinvest in member services and community initiatives. Its active engagement in prudent investments ensures that it supports local economic growth while operating within regulatory guidelines. Overall, Wescom Central Credit Union serves as a vital financial institution in Pasadena, CA, contributing to the wellbeing of its members and the broader community.
This information is meant to be a general summary of Wescom Central Credit Union. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $111,403,390
- Program Service Revenue: $176,591,593
- Gross Receipts: $1,304,502,110
Assets and Liabilities:
- Total Assets: $5,648,909,213
- Total Liabilities: $5,431,653,118
- Net Assets: $217,256,095
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INCOME
Revenue
$101,930,558
FEE INCOME
Revenue
$39,979,040
OTHER OPERATING INCOME
Revenue
$34,681,995
Organization Details
Founding Year
1934
Phone
(888) 493-7266Principal Officer
Cindy Law
Main Address
123 SOUTH MARENGO AVENUE, PASADENA, CA, 911012428
Website
www.wescom.orgNTEE Category
Code: W60 - Public benefit
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