Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $23,801,814 · related or exempt $23,801,814

• 3 · Investment income

  total $9,231,770 · excluded $9,231,770

• 7a · Gross sales of assets other than inventory

  other assets $10,996

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

  other assets $0

• 7c · Gain or loss

  other assets $10,996

• 7d · Net gain or loss

  total $10,996 · excluded $10,996

• 11a · Other revenue: FEES AND SERVICE CHARGES

  total $20,648,621 · related or exempt $20,648,621

• 11b · Other revenue: ATM FOREIGN FEE INCOME

  total $322,599 · unrelated business $322,599

• 11c · Other revenue: GAIN ON SALE OF OREO

  total $90,823 · related or exempt $90,823

• 11d · All other revenue

  total $15,000 · related or exempt $15,000

• 11e · Other revenue, total

  $21,077,043

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $662,328

• 5 · Compensation of officers, directors and key employees

  total $2,260,160

• 7 · Other salaries and wages

  total $9,133,757

• 8 · Pension plan contributions

  total $506,825

• 9 · Other employee benefits

  total $2,279,844

• 10 · Payroll taxes

  total $849,069

• 11b · Fees: legal

  total $88,331

• 11c · Fees: accounting

  total $112,797

• 11g · Fees: other

  total $1,319,693

• 12 · Advertising and promotion

  total $616,024

• 13 · Office expenses

  total $1,693,014

• 14 · Information technology

  total $1,064,782

• 16 · Occupancy

  total $1,013,899

• 17 · Travel

  total $460,686

• 19 · Conferences, conventions and meetings

  total $83,724

• 20 · Interest

  total $10,572,958

• 22 · Depreciation, depletion and amortization

  total $2,310,812

• 23 · Insurance

  total $212,713

• 24a · Other expenses: ATM AND DEBIT CARD EXPE

  total $3,686,931

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $3,206,017

• 24c · Other expenses: LOAN SERVICING EXPENSE

  total $870,739

• 24d · Other expenses: MERGER EXPENSE

  total $472,379

• 24e · All other expenses

  total -$1,565,440

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $11,436,132 · end of year $15,305,652

• 2 · Savings and temporary cash investments

  beginning of year $35,974,168 · end of year $81,851,739

• 4 · Accounts receivable

  beginning of year $8,409,196 · end of year $1,745,064

• 5 · Loans and receivables from officers and key people

  beginning of year $10,745,879 · end of year $10,866,228

• 7 · Other notes and loans receivable

  beginning of year $381,799,154 · end of year $412,985,254

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,409,106 · end of year $1,755,576

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

  $49,050,954

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

  $12,302,300

• 10c · Land, buildings and equipment, net

  beginning of year $31,324,709 · end of year $36,748,654

• 11 · Investments: publicly traded securities

  beginning of year $229,482,223 · end of year $198,322,764

• 12 · Investments: other securities

  beginning of year $12,983,647 · end of year $12,913,276

• 15 · Other assets

  beginning of year $25,100,751 · end of year $26,024,756

• 17 · Accounts payable and accrued expenses

  beginning of year $11,525,584 · end of year $13,374,765

• 19 · Deferred revenue

  beginning of year $46,667 · end of year $11,666

• 23 · Secured mortgages and notes payable

  beginning of year $65,000,000 · end of year $50,000,000

• 25 · Other liabilities

  beginning of year $608,405,097 · end of year $659,613,062

• 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 $63,687,617 · end of year $75,519,470

The filer's explanations (Part III)

PART I, LINE 4B

IN 2017, THE CREDIT UNION ENTERED INTO A COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT WITH ROBERT A. STEENSMA, PRESIDENT/CEO. THE PREMIUMS ON THE POLICIES WERE FUNDED BY THE CREDIT UNION THROUGH A LOAN TO THE PRESIDENT/CEO FOR $9,500,000. INTEREST WILL ACCRUE TO THE LOAN ANNUALLY.