Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $2,976,957

• 2a · Program service revenue: LOAN INTEREST

  total $24,180,514 · related or exempt $24,180,514

• 2b · Program service revenue: FEES & CHARGES

  total $12,333,586 · related or exempt $12,333,586

• 3 · Investment income

  total $4,683,443 · related or exempt $4,683,443

• 11a · Other revenue: FINANCE AND INSURANCE

  total $112,760 · unrelated business $112,760

• 11e · Other revenue, total

  $112,760

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $34,755

• 2 · Grants to domestic individuals

  total $17,000

• 5 · Compensation of officers, directors and key employees

  total $742,445

• 7 · Other salaries and wages

  total $9,335,440

• 8 · Pension plan contributions

  total $560,721

• 9 · Other employee benefits

  total $1,310,485

• 10 · Payroll taxes

  total $727,418

• 11c · Fees: accounting

  total $85,000

• 11g · Fees: other

  total $420,363

• 12 · Advertising and promotion

  total $656,919

• 13 · Office expenses

  total $1,452,862

• 14 · Information technology

  total $1,698,427

• 16 · Occupancy

  total $786,740

• 17 · Travel

  total $138,848

• 19 · Conferences, conventions and meetings

  total $354

• 20 · Interest

  total $5,414,826

• 22 · Depreciation, depletion and amortization

  total $929,371

• 23 · Insurance

  total $140,186

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $4,498,000

• 24b · Other expenses: ATM EXPENSES

  total $2,585,045

• 24c · Other expenses: LOAN SERVICING

  total $1,643,437

• 24d · Other expenses: VISA DEBIT/CREDIT EXPEN

  total $745,855

• 24e · All other expenses

  total $1,543,832

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $6,116,151 · end of year $6,303,498

• 2 · Savings and temporary cash investments

  beginning of year $8,626,883 · end of year $28,941,073

• 4 · Accounts receivable

  beginning of year $7,449 · end of year $19,649

• 7 · Other notes and loans receivable

  beginning of year $310,469,172 · end of year $334,688,847

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,097,061 · end of year $1,504,100

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

  $30,442,653

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

  $14,907,905

• 10c · Land, buildings and equipment, net

  beginning of year $15,853,065 · end of year $15,534,748

• 11 · Investments: publicly traded securities

  beginning of year $215,263,745 · end of year $159,025,716

• 12 · Investments: other securities

  beginning of year $2,450,900 · end of year $1,706,900

• 15 · Other assets

  beginning of year $26,858,749 · end of year $30,699,861

• 17 · Accounts payable and accrued expenses

  beginning of year $7,664,799 · end of year $5,351,422

• 23 · Secured mortgages and notes payable

  beginning of year $11,000,000

• 25 · Other liabilities

  beginning of year $495,630,663 · end of year $487,394,210

• 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 $72,447,713 · end of year $85,678,760

The filer's explanations (Part III)

PART I, LINE 4B

THE CREDIT UNION ESTABLISHED A 457(F) PLAN FOR CERTAIN EXECUTIVES, INCLUDING THE NEWLY NAMED CEO, MARK CRAMER, CMO, CHRIS OVERBEEK, CFO, DEBI SOUTHWORTH, CTO, SCOTT JOHNSTON, AND CHRO, PATRICE NEFF. PER THE PLAN THE PARTICIPANT BECOMES 10% ACCRUED AT THE TIME OF CONTRIBUTION AND ANOTHER 10% ACCRUED IN EACH SUBSEQUENT YEAR, WITH THE PARTICIPANT BEING FULLY ACCRUED IN A CONTRIBUTION AT THE END OF THE 9TH SUBSEQUENT YEAR. AS OF DECEMBER 31, 2024 THE CEO HAD EARNED $132,000 OF THE $245,000 THAT THE CREDIT UNION CONTRIBUTED INTO THE PLAN, THE CMO HAD EARNED $76,000 OF THE $145,000 THAT THE CREDIT UNION CONTRIBUTED INTO THE PLAN, THE CFO HAD EARNED $78,500 OF THE $150,000 THAT THE CREDIT UNION CONTRIBUTED INTO THE PLAN, THE CTO HAD EARNED $10,000 OF THE $50,000 THAT THE CREDIT UNION CONTRIBUTED INTO THE PLAN, AND THE CHRO HAD EARNED $65,500 OF THE $135,000 THAT THE CREDIT UNION CONTRIBUTED INTO THE PLAN.