Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INCOME ON LOANS

  total $30,680,034 · related or exempt $30,680,034

• 2b · Program service revenue: FEES/CHARGES/OTHER

  total $10,983,626 · related or exempt $10,983,626

• 3 · Investment income

  total $5,070,796 · related or exempt $5,070,796

• 7a · Gross sales of assets other than inventory

  other assets $447,927

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

  other assets $207,171

• 7c · Gain or loss

  other assets $240,756

• 7d · Net gain or loss

  total $240,756 · related or exempt $240,756

• 11a · Other revenue: FINANCE & INSURANCE

  total $174,323 · unrelated business $174,323

• 11e · Other revenue, total

  $174,323

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $16,000

• 5 · Compensation of officers, directors and key employees

  total $1,315,467

• 7 · Other salaries and wages

  total $7,939,808

• 8 · Pension plan contributions

  total $571,851

• 9 · Other employee benefits

  total $1,018,759

• 10 · Payroll taxes

  total $686,522

• 11b · Fees: legal

  total $13,904

• 11c · Fees: accounting

  total $144,000

• 11f · Fees: investment management

  total $123,114

• 11g · Fees: other

  total $120,832

• 12 · Advertising and promotion

  total $1,419,641

• 13 · Office expenses

  total $2,111,888

• 14 · Information technology

  total $97,616

• 16 · Occupancy

  total $1,083,796

• 17 · Travel

  total $38,760

• 19 · Conferences, conventions and meetings

  total $79,819

• 20 · Interest

  total $10,014,380

• 21 · Payments to affiliates

  total $65,774

• 22 · Depreciation, depletion and amortization

  total $1,311,175

• 23 · Insurance

  total $157,939

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $1,912,144

• 24b · Other expenses: LOAN SERVICING

  total $1,687,286

• 24c · Other expenses: ATM EXPENSES

  total $1,457,020

• 24d · Other expenses: MAINTENANCE

  total $816,492

• 24e · All other expenses

  total $278,414

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $5,806,894 · end of year $5,714,672

• 2 · Savings and temporary cash investments

  beginning of year $43,067,938 · end of year $71,514,552

• 4 · Accounts receivable

  beginning of year $193,515 · end of year $599,232

• 5 · Loans and receivables from officers and key people

  beginning of year $750,000 · end of year $750,000

• 7 · Other notes and loans receivable

  beginning of year $617,676,705 · end of year $640,897,301

• 9 · Prepaid expenses and deferred charges

  beginning of year $797,356 · end of year $1,177,133

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

  $25,477,683

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

  $13,022,391

• 10c · Land, buildings and equipment, net

  beginning of year $12,727,091 · end of year $12,455,292

• 11 · Investments: publicly traded securities

  beginning of year $108,871,474 · end of year $97,245,159

• 12 · Investments: other securities

  beginning of year $24,545,900 · end of year $10,663,900

• 15 · Other assets

  beginning of year $16,323,693 · end of year $16,398,965

• 17 · Accounts payable and accrued expenses

  beginning of year $13,127,998 · end of year $12,515,328

• 25 · Other liabilities

  beginning of year $703,140,498 · end of year $718,723,769

• 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 $114,492,070 · end of year $126,177,109

The filer's explanations (Part III)

PART I, LINE 4B

TRACY MILLER PARTICIPATES IN A SPLIT DOLLAR COLLATERAL INSURANCE SUPPLEMENTAL RETIREMENT PLAN. THE LOAN RELATED THIS PLAN IS REPAID TO THE CREDIT UNION THROUGH THE RECOVERY OF ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. AT SPECIFIED TIMES, THE PARTICIPANT RECEIVES BENEFIT PAYOUTS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON.

Disregarded entities

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

• KCFCU PROPERTIES LLC

  BRANCH AND FACILITY RENTAL · MI · income $27,028 · assets $0

  Directly controlled by KELLOGG COMMUNITY CREDIT UNION

• KCCU SERVICES LLC

  STAFFING SERVICES FOR CREDIT UNION · MI · income -$117 · assets $0

  Directly controlled by KELLOGG COMMUNITY CREDIT UNION

• KCCU INSURANCE AGENCY LLC

  INSURANCE SERVICES · MI · income $47,822 · assets $0

  Directly controlled by KELLOGG COMMUNITY CREDIT UNION