Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $3,222,490

• 2a · Program service revenue: INTEREST ON LOANS

  total $28,403,401 · related or exempt $28,403,401

• 2b · Program service revenue: FEES & COMMISSIONS

  total $14,086,723 · related or exempt $13,959,541 · unrelated business $127,182

• 2c · Program service revenue: OTHER INCOME

  total $3,962 · related or exempt $3,962

• 3 · Investment income

  total $2,889,953 · excluded $2,889,953

• 7a · Gross sales of assets other than inventory

  other assets $56,683

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

  other assets $47,765

• 7c · Gain or loss

  other assets $8,918

• 7d · Net gain or loss

  total $8,918 · excluded $8,918

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $1,116,622

• 7 · Other salaries and wages

  total $11,780,134

• 8 · Pension plan contributions

  total $982,984

• 9 · Other employee benefits

  total $3,218,719

• 10 · Payroll taxes

  total $984,408

• 11b · Fees: legal

  total $154,000

• 11c · Fees: accounting

  total $68,546

• 11g · Fees: other

  total $2,181,905

• 12 · Advertising and promotion

  total $733,766

• 13 · Office expenses

  total $1,776,354

• 16 · Occupancy

  total $507,040

• 17 · Travel

  total $477,873

• 19 · Conferences, conventions and meetings

  total $9,000

• 20 · Interest

  total $7,397,043

• 22 · Depreciation, depletion and amortization

  total $1,916,091

• 23 · Insurance

  total $104,695

• 24a · Other expenses: CARD PROCESSING EXPENSE

  total $3,582,673

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $1,775,709

• 24c · Other expenses: LOAN SERVICING

  total $705,062

• 24d · Other expenses: OPERATION SERVICES

  total $399,083

• 24e · All other expenses

  total $244,210

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $15,781,140 · end of year $19,811,952

• 2 · Savings and temporary cash investments

  beginning of year $33,644,934 · end of year $49,847,780

• 5 · Loans and receivables from officers and key people

  beginning of year $2,375,592 · end of year $3,226,479

• 7 · Other notes and loans receivable

  beginning of year $448,132,169 · end of year $510,618,098

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

  $37,615,652

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

  $11,939,967

• 10c · Land, buildings and equipment, net

  beginning of year $21,186,509 · end of year $25,675,685

• 11 · Investments: publicly traded securities

  beginning of year $15,837,133 · end of year $10,396,847

• 12 · Investments: other securities

  beginning of year $3,582,701 · end of year $2,857,707

• 15 · Other assets

  beginning of year $10,204,616 · end of year $13,494,192

• 17 · Accounts payable and accrued expenses

  beginning of year $4,278,629 · end of year $6,061,667

• 25 · Other liabilities

  beginning of year $501,464,737 · end of year $576,378,867

• 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 $45,001,428 · end of year $53,488,206

The filer's explanations (Part III)

PART I, LINE 1A

THE CREDIT UNION REIMBURSES EMPLOYEES FOR NECESSARY TRAVEL AND OTHER EXPENSES INCURRED WHILE ENGAGED IN CREDIT UNION BUSINESS. EXPENSES MUST BE PRE-APPROVED AND MUST BE WITHIN REASONABLE LIMITS. BOARD OF DIRECTORS ARE ISSUED A 1099 NEC AT THE END OF THE YEAR IF NECESSARY.