Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INTEREST INCOME

  total $77,863,304 · related or exempt $77,863,304

• 2b · Program service revenue: FEES AND CHARGES

  total $27,726,788 · related or exempt $27,594,292 · unrelated business $132,496

• 2c · Program service revenue: MORTGAGE PRODUCTION FEES

  total $1,218,296 · related or exempt $1,218,296

• 2d · Program service revenue: SALES OF MORTGAGES

  total $671,415 · related or exempt $671,415

• 3 · Investment income

  total $5,642,852 · excluded $5,642,852

• 6a · Gross rents

  real property $131,586

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $131,586

• 6d · Net rental income or loss

  total $131,586 · excluded $131,586

• 7a · Gross sales of assets other than inventory

  other assets $9,099,000

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

  other assets $9,116,701

• 7c · Gain or loss

  other assets -$17,701

• 7d · Net gain or loss

  total -$17,701 · excluded -$17,701

• 11a · Other revenue: COMMISSIONS

  total $446,145 · unrelated business $446,145

• 11e · Other revenue, total

  $446,145

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $1,138,468

• 7 · Other salaries and wages

  total $23,929,918

• 8 · Pension plan contributions

  total $536,685

• 9 · Other employee benefits

  total $9,063,346

• 10 · Payroll taxes

  total $2,060,496

• 11b · Fees: legal

  total $268,805

• 11c · Fees: accounting

  total $188,727

• 11f · Fees: investment management

  total $173,699

• 11g · Fees: other

  total $597,555

• 12 · Advertising and promotion

  total $3,106,613

• 13 · Office expenses

  total $1,723,580

• 14 · Information technology

  total $3,052,671

• 16 · Occupancy

  total $2,771,944

• 17 · Travel

  total $345,456

• 19 · Conferences, conventions and meetings

  total $655,576

• 20 · Interest

  total $6,536,359

• 22 · Depreciation, depletion and amortization

  total $3,152,376

• 23 · Insurance

  total $511,221

• 24a · Other expenses: INTEREST PAID ON MEMBER

  total $11,640,339

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $7,895,438

• 24c · Other expenses: CREDIT AND DEBIT CARD F

  total $7,236,882

• 24d · Other expenses: LOAN SERVICING

  total $2,578,506

• 24e · All other expenses

  total $5,031,929

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $17,890,281 · end of year $22,655,556

• 2 · Savings and temporary cash investments

  beginning of year $22,553,193 · end of year $18,874,917

• 4 · Accounts receivable

  beginning of year $46,792 · end of year $199,229

• 7 · Other notes and loans receivable

  beginning of year $1,213,033,033 · end of year $1,329,813,043

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,630,950 · end of year $2,088,291

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

  $77,275,405

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

  $22,405,216

• 10c · Land, buildings and equipment, net

  beginning of year $48,608,704 · end of year $54,870,189

• 11 · Investments: publicly traded securities

  beginning of year $1,965,679 · end of year $1,456,060

• 12 · Investments: other securities

  beginning of year $241,640,362 · end of year $226,437,206

• 14 · Intangible assets

  beginning of year $346,075 · end of year $346,075

• 15 · Other assets

  beginning of year $37,844,858 · end of year $45,232,912

• 17 · Accounts payable and accrued expenses

  beginning of year $13,085,755 · end of year $13,790,375

• 21 · Escrow or custodial account liability

  beginning of year $2,520,986 · end of year $2,865,337

• 23 · Secured mortgages and notes payable

  beginning of year $85,000,000 · end of year $170,000,000

• 25 · Other liabilities

  beginning of year $1,342,356,079 · end of year $1,351,235,695

• 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 $142,597,107 · end of year $164,082,071

The filer's explanations (Part III)

PART I, LINE 3

COMPENSATION FOR THE CEO, OTHER OFFICERS, AND KEY EMPLOYEES IS APPROVED BY BOTH HUMAN RESOURCES AND THE BOARD OF DIRECTORS.

PART I, LINES 4A-B

THE CREDIT UNION EXECUTIVIES PARTICIPATE IN A 457F PLAN. ALL PLANS ARE SUBJECT TO FORFEITURE AND EACH PLAN HAS A DOCUMENTED VESTING PERIOD. THE FOLLOWING INDIVIDUALS LISTED ON FORM 990, PART VII, SECTION A PARTICIPATED IN THE PLAN DURING THE YEAR. HEATHER LUCIANI KENT FIGY KATHERINE BERRY MEGAN HENDRIX

Disregarded entities

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

• HONOR HOLDINGS LLC

  HOLDING COMPANY · MI · income -$75,948 · assets $1,377,635

  Directly controlled by HONOR CREDIT UNION

• HONOR INSURANCE AGENCY LLC

  INSURANCE BROKERAGE SERVICES · MI · income $67,081 · assets $106,809

  Directly controlled by HONOR HOLDINGS LLC

• REDBUD INSURANCE SERVICES LLC

  INSURANCE BROKERAGE SERVICES · MI · income $379,064 · assets $371,980

  Directly controlled by HONOR HOLDINGS LLC

• REDBUD PROPERTIES LLC

  HOLDING COMPANY · MI · income $0 · assets $189,426

  Directly controlled by HONOR HOLDINGS LLC