Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST FROM MEMBERS

  total $23,722,978 · related or exempt $23,722,978

• 2b · Program service revenue: FEES & CHARGES

  total $3,419,474 · related or exempt $3,418,029 · unrelated business $1,445

• 2c · Program service revenue: OTHER OPERATING INCOME

  total $1,833,737 · related or exempt $1,805,792 · unrelated business $27,945

• 2d · Program service revenue: INTERCHANGE INCOME

  total $895,364 · related or exempt $895,364

• 2e · Program service revenue: LOAN SERVICING INCOME

  total $329,458 · related or exempt $329,458

• 3 · Investment income

  total $3,677,719 · excluded $3,677,719

• 6a · Gross rents

  real property $1,034,744

• 6b · Less rental expenses

  real property $782,796

• 6c · Rental income or loss

  real property $251,948

• 6d · Net rental income or loss

  total $251,948 · excluded $251,948

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

  other assets $406

• 7c · Gain or loss

  other assets -$406

• 7d · Net gain or loss

  total -$406 · excluded -$406

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $142,353

• 4 · Benefits paid to or for members

  total $8,254,757

• 5 · Compensation of officers, directors and key employees

  total $1,478,234

• 7 · Other salaries and wages

  total $8,154,452

• 8 · Pension plan contributions

  total $183,240

• 9 · Other employee benefits

  total $794,228

• 10 · Payroll taxes

  total $701,345

• 11b · Fees: legal

  total $190,409

• 11c · Fees: accounting

  total $148,253

• 11g · Fees: other

  total $793,376

• 12 · Advertising and promotion

  total $1,276,466

• 13 · Office expenses

  total $191,574

• 14 · Information technology

  total $1,183,409

• 16 · Occupancy

  total $502,671

• 17 · Travel

  total $279,767

• 19 · Conferences, conventions and meetings

  total $57,113

• 20 · Interest

  total $1,098,324

• 22 · Depreciation, depletion and amortization

  total $608,333

• 23 · Insurance

  total $148,622

• 24a · Other expenses: VISA AND CHECK EXPENSES

  total $928,386

• 24b · Other expenses: CORE SYSTEM EXPENSE

  total $918,745

• 24c · Other expenses: MISCELLANEOUS

  total $498,971

• 24d · Other expenses: STAFF TRAINING & DEVELO

  total $255,909

• 24e · All other expenses

  total $449,999

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $541,398 · end of year $486,043

• 2 · Savings and temporary cash investments

  beginning of year $58,085,061 · end of year $65,596,779

• 4 · Accounts receivable

  beginning of year $1,780,855 · end of year $1,833,169

• 5 · Loans and receivables from officers and key people

  beginning of year $5,043,545 · end of year $2,402,859

• 7 · Other notes and loans receivable

  beginning of year $440,550,236 · end of year $466,581,719

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,254,859 · end of year $1,112,166

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

  $23,666,699

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

  $10,471,759

• 10c · Land, buildings and equipment, net

  beginning of year $13,695,466 · end of year $13,194,940

• 11 · Investments: publicly traded securities

  beginning of year $61,954,926 · end of year $56,462,584

• 12 · Investments: other securities

  beginning of year $17,035,313 · end of year $13,570,585

• 15 · Other assets

  beginning of year $21,900,657 · end of year $22,062,429

• 17 · Accounts payable and accrued expenses

  beginning of year $4,656,480 · end of year $3,478,185

• 19 · Deferred revenue

  beginning of year $1,219,345 · end of year $1,373,066

• 23 · Secured mortgages and notes payable

  beginning of year $21,000,000 · end of year $27,000,000

• 25 · Other liabilities

  beginning of year $551,758,210 · end of year $563,729,699

• 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 $43,208,281 · end of year $47,722,323

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS INCLUDES BOARD SPOUSES WHEN APPLICABLE.

PART I, LINE 4B

THE CREDIT UNION ADOPTED A 457(F) EXECUTIVE RETIREMENT PLAN WHICH PROVIDES BENEFITS TO DESIGNATED EXECUTIVES. VICKI VANNBERSTEIN, CEO RECEIVED A CONTRIBUTION OF $364,233 TO THE PLAN DURING 2023. THE CREDIT UNION ENTERED INTO SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENTS WITH CERTAIN EXECUTIVE EMPLOYEES DURING 2023, WHEREBY THE CREDIT UNION FUNDS THE PREMIUM PAYMENTS ON THE UNDERLYING INSURANCE POLICIES AND THE SENIOR EXECUTIVE OFFICER IN TURN COLLATERALLY ASSIGNS THE POLICY TO THE CREDIT UNION. IN 2023 NICOLETTE HARMS, FORMER SVP, CFO WAS PAID A ONE TIME FORGIVEN INTEREST INCOME RELATED TO THE INSURANCE AGREEMENT. PAYMENT INCLUDED $64,860 OF FORGIVEN PLAN INTEREST, AND WAS GROSSED UP FOR THE RELATED TAXES.

PART I, LINE 5

THE CREDIT UNION HAS A SCORE CARD TO TRACK ENTERPRISE GOALS AND METRICS. WE ACCRUE THROUGHOUT THE YEAR FOR THE PERCENTAGE OF ALL EMPLOYEE INCENTIVE BONUS PAYOUTS THAT GET PAID OUT EVERY JAN/FEB FOR THE PREVIOUS YEARS ACCOMPLISHMENTS OF MEETING THE GOALS. THE PAYOUT PERCENTAGE AMOUNT AND TOTAL ACCRUED IN 2023 AND PAID OUT IN 2024 FOR 2023 BONUS INCENTIVE WAS 5.28% OF ALL EMPLOYEE'S ANNUAL SALARY AMOUNT FOR THE YEAR. THE SCORECARD TRACKS MANY DIFFERENT METRICS TO CALCULATE THE PERCENTAGE PAYOUT TO EMPLOYEES BASED ON RESULTS AND PERFORMANCE. ALL EMPLOYEES GET PAID OUT THE SAME PERCENTAGE CALCULATED ON THE SCORECARD TIMES THEIR ANNUAL SALARY FOR THE YEAR.

Disregarded entities

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

• ACCU FINANCIAL LLC

  HOLDING COMPANY · CA · income $0 · assets $420,073

  Directly controlled by AMERICA'S CHRISTIAN CREDIT UNION

• SHARETEK LLC

  CUSO ORGANIZATION CREATED TO FACILITATE HEALTH CARE SHARING · CA · income $547,011 · assets $364,294

  Directly controlled by ACCU FINANCIAL LLC