Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $184,426,422 · related or exempt $184,426,422

• 2b · Program service revenue: CARD & ATM INTERCHANGE

  total $44,024,292 · related or exempt $43,847,708 · unrelated business $176,584

• 2c · Program service revenue: INVESTMENT & INSURANCE

  total $7,937,420 · related or exempt $3,873,238 · unrelated business $4,064,182

• 2d · Program service revenue: LOAN SERVICING FEES

  total $7,813,635 · related or exempt $7,813,635

• 2e · Program service revenue: SERVICE CHARGES & FEES

  total $5,016,614 · related or exempt $5,016,614

• 3 · Investment income

  total $27,241,885 · excluded $27,241,885

• 6a · Gross rents

  real property $554,157

• 6b · Less rental expenses

  real property $482,607

• 6c · Rental income or loss

  real property $71,550

• 6d · Net rental income or loss

  total $71,550 · excluded $71,550

• 7a · Gross sales of assets other than inventory

  securities $9,375,000 · other assets $328,155,282

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

  securities $9,370,919 · other assets $323,802,821

• 7c · Gain or loss

  securities $4,081 · other assets $4,352,461

• 7d · Net gain or loss

  total $4,356,542 · related or exempt $4,352,461 · excluded $4,081

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $4,473,234

• 7 · Other salaries and wages

  total $64,772,191

• 8 · Pension plan contributions

  total $4,800,023

• 9 · Other employee benefits

  total $8,108,650

• 10 · Payroll taxes

  total $5,079,102

• 11b · Fees: legal

  total $105,254

• 11c · Fees: accounting

  total $497,184

• 11g · Fees: other

  total $3,183,334

• 12 · Advertising and promotion

  total $11,127,950

• 13 · Office expenses

  total $6,880,618

• 14 · Information technology

  total $12,940,587

• 16 · Occupancy

  total $7,922,003

• 17 · Travel

  total $328,416

• 19 · Conferences, conventions and meetings

  total $484,657

• 20 · Interest

  total $58,927,780

• 22 · Depreciation, depletion and amortization

  total $9,118,008

• 23 · Insurance

  total $585,434

• 24a · Other expenses: CARD PROCESSING EXPENSE

  total $27,140,109

• 24b · Other expenses: LOAN LOSS PROVISION

  total $13,042,390

• 24c · Other expenses: LOAN SERVICING EXPENSE

  total $9,978,509

• 24d · Other expenses: FRAUD AND FORGERY LOSSE

  total $1,660,616

• 24e · All other expenses

  total $2,101,064

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $49,393,653 · end of year $46,130,434

• 2 · Savings and temporary cash investments

  beginning of year $279,916,156 · end of year $259,437,914

• 4 · Accounts receivable

  beginning of year $1,755,173 · end of year $4,018,073

• 7 · Other notes and loans receivable

  beginning of year $3,422,081,719 · end of year $3,743,094,339

• 9 · Prepaid expenses and deferred charges

  beginning of year $57,401,081 · end of year $60,854,950

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

  $328,788,891

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

  $76,482,851

• 10c · Land, buildings and equipment, net

  beginning of year $196,311,843 · end of year $252,306,040

• 12 · Investments: other securities

  beginning of year $1,096,702,345 · end of year $891,388,630

• 15 · Other assets

  beginning of year $41,647,301 · end of year $46,485,186

• 17 · Accounts payable and accrued expenses

  beginning of year $64,830,579 · end of year $79,116,762

• 19 · Deferred revenue

  beginning of year $5,885,957 · end of year $8,966,500

• 21 · Escrow or custodial account liability

  beginning of year $17,330,508 · end of year $16,863,582

• 23 · Secured mortgages and notes payable

  beginning of year $200,000,000 · end of year $150,000,000

• 25 · Other liabilities

  beginning of year $4,418,774,076 · end of year $4,578,272,822

• 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 $438,388,151 · end of year $470,495,900

The filer's explanations (Part III)

PART I, LINE 1A

AS PRESCRIBED IN THE BOARD GOVERNANCE POLICY, TO PROVIDE FOR THE DEVELOPMENT OF MEMBER ELECTED BOARD MEMBERS, AND BUILD THEIR KNOWLEDGE TO SERVE EFFECTIVELY, EACH DIRECTOR IS EXPECTED TO SEEK OUT EDUCATIONAL AND DEVELOPMENT CONFERENCES AND OPPORTUNITIES FOR THIS PURPOSE. DIRECTORS ARE ENCOURAGED TO PARTICIPATE IN AT LEAST ONE EDUCATIONAL CONFERENCE EVERY TWO YEARS. CONSISTENT WITH THE GUIDANCE OF THE NATIONAL CREDIT UNION ADMINISTRATION AND TO ENCOURAGE DIRECTORS TO TAKE PERSONAL TIME TO ATTEND EDUCATIONAL AND DEVELOPMENTAL MEETINGS, DIRECTORS AS A COURTESY MAY BE REIMBURSED FOR THE REASONABLE COSTS OF THEIR TRAVEL AND ATTENDANCE INCLUDING A GUEST, WHO MAY ACCOMPANY THEM ON CREDIT UNION RELATED TRAVEL. WHILE THE NCUA HAS INDICATED IN LETTER 05-FCU-02 THAT THEY DO NOT CONSIDER GUEST TRAVEL TO BE COMPENSATION TO DIRECTORS, FOR TAX REPORTING PURPOSES THE CREDIT UNION DOES ISSUE FORM 1099-NEC RELATED TO GUEST TRAVEL. FOR 2023, THE CREDIT UNION DID NOT PAY FOR ANY COMPANION TRAVEL.

PART I, LINE 4B

THE BOARD ESTABLISHED A DEFERRED COMPENSATION PLAN FOR THE PRESIDENT. THE PLAN IS DESIGNED TO COMPENSATE FOR BENEFITS NOT ELIGIBLE UNDER THE 401(K) PLAN AS A RESULT OF LIMITATIONS IMPOSED BY THE IRS ON THE ALLOWABLE CONTRIBUTIONS, AS WELL AS TO PROVIDE A LONG-TERM INCENTIVE FOR SUSTAINED PERFORMANCE. TOTAL CONTRIBUTIONS IN 2023 WERE $327,934. THE PRESIDENT DID NOT VEST IN ANY OF THE PLAN CONTRIBUTIONS IN 2023 RESULTING IN NO TAXABLE INCOME. CUMULATIVE DEFERRED COMPENSATION PAYABLE TO THE PRESIDENT IS A GENERAL CREDITOR OBLIGATION OF THE CREDIT UNION. FUTURE DISBURSEMENTS (IF ANY) OF THE CUMULATIVE DEFERRED COMPENSATION PAYABLE ARE CONTINGENT ON THE CONDITIONS ESTABLISHED BY THE PLAN.