Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST INCOME

  total $46,904,000 · related or exempt $46,904,000

• 3 · Investment income

  total $5,136,876 · excluded $5,136,876

• 7a · Gross sales of assets other than inventory

  other assets $237,157

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

  other assets $115,158

• 7c · Gain or loss

  other assets $121,999

• 7d · Net gain or loss

  total $121,999 · excluded $121,999

• 11a · Other revenue: FEE INCOME

  total $14,379,920 · related or exempt $14,266,752 · unrelated business $113,168

• 11b · Other revenue: PARTNERSHIP INVESTMENT

  total $27,075 · unrelated business $27,075

• 11e · Other revenue, total

  $14,406,995

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $281,747

• 2 · Grants to domestic individuals

  total $20,000

• 5 · Compensation of officers, directors and key employees

  total $3,141,934

• 7 · Other salaries and wages

  total $14,930,392

• 8 · Pension plan contributions

  total $1,285,642

• 9 · Other employee benefits

  total $2,276,643

• 10 · Payroll taxes

  total -$199,777

• 11b · Fees: legal

  total $297,895

• 11c · Fees: accounting

  total $729,436

• 11g · Fees: other

  total $1,669,216

• 12 · Advertising and promotion

  total $1,289,936

• 13 · Office expenses

  total $1,778,783

• 14 · Information technology

  total $3,192,842

• 16 · Occupancy

  total $2,895,797

• 19 · Conferences, conventions and meetings

  total $196,347

• 20 · Interest

  total $11,555,016

• 22 · Depreciation, depletion and amortization

  total $1,393,915

• 23 · Insurance

  total $805,630

• 24a · Other expenses: DEBIT/CREDIT/ATM CHARGE

  total $4,506,381

• 24b · Other expenses: EQUIPMENT MAINTENANCE

  total $1,941,326

• 24c · Other expenses: PROVISION FOR LOAN LOSS

  total $1,677,160

• 24d · Other expenses: MISCELLANEOUS EXPENSES

  total $1,222,843

• 24e · All other expenses

  total $107,561

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $6,708,226 · end of year $6,617,839

• 2 · Savings and temporary cash investments

  beginning of year $290,929,353 · end of year $77,049,687

• 7 · Other notes and loans receivable

  beginning of year $1,156,684,801 · end of year $1,569,366,000

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,135,846 · end of year $1,529,584

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

  $45,688,789

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

  $24,475,485

• 10c · Land, buildings and equipment, net

  beginning of year $18,815,599 · end of year $21,213,304

• 11 · Investments: publicly traded securities

  beginning of year $276,069,084 · end of year $331,486,122

• 12 · Investments: other securities

  beginning of year $9,067,900 · end of year $10,009,379

• 15 · Other assets

  beginning of year $33,117,599 · end of year $34,385,607

• 17 · Accounts payable and accrued expenses

  beginning of year $13,827,725 · end of year $21,770,614

• 23 · Secured mortgages and notes payable

  beginning of year $44,967,280 · end of year $166,967,280

• 25 · Other liabilities

  beginning of year $1,592,501,808 · end of year $1,713,279,636

• 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 $16,000,000 · end of year $16,000,000

• 31 · Retained earnings, endowment or other funds

  beginning of year $125,231,595 · end of year $133,639,992

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS SPOUSES OR GUESTS ARE WELCOME TO ACCOMPANY DIRECTORS, BUT IS LIMITED TO NO MORE THAN TWO TIMES PER CALENDAR YEAR. SPOUSE OR GUEST EXPENSES WHICH ARE REIMBURSABLE INCLUDE, BUT ARE NOT LIMITED TO AIR TRAVEL, MEALS, AND ORGANIZED ENTERTAINMENT SUCH AS EVENT DINNERS, GOLF OUTINGS OR OTHER CONFERENCE RELATED OUTINGS. SPOUSE AND GUEST TRAVEL EXPENSES MAY NOT EXCEED $2,000 PER YEAR. SPOUSE OR GUEST EXPENSES WHICH ARE NOT REIMBURSABLE INCLUDE, BUT ARE NOT LIMITED TO SEPARATE LODGING OR NON-CONFERENCE RELATED PERSONAL EXPENSES. COUNTRY CLUB MEMBERSHIPS THE CREDIT UNION PROVIDES COUNTRY CLUB MEMBERSHIPS TO SOME EXECUTIVE OFFICERS FOR BUSINESS DEVELPMENT PURPOSES.

PART I, LINE 4B

NONQUALIFIED RETIREMENT PLAN THE CREDIT UNION PROVIDES A NON-ELECTIVE EMPLOYER CONTRIBUTION PLAN COVERING ALL OF ITS EMPLOYEES WHO ARE ELIGIBLE AS TO AGE AND LENGTH OF SERVICE. THE PLAN PROVIDES FOR A DISCRETIONARY NON-ELECTIVE CONTRIBUTION EQUAL TO A PERCENTAGE AS ESTABLISHED BY THE BOARD OF DIRECTORS OF EACH PARTICIPANT'S TOTAL COMPENSATION, PLUS 5.7% OF ELIGIBLE COMPENSATION IN EXCESS OF THE SOCIAL SECURITY TAXABLE WAGE BASE, UP TO THE APPLICABLE IRS LIMITATIONS. THE CREDIT UNION'S CONTRIBUTIONS TO THE PLAN APPROXIMATED $867,000 AND $822,000 FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021, RESPECTIVELY. DURING THE TAX YEAR, THE CREDIT UNION MADE CONTRIBUTIONS TO THE FOLLOWING INDIVIDUALS: MARK COCHRAN $206,885 MICHAEL P. DUBUQUE $39,948 MARK O'NEIL $23,589 CAROLYN PELLITIER $22,650 JOSEPH M. PRINCI II $34,093 BRIAN SOUSA $36,397 ROBIN P. LORENZEN $41,931

SCHEDULE J, PART II, COLUMN F:

MARK S. COCHRAN RECEIVED $133,618 SERP 457(F) DISTRIBUTION IN 2022, WHICH REPORTED AS DEFERRED COMPENSATION IN PRIOR YEARS. MICHAEL P. DUBUQUE RECEIVED $117,524 SERP 457(F) DISTRIBUTION IN 2022, WHICH REPORTED AS DEFERRED COMPENSATION IN PRIOR YEARS.