Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $66,226,843 · related or exempt $66,226,843

• 2b · Program service revenue: INTERCHANGE INCOME

  total $8,840,231 · related or exempt $8,840,231

• 2c · Program service revenue: OTHER NONINTEREST INCOME

  total $3,880,783 · related or exempt $3,762,126 · unrelated business $118,657

• 2d · Program service revenue: DEPOSIT SERVICE CHARGES AND FEES

  total $3,575,374 · related or exempt $3,575,374

• 2e · Program service revenue: SALE OF LOANS

  total $28,111 · related or exempt $28,111

• 3 · Investment income

  total $11,877,920 · excluded $11,877,920

• 6a · Gross rents

  real property $359,342

• 6b · Less rental expenses

  real property $6,023

• 6c · Rental income or loss

  real property $353,319

• 6d · Net rental income or loss

  total $353,319 · excluded $353,319

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $125,660

• 4 · Benefits paid to or for members

  total $21,583,109

• 5 · Compensation of officers, directors and key employees

  total $4,362,369

• 7 · Other salaries and wages

  total $18,559,683

• 8 · Pension plan contributions

  total $1,359,558

• 9 · Other employee benefits

  total $2,599,679

• 10 · Payroll taxes

  total $1,591,343

• 11b · Fees: legal

  total $176,825

• 11c · Fees: accounting

  total $336,051

• 11d · Fees: lobbying

  total $30,215

• 11g · Fees: other

  total $2,768,823

• 12 · Advertising and promotion

  total $1,859,434

• 13 · Office expenses

  total $1,988,173

• 16 · Occupancy

  total $2,796,638

• 17 · Travel

  total $88,791

• 19 · Conferences, conventions and meetings

  total $140,927

• 22 · Depreciation, depletion and amortization

  total $2,027,687

• 23 · Insurance

  total $282,503

• 24a · Other expenses: UBI TAX

  total $33,191

• 24b · Other expenses: DEBIT & CREDIT CARD FEE

  total $3,518,698

• 24c · Other expenses: REPAIRS & MAINTENANCE

  total $3,109,767

• 24d · Other expenses: CREDIT FOR LOAN LOSSES

  total $2,711,139

• 24e · All other expenses

  total $3,331,257

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $11,323,233 · end of year $14,311,304

• 2 · Savings and temporary cash investments

  beginning of year $195,220,830 · end of year $224,261,263

• 4 · Accounts receivable

  beginning of year $1,624,090 · end of year $1,657,827

• 5 · Loans and receivables from officers and key people

  beginning of year $11,782,441 · end of year $12,121,787

• 7 · Other notes and loans receivable

  beginning of year $1,367,263,727 · end of year $1,426,217,239

• 9 · Prepaid expenses and deferred charges

  beginning of year $605,615 · end of year $590,511

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

  $46,143,292

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

  $31,157,937

• 10c · Land, buildings and equipment, net

  beginning of year $15,211,543 · end of year $14,985,355

• 11 · Investments: publicly traded securities

  beginning of year $23,125,560 · end of year $20,349,353

• 12 · Investments: other securities

  beginning of year $7,959,700 · end of year $8,242,600

• 15 · Other assets

  beginning of year $40,618,189 · end of year $40,705,031

• 17 · Accounts payable and accrued expenses

  beginning of year $13,202,280 · end of year $13,750,041

• 25 · Other liabilities

  beginning of year $1,460,302,435 · end of year $1,528,921,361

• 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 $201,230,213 · end of year $220,770,868

The filer's explanations (Part III)

PART I, LINE 1A

IN ACCORDANCE WITH THE MONTERRA CREDIT UNION BYLAWS AND EXPENDITURES POLICY, OFFICIALS, DIRECTORS, AND SUPERVISORY COMMITTEE MEMBERS TRAVEL TO ATTEND CONTINUING EDUCATION AND INDUSTRY-RELATED SEMINARS, CONFERENCES, AND MEETINGS.

PART I, LINE 1B

IN ACCORDANCE WITH THE MONTERRA CREDIT UNION BYLAWS AND EXPENDITURES POLICY, OFFICIALS, DIRECTORS, AND SUPERVISORY COMMITTEE MEMBERS TRAVEL TO ATTEND CONTINUING EDUCATION AND INDUSTRY-RELATED SEMINARS, CONFERENCES, AND MEETINGS. THESE EXPENSES ARE DEEMED BUSINESS EXPENSES AND NOT CONSIDERED COMPENSATION TO THE EMPLOYEE.

PART I, LINE 4B

SPLIT DOLLAR: THE CREDIT UNION HAS MADE A LOAN FOR LIFE INSURANCE PREMIUM PAYMENTS TO A MEMBER OF MANAGEMENT. THE LOAN IS COLLATERALIZED BY THE ASSIGNMENT OF THE POLICY DEATH BENEFITS AND CASH VALUES OF EACH RESPECTIVE LIFE INSURANCE POLICY, PLUS INCOME ANNUITIES USED TO FUND THE POLICIES. THE POLICIES ARE OWNED BY THE EXECUTIVE AND THE EXECUTIVE HAS THE RIGHT TO NAME THE BENEFICIARIES FOR AMOUNTS NOT SECURED BY THE ASSIGNMENTS.