Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INTEREST

  total $32,962,398 · related or exempt $32,962,398

• 2b · Program service revenue: FEES AND CHARGES

  total $4,126,149 · related or exempt $4,084,189 · unrelated business $41,960

• 2c · Program service revenue: OTHER NON-INTEREST INCOME

  total $3,365,587 · related or exempt $3,365,587

• 2d · Program service revenue: INTERCHANGE INCOME

  total $958,798 · related or exempt $958,798

• 2e · Program service revenue: GAIN ON SALE OF LOANS

  total $174,306 · related or exempt $174,306

• 3 · Investment income

  total $3,710,855 · excluded $3,710,855

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $19,052

• 2 · Grants to domestic individuals

  total $8,750

• 4 · Benefits paid to or for members

  total $10,052,109

• 5 · Compensation of officers, directors and key employees

  total $2,326,561

• 7 · Other salaries and wages

  total $9,415,605

• 8 · Pension plan contributions

  total $633,285

• 9 · Other employee benefits

  total $2,148,561

• 10 · Payroll taxes

  total $1,004,416

• 11b · Fees: legal

  total $31,626

• 11c · Fees: accounting

  total $23,504

• 11g · Fees: other

  total $927,612

• 12 · Advertising and promotion

  total $680,508

• 13 · Office expenses

  total $777,537

• 14 · Information technology

  total $1,848,447

• 16 · Occupancy

  total $1,782,853

• 17 · Travel

  total $85,905

• 19 · Conferences, conventions and meetings

  total $28,983

• 20 · Interest

  total $2,689,873

• 22 · Depreciation, depletion and amortization

  total $1,079,182

• 23 · Insurance

  total $155,679

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $2,021,251

• 24b · Other expenses: CREDIT CARD EXPENSES

  total $1,431,732

• 24c · Other expenses: OPERATING EXPENSES

  total $1,405,688

• 24d · Other expenses: LENDING EXPENSES

  total $1,404,835

• 24e · All other expenses

  total $884,510

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $6,235,687 · end of year $7,404,789

• 2 · Savings and temporary cash investments

  beginning of year $71,558,566 · end of year $56,758,061

• 5 · Loans and receivables from officers and key people

  beginning of year $84,167 · end of year $8,375,678

• 7 · Other notes and loans receivable

  beginning of year $499,798,081 · end of year $520,829,441

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,094,109 · end of year $1,090,535

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

  $17,499,026

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

  $11,376,260

• 10c · Land, buildings and equipment, net

  beginning of year $6,254,979 · end of year $6,122,766

• 12 · Investments: other securities

  beginning of year $3,864,145 · end of year $2,764,645

• 15 · Other assets

  beginning of year $14,043,534 · end of year $19,946,973

• 17 · Accounts payable and accrued expenses

  beginning of year $7,889,164 · end of year $9,094,768

• 23 · Secured mortgages and notes payable

  beginning of year $69,999,996 · end of year $44,999,997

• 24 · Unsecured notes and loans payable

  beginning of year $11,600,000 · end of year $11,200,000

• 25 · Other liabilities

  beginning of year $475,445,620 · end of year $517,569,606

• 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 $37,998,488 · end of year $40,428,517

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS IS PAID FOR CERTAIN MEMBERS OF MANAGEMENT AND IS INCLUDED IN THE EMPLOYEE'S W-2. THE ORGANIZATION BEGAN GROSSING UP EMPLOYEE PAYCHECKS FOR THE COST OF MANDATORY LONG-TERM DISABILITY INSURANCE. RELOCATION COSTS WERE GROSSED UP PER NEW RELOCATION POLICY. RELOCATION INCLUDES A TEMPORARY HOUSING ALLOWANCE FOR PERSONAL USE PER NEW RELOCATION POLICY.

PART I, LINES 4A-B

THE FOLLOWING EMPLOYEES RECEIVED SEVERANCE PAYMENTS FROM THE ORGANIZATION UPON RESIGNATION: DANIEL HILDRETH - $59,501 LEE WOJNAR - $137,212 THE CREDIT UNION PARTICIPATES IN A 457(F) DEFERRED COMPENSATION AGREEMENT WITH CERTAIN MEMBERS OF THE EXECUTIVE MANAGEMENT TEAM. THE FOLLOWING EMPLOYEES RECEIVED CONTRIBUTIONS TO THIS PLAN DURING 2024: DAVID ECHTLE - $14,831 JENNIFER ROBERTS-ECHTLE - $14,831 BRYAN THOMAS - $13,545 MARTHA PRESTIN - $13,875 JERRY RICHARDSON - $13,643