Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: Interest Income & Income From Members

  total $149,023,446 · related or exempt $148,843,512 · unrelated business $179,934 · excluded $0

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $88,087,067 · related or exempt $88,087,067 · unrelated business $0 · excluded $0

• 4 · Income from investment of tax-exempt bond proceeds

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 5 · Royalties

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7a · Gross sales of assets other than inventory

  securities $0 · other assets $627,279

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

  securities $0 · other assets $0

• 7c · Gain or loss

  securities $0 · other assets $627,279

• 7d · Net gain or loss

  total $627,279 · related or exempt $627,279 · unrelated business $0 · excluded $0

• 10a · Gross sales of inventory

  $0

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $334,340

• 2 · Grants to domestic individuals

  total $0

• 3 · Grants to foreign organizations and individuals

  total $0

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $8,253,062

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $43,003,915

• 8 · Pension plan contributions

  total $3,627,115

• 9 · Other employee benefits

  total $5,144,604

• 10 · Payroll taxes

  total $3,772,529

• 11a · Fees: management

  total $0

• 11b · Fees: legal

  total $99,973

• 11c · Fees: accounting

  total $661,146

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $0

• 11g · Fees: other

  total $0

• 12 · Advertising and promotion

  total $2,359,733

• 13 · Office expenses

  total $2,256,487

• 14 · Information technology

  total $11,308,057

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $5,670,284

• 17 · Travel

  total $317,910

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $245,087

• 20 · Interest

  total $34,943,536

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $3,393,756

• 23 · Insurance

  total $454,491

• 24a · Other expenses: Provision for Loan Loss

  total $2,598,347

• 24b · Other expenses: Cash Back Dividend

  total $40,931,380

• 24c · Other expenses: Loan Servicing

  total $2,193,445

• 24d · Other expenses: Debit and Credit Card - Channel

  total $10,748,134

• 24e · All other expenses

  total $6,502,029

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $119,394,805 · end of year $24,082,652

• 2 · Savings and temporary cash investments

  beginning of year $0 · end of year $0

• 3 · Pledges and grants receivable

  beginning of year $0 · end of year $0

• 4 · Accounts receivable

  beginning of year $19,788,690 · end of year $21,054,365

• 5 · Loans and receivables from officers and key people

  beginning of year $37,281,051 · end of year $47,270,524

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $1,045,259,431 · end of year $1,749,273,073

• 8 · Inventories for sale or use

  beginning of year $0 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,485,674 · end of year $3,025,286

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

  $120,281,541

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

  $63,442,469

• 10c · Land, buildings and equipment, net

  beginning of year $46,082,400 · end of year $56,839,072

• 11 · Investments: publicly traded securities

  beginning of year $0 · end of year $0

• 12 · Investments: other securities

  beginning of year $4,639,967,877 · end of year $4,191,863,530

• 13 · Investments: program-related

  beginning of year $12,202,700 · end of year $7,287,800

• 14 · Intangible assets

  beginning of year $11,620,890 · end of year $82,191,681

• 15 · Other assets

  beginning of year $67,658,305 · end of year $78,707,432

• 17 · Accounts payable and accrued expenses

  beginning of year $87,202,345 · end of year $98,611,484

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $0 · end of year $0

• 20 · Tax-exempt bond liabilities

  beginning of year $0 · end of year $0

• 21 · Escrow or custodial account liability

  beginning of year $0 · end of year $0

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $0 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $5,681,409,969 · end of year $5,784,945,533

• 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 $233,129,509 · end of year $378,038,398

The filer's explanations (Part III)

Schedule J, Part I, Line 1a

Board members are reimbursed or costs related to attending the board planning retreat. Cost for spouse and dependent children accompanying the director to the retreat are also reimbursed.

Schedule J, Part I, Line 3

The organization reviews salaries by an independent consultant and studies.

Schedule J, Part I, Line 4

A retirement plan existed for employees acquired via a merger in 2023 that was paid out. The organization deposits funds into a life insurance policy on participants life. During life and subject to the policy generating sufficient values, the participant can borrow from the policy. At death, the organization recovers its premium plus interest plus additional key-person insurance proceeds. Participants are listed in schedule L, part II.