Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS TO MEMBERS

  total $40,814,634 · related or exempt $40,814,634

• 2b · Program service revenue: OTHER INCOME

  total $3,341,854 · related or exempt $3,341,854

• 2c · Program service revenue: FEES AND CHARGES

  total $2,310,312 · related or exempt $2,310,312

• 3 · Investment income

  total $1,188,788 · related or exempt $1,188,788

• 7a · Gross sales of assets other than inventory

  securities $1,651,574 · other assets $62,713,814

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

  securities $0 · other assets $61,478,664

• 7c · Gain or loss

  securities $1,651,574 · other assets $1,235,150

• 7d · Net gain or loss

  total $2,886,724 · related or exempt $2,886,724

• 11a · Other revenue: NON-MEMBER ATM FEES

  total $14,939 · unrelated business $14,939

• 11e · Other revenue, total

  $14,939

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $3,115,912

• 7 · Other salaries and wages

  total $9,050,975

• 8 · Pension plan contributions

  total $279,677

• 9 · Other employee benefits

  total $1,512,713

• 10 · Payroll taxes

  total $722,128

• 11b · Fees: legal

  total $97,235

• 11c · Fees: accounting

  total $180,922

• 11g · Fees: other

  total $1,091,314

• 12 · Advertising and promotion

  total $1,685,050

• 13 · Office expenses

  total $5,407,663

• 16 · Occupancy

  total $1,503,665

• 17 · Travel

  total $292,776

• 19 · Conferences, conventions and meetings

  total $29,523

• 22 · Depreciation, depletion and amortization

  total $677,065

• 23 · Insurance

  total $178,567

• 24a · Other expenses: INTEREST AND DIVIDENDS

  total $13,056,177

• 24b · Other expenses: CREDIT LOSS EXPENSE

  total $5,526,257

• 24c · Other expenses: LOAN SERVICING EXPENSES

  total $604,819

• 24d · Other expenses: MISCELLANEOUS OTHER EXP

  total $406,877

• 24e · All other expenses

  total $63,818

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $5,725,016 · end of year $5,038,180

• 2 · Savings and temporary cash investments

  beginning of year $17,873,427 · end of year $25,713,080

• 4 · Accounts receivable

  beginning of year $733,131 · end of year $892,955

• 5 · Loans and receivables from officers and key people

  beginning of year $1,934,887 · end of year $2,482,625

• 7 · Other notes and loans receivable

  beginning of year $577,387,813 · end of year $565,384,655

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,535,853 · end of year $1,244,154

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

  $18,632,029

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

  $10,848,368

• 10c · Land, buildings and equipment, net

  beginning of year $7,950,257 · end of year $7,783,661

• 11 · Investments: publicly traded securities

  beginning of year $27,748,230 · end of year $25,484,395

• 12 · Investments: other securities

  beginning of year $2,372,000 · end of year $842,500

• 13 · Investments: program-related

  beginning of year $3,064,782 · end of year $4,203,110

• 15 · Other assets

  beginning of year $18,541,043 · end of year $19,898,657

• 17 · Accounts payable and accrued expenses

  beginning of year $6,607,422 · end of year $6,517,616

• 23 · Secured mortgages and notes payable

  beginning of year $52,706,100 · end of year $15,000,000

• 25 · Other liabilities

  beginning of year $537,048,357 · end of year $563,919,043

• 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 $68,504,560 · end of year $73,531,313

The filer's explanations (Part III)

PART I, LINE 4B

PER CONFIDENTIALITY AGREEMENTS SIGNED BY THE ORGANIZATION, SEVERANCE PACKAGES PAID TO EMPLOYEES ARE NOT OPEN FOR PUBLIC INSPECTION. THE ORGANIZATION WILL PROVIDE SUCH INFORMATION REQUESTED BY A GOVERNMENT AGENCY UPON REQUEST. THE CREDIT UNION HAS ESTABLISHED A NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR SELECT MEMBERS OF MANAGEMENT UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE. EACH MEMBER OF MANAGEMENT WHO IS OFFERED THE PLAN MUST BE CONTINUOUSLY EMPLOYED FOR A CERTAIN NUMBER OF YEARS TO EARN THE DEFERRED COMPENSATION PAYMENT. THERE WERE NO AMOUNTS ACCRUED UNDER THE PLAN FOR 2024.