Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST INCOME

  total $4,639,142 · related or exempt $4,639,142

• 2b · Program service revenue: FEE INCOME

  total $2,379,683 · related or exempt $2,353,477 · unrelated business $26,206

• 2c · Program service revenue: OTHER OPERATING INCOME

  total $1,991,978 · related or exempt $1,991,978

• 3 · Investment income

  total $1,892,764 · related or exempt $1,892,764

• 11a · Other revenue: SALE OF REPO AUTOS

  total $19,499 · related or exempt $19,499

• 11e · Other revenue, total

  $19,499

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $7,500

• 5 · Compensation of officers, directors and key employees

  total $1,090,207

• 7 · Other salaries and wages

  total $2,904,388

• 8 · Pension plan contributions

  total $106,021

• 9 · Other employee benefits

  total $434,317

• 10 · Payroll taxes

  total $319,143

• 11b · Fees: legal

  total $62,431

• 11c · Fees: accounting

  total $78,110

• 11g · Fees: other

  total $116,001

• 12 · Advertising and promotion

  total $218,646

• 13 · Office expenses

  total $1,988,214

• 14 · Information technology

  total $633,249

• 16 · Occupancy

  total $563,044

• 17 · Travel

  total $27,725

• 20 · Interest

  total $250,492

• 22 · Depreciation, depletion and amortization

  total $447,485

• 24a · Other expenses: LOAN SERVICING

  total $480,190

• 24b · Other expenses: MISC. OPERATING EXPENSE

  total $178,146

• 24c · Other expenses: PROVISION FOR LOAN LOSS

  total $88,300

• 24d · Other expenses: OPERATING FEES

  total $38,293

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,133,498 · end of year $2,755,916

• 2 · Savings and temporary cash investments

  beginning of year $38,374,738 · end of year $22,465,752

• 5 · Loans and receivables from officers and key people

  beginning of year $801,518 · end of year $1,746,273

• 9 · Prepaid expenses and deferred charges

  beginning of year $463,499 · end of year $472,904

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

  $11,613,741

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

  $7,398,012

• 10c · Land, buildings and equipment, net

  beginning of year $4,339,670 · end of year $4,215,729

• 11 · Investments: publicly traded securities

  beginning of year $102,178,316 · end of year $98,937,692

• 13 · Investments: program-related

  beginning of year $105,053,089 · end of year $122,175,581

• 15 · Other assets

  beginning of year $3,035,547 · end of year $3,070,090

• 17 · Accounts payable and accrued expenses

  beginning of year $1,654,402 · end of year $3,283,253

• 25 · Other liabilities

  beginning of year $232,852,554 · end of year $239,238,818

• 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 $22,872,919 · end of year $13,317,866

The filer's explanations (Part III)

PART I, LINE 4B

THE CREDIT UNION OFFERS A NONQUALIFIED RETIREMENT, 457(F) PLAN. THE CREDIT UNION HAS A NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR CERTAIN MEMBERS OF MANAGEMENT. UNDER THE TERMS OF THE PLAN, THE PARTICIPANTS ARE ENTITLED TO THE PRINCIPAL, EARNINGS AND APPRECIATION ON THE DEFERRED COMPENSATION PLAN INVESTMENTS, SUBJECT TO VESTING IF PLAN CONDITIONS ARE MET. THE DEFERRED COMPENSATION INVESTMENTS ARE SHOWN AS AN ASSET ON THE CREDIT UNION'S STATEMENTS OF FINANCIAL CONDITION. RICK SCHMIDT AND DION KOOP ARE PARTICIPANTS OF THE PLAN.