Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS RECEIVABLE

  total $41,027,994 · related or exempt $41,027,994

• 2b · Program service revenue: NON INTEREST INCOME

  total $6,264,993 · related or exempt $6,264,993

• 2c · Program service revenue: FEES AND SERVICE CHARGES

  total $6,189,624 · related or exempt $6,189,624

• 3 · Investment income

  total $4,818,724 · excluded $4,818,724

• 6a · Gross rents

  real property $83,286

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $83,286

• 6d · Net rental income or loss

  total $83,286 · excluded $83,286

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $1,870,278

• 7 · Other salaries and wages

  total $11,069,250

• 8 · Pension plan contributions

  total $684,227

• 9 · Other employee benefits

  total $1,681,256

• 10 · Payroll taxes

  total $881,903

• 11b · Fees: legal

  total $200,594

• 11c · Fees: accounting

  total $50,000

• 11g · Fees: other

  total $4,709,047

• 12 · Advertising and promotion

  total $731,486

• 13 · Office expenses

  total $798,279

• 14 · Information technology

  total $376,333

• 16 · Occupancy

  total $852,080

• 17 · Travel

  total $210,376

• 19 · Conferences, conventions and meetings

  total $290,339

• 20 · Interest

  total $3,763,556

• 22 · Depreciation, depletion and amortization

  total $1,050,294

• 23 · Insurance

  total $152,181

• 24a · Other expenses: DIVIDENDS ON MEMBER SHA

  total $15,951,608

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $1,585,965

• 24c · Other expenses: LOAN SERVICING EXPENSE

  total $439,537

• 24d · Other expenses: STATE EXAM FEES

  total $156,188

• 24e · All other expenses

  total $446,831

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $7,995,846 · end of year $7,970,138

• 2 · Savings and temporary cash investments

  beginning of year $66,333,044 · end of year $89,648,484

• 4 · Accounts receivable

  beginning of year $2,152,846 · end of year $3,157,541

• 5 · Loans and receivables from officers and key people

  beginning of year $14,305,162 · end of year $14,967,769

• 7 · Other notes and loans receivable

  beginning of year $809,075,598 · end of year $876,532,297

• 9 · Prepaid expenses and deferred charges

  beginning of year $900,271 · end of year $1,531,400

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

  $41,431,695

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

  $10,750,615

• 10c · Land, buildings and equipment, net

  beginning of year $27,889,133 · end of year $30,681,080

• 12 · Investments: other securities

  beginning of year $4,956,570 · end of year $1,061,620

• 13 · Investments: program-related

  beginning of year $109,191,009 · end of year $94,913,746

• 15 · Other assets

  beginning of year $26,057,548 · end of year $28,861,971

• 17 · Accounts payable and accrued expenses

  beginning of year $10,281,013 · end of year $15,382,974

• 21 · Escrow or custodial account liability

  beginning of year $363,504 · end of year $319,556

• 25 · Other liabilities

  beginning of year $970,880,605 · end of year $1,034,169,134

• 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 $87,331,905 · end of year $99,454,382

The filer's explanations (Part III)

PART I, LINE 3

A COMMITTEE OF THE BOARD OF DIRECTORS MEETS ANNUALLY TO REVIEW THE PERFORMANCE OF THE PRESIDENT/CEO AND DETERMINE ANY MARKET OR MERIT INCREASE. THE CEO HAS A WRITTEN CONTRACT WITH THE BOARD OF DIRECTORS WITH A DISCRETE TERM. REGIONAL BANKING AND CREDIT UNION SALARY SURVEYS, AS WELL AS OTHER PEER GROUP STUDIES AND CONSULTANCY, IS USED TO INFORM RECOMMENDATIONS FOR CEO REMUNERATION.

PART I, LINE 4B

HAROLD DIXON, MARK SADOWSKI AND ANDY RAMOS PARTICIPATED IN A SPLIT-DOLLAR LIFE INSURANCE PLAN DURING 2023. SEE SCHEDULE L, PART II FOR FURTHER DETAIL. IN ADDITION, THE CREDIT UNION MAINTAINS 457(F) PLANS FOR THE FOLLOWING OFFICERS AND KEY POSITIONS/PERSON AS FOLLOWS. THE AMOUNT OF DEFERRALS DURING THE YEAR TO EACH PARTICIPATING LISTED INDIVIDUAL IS: EMILIO ATENCIO - $28,538 KYLE MOORE - $13,482 MARIA SUAZO - $13,482 RYAN KLINKRODT - $8,454 DARLENE VIGIL - $14,020 IN 2023, RYAN KLINKRODT RECEIVED A DISTRUBTION OF $40,000