Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST INCOME FROM LOANS

  total $11,152,888 · related or exempt $11,152,888

• 2b · Program service revenue: FEES/CHARGES

  total $4,951,631 · related or exempt $4,922,455 · unrelated business $29,176

• 3 · Investment income

  total $3,794,841 · excluded $3,794,841

• 6a · Gross rents

  real property $117,437

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $117,437

• 6d · Net rental income or loss

  total $117,437 · excluded $117,437

• 7a · Gross sales of assets other than inventory

  securities $5,426,198 · other assets $495,801

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

  securities $5,437,706 · other assets $417,041

• 7c · Gain or loss

  securities -$11,508 · other assets $78,760

• 7d · Net gain or loss

  total $67,252 · related or exempt $67,252

• 11a · Other revenue: INCOME FROM CUSOS

  total $1,754,767 · related or exempt $1,754,767

• 11b · Other revenue: MISCELLANEOUS

  total $1,250,311 · related or exempt $1,250,311

• 11c · Other revenue: SETTLEMENT

  total $90,000 · related or exempt $90,000

• 11e · Other revenue, total

  $3,095,078

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $128,787

• 5 · Compensation of officers, directors and key employees

  total $1,598,545

• 7 · Other salaries and wages

  total $6,964,339

• 8 · Pension plan contributions

  total $223,332

• 9 · Other employee benefits

  total $464,178

• 10 · Payroll taxes

  total $616,472

• 11a · Fees: management

  total $418,421

• 11b · Fees: legal

  total $55,848

• 11c · Fees: accounting

  total $88,807

• 11g · Fees: other

  total $1,084,543

• 12 · Advertising and promotion

  total $706,992

• 13 · Office expenses

  total $3,353,878

• 14 · Information technology

  total $137,330

• 16 · Occupancy

  total $1,089,357

• 17 · Travel

  total $18,697

• 20 · Interest

  total $144,027

• 22 · Depreciation, depletion and amortization

  total $1,339,683

• 23 · Insurance

  total $126,850

• 24a · Other expenses: LOAN SERVICING

  total $1,532,005

• 24b · Other expenses: DIVIDENDS

  total $1,313,138

• 24c · Other expenses: STAFF EXPENSES

  total $343,417

• 24d · Other expenses: MISCELLANEOUS EXPENSES

  total $109,114

• 24e · All other expenses

  total -$230,004

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,699,889 · end of year $4,019,984

• 2 · Savings and temporary cash investments

  beginning of year $42,808,878 · end of year $20,421,151

• 4 · Accounts receivable

  beginning of year $4,809,751 · end of year $2,817,874

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $4,425,309

• 7 · Other notes and loans receivable

  beginning of year $203,988,149 · end of year $261,510,203

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,830,138 · end of year $1,534,142

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

  $28,778,665

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

  $10,752,185

• 10c · Land, buildings and equipment, net

  beginning of year $17,710,620 · end of year $18,026,480

• 12 · Investments: other securities

  beginning of year $315,797,412 · end of year $293,848,058

• 15 · Other assets

  beginning of year $27,965,748 · end of year $32,016,305

• 17 · Accounts payable and accrued expenses

  beginning of year $3,383,751 · end of year $5,729,387

• 25 · Other liabilities

  beginning of year $547,230,586 · end of year $586,523,376

• 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 $68,996,248 · end of year $46,366,743

The filer's explanations (Part III)

PART I, LINE 4B

THE CREDIT UNION HAS ESTABLISHED DEFERRED COMPENSATION AGREEMENTS FOR SELECT MEMBERS OF THE CREDIT UNION'S MANAGEMENT. THE CREDIT UNION HAS INVESTED FUNDS IN A VARIABLE ANNUITY ON BEHALF OF THESE EMPLOYEES IN THE INITIAL AMOUNT OF $4,165,000. THE DEFERRED COMPENSATION AGREEMENTS ENTITLE THE EMPLOYEES TO EARNINGS ON THE INVESTED FUNDS, WHILE THE INITIAL DEPOSIT AMOUNT IS RETAINED BY THE CREDIT UNION. LIABILITIES ARE ACCRUED FOR FUTURE BENEFIT PAYMENTS OF APPROXIMATELY $358,000 AND $1,130,000 AT SEPTEMBER 30, 2022 AND 2021, RESPECTIVELY. SUCH AMOUNTS ARE INCLUDED IN ACCRUED EXPENSES AND OTHER LIABILITIES ON THE ACCOMPANYING CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION.