Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $25,704,661 · related or exempt $25,704,661

• 2b · Program service revenue: OTHER OPERATING INCOME

  total $3,474,870 · related or exempt $3,454,403 · unrelated business $20,467

• 2c · Program service revenue: FEE INCOME

  total $3,224,757 · related or exempt $3,037,822 · unrelated business $186,935

• 3 · Investment income

  total $5,767,202 · related or exempt $5,767,202

• 7a · Gross sales of assets other than inventory

  other assets $17,092,032

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

  other assets $14,895,017

• 7c · Gain or loss

  other assets $2,197,015

• 7d · Net gain or loss

  total $2,197,015 · related or exempt $2,197,015

• 11a · Other revenue: OTHER NON-OPERATING INCOME

  total $643,259 · related or exempt $643,259

• 11e · Other revenue, total

  $643,259

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $56,327

• 5 · Compensation of officers, directors and key employees

  total $2,306,707

• 7 · Other salaries and wages

  total $8,987,610

• 8 · Pension plan contributions

  total $137,865

• 9 · Other employee benefits

  total $1,043,562

• 10 · Payroll taxes

  total $733,141

• 11b · Fees: legal

  total $211,010

• 11c · Fees: accounting

  total $203,208

• 11g · Fees: other

  total $404,376

• 12 · Advertising and promotion

  total $720,393

• 13 · Office expenses

  total $6,660,231

• 14 · Information technology

  total $725,330

• 16 · Occupancy

  total $1,380,352

• 17 · Travel

  total $197,046

• 20 · Interest

  total $3,151,708

• 22 · Depreciation, depletion and amortization

  total $283,965

• 23 · Insurance

  total $42,298

• 24a · Other expenses: LOAN SERVICING EXPENSE

  total $3,609,300

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $2,353,994

• 24c · Other expenses: MISCELLANEOUS OPERATING

  total $900,889

• 24d · Other expenses: LOSS ON INVESTMENTS

  total $400,212

• 24e · All other expenses

  total $118,000

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,701,142 · end of year $4,366,593

• 2 · Savings and temporary cash investments

  beginning of year $71,416,412 · end of year $40,262,154

• 5 · Loans and receivables from officers and key people

  beginning of year $4,917,384 · end of year $4,836,285

• 9 · Prepaid expenses and deferred charges

  beginning of year $949,076 · end of year $819,544

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

  $16,853,458

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

  $11,349,081

• 10c · Land, buildings and equipment, net

  beginning of year $5,861,667 · end of year $5,504,377

• 11 · Investments: publicly traded securities

  beginning of year $345,967,363 · end of year $238,045,134

• 13 · Investments: program-related

  beginning of year $483,811,334 · end of year $601,859,357

• 15 · Other assets

  beginning of year $34,211,150 · end of year $33,766,421

• 17 · Accounts payable and accrued expenses

  beginning of year $4,990,237 · end of year $8,810,769

• 23 · Secured mortgages and notes payable

  beginning of year $30,096,914 · end of year $33,101,821

• 25 · Other liabilities

  beginning of year $852,656,593 · end of year $851,493,922

• 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 $63,091,784 · end of year $36,053,353

The filer's explanations (Part III)

PART I, LINE 4B

THE SERP PLAN IS A NONQUALIFIED DEFERRED COMPENSATION PLAN. ITS PURPOSE IS TO PROVIDE A VEHICLE BY WHICH THE COMPANY MAY ENCOURAGE THE RETENTION OF ITS CEO. THE CREDIT UNION OFFERS BOTH A QUALIFIED AND A NONQUALIFIED PROFIT SHARING PLAN. THE NONQUALIFIED PLAN IS AVAILABLE TO MIKE TUFEGDSICH, CELESTE ZIBELLI-ECORD, AND BRIDGET GRAHAM. INCLUDED IN OTHER ASSETS WAS A LOAN TO THE CEO UNDER SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT BETWEEN THE CREDIT UNION AND THE CEO. THIS NON-RECOURSE LOAN WAS RECORDED BASED ON THE COLLATERAL ASSIGNMENT METHOD WHEREBY THE EXECUTIVE OWNS THE LIFE INSURANCE POLICY AND ASSIGNS THE POLICY COLLATERAL BACK TO THE CREDIT UNION.