Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

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

  total $86,849,194 · related or exempt $86,849,194

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

  total $15,253,603 · related or exempt $15,201,168 · unrelated business $52,435

• 2c · Program service revenue: INTERCHANGE INCOME

  total $10,391,342 · related or exempt $10,391,342

• 3 · Investment income

  total $25,372,141 · excluded $25,372,141

• 6a · Gross rents

  real property $1,240,598

• 6b · Less rental expenses

  real property $1,912,860

• 6c · Rental income or loss

  real property -$672,262

• 6d · Net rental income or loss

  total -$672,262 · excluded -$672,262

• 7a · Gross sales of assets other than inventory

  other assets $289,686

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

  other assets $292,178

• 7c · Gain or loss

  other assets -$2,492

• 7d · Net gain or loss

  total -$2,492 · excluded -$2,492

• 11a · Other revenue: OTHER INCOME

  total $900,683 · excluded $900,683

• 11e · Other revenue, total

  $900,683

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $364,991

• 4 · Benefits paid to or for members

  total $24,580,840

• 5 · Compensation of officers, directors and key employees

  total $4,440,252

• 7 · Other salaries and wages

  total $30,800,944

• 8 · Pension plan contributions

  total $2,870,860

• 9 · Other employee benefits

  total $5,467,801

• 10 · Payroll taxes

  total $2,720,415

• 11b · Fees: legal

  total $96,350

• 11c · Fees: accounting

  total $199,577

• 11d · Fees: lobbying

  total $35,990

• 11g · Fees: other

  total $2,412,845

• 12 · Advertising and promotion

  total $2,218,445

• 13 · Office expenses

  total $3,064,823

• 14 · Information technology

  total $8,126,216

• 16 · Occupancy

  total $1,307,929

• 17 · Travel

  total $305,052

• 19 · Conferences, conventions and meetings

  total $270,351

• 20 · Interest

  total $12,312,944

• 22 · Depreciation, depletion and amortization

  total $2,212,799

• 23 · Insurance

  total $6,449

• 24a · Other expenses: UBI TAXES

  total $5,162

• 24b · Other expenses: CREDIT CARD EXPENSES

  total $7,652,922

• 24c · Other expenses: PROVISION FOR LOAN LOSS

  total $5,338,718

• 24d · Other expenses: OTHER EXPENSES

  total $1,915,248

• 24e · All other expenses

  total $582,740

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $36,427,874 · end of year $123,095,945

• 2 · Savings and temporary cash investments

  beginning of year $288,819,015 · end of year $189,506,908

• 5 · Loans and receivables from officers and key people

  beginning of year $12,144,176 · end of year $12,265,616

• 7 · Other notes and loans receivable

  beginning of year $1,927,038,258 · end of year $2,126,480,640

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,737,541 · end of year $3,847,863

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

  $92,116,243

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

  $25,298,515

• 10c · Land, buildings and equipment, net

  beginning of year $32,815,908 · end of year $66,817,728

• 11 · Investments: publicly traded securities

  beginning of year $120,898,362 · end of year $116,094,343

• 12 · Investments: other securities

  beginning of year $55,508,709 · end of year $87,687,430

• 15 · Other assets

  beginning of year $31,037,766 · end of year $40,483,870

• 17 · Accounts payable and accrued expenses

  beginning of year $30,902,243 · end of year $29,610,156

• 21 · Escrow or custodial account liability

  beginning of year $3,228,492 · end of year $3,339,528

• 23 · Secured mortgages and notes payable

  beginning of year $27,250,000 · end of year $172,000,000

• 25 · Other liabilities

  beginning of year $2,129,158,266 · end of year $2,225,352,396

• 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 $316,888,608 · end of year $335,978,263

The filer's explanations (Part III)

PART I, LINE 1A

THE CREDIT UNION PROVIDES PAYMENT FOR TRAVEL FOR COMPANIONS FOR MEMBERS OF MANAGEMENT AND BOARD MEMBERS. THIS IS INCLUDED IN TAXABLE INCOME.

PART I, LINE 4B

THE CREDIT UNION MADE NO CONTRIBUTIONS OR DISTRIBUTIONS TO/FROM A 457(F) PLAN DURING THE YEAR. THE CREDIT UNION HAS MADE LOANS FOR LIFE INSURANCE PREMIUM PAYMENTS TO A KEY EMPLOYEE. THE LOANS ARE COLLATERALIZED BY THE ASSIGNMENT OF THE POLICY DEATH BENEFITS AND CASH SURRENDER VALUES OF THE RESPECTIVE LIFE INSURANCE POLICIES, AND THE FAIR VALUE OF AN ANNUITY. THE POLICIES ARE OWNED BY THE EMPLOYEE AND THEY HAVE THE RIGHT TO NAME THE BENEFICIARIES FOR AMOUNTS NOT SECURED BY THE ASSIGNMENTS. THE LOAN ARRANGEMENTS INCLUDE A RECOURSE PROVISION WHEREBY THE CREDIT UNION HAS THE INTENT TO SEEK COLLECTION OUTSIDE THE LIFE INSURANCE POLICY IF THE EXECUTIVE WERE TO BE TERMINATED WITH OR WITHOUT CAUSE AND THE EXECUTIVES HAVE THE FINANCIAL ABILITY TO REPAY THE LOAN. THE LOAN TO THE EXECUTIVE IS NOT DUE UNTIL DEATH AT WHICH TIME THERE IS ANTICIPATED TO BE SUFFICIENT INSURANCE POLICY PROCEEDS TO REPAY THE PREMIUM LOAN PLUS ACCRUED INTEREST.