Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $185,300

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

  total $111,347,554 · related or exempt $111,347,554

• 2b · Program service revenue: FEES AND CHARGES

  total $32,123,610 · related or exempt $32,123,610

• 2c · Program service revenue: FINANCE AND INSURANCE

  total $386,139 · unrelated business $386,139

• 3 · Investment income

  total $23,850,461 · related or exempt $23,850,461

• 7a · Gross sales of assets other than inventory

  other assets $74,678,108

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

  other assets $72,419,644

• 7c · Gain or loss

  other assets $2,258,464

• 7d · Net gain or loss

  total $2,258,464 · related or exempt $2,258,464

• 11a · Other revenue: MISCELLANEOUS INCOME

  total $2,119,530 · related or exempt $2,119,530

• 11e · Other revenue, total

  $2,119,530

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $103,723

• 2 · Grants to domestic individuals

  total $12,500

• 5 · Compensation of officers, directors and key employees

  total $4,321,879

• 7 · Other salaries and wages

  total $42,132,387

• 8 · Pension plan contributions

  total $2,290,174

• 9 · Other employee benefits

  total $5,934,389

• 10 · Payroll taxes

  total $2,985,297

• 11b · Fees: legal

  total $1,593,104

• 11c · Fees: accounting

  total $229,319

• 11g · Fees: other

  total $980,575

• 12 · Advertising and promotion

  total $4,449,157

• 13 · Office expenses

  total $2,866,790

• 14 · Information technology

  total $17,229,275

• 16 · Occupancy

  total $2,342,567

• 17 · Travel

  total $248,549

• 19 · Conferences, conventions and meetings

  total $1,107,504

• 20 · Interest

  total $37,015,147

• 21 · Payments to affiliates

  total $292,725

• 22 · Depreciation, depletion and amortization

  total $2,343,596

• 23 · Insurance

  total $339,241

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $17,167,303

• 24b · Other expenses: LOAN SERVICING

  total $6,061,794

• 24c · Other expenses: DEBIT CARD

  total $5,518,554

• 24d · Other expenses: REPAIRS AND MAINTENANCE

  total $2,546,789

• 24e · All other expenses

  total $3,476,717

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $18,052,137 · end of year $19,968,799

• 2 · Savings and temporary cash investments

  beginning of year $114,946,674 · end of year $211,115,018

• 4 · Accounts receivable

  beginning of year $2,504,830 · end of year $4,315,391

• 7 · Other notes and loans receivable

  beginning of year $1,853,637,336 · end of year $1,987,555,877

• 9 · Prepaid expenses and deferred charges

  beginning of year $6,551,158 · end of year $5,959,970

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

  $79,701,974

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

  $39,861,008

• 10c · Land, buildings and equipment, net

  beginning of year $37,257,383 · end of year $39,840,966

• 11 · Investments: publicly traded securities

  beginning of year $560,226,806 · end of year $534,441,366

• 12 · Investments: other securities

  beginning of year $11,453,055 · end of year $11,615,902

• 14 · Intangible assets

  beginning of year $477,315 · end of year $238,658

• 15 · Other assets

  beginning of year $71,029,573 · end of year $78,280,820

• 17 · Accounts payable and accrued expenses

  beginning of year $38,013,077 · end of year $57,326,717

• 19 · Deferred revenue

  beginning of year $3,385,031 · end of year $6,625,867

• 23 · Secured mortgages and notes payable

  beginning of year $85,000,000 · end of year $200,000,000

• 25 · Other liabilities

  beginning of year $2,320,659,497 · end of year $2,389,840,525

• 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 $229,078,662 · end of year $239,539,658

The filer's explanations (Part III)

PART I, LINE 4B

THE CREDIT UNION IMPLEMENTED A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN FOR CERTAIN EMPLOYEES. THE AMOUNT OF FUTURE BENEFIT ACCRUED BY THE CREDIT UNION DURING 2023 FOR EACH PARTICIPANT IS REPORTED AS PART OF "OTHER COMPENSATION" REPORTED IN PART VII, COLUMN F AND IN SCHEDULE J, PART II, COLUMN C, UNDER 'RETIREMENT AND OTHER DEFERRED COMPENSATION." A LIST OF THE PARTICIPANTS AND THE ACCRUED BENEFIT FOR EACH IS PROVIDED BELOW. SAGEHORN-ELLIOTT, SANDRA: $1,806,870 ODOM, SCOTT: $309,002 HOYLE, ROBERT: $401,442 PINARD, JEREMY: $266,105 PAPOCCIA, MARK: $321,450 DOWNIN, ANDREW: -$146,596 DURING 2023 THE FOLLOWING PARTICIPANTS RECEIVED 457(F) BENEFIT PAYOUTS: DOWNIN, ANDREW: $104,703 TOWNSEND, DANIEL: $233,742