Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $44,860,243 · related or exempt $44,860,243

• 3 · Investment income

  total $10,936,132 · excluded $10,936,132

• 7a · Gross sales of assets other than inventory

  securities $13,747,084 · other assets $22,251

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

  securities $13,436,579 · other assets $0

• 7c · Gain or loss

  securities $310,505 · other assets $22,251

• 7d · Net gain or loss

  total $332,756 · excluded $332,756

• 11a · Other revenue: FEES AND SERVICE CHARGES

  total $23,574,668 · related or exempt $23,574,668

• 11b · Other revenue: ATM FOREIGN FEE INCOME

  total $356,980 · unrelated business $356,980

• 11c · Other revenue: GAIN ON SALE OF OREO

  total $41,782 · related or exempt $41,782

• 11e · Other revenue, total

  $23,973,430

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $284,459

• 5 · Compensation of officers, directors and key employees

  total $3,493,973

• 7 · Other salaries and wages

  total $11,443,466

• 8 · Pension plan contributions

  total $1,180,075

• 9 · Other employee benefits

  total $3,494,227

• 10 · Payroll taxes

  total $1,243,891

• 11b · Fees: legal

  total $84,773

• 11c · Fees: accounting

  total $170,434

• 11g · Fees: other

  total $1,104,724

• 12 · Advertising and promotion

  total $834,640

• 13 · Office expenses

  total $1,859,811

• 14 · Information technology

  total $1,801,385

• 16 · Occupancy

  total $1,374,279

• 17 · Travel

  total $505,126

• 19 · Conferences, conventions and meetings

  total $125,892

• 20 · Interest

  total $23,716,164

• 22 · Depreciation, depletion and amortization

  total $2,931,503

• 23 · Insurance

  total $257,889

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $7,155,127

• 24b · Other expenses: ATM AND DEBIT CARD EXPE

  total $4,444,218

• 24c · Other expenses: MERGER EXPENSE

  total $4,396,287

• 24d · Other expenses: LOAN SERVICING EXPENSE

  total $900,505

• 24e · All other expenses

  total $2,043,758

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $15,305,652 · end of year $19,121,874

• 2 · Savings and temporary cash investments

  beginning of year $81,851,739 · end of year $127,205,905

• 4 · Accounts receivable

  beginning of year $1,745,064 · end of year $5,560,043

• 5 · Loans and receivables from officers and key people

  beginning of year $10,866,228 · end of year $10,987,938

• 7 · Other notes and loans receivable

  beginning of year $412,985,254 · end of year $747,409,808

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,755,576 · end of year $2,395,976

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

  $58,368,604

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

  $14,989,975

• 10c · Land, buildings and equipment, net

  beginning of year $36,748,654 · end of year $43,378,629

• 11 · Investments: publicly traded securities

  beginning of year $198,322,764 · end of year $168,937,896

• 12 · Investments: other securities

  beginning of year $12,913,276 · end of year $1,758,031

• 15 · Other assets

  beginning of year $26,024,756 · end of year $63,960,001

• 17 · Accounts payable and accrued expenses

  beginning of year $13,374,765 · end of year $12,898,887

• 19 · Deferred revenue

  beginning of year $11,666 · end of year $913,500

• 23 · Secured mortgages and notes payable

  beginning of year $50,000,000 · end of year $50,391,480

• 25 · Other liabilities

  beginning of year $659,613,062 · end of year $1,045,595,762

• 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 $75,519,470 · end of year $80,916,472

The filer's explanations (Part III)

PART I, LINE 4B

IN 2017, THE CREDIT UNION ENTERED INTO A COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT WITH ROBERT A. STEENSMA, PRESIDENT/CEO. THE PREMIUMS ON THE POLICIES WERE FUNDED BY THE CREDIT UNION THROUGH A LOAN TO THE PRESIDENT/CEO FOR $9,500,000. INTEREST WILL ACCRUE TO THE LOAN ANNUALLY.