Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: MEMBER LOAN INTEREST

  total $29,927,657 · related or exempt $29,927,657

• 3 · Investment income

  total $6,902,526 · excluded $6,902,526

• 7a · Gross sales of assets other than inventory

  other assets $1,331,000

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

  other assets $1,308,155

• 7c · Gain or loss

  other assets $22,845

• 7d · Net gain or loss

  total $22,845 · excluded $22,845

• 11a · Other revenue: CUSTOMER SERVICE FEES

  total $3,498,685 · related or exempt $3,498,685

• 11b · Other revenue: OTHER LOAN FEES

  total $486,742 · related or exempt $486,742

• 11c · Other revenue: SAFE DEPOSIT FEES

  total $98,169 · related or exempt $98,169

• 11d · All other revenue

  total $90,952 · related or exempt $90,952

• 11e · Other revenue, total

  $4,174,548

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $128,992

• 2 · Grants to domestic individuals

  total $24,000

• 5 · Compensation of officers, directors and key employees

  total $1,203,815

• 7 · Other salaries and wages

  total $8,551,262

• 8 · Pension plan contributions

  total $1,383,872

• 9 · Other employee benefits

  total $1,963,994

• 10 · Payroll taxes

  total $785,190

• 11b · Fees: legal

  total $313,811

• 11c · Fees: accounting

  total $178,255

• 11g · Fees: other

  total $665,656

• 12 · Advertising and promotion

  total $969,241

• 13 · Office expenses

  total $1,686,008

• 14 · Information technology

  total $2,737,606

• 16 · Occupancy

  total $1,765,927

• 17 · Travel

  total $41,348

• 19 · Conferences, conventions and meetings

  total $171,003

• 20 · Interest

  total $10,934,541

• 22 · Depreciation, depletion and amortization

  total $2,055,995

• 23 · Insurance

  total $187,550

• 24a · Other expenses: ATM & BANK CHARGES

  total $1,636,727

• 24b · Other expenses: OTHER EXPENSES

  total $532,116

• 24c · Other expenses: LOAN LOSS PROVISION

  total $292,741

• 24d · Other expenses: LOAN EXPENSES

  total $266,848

• 24e · All other expenses

  total $526,731

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $5,125,099 · end of year $5,210,452

• 2 · Savings and temporary cash investments

  beginning of year $45,775,694 · end of year $56,565,717

• 7 · Other notes and loans receivable

  beginning of year $758,674,198 · end of year $837,749,249

• 9 · Prepaid expenses and deferred charges

  beginning of year $834,810 · end of year $844,181

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

  $42,049,779

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

  $22,904,468

• 10c · Land, buildings and equipment, net

  beginning of year $19,930,053 · end of year $19,145,311

• 11 · Investments: publicly traded securities

  beginning of year $298,615,320 · end of year $257,977,782

• 15 · Other assets

  beginning of year $22,759,836 · end of year $22,481,977

• 17 · Accounts payable and accrued expenses

  beginning of year $1,649,543 · end of year $2,754,311

• 21 · Escrow or custodial account liability

  beginning of year $2,018,866 · end of year $2,020,095

• 25 · Other liabilities

  beginning of year $1,041,520,510 · end of year $1,084,705,698

• 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 $106,526,091 · end of year $110,494,565

The filer's explanations (Part III)

PART I, LINE 4B

THE CREDIT UNION HAS ENTERED INTO AN EMPLOYMENT AGREEMENT ("AGREEMENT") WITH AN EXECUTIVE WHICH PROVIDES FOR A BASE SALARY AND THE CONTINUATION OF CERTAIN BENEFITS CURRENTLY RECEIVED. THE AGREEMENT SHALL BE AUTOMATICALLY EXTENDED FOR ADDITIONAL ONE YEAR TERMS UNLESS THE CREDIT UNION PROVIDES WRITTEN NOTICE OF NON-RENEWAL. THE AGREEMENT PROVIDES FOR SPECIFIED SEVERANCE BENEFITS UPON TERMINATION WITHOUT CAUSE OR UPON A CHANGE IN CONTROL, BOTH AS DEFINED IN THE AGREEMENT, HOWEVER, SUCH EMPLOYMENT MAY BE TERMINATED FOR CAUSE, AS DEFINED, WITHOUT INCURRING ANY CONTINUING OBLIGATIONS.