Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INTEREST

  total $38,043,639 · related or exempt $38,043,639

• 2b · Program service revenue: FEES, CHARGES, OTHER

  total $18,059,274 · related or exempt $18,059,274

• 3 · Investment income

  total $5,830,357 · related or exempt $5,830,357

• 6a · Gross rents

  real property $263,404

• 6b · Less rental expenses

  real property $75,353

• 6c · Rental income or loss

  real property $188,051

• 6d · Net rental income or loss

  total $188,051 · excluded $188,051

• 11a · Other revenue: NON-MEMBER ATM INCOME

  total $74,337 · unrelated business $74,337

• 11e · Other revenue, total

  $74,337

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $95,786

• 2 · Grants to domestic individuals

  total $20,000

• 5 · Compensation of officers, directors and key employees

  total $1,960,358

• 7 · Other salaries and wages

  total $14,947,210

• 8 · Pension plan contributions

  total $547,831

• 9 · Other employee benefits

  total $4,133,446

• 10 · Payroll taxes

  total $1,237,404

• 11b · Fees: legal

  total $64,173

• 11c · Fees: accounting

  total $180,000

• 11g · Fees: other

  total $607,727

• 12 · Advertising and promotion

  total $1,287,892

• 13 · Office expenses

  total $9,667,450

• 16 · Occupancy

  total $1,757,543

• 17 · Travel

  total $240,000

• 19 · Conferences, conventions and meetings

  total $368,482

• 20 · Interest

  total $10,621,394

• 22 · Depreciation, depletion and amortization

  total $1,757,503

• 23 · Insurance

  total $252,775

• 24a · Other expenses: LOAN SERVICING

  total $1,398,895

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $1,342,152

• 24c · Other expenses: FED FEE & PROFESSIONAL

  total $73,545

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $12,844,808 · end of year $17,950,114

• 2 · Savings and temporary cash investments

  beginning of year $77,662,243 · end of year $101,311,413

• 4 · Accounts receivable

  beginning of year $227,195 · end of year $219,587

• 5 · Loans and receivables from officers and key people

  beginning of year $3,913,325 · end of year $3,847,757

• 7 · Other notes and loans receivable

  beginning of year $791,288,767 · end of year $805,458,499

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,525,380 · end of year $1,997,168

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

  $66,287,574

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

  $21,621,079

• 10c · Land, buildings and equipment, net

  beginning of year $41,719,695 · end of year $44,666,495

• 11 · Investments: publicly traded securities

  beginning of year $102,771,599 · end of year $94,361,649

• 12 · Investments: other securities

  beginning of year $8,876,700 · end of year $9,952,100

• 15 · Other assets

  beginning of year $29,139,160 · end of year $27,332,983

• 17 · Accounts payable and accrued expenses

  beginning of year $12,234,988 · end of year $11,765,707

• 19 · Deferred revenue

  beginning of year $13,511 · end of year $458,303

• 25 · Other liabilities

  beginning of year $919,761,059 · end of year $953,280,347

• 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 $137,959,314 · end of year $141,593,408

The filer's explanations (Part III)

PART I, LINE 1A

BOARD OF DIRECTORS ARE ALLOWED TO BRING THEIR PARTNER WITH THEM. THE CREDIT UNION PAYS FOR AIRLINE TRAVEL IF IT REQUIRES FLYING AND THEY GET A DAILY PER DIEM. THIS IS NOT INCLUDED IN TAXABLE WAGES.

PART I, LINE 4B

THE FOLLOWING INDIVIDUALS PARTICIPATED IN A 457(F) SUPPLEMENTAL NON-QUALIFIED DEFERRED COMPENSATION PLAN BUT DID NOT RECEIVE A DISTRIBUTION OR HAVE AN AMOUNT VEST IN THE PLAN. UNDER THE PLAN, AMOUNTS ARE SUBJECT TO CLIFF VESTING. JONATHAN E HASKETT JR KEISHA SMITH LADEDRA JONES IN ADDITION, JOHN DOUCET PARTICIPATED IN A SPLIT DOLLAR COLLATERAL INSURANCE SUPPEMENTAL RETIREMENT PLAN - THE LOAN RELATED TO THIS PLAN IS SHOWN ON SCHEDULE L.