Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: Loan Income

  total $164,673,388 · related or exempt $164,673,388 · unrelated business $0 · excluded $0

• 2b · Program service revenue: Visa & Debit Card Interchange Income

  total $13,856,097 · related or exempt $13,856,097 · unrelated business $0 · excluded $0

• 2c · Program service revenue: Debt Cancellation Income

  total $3,185,538 · related or exempt $3,185,538 · unrelated business $0 · excluded $0

• 2d · Program service revenue: Mortgage Operations Income

  total $2,205,175 · related or exempt $2,205,175 · unrelated business $0 · excluded $0

• 2e · Program service revenue: Service Charge/Other Income

  total $23,182,718 · related or exempt $23,182,718 · unrelated business $0 · excluded $0

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $48,449,040 · related or exempt $48,449,040 · unrelated business $0 · excluded $0

• 4 · Income from investment of tax-exempt bond proceeds

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 5 · Royalties

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7a · Gross sales of assets other than inventory

  securities $0 · other assets -$210,802

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

  securities $0 · other assets $0

• 7c · Gain or loss

  securities $0 · other assets -$210,802

• 7d · Net gain or loss

  total -$210,802 · related or exempt -$210,802 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $4,440,650

• 7 · Other salaries and wages

  total $40,536,127

• 8 · Pension plan contributions

  total -$4,785,815

• 9 · Other employee benefits

  total $4,767,368

• 10 · Payroll taxes

  total $2,712,443

• 11b · Fees: legal

  total $128,270

• 11c · Fees: accounting

  total $294,353

• 11f · Fees: investment management

  total $42,422

• 11g · Fees: other

  total $2,064,956

• 12 · Advertising and promotion

  total $2,045,630

• 13 · Office expenses

  total $10,079,880

• 14 · Information technology

  total $5,166,023

• 16 · Occupancy

  total $3,662,010

• 17 · Travel

  total $65,119

• 19 · Conferences, conventions and meetings

  total $178,315

• 20 · Interest

  total $37,401,873

• 21 · Payments to affiliates

  total $284,587

• 22 · Depreciation, depletion and amortization

  total $5,118,087

• 23 · Insurance

  total $661,976

• 24a · Other expenses: Loan Servicing

  total $26,283,863

• 24b · Other expenses: Provision for Loan Loss

  total $31,601,136

• 24c · Other expenses: Dividedn Expense

  total $61,506,197

• 24d · Other expenses: Professional Services

  total $9,800,567

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $16,307,416 · end of year $17,020,654

• 2 · Savings and temporary cash investments

  beginning of year $183,261,515 · end of year $379,287,827

• 4 · Accounts receivable

  beginning of year $17,341,493 · end of year $19,310,673

• 7 · Other notes and loans receivable

  beginning of year $2,517,777,794 · end of year $2,788,145,363

• 9 · Prepaid expenses and deferred charges

  beginning of year $177,231,218 · end of year $207,629,309

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

  $108,542,573

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

  $40,844,481

• 10c · Land, buildings and equipment, net

  beginning of year $60,243,961 · end of year $67,698,092

• 11 · Investments: publicly traded securities

  beginning of year $454,054,116 · end of year $441,683,143

• 14 · Intangible assets

  beginning of year $16,840,144 · end of year $15,540,974

• 15 · Other assets

  beginning of year $82,573,166 · end of year $95,248,147

• 17 · Accounts payable and accrued expenses

  beginning of year $42,170,020 · end of year $43,041,868

• 21 · Escrow or custodial account liability

  beginning of year $7,972,085 · end of year $7,779,228

• 23 · Secured mortgages and notes payable

  beginning of year $446,714,129 · end of year $358,259,281

• 25 · Other liabilities

  beginning of year $2,781,359,182 · end of year $3,289,345,964

• 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 $247,415,407 · end of year $333,137,841

The filer's explanations (Part III)

Schedule J, Part I, Line 3

The compensation of the CEO is set by the Board of Directors. The CEO approves all other employee salaries - within the annual budget process. The C-Suite reviews all salaries that fall under their operational areas. The HR department then reviews all salaries with the C-Suite and VP's of that area. The salaries are based on compensation surveys that the CU utilized. All positions have a job description and all jobs are graded with the organization. The CEO and President have written employment contracts.