Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INCOME ON LOANS

  total $11,401,226 · related or exempt $11,401,226

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

  total $4,609,133 · related or exempt $4,609,133

• 2c · Program service revenue: UNRELATED BUSINESS INCOME

  total $9,588 · unrelated business $9,588

• 3 · Investment income

  total $4,684,381 · related or exempt $4,684,381

• 7a · Gross sales of assets other than inventory

  other assets $399,032

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

  other assets $809,943

• 7c · Gain or loss

  other assets -$410,911

• 7d · Net gain or loss

  total -$410,911 · related or exempt -$410,911

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $1,000

• 5 · Compensation of officers, directors and key employees

  total $838,513

• 7 · Other salaries and wages

  total $4,791,811

• 8 · Pension plan contributions

  total $167,734

• 9 · Other employee benefits

  total $609,538

• 10 · Payroll taxes

  total $409,385

• 11b · Fees: legal

  total $166,766

• 11c · Fees: accounting

  total $89,209

• 11g · Fees: other

  total $54,655

• 12 · Advertising and promotion

  total $1,265,965

• 13 · Office expenses

  total $2,078,905

• 14 · Information technology

  total $944,855

• 16 · Occupancy

  total $745,690

• 17 · Travel

  total $229,629

• 19 · Conferences, conventions and meetings

  total $7,471

• 20 · Interest

  total $1,671,206

• 22 · Depreciation, depletion and amortization

  total $465,711

• 23 · Insurance

  total $157,744

• 24a · Other expenses: UBIT EXPENSE

  total $1,008

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $1,700,951

• 24c · Other expenses: LOAN SERVICING

  total $1,210,119

• 24d · Other expenses: MISCELLANEOUS

  total $230,051

• 24e · All other expenses

  total $185,075

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,947,624 · end of year $2,035,270

• 2 · Savings and temporary cash investments

  beginning of year $41,897,136 · end of year $30,476,219

• 4 · Accounts receivable

  beginning of year $309,704 · end of year $1,047,059

• 5 · Loans and receivables from officers and key people

  beginning of year $1,680,081 · end of year $1,735,860

• 7 · Other notes and loans receivable

  beginning of year $162,516,351 · end of year $159,307,824

• 9 · Prepaid expenses and deferred charges

  beginning of year $350,291 · end of year $593,054

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

  $17,978,677

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

  $6,624,348

• 10c · Land, buildings and equipment, net

  beginning of year $11,564,234 · end of year $11,354,329

• 11 · Investments: publicly traded securities

  beginning of year $58,485,588 · end of year $71,095,884

• 12 · Investments: other securities

  beginning of year $18,768,564 · end of year $11,143,767

• 14 · Intangible assets

  beginning of year $7,467,323 · end of year $6,418,093

• 15 · Other assets

  beginning of year $3,966,069 · end of year $5,544,031

• 17 · Accounts payable and accrued expenses

  beginning of year $2,579,974 · end of year $2,378,543

• 25 · Other liabilities

  beginning of year $279,813,837 · end of year $270,339,788

• 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 $26,559,154 · end of year $28,033,059

The filer's explanations (Part III)

PART I, LINE 4B

AS A RESULT OF THE BUSINESS COMBINATION WITH TALLAHASSEE-LEON FEDERAL CREDIT UNION DURING THE YEAR ENDED DECEMBER 31, 2022, THE CREDIT UNION ACQUIRED A COLLATERAL ASSIGNMENT SPLIT DOLLAR AGREEMENT WITH LISA BROWN UNDER TREASURY REGULATION 1.7872-15(E)(5)(II). THE AGREEMENT INVOLVES A METHOD OF PAYING FOR INSURANCE COVERAGE FOR THE EXECUTIVE BY SPLITTING THE ELEMENTS OF THE LIFE INSURANCE POLICY. UNDER THIS AGREEMENT, THE EXECUTIVE IS THE OWNER OF THE POLICY AND MAKES A COLLATERAL ASSIGNMENT TO THE CREDIT UNION IN RETURN FOR A LOAN EQUAL TO THE AMOUNT OF PREMIUMS PAID ON BEHALF OF THE EXECUTIVE PLUS ACCRUED INTEREST AT A SPECIFIED RATE. THE EXECUTIVE IS PERSONALLY RESPONSIBLE FOR REPAYMENT OF THE LOAN. AT THE TIME OF DEATH, THE CREDIT UNION WILL BE PAID THE LOAN AMOUNT PLUS ACCRUED INTEREST AND THE BALANCE OF THE INSURANCE BENEFIT WILL BE PAID TO THE EXECUTIVE'S DESIGNATED BENEFICIARY.