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Nonprofiteer
← CLARITY CREDIT UNION

Form 990 for tax year 2023

Filed by CLARITY CREDIT UNION.

Totals

Total revenue
$13,336,172
Total expenses
$11,050,987
Contributions and grants received
$0
Grants paid
$66,848
Program service revenue
$11,429,015
Investment income
$1,576,014
Other revenue
$331,143
Total assets, end of year
$194,416,178
Total liabilities, end of year
$178,749,642
Net assets or fund balances, end of year
$15,666,536
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: LOAN INTEREST INCOME

    total $7,854,961 · related or exempt $7,854,961

  • 2b · Program service revenue: VISA INTERCHANGE INCOME

    total $1,796,831 · related or exempt $1,796,831

  • 2c · Program service revenue: FEES AND CHARGES

    total $1,311,176 · related or exempt $1,297,330 · unrelated business $13,846

  • 2d · Program service revenue: LOAN INSURANCE SALES INCOME

    total $466,047 · related or exempt $466,047

  • 3 · Investment income

    total $1,282,828 · unrelated business $30,203 · excluded $1,252,625

  • 6a · Gross rents

    real property $248,908

  • 6b · Less rental expenses

    real property $113,034

  • 6c · Rental income or loss

    real property $135,874

  • 6d · Net rental income or loss

    total $135,874 · excluded $135,874

  • 7a · Gross sales of assets other than inventory

    other assets $293,186

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

    other assets $0

  • 7c · Gain or loss

    other assets $293,186

  • 7d · Net gain or loss

    total $293,186 · related or exempt $293,186

  • 11a · Other revenue: OTHER OPERATING FEE INCOME

    total $195,269 · related or exempt $195,269

  • 11e · Other revenue, total

    $195,269

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $66,848

  • 5 · Compensation of officers, directors and key employees

    total $693,436

  • 7 · Other salaries and wages

    total $2,528,371

  • 8 · Pension plan contributions

    total $124,686

  • 9 · Other employee benefits

    total $659,160

  • 10 · Payroll taxes

    total $243,974

  • 11a · Fees: management

    total $23,333

  • 11b · Fees: legal

    total $17,578

  • 11c · Fees: accounting

    total $53,573

  • 11g · Fees: other

    total $341,479

  • 12 · Advertising and promotion

    total $83,648

  • 13 · Office expenses

    total $239,719

  • 14 · Information technology

    total $96,937

  • 16 · Occupancy

    total $287,166

  • 19 · Conferences, conventions and meetings

    total $78,386

  • 20 · Interest

    total $1,822,002

  • 22 · Depreciation, depletion and amortization

    total $382,281

  • 23 · Insurance

    total $82,844

  • 24a · Other expenses: INCOME TAX

    total $3,594

  • 24b · Other expenses: DEBIT CARD EXPENSE

    total $1,325,589

  • 24c · Other expenses: PROVISION LOAN LOSS

    total $840,429

  • 24d · Other expenses: DATA PROCESSING EXPENSE

    total $403,721

  • 24e · All other expenses

    total $652,233

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,698,755 · end of year $1,525,583

  • 2 · Savings and temporary cash investments

    beginning of year $11,200,000 · end of year $8,454,000

  • 3 · Pledges and grants receivable

    beginning of year $907,383 · end of year $907,368

  • 4 · Accounts receivable

    beginning of year $40,587 · end of year $116,411

  • 7 · Other notes and loans receivable

    beginning of year $117,031,324 · end of year $128,864,906

  • 9 · Prepaid expenses and deferred charges

    beginning of year $643,229 · end of year $590,316

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

    $12,320,765

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

    $2,268,871

  • 10c · Land, buildings and equipment, net

    beginning of year $7,560,356 · end of year $10,051,894

  • 11 · Investments: publicly traded securities

    beginning of year $539,610 · end of year $0

  • 12 · Investments: other securities

    beginning of year $9,308,751 · end of year $10,903,765

  • 15 · Other assets

    beginning of year $19,986,970 · end of year $33,001,935

  • 17 · Accounts payable and accrued expenses

    beginning of year $467,929 · end of year $337,044

  • 25 · Other liabilities

    beginning of year $155,251,366 · end of year $178,412,598

  • 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 $13,197,670 · end of year $15,666,536

Mission and programs · 2023

Mission

CLARITY CREDIT UNION VALUES PEOPLE AS INDIVIDUALS, HELPING THEM REALIZE THEIR GOALS AND ACHIEVE THEIR DREAMS. WE BUILD LIFELONG RELATIONSHIPS BY PROVIDING FINANCIAL SOLUTIONS WITHIN OUR COMMUNITY.

Activities or mission (Part I)

ENRICH QUALITY OF LIFE IN OUR COMMUNITIES BY PROVIDING FAIR PRODUCTS FOR PEOPLE WITH MODEST MEANS.

  • CLARITY CREDIT UNION SERVICES 17,960 MEMBERS IN 2023. MEMBER SERVICES ENCOURAGE THRIFT AND SAVING AND INCLUDE SAVINGS, CHECKINGS, LOANS, CDS, DEBIT CARDS, CREDIT CARDS, AND MORTGAGES.

As filed on the 2023 return.

Listed in Part VII

  • BRETT SPENCER

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    0.8

  • CORY EDWARDS

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.5

  • VIVIAN FIRKIN

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    0.8

  • ED BARNEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • KATHLEEN ARCHER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • KAREN SERRATOS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • LARRY CLUCAS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • WENDY EDWARDS

    CEO/PRESIDENT

    Total calculated
    $274,398
    From this org
    $236,418
    From related orgs
    $0
    Other
    $37,980
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $227,402
    Bonus
    $9,016
    Other
    $0
    Deferred
    $11,994
    Nontaxable benefits
    $25,986
    Filer's total
    $274,398

  • NICK FUGAL

    CFO

    Total calculated
    $201,468
    From this org
    $166,874
    From related orgs
    $0
    Other
    $34,594
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,421
    Bonus
    $6,453
    Other
    $0
    Deferred
    $8,608
    Nontaxable benefits
    $25,986
    Filer's total
    $201,468

  • DAN EDGERTON

    CLO

    Total calculated
    $168,476
    From this org
    $150,684
    From related orgs
    $0
    Other
    $17,792
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,063
    Bonus
    $5,621
    Other
    $0
    Deferred
    $7,534
    Nontaxable benefits
    $10,258
    Filer's total
    $168,476

  • GRACIE FRANKS

    COO

    Total calculated
    $173,155
    From this org
    $139,460
    From related orgs
    $0
    Other
    $33,695
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,301
    Bonus
    $5,159
    Other
    $0
    Deferred
    $7,709
    Nontaxable benefits
    $25,986
    Filer's total
    $173,155

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
THE CREDIT UNION OFFERS A FAMILY GYM MEMBERSHIP TO ALL C-LEVEL EMPLOYEES (MAX OF $700/YEAR), INCLUDING THE CEO, CFO, CLO, AND COO. THE HR MANAGER AND MARKETING MANAGER ARE PERMITTED TO SELF-MEMBER (UP TO $350/YEAR).

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Provenance

Return type
form_990
Tax year
2023
Filed
7 August 2024
IRS schema version
2023v5.1
Source object
202432239349300703

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