Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: CONSUMER LOANS

  total $16,738,971 · related or exempt $16,738,971

• 2b · Program service revenue: BUSINESS LOANS

  total $4,030,525 · related or exempt $4,030,525

• 2c · Program service revenue: VISA

  total $3,179,660 · related or exempt $3,179,660

• 2d · Program service revenue: MORTGAGE LOANS

  total $2,208,480 · related or exempt $2,208,480

• 2e · Program service revenue: HELOC LOANS

  total $1,006,817 · related or exempt $1,006,817

• 2f · All other program service revenue

  total $50,460 · related or exempt $50,460

• 3 · Investment income

  total $2,337,393 · excluded $2,337,393

• 7a · Gross sales of assets other than inventory

  other assets $23,210

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

  other assets $35,483

• 7c · Gain or loss

  other assets -$12,273

• 7d · Net gain or loss

  total -$12,273 · related or exempt -$12,273

• 11a · Other revenue: MISCELLANEOUS OPERATING INCOME

  total $5,564,731 · related or exempt $5,564,731

• 11b · Other revenue: FEE INCOME

  total $3,897,952 · related or exempt $3,897,952

• 11c · Other revenue: GAP INSURANCE

  total $567,817 · unrelated business $567,817

• 11d · All other revenue

  total $809,767 · unrelated business $809,767

• 11e · Other revenue, total

  $10,840,267

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $1,651,048

• 7 · Other salaries and wages

  total $10,232,533

• 8 · Pension plan contributions

  total $458,499

• 9 · Other employee benefits

  total $2,231,266

• 11b · Fees: legal

  total $110,310

• 11c · Fees: accounting

  total $60,939

• 11g · Fees: other

  total $629,306

• 12 · Advertising and promotion

  total $1,155,260

• 13 · Office expenses

  total $862,828

• 14 · Information technology

  total $2,502,122

• 16 · Occupancy

  total $1,345,491

• 17 · Travel

  total $355,939

• 19 · Conferences, conventions and meetings

  total $2,000

• 20 · Interest

  total $2,131,086

• 22 · Depreciation, depletion and amortization

  total $1,094,378

• 23 · Insurance

  total $190,784

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $5,671,261

• 24b · Other expenses: LOAN SERVICING

  total $2,058,860

• 24c · Other expenses: DEBIT CARD

  total $865,845

• 24d · Other expenses: ATM

  total $522,649

• 24e · All other expenses

  total $847,596

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,710,925 · end of year $4,951,976

• 4 · Accounts receivable

  beginning of year $8,939,112 · end of year $17,958,833

• 7 · Other notes and loans receivable

  beginning of year $498,562,126 · end of year $581,573,638

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,296,293 · end of year $2,190,618

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

  $30,141,300

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

  $10,438,592

• 10c · Land, buildings and equipment, net

  beginning of year $17,583,085 · end of year $19,702,708

• 12 · Investments: other securities

  beginning of year $171,612,654 · end of year $113,998,456

• 14 · Intangible assets

  end of year $1,071,820

• 15 · Other assets

  beginning of year $1,606,410 · end of year $7,822,569

• 17 · Accounts payable and accrued expenses

  beginning of year $3,035,129 · end of year $3,591,119

• 19 · Deferred revenue

  beginning of year $504,314 · end of year $637,685

• 23 · Secured mortgages and notes payable

  beginning of year $40,000,000 · end of year $40,000,000

• 25 · Other liabilities

  beginning of year $1,077,081 · end of year $47,985,391

• 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 $658,694,081 · end of year $657,056,423

The filer's explanations (Part III)

PART I, LINE 4B

THE CREDIT UNION PROVIDES CERTAIN INDIVIDUALS WITH A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (PLAN). THE PLAN IS BEING FUNDED VIA LIFE INSURANCE POLICIES AND SPLIT DOLLAR LOAN AGREEMENTS HAVE BEEN ENTERED INTO WITH THE PARTICIPANTS OF THE EXECUTIVES COVERED UNDER THE PLAN. AS PART OF THE SPLIT DOLLAR LOAN AGREEMENTS, THE EXECUTIVES HAVE ASSIGNED THE POLICIES TO THE CREDIT UNION AS COLLATERAL. THIS ASSIGNMENT SECURES REPAYMENT OF ANY ADVANCES AND ACCRUED INTEREST FOR THE POLICY PREMIUMS AND ANY OTHER ADVANCES UNDER ANY AGREEMENT. THE LOANS HAVE A FIXED INTEREST RATE, WITH INTEREST ACCRUED MONTHLY AND CAPITALIZED AS PART OF THE TOTAL LOAN BALANCE ANNUALLY. THE ORGANIZATION HAS A SPLIT DOLLAR RETIREMENT PLAN IN PLACE FOR OFFICER TOM BARNARD. THERE ARE NO FUNDS PAID CURRENTLY AS THE OFFICER DOES NOT MEET THE AGE REQUIREMENT. THE CREDIT UNION FUNDED THE PRESENT CASH VALUE OF THE POLICY FOR WHICH IT RETAINS ON THE BALANCE SHEET AS AN ASSET AND ADJUSTS IT MONTHLY TO MARKET VALUE.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• RADIANT FINANCIAL SOLUTIONS LLC

  S · CREDIT UNION SERVICE ORGANIZATION · FL · 100% owned · controlled entity

  Directly controlled by RADIANT CREDIT UNION