Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INCOME

  total $21,664,457 · related or exempt $21,664,457

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

  total $11,326,683 · related or exempt $11,326,683

• 2c · Program service revenue: FINANCE AND INSURANCE

  total $226,763 · unrelated business $226,763

• 3 · Investment income

  total $2,437,066 · excluded $2,437,066

• 7a · Gross sales of assets other than inventory

  securities $7,406,438 · other assets $624,739

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

  securities $7,858,320 · other assets $557,791

• 7c · Gain or loss

  securities -$451,882 · other assets $66,948

• 7d · Net gain or loss

  total -$384,934 · related or exempt -$384,934

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $1,833,002

• 7 · Other salaries and wages

  total $10,615,999

• 8 · Pension plan contributions

  total $1,297,636

• 9 · Other employee benefits

  total $1,503,011

• 10 · Payroll taxes

  total $934,821

• 11b · Fees: legal

  total $138,281

• 11c · Fees: accounting

  total $162,658

• 11g · Fees: other

  total $1,283,404

• 12 · Advertising and promotion

  total $1,513,240

• 13 · Office expenses

  total $2,120,813

• 16 · Occupancy

  total $962,231

• 17 · Travel

  total $61,193

• 19 · Conferences, conventions and meetings

  total $171,535

• 20 · Interest

  total $1,697,233

• 21 · Payments to affiliates

  total $15,557

• 22 · Depreciation, depletion and amortization

  total $1,270,787

• 23 · Insurance

  total $106,142

• 24a · Other expenses: LOAN SERVICING

  total $1,624,081

• 24b · Other expenses: PLL

  total $1,445,364

• 24c · Other expenses: ATM EXPENSE

  total $816,436

• 24d · Other expenses: MAINTENANCE/REPAIRS

  total $686,780

• 24e · All other expenses

  total $1,293,688

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $5,406,110 · end of year $4,554,197

• 2 · Savings and temporary cash investments

  beginning of year $152,550,990 · end of year $12,842,195

• 4 · Accounts receivable

  beginning of year $2,411,109 · end of year $1,657,045

• 5 · Loans and receivables from officers and key people

  beginning of year $3,200,000 · end of year $3,211,234

• 7 · Other notes and loans receivable

  beginning of year $426,522,967 · end of year $546,043,742

• 9 · Prepaid expenses and deferred charges

  beginning of year $15,055,851 · end of year $13,086,723

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

  $22,635,642

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

  $15,659,309

• 10c · Land, buildings and equipment, net

  beginning of year $7,245,220 · end of year $6,976,333

• 11 · Investments: publicly traded securities

  beginning of year $47,116,610 · end of year $68,062,271

• 12 · Investments: other securities

  beginning of year $22,966,955 · end of year $15,998,624

• 14 · Intangible assets

  beginning of year $356,600 · end of year $267,450

• 15 · Other assets

  beginning of year $8,216,067 · end of year $10,796,963

• 17 · Accounts payable and accrued expenses

  beginning of year $4,972,283 · end of year $5,008,685

• 23 · Secured mortgages and notes payable

  beginning of year $1,000,000

• 25 · Other liabilities

  beginning of year $619,207,081 · end of year $616,094,555

• 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 $65,869,115 · end of year $62,393,537

The filer's explanations (Part III)

PART I, LINE 3

THE BELOW LISTED EMPLOYEES PARTICIPATE IN A NON-QUALIFIED 457B PLAN. THE AMOUNTS REPORTED REPRESENT THE EMPLOYEE CONTRIBUTION DURING 2022: CHRISTINA SIDERS: $18,603 VALERIE MOSKAL: $20,500 TERRY FRENCH: $3,229 SARAH ERMATINGER: $3,217 SHAWN CHRISTIE: $4,181 THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE CEO, CHRISTINA SIDERS, THROUGH AN ARRANGEMENT REFERRED TO AS "COLLATERAL ASSIGNED SPLIT DOLLAR". AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUM PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• CP FINANCIAL SERVICES

  PERFORM COMPLIANCE AUDITS AND TRAINING FOR OTHER CREDIT UNIONS · MI · income $17,737 · assets $242,572

  Directly controlled by TRUE COMMUNITY CREDIT UNION