Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST INCOME - LOANS TO MEMBER

  total $298,999,932 · related or exempt $298,999,932

• 2b · Program service revenue: FEES AND CHARGES

  total $12,157,516 · related or exempt $12,157,516

• 2c · Program service revenue: INTEREST INCOME - MEMBER INVESTME

  total $9,800,823 · related or exempt $9,800,823

• 2d · Program service revenue: SALE OF SERVICES

  total $4,660,255 · related or exempt $4,025,941 · unrelated business $634,314

• 2e · Program service revenue: ATM - POINT OF SALE

  total $4,393,318 · related or exempt $4,089,677 · unrelated business $303,641

• 3 · Investment income

  total $12,109,138 · excluded $12,109,138

• 6a · Gross rents

  real property $314,341

• 6b · Less rental expenses

  real property $614,378

• 6c · Rental income or loss

  real property -$300,037

• 6d · Net rental income or loss

  total -$300,037 · excluded -$300,037

• 7a · Gross sales of assets other than inventory

  securities $49,605,125 · other assets $2,255,047

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

  securities $45,302,973 · other assets $763,445

• 7c · Gain or loss

  securities $4,302,152 · other assets $1,491,602

• 7d · Net gain or loss

  total $5,793,754 · excluded $5,793,754

• 11a · Other revenue: VISA INTERCHANGE

  total $32,880,484 · related or exempt $32,880,484

• 11b · Other revenue: OVERDRAFT/NSF FEES

  total $10,536,540 · related or exempt $10,536,540

• 11c · Other revenue: MISCELLANEOUS INCOME

  total $2,744,333 · related or exempt $2,744,333

• 11e · Other revenue, total

  $46,161,357

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $806,078

• 5 · Compensation of officers, directors and key employees

  total $6,736,953

• 6 · Compensation of disqualified persons

  total $39,138

• 7 · Other salaries and wages

  total $54,430,540

• 8 · Pension plan contributions

  total $8,102,615

• 9 · Other employee benefits

  total $11,275,020

• 10 · Payroll taxes

  total $4,208,362

• 11b · Fees: legal

  total $417,227

• 11c · Fees: accounting

  total $450,408

• 11f · Fees: investment management

  total $170,899

• 11g · Fees: other

  total $1,681,798

• 12 · Advertising and promotion

  total $4,897,162

• 13 · Office expenses

  total $7,535,837

• 14 · Information technology

  total $5,325,469

• 16 · Occupancy

  total $7,189,353

• 17 · Travel

  total $351,958

• 19 · Conferences, conventions and meetings

  total $555,758

• 20 · Interest

  total $139,535,836

• 22 · Depreciation, depletion and amortization

  total $5,147,945

• 24a · Other expenses: UNRELATED BUSINESS TAXE

  total $214,992

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $28,432,333

• 24c · Other expenses: LOAN SERVICING

  total $15,470,689

• 24d · Other expenses: PAYMENT SYSTEMS

  total $9,770,367

• 24e · All other expenses

  total $7,772,834

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $30,750,771 · end of year $29,427,460

• 2 · Savings and temporary cash investments

  beginning of year $94,073,340 · end of year $480,981,963

• 4 · Accounts receivable

  beginning of year $51,794,377 · end of year $49,131,569

• 5 · Loans and receivables from officers and key people

  beginning of year $92,859 · end of year $16,123,182

• 7 · Other notes and loans receivable

  beginning of year $6,130,571,799 · end of year $6,251,403,836

• 9 · Prepaid expenses and deferred charges

  beginning of year $8,857,812 · end of year $9,769,918

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

  $143,247,526

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

  $54,753,674

• 10c · Land, buildings and equipment, net

  beginning of year $80,484,441 · end of year $88,493,852

• 13 · Investments: program-related

  beginning of year $437,522,363 · end of year $450,460,960

• 14 · Intangible assets

  beginning of year $0 · end of year $14,510,789

• 15 · Other assets

  beginning of year $64,180,444 · end of year $61,799,949

• 17 · Accounts payable and accrued expenses

  beginning of year $85,479,877 · end of year $94,457,350

• 19 · Deferred revenue

  beginning of year $818,786 · end of year $8,602,181

• 21 · Escrow or custodial account liability

  beginning of year $15,497,919 · end of year $15,597,812

• 23 · Secured mortgages and notes payable

  beginning of year $629,597,370 · end of year $410,083,005

• 25 · Other liabilities

  beginning of year $5,468,248,444 · end of year $6,175,088,174

• 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 $698,685,810 · end of year $748,274,956

The filer's explanations (Part III)

PART I, LINE 1A

IN TAX YEAR 2023, VERIDIAN CREDIT UNION REIMBURSED TRAVEL EXPENSES INCURRED RELATED TO INDUSTRY CONFERENCES FOR THE COMPANIONS OF WILLIAM BOEVERS, JUSTINE TEUT, AUBREY WARD, LARRY LOSS, STEPHANIE ATKIN, PAMELA AYRES, EMSAD BEGIC, CYNTHIA BUETTNER, CINDY SPROLE, AND JAMES KACHER. THE AMOUNTS ARE INCLUDED IN REPORTABLE COMPENSATION IN PART VII AND SCHEDULE J.

PART I, LINE 4B

THE FOLLOWING INDIVIDUALS PARTICIPATED IN A NONQUALIFIED DEFERRED COMPENSATION PLAN IN 2023: RENEE CHRISTOFFER - $220,447 KEITH MESCH - $104,807 BRETT ENGSTROM - $78,025 SHAWNA MATZ - $68,801 MARK KOPPEDRYER - $53,320 KARA VANWERT - $51,176 SARAH ELAINE CORKERY - $13,478 KELLY MANGRICH - $25,965 GREGORY SLESSOR - $41,804 CHRISTI HULME - $26,573 MICHAEL STEFFEN - $25,663 MOLLY SCHMIDT - $26,002 EMILY L KUNTZ - $29,869 ELIZABETH MEEHAN - $24,188 STEVEN LINDAMAN - $25,868 RANDY HESIAK - $8,842 THE DOLLAR AMOUNT REPRESENTS THE CURRENT YEAR CONTRIBUTION CREDITS MADE BY VERIDIAN CREDIT UNION ON BEHALF OF THE INDIVIDUALS TO THE PLAN IN 2023. THIS INFORMATION IS INCLUDED IN DEFERRED COMPENSATION ON THE FORM 990, PART VII AND SCHEDULE J, PART II.

Disregarded entities

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

• VERIDIAN FISCAL SOLUTIONS LLC

  PAYROLL SERVICES · IA · income $916,365 · assets $62,915,466

  Directly controlled by THE VERIDIAN GROUP INC

• MEMBERS INSURANCE SERVICES LLC

  INSURANCE SERVICES · IA · income $434,480 · assets $2,432,187

  Directly controlled by MEMBERS INSURANCE INC

Related corporations and trusts

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

• THE VERIDIAN GROUP

  C · INSURANCE AND PAYROLL PROCESSING · IA · 100% owned · share of income $1,355,882 · share of assets $7,432,594 · controlled entity

  Directly controlled by VERIDIAN CREDIT UNION

• MEMBERS INSURANCE INC

  C · HOLDING COMPANY · IA · controlled entity