Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST MEMBER LOANS

  total $244,344,368 · related or exempt $244,344,368

• 2b · Program service revenue: PLASTICS INCOME

  total $21,997,236 · related or exempt $21,997,236

• 2c · Program service revenue: FEES MEMBER SERVICE

  total $18,207,366 · related or exempt $18,207,366

• 2d · Program service revenue: OTHER OPERATING INCOME

  total $5,158,372 · related or exempt $5,158,372

• 2e · Program service revenue: SHARED BRANCH INCOME

  total $1,223,983 · related or exempt $1,223,983

• 3 · Investment income

  total $9,161,292 · related or exempt $179,373 · excluded $8,981,919

• 6a · Gross rents

  real property $1,684,095

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $1,684,095

• 6d · Net rental income or loss

  total $1,684,095 · excluded $1,684,095

• 7a · Gross sales of assets other than inventory

  securities $1,072,729 · other assets $310,245,099

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

  securities $1,099,849 · other assets $304,972,050

• 7c · Gain or loss

  securities -$27,120 · other assets $5,273,049

• 7d · Net gain or loss

  total $5,245,929 · related or exempt $5,273,049 · excluded -$27,120

• 11a · Other revenue: NON-MEMBER ATM FEES

  total $536,928 · unrelated business $536,928

• 11b · Other revenue: INSURANCE INCOME

  total $434,678 · unrelated business $434,678

• 11e · Other revenue, total

  $971,606

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $881,132

• 5 · Compensation of officers, directors and key employees

  total $12,480,849

• 7 · Other salaries and wages

  total $57,963,585

• 8 · Pension plan contributions

  total $383,679

• 9 · Other employee benefits

  total $8,370,748

• 10 · Payroll taxes

  total $4,936,327

• 11b · Fees: legal

  total $302,036

• 11g · Fees: other

  total $4,569,025

• 12 · Advertising and promotion

  total $10,079,154

• 16 · Occupancy

  total $5,938,592

• 19 · Conferences, conventions and meetings

  total $1,476,844

• 20 · Interest

  total $10,245,584

• 22 · Depreciation, depletion and amortization

  total $5,954,617

• 24a · Other expenses: DIVIDENDS & INTEREST -M

  total $70,219,946

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $46,055,650

• 24c · Other expenses: TRANSACTION PROCESSING

  total $17,864,695

• 24d · Other expenses: OFFICE OPERATIONS

  total $10,565,733

• 24e · All other expenses

  total $8,197,065

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $18,594,514 · end of year $17,546,581

• 2 · Savings and temporary cash investments

  beginning of year $125,298,245 · end of year $122,338,288

• 4 · Accounts receivable

  beginning of year $3,288,009 · end of year $2,177,744

• 5 · Loans and receivables from officers and key people

  beginning of year $80,852,828 · end of year $88,007,900

• 7 · Other notes and loans receivable

  beginning of year $3,753,933,308 · end of year $3,846,157,264

• 9 · Prepaid expenses and deferred charges

  beginning of year $4,100,709 · end of year $4,447,665

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

  $148,211,611

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

  $57,320,956

• 10c · Land, buildings and equipment, net

  beginning of year $74,516,609 · end of year $90,890,655

• 11 · Investments: publicly traded securities

  beginning of year $92,041,895 · end of year $82,521,937

• 12 · Investments: other securities

  beginning of year $22,855,965 · end of year $17,140,662

• 14 · Intangible assets

  beginning of year $4,676,220 · end of year $4,404,683

• 15 · Other assets

  beginning of year $92,285,857 · end of year $94,516,087

• 17 · Accounts payable and accrued expenses

  beginning of year $38,710,067 · end of year $43,386,761

• 21 · Escrow or custodial account liability

  beginning of year $3,311,009 · end of year $3,520,493

• 23 · Secured mortgages and notes payable

  beginning of year $260,000,000 · end of year $20,000,000

• 25 · Other liabilities

  beginning of year $3,561,244,441 · end of year $3,892,272,019

• 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 $409,178,642 · end of year $410,970,193

The filer's explanations (Part III)

PART I, LINE 1A

SPOUSE TRAVEL WAS PROVIDED TO BOARD MEMBERS. THE SPOUSE TRAVEL BENEFITS WERE TREATED AS TAXABLE COMPENSATION IF EXCEEDED $600, AND ALL BENEFITS ARE APPROVED THROUGH THE ANNUAL BUDGETING PROCESS.

PART I, LINE 4B

SECTION 457(F) NON QUALIFIED DEFERRED COMPENSATION PLAN: THE CREDIT UNION HAD ESTABLISHED A NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR SELECT MEMBERS OF MANAGEMENT UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE. EACH MEMBER OF MANAGEMENT WHO IS OFFERED THE PLAN MUST BE CONTINUOUSLY EMPLOYED FOR A CERTAIN NUMBER OF YEARS TO EARN THE DEFERRED COMPENSATION PAYMENT. AMOUNTS ACCRUED UNDER THE PLAN FOR 2023 WERE AS FOLLOWS: MARKSBERRY - $996,109 KNOLL - $455,665 SHANE - $426,524 PIERCE - $403,859 FERRERO - $396,604 OTT - $168,300 GREIVING - $331,804 MYKELBUST - $332,682 VAZQUEZ - $172,727 KLASSEN - $166,111 AMOUNTS PAID TO PLAN PARTICIANTS IN 2023 WERE AS FOLLOWS: OTT - $4,110 VAZQUEZ - $26,650 KLASSEN - $24,334 MACNICHOLAS - $98,070