Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $81,427,004 · related or exempt $81,427,004

• 2b · Program service revenue: OTHER OPERATING INCOME

  total $7,901,644 · related or exempt $7,846,750 · unrelated business $54,894

• 2c · Program service revenue: FEE INCOME

  total $2,221,236 · related or exempt $2,181,111 · unrelated business $40,125

• 3 · Investment income

  total $15,367,655 · related or exempt $15,367,655

• 11a · Other revenue: OTHER NON-INTEREST INC

  total $3,326,878 · related or exempt $3,326,878

• 11b · Other revenue: GAIN ON SALES OF LOANS

  total $142,321 · related or exempt $142,321

• 11c · Other revenue: GAIN ON EQUITY TRADING

  total $11 · related or exempt $11

• 11e · Other revenue, total

  $3,469,210

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $13,480

• 2 · Grants to domestic individuals

  total $1,900

• 5 · Compensation of officers, directors and key employees

  total $5,020,590

• 7 · Other salaries and wages

  total $21,046,661

• 8 · Pension plan contributions

  total $2,481,193

• 9 · Other employee benefits

  total $4,295,072

• 10 · Payroll taxes

  total $1,847,408

• 11b · Fees: legal

  total $245,185

• 11c · Fees: accounting

  total $318,116

• 11g · Fees: other

  total $1,427,990

• 12 · Advertising and promotion

  total $1,935,865

• 13 · Office expenses

  total $7,451,919

• 14 · Information technology

  total $1,849,134

• 16 · Occupancy

  total $2,168,017

• 17 · Travel

  total $279,169

• 20 · Interest

  total $43,378,446

• 22 · Depreciation, depletion and amortization

  total $1,169,684

• 23 · Insurance

  total $432,581

• 24a · Other expenses: PROVISION FOR LOAN & LE

  total $7,108,556

• 24b · Other expenses: LOAN SERVICING EXPENSE

  total $1,280,181

• 24c · Other expenses: MISC OPERATING EXPENSE

  total $856,881

• 24d · Other expenses: OPERATING FEES

  total $256,703

• 24e · All other expenses

  total $4,454

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $12,504,768 · end of year $10,983,156

• 2 · Savings and temporary cash investments

  beginning of year $62,848,894 · end of year $67,617,240

• 5 · Loans and receivables from officers and key people

  beginning of year $5,257,269 · end of year $12,293,739

• 9 · Prepaid expenses and deferred charges

  beginning of year $8,045,610 · end of year $7,824,733

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

  $28,146,789

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

  $23,751,676

• 10c · Land, buildings and equipment, net

  beginning of year $5,125,680 · end of year $4,395,113

• 11 · Investments: publicly traded securities

  beginning of year $297,214,416 · end of year $284,966,466

• 13 · Investments: program-related

  beginning of year $1,761,245,652 · end of year $1,657,216,994

• 15 · Other assets

  beginning of year $40,820,003 · end of year $51,874,430

• 17 · Accounts payable and accrued expenses

  beginning of year $25,231,400 · end of year $23,253,776

• 25 · Other liabilities

  beginning of year $2,011,851,986 · end of year $1,913,308,221

• 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 $155,978,906 · end of year $160,609,874

The filer's explanations (Part III)

PART I, LINE 4B

THE CREDIT UNION OFFERS EXECUTIVE RETENTION PLANS FOR CERTAIN KEY MEMBERS OF MANAGEMENT. THESE NONQUALIFIED 457(F) PLANS TYPICALLY PROVIDE A RETENTION PAYMENT IN THE AMOUNT SPECIFIED IN THE PARTICIPATION AGREEMENT BY REMAINING EMPLOYED WITH THE CREDIT UNION UNTIL THE CLIFF VESTING DATE FOR SUCH PAYMENT. THERE WAS NO LIABILITY UNDER THE EXECUTIVE RETENTION PLANS AS OF SEPTEMBER 30, 2024 AND 2023. TO HELP OFFSET THE COSTS OF EXECUTIVE RETENTION AND OTHER RETIREMENT PLANS, THE CREDIT UNION PURCHASED CREDIT UNION OWNED LIFE INSURANCE (CUOLI) POLICIES FROM MIDLAND NATIONAL LIFE INSURANCE COMPANY (RATED A+ SUPERIOR BY AM BEST). THE CASH SURRENDER VALUE OF THE CUOLI POLICIES OWNED UNDER THE PLAN WAS APPROXIMATELY $9,376,000 AND $9,147,000 AS OF SEPTEMBER 30, 2024 AND 2023, RESPECTIVELY, WHICH WAS INCLUDED IN OTHER ASSETS. THE ANNUALIZED AVERAGE YIELD ON THE LIFE INSURANCE POLICIES WAS 2.65% AND 2.53% AS OF SEPTEMBER 30, 2024 AND 2023, RESPECTIVELY. DURING THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023, THE CREDIT UNION RECOGNIZED $228,903 AND $219,731, RESPECTIVELY, IN OTHER NON-INTEREST INCOME RELATED TO THE INCREASE IN CASH SURRENDER VALUE.

Disregarded entities

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

• MERIWEST MORTGAGE COMPANY LLC

  FINANCIAL PRODUCTS, MORTGAGE · CA · income $5,466,377 · assets $35,561,812

  Directly controlled by MERIWEST CREDIT UNION

• MERIWEST WEALTH ADVISORS LLC

  FINANCIAL PRODUCTS · CA · income $347,431 · assets $0

  Directly controlled by MERIWEST CREDIT UNION