Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $433,000

• 2a · Program service revenue: LOANS TO MEMBERS

  total $37,878,240 · related or exempt $37,878,240

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

  total $15,001,376 · related or exempt $15,001,376

• 2c · Program service revenue: FINANCE & INSURANCE

  total $115,999 · unrelated business $115,999

• 3 · Investment income

  total $7,381,996 · related or exempt $7,381,996

• 7a · Gross sales of assets other than inventory

  other assets $122,818

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

  other assets $105,534

• 7c · Gain or loss

  other assets $17,284

• 7d · Net gain or loss

  total $17,284 · related or exempt $17,284

• 11a · Other revenue: MORTGAGE COMMISSION FEES

  total $129,043 · related or exempt $129,043

• 11e · Other revenue, total

  $129,043

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $56,000

• 5 · Compensation of officers, directors and key employees

  total $2,374,881

• 7 · Other salaries and wages

  total $10,841,487

• 8 · Pension plan contributions

  total $596,247

• 9 · Other employee benefits

  total $1,703,995

• 10 · Payroll taxes

  total $941,481

• 11a · Fees: management

  total $204,421

• 11b · Fees: legal

  total $254,209

• 11c · Fees: accounting

  total $293,200

• 11g · Fees: other

  total $1,340,674

• 12 · Advertising and promotion

  total $1,305,066

• 13 · Office expenses

  total $2,298,108

• 14 · Information technology

  total $571,831

• 16 · Occupancy

  total $832,716

• 17 · Travel

  total $200,623

• 19 · Conferences, conventions and meetings

  total $109,449

• 20 · Interest

  total $15,625,273

• 21 · Payments to affiliates

  total $82,369

• 22 · Depreciation, depletion and amortization

  total $2,585,387

• 23 · Insurance

  total $296,465

• 24a · Other expenses: DEBIT CARD FEES AND REB

  total $3,749,058

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $3,069,929

• 24c · Other expenses: MAINTENANCE/RENTAL/REPA

  total $2,534,068

• 24d · Other expenses: LOAN SERVICING

  total $1,416,817

• 24e · All other expenses

  total $1,786,203

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $23,163,269 · end of year $21,266,241

• 2 · Savings and temporary cash investments

  beginning of year $103,406,746 · end of year $114,296,517

• 4 · Accounts receivable

  beginning of year $8,572,852 · end of year $9,158,063

• 5 · Loans and receivables from officers and key people

  beginning of year $2,115,257 · end of year $1,960,631

• 7 · Other notes and loans receivable

  beginning of year $717,861,979 · end of year $741,762,853

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,158,636 · end of year $2,912,579

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

  $63,777,043

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

  $27,965,000

• 10c · Land, buildings and equipment, net

  beginning of year $35,575,605 · end of year $35,812,043

• 11 · Investments: publicly traded securities

  beginning of year $96,110,084 · end of year $115,333,384

• 12 · Investments: other securities

  beginning of year $659,922 · end of year $875,608

• 14 · Intangible assets

  end of year $7,885,943

• 15 · Other assets

  beginning of year $24,639,862 · end of year $18,361,411

• 17 · Accounts payable and accrued expenses

  beginning of year $15,741,549 · end of year $16,206,826

• 21 · Escrow or custodial account liability

  beginning of year $311,842 · end of year $420,069

• 23 · Secured mortgages and notes payable

  beginning of year $1,433,333 · end of year $55,633,333

• 24 · Unsecured notes and loans payable

  beginning of year $15,000,000 · end of year $15,000,000

• 25 · Other liabilities

  beginning of year $910,462,968 · end of year $905,031,510

• 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 $71,314,520 · end of year $77,333,535

The filer's explanations (Part III)

PART I, LINE 4B

CECILIA HOMISON PARTICIPATES IN A SECURED SPLIT DOLLAR PROGRAM WHEREBY FCCU LOANS THE OFFICER FUNDS FOR THE PURCHASE OF TWO LIFE INSURANCE POLICIES. THE FIRST POLICY IS KNOWN AS THE REPAYMENT POLICY AND IS SPECIFICALLY DESIGNED TO REPAY THE CREDIT UNION THE AMOUNT OF THE LOAN PLUS INTEREST UPON THE DEATH OF THE INSURED. THE SECOND POLICY IS THE ACCUMULATION POLICY AND IT IS DESIGNED TO PROVIDE FOR FUTURE POLICY LOANS AND DEATH BENEFIT PROTECTION FOR THE OFFICER.

Disregarded entities

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

• SIX PILLARS FINANCIAL ADVISORS LLC

  FINANCIAL ADVISORS · FL · income $255,710 · assets $197,976

  Directly controlled by FIRST COMMERCE CREDIT UNION