Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INCOME FROM LOANS

  total $329,600,865 · related or exempt $329,600,865

• 2b · Program service revenue: FEES/CHARGES/OTHER

  total $79,749,282 · related or exempt $79,749,282

• 2c · Program service revenue: NON-MEMBER ATM SURCHARGES

  total $583,981 · unrelated business $583,981

• 3 · Investment income

  total $33,043,121 · excluded $33,043,121

• 6a · Gross rents

  real property $20,400

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $20,400

• 6d · Net rental income or loss

  total $20,400 · excluded $20,400

• 7a · Gross sales of assets other than inventory

  securities $195,000,136

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

  securities $197,150,979 · other assets $47,800

• 7c · Gain or loss

  securities -$2,150,843 · other assets -$47,800

• 7d · Net gain or loss

  total -$2,198,643 · excluded -$2,198,643

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $9,334,498

• 7 · Other salaries and wages

  total $67,906,786

• 8 · Pension plan contributions

  total $3,099,699

• 9 · Other employee benefits

  total $9,378,434

• 10 · Payroll taxes

  total $5,011,539

• 11b · Fees: legal

  total $693,156

• 11c · Fees: accounting

  total $460,220

• 11g · Fees: other

  total $3,525,328

• 13 · Office expenses

  total $10,880,938

• 14 · Information technology

  total $12,647,346

• 16 · Occupancy

  total $14,322,391

• 17 · Travel

  total $1,102,453

• 19 · Conferences, conventions and meetings

  total $648,770

• 20 · Interest

  total $121,479,734

• 22 · Depreciation, depletion and amortization

  total $8,752,958

• 23 · Insurance

  total $1,126,156

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $45,326,145

• 24b · Other expenses: LOAN SERVICING

  total $9,782,874

• 24c · Other expenses: DEBIT AND CREDIT CARD E

  total $9,454,847

• 24d · Other expenses: LOSS ON SALE OF LOANS R

  total $8,327,107

• 24e · All other expenses

  total $35,140,693

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $43,856,849 · end of year $43,043,842

• 2 · Savings and temporary cash investments

  beginning of year $528,644,908 · end of year $674,887,052

• 4 · Accounts receivable

  beginning of year $10,230,507 · end of year $6,366,767

• 5 · Loans and receivables from officers and key people

  beginning of year $13,627,485 · end of year $82,994,888

• 7 · Other notes and loans receivable

  beginning of year $6,954,134,178 · end of year $7,312,427,505

• 9 · Prepaid expenses and deferred charges

  beginning of year $15,060,786 · end of year $14,872,353

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

  $186,130,176

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

  $90,070,179

• 10c · Land, buildings and equipment, net

  beginning of year $83,473,442 · end of year $96,059,997

• 11 · Investments: publicly traded securities

  beginning of year $639,174,676 · end of year $432,496,031

• 12 · Investments: other securities

  beginning of year $46,372,377 · end of year $45,850,971

• 15 · Other assets

  beginning of year $209,408,589 · end of year $237,056,632

• 17 · Accounts payable and accrued expenses

  beginning of year $78,407,670 · end of year $114,397,663

• 19 · Deferred revenue

  beginning of year $2,845,000 · end of year $0

• 21 · Escrow or custodial account liability

  beginning of year $15,138,088 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $890,000,000 · end of year $1,140,000,000

• 25 · Other liabilities

  beginning of year $6,793,238,196 · end of year $6,859,625,125

• 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 $764,354,843 · end of year $832,033,250

The filer's explanations (Part III)

PART I, LINE 4B

THE CREDIT UNION HAS ENTERED INTO SECURED SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENTS WITH TIMOTHY M. ANTONITION, CEO/PRESIDENT, HEATHER E. HICKMAN, EVP/CRO, GARY PRAGER, SVP/CHIEF GROWTH OFFICER, SHANE HOYLE, SVP/COO, GABRIEL ENGMAN, SVP/CFO, LINDA HART, SVP/CHRO, AND CHAD JAENKE, SVP/CIO. THE PREMIUMS ON THE POLICIES WERE FUNDED BY THE CREDIT UNION THROUGH LOANS TO THE OFFICERS. INTEREST ACCRUES TO THE LOANS MONTHLY. THE CREDIT UNION PROVIDES A NON-QUALIFIED DEFERRED COMPENSATION PLAN UNDER CODE SECTION 457(F) FOR THE FOLLOWING SENIOR MANAGEMENT EMPLOYEES: JOSEPH LEWIS, EVP/CHIEF OPERATING OFFICER AND HILARY EISBRENNER, EVP/CHIEF FINANCIAL OFFICER. AS PART OF THE PLAN, THE CREDIT UNION PAYS A RETENTION BENEFIT TO EACH EMPLOYEE. BENEFITS ARE ALSO PAID IF EMPLOYMENT TERMINATES BEFORE THE RETENTION PERIOD IS MET UNDER SPECIFIED CIRCUMSTANCES.

Disregarded entities

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

• 1500 E COMMERICAL BOULEVARD LLC

  REO MANAGEMENT · FL · income $0 · assets $100