Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $58,062,325 · related or exempt $58,062,325

• 2b · Program service revenue: FEE INCOME

  total $2,558,516 · related or exempt $2,558,516

• 2c · Program service revenue: FINANCE AND INSURANCE

  total $9,976 · unrelated business $9,976

• 2d · Program service revenue: PARTNERSHIP INCOME

  total $1,378 · unrelated business $1,378

• 3 · Investment income

  total $9,875,447 · excluded $9,875,447

• 7a · Gross sales of assets other than inventory

  other assets $1,218,287

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

  other assets $1,195,833

• 7c · Gain or loss

  other assets $22,454

• 7d · Net gain or loss

  total $22,454 · excluded $22,454

• 11a · Other revenue: INTERCHANGE INCOME

  total $5,481,657 · related or exempt $5,481,657

• 11b · Other revenue: OTHER OPERATING INCOME

  total $433,827 · related or exempt $433,827

• 11c · Other revenue: CUSO INCOME

  total $257,355 · related or exempt $257,355

• 11e · Other revenue, total

  $6,172,839

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $19,456

• 2 · Grants to domestic individuals

  total $20,000

• 5 · Compensation of officers, directors and key employees

  total $7,637,552

• 7 · Other salaries and wages

  total $14,669,563

• 8 · Pension plan contributions

  total $654,118

• 9 · Other employee benefits

  total $3,185,096

• 10 · Payroll taxes

  total $1,465,793

• 11b · Fees: legal

  total $92,606

• 11c · Fees: accounting

  total $425,032

• 11d · Fees: lobbying

  total $7,593

• 11g · Fees: other

  total $4,431,522

• 12 · Advertising and promotion

  total $1,297,839

• 13 · Office expenses

  total $849,114

• 14 · Information technology

  total $4,097,906

• 16 · Occupancy

  total $1,972,019

• 17 · Travel

  total $408,085

• 20 · Interest

  total $16,386,583

• 22 · Depreciation, depletion and amortization

  total $1,682,220

• 23 · Insurance

  total $461,198

• 24a · Other expenses: UBI EXPENSE

  total $10,702

• 24b · Other expenses: CREDIT/DEBIT CARD EXPEN

  total $3,678,715

• 24c · Other expenses: MISCELLANEOUS

  total $2,015,315

• 24d · Other expenses: PROVISION FOR LOAN LOSS

  total $1,193,104

• 24e · All other expenses

  total $1,185,615

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,824,373 · end of year $1,122,534

• 2 · Savings and temporary cash investments

  beginning of year $69,650,481 · end of year $76,148,978

• 4 · Accounts receivable

  beginning of year $1,414,660 · end of year $1,848,359

• 5 · Loans and receivables from officers and key people

  beginning of year $15,696,599 · end of year $13,416,678

• 7 · Other notes and loans receivable

  beginning of year $1,224,541,095 · end of year $1,170,558,121

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,766,183 · end of year $4,236,479

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

  $23,904,936

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

  $11,663,680

• 10c · Land, buildings and equipment, net

  beginning of year $11,720,983 · end of year $12,241,256

• 11 · Investments: publicly traded securities

  beginning of year $414,460,925 · end of year $389,708,966

• 12 · Investments: other securities

  beginning of year $13,744,090 · end of year $15,094,687

• 15 · Other assets

  beginning of year $70,537,837 · end of year $72,548,056

• 17 · Accounts payable and accrued expenses

  beginning of year $17,058,544 · end of year $21,360,082

• 21 · Escrow or custodial account liability

  beginning of year $2,162,938 · end of year $2,029,459

• 23 · Secured mortgages and notes payable

  beginning of year $168,000,000 · end of year $210,000,000

• 25 · Other liabilities

  beginning of year $1,564,492,847 · end of year $1,433,091,660

• 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 $75,642,897 · end of year $90,442,913

The filer's explanations (Part III)

PART I, LINE 1A

THE CREDIT UNION REIMBURSES TRAVEL EXPENSES FOR COMPANIONS TRAVELING TO THE BOARD OFF-SITE ANNUAL PLANNING CONFERENCES.

PART I, LINE 1B

DEFERRED COMPENSATION PLAN [SECTION 457(F): THE CREDIT UNION HAS A NONQUALIFIED DEFERRED COMPENSATION PLAN FOR THE PRESIDENT/CEO. UNDER THE TERMS OF THE PLAN, THE PARTICIPANT IS ENTITLED TO A SPECIFIED AMOUNT IF THEY REMAIN EMPLOYED BY THE CREDIT UNION UNTIL A PREDETERMINED TIME. IF THE PARTICIPANT BECOMES FULLY DISABLED AS DEFINED IN THE AGREEMENT, ACCRUED BENEFITS ARE IMMEDIATELY PAYABLE. THE BENEFITS ARE SUBJECT TO FORFEITURE IF EMPLOYMENT IS TERMINATED FOR CAUSE AS DEFINED IN THE AGREEMENT. THE FOLLOWING ARE CONTRIBUTIONS THE CREDIT UNION MADE TO THE 457(F) PLAN AS OF DECEMBER 31, 2023. KATHERINE DUVALL: $1,500,000 (ACCRUED) THE CREDIT UNION ENTERED INTO COLLATERAL ASSIGNED SPLIT DOLLAR AGREEMENTS WITH AARON SATO, ANTHONY VITALE, AND KATHERINE DUVALL. THE LOANS ARE COLLATERALIZED BY THE ASSIGNMENT OF THE POLICY DEATH BENEFITS AND CASH SURRENDER VALUES OF EACH RESPECTIVE LIFE INSURANCE POLICY. THE POLICIES ARE OWNED BY THE EXECUTIVES AND THE EXECUTIVES HAVE THE RIGHT TO NAME THE BENEFICIARIES FOR AMOUNTS NOT SECURED BY THE ASSIGNMENTS. THE LOAN ARRANGEMENTS INCLUDE A RECOURSE PROVISION WHEREBY THE CREDIT UNION HAS THE INTENT TO SEEK COLLECTION OUTSIDE THE LIFE INSURANCE POLICY IF THE EXECUTIVE WERE TO BE TERMINATED WITH OR WITHOUT CAUSE AND THE EXECUTIVES HAVE THE FINANCIAL ABILITY TO REPAY THE LOAN.