Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $70,032,338 · related or exempt $70,032,338

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

  total $25,149,528 · related or exempt $25,149,528

• 2c · Program service revenue: FINANCE AND INSURANCE

  total $306,260 · unrelated business $306,260

• 3 · Investment income

  total $25,463,249 · related or exempt $25,463,249

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $243,418

• 5 · Compensation of officers, directors and key employees

  total $3,900,458

• 7 · Other salaries and wages

  total $19,997,552

• 8 · Pension plan contributions

  total $1,098,651

• 9 · Other employee benefits

  total $5,050,939

• 10 · Payroll taxes

  total $1,803,402

• 11b · Fees: legal

  total $189,692

• 11c · Fees: accounting

  total $309,081

• 11g · Fees: other

  total $4,063,929

• 12 · Advertising and promotion

  total $2,476,971

• 13 · Office expenses

  total $4,746,393

• 14 · Information technology

  total $2,238,937

• 16 · Occupancy

  total $2,719,299

• 17 · Travel

  total $133,247

• 19 · Conferences, conventions and meetings

  total $314,692

• 20 · Interest

  total $31,155,924

• 22 · Depreciation, depletion and amortization

  total $2,760,068

• 23 · Insurance

  total $425,807

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $19,399,871

• 24b · Other expenses: LOAN SERVICING

  total $4,142,399

• 24c · Other expenses: DEBIT CARD EXPENSE

  total $3,847,064

• 24d · Other expenses: ATM EXPENSES

  total $1,324,972

• 24e · All other expenses

  total $1,865,332

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $17,028,620 · end of year $12,039,857

• 2 · Savings and temporary cash investments

  beginning of year $157,010,652 · end of year $345,136,376

• 4 · Accounts receivable

  beginning of year $19,071,966 · end of year $8,587,993

• 5 · Loans and receivables from officers and key people

  beginning of year $28,214,521 · end of year $28,948,399

• 7 · Other notes and loans receivable

  beginning of year $1,252,729,482 · end of year $1,116,837,403

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,305,556 · end of year $3,227,329

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

  $73,611,388

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

  $41,028,438

• 10c · Land, buildings and equipment, net

  beginning of year $33,941,372 · end of year $32,582,950

• 11 · Investments: publicly traded securities

  beginning of year $171,517,898 · end of year $138,386,548

• 12 · Investments: other securities

  beginning of year $10,276,619 · end of year $10,756,984

• 14 · Intangible assets

  beginning of year $10,474,514 · end of year $10,180,691

• 15 · Other assets

  beginning of year $38,012,532 · end of year $38,320,458

• 17 · Accounts payable and accrued expenses

  beginning of year $28,411,897 · end of year $24,707,575

• 23 · Secured mortgages and notes payable

  beginning of year $25,000,000

• 25 · Other liabilities

  beginning of year $1,544,494,932 · end of year $1,567,795,914

• 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 $143,676,903 · end of year $152,501,499

The filer's explanations (Part III)

PART I, LINE 4B

THE CREDIT UNION OFFERS A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP 457(F)) TO CERTAIN KEY EXECUTIVES: FRANK PADAK, PRESIDENT & CEO, SCOTT PETERS, CFO, AND SCOTT SEIDL, EXECUTIVE VICE PRESIDENT. THE DOLLAR AMOUNTS ACCRUED BY THE CREDIT UNION DURING 2024 TOWARD EACH OF THE PARTICIPANT'S FUTURE BENEFITS ARE LISTED BELOW. FRANK PADAK: $204,222 SCOTT PETERS: $80,352 SCOTT SEIDL: $62,820 ADDITIONALLY, FRANK PADAK RECEIVED A BENEFIT PAYOUT IN THE AMOUNT OF $200,000 DURING 2024. THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO FRANK PADAK, SCOTT SEIDL, AND SCOTT PETERS AND CERTAIN OTHER FORMER OFFICERS OF THE CREDIT UNION THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." UNDER THE AGREEMENT, THE EXECUTIVE IS THE OWNER OF THE POLICY AND MAKES A COLLATERAL ASSIGNMENT TO THE CREDIT UNION IN RETURN FOR A LOAN. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. SEE SCHEDULE L FOR THE COMPLETE LIST OF PARTICIPANTS.

Disregarded entities

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

• SCU HOLDINGS LLC

  HOLDING COMPANY · IL · income $1,026 · assets $3,008

  Directly controlled by SCOTT CREDIT UNION

• SCU INSURANCE SERVICES LLC

  INSURANCE SALES · IL · income $1,026 · assets $3,008

  Directly controlled by SCU HOLDINGS LLC