Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $53,062,153 · related or exempt $53,062,153

• 2b · Program service revenue: SERVICE CHARGES & FEES

  total $15,257,023 · related or exempt $14,751,260 · unrelated business $505,763

• 2c · Program service revenue: MORTGAGE BANKING/LOAN

  total $4,007,279 · related or exempt $4,007,279

• 2d · Program service revenue: DEFERRED LOAN FEE EARN

  total -$6,227,955 · related or exempt -$6,227,955

• 3 · Investment income

  total $3,159,820 · excluded $3,159,820

• 6a · Gross rents

  real property $1,075,635

• 6b · Less rental expenses

  real property $402,322

• 6c · Rental income or loss

  real property $673,313

• 6d · Net rental income or loss

  total $673,313 · excluded $673,313

• 7a · Gross sales of assets other than inventory

  other assets $906,689

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

  other assets $0

• 7c · Gain or loss

  other assets $906,689

• 7d · Net gain or loss

  total $906,689 · excluded $906,689

• 11a · Other revenue: PASSTHROUGH INCOME

  total -$2,423 · unrelated business -$2,423

• 11e · Other revenue, total

  -$2,423

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $830,497

• 2 · Grants to domestic individuals

  total $17,500

• 5 · Compensation of officers, directors and key employees

  total $7,566,789

• 7 · Other salaries and wages

  total $17,910,369

• 8 · Pension plan contributions

  total $873,051

• 9 · Other employee benefits

  total $3,049,956

• 10 · Payroll taxes

  total $2,338,091

• 11b · Fees: legal

  total $193,237

• 11c · Fees: accounting

  total $110,500

• 11g · Fees: other

  total $1,655,311

• 12 · Advertising and promotion

  total $2,304,243

• 13 · Office expenses

  total $2,265,896

• 14 · Information technology

  total $4,382,859

• 16 · Occupancy

  total $3,315,741

• 17 · Travel

  total $76,822

• 19 · Conferences, conventions and meetings

  total $2,840

• 20 · Interest

  total $4,970,124

• 22 · Depreciation, depletion and amortization

  total $1,499,492

• 23 · Insurance

  total $213,874

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $3,533,000

• 24b · Other expenses: LOAN SERVICING

  total $1,797,645

• 24c · Other expenses: VISA SUPPORT

  total $1,060,355

• 24d · Other expenses: UBI TAXES

  total $40,274

• 24e · All other expenses

  total $2,649,887

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $121,408,341 · end of year $72,467,735

• 4 · Accounts receivable

  beginning of year $1,234,263 · end of year $1,305,762

• 5 · Loans and receivables from officers and key people

  beginning of year $304,211 · end of year $296,420

• 7 · Other notes and loans receivable

  beginning of year $1,155,544,077 · end of year $1,364,633,974

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,622,912 · end of year $1,976,009

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

  $57,860,457

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

  $23,498,776

• 10c · Land, buildings and equipment, net

  beginning of year $5,139,993 · end of year $34,361,681

• 11 · Investments: publicly traded securities

  beginning of year $398,709,820 · end of year $197,855,058

• 12 · Investments: other securities

  beginning of year $16,084,623 · end of year $18,233,185

• 15 · Other assets

  beginning of year $26,708,758 · end of year $36,083,632

• 17 · Accounts payable and accrued expenses

  beginning of year $18,008,175 · end of year $20,558,014

• 25 · Other liabilities

  beginning of year $1,551,062,903 · end of year $1,555,942,701

• 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 $23,423,471 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $134,262,449 · end of year $150,712,741

The filer's explanations (Part III)

PART I, LINE 1A

BOARD MEMBERS BRING SPOUSES TO THE GAC CONFERENCE EACH YEAR. ADDITIONALLY, THE CREDIT UNION PAYS MEMBERSHIP FEES FOR UNIVERSITY CLUB FOR THE PRESIDENT. THESE ITEMS WERE NOT INCLUDED IN TAXABLE INCOME.

PART I, LINE 4B

THE CREDIT UNION AT TIMES ENTERS INTO 457(F) DEFERRED COMPENSATION AGREEMENTS WITH MEMBERS OF EXECUTIVE MANAGEMENT THAT PROVIDE BENEFITS PAYABLE TO PARTICIPANTS BASED ON VARYING CONDITIONS, TYPICALLY LENGTH OF SERVICE. BENEFITS ARE SUBJECT TO FORFEITURE IF EMPLOYMENT IS TERMINATED FOR CAUSE AS DEFINED IN THE AGREEMENTS.