Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: FEES AND OTHER CHARGES

  total $3,736,285 · related or exempt $3,688,273 · unrelated business $48,012

• 2b · Program service revenue: INTERCHANGE INCOME

  total $3,588,591 · related or exempt $3,588,591

• 2c · Program service revenue: INSURANCE COMMISSIONS

  total $169,000 · related or exempt $169,000

• 2d · Program service revenue: INTEREST INCOME

  total $40,000,160 · related or exempt $40,000,160

• 2e · Program service revenue: INVESTMENT SERVICE FEES

  total $283,175 · related or exempt $269,016 · unrelated business $14,159

• 2f · All other program service revenue

  total $5,942,000 · related or exempt $5,822,842 · unrelated business $119,158 · excluded $0

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $0 · personal property $0

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

  other assets $148,469

• 7c · Gain or loss

  securities $0 · other assets -$148,469

• 7d · Net gain or loss

  total -$148,469 · related or exempt -$148,469

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $42,846

• 2 · Grants to domestic individuals

  total $0

• 3 · Grants to foreign organizations and individuals

  total $0

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $3,752,671

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $9,381,259

• 8 · Pension plan contributions

  total $498,082

• 9 · Other employee benefits

  total $1,747,290

• 10 · Payroll taxes

  total $975,320

• 11a · Fees: management

  total $0

• 11b · Fees: legal

  total $666,523

• 11c · Fees: accounting

  total $471,555

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $0

• 11g · Fees: other

  total $0

• 12 · Advertising and promotion

  total $836,749

• 13 · Office expenses

  total $3,260,175

• 14 · Information technology

  total $2,895,617

• 16 · Occupancy

  total $1,201,357

• 17 · Travel

  total $590,972

• 20 · Interest

  total $9,486,598

• 22 · Depreciation, depletion and amortization

  total $2,136,432

• 24a · Other expenses: BAD DEBT EXPENSE

  total $5,341,730

• 24b · Other expenses: OTHER

  total $941,534

• 24c · Other expenses: COLLECTION AND LOAN EXPENSES

  total $897,191

• 24d · Other expenses: CREDIT CARD PROCESSING

  total $516,099

• 24e · All other expenses

  total $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $5,671,911 · end of year $13,686,064

• 2 · Savings and temporary cash investments

  beginning of year $41,204,082 · end of year $54,590,550

• 4 · Accounts receivable

  beginning of year $2,798,216 · end of year $3,070,343

• 5 · Loans and receivables from officers and key people

  beginning of year $6,403,775 · end of year $6,511,572

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $668,659,883 · end of year $666,101,461

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,071,132 · end of year $2,043,836

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

  $30,089,998

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

  $20,064,919

• 10c · Land, buildings and equipment, net

  beginning of year $11,228,338 · end of year $10,025,079

• 12 · Investments: other securities

  beginning of year $85,508,345 · end of year $71,923,848

• 13 · Investments: program-related

  beginning of year $0

• 14 · Intangible assets

  beginning of year $726,316 · end of year $664,687

• 15 · Other assets

  beginning of year $15,644,002 · end of year $13,269,560

• 17 · Accounts payable and accrued expenses

  beginning of year $8,901,928 · end of year $7,258,557

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $746,371,706 · end of year $746,225,404

• 31 · Retained earnings, endowment or other funds

  beginning of year $84,642,366 · end of year $88,403,039

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Travel for companions

BOARD MEMBERS AND PRESIDENT/CEO SPOUSES/SIGNIFICANT OTHERS ARE ALLOWED TO TRAVEL WITH BOARD. SPOUSAL AIRFARE/REGISTRATION WAS REPORTED ON FORM 1099-MISC IF MINIMUM REPORTING THRESHOLD MET.

Schedule J, Part I, Line 4a Severance or change-of-control payment

A SEVERANCE PAYMENT WAS MADE TO CERTAIN PERSONS INCLUDED IN PART VII, SECTION A, LINE 1A AND HAVE BEEN INCLUDED ON SCHEDULE J, COLUMN (B)(III) FOR OTHER REPORTABLE COMPENSATION. THE FOLLOWING RECEIVED A SEVERANCE PAYMENT FOR THE DISCLOSED AMOUNT: MICHAEL NELSON $215,000

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan

CAMERON MINGES (CEO/PRESIDENT) AND MICHAEL NELSON (FORMER CFO) ARE 0% VESTED IN THEIR SPLIT-DOLLAR PLANS. NO PARTIAL OR FULL VESTING FOR MINGES AND NELSON WILL OCCUR UNTIL 2025.

Disregarded entities

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

• FINANCIAL CENTER SERVICES LLC

  INSURANCE · IN · income $110,684 · assets $758,261

  Directly controlled by FCFCU