Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $29,699

• 2a · Program service revenue: INTEREST ON LOANS

  total $15,187,052 · related or exempt $15,187,052

• 2b · Program service revenue: FEE INCOME

  total $4,590,927 · related or exempt $4,590,927

• 2c · Program service revenue: CREDIT AND DEBIT CARD FEE INCOME

  total $2,674,854 · related or exempt $2,674,854

• 2d · Program service revenue: INSURANCE INCOME

  total $1,253,899 · related or exempt $1,243,799 · unrelated business $10,100

• 2e · Program service revenue: INTERCHANGE INCOME

  total $700,883 · related or exempt $700,883

• 2f · All other program service revenue

  total $331,369 · related or exempt $331,369

• 3 · Investment income

  total $2,139,601 · excluded $2,139,601

• 6a · Gross rents

  real property $67,176

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $67,176

• 6d · Net rental income or loss

  total $67,176 · excluded $67,176

• 7a · Gross sales of assets other than inventory

  securities $7,209,455 · other assets $21,000

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

  securities $6,860,740 · other assets $16,535

• 7c · Gain or loss

  securities $348,715 · other assets $4,465

• 7d · Net gain or loss

  total $353,180 · excluded $353,180

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $132,502

• 5 · Compensation of officers, directors and key employees

  total $684,748

• 7 · Other salaries and wages

  total $6,806,066

• 8 · Pension plan contributions

  total $377,906

• 9 · Other employee benefits

  total $784,525

• 10 · Payroll taxes

  total $556,927

• 11b · Fees: legal

  total $533,120

• 11c · Fees: accounting

  total $110,055

• 11g · Fees: other

  total $529,704

• 12 · Advertising and promotion

  total $1,191,401

• 13 · Office expenses

  total $2,349,845

• 14 · Information technology

  total $786,238

• 16 · Occupancy

  total $848,646

• 17 · Travel

  total $162,767

• 20 · Interest

  total $167,150

• 22 · Depreciation, depletion and amortization

  total $886,607

• 23 · Insurance

  total $17,048

• 24a · Other expenses: DIVIDENDS ON MEMBER SHA

  total $3,374,712

• 24b · Other expenses: DEBIT CARD EXPENSE

  total $1,476,087

• 24c · Other expenses: LOAN SERVICING EXPENSE

  total $1,169,502

• 24d · Other expenses: PROVISION FOR LOAN LOSS

  total $1,022,681

• 24e · All other expenses

  total $636,949

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,550,255 · end of year $4,214,605

• 2 · Savings and temporary cash investments

  beginning of year $4,710,718 · end of year $8,505,874

• 4 · Accounts receivable

  beginning of year $991,956 · end of year $1,448,593

• 5 · Loans and receivables from officers and key people

  beginning of year $2,710,556 · end of year $2,709,160

• 7 · Other notes and loans receivable

  beginning of year $243,412,212 · end of year $303,563,939

• 9 · Prepaid expenses and deferred charges

  beginning of year $437,793 · end of year $1,508,502

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

  $24,045,403

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

  $11,940,978

• 10c · Land, buildings and equipment, net

  beginning of year $11,235,396 · end of year $12,104,425

• 11 · Investments: publicly traded securities

  beginning of year $99,365,457 · end of year $92,031,128

• 12 · Investments: other securities

  beginning of year $4,467,233 · end of year $3,153,833

• 14 · Intangible assets

  beginning of year $221,951 · end of year $9,010,952

• 15 · Other assets

  beginning of year $9,736,203 · end of year $12,546,410

• 17 · Accounts payable and accrued expenses

  beginning of year $1,807,030 · end of year $1,813,902

• 23 · Secured mortgages and notes payable

  beginning of year $5,000,000 · end of year $0

• 25 · Other liabilities

  beginning of year $344,301,129 · end of year $414,335,956

• 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 $29,731,571 · end of year $34,647,563

The filer's explanations (Part III)

PART I, LINES 4A-B

SOME VP'S HAVE A 457F PLAN AVAILABLE TO THEM TO ENCOURAGE THEM TO REMAIN WITH THE CREDIT UNION. EACH CONTRIBUTION HAS A VESTING SCHEDULE. NO CONTRIBUTIONS WERE MADE TO THE PLAN IN 2023. THERE WERE NO DISTRIBUTIONS FROM THE PLAN IN 2023. THE ORGANIZATION DID TRANSITION ROBERT ARES AND BEVERLY DAVIS INTO A SPLIT DOLLAR LIFE INSURANCE AGREEMENT UNDER WHICH THE ORGANIZATION WILL MAKE PAYMENTS FOR THE POLICY OWNED BY THE TWO OFFICERS. FURTHER DETAILS ARE PROVIDED IN THE ACCOMPANYING SCHEDULE L.

PART I, LINE 4A:

TODD HOGAN RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $50,752 DURING 2023.