Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $471,441

• 2a · Program service revenue: INTEREST ON LOANS TO MEMBERS

  total $41,717,460 · related or exempt $41,717,460

• 2b · Program service revenue: SERVICE CHARGES AND OTHER FEES

  total $17,279,535 · related or exempt $17,279,535

• 2c · Program service revenue: OTHER NONINTEREST INCOME

  total $3,766,311 · related or exempt $3,766,311

• 2d · Program service revenue: FINANCE AND INSURANCE

  total $433,279 · unrelated business $433,279

• 3 · Investment income

  total $8,355,841 · related or exempt $8,355,841

• 7a · Gross sales of assets other than inventory

  other assets $190,234

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

  other assets $149,070

• 7c · Gain or loss

  other assets $41,164

• 7d · Net gain or loss

  total $41,164 · related or exempt $41,164

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $149,957

• 5 · Compensation of officers, directors and key employees

  total $2,492,313

• 7 · Other salaries and wages

  total $19,229,462

• 8 · Pension plan contributions

  total $1,117,128

• 9 · Other employee benefits

  total $3,778,759

• 10 · Payroll taxes

  total $1,655,192

• 11b · Fees: legal

  total $255,484

• 11c · Fees: accounting

  total $408,390

• 11g · Fees: other

  total $385,343

• 12 · Advertising and promotion

  total $600,172

• 13 · Office expenses

  total $1,595,445

• 14 · Information technology

  total $2,138,697

• 16 · Occupancy

  total $2,664,556

• 19 · Conferences, conventions and meetings

  total $370,183

• 20 · Interest

  total $10,652,998

• 22 · Depreciation, depletion and amortization

  total $2,390,150

• 23 · Insurance

  total $283,180

• 24a · Other expenses: ATM/DEBIT CARD EXPENSE

  total $6,202,883

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $3,798,501

• 24c · Other expenses: MAINTENANCE

  total $2,508,967

• 24d · Other expenses: LOAN SERVICING

  total $1,680,760

• 24e · All other expenses

  total $4,668,586

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $20,730,757 · end of year $16,317,882

• 2 · Savings and temporary cash investments

  beginning of year $25,365,279 · end of year $31,686,099

• 4 · Accounts receivable

  beginning of year $25,298,926 · end of year $7,911,247

• 5 · Loans and receivables from officers and key people

  beginning of year $6,035,678 · end of year $6,161,219

• 7 · Other notes and loans receivable

  beginning of year $775,375,163 · end of year $817,311,392

• 9 · Prepaid expenses and deferred charges

  beginning of year $5,618,041 · end of year $2,071,541

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

  $30,951,658

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

  $19,906,566

• 10c · Land, buildings and equipment, net

  beginning of year $7,638,531 · end of year $11,045,092

• 11 · Investments: publicly traded securities

  beginning of year $389,480,081 · end of year $340,452,493

• 12 · Investments: other securities

  beginning of year $990,000 · end of year $7,358,195

• 15 · Other assets

  beginning of year $65,918,104 · end of year $61,995,358

• 17 · Accounts payable and accrued expenses

  beginning of year $27,306,961 · end of year $28,865,234

• 21 · Escrow or custodial account liability

  beginning of year $95,671 · end of year $79,964

• 23 · Secured mortgages and notes payable

  beginning of year $27,500,000 · end of year $76,071,429

• 25 · Other liabilities

  beginning of year $1,160,171,126 · end of year $1,080,891,821

• 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 $107,376,802 · end of year $116,402,070

The filer's explanations (Part III)

PART I, LINES 4A-B

SCH J, PART I, LINE 4A: THE CREDIT UNION ENTERED INTO A DIRECTOR SEVERANCE PLAN WITH MEMBERS OF THE BOARD OF DIRECTORS THAT PROVIDES SEVERANCE PAYMENTS TO DIRECTORS UPON THEIR DEPARTURE FROM THE BOARD. THE ESTIMATED LIABILITY UNDER THESE AGREEMENTS IS BEING ACCRUED ON A STRAIGHT-LINE BASIS. FORMER MEMBER OF THE BOARD OF DIRECTORS, PEGGY PEACOCK, RECEIVED A SEVERANCE DISBURSEMENT OF $25,000 DURING 2023. SCH J, PART I, LINE 4B: THE BELOW-LISTED INDIVIDUALS PARTICIPATED IN A NON-QUALIFIED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN. MICHELLE WILLIAMS ADRIAN JOHNSON JOHN HAMILTON KATHY SHELTON DENISE JONES-FRASIER

FORM 990, SCH J, LINE 4B

THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO JOHN HAMILTON 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.