Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $11,061,090 · related or exempt $11,061,090

• 2b · Program service revenue: FEE INCOME

  total $4,253,968 · related or exempt $4,253,968

• 2c · Program service revenue: INTERCHANGE INCOME

  total $3,079,832 · related or exempt $3,079,832

• 2d · Program service revenue: INSURANCE INCOME

  total $1,281,305 · related or exempt $1,273,605 · unrelated business $7,700

• 2f · All other program service revenue

  total $1,037,297 · related or exempt $1,037,297

• 3 · Investment income

  total $1,652,202 · excluded $1,652,202

• 6a · Gross rents

  real property $84,660

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $84,660

• 6d · Net rental income or loss

  total $84,660 · excluded $84,660

• 7a · Gross sales of assets other than inventory

  other assets $50,440

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

  other assets $50,297

• 7c · Gain or loss

  other assets $143

• 7d · Net gain or loss

  total $143 · excluded $143

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $101,647

• 5 · Compensation of officers, directors and key employees

  total $647,116

• 7 · Other salaries and wages

  total $6,040,492

• 8 · Pension plan contributions

  total $344,732

• 9 · Other employee benefits

  total $574,244

• 10 · Payroll taxes

  total $522,878

• 11b · Fees: legal

  total $115,926

• 11c · Fees: accounting

  total $145,501

• 11g · Fees: other

  total $523,419

• 12 · Advertising and promotion

  total $1,081,262

• 13 · Office expenses

  total $1,287,230

• 14 · Information technology

  total $681,628

• 16 · Occupancy

  total $1,145,376

• 17 · Travel

  total $147,133

• 20 · Interest

  total $12,000

• 22 · Depreciation, depletion and amortization

  total $459,780

• 24a · Other expenses: DEBIT CARD EXPENSE

  total $1,606,048

• 24b · Other expenses: DIVIDENDS ON MEMBER SHA

  total $1,044,458

• 24c · Other expenses: PROVISION FOR LOAN LOSS

  total $950,719

• 24d · Other expenses: LOAN SERVICING EXPENSE

  total $791,358

• 24e · All other expenses

  total $945,363

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $5,173,388 · end of year $3,550,255

• 2 · Savings and temporary cash investments

  beginning of year $12,792,340 · end of year $4,710,718

• 4 · Accounts receivable

  beginning of year $786,745 · end of year $991,956

• 5 · Loans and receivables from officers and key people

  end of year $2,710,556

• 7 · Other notes and loans receivable

  beginning of year $207,996,164 · end of year $243,412,212

• 9 · Prepaid expenses and deferred charges

  beginning of year $323,612 · end of year $437,793

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

  $22,359,250

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

  $11,123,854

• 10c · Land, buildings and equipment, net

  beginning of year $10,130,890 · end of year $11,235,396

• 11 · Investments: publicly traded securities

  beginning of year $96,603,871 · end of year $99,365,457

• 12 · Investments: other securities

  beginning of year $11,893,433 · end of year $4,467,233

• 14 · Intangible assets

  beginning of year $247,809 · end of year $221,951

• 15 · Other assets

  beginning of year $11,491,439 · end of year $9,736,203

• 17 · Accounts payable and accrued expenses

  beginning of year $1,491,845 · end of year $1,807,030

• 23 · Secured mortgages and notes payable

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

• 25 · Other liabilities

  beginning of year $320,139,139 · end of year $344,301,129

• 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 $35,808,707 · end of year $29,731,571

The filer's explanations (Part III)

PART I, LINE 4B

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 2022. THERE WERE NO DISTRIBUTIONS FROM THE PLAN IN 2022. 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.