Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INCOME

  total $239,191,885 · related or exempt $239,191,885

• 2b · Program service revenue: FEE INCOME

  total $30,325,108 · related or exempt $29,704,955 · unrelated business $620,153

• 2c · Program service revenue: OTHER OPERATING INCOME

  total $24,088,853 · related or exempt $24,088,853

• 2f · All other program service revenue

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

• 3 · Investment income

  total $29,891,277 · related or exempt $29,891,277

• 6a · Gross rents

  real property $231,956

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $231,956 · personal property $0

• 6d · Net rental income or loss

  total $231,956 · related or exempt $231,956

• 7a · Gross sales of assets other than inventory

  securities $435,598 · other assets $5,198,283

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

  securities $0 · other assets $0

• 7c · Gain or loss

  securities $435,598 · other assets $5,198,283

• 7d · Net gain or loss

  total $5,633,881 · related or exempt $5,633,881

• 11a · Other revenue: SHARED BRANCHING

  total $594,027 · related or exempt $594,027

• 11d · All other revenue

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

• 11e · Other revenue, total

  $594,027

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $305,964

• 5 · Compensation of officers, directors and key employees

  total $4,316,318

• 7 · Other salaries and wages

  total $53,626,343

• 8 · Pension plan contributions

  total $2,514,712

• 9 · Other employee benefits

  total $9,799,106

• 10 · Payroll taxes

  total $4,258,842

• 11b · Fees: legal

  total $570,747

• 11c · Fees: accounting

  total $381,623

• 11f · Fees: investment management

  total $4,500

• 11g · Fees: other

  total $6,047,599

• 12 · Advertising and promotion

  total $6,728,311

• 13 · Office expenses

  total $3,825,104

• 14 · Information technology

  total $11,777,984

• 16 · Occupancy

  total $6,431,399

• 17 · Travel

  total $377,332

• 19 · Conferences, conventions and meetings

  total $1,444,252

• 20 · Interest

  total $122,018,461

• 21 · Payments to affiliates

  total $537,564

• 22 · Depreciation, depletion and amortization

  total $8,638,378

• 23 · Insurance

  total $955,989

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $34,354,299

• 24b · Other expenses: FRANCHISE TAX

  total $1,310,004

• 24c · Other expenses: CU SERVICE DEPT/LOAN SERVICING

  total $18,502,267

• 24d · Other expenses: EQUIPMENT MAINTENANCE

  total $167,766

• 24e · All other expenses

  total $2,390,495

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $50,318,636 · end of year $58,530,588

• 2 · Savings and temporary cash investments

  beginning of year $130,230,274 · end of year $43,348,430

• 4 · Accounts receivable

  beginning of year $20,528,160 · end of year $23,776,403

• 5 · Loans and receivables from officers and key people

  beginning of year $24,748,540 · end of year $51,642,363

• 6 · Loans and receivables from disqualified persons

  end of year $0

• 7 · Other notes and loans receivable

  beginning of year $4,034,829,336 · end of year $4,082,294,648

• 8 · Inventories for sale or use

  beginning of year $262,670 · end of year $273,815

• 9 · Prepaid expenses and deferred charges

  beginning of year $68,168,150 · end of year $54,585,421

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

  $151,042,519

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

  $74,543,234

• 10c · Land, buildings and equipment, net

  beginning of year $79,456,934 · end of year $76,499,285

• 11 · Investments: publicly traded securities

  beginning of year $654,002,435 · end of year $686,564,203

• 12 · Investments: other securities

  beginning of year $0

• 13 · Investments: program-related

  beginning of year $57,928,150 · end of year $63,847,263

• 14 · Intangible assets

  beginning of year $11,935,450 · end of year $11,854,614

• 15 · Other assets

  beginning of year $40,697,696 · end of year $99,479,929

• 17 · Accounts payable and accrued expenses

  beginning of year $17,283,197 · end of year $26,601,728

• 22 · Loans and payables to officers and key people

  end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $475,000,000 · end of year $100,000,000

• 25 · Other liabilities

  beginning of year $4,304,450,689 · end of year $4,707,955,752

• 31 · Retained earnings, endowment or other funds

  beginning of year $376,372,545 · end of year $418,139,482

The filer's explanations (Part III)

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

When traveling for corporate annual meeting, the spousal expense are covered for executive management. The travel is not included in compensation as it was incurred for the business purposes of Everwise Credit Union.

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

There are SERP plans in place for the former CEO and Senior Vice Presidents of Everwise Credit Union. There are no contributions to the plan in 2024.

Schedule J, Part I, Line 3

Everwise Credit Union uses an independent consulting firm to establish the amount of compensation for executive management. There is a written contract including the terms and agreement of the salary for the CEO. The agreement for the CEO is approved by the Board of Directors.

Disregarded entities

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

• Everwise Lending Agency LLC

  Indirect Lending Agency for Autos · IN · income $177,545 · assets $4,944,833

  Directly controlled by Everwise Credit Union

• Everwise Ventures LLC

  Investing in CUSOs · IN · income -$28,196 · assets $22,264,684

  Directly controlled by Everwise Credit Union