Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: Interest from loans to members

  total $20,289,972 · related or exempt $20,289,972 · unrelated business $0 · excluded $0

• 2b · Program service revenue: Non-interest fee income

  total $7,809,241 · related or exempt $7,809,241 · unrelated business $0 · excluded $0

• 2f · All other program service revenue

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

• 3 · Investment income

  total $7,558,886 · related or exempt $7,558,886 · unrelated business $0 · excluded $0

• 4 · Income from investment of tax-exempt bond proceeds

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

• 5 · Royalties

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

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7c · Gain or loss

  securities $0 · other assets $0

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $204,412 · program services $204,412

• 5 · Compensation of officers, directors and key employees

  total $3,680,855 · program services $3,680,855

• 7 · Other salaries and wages

  total $5,941,630 · program services $5,941,630

• 8 · Pension plan contributions

  total $1,471,414 · program services $1,471,414

• 9 · Other employee benefits

  total $1,649,664 · program services $1,649,664

• 10 · Payroll taxes

  total $728,295 · program services $728,295

• 11b · Fees: legal

  total $60,811 · program services $60,811

• 11c · Fees: accounting

  total $224,959 · program services $224,959

• 11g · Fees: other

  total $381,813 · program services $381,813

• 12 · Advertising and promotion

  total $1,105,489 · program services $1,105,489

• 13 · Office expenses

  total $577,765 · program services $577,765

• 14 · Information technology

  total $2,646,860 · program services $2,646,860

• 16 · Occupancy

  total $976,870 · program services $976,870

• 17 · Travel

  total $49,025 · program services $49,025

• 19 · Conferences, conventions and meetings

  total $259,055 · program services $259,055

• 20 · Interest

  total $11,121,766 · program services $11,121,766

• 22 · Depreciation, depletion and amortization

  total $279,049 · program services $279,049

• 23 · Insurance

  total $479,639 · program services $479,639

• 24a · Other expenses: Provision for loan losses

  total $4,332,041 · program services $4,332,041 · management and general $0 · fundraising $0

• 24b · Other expenses: Member Transactions

  total $1,959,428 · program services $1,959,428 · management and general $0 · fundraising $0

• 24e · All other expenses

  total $48,166 · program services $48,166

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,001,497 · end of year $799,410

• 2 · Savings and temporary cash investments

  beginning of year $44,836,639 · end of year $55,283,046

• 5 · Loans and receivables from officers and key people

  end of year $0

• 7 · Other notes and loans receivable

  beginning of year $453,265,235 · end of year $405,263,398

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,235,747 · end of year $1,121,963

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

  $5,301,822

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

  $4,257,071

• 10c · Land, buildings and equipment, net

  beginning of year $417,699 · end of year $1,044,751

• 11 · Investments: publicly traded securities

  beginning of year $47,502,524 · end of year $146,614,777

• 13 · Investments: program-related

  beginning of year $9,748,536 · end of year $9,218,000

• 14 · Intangible assets

  beginning of year $406,110 · end of year $3,800,442

• 15 · Other assets

  beginning of year $10,306,900 · end of year $10,550,606

• 17 · Accounts payable and accrued expenses

  beginning of year $3,851,603 · end of year $4,260,176

• 18 · Grants payable

  beginning of year $0

• 19 · Deferred revenue

  beginning of year $0 · end of year $8,621

• 20 · Tax-exempt bond liabilities

  beginning of year $0

• 21 · Escrow or custodial account liability

  beginning of year $0

• 22 · Loans and payables to officers and key people

  beginning of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $0 · end of year $47,000,000

• 24 · Unsecured notes and loans payable

  beginning of year $0

• 25 · Other liabilities

  beginning of year $475,675,907 · end of year $499,014,704

• 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 $89,193,377 · end of year $83,412,892

The filer's explanations (Part III)

Schedule J, Part I, Line 1a

Adelfi Credit Union has travel policies and procedures for employees and Board of Directors.

Schedule J, Part I, Line 3

The Compensation Committee meets at least annually to identify the CEO's performance, objectives and related short-term incentive targets. Periodically industry-specific surveys are reviewed and other sources are secured to determine appropriate compensation levels. The Board of Directors reviews the Compensation Committee's recommendations of the CEO's total cash compensation and targets and makes a final determination. Salary grades for all positions, including other officers, are determined after consulting with external independent firms that provide comparability data. Schedule J, Part I, Line 1a - Adelfi Credit Union has travel policies and procedures for employees and Board of Directors.

Schedule J, Part I, Line 4

Two of the key officers, Abel Pomar and Bentley Hatcher received severance payments in 2024. Abel Pomar whose employment ceased on October 18, 2024 received $123,403 in severance payment, while, Bentley Hatcher whose employment ceased on November 15, 2024 received $78,244.