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Nonprofiteer
← 1386 GENERAL ELECTRIC CREDIT UNION

Form 990 for tax year 2022

Filed by 1386 GENERAL ELECTRIC CREDIT UNION.

Totals

Total revenue
$167,594,908
Total expenses
$134,004,722
Contributions and grants received
$0
Grants paid
$144,000
Program service revenue
$160,823,517
Investment income
$6,771,391
Other revenue
$0
Total assets, end of year
$4,683,051,080
Total liabilities, end of year
$4,364,458,764
Net assets or fund balances, end of year
$318,592,316
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: LOAN INTEREST

    total $131,060,266 · related or exempt $131,060,266

  • 2b · Program service revenue: FEE/OTHER INCOME

    total $29,763,251 · related or exempt $29,710,831 · unrelated business $52,420

  • 3 · Investment income

    total $13,298,514 · related or exempt $13,298,514

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

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    securities $44,632,854 · other assets $157,566,000

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

    securities $53,216,120 · other assets $155,509,857

  • 7c · Gain or loss

    securities -$8,583,266 · other assets $2,056,143

  • 7d · Net gain or loss

    total -$6,527,123 · related or exempt -$6,527,123

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $134,000

  • 2 · Grants to domestic individuals

    total $10,000

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $3,100,334

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $22,560,732

  • 8 · Pension plan contributions

    total $688,841

  • 9 · Other employee benefits

    total $8,448,919

  • 10 · Payroll taxes

    total $2,106,088

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total -$884,506

  • 11c · Fees: accounting

    total $399,724

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $3,428,377

  • 12 · Advertising and promotion

    total $3,146,656

  • 13 · Office expenses

    total $2,119,716

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $6,960,400

  • 17 · Travel

    total $43,123

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $233,639

  • 20 · Interest

    total $55,888,332

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $3,556,201

  • 23 · Insurance

    total $415,991

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $12,852,324

  • 24b · Other expenses: LOAN SERVICING

    total $3,703,970

  • 24c · Other expenses: DATA PROCESSING EXPENSE

    total $5,093,225

  • 24d · Other expenses: MISCELLANEOUS OPERATING

    total -$1,364

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,350,141 · end of year $9,163,227

  • 2 · Savings and temporary cash investments

    beginning of year $270,600,930 · end of year $290,700,606

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $3,579,619 · end of year $2,403,526

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $2,959,920,133 · end of year $3,844,498,824

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,147,444 · end of year $2,263,381

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

    $66,448,193

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

    $15,350,195

  • 10c · Land, buildings and equipment, net

    beginning of year $51,868,921 · end of year $51,097,998

  • 11 · Investments: publicly traded securities

    beginning of year $50,815,001 · end of year $0

  • 12 · Investments: other securities

    beginning of year $457,761,209 · end of year $375,638,436

  • 13 · Investments: program-related

    beginning of year $57,444,826 · end of year $61,391,747

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $37,972,633 · end of year $45,893,335

  • 17 · Accounts payable and accrued expenses

    beginning of year $21,475,566 · end of year $22,774,544

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $279,752,630 · end of year $242,357,912

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $3,258,723,387 · end of year $4,099,326,308

  • 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 $340,509,274 · end of year $318,592,316

Mission and programs · 2022

Mission

OFFER A VARIETY OF QUALITY PRODUCTS AND FINANCIAL SERVICES DESIGNED TO BENEFIT ALL MEMBERS UNDER A STRONG FINANCIAL STRUCTURE THAT ENSURES THE CONTINUED VIABILITY OF THE CREDIT UNION.

Activities or mission (Part I)

PROVIDE FINANCIAL SERVICES TO CREDIT UNION MEMBERS.

  • PROVIDE 254,000 MEMBERS A VARIETY OF LOAN AND DEPOSIT SERVICES AT COMPETITIVE INTEREST RATES AND TERMS.

  • ORIGINATED 45,700 LOANS IN EXCESS OF $2.0 BILLION IN VARIOUS LOANS CATEGORIES INCLUDING RESIDENTIAL, COMMERCIAL, CONSUMER, INDIRECT AUTO, MARINE, AND RV LOANS.

  • CONTINUED ADDITIONS TO TECHNOLOGY DESIGNED TO MAXIMIZE ACCESS TO VARIOUS ONLINE PORTALS THAT CONTAIN A VARIETY OF PRODUCTS AND SERVICES TO ITS MEMBERS.

As filed on the 2022 return.

Listed in Part VII

  • Timothy D Ballinger

    President/CEO

    Total calculated
    $1,088,017
    From this org
    $1,026,392
    From related orgs
    $0
    Other
    $61,625
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $798,652
    Bonus
    $221,228
    Other
    $6,512
    Deferred
    $37,250
    Nontaxable benefits
    $24,375
    Filer's total
    $1,088,017

  • Kevin Motley

    CFO

    Total calculated
    $407,314
    From this org
    $376,141
    From related orgs
    $0
    Other
    $31,173
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $302,985
    Bonus
    $73,156
    Other
    not reported
    Deferred
    $30,714
    Nontaxable benefits
    $459
    Filer's total
    $407,314

  • Neil Peterson

    Director Of Lending Services

    Total calculated
    $304,245
    From this org
    $274,120
    From related orgs
    $0
    Other
    $30,125
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $222,866
    Bonus
    $51,254
    Other
    not reported
    Deferred
    $22,287
    Nontaxable benefits
    $7,838
    Filer's total
    $304,245

  • Jill Lingo

    Marketing Director

    Total calculated
    $283,311
    From this org
    $239,426
    From related orgs
    $0
    Other
    $43,885
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $194,872
    Bonus
    $44,554
    Other
    not reported
    Deferred
    $19,487
    Nontaxable benefits
    $24,398
    Filer's total
    $283,311

  • Ashley Cunningham

    Bus. Dvlpmnt/member Service

    Total calculated
    $280,868
    From this org
    $237,130
    From related orgs
    $0
    Other
    $43,738
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $193,396
    Bonus
    $43,734
    Other
    not reported
    Deferred
    $19,340
    Nontaxable benefits
    $24,398
    Filer's total
    $280,868

  • Nicholas McEvoy

    Chief Delivery Officer

    Total calculated
    $267,698
    From this org
    $225,470
    From related orgs
    $0
    Other
    $42,228
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,489
    Bonus
    $41,981
    Other
    not reported
    Deferred
    $17,830
    Nontaxable benefits
    $24,398
    Filer's total
    $267,698

  • Jeffrey Lenzer

    It Security Risk Management

    Total calculated
    $264,209
    From this org
    $237,092
    From related orgs
    $0
    Other
    $27,117
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,785
    Bonus
    $44,307
    Other
    not reported
    Deferred
    $19,279
    Nontaxable benefits
    $7,838
    Filer's total
    $264,209

  • Robin Sargent

    Chief Support Officer

    Total calculated
    $248,727
    From this org
    $207,022
    From related orgs
    $0
    Other
    $41,705
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,387
    Bonus
    $38,635
    Other
    not reported
    Deferred
    $17,307
    Nontaxable benefits
    $24,398
    Filer's total
    $248,727

  • Brian Lucas

    Compliance

    Total calculated
    $247,003
    From this org
    $205,201
    From related orgs
    $0
    Other
    $41,802
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $174,044
    Bonus
    $31,157
    Other
    not reported
    Deferred
    $17,404
    Nontaxable benefits
    $24,398
    Filer's total
    $247,003

  • Melissa Ziegelmeyer

    Director Of Internal Audit

    Total calculated
    $225,367
    From this org
    $208,264
    From related orgs
    $0
    Other
    $17,103
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,440
    Bonus
    $41,824
    Other
    not reported
    Deferred
    $16,644
    Nontaxable benefits
    $459
    Filer's total
    $225,367

  • Melanie Disney Tamaska

    Chief Human Resources Officer

    Total calculated
    $219,344
    From this org
    $180,991
    From related orgs
    $0
    Other
    $38,353
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $139,831
    Bonus
    $41,160
    Other
    not reported
    Deferred
    $13,983
    Nontaxable benefits
    $24,370
    Filer's total
    $219,344

  • Andy M Dunn

    SVP Mortgage Services

    Total calculated
    $218,132
    From this org
    $194,151
    From related orgs
    $0
    Other
    $23,981
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $164,436
    Bonus
    $29,715
    Other
    not reported
    Deferred
    $16,344
    Nontaxable benefits
    $7,637
    Filer's total
    $218,132

  • Amy Wheeler

    Senior VP & Controller

    Total calculated
    $199,857
    From this org
    $161,329
    From related orgs
    $0
    Other
    $38,528
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,297
    Bonus
    $20,032
    Other
    not reported
    Deferred
    $14,130
    Nontaxable benefits
    $24,398
    Filer's total
    $199,857

  • Mary Cay Vessells

    Chairperson

    Total calculated
    $0
    Hours/week
    1

  • Michael Johnson

    1st Vice Chairperson

    Total calculated
    $0
    Hours/week
    1

  • Cheryl Hill

    2nd Vice Chairperson

    Total calculated
    $0
    Hours/week
    1

  • Richard Ille

    Secretary/treasurer

    Total calculated
    $0
    Hours/week
    1

  • Jerry Cabe

    Director

    Total calculated
    $0
    Hours/week
    1

  • Perry Engstrom

    Director

    Total calculated
    $0
    Hours/week
    1

  • Gayle Nyswonger

    Director

    Total calculated
    $0
    Hours/week
    1

  • Robert Peak

    Director

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 1A:
COMPENSATION BENEFITS RECEIVED: THE CREDIT UNION HAS POLICIES WHICH ALLOW CERTAIN TRAVEL EXPENSES TO BE PAID BY THE CREDIT UNION WHEN A GUEST ACCOMPANIES AN OFFICIAL OR EMPLOYEE ON CREDIT UNION BUSINESS. THESE EXPENSES ARE TREATED AS TAXABLE INCOME TO THE OFFICIAL OR EMPLOYEE ON WHOSE BEHALF THE EXPENSES ARE PAID.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CUSO Corporation

    C corp · Mortgage Serv · OH · 100% owned · share of income $506,342 · share of assets $76,558 · controlled entity

    Directly controlled by GECU

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202343199349318999

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