Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INTEREST INCOME

  total $68,191,753 · related or exempt $68,191,753

• 2b · Program service revenue: INTERCHANGE INCOME

  total $5,790,501 · related or exempt $5,790,501

• 2c · Program service revenue: FEES AND CHARGES

  total $4,611,229 · related or exempt $4,464,888 · unrelated business $146,341

• 2d · Program service revenue: WEALTH MANAGEMENT COMMISSIONS

  total $3,125,085 · related or exempt $2,339,398 · unrelated business $785,687

• 2e · Program service revenue: GAIN ON SALE OF LOANS HELD FOR SA

  total $239,549 · related or exempt $239,549

• 2f · All other program service revenue

  total $118,437 · related or exempt $118,437

• 3 · Investment income

  total $10,502,137 · excluded $10,502,137

• 5 · Royalties

  total $66,542 · excluded $66,542

• 7a · Gross sales of assets other than inventory

  other assets $1,107

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

  other assets $716

• 7c · Gain or loss

  other assets $391

• 7d · Net gain or loss

  total $391 · excluded $391

• 11a · Other revenue: MISCELLANEOUS INCOME

  total $12,519 · excluded $12,519

• 11e · Other revenue, total

  $12,519

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $212,768

• 2 · Grants to domestic individuals

  total $22,500

• 4 · Benefits paid to or for members

  total $19,750,391

• 5 · Compensation of officers, directors and key employees

  total $5,070,806

• 7 · Other salaries and wages

  total $21,023,515

• 8 · Pension plan contributions

  total $1,318,576

• 9 · Other employee benefits

  total $3,715,278

• 10 · Payroll taxes

  total $1,769,089

• 11b · Fees: legal

  total $628,107

• 11c · Fees: accounting

  total $200,295

• 11g · Fees: other

  total $5,720,846

• 12 · Advertising and promotion

  total $1,853,535

• 13 · Office expenses

  total $635,299

• 14 · Information technology

  total $5,141,152

• 16 · Occupancy

  total $2,282,918

• 17 · Travel

  total $99,688

• 19 · Conferences, conventions and meetings

  total $321,861

• 20 · Interest

  total $1,987,178

• 22 · Depreciation, depletion and amortization

  total $1,163,835

• 23 · Insurance

  total $39,475

• 24a · Other expenses: ACCOUNT PROCESSING

  total $1,213,922

• 24b · Other expenses: OTHER STAFF EXPENSES

  total $1,171,769

• 24c · Other expenses: ATM SERVICE COSTS

  total $981,767

• 24d · Other expenses: ASSOCIATION DUES

  total $247,839

• 24e · All other expenses

  total $372,932

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $22,907,108 · end of year $19,868,407

• 2 · Savings and temporary cash investments

  beginning of year $67,714,951 · end of year $86,754,494

• 4 · Accounts receivable

  beginning of year $295,655 · end of year $391,939

• 7 · Other notes and loans receivable

  beginning of year $1,156,876,530 · end of year $1,303,004,760

• 9 · Prepaid expenses and deferred charges

  beginning of year $5,702,691 · end of year $6,132,601

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

  $33,287,596

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

  $19,872,730

• 10c · Land, buildings and equipment, net

  beginning of year $11,650,655 · end of year $13,414,866

• 11 · Investments: publicly traded securities

  beginning of year $202,686,217 · end of year $323,135,744

• 12 · Investments: other securities

  beginning of year $12,288,788 · end of year $13,390,572

• 15 · Other assets

  beginning of year $34,659,161 · end of year $44,141,606

• 17 · Accounts payable and accrued expenses

  beginning of year $13,806,365 · end of year $14,416,372

• 23 · Secured mortgages and notes payable

  end of year $199,647,285

• 25 · Other liabilities

  beginning of year $1,386,548,931 · end of year $1,471,964,470

• 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 $114,426,460 · end of year $124,206,862

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS IS APPROVED FOR BOARD AND SENIOR LEADERSHIP OFFICIALS AND IS INCLUDED AS A TAXABLE BENEFIT.

PART I, LINE 4B

DEFERRED COMPENSATION PLAN [SECTION 457(F)] - THE CREDIT UNION HAS A NONQUALIFIED DEFERRED COMPENSATION PLAN FOR MEMBERS OF EXECUTIVE MANAGEMENT. THE FOLLOWING EMPLOYEES RECEIVED CONTRIBUTIONS TO THE PLAN DURING CALENDAR 2023. ALAN ALTHOUSE, PRESIDENT & CEO - $167,027 GARY BERNARD, EVP CHIEF OPERATING OFFICER - $108,333 FRED FARBOD, SVP & CHIEF LENDING OFFICER - $105,729 CHRIS KEARNEY, SVP & CHIEF INFORMATION OFFICER - $85,074 MICHAEL WARD, SVP & CHIEF FINANCIAL OFFICER - $86,292 JENNIFER KIMMELL, SVP & CHIEF MARKETING OFFICER - $82,901 ALYSSE MEDINA, SVP & CHIEF LEGAL OFFICER - $79,542 THE FOLLOWING EMPLOYEES HAD A DISTRIBUTION FROM THE 457(F) PLAN DURING 2023: GARY BERNARD - $190,000 FRED FARBOD - $609,000