Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $29,858,404 · related or exempt $29,858,404

• 2b · Program service revenue: FEES & SERVICE CHARGES

  total $3,587,704 · related or exempt $3,587,704

• 2c · Program service revenue: FINANCE & INSURANCE

  total $18,435 · unrelated business $18,435

• 3 · Investment income

  total $1,581,918 · related or exempt $1,581,918

• 7a · Gross sales of assets other than inventory

  other assets $2,176,834

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

  other assets $2,024,593

• 7c · Gain or loss

  other assets $152,241

• 7d · Net gain or loss

  total $152,241 · related or exempt $152,241

• 11a · Other revenue: INTERCHANGE INCOME

  total $4,560,714 · related or exempt $4,560,714

• 11b · Other revenue: OTHER OPERATING INCOME

  total $2,650,765 · related or exempt $2,650,765

• 11e · Other revenue, total

  $7,211,479

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $1,204,155

• 7 · Other salaries and wages

  total $11,622,780

• 8 · Pension plan contributions

  total $569,323

• 9 · Other employee benefits

  total $1,493,994

• 10 · Payroll taxes

  total $947,723

• 11b · Fees: legal

  total $45,987

• 11c · Fees: accounting

  total $120,673

• 11g · Fees: other

  total $430,035

• 12 · Advertising and promotion

  total $1,675,771

• 13 · Office expenses

  total $2,323,181

• 14 · Information technology

  total $5,400,626

• 16 · Occupancy

  total $1,605,820

• 17 · Travel

  total $115,501

• 19 · Conferences, conventions and meetings

  total $30,367

• 20 · Interest

  total $6,396,120

• 22 · Depreciation, depletion and amortization

  total $1,083,403

• 23 · Insurance

  total $140,091

• 24a · Other expenses: LOAN SERVICING

  total $1,939,369

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $1,739,417

• 24c · Other expenses: MISCELLANEOUS

  total $513,359

• 24d · Other expenses: MAINTENANCE AND REPAIRS

  total $253,544

• 24e · All other expenses

  total $316,037

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $5,626,931 · end of year $5,594,712

• 2 · Savings and temporary cash investments

  beginning of year $5,260,739 · end of year $18,463,334

• 4 · Accounts receivable

  beginning of year $376,621 · end of year $398,294

• 5 · Loans and receivables from officers and key people

  beginning of year $3,758,750 · end of year $3,758,750

• 7 · Other notes and loans receivable

  beginning of year $649,802,535 · end of year $621,583,713

• 9 · Prepaid expenses and deferred charges

  beginning of year $818,369 · end of year $903,121

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

  $33,154,283

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

  $18,670,496

• 10c · Land, buildings and equipment, net

  beginning of year $14,637,362 · end of year $14,483,787

• 11 · Investments: publicly traded securities

  beginning of year $59,862,330 · end of year $54,481,679

• 12 · Investments: other securities

  beginning of year $2,089,532 · end of year $2,946,263

• 15 · Other assets

  beginning of year $12,999,859 · end of year $20,564,944

• 17 · Accounts payable and accrued expenses

  beginning of year $12,311,684 · end of year $13,777,803

• 23 · Secured mortgages and notes payable

  beginning of year $15,000,000 · end of year $50,000,000

• 25 · Other liabilities

  beginning of year $674,206,860 · end of year $626,855,772

• 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 $53,714,484 · end of year $52,545,022

The filer's explanations (Part III)

PART I, LINE 4B

THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO GREGORY HARDEN, JANET MOODIE, YVETTE CLAY, AND MICHAEL NEILL THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR". UNDER THE AGREEMENT, THE EXECUTIVE IS THE OWNER OF THE POLICY AND MAKES A COLLATERAL ASSIGNMENT TO THE CREDIT UNION IN RETURN FOR A LOAN. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH, THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON.