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Nonprofiteer
← LOUISIANA CORP CREDIT UNION

Form 990 for tax year 2022

Filed by LOUISIANA CORP CREDIT UNION.

This return was superseded by a later amendment. matched by us It is kept because history is preserved rather than replaced.

What the amendment changed

Compared with the latest return for 2022 , filed 7 October 2024. matched by us Only the return's totals, a 990-PF's accounting method and the names listed in Part VII (Part VIII on a 990-PF) are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Total revenue
$6,131,367 changed to $6,583,884
Total expenses
$4,252,245 changed to $4,328,085
Program service revenue
$3,407,077 changed to $3,410,368
Investment income
$2,724,290 changed to $3,173,516
Total assets, end of year
$149,283,172 changed to $146,939,562
Total liabilities, end of year
$134,674,803 changed to $134,742,075
Net assets or fund balances, end of year
$14,608,369 changed to $12,197,487
Program services expenses
$4,252,245 changed to $4,328,085
Program service expenses (Part III)
$4,252,245 changed to $4,328,085

Totals

Total revenue
$6,131,367
Total expenses
$4,252,245
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$3,407,077
Investment income
$2,724,290
Other revenue
$0
Total assets, end of year
$149,283,172
Total liabilities, end of year
$134,674,803
Net assets or fund balances, end of year
$14,608,369
Program services expenses (Part IX)
$4,252,245
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$4,252,245

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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: Interest on Loans

    total $126,725 · related or exempt $126,725

  • 2b · Program service revenue: Service Fees

    total $834,427 · related or exempt $834,427

  • 2c · Program service revenue: Miscellaneous

    total $2,445,925 · related or exempt $2,445,925

  • 3 · Investment income

    total $2,724,290 · related or exempt $2,724,290

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $360,071 · program services $360,071

  • 7 · Other salaries and wages

    total $200,735 · program services $200,735

  • 8 · Pension plan contributions

    total $42,273 · program services $42,273

  • 9 · Other employee benefits

    total $97,548 · program services $97,548

  • 10 · Payroll taxes

    total $40,023 · program services $40,023

  • 11a · Fees: management

    total $73,992 · program services $73,992

  • 11b · Fees: legal

    total $6,079 · program services $6,079

  • 11c · Fees: accounting

    total $39,306 · program services $39,306

  • 12 · Advertising and promotion

    total $15,400 · program services $15,400

  • 13 · Office expenses

    total $45,932 · program services $45,932

  • 16 · Occupancy

    total $63,111 · program services $63,111

  • 19 · Conferences, conventions and meetings

    total $11,103 · program services $11,103

  • 20 · Interest

    total $2,216,436 · program services $2,216,436

  • 22 · Depreciation, depletion and amortization

    total $12,195 · program services $12,195

  • 23 · Insurance

    total $30,821 · program services $30,821

  • 24a · Other expenses: Financial Services and Fees

    total $559,950 · program services $559,950

  • 24b · Other expenses: Other

    total $437,270 · program services $437,270

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $53,842,921 · end of year $24,691,464

  • 2 · Savings and temporary cash investments

    beginning of year $245,406 · end of year $3,133,352

  • 4 · Accounts receivable

    end of year $175,225

  • 7 · Other notes and loans receivable

    end of year $8,393,528

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

    $160,468

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

    $143,399

  • 10c · Land, buildings and equipment, net

    beginning of year $17,968 · end of year $17,069

  • 11 · Investments: publicly traded securities

    beginning of year $164,683,696 · end of year $110,919,261

  • 15 · Other assets

    beginning of year $6,422,825 · end of year $1,953,273

  • 17 · Accounts payable and accrued expenses

    beginning of year $116,094 · end of year $40,580,399

  • 25 · Other liabilities

    beginning of year $211,423,495 · end of year $94,094,404

  • 29 · Capital stock, trust principal or current funds

    beginning of year $7,301,494 · end of year $7,301,494

  • 31 · Retained earnings, endowment or other funds

    beginning of year $6,371,733 · end of year $7,306,875

Mission and programs · 2022

Mission

Louisiana Corporate Credit Union is a cooperative association organized in accordance with the provisions of the Louisiana Credit Union Act for the purpose of serving credit union accounts through money management and creating a source of credit for its members.

  • Louisiana Corporate Credit Union provides financial and financially related services for the benefit of its member credit unions.

    Expenses $4,252,245 · Revenue $6,131,367

  • Louisiana Corporate issues a monthly economic and financial digest at no charge to its members which includes current economic and financial analysis of their operating environment.

  • Lousiana Corporate provides low interest or interest free loans to member credit unions when impacted by declared natural disasters.

As filed on the 2022 return.

Listed in Part VII

  • David A Savoie

    CEO

    Total calculated
    $251,790
    From this org
    $183,156
    From related orgs
    $0
    Other
    $68,634
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $159,390
    Bonus
    $18,170
    Other
    $5,596
    Deferred
    $18,276
    Nontaxable benefits
    $50,358
    Filer's total
    $251,790

  • Sherrie Klotz

    CAO

    Total calculated
    $122,344
    From this org
    $92,468
    From related orgs
    $0
    Other
    $29,876
    Hours/week
    40

  • Erin Byrd

    VP of Operations

    Total calculated
    $94,111
    From this org
    $81,160
    From related orgs
    $0
    Other
    $12,951
    Hours/week
    40

  • Matt Koch

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mary Vedros

    Vice Chair

    Total calculated
    $0
    Hours/week
    1

  • Melissa Matherne

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Mark Rosa

    Board Chair

    Total calculated
    $0
    Hours/week
    1

  • Ronnie Stephens

    Treasurer

    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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Benefit information (Part I, line 1a)
Schedule J, Part I, Line 4 - b: The President & CEO is covered under a collateral assignment split dollar life insurance plan.

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

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
24 July 2023
IRS schema version
2022v5.0
Source object
202312799349300501

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