Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: Int - loans to members

  total $2,058,522 · related or exempt $2,058,522

• 2b · Program service revenue: Fees and service charge

  total $1,347,769 · related or exempt $1,347,769

• 3 · Investment income

  total $1,496,892 · excluded $1,496,892

• 11a · Other revenue: Non-member income

  total $12,356 · unrelated business $12,356

• 11e · Other revenue, total

  $12,356

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $1,235,089

• 7 · Other salaries and wages

  total $535,956

• 8 · Pension plan contributions

  total $18,800

• 9 · Other employee benefits

  total $98,694

• 10 · Payroll taxes

  total $114,741

• 11c · Fees: accounting

  total $79,608

• 11f · Fees: investment management

  total $3,956

• 11g · Fees: other

  total $1,584

• 12 · Advertising and promotion

  total $25,965

• 13 · Office expenses

  total $173,822

• 14 · Information technology

  total $355,674

• 19 · Conferences, conventions and meetings

  total $67,943

• 22 · Depreciation, depletion and amortization

  total $56,840

• 23 · Insurance

  total $29,686

• 24a · Other expenses: Processing charges

  total $626,823

• 24b · Other expenses: Loan servicing

  total $303,151

• 24c · Other expenses: Member dividends

  total $261,079

• 24d · Other expenses: Provision for loan loss

  total $113,265

• 24e · All other expenses

  total $76,220

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,003,512 · end of year $1,101,421

• 2 · Savings and temporary cash investments

  end of year $1,459,149

• 4 · Accounts receivable

  beginning of year $414,906 · end of year $389,055

• 7 · Other notes and loans receivable

  beginning of year $30,685,531 · end of year $27,284,284

• 9 · Prepaid expenses and deferred charges

  beginning of year $553,533 · end of year $445,817

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

  $3,716,943

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

  $3,571,779

• 10c · Land, buildings and equipment, net

  beginning of year $54,336 · end of year $145,164

• 11 · Investments: publicly traded securities

  beginning of year $61,755,208 · end of year $63,811,728

• 12 · Investments: other securities

  beginning of year $140,601 · end of year $140,601

• 15 · Other assets

  beginning of year $4,163,305 · end of year $4,296,989

• 17 · Accounts payable and accrued expenses

  beginning of year $354,076 · end of year $373,103

• 25 · Other liabilities

  beginning of year $87,552,308 · end of year $87,042,634

• 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 $10,864,548 · end of year $11,658,471

The filer's explanations (Part III)

Part I, Line 4b

Deferred Compensation and Incentive Plan During 2017, the Credit Union initiated a Supplemental Executive Retirement Plan (SERP) with the CEO. The SERP is being funded via life insurance policies issued by Minnesota Life and a split-dollar agreement has been entered into with the executive covered under the SERP. Total split-dollar loans outstanding at December 31, 2023 totaled $2,711,557 and is included in the accompanying statement of financial condition. The loan has an interest rate equal to the applicable federal rate (1.92% at December 31, 2023) with interest accrued monthly. The Employer has paid one or more premiums into a life insurance policy owned by Employee. The premiums are treated for tax purposes as nonrecourse split dollar loans under 29 C.F.R. 1.7872-15. The Employer and Employee represent that a reasonable person would expect that the Employer will be paid all of its premium payments. Signed Representation available upon request.