Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $1,723,990

• 2a · Program service revenue: LOAN INTEREST INCOME

  total $32,743,494 · related or exempt $32,743,494

• 2b · Program service revenue: INTERCHANGE INCOME

  total $4,694,071 · related or exempt $4,694,071

• 2c · Program service revenue: FEES AND CHARGES

  total $3,876,490 · related or exempt $3,876,490

• 2d · Program service revenue: OTHER REVENUE

  total $1,982,515 · related or exempt $1,888,603 · unrelated business $93,912

• 2e · Program service revenue: NET GAIN ON LOANS

  total $367,038 · related or exempt $367,038

• 3 · Investment income

  total $3,008,985 · excluded $3,008,985

• 7a · Gross sales of assets other than inventory

  other assets $17,929

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

  other assets $0

• 7c · Gain or loss

  other assets $17,929

• 7d · Net gain or loss

  total $17,929 · excluded $17,929

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $128,005

• 5 · Compensation of officers, directors and key employees

  total $3,193,070

• 7 · Other salaries and wages

  total $10,997,442

• 8 · Pension plan contributions

  total $344,111

• 9 · Other employee benefits

  total $2,252,938

• 10 · Payroll taxes

  total $1,256,516

• 11b · Fees: legal

  total $161,413

• 11c · Fees: accounting

  total $323,116

• 11g · Fees: other

  total $4,991,060

• 12 · Advertising and promotion

  total $446,326

• 13 · Office expenses

  total $1,252,582

• 14 · Information technology

  total $3,267,956

• 16 · Occupancy

  total $1,544,684

• 17 · Travel

  total $67,831

• 19 · Conferences, conventions and meetings

  total $148,191

• 20 · Interest

  total $2,146,312

• 22 · Depreciation, depletion and amortization

  total $1,228,439

• 23 · Insurance

  total $164,624

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $4,947,675

• 24b · Other expenses: MEMBER AWARDS

  total $465,121

• 24c · Other expenses: DUES & SUBSCRIPTIONS

  total $422,519

• 24d · Other expenses: SHARED BRANCHING EXPENS

  total $193,608

• 24e · All other expenses

  total $3,153,711

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,161,714 · end of year $978,924

• 2 · Savings and temporary cash investments

  beginning of year $146,648,049 · end of year $70,673,049

• 4 · Accounts receivable

  beginning of year $2,339,748 · end of year $2,794,051

• 5 · Loans and receivables from officers and key people

  beginning of year $4,422,680 · end of year $2,704,026

• 7 · Other notes and loans receivable

  beginning of year $717,588,179 · end of year $836,927,289

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,437,329 · end of year $1,570,874

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

  $21,039,694

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

  $17,526,640

• 10c · Land, buildings and equipment, net

  beginning of year $3,276,374 · end of year $3,513,054

• 11 · Investments: publicly traded securities

  beginning of year $135,581,819 · end of year $107,522,071

• 12 · Investments: other securities

  beginning of year $1,156,700 · end of year $1,277,200

• 15 · Other assets

  beginning of year $44,542,040 · end of year $47,866,168

• 17 · Accounts payable and accrued expenses

  beginning of year $13,999,428 · end of year $11,644,930

• 19 · Deferred revenue

  beginning of year $1,826,265 · end of year $389,775

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $46,094,000

• 25 · Other liabilities

  beginning of year $966,477,596 · end of year $946,899,047

• 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 $77,851,343 · end of year $70,798,954

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL OF COMPANIONS IS PROVIDED TO BOARD MEMBERS AND OTHER VOLUNTEERS WHEN ATTENDING APPROVED EDUCATIONAL FORUMS AND CONFERENCES. AMOUNTS REIMBURSED FOR COMPANION TRAVEL ARE TREATED AS TAXABLE.

PART I, LINES 4A-B

THE FOLLOWING INDIVIDUALS RECEIVED A SEVERANCE PAYMENT IN 2022: - BRENT RICHINS $61,990 - JENEFENESS TUCKER $38,750 THE FOLLOWING INDIVIDUALS RECEIVED A 457(F) PAYOUT IN 2022: - WALLACE HO $177,794 - PAM FUENTES $136,363 - DACHELLE PAND $129,473 - BRENT RICHINS $112,349 EFFECTIVE SEPTEMBER 2016, THE CREDIT UNION ENTERED INTO A DEFERRED COMPENSATION AGREEMENT WITH CERTAIN EXECUTIVES THAT PROVIDES BENEFITS PAYABLE TO THESE EMPLOYEES IF THEY REMAIN EMPLOYED BY THE CREDIT UNION BASED ON A CLIFF VESTING SCHEDULE. IF THESE EMPLOYEES BECOME DISABLED, OR AT THE TIME OF DEATH OR CHANGE IN CONTROL OF EMPLOYER, ACCRUED BENEFITS ARE IMMEDIATELY PAYABLE; HOWEVER, THE BENEFITS ARE SUBJECT TO FORFEITURE IF EMPLOYMENT IS TERMINATED FOR CAUSE. THE 2022 ACCRUED DEFERRED COMPENSATION RELATED TO THIS AGREEMENT FOR EMPLOYEES LISTED ON THIS RETURN IS $332,341. THE FOLLOWING PARTICIPATE: - RICHARD ROMERO - WALLACE HO - PAM FUENTES - LEE PIERCE - BRENT RICHINS - DACHELLE PAND - DONNA RANSIER - KHAMSAY VONGCHANTHA THE CEO PARTICIPATES IN A SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15.