Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $242,152,167 · related or exempt $242,152,167

• 2b · Program service revenue: OTHER OPERATING INCOME

  total $8,605,108 · related or exempt $8,605,108

• 2c · Program service revenue: FEE INCOME

  total $1,381,323 · related or exempt $1,309,464 · unrelated business $71,859

• 3 · Investment income

  total $68,845,541 · related or exempt $68,845,541

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $929,100

• 2 · Grants to domestic individuals

  total $50,000

• 5 · Compensation of officers, directors and key employees

  total $12,860,307

• 7 · Other salaries and wages

  total $1,422,324

• 8 · Pension plan contributions

  total $2,045,746

• 9 · Other employee benefits

  total $8,847,990

• 10 · Payroll taxes

  total $2,553,000

• 11c · Fees: accounting

  total $654,236

• 11f · Fees: investment management

  total $115,522

• 11g · Fees: other

  total $4,060,674

• 12 · Advertising and promotion

  total $4,319,013

• 13 · Office expenses

  total $7,400,769

• 14 · Information technology

  total $1,699,366

• 16 · Occupancy

  total $2,819,382

• 17 · Travel

  total $818,030

• 20 · Interest

  total $236,411,392

• 22 · Depreciation, depletion and amortization

  total $1,658,972

• 23 · Insurance

  total $623,554

• 24a · Other expenses: LOAN SERVICING EXPENSE

  total $10,156,587

• 24b · Other expenses: MISC OPERATING EXPENSE

  total $4,911,288

• 24c · Other expenses: CREDIT LOSS EXPENSE

  total $3,094,065

• 24d · Other expenses: OPERATING FEES

  total $674,880

• 24e · All other expenses

  total $671,965

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $13,560,154 · end of year $14,357,816

• 2 · Savings and temporary cash investments

  beginning of year $417,854,322 · end of year $154,188,566

• 5 · Loans and receivables from officers and key people

  beginning of year $6,805,051 · end of year $6,800,305

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,258,113 · end of year $3,293,130

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

  $45,592,555

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

  $32,114,169

• 10c · Land, buildings and equipment, net

  beginning of year $13,820,035 · end of year $13,478,386

• 11 · Investments: publicly traded securities

  beginning of year $4,639,132,377 · end of year $3,549,166,902

• 13 · Investments: program-related

  beginning of year $5,385,235,865 · end of year $5,849,705,935

• 15 · Other assets

  beginning of year $282,795,241 · end of year $306,283,063

• 17 · Accounts payable and accrued expenses

  beginning of year $76,989,603 · end of year $74,177,694

• 25 · Other liabilities

  beginning of year $9,791,607,603 · end of year $8,795,538,962

• 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 $893,863,952 · end of year $1,027,557,447

The filer's explanations (Part III)

PART I, LINE 4B

THE 457(B) IS AN UNFUNDED ELIGIBLE DEFERRED COMPENSATION PLAN FOR THE CREDIT UNION TO PROVIDE RETIREMENT BENEFITS AND INCIDENTAL BENEFITS TO HIGHLY COMPENSATED EMPLOYEES. PARTICIPANTS ARE THOSE EMPLOYEES RECEIVING COMPENSATION OVER $120,000. THE 457(F) SERP PLAN PROVIDES HIGHLY COMPENSATED EMPLOYEES WITH SUPPLEMENTAL RETIREMENT INCOME. THE PLAN HAS NO CONTRIBUTION LIMITS OR RESTRICTIONS, DOES NOT RECEIVE CONTRIBUTIONS FROM THE EXECUTIVE AND PROVIDES A LUMP SUM TO THE EXECUTIVE. THE PLAN ASSETS ARE THE ASSETS OF THE CREDIT UNION AND ARE SUBJECT TO CLAIMS OF CREDITORS. PARTICIPANTS ARE GARY RODRIGUES, BRIAN ROSS, SAFAL PANICKER, MINAL GUPTA, VANESSA BROSAS, ALEX KIM, VICTORIA TABLER AND STEVE NAYLOR.