Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INTEREST

  total $49,079,465 · related or exempt $49,079,465

• 2b · Program service revenue: INTERCHANGE

  total $5,899,233 · related or exempt $5,899,233

• 2c · Program service revenue: FEE INCOME

  total $5,144,606 · related or exempt $5,087,969 · unrelated business $56,637

• 2d · Program service revenue: INSURANCE INCOME

  total $1,029,847 · related or exempt $923,347 · unrelated business $106,500

• 2f · All other program service revenue

  total $574,591 · related or exempt $574,591

• 3 · Investment income

  total $8,380,780 · excluded $8,380,780

• 6a · Gross rents

  real property $51,043

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $51,043

• 6d · Net rental income or loss

  total $51,043 · related or exempt $25,444 · unrelated business $25,599

• 7a · Gross sales of assets other than inventory

  securities $628,614 · other assets $29,586

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

  securities $631,733 · other assets $49,869

• 7c · Gain or loss

  securities -$3,119 · other assets -$20,283

• 7d · Net gain or loss

  total -$23,402 · excluded -$23,402

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $2,745,693

• 7 · Other salaries and wages

  total $15,064,909

• 8 · Pension plan contributions

  total $574,429

• 9 · Other employee benefits

  total $2,306,683

• 10 · Payroll taxes

  total $1,240,573

• 11a · Fees: management

  total $64,962

• 11b · Fees: legal

  total $1,135,949

• 11c · Fees: accounting

  total $891,727

• 12 · Advertising and promotion

  total $2,145,647

• 13 · Office expenses

  total $5,496,987

• 14 · Information technology

  total $2,242,636

• 16 · Occupancy

  total $3,046,570

• 17 · Travel

  total $264,608

• 20 · Interest

  total $4,614,282

• 22 · Depreciation, depletion and amortization

  total $3,387,561

• 24a · Other expenses: DIVIDENDS ON SHARES

  total $19,031,571

• 24b · Other expenses: LOAN SERVICING

  total $3,683,216

• 24c · Other expenses: OUTSIDE SERVICES

  total $1,795,866

• 24d · Other expenses: PROVISION FOR LOAN LOSS

  total $1,769,673

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $13,673,378 · end of year $9,619,446

• 2 · Savings and temporary cash investments

  beginning of year $48,200,847 · end of year $95,415,381

• 4 · Accounts receivable

  beginning of year $3,899,924 · end of year $3,333,064

• 5 · Loans and receivables from officers and key people

  beginning of year $9,797,760 · end of year $9,634,409

• 7 · Other notes and loans receivable

  beginning of year $1,122,409,366 · end of year $1,049,915,830

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,564,067 · end of year $1,447,620

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

  $50,640,002

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

  $15,790,118

• 10c · Land, buildings and equipment, net

  beginning of year $36,937,503 · end of year $34,849,884

• 11 · Investments: publicly traded securities

  beginning of year $234,972,843 · end of year $216,593,746

• 12 · Investments: other securities

  beginning of year $390,178 · end of year $290,510

• 13 · Investments: program-related

  beginning of year $15,561,776 · end of year $11,448,284

• 14 · Intangible assets

  beginning of year $22,023,387 · end of year $20,912,970

• 15 · Other assets

  beginning of year $23,789,936 · end of year $25,165,039

• 17 · Accounts payable and accrued expenses

  beginning of year $16,255,790 · end of year $17,563,799

• 23 · Secured mortgages and notes payable

  beginning of year $201,153,795 · end of year $88,892,378

• 25 · Other liabilities

  beginning of year $1,214,848,256 · end of year $1,269,391,022

• 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 $10,000,000 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $90,963,124 · end of year $102,778,984

The filer's explanations (Part III)

PART I, LINE 1A

OUT-OF-STATE TRAVEL EXPENSES ASSOCIATED WITH THE SPOUSE/TRAVEL PARTNER OF A DIRECTOR, ERM COMMITTEE MEMBER, C-LEVEL OFFICERS AND PRESIDENTS MAY BE REIMBURSED. THESE EXPENSES ARE TO BE KEPT SEPARATE AND THE SAME DOCUMENTATION AND REIMBURSEMENT PROCEDURES APPLY. IF REIMBURSEMENTS FOR A SPOUSE/TRAVEL PARTNER EXCEEDS $600 IN ANY CALENDAR YEAR IT WILL BE REPORTABLE AS NON-EMPLOYEE COMPENSATION AND A 1099-MISC TAX FORM WILL BE PRODUCED AND REPORTED ACCORDING TO IRS GUIDELINES.

PART I, LINE 4B

EXECUTIVE SHALL AT ALL TIMES HAVE THE RIGHT TO PARTICIPATE IN ANY 457 (B) PLAN THAT IS AVAILABLE TO THE OTHER EXECUTIVES OF VERVE, ACCORDING TO THE TERMS OF THE PLAN AND TO THE EXTENT PERMITTED BY LAW. VERVE SHALL ALSO FUND AN AMOUNT TO PAY PREMIUMS ON A LIFE INSURANCE POLICY THAT EXECUTIVE WILL OWN, SUBJECT TO THE TERMS AND CONDITIONS OF THE SPLIT DOLLAR AGREEMENT DATED MAY 1, 2017 BY AND BETWEEN THE EXECUTIVE AND VERVE INCORPORATED HEREIN. 457(B) EXECUTIVE SHALL AT ALL TIMES HAVE THE RIGHT TO PARTICIPATE IN ANY 457 (B) PLAN THAT IS AVAILABLE TO THE OTHER EXECUTIVES OF VERVE, ACCORDING TO THE TERMS OF THE PLAN AND TO THE EXTENT PERMITTED BY LAW. CHRISTOPHER BUTLER - NO CONTRIBUTIONS OR DISTRIBUTIONS KARRIE DROBNICK - $19,039 OF CONTRIBUTIONS WILLIAM WUSKE - NO CONTRIBUTIONS, $747.75 DISTRIBUTION SCOTT WILLMOTT - NO CONTRIBUTIONS OR DISTRIBUTIONS