Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INCOME ON LOANS

  total $44,231,417 · related or exempt $44,231,417

• 2b · Program service revenue: FEES, CHARGES, OTHER

  total $31,352,878 · related or exempt $31,352,878

• 2c · Program service revenue: FINANCE AND INSURANCE

  total $616,517 · unrelated business $616,517

• 3 · Investment income

  total $2,148,321 · related or exempt $2,148,321

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $1,361,058

• 7 · Other salaries and wages

  total $21,529,049

• 8 · Pension plan contributions

  total $1,631,178

• 9 · Other employee benefits

  total $3,687,547

• 10 · Payroll taxes

  total $1,659,948

• 11b · Fees: legal

  total $119,072

• 11c · Fees: accounting

  total $215,506

• 11g · Fees: other

  total $2,147,186

• 12 · Advertising and promotion

  total $1,217,087

• 13 · Office expenses

  total $10,098,808

• 16 · Occupancy

  total $2,268,384

• 17 · Travel

  total $841,517

• 19 · Conferences, conventions and meetings

  total $267,577

• 20 · Interest

  total $10,816,498

• 22 · Depreciation, depletion and amortization

  total $2,811,863

• 23 · Insurance

  total $916,425

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $7,783,204

• 24b · Other expenses: LOAN SERVICING

  total $3,729,395

• 24c · Other expenses: MISCELLANEOUS

  total $1,695,700

• 24d · Other expenses: LOSS ON DISPOSITION

  total $216,363

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $17,107,406 · end of year $11,004,021

• 2 · Savings and temporary cash investments

  beginning of year $54,951,316 · end of year $21,216,796

• 4 · Accounts receivable

  beginning of year $1,035,414 · end of year $1,340,926

• 5 · Loans and receivables from officers and key people

  beginning of year $6,742,094 · end of year $7,025,877

• 7 · Other notes and loans receivable

  beginning of year $530,852,860 · end of year $557,836,271

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,072,946 · end of year $2,167,704

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

  $50,337,509

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

  $16,145,966

• 10c · Land, buildings and equipment, net

  beginning of year $34,036,311 · end of year $34,191,543

• 11 · Investments: publicly traded securities

  beginning of year $12,555,504 · end of year $12,597,035

• 12 · Investments: other securities

  beginning of year $898,992 · end of year $2,554,224

• 14 · Intangible assets

  beginning of year $296,133 · end of year $205,399

• 15 · Other assets

  beginning of year $16,578,724 · end of year $18,029,237

• 17 · Accounts payable and accrued expenses

  beginning of year $11,929,440 · end of year $14,132,780

• 21 · Escrow or custodial account liability

  beginning of year $619,269 · end of year $631,848

• 25 · Other liabilities

  beginning of year $593,773,188 · end of year $582,439,762

• 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 $70,805,803 · end of year $70,964,643

The filer's explanations (Part III)

PART I, LINE 4B

THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS FOR THE CREDIT UNION'S CEO & PRESIDENT, JEFFREY CONRAD, THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." THE PROMISSORY NOTE SIGNED BY THE PARTICIPATING EXECUTIVE IS SECURED BY THE LIFE INSURANCE POLICIES PURCHASED ON THE PARTICIPANT'S BEHALF. THAT IS, THE EXECUTIVE'S LOAN FUNDS A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME UP TO THE PREMIUMS PAID INTO THE POLICIES. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S EXECUTIVE LOAN ORIGINATION VALUE PLUS THE STATED INTEREST. ANY REMAINING DEATH BENEFITS AFTER REPAYMENT OF THE LOAN ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS PER THE CONTRACTUAL AGREEMENT.