Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INTEREST & FEE INCOME

  total $15,276,856 · related or exempt $15,231,438 · unrelated business $45,418

• 2b · Program service revenue: OTHER INCOME

  total $2,409,499 · related or exempt $2,335,165 · unrelated business $74,334

• 2c · Program service revenue: INSURANCE INCOME

  total $244,543 · related or exempt $166,812 · unrelated business $77,731

• 3 · Investment income

  total $2,606,237 · excluded $2,606,237

• 7a · Gross sales of assets other than inventory

  other assets $1,046

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

  other assets $1,215

• 7c · Gain or loss

  other assets -$169

• 7d · Net gain or loss

  total -$169 · excluded -$169

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $2,812,648

• 7 · Other salaries and wages

  total $1,855,752

• 8 · Pension plan contributions

  total $288,314

• 9 · Other employee benefits

  total $1,240,093

• 10 · Payroll taxes

  total $375,162

• 11a · Fees: management

  total $177,506

• 11b · Fees: legal

  total $95,206

• 11c · Fees: accounting

  total $155,388

• 11f · Fees: investment management

  total $156,822

• 12 · Advertising and promotion

  total $228,786

• 13 · Office expenses

  total $800,696

• 14 · Information technology

  total $2,774,813

• 16 · Occupancy

  total $796,962

• 17 · Travel

  total $9,662

• 19 · Conferences, conventions and meetings

  total $10,191

• 20 · Interest

  total $63

• 21 · Payments to affiliates

  total $86,846

• 22 · Depreciation, depletion and amortization

  total $556,609

• 23 · Insurance

  total $90,671

• 24a · Other expenses: PROVISIONS FOR LOAN LOS

  total $3,108,000

• 24b · Other expenses: MEMBER DIVIDEND PAID

  total $1,798,469

• 24c · Other expenses: LOAN EXPENSE

  total $815,089

• 24d · Other expenses: MISCELLANEOUS

  total $131,463

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,359,867 · end of year $4,350,091

• 2 · Savings and temporary cash investments

  beginning of year $97,569,565 · end of year $72,604,655

• 4 · Accounts receivable

  beginning of year $1,805,167 · end of year $2,424,774

• 7 · Other notes and loans receivable

  beginning of year $239,712,238 · end of year $264,264,860

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,438,398 · end of year $1,934,677

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

  $24,130,509

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

  $16,704,129

• 10c · Land, buildings and equipment, net

  beginning of year $7,901,057 · end of year $7,426,380

• 12 · Investments: other securities

  beginning of year $113,951,609 · end of year $90,998,076

• 15 · Other assets

  beginning of year $9,088,991 · end of year $9,078,839

• 17 · Accounts payable and accrued expenses

  beginning of year $2,741,950 · end of year $2,017,518

• 21 · Escrow or custodial account liability

  beginning of year $442,899 · end of year $444,388

• 25 · Other liabilities

  beginning of year $432,484,938 · end of year $417,211,715

• 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 $40,157,105 · end of year $33,408,731

The filer's explanations (Part III)

PART I, LINES 4A-B:

THE CREDIT UNION HAS SUPPLEMENTAL NONQUALIFIED DEFERRED COMPENSATION AGREEMENTS WITH CERTAIN KEY OFFICERS. THE AGREEMENTS GENERALLY PROVIDE BENEFITS IN A LUMP SUM PAYMENT AT CERTAIN DATES DEFINED IN THE INDIVIDUAL AGREEMENTS. THE DATES ESTABLISHED APPROXIMATE THE RETIREMENT DATE OF THE INDIVIDUAL OFFICER. PARTICIPANTS ARE JESSICA JONES, KATHRYN LEWIS, LISA SCHAEFER AND MICHAEL HARDWICK. DURING 2022 THE EMPLOYER MADE CONTRIBUTIONS FOR MICHAEL HARDWICK ($750,000). DURING THE YEAR THERE WAS A SEVERANCE PAYMENT MADE TO JILL WEAVER PURSUANT. ALL AMOUNTS PAID HAVE BEEN PROPERLY REPORTED ON FORM W-2 AND REPORTED IN FORM 990, PART VII, COLUMN D.