Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: MEMBER INTEREST

  total $82,469,745 · related or exempt $82,469,745

• 2b · Program service revenue: CARD INCOME

  total $6,807,153 · related or exempt $6,807,153

• 2c · Program service revenue: FEES INCOME

  total $6,613,106 · related or exempt $6,420,098 · unrelated business $193,008

• 2d · Program service revenue: OTHER INCOME

  total $924,176 · related or exempt $924,176

• 3 · Investment income

  total $13,416,575 · excluded $13,416,575

• 6a · Gross rents

  real property $24,717

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $24,717

• 6d · Net rental income or loss

  total $24,717 · excluded $24,717

• 7a · Gross sales of assets other than inventory

  other assets $4,021,318

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

  other assets $4,058,262

• 7c · Gain or loss

  other assets -$36,944

• 7d · Net gain or loss

  total -$36,944 · excluded -$36,944

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $295,502

• 2 · Grants to domestic individuals

  total $3,000

• 5 · Compensation of officers, directors and key employees

  total $7,198,217

• 7 · Other salaries and wages

  total $21,059,093

• 8 · Pension plan contributions

  total $5,783,664

• 9 · Other employee benefits

  total $3,388,359

• 10 · Payroll taxes

  total $2,242,873

• 11a · Fees: management

  total $237,979

• 11b · Fees: legal

  total $635,566

• 11c · Fees: accounting

  total $94,502

• 11g · Fees: other

  total $2,169,914

• 12 · Advertising and promotion

  total $2,937,425

• 13 · Office expenses

  total $1,321,882

• 14 · Information technology

  total $4,252,735

• 16 · Occupancy

  total $2,924,849

• 17 · Travel

  total $280,925

• 19 · Conferences, conventions and meetings

  total $46,771

• 20 · Interest

  total $28,929,114

• 22 · Depreciation, depletion and amortization

  total $3,888,239

• 23 · Insurance

  total $885,497

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $5,277,766

• 24b · Other expenses: CARD PROCESSING FEES

  total $3,154,893

• 24c · Other expenses: LOAN PROCESSING

  total $2,595,217

• 24d · Other expenses: MEMBER SERVICING

  total $1,737,771

• 24e · All other expenses

  total $3,494,308

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $51,984,336 · end of year $36,658,947

• 2 · Savings and temporary cash investments

  beginning of year $204,453,626 · end of year $146,557,668

• 4 · Accounts receivable

  beginning of year $4,484,028 · end of year $4,454,005

• 5 · Loans and receivables from officers and key people

  beginning of year $2,085,751 · end of year $2,085,751

• 7 · Other notes and loans receivable

  beginning of year $1,642,108,689 · end of year $1,697,095,708

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,904,767 · end of year $3,033,889

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

  $79,741,583

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

  $28,177,801

• 10c · Land, buildings and equipment, net

  beginning of year $49,607,401 · end of year $51,563,782

• 12 · Investments: other securities

  beginning of year $77,023,228 · end of year $68,406,846

• 13 · Investments: program-related

  beginning of year $7,356 · end of year $6,543

• 14 · Intangible assets

  beginning of year $11,994,748 · end of year $11,699,323

• 15 · Other assets

  beginning of year $30,326,446 · end of year $33,715,266

• 17 · Accounts payable and accrued expenses

  beginning of year $26,316,555 · end of year $19,921,929

• 19 · Deferred revenue

  beginning of year $366,239 · end of year $1,470,439

• 25 · Other liabilities

  beginning of year $1,812,544,411 · end of year $1,793,429,622

• 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 $237,753,171 · end of year $240,455,738

The filer's explanations (Part III)

PART I, LINE 1A

THE CREDIT UNION REIMBURSES LIMITED ACTUAL EXPENSES FOR SPOUSAL TRAVEL OF BOARD MEMBERS, SUPERVISORY COMMITTEE MEMBERS, THE CEO, AND SENIOR MANAGERS. THIS IS ONLY FOR TRAVEL RELATED TO CREDIT UNION BUSINESS. THE REIMBURSEMENTS ARE NOT TAXABLE COMPENSATION.

PART I, LINE 4B

IN 2023, THE FOLLOWING AMOUNTS WERE DISTRIBUTED OUT OF A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN: JEFF ADAMS - $3,947,160 JOHN COTNER PARTICIPATES IN A 457F PLAN. THERE WERE NO ACCRUALS OR PAYOUTS DURING 2023. DEBORAH PARELIUS, CFO, AND MARK NEUMANN, COO, PARTICIPATE IN THE SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15.