Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INTEREST

  total $59,460,418 · related or exempt $59,460,418

• 2b · Program service revenue: INTERCHANGE

  total $5,885,326 · related or exempt $5,885,326

• 2c · Program service revenue: FEE INCOME

  total $5,397,414 · related or exempt $5,291,552 · unrelated business $105,862

• 2d · Program service revenue: INSURANCE INCOME

  total $1,167,863 · related or exempt $981,965 · unrelated business $185,898

• 2f · All other program service revenue

  total $662,343 · related or exempt $662,343

• 3 · Investment income

  total $8,498,943 · excluded $8,498,943

• 6a · Gross rents

  real property $60,311

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $60,311

• 6d · Net rental income or loss

  total $60,311 · related or exempt $60,311

• 7a · Gross sales of assets other than inventory

  other assets $1,689,878

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

  other assets $1,378,136

• 7c · Gain or loss

  other assets $311,742

• 7d · Net gain or loss

  total $311,742 · excluded $311,742

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $3,561,683

• 7 · Other salaries and wages

  total $15,111,633

• 8 · Pension plan contributions

  total $531,429

• 9 · Other employee benefits

  total $2,442,132

• 10 · Payroll taxes

  total $1,306,672

• 11a · Fees: management

  total $24,000

• 11b · Fees: legal

  total $2,389,973

• 11c · Fees: accounting

  total $332,890

• 12 · Advertising and promotion

  total $1,745,247

• 13 · Office expenses

  total $5,501,436

• 14 · Information technology

  total $2,422,359

• 16 · Occupancy

  total $3,084,501

• 17 · Travel

  total $224,180

• 20 · Interest

  total $5,391,098

• 22 · Depreciation, depletion and amortization

  total $2,977,837

• 24a · Other expenses: DIVIDENDS ON SHARES

  total $25,040,118

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $5,172,225

• 24c · Other expenses: LOAN SERVICING

  total $1,959,307

• 24d · Other expenses: OUTSIDE SERVICES

  total $1,415,550

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $9,619,446 · end of year $10,779,467

• 2 · Savings and temporary cash investments

  beginning of year $95,415,381 · end of year $75,944,103

• 4 · Accounts receivable

  beginning of year $3,333,064 · end of year $5,272,439

• 5 · Loans and receivables from officers and key people

  beginning of year $9,634,409 · end of year $17,170,391

• 7 · Other notes and loans receivable

  beginning of year $1,049,915,830 · end of year $1,144,753,372

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,447,620 · end of year $2,902,902

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

  $48,991,623

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

  $16,926,934

• 10c · Land, buildings and equipment, net

  beginning of year $34,849,884 · end of year $32,064,689

• 11 · Investments: publicly traded securities

  beginning of year $216,593,746 · end of year $195,311,155

• 12 · Investments: other securities

  beginning of year $290,510 · end of year $369,197

• 13 · Investments: program-related

  beginning of year $11,448,284 · end of year $11,725,185

• 14 · Intangible assets

  beginning of year $20,912,970 · end of year $20,131,396

• 15 · Other assets

  beginning of year $25,165,039 · end of year $19,901,172

• 17 · Accounts payable and accrued expenses

  beginning of year $17,563,799 · end of year $12,265,701

• 23 · Secured mortgages and notes payable

  beginning of year $88,892,378 · end of year $120,546,757

• 25 · Other liabilities

  beginning of year $1,269,391,022 · end of year $1,299,282,864

• 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 $102,778,984 · end of year $104,230,146

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.